"高效用好国家创业投资引导基金，大力发展创业投资、天使投资……"3月5日，十四届全国人大四次会议开幕，2026年政府工作报告正式出炉。证券时报 记者梳理发现，今年的报告是历年对创业投资着墨最多的一次，过去一年创投界的高频词汇都悉数写进了这份沉甸甸的报告中。 相关表述篇幅增加、内容更系统全面，背后释放了怎样的信号？接受证券时报记者采访的业内人士指出，这背后是国家对创业投资行业战略价值的认可提 升到了全新高度，给全行业释放了明确、长期的制度性利好信号。 推动更多初创企业加快成长为科技领军企业。 除了上述四个与GP和LP直接相关的事项以外，报告还从制度层面为完善创投生态给予全方位支持：拓展私募股权和创投基金退出渠道；对关键核心技术 领域的科技型企业，常态化实施上市融资、并购重组"绿色通道"机制…… 天堂硅谷方面在接受记者采访时称，此次报告大幅增加创投相关表述，充分体现了国家层面对"科技—产业—金融"良性循环的高度重视，也为全行业指明 了清晰的发展方向，即引导行业回归支持创新创业的本源，推动资本更规范、更良性地流向实体经济、流向硬科技创新领域，真正发挥创业投资对科创企 业的孵化、赋能价值。 值得注意的是，报告不仅将以 ...

Core Viewpoint - Nanjing is implementing a series of financial policies to enhance the synergy between fiscal and financial measures, aiming to support the real economy and stimulate market vitality through a comprehensive approach to policy integration [1][2]. Group 1: Financial Policy Tools - The city has developed a "Fiscal + Financial" policy electronic manual that outlines 60 policy products to help enterprises access financial support easily [1]. - The fiscal department is focusing on a more proactive fiscal policy by 2026, integrating various tools such as investment, loans, guarantees, and insurance to empower the real economy [1][2]. Group 2: Investment Empowerment - Nanjing is creating a "4+N" industrial fund to support technology, industry, and talent, facilitating industrial cultivation and the transformation of technological achievements [1]. - The city aims to enhance the effectiveness of investment tools to strengthen supply chains and promote technological advancements [1]. Group 3: Loan Support - The city is implementing loan interest subsidies in collaboration with national and provincial levels, reducing the effective loan interest rate for enterprises significantly, for example, from 2.9% to 0.9% after subsidies [1]. - In 2025, the city plans to allocate 80 million yuan for loan interest subsidies, which is expected to mobilize 17.4 billion yuan in social financing [1]. Group 4: Guarantee and Insurance - The city is enhancing credit guarantees for small and micro enterprises, providing upfront guarantee fee subsidies and backend risk compensation [2]. - The upgraded "Ningke Loan" product will support more technology enterprises by extending the loan period from 1 year to 3 years, with an expected allocation of over 48 million yuan for guarantee fee subsidies in 2025, leveraging a financing scale of approximately 26.794 billion yuan [2]. Group 5: Policy Accessibility - The electronic manual categorizes policies into four types: loans, guarantees, insurance, and investment, and organizes them by central, provincial, and municipal levels, facilitating easy access for enterprises [2]. - The manual is available on the "Ningqi Tong" platform, allowing for precise and quick connections between funding supply and demand [2]. Group 6: Future Initiatives - The fiscal department plans to promote financial policies across various sectors, including departments, parks, and enterprises, to inject new momentum into Nanjing's economic and social development [3].

Core Insights - The integration of the New Third Board and regional equity markets has created a clear "fast track" for specialized and innovative enterprises to go public, effectively supporting national strategies and regional economic development [1][2] Group 1: Green Channel Mechanism - By the end of 2025, the National Equities Exchange and Quotations (NEEQ) has signed green channel regulatory cooperation memorandums with 33 regional equity markets [1] - In 2025, NEEQ opened green channels for seven regional markets, resulting in 101 enterprises from these markets applying through the green channel, which accounted for over 30% of the total applications for the year [1] - The efficiency of the green channel has been validated, with average review cycles for green channel enterprises significantly shorter than the overall level, leading to a substantial increase in listing efficiency [1] Group 2: Impact on Enterprises - Listing on the New Third Board allows enterprises to "pre-study" the strict requirements of public companies, enhancing their governance structure and innovation capabilities [2] - The deepening integration of the third and fourth boards is a significant breakthrough in the construction of a multi-level capital market, systematically incorporating regional enterprise cultivation into a unified national system [2] Group 3: Future Development - Recommendations for future development include transitioning from "channel construction" to "ecological empowerment" and innovating financial tools such as equity incentives [3] - NEEQ plans to further implement the "14th Five-Year Plan" to enhance the unified national market and optimize regional economic layouts, while continuing to leverage the advantages of the third and fourth board integration [3]

