积聚发展新动能 整体来看，今年上半年，尤其是自3月份国务院办公厅出台《关于做好金融"五篇大文章"的指导意 见》，引导金融系统加大对科技、绿色、普惠、养老、数字等领域信贷投放以来，银行业金融机构积极 响应政策引导，做好重点领域信贷投放。 数据显示，上半年，银行信贷整体呈现"总量增长、结构优化"特征，新增贷款主要投向制造业、基础设 施业以及金融"五篇大文章"等重点领域。5月末，绿色、科技、普惠、养老、数字领域贷款同比分别增 长27.4%、12%、11.2%、38%和9.5%，均高于同期各项贷款增速。6月末，制造业中长期贷款余额同比 增长8.7%，上半年增加9207亿元；基础设施业中长期贷款余额同比增长7.4%。 "总体来看，金融'五篇大文章'已经成为全行业务新增长点和增长极，也初步打造了建行差异化的服务 模式，主要指标保持市场前列。"不久前，在建设银行2024年度股东大会上，建设银行董事长张金良表 示。锚定重点领域加强信贷投放，商业银行正在支持实体经济过程中形成可持续的金融服务体系和融合 发展机制，积聚发展新动能。 同时，在货币政策引导下，商业银行积极推动降低企业融资成本，优化金融产品和服务供给，尤其是瞄 准民营 ...

资本形成与优化配置：能够将社会闲散资金、机构长期资本等引导汇聚，投向具有高成长潜力但风险也相对较高的 创新型企业和战略性新兴产业。不仅弥补了传统银行信贷体系对这些领域支持的不足，也促进了社会整体资本结构 的优化。 促进创新与企业家精神：风险投资为初创期、成长期的科技企业提供了关键的启动和发展资金，有效分担了创新活 动的高风险。同时，私募股权投资的介入往往伴随着对企业家和管理团队的激励与约束机制，有助于激发企业家精 神，推动技术突破和商业模式创新。 陈子昊 中保投资有限责任公司党委委员、副总裁 私募股权投资是连接实体经济创新需求与社会资本有效供给的关键桥梁，更是上海国际金融中心建设提升能级、增 强全球资源配置能力不可或缺的重要力量。 当前，全球经济格局正经历深刻调整，新一轮科技革命和产业变革加速演进，中国经济已转向高质量发展阶段。在 此背景下，2023年10月召开的中央金融工作会议提出要加快建设金融强国，并将做好科技金融、绿色金融、普惠金 融、养老金融、数字金融"五篇大文章"作为推动金融高质量发展的重要抓手。这一战略部署为我国金融业的未来发 展指明了方向。 上海作为中国金融对外开放的前沿阵地和核心承载区，其国际 ...

人民银行调查统计司司长闫先东7月14日在国新办新闻发布会上表示，5月末，金融"五篇大文章"贷款余 额103.32万亿元，同比增14%；其中，科技贷款余额43.3万亿元，同比增12%。 ...

绿色金融护航转型，服务实体经济。明确绿色产业拓展方向，将其纳入公司考核，2024年该公司绿色保 险保费收入157.5万元，同比增长33%，超额完成目标，为山西经济绿色转型提供风险保障。 普惠金融精准滴灌实体，助力共同富裕。在特殊群体保障领域成绩斐然，老龄保险承保64万人，提供 97.41亿元风险保障；计生保险承保129万人，提供395.84亿元风险保障；学生险承保175.63万人；新业 态人群保险承保2100人，提供7.79亿元风险保障，织密民生保障网。对中小微企业的支持同样有力，全 省累计承保9027户小微企业，提供522亿元风险保障，服务10.42万就业人员，缓解企业经营风险。涉农 保险业务蓬勃发展，短期险涉农保费2.34亿元，同比增长7.26%；乡村振兴保险保费超8300万元，同比 增长39.53%。该公司还通过消费帮扶、选派干部驻村等方式，助力乡村振兴。 养老金融助力应对人口老龄化。个人养老金业务领域，发挥头雁效应，服务客户人数同比增长 151.3%。商业养老年金保险稳健发展，专属商业养老保险保费1295.34万元，商业养老年金保险承保6.1 万人。积极参与政策性长期护理保险试点，截至2024年12月 ...

