近日，以"知渊于智，识贯于行"为主题的第二十九期"深交所·创享荟"活动在深圳举行。本次活动聚焦 知识产权领域的发展与挑战，来自政府机构、科研院所、上市公司、投资机构、市场服务机构等多个领 域的专家学者和行业领袖，围绕知识产权的保护与转化进行了深入探讨。 与会人士普遍认为，当前知识产权工作已从注重数量与保护，迈向追求质量与运用的新阶段，亟待通过 构建多方协同的生态体系，特别是充分发挥资本市场的赋能作用，破解转化运用过程中长期存在的各种 难题。 仍存堵点 "只有高质量的知识产权，才能挖掘更多价值。公司有效知识产权达一万多项，每年会主动放弃很多技 术已经落后或不符合当前潮流的专利。"大族激光法务知识产权负责人付飞龙表示。 "在知识产权证券化与价值转化方面，目前知识产权的评估机制仍存在优化空间。"据付飞龙介绍，大族 激光曾遇到海外归国人才以技术入股时估值过高、后续实际价值未达预期的情况，这反映出评估体系需 要更科学、更具公信力的标准。 "高校科技成果转化长期存在科技成果质量不高、供需对接不畅、对科研人员导向不够、人才及平台不 足等问题。"深圳大学技术转化中心主任杨强表示，尽管高校科研院所的知识产权转化率有所提升，但 ...

◎记者 杨子晏 近日，以"知渊于智，识贯于行"为主题的第二十九期"深交所·创享荟"活动在深圳举行。本次活动聚焦 知识产权领域的发展与挑战，来自政府机构、科研院所、上市公司、投资机构、市场服务机构等多个领 域的专家学者和行业领袖，围绕知识产权的保护与转化进行了深入探讨。 与会人士普遍认为，当前知识产权工作已从注重数量与保护，迈向追求质量与运用的新阶段，亟待通过 构建多方协同的生态体系，特别是充分发挥资本市场的赋能作用，破解转化运用过程中长期存在的各种 难题。 "构建开放、协同、高效、顺畅的专利转化运用生态是打通知识产权创造、运用、保护、管理和服务全 链条的必由之路。"国家知识产权局知识产权运用促进司副司长杨海燕表示，这个生态不仅需要企业与 高校科研院所作为供需双方紧密对接，也有赖于服务机构、投资机构、交易平台及中试平台等多元主体 的专业支持与资源投入。此外，政策环境、运行机制、资金保障、人才资源和文化意识等要素，共同构 成了这个生态的基础，以确保专利转化运用能够持续健康发展。 仍存堵点 "只有高质量的知识产权，才能挖掘更多价值。公司有效知识产权达一万多项，每年会主动放弃很多技 术已经落后或不符合当前潮流的专利。 ...

加快建立涵盖技术成熟度、团队稳定性、应用场景前景的多维评估体系。推广浙江"六大维度科技评价 模型"，将专利引用率、产学研合作深度等纳入授信决策，让"技术流"取代"资金流"成为核心风控指 标。制定统一的数据标准和接口规范，打破数据壁垒，引入人工智能、大数据等技术手段，开发智能化 评估工具，将知识产权、研发投入、团队能力、市场前景等非财务指标纳入评估核心要素。探索知识产 权证券化试点，将高校实验室的"沉睡专利"转化为标准化金融资产，破解轻资产企业融资难题。 在此基础上，优化科技金融资源配置与风险定价机制，实施差异化的信贷政策和监管激励。通过定向降 准、风险补偿基金、财政贴息等方式，引导金融机构加大对初创期、早中期科技企业的信贷投放，降低 相关贷款的风险权重，提高风险容忍度。允许金融机构在风险可控前提下，根据科技企业的成长阶段、 技术壁垒等因素实行更具弹性的利率定价，并推动金融机构数字化转型，建立与科技企业快迭代、高成 长融资需求相匹配的快速响应机制。 还要强化资本市场对科技成果转化的全链条支撑，拓宽长期资金供给渠道。进一步完善私募股权、风险 投资的税收优惠和退出机制，加大政府引导基金对早期科创基金的出资力度，强化 ...

