"贷款明白纸"虽是一张薄薄的清单，背后却是银行对企业融资痛点的深度回应。长期以来，企业特别是小微企业在融资过程中，往往只关注贷款利率，却忽 略了一系列非利息支出，导致综合融资成本居高不下、难以准确衡量。 深圳农商银行工作人员向客户讲解"贷款明白纸"。受访单位供图 在当前经济转型与金融结构性改革不断深化的背景下，金融服务实体经济的能力成为衡量银行业现代化水平的关键指标。今年以来，为深入贯彻落实中央金 融工作会议精神，推动金融供给侧结构性改革，中国人民银行深圳市分行指导深圳农商银行探索"贷款明白纸"试点的实践路径，系统推进融资服务透明化、 标准化和普惠化，有效破解企业融资过程中信息不对称、综合成本不透明等痛点，为推动银行业服务升级、助力实体经济健康发展提供了鲜活样本。 撰文：刘烨 张保英 张瑜 贷款明白纸 照亮融资"隐形角落" "过去续贷都得先找过桥企业，光是拆借费用就得花好几千元。现在深圳农商银行提供了无还本续贷，既省了过桥费用，还用'企业贷款综合融资成本计算 器'帮我们算清了年化利率，融资成本一目了然！"近日，一名小微企业主在深圳农商银行办理续贷业务时感慨。这样的场景，正是该行试点推行"贷款明白 纸"服务后的 ...

"十四五"时期，是我国金融风险防范化解历程中极不平凡的五年。央行数据显示，截至2025年6月末， 我国参加存款保险的金融机构有3554家，相比2020年末的4025家少了470多家。此外，随着新一轮省联 社改革加速推进，2022年以来已有10地组建了新的省级农信机构。 数量减少、整合加速是近年来我国中小银行改革化险的一个显性结果，也成为金融风险防范化解的重要 缩影。 "十四五"规划提出实施金融安全战略。回顾来看，从房地产、地方债务、中小银行等重点领域风险及外 部冲击化解，到金融稳定保障体系建设，过去五年间，我国构建起了更加坚实的对内对外金融"防火 墙"。 展望"十五五"，上海金融与发展实验室首席专家、主任曾刚对第一财经表示，我国金融风险防范与化解 面临新环境、新挑战，需要在存量风险化解与增量风险应对并重的基础上，不断完善内外双循环下的化 险资源体系和外部风险应急预案，持续提升金融体系韧性。 机构改革化险路径探索更加深入 近年来，我国在遏制宏观杠杆率过快上升势头、处置高风险企业集团和高风险金融机构、压降影子银行 风险等领域加速加力，防范化解金融风险持续深入，稳健的金融体系底盘得以不断夯实。 招联首席研究员、上海 ...

Core Viewpoint - The People's Bank of China and seven other departments have issued guidelines to support new industrialization, outlining 18 targeted measures to enhance financial services for this strategic initiative [1][2]. Financial Support Framework - The guidelines aim to create a comprehensive, differentiated, and specialized financial service system to support new industrialization, with a clear timeline for maturity by 2027 [1][2]. - Key measures include optimizing funding structures, enhancing technology finance services, improving supply chain and regional financial services, promoting green finance, and developing digital finance [2][5]. Recent Trends and Achievements - Financial support for new industrialization has been increasing, with significant examples such as Wuhan Gelanruo Technology Co., which received various loans totaling 2.86 billion yuan (approximately 0.4 billion USD) to support its technological innovations [3][4]. - As of mid-2025, the balance of medium- and long-term loans for the manufacturing sector grew by 8.7%, surpassing the overall loan growth rate [4]. Focused Financial Policies - The guidelines emphasize the use of structural monetary policy tools to guide banks in providing long-term financing for key manufacturing sectors, including integrated circuits and advanced materials [5][6]. - The scale of re-loans for technological innovation and transformation has increased from 500 billion yuan to 800 billion yuan, with contracts for equipment updates and technology transformation reaching 19 trillion yuan [5][6]. Service Quality and Mechanism Development - The guidelines stress the importance of improving the quality and adaptability of financial services, particularly for advanced manufacturing enterprises that require long-term funding [7]. - Recommendations include establishing internal mechanisms within financial institutions, fostering talent with expertise in technology and finance, and enhancing collaboration between financial and industrial policies [7][8]. Future Directions - The financial sector is expected to strengthen collaboration with various departments to enhance project promotion and resource allocation for new industrialization [8]. - There will be a focus on promoting green finance and supporting the digital transformation of industries, with initiatives like the "Zhejiang Science Joint Loan" to facilitate funding for technological innovations [8].