Core Insights - The securities industry is actively implementing the "Five Major Articles" of finance, focusing on functional service to support high-quality economic development [1] - Significant achievements have been made in key areas such as technology finance and green finance, alongside a strong push for digital transformation [1] - However, there are notable shortcomings, particularly in the decline of equity financing for technology companies and issues related to data disclosure [2][3] Group 1: Equity Financing Trends - In 2024, the proportion of equity financing underwritten by securities firms for technology companies has significantly decreased, with semiconductor industry underwriting amounts dropping nearly 6 percentage points compared to 2023 [1] - The current financing system in China is dominated by indirect financing through bank credit, which poses challenges for small, asset-light, and high-risk technology SMEs in obtaining loans [1] - Direct financing, primarily through equity, is more aligned with the needs of technology innovation enterprises, as it allows for shared risk between shareholders and companies [1] Group 2: Differentiation Among Securities Firms - Preliminary results from the evaluation of the "Five Major Articles" show a clear differentiation among securities firms, with leading firms performing well due to their market insight and strategic positioning [2] - Smaller firms are lagging behind due to limitations such as a shortage of high-end talent, limited resources, and insufficient macroeconomic research [2] - To enhance the engagement of smaller firms, it is suggested that leading firms take on a "locomotive" role to improve financial services for the real economy, while local governments should provide policy incentives and resources [2] Group 3: Data Disclosure Issues - Data disclosure remains a critical issue in the evaluation of the "Five Major Articles," with many firms experiencing data omissions and inconsistencies in statistical standards [2][3] - Some leading firms lack important indicators related to information technology investment, which complicates data comparison [2] - Industry insiders emphasize that data is a core element for conducting evaluations and must align with statistical indicators to ensure scientific and fair assessments [3]

Core Viewpoint - Six major state-owned banks in China are focusing on implementing Xi Jinping's financial theories and practices, emphasizing the importance of serving the real economy and enhancing risk management [1] Group 1: Bank Strategies - Industrial and Commercial Bank of China (ICBC) aims to strengthen its role in serving the real economy and enhance its comprehensive risk management system [2] - Agricultural Bank of China emphasizes the importance of financial work in supporting high-quality development and maintaining a "people-oriented" approach [3] - Bank of China focuses on improving its technological financial capabilities and enhancing its international service mechanisms [4] - China Construction Bank is committed to supporting national economic development and enhancing its risk management capabilities [5] - Bank of Communications aims to align its operations with national strategies and enhance its support for key areas [6] Group 2: Financial Development Goals - All banks are committed to the "Five Major Financial Articles" to enhance their service capabilities and support China's modernization efforts [2][3][4][5][6] - There is a collective focus on risk management to prevent systemic risks and ensure financial stability [2][4][5][6] - The banks are also enhancing their international competitiveness and supporting high-level opening-up initiatives [4][5][6]

Core Viewpoint - The appointment of Yan Xiandong as the head of the People's Bank of China's Survey and Statistics Department marks a significant development, with a focus on enhancing the statistical work related to the financial "Five Major Articles" to support high-quality development [1][3]. Group 1: Appointment and Background - Yan Xiandong has been appointed as the head of the Survey and Statistics Department after a vacancy of over a year, previously serving in various roles within the People's Bank system [1][3]. - His background includes leadership positions in the Ningxia and Inner Mongolia branches of the People's Bank, indicating extensive experience in financial management [3][4]. Group 2: Statistical Work Focus - The statistical work will focus on four key areas: comprehensive implementation of financial "Five Major Articles" statistics, ensuring data quality, providing guidance on statistical systems, and promoting data sharing [1][6]. - The People's Bank has established a coordination mechanism with multiple departments to implement a systematic statistical framework for the financial "Five Major Articles" [7][10]. Group 3: Statistical System and Standards - A new trial statistical system has been jointly issued by the People's Bank and other regulatory bodies, emphasizing comprehensive coverage and unified standards for statistical indicators [6][7]. - The system includes over 200 key statistical indicators covering various financial sectors, ensuring alignment with national standards and existing practices [6][7]. Group 4: Data Quality and Collaboration - Yan emphasizes that data quality is critical for financial statistics, serving as the foundation for accurate financial policy evaluation and decision-making [10]. - The collaboration between financial management departments and institutions is essential to uphold the integrity of data quality throughout the statistical process [10].