Core Viewpoint - The development of technology finance is crucial for building a financial powerhouse and advancing socialist modernization during the "14th Five-Year Plan" period, with both opportunities and challenges expected in the "15th Five-Year Plan" period [1]. Achievements during the "14th Five-Year Plan" - Commercial banks have played a significant role in indirect financing, with technology loans increasing by 30% over the past five years, exceeding 40 trillion yuan as of mid-2023, particularly notable in long-term loans for the manufacturing sector [1][2]. - The average weighted interest rate for loans has dropped to 2.9%, benefiting over 1 million technology enterprises, with an 80% loan acquisition rate for "little giant" demonstration enterprises, alleviating issues of "difficult and expensive loans" [1][2]. - The capital market has seen increased support, with over 500 technology enterprises listed on the Sci-Tech Innovation Board, accounting for 41% of total listed companies in Shanghai, and 70% of new listings being technology firms, representing over 30% of market capitalization [1][2]. Opportunities and Challenges in the "15th Five-Year Plan" - Six major opportunities include the continuous improvement of policy frameworks, strong financial institution capabilities, increasing market demand driven by self-reliance in technology, new support from AI and big data for risk assessment, and deepening capital market openness [2][3]. - Three main challenges involve insufficient evaluation and identification capabilities for early-stage technology projects, systemic contradictions in venture capital assessments, and slow expansion of venture capital scale with concerns from private capital [2][3]. Future Development Directions - Emphasize the role of national commercial banks as the main force, deepen the reform of investment-loan linkage, and enhance cooperation with external direct investment institutions [3]. - Highlight the policy-oriented and open financial functions, focusing on areas that commercial banks find difficult to cover [3]. - Expand direct financing through equity and bond markets, and develop a high-yield bond market [3]. - Cultivate patient capital and optimize risk-sharing and profit-sharing mechanisms between state-owned and private capital [3]. - Promote differentiated allocation of technology finance resources based on local conditions to avoid homogenization [3]. - Improve the technology finance service ecosystem, expand technology insurance coverage, and foster specialized institutions like technology investment banks and intellectual property assessment [3]. - Strengthen talent and technology collaboration to enhance the digital and intelligent capabilities of financial institutions [3]. - Optimize the organizational management system of financial institutions, decentralize credit issuance authority, and improve assessment and incentive mechanisms [3].

Group 1: Technological Innovation in the Greater Bay Area - The 15th National Games showcased over 130 high-tech products, highlighting the vibrant technological innovation in the Guangdong-Hong Kong-Macau Greater Bay Area [1] - The Greater Bay Area, covering 56,000 square kilometers, has an economic output exceeding $2 trillion, contributing to 1/9 of the national economy with only 0.6% of the land area and 6% of the population [1] - The "Shenzhen-Hong Kong-Guangzhou" innovation cluster has ranked first globally, surpassing the "Tokyo-Yokohama" cluster, while the "Macau-Zhuhai" cluster has been recognized in the world's top 100 innovation clusters [2] Group 2: Investment and Capital Support - The Greater Bay Area has a comprehensive innovation capital system that supports enterprises from inception to maturity, with active private venture capital firms and state-owned capital matrices exceeding 100 billion yuan [3][4] - As of 2024, Guangdong has 2,466 private equity and venture capital fund managers, managing approximately 12,000 funds, leading the nation [4] - The investment from state-owned capital has significantly contributed to the commercialization of core products for innovative companies, as seen in the case of Deep Sea Intelligence [3] Group 3: Financial Innovation - Traditional financial institutions are innovating to support technology-driven enterprises, developing new financial products tailored for companies with intangible assets like patents and trademarks [6][8] - The introduction of climate-friendly financial services, such as the "climate融担" loan product, has provided tailored financial support for environmentally friendly enterprises [6] - Knowledge-based financial products, including the first knowledge property securitization product in the Qianhai cooperation zone, have enabled technology companies to convert intangible assets into development capital [7] Group 4: Cross-Border Collaboration - The Greater Bay Area has established cross-border mechanisms that facilitate seamless passage for events like the first cross-border marathon, enhancing collaboration among the three regions [9] - Infrastructure developments, such as the Hong Kong-Zhuhai-Macao Bridge, have strengthened connectivity, promoting the integration of innovation resources across the region [9] - The first cross-border financing support through knowledge property pledges has been successfully implemented, allowing companies to leverage their intellectual property for funding [11]