Group 1 - The stock indices in Shanghai and Shenzhen have been rising since August, with trading volumes frequently surpassing 1 trillion yuan, indicating a robust market driven by multiple interwoven factors rather than just short-term sentiment [1] - The macroeconomic policies have been strengthened this year, fostering a positive interaction between an effective market and a proactive government, leading to significant growth in high-tech manufacturing investments and exports in sectors like new energy vehicles and lithium batteries [1] - The capital market is not merely a passive reflection of the economy but actively influences it through institutional innovations, such as allowing unprofitable hard-tech companies to list on the Sci-Tech Innovation Board [1] Group 2 - Amid rising unilateralism and protectionism globally, investors are increasingly valuing certainty and growth potential, with China’s complete industrial system and large market providing a rare combination of low volatility and medium-high returns for international investors [2] - The trend of international capital flowing into Chinese A-shares, including sovereign wealth funds and pension funds, reflects a "flight to quality" as investors seek safer and more stable assets during times of uncertainty [2] Group 3 - The concept of "common prosperity" is being realized through financial supply-side structural reforms, with a growing demand for quality equity assets among both high-net-worth individuals and small to medium investors, facilitated by reforms in the Sci-Tech Innovation Board and the establishment of new investment products [3] - The capital market is increasingly becoming a platform for the public to share in economic growth, breaking the old pattern of capital monopoly and allowing ordinary workers to participate in value distribution through equity and funds [3] Group 4 - China's capital market is undergoing steady institutional opening, with initiatives like the Shanghai-Hong Kong Stock Connect and the Bond Connect, enhancing its global financial integration and stability [4] - The focus on "safe and controllable" and "orderly opening" in China's modernization contrasts with Western views, emphasizing the need for macro-prudential policies to mitigate cyclical fluctuations while pushing for domestic reforms aligned with international standards [4]

Core Viewpoint - The People's Bank of China and six other departments have jointly issued guidelines to enhance financial support for new-type industrialization, aiming to accelerate the construction of a financial and manufacturing powerhouse by 2027 [1][4]. Group 1: Financial Support for Industrialization - The guidelines emphasize the importance of financial services to the real economy and risk prevention, focusing on major strategic tasks of new-type industrialization [4]. - The financial system is expected to mature by 2027, supporting the high-end, intelligent, and green development of the manufacturing industry [4]. Group 2: Specific Measures - The guidelines propose 18 specific measures across five areas, including enhancing technological innovation capabilities and supply chain resilience, building a modern industrial system, and improving financial support capabilities [4][5]. - Financial policies will be optimized to support key technology products and facilitate the transformation of scientific achievements into capital [5]. Group 3: Financial Services for Key Enterprises - Financial institutions are encouraged to provide comprehensive financial services to key enterprises in the industrial chain, including loans, bonds, and insurance [6]. - Support will be given to private enterprises to participate in the construction of a self-controlled industrial chain [6]. Group 4: Cross-Border Financial Services - The guidelines aim to enhance the convenience of cross-border financial services and expand high-level bilateral open development space [7]. - Measures include optimizing foreign trade financial products and services, promoting the use of RMB in cross-border trade settlements, and expanding pilot programs for cross-border financing [7]. Group 5: Long-term Mechanism and Capacity Building - The guidelines call for strengthening the internal mechanisms of financial institutions to serve the manufacturing sector and developing a talent pool for financial services in technology industries [8]. - A collaborative approach involving multiple departments will be established to enhance the effectiveness of financial support for new-type industrialization [8].