Group 1: Investment Banking - The new "National Nine Articles" top-level design guidelines clarify the effectiveness and direction of cultivating first-class investment banks, maintaining the long-term logic of an active capital market [1][5] - It is recommended to focus on three main logical lines: mergers and acquisitions, high "financial inclusion rate," and improvement of ROE [1][5] - Investors are advised to pay attention to large securities firms with strong capital strength and stable business operations for potential investment opportunities [1][5] Group 2: Insurance Sector - The new "National Ten Articles" emphasizes high-quality development under a strong regulatory and risk prevention framework, with policy support aimed at optimizing product design and enhancing channel value [1][5] - The insurance premium continues to show steady growth, with cumulative premiums for life insurance companies reaching 19,469 billion yuan from January to April, a year-on-year increase of 1.3%, and a monthly growth rate of 11.6% in April [4] - The first reduction of LPR in May is expected to lead to further adjustments in the predetermined interest rates for new products, potentially catalyzing "speculative suspension" and creating investment opportunities due to lower liability costs and improved asset-liability matching [4][5]

| | 特定对象调研分析师会议 | | --- | --- | | 投资者关系活动 | 媒体采访业绩说明会 | | 类别 | 新闻发布会路演活动 | | | 现场参观其他 | | 活动参与人员 | 公司董事长王军 | | | 公司总裁、财务负责人李翔 | | | 公司独立董事林斌 | | | 公司副总裁、董事会秘书周钟山 | | 时间 | 2025 年 5 月 30 日 15:00-16:30 | | 地点 | 全景网"投资者关系互动平台"（http://ir.p5w.net） | | 形式 | 网络远程 | | | 一、开场致辞 | | | 尊敬的各位投资者： | | | 下午好！ | | | 感谢各位对长城证券的关心和支持。2024 年是实现"十四五"规 | | | 划目标任务的关键一年，在党中央坚强领导及政府带领下，我国全年 | | 交流内容及具体 | 经济社会发展主要目标任务顺利完成，新质生产力稳步发展，中国式 | | 问答记录 | 现代化迈出新的坚实步伐。与此同时，证券行业呈现出积极而深刻的 | | | 变化：随着资本市场新"国九条"和"1+N"政策体系出台，资本市场 | | | 基 ...

Group 1 - The "Five Articles" of finance focus on serving the real economy and are a strategic approach to achieving the goal of becoming a financial power in China [2][9] - The financial "Five Articles" include technology finance, green finance, inclusive finance, pension finance, and digital finance, each addressing specific economic challenges and opportunities [2][3] - Financial institutions and companies are collaborating to optimize resource allocation, injecting momentum into high-quality economic development [1][2] Group 2 - Banks play a crucial role in financing and providing comprehensive financial services, with significant growth in loans for technology, green, and inclusive finance [3][4] - By the end of 2024, loans for technology SMEs reached 3.27 trillion yuan, while loans for high-tech enterprises grew by 7.5% year-on-year [3] - Green loans reached 36.6 trillion yuan by the end of 2024, with green bonds issued totaling 4.1 trillion yuan [3][4] Group 3 - Securities firms are increasingly active in supporting the real economy through underwriting, asset management, and investment banking, with a notable rise in their participation in the "Five Articles" [6][7] - In 2024, the amount of technology innovation bonds underwritten by securities firms exceeded 610 billion yuan, marking the highest level since 2021 [6] - Public funds are also playing a significant role, with the scale of technology-themed funds reaching over 760 billion yuan by the end of 2024, nearly three times that of 2020 [8] Group 4 - Listed companies are both participants and promoters of the "Five Articles," with many integrating these initiatives into their strategic plans for future growth [9][10] - By 2024, over 90 listed companies in the financial sector mentioned the "Five Articles" in their annual reports, reflecting a growing commitment to these initiatives [9] - Non-financial companies have also doubled their mentions of the "Five Articles" in their annual reports compared to the previous year, indicating a broader industry response [10]