Group 1 - The core viewpoint highlights the transformation of traditional trade models to digital trade ecosystems, exemplified by the launch of the sixth-generation global digital trade center in Yiwu, Zhejiang [2][4] - The global digital trade center spans 1.25 million square meters and includes five functional areas: market, business office, commercial street, apartments, and digital trade port [6] - Yiwu's foreign trade has shown significant growth, with total imports and exports reaching 631.2 billion yuan in the first three quarters of the year, a year-on-year increase of 26.3% [11] Group 2 - The coffee industry in Kunshan has developed a robust ecosystem, accounting for 60% of China's coffee bean roasting volume and over 60% of bean imports, despite not producing raw beans [17][19] - Kunshan has established an Asia-Pacific coffee bean distribution center, which allows for rapid inspection of 90% of imported coffee beans, reducing inspection time by two-thirds [21] - The city aims to build an international coffee industry hub, targeting a scale of 100 billion yuan for its coffee industry and promoting a "coffee+" cultural brand matrix [23]

Core Insights - The recent launch of the "CITIC Securities-Shenzhen Deep Investment Group No. 3 Intellectual Property Asset-Backed Special Plan" marks a significant milestone in China's intellectual property ABS market, showcasing the first domestic financing of overseas intellectual property and the first overseas investment in domestic intellectual property ABS [1] - The intellectual property ABS market in China has seen rapid expansion and innovation, with 33 issuances totaling 4.094 billion yuan this year, reflecting a year-on-year increase of 50% in number and 28.5% in scale [1][6] - Experts believe that despite the current low market share of intellectual property ABS in the overall asset securitization landscape, the growth potential is promising due to the diversification of asset structures and service areas [1][3] Market Expansion and Structural Optimization - The intellectual property ABS market is characterized by continuous product innovation and structural optimization, driven by policy guidance and market demand [2][6] - New products have emerged, including the first ABS for data intellectual property and the first central enterprise ABS combining intellectual property with technological innovation, indicating a shift from generic patent packaging to focused industry development [2] - The introduction of "intellectual property debt rights" as a new underlying asset has expanded the market's reach beyond traditional technology companies, allowing non-tech institutions to participate in financing through intellectual property debt securitization [2] Professionalization and Regional Characteristics - The issuance of intellectual property ABS has highlighted the professional and regional characteristics of issuers, with Shenzhen High-tech Investment Small Loan Co. and Nanjing Xinxin Commercial Factoring Co. leading the market [3] - These issuers effectively match local technology enterprise needs and streamline the securitization process, facilitating a transition from isolated breakthroughs to regional collaboration [3] Diversified Risk Mitigation Mechanisms - The current intellectual property ABS market employs a dual-layered risk mitigation strategy, combining internal and external enhancement measures [4] - Internal enhancements include over-collateralization and tiered design, while external enhancements involve third-party guarantees and insurance, significantly improving product credit levels and reducing investor risk concerns [4] Driving Forces Behind Market Growth - The expansion and optimization of the intellectual property ABS market result from four key dimensions: policy guidance, intellectual property resource accumulation, standardized evaluation systems, and diversified enterprise financing needs [6][7] - Policies such as the pilot scheme in Hubei province aim to integrate asset securitization with water resources and intellectual property, expanding the application boundaries of intellectual property ABS [6] - The increase in the number and quality of domestic patents, along with the establishment of standardized evaluation models, has provided a solid foundation for the market [6] - The growing demand for financing among technology and cultural enterprises has created an internal drive for the adoption of intellectual property ABS, allowing intangible assets to be converted into liquid assets [7]