编者按 当前，资本市场改革持续深化，证券行业正处在乘势而上、建设一流投资银行和投资机构的关键战略机 遇期，学习、宣传、贯彻党的二十届四中全会精神是当前和今后一个时期的重要政治任务。为此，中国 证券报联合中国证券业协会推出"证券公司学习宣传贯彻党的二十届四中全会精神"系列专题报道，聚焦 证券公司在强化功能发挥、提升专业能力、推进差异化发展、筑牢合规风控底线、厚植行业文化底蕴等 方面的实践探索与丰硕成果，生动展现证券公司作为资本市场重要践行者、改革排头兵、服务主力军的 责任担当与时代作为。本篇为系列报道第二十六篇。 "党的二十届四中全会为中国式现代化建设擘画了宏伟蓝图，为新时代新征程的金融改革发展指明了前 进方向。"中银国际证券股份有限公司党委书记、董事长周权日前在接受中国证券报记者专访时感慨 道。 长风破浪，正当扬帆远航。在他看来，"十五五"是推进中国式现代化、加快建设金融强国的关键时期， 证券行业作为直接融资的主要"服务商"、资本市场的重要"看门人"、社会财富的专业"管理者"，肩负着 服务实体经济、守护投资者利益、助力国家战略落地的时代使命。 "十四五"以来，中银证券（601696）始终以党建为引领，以实干笃 ...

□ 本报记者鹿琳 "江苏是所有创投机构的必争之地。"2月9日，在南京市建邺区开幕的2026紫金山创投大会上，毅达资本 创始合伙人、董事长应文禄这样形容江苏在创投领域的地位。 本次大会以"资本新枢纽.产业新生态"为主题，吸引了500余位来自政府、监管机构、交易所、投资界、 产业界、高校及科研院所的代表齐聚一堂，共同探讨资本赋能科创发展新趋势。 开局"十五五"，这场高规格的创投大会，既是省、市深入贯彻落实党的二十届四中全会关于"推动科技 创新和产业创新深度融合"决策部署的体现，也生动呈现南京扎实推进具有全球影响力的产业科技创新 中心主承载区建设的担当作为。 实力彰显—— 我省股权投资案例数全国居首 江苏在创投领域的吸引力，在本届大会上得到充分印证。大会现场揭牌、发布和签约基金总规模超700 亿元，并涌现出多个"百亿级"项目。 数字可鉴资本对江苏的青睐。根据清科集团创始人、董事长倪正东现场发布的《2025中国股权投资市场 发展报告》，在2025年中国股权投资市场投资地区分布中，江苏投资案例数居全国首位，投资金额超千 亿元。城市创投活跃度排名同样亮眼，苏州、南京、无锡投资案例数携手闯入全国前十，使得江苏成为 全国入围 ...

Core Insights - The 2026 Zijinshan Venture Capital Conference in Nanjing marks a significant step in supporting the construction of the Zijinshan Innovation Belt, with a focus on high-level circulation of technology, industry, and finance [2][3] - The conference aims to establish Nanjing as a "fund-friendly city," encouraging various venture capital institutions to invest directly in the region, with a total fund scale exceeding 70 billion yuan announced during the event [2][4] Group 1: Fund Development and Policy Initiatives - The "Zijinshan International Sci-Tech Fund District" is designed to integrate policy support, capital empowerment, industry-finance collaboration, and talent aggregation, aiming to create a comprehensive international sci-tech fund district [3][4] - The district's layout includes a "1+2" functional structure, with Jianye District as the fund aggregation area and Jiangning and Qixia Districts as investment empowerment areas, promoting resource sharing and coordinated development [4][5] - The goal is to gather over 600 billion yuan in various funds by 2030, targeting more than 3,000 projects in Nanjing and exceeding 75 billion yuan in equity investment [4][5] Group 2: Financial Ecosystem and Market Initiatives - Nanjing has established a market-oriented mother fund with a total scale of 10 billion yuan to enhance the city's fund contribution capacity and support the development of a modern industrial system [6][7] - The mother fund will optimize investment rules, allowing for significant contributions to various fund types, particularly in high-tech sectors like biomedicine and artificial intelligence [7][8] - The conference also launched additional provincial funds, including a 10 billion yuan fund focused on modern service industry innovation and a sci-tech relay fund, both aimed at enhancing investment in key sectors [8][9] Group 3: Financial Services and Innovation - Nanjing has initiated the establishment of 23 sci-tech financial service stations to support local enterprises, facilitating over 300 billion yuan in financing [8][9] - The city is focusing on creating a robust financial service network for sci-tech enterprises, integrating digital finance and technology to enhance the financial ecosystem [9] - The ongoing development of the national-level sci-tech financial reform pilot zone in Nanjing aims to deepen reforms and enhance the efficiency of financial support for innovation [9]

一家研发新型服务器技术的科技型企业，凭借知识产权服务平台与高校专利合作，并依托专利成功 获得贷款；一家环保科技公司，用专利质押先后多次从银行得到资金支持，企业规模和营收持续增长； 一家软件企业，仅以商标权质押便获千万元融资，推动人工智能研发进入快车道…… 自2022年11月南京成功获批建设国家级科创金融改革试验区以来，知识产权金融创新加速发力， 构建覆盖"科技—产业—金融"全链条的服务体系，推动知识产权从"纸上专利"变为"真金白银"。记者从市 市场监管局（知识产权局）获悉，2025年，全市知识产权质押融资累计登记金额125亿元，惠及企业超 千家。 "此次突破离不开知识产权服务平台'我的麦田'的牵线搭桥以及中国银行'专利转化贷'的支持。"公司 负责人刘旭铭表示，企业曾在研发过程中遇到技术瓶颈，依托"我的麦田"平台"麦苗计划"自研的专利转 化智能匹配引擎，精准匹配到南京邮电大学的一项关键专利，在平台的积极撮合下，企业与南京邮电大 学迅速达成合作意向，成功完成专利交易。 随后，平台又为企业对接中国银行的"专利转化贷"，提供配套融资支持。"此次融资没有使用传统抵 押物，而是聚焦企业即将产业化的专利技术价值，通过专业评 ...

