科技金融体制

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决胜“十四五” 打好收官战丨释放创新潜能!我国科技体制改革稳步推进
Xin Hua Wang· 2025-08-27 00:09
新华社北京8月26日电 题:释放创新潜能!我国科技体制改革稳步推进 新华社记者温竞华 创新决胜未来,改革关乎国运。深化科技体制改革,是加快实现高水平科技自立自强、建设科技强国的 重要支撑。 "十四五"期间,我国持续破除制约创新的体制机制藩篱,科技创新基础性制度框架基本确立,全社会创 新创造活力进一步激发。 强化企业科技创新主体地位 青岛德尔通用环保科技有限公司是一家从事工业环境污染治理的高新企业,创新需求强烈却缺专家资 源。"我们在云端平台发布了技术需求,通过大数据精准匹配,很快就被来自高校的科研团队'接 单'。"企业负责人宋时香说,在"智库"赋能下,公司产品即将"上新"。 近年来,青岛市打造"云端研发"新模式,通过大数据平台、工业互联网等方式整合"政产学研金服用"各 类创新资源要素,帮助解决中小企业"不想创新、不会创新、不敢创新"的问题。 "十四五"时期,我国不断健全企业科技创新主体地位的制度安排,推动各类创新要素向企业集聚,支持 企业提高科技创新能力—— 近年来,一批概念验证、中试验证平台加快布局建设,首台(套)、首批次、首版等重大科研成果加大 示范应用,正推动科技成果加速向现实生产力转化。 为破解科研人 ...
科创板专题系列:1+N新政助力科创板高质量发展
Tianfeng Securities· 2025-07-18 07:13
Group 1 - The report outlines a comprehensive policy framework for supporting the high-quality development of the Sci-Tech Innovation Board, including 15 reform measures that cover the entire lifecycle of fundraising, investment, lending, insurance, and exit [1][11][12] - The report highlights the introduction of the "1+6" policy measures aimed at enhancing the inclusiveness and adaptability of the Sci-Tech Innovation Board, including the reintroduction of the fifth listing standard for unprofitable companies [10][19][20] - The report indicates that the average liquidity ratio of Sci-Tech Innovation Board companies has significantly improved compared to 2019, demonstrating stronger short-term solvency compared to companies on the main board [28][29] Group 2 - The report reveals that the average asset turnover ratio for Sci-Tech Innovation Board companies has decreased more sharply than that of the main board, indicating a focus on long-term investments such as R&D and equipment acquisition [30][31] - The report notes that the overseas revenue of Sci-Tech Innovation Board companies has shown a consistent upward trend, with revenues reaching 418.22 billion yuan in 2024, highlighting the increasing internationalization of these companies [42][36] - The report emphasizes that the proportion of high-tech companies among newly listed firms on the Sci-Tech Innovation Board has exceeded 90%, reflecting the board's focus on strategic emerging industries [43]
国常会重磅部署!
证券时报· 2025-06-27 13:34
Core Viewpoint - The article emphasizes the importance of accelerating the construction of a technology powerhouse and enhancing the efficiency of government services to improve the business environment and administrative effectiveness [2][3][7]. Group 1: Technology Development - The meeting highlighted that over the past year, various regions and departments have effectively advanced the tasks related to technology reform and development, making solid progress in building a technology powerhouse [3]. - There is a call to enhance the sense of responsibility and urgency, aiming for high-level technological self-reliance and strength, with a focus on "bridging gaps and strengthening advantages" to increase technological breakthroughs [3]. - The Ministry of Science and Technology, along with seven other departments, issued policies to support technology-driven enterprises, including establishing a "National Venture Capital Guidance Fund" to encourage financial institutions to increase credit support for tech companies [4]. Group 2: Efficient Government Services - The meeting discussed the establishment of a normalized mechanism to promote the "efficient handling of one matter," which aims to optimize and expand the range of services based on feedback from the public and businesses [6]. - Examples of successful implementations include streamlined processes in Shandong, Hainan, and Jiangsu provinces, where citizens can complete various administrative tasks with minimal documentation [6]. - The initiative aims to transform the administrative process from "multiple locations, multiple windows, multiple times" to "one location, one window, one time," significantly reducing the burden on enterprises [7].