Core Insights - The launch of the "CITIC Securities - Shenzhen Guarantee Group - No. 3 Intellectual Property Asset Support Special Plan" marks a significant innovation in intellectual property securitization, achieving a scale of 42 million yuan and enabling cross-border pledging of intellectual property and capital subscription between Shenzhen and Hong Kong [1][2] - The project focuses on the He Tao Shenzhen-Hong Kong Technology Innovation Cooperation Zone, involving six enterprises in cutting-edge fields such as biomedicine, smart construction, and information technology, which use their core patents and utility models as collateral [1][2] - Shenzhen Guarantee Group has issued over 11 billion yuan in intellectual property securitization products citywide, leading the nation in both issuance volume and scale, and has introduced various new industry themes in its projects [3] Group 1 - The project represents a breakthrough in financial innovation and cross-border collaboration between Shenzhen and Hong Kong [1] - Shenzhen Hai Liang Technology Co., Ltd. is the first beneficiary of the cross-border intellectual property pledge model, using its patents for financing to support its low-altitude transportation project [2] - The introduction of qualified foreign institutional investors (QFII) into the domestic intellectual property securitization project enhances the financing sources and promotes capital flow between Shenzhen and Hong Kong [2] Group 2 - Shenzhen Guarantee Group is recognized as a pioneer in financial innovation, actively promoting new breakthroughs in intellectual property securitization [3] - The group has successfully launched various projects themed around digital economy, artificial intelligence, and other emerging industries, contributing to the growth of intellectual property securitization in Shenzhen [3] - The innovative financing model is expected to play a crucial role in supporting companies' international expansion strategies [1][2]

Core Viewpoint - The company has completed the acquisition of a property in Irvine, California, for $4.365 million, and established a wholly-owned subsidiary, ETHK BANK, to enhance its operations in the North American market, focusing on stablecoin and intellectual property securitization [1][2]. Group 1: Property Acquisition - The acquired property, located at 9840 Irvine Center Drive, spans approximately 4,960 square feet and includes a two-story office building of about 9,920 square feet, designed for both office and research purposes [2]. - This property will serve as the company's strategic headquarters in the U.S., supporting the development of stablecoin public chain technology and intellectual property securitization, creating a hub for connecting global innovative assets with capital markets [2]. Group 2: ETHK BANK - ETHK BANK will act as the global operational platform for the company's stablecoin and intellectual property securitization business, managing core business directions including stablecoin licensing and compliance framework establishment [3]. - The company is pursuing a federal payment stablecoin issuer license under the U.S. GENIUS Act and plans to apply for a national trust bank license to create a compliant operational system [3]. - The company is developing an innovative stablecoin architecture that supports the generation of stablecoins pegged to the U.S. dollar through real-world asset collateral, aiming to provide a transparent and sustainable digital asset yield solution [3]. Group 3: Key Project Cooperation - The company has signed a strategic cooperation agreement with Transcenta Holding Limited for the tokenization of innovative drug pipeline assets valued at approximately $1.5 billion, with ETHK BANK leading the initiative [5]. - This project focuses on cutting-edge research in cancer treatment, providing a transparent and professional channel for global investors to access medical assets [5]. Group 4: Future Outlook - The acquisition of the U.S. property and the establishment of ETHK BANK signify the company's strategic upgrade towards becoming a global leader in stablecoin and high-tech intellectual property capital operations [6]. - The company aims to integrate on-chain financial infrastructure with the real economy, aligning with global digital economy trends and potentially opening new growth pathways [6]. - The board believes these initiatives reflect the company's core philosophy of transforming knowledge into capital, ensuring long-term stable returns for shareholders through compliant capital operations and innovative practices [6].

Group 1 - The company has completed the acquisition of a property in Irvine, California for a total price of $4.365 million [1] - A wholly-owned subsidiary, ETHKBANK Inc., has been established in Colorado to facilitate stablecoin, medical, and intellectual property securitization transactions in North America [1][2] - The acquisition and establishment of ETHKBANK are strategic moves to enhance global business collaboration and create sustainable long-term value for shareholders and investors [1][2] Group 2 - The property will serve as the company's strategic headquarters in the U.S., focusing on stablecoin public chain technology development and intellectual property securitization [2] - The company plans to integrate its existing RWA-related businesses from mainland China and Hong Kong into ETHKBANK for optimized resource allocation and effective risk management [2] - The board believes that these initiatives will position the company as a leading operator in stablecoin and high-tech intellectual property capital, promoting the integration of blockchain financial infrastructure with the real economy [2]