Core Insights - The first AIC (Asset Investment Company) private equity fund in Qingdao, named Qingdao Ronghui Xinkai Qihang, has successfully completed its first project investment and is now in a stable operational phase [1][3] - This fund, with a total scale of 220 million yuan, focuses on the semiconductor and new generation information technology sectors, aligning with Qingdao's "10+1" innovative industrial system [1][3] Investment Focus - The fund's initial investment targets the domestic smart cockpit chip project, led by the industry leader, Xinqing Technology, which has core technological advantages in smart cockpit and smart driving chip R&D [2][4] - Xinqing Technology has registered a subsidiary in Qingdao, focusing on chip-related scientific research and technical services, filling a gap in high-end automotive chip R&D and sales in the Shibei District [4][5] Operational Efficiency - The fund achieved a rapid operational timeline, completing the entire process from cooperation intention to project investment in just four months, showcasing the "Qingdao speed" and strong collaboration between government and financial institutions [1][3] - The successful operation of the fund is attributed to the collaborative efforts of local government and financial entities, providing a "one-stop" service to ensure quick startup and operation of Xinqing Technology [5]

Core Viewpoint - The macro leverage ratio in China is projected to rise to 302.4% by the end of 2025, indicating a significant increase in debt levels relative to nominal GDP, necessitating structural optimization of leverage to support economic growth effectively [1][2]. Summary by Sections Macro Leverage Ratio Trends - The macro leverage ratio increased by 0.1 percentage points from 302.3% at the end of Q3 2025 to 302.4% at the end of Q4 2025. For the entire year, it rose by 11.7 percentage points, driven by low debt growth in the household and corporate sectors, while government debt expanded significantly [2]. - By the end of 2025, the debt balances of non-financial enterprises, households, and government sectors grew by 7.8%, 0.5%, and 17.0% respectively, leading to a total debt balance increase of 8.2%, while nominal GDP only grew by 4.0% [2]. Sectoral Contributions to Leverage Ratio - The rise in the macro leverage ratio was primarily driven by the corporate and government sectors, while the household sector continued to reduce its leverage. Factors such as the adjustment in the real estate market and slow income growth led households to decrease debt and increase savings [3]. - Government investment projects and a recovering corporate financing demand, supported by proactive fiscal policies, contributed to the increase in debt levels in the corporate and government sectors [3]. Future Outlook and Policy Recommendations - The monetary policy in 2026 is expected to maintain a moderately loose stance, which may lead to continued growth in corporate and government debt, putting upward pressure on the macro leverage ratio. However, this could be offset by an increase in nominal GDP growth [4]. - Recommendations for optimizing leverage structure include supporting financing for private SMEs and technology firms, while controlling the debt expansion of state-owned enterprises. This approach aims to stabilize the leverage ratio in the household sector and promote sustainable economic growth [5][6]. - The government is encouraged to increase fiscal spending in social welfare areas, which could enhance consumer spending potential. For instance, a 1% interest subsidy on household loans could reduce interest burdens significantly and stimulate consumption growth [6].

创新的价值最终体现在市场上。当前，我国正着力完善科技成果转移转化体系，通过构建"政产学研 用"多方协同的生态，强力推动科研成果从"实验室"走向"生产线"。"科技—产业—金融"的良性循环加 速形成，意味着更多金融活水能够精准滴灌创新过程，为产业转型升级提供更有力的资金支持。这种循 环不仅加速了技术的产品化、产业化，更在不断破解关键环节"卡脖子"风险的过程中，为我国制造业在 国际竞争中赢得了可持续发展的长远优势。 站在新的起点，展望"十五五"时期，巩固和扩大科技创新优势至关重要。我们既要巩固在数字经济、绿 色经济等领域的现有优势，也需前瞻布局商业航天、低空经济、人形机器人等新赛道，形成"技术多点 突破、产业梯度接续、跨界深度融合"的发展格局。这要求我们进一步强化企业创新主体地位，深化产 教融合，让人才、技术、资本等要素流动更加顺畅，从而为实体经济注入源源不断的新动能。 2025年，中国经济顶压前行、向新向优，交出一份成色足、韧性强的成绩单。透视各项数据，"向新而 行"成为鲜明特征——全国研发经费投入强度首次突破2.8%，超过经济合作与发展组织国家平均水平； 全球创新指数排名历史性进入前十。这不仅是数字的跃升，更是 ...