重要会议加速科技转成实际应用,有望促进创投投资良性循环
Xuan Gu Bao· 2025-06-09 23:19
Group 1 - The State Council emphasizes the importance of enhancing the role of enterprises in innovation and encourages collaboration between enterprises, universities, and research institutions to address technological challenges and conduct joint research [1] - Financial support will be increased, with a focus on attracting social capital and encouraging financial institutions to innovate financial products and services, thereby developing a multi-tiered capital market [1] - The People's Bank of China aims to build a financial system that aligns with technological innovation, focusing on enhancing bank credit services, optimizing re-loan policies for technological innovation, and improving the technology finance ecosystem [2] Group 2 - The recent policies aim to optimize the entire investment chain, which is expected to accelerate the investment cycle in venture capital and promote a healthy cycle within the industry [2] - Companies specializing in "hard technology" are highlighted as having significant advantages in exit efficiency, making them attractive for investment [2] - Sichuan Shuangma is involved in private equity funds that focus on technology, advanced manufacturing, semiconductors, new energy, and consumer services [4]
金融管理部门发声“金融+科技”
Shang Hai Zheng Quan Bao· 2025-06-05 18:51
Core Insights - The forum focused on the dual empowerment of finance and technology to build a strong financial nation and innovation zones [2] - Key challenges in achieving effective interaction between technology and finance were highlighted, particularly the mismatch in financial supply and the varying risk characteristics of tech enterprises at different lifecycle stages [2][3] Financial Institutions and Support - The People's Bank of China emphasized the need to enhance bank credit services, particularly for small and medium-sized tech enterprises, to promote rapid growth in tech loans [3] - A proposal was made to establish a "technology board" in the bond market to support the issuance of technology innovation bonds by financial institutions, tech companies, and equity investment institutions [4] - The Financial Regulatory Bureau is pushing for the establishment of specialized tech finance departments within financial institutions and has set up 2,178 tech branches nationwide [5] Financial Products and Services - The knowledge property pledge loan balance in the banking sector has exceeded 300 billion yuan, reflecting a year-on-year growth of 33.7% [5] - Financial institutions are encouraged to develop specialized financial products that consider the innovation capabilities and intellectual property values of enterprises [5] Insurance and Risk Management - The Financial Regulatory Bureau is optimizing insurance services for tech enterprises, including risk guarantees for major national tech tasks and pilot programs for insurance compensation [6] Foreign Exchange Management - The State Administration of Foreign Exchange is leveraging technology to enhance trade and investment facilitation for tech enterprises, including the use of blockchain for cross-border financial services [7] - Digital technologies are being utilized to streamline processes and improve regulatory efficiency in foreign exchange management [8][10] - The integration of big data and AI is aimed at enhancing the identification and crackdown on foreign exchange violations [9]
央行:加强科技创新领域银行信贷服务能力建设,增强资本市场支持力度
Sou Hu Cai Jing· 2025-06-05 13:40
Core Viewpoint - The Vice Governor of the People's Bank of China emphasizes the importance of a virtuous cycle among finance, technology, and industry to promote economic and financial transformation and upgrading [1] Group 1: Financial Support for Technological Innovation - Financial support for technology innovation faces challenges due to the varying life cycles, risk characteristics, and financing needs of technology enterprises [1] - Technology enterprises often experience unstable cash flows, high risks and uncertainties, and low financial transparency, affecting their access to credit and bond financing [1] - There is a lack of long-term, patient, and strategic capital for equity financing in technology enterprises [1] Group 2: Recommendations for Improvement - Strengthening the credit service capabilities of banks is essential, with a focus on directing more credit resources to technology-oriented SMEs to promote rapid growth in technology loans [1] - Optimizing policies for re-loans for technological innovation and equipment updates, with a signed loan amount of 16,705 billion yuan and a disbursed amount of 5,701 billion yuan as of the end of April [1] - Establishing a "Technology Board" in the bond market to support the issuance of technology innovation bonds by financial institutions, technology enterprises, and equity investment institutions [1] Group 3: Enhancing Capital Market Support - Optimizing institutional arrangements for listing, mergers and acquisitions, and equity incentives based on the characteristics of technological innovation [2] - Promoting the role of regional equity markets and innovating technology insurance products and services [2] - Strengthening collaborative efforts to improve the technology financial ecosystem, including establishing a coordinated mechanism among relevant departments to enhance financing efficiency in the technology sector [2]
月度策略:外部不确定性仍存,成长与价值均衡配置-20250604
Zhongyuan Securities· 2025-06-04 14:32
分析师:徐至 登记编码:S0730525040001 外部不确定性仍存,成长与价值均衡配置 ——月度策略 相关报告 《月度策略:风险偏好或将提升,建议关注消 费科技行业——月度报告》 2025-05-08 《月度策略:宏观环境逐步改善,建议关注科 技与红利板块——月度报告》 2025-04-07 联系人:李智 证券研究报告-月度策略 发布日期:2025 年 06 月 04 日 投资要点: 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共17页 电话: 0371-65585629 地址: 郑州郑东新区商务外环路10号18楼 地址: 上海浦东新区世纪大道1788号T1座22楼 央行 5 月金融政策组合拳提振市场。金融政策层面,央行 5 月 7 日推出十项政策,降准降息释放万亿流动性,再贷款定向支持服务 消费与养老产业。政策不仅改善市场流动性,还降低企业融资成本, 增强居民消费能力。5 月 14 日,科技部等七部门印发《加快构建科 技金融体制有力支撑高水平科技自立自强的若干政策举措》,央行 主要在三方面落实《若干政策举措》,一是提升科技贷款的投放强 度和服务能力 ...
政策高频|制造业是国民经济的重要支柱(申万宏观·赵伟团队)
赵伟宏观探索· 2025-06-01 02:31
报告正文 2. 政策跟踪:制造业是国民经济的重要支柱 2.1 总书记河南考察:制造业是国民经济的重要支柱 5月19-20日,习近平总书记对"十五五"规划编制工作作出重要指示并赴河南进行考察调研。习近平总书 记指出,"十五五"规划编制要坚持科学、民主、依法决策,企业要根据规划调整战略,把握政策红利,推动 产业结构优化升级。在河南考察时,总书记强调,制造业是国民经济的重要支柱,推进中国式现代化必须保 持制造业合理比重,同时,现代制造业离不开科技赋能,要大力加强技术攻关,走自主创新的发展路子。 2.2 商务部例行发布会:做强国内市场、促进消费 5月22日,商务部召开例行新闻发布会,剔除做强国内市场,促进消费,更好发挥消费对经济循环的牵 引带动作用。发布会上,商务部剔除将加快实施提振消费专项行动,推进促消费政策落实;加快完善现代商 贸流通体系,支持再生资源回收和二手商品流通,推进电商高质量发展;加快推进内外贸一体化,帮扶企业 有效应对外部冲击。对于刚刚结束的APEC第三十一届贸易部长会议,发言人表示中方愿与各方深化经济合 作,加快区域经济一体化。 | 时间 | 事件 | 内容概要 | 主要内容 加快实施提振消费专项行 ...
经济政策一线微观察丨用耐心资本托举“硬核”创新 杭州为科技工作者提供发展沃土
Xin Hua She· 2025-05-31 00:31
0:00 / 3:03 今年5月30日是第九个全国科技工作者日,相关活动主题为"矢志创新发展 建设科技强国"。在浙江杭州,包括耐心资本在内的一系列支持政策为科技工 作者提供了创新发展、施展才华的沃土。 走进位于杭州高新区的浙江大华技术股份有限公司展厅,一个个以视频为核心的智慧物联产品和解决方案令人目不暇接,这些科技成果的背后,是企业 对科技人才的支持。据介绍,该企业有23000多名员工,50%以上是研发技术人员,并且每年以10%左右的销售收入投入到研发当中。 具有全球影响力的人工智能大模型、"身手不凡"的具身智能机器人、具有里程碑意义的首款国产3A游戏……这些成果的取得,离不开杭州对科技企业 和科技人才的政策支持。 以"杭州六小龙"为代表的前沿科技产业领域,有一些共同的标签,都是投入大、周期长、未来收益不确定性高。 面对这类"硬核"科技,建立同新质生产力发展相适应的科技金融体制至关重要。杭州完善国资创投基金绩效考核制度,探索尽职免责机制,不以单一项 目亏损或未达到考核标准作为负面评价依据,适度放宽投资容亏率,推动国资创投基金"算大账""算长远账",成为更有担当的耐心资本、大胆资本。 2025年,杭州还提出"3 ...
“反脆弱”系列专题之十:财政“前置”后该关注什么?
Shenwan Hongyuan Securities· 2025-05-30 14:11
Group 1: Fiscal Characteristics - In the first four months of 2025, the broad fiscal expenditure growth rate reached 7.2%, with a spending progress of 28.4%, exceeding the five-year average of 28.2%[3] - The broad fiscal expenditure growth rate in Q1 2025 was 5.6%, surpassing the nominal GDP growth rate, marking the best performance since 2023[3] - In April 2025, broad fiscal expenditure increased by 12.9% year-on-year, indicating strong fiscal support for the economy[3] Group 2: Revenue and Debt Financing - From January to April 2025, broad fiscal revenue decreased by 1.3% year-on-year, falling short of the budget target by 1.5 percentage points, primarily due to declines in tax and land transfer revenues[3] - Government debt net financing reached 4.8 trillion yuan in the first four months, an increase of 3.6 trillion yuan year-on-year, becoming a core support for broad fiscal expenditure[4] - As of May 24, 2025, the issuance of government bonds had reached 42.7% of the budget target, significantly higher than the average of 16.9% from 2020 to 2024[4] Group 3: Future Fiscal Policies - The total net financing scale for government debt in 2025 is set at 13.86 trillion yuan, with 6.3 trillion yuan already financed by the end of May, leaving 7.5 trillion yuan to be issued[5] - The issuance of special bonds and long-term bonds is expected to accelerate, with a projected net financing increase of 2.3 trillion yuan in Q2 and maintaining high levels in Q3[5] - Incremental policies may be introduced to smooth fiscal expenditure and ensure the achievement of annual economic targets amid uncertainties in economic recovery[6] Group 4: Investment Focus - Key areas for fiscal investment to stabilize growth include service consumption, fertility policies, and infrastructure investment[8] - Service consumption currently shows significant recovery potential, needing policy support to enhance consumer spending[8] - The government aims to improve income distribution mechanisms and strengthen social security to boost consumption effectively[8]