Core Viewpoint - The People's Bank of China and seven other departments have issued guidelines to accelerate new industrialization through financial support, outlining 18 targeted measures to enhance the financial system by 2027 [1][2]. Financial Support Measures - The guidelines emphasize a clear roadmap for supporting manufacturing enterprises, including optimizing financial policy tools, introducing long-term funds, and enhancing financial services for key enterprises [2][4]. - Specific measures include improving financial services for traditional manufacturing, enhancing the quality of technology finance, leveraging green finance, and deepening financial services along the industrial chain [2][4]. Financial System Optimization - The financial system has been optimizing the structure of fund supply, with medium to long-term loans for the manufacturing sector increasing by 8.7% year-on-year, surpassing the growth rate of all loans [3]. - In the first half of the year, the A-share market raised 148.8 billion yuan for enterprises in the industrial sector through various financing methods, marking a 51.6% year-on-year increase [3]. Quality and Precision of Financial Services - There is a growing expectation for higher quality and adaptability in financial services from enterprises, with the guidelines proposing a series of measures to establish a long-term mechanism for sustained and effective support [4][7]. - The guidelines advocate for differentiated credit policies tailored to specific industries and stages of enterprise growth, as well as the establishment of internal mechanisms within financial institutions to better serve the manufacturing sector [7]. Talent and Policy Coordination - The guidelines encourage financial institutions to deploy financial specialists to industrial parks and recruit talent with advanced manufacturing backgrounds to enhance service quality [7]. - There is a call for improved policy coordination across departments to strengthen the intensity and precision of financial support for new industrialization [7].

Group 1 - The core viewpoint of the article emphasizes the importance of financial support for new industrialization, focusing on strategic tasks and structural reforms in the financial supply side [1] - The guidance aims to enhance the collaboration between industry and finance, ensuring that industrial policies and financial policies are aligned to support the development of a modern industrial system led by technological innovation and advanced manufacturing [1] - The document advocates for targeted measures that balance support and control, promoting industries to advance towards mid-to-high-end development while preventing "involution" competition [1]

Group 1: Core Insights - Securities firms are focusing on continuous innovation and entrepreneurship as key strategies for the second half of the year, reflecting a need to break out of stagnant competition [1][2] - The shift towards a "buy-side mentality" in wealth management is emphasized, with firms aiming to enhance their capabilities in this area [5][6] Group 2: Operational Efficiency and Management - Many securities firms are prioritizing operational efficiency and refined management, aiming to improve per capita effectiveness and reduce costs [3][4] - The drive for enhanced operational efficiency is attributed to cost pressures, regulatory upgrades, and the need for digital transformation [3][4] Group 3: Digital Transformation and AI - Digital transformation is seen as a crucial factor for improving customer experience, with firms leveraging technology to optimize business processes and enhance service quality [4][6] - AI is reshaping the value chain in the securities industry, with its application in retail, institutional, and risk management sectors [6][7] Group 4: Regional Market Focus - Several smaller securities firms are choosing to deepen their engagement in regional markets as a differentiation strategy against larger competitors [8] - This regional focus allows for closer client relationships and personalized service offerings, enhancing customer loyalty and satisfaction [8] Group 5: Market Outlook and Investment Potential - The attractiveness of the securities sector is increasing, with investor interest rising significantly [9] - A stable macroeconomic environment and favorable policies could boost market activity and investor confidence, positively impacting the revenues of securities firms [9]

Core Viewpoint - The report outlines the independent financial advisory opinion regarding GuoXin Securities' acquisition of assets through share issuance, emphasizing the transaction's compliance with relevant regulations and its potential benefits for the company and its shareholders [1][10]. Transaction Overview - The transaction involves GuoXin Securities acquiring 96.08% of Wanhe Securities for a total price of approximately 5.19 billion yuan [10][12]. - The acquisition is structured as a share issuance, with the transaction price based on an asset evaluation report [10][12]. Impact on Company Operations - The acquisition is expected to enhance GuoXin Securities' regional presence and operational capabilities, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area and other key economic regions [17][20]. - Wanhe Securities, with its 46 branches, will provide a robust client base and extensive business channels, facilitating the integration of services and resources post-acquisition [20][19]. Financial Metrics - Post-transaction, GuoXin Securities' total assets are projected to increase from approximately 50.85 billion yuan to 52.01 billion yuan, reflecting a growth rate of 2.28% [18][25]. - The company's total liabilities will rise slightly, but the overall debt ratio is expected to decrease, indicating improved financial stability [18][25]. Shareholder Structure - Following the transaction, GuoXin Securities' total share capital will increase to approximately 10.24 billion shares, with the new shares representing 6.14% of the total [17][19]. - The controlling shareholder will remain unchanged, ensuring stability in governance and management [17][19]. Compliance and Governance - The transaction has undergone necessary approvals and will continue to adhere to regulatory requirements, including strict information disclosure obligations to protect minority shareholders [21][22]. - Lock-up agreements for the newly issued shares will be in place for 12 months to prevent immediate sell-offs by the transaction counterparties [23][24].

Core Viewpoint - The third China International Supply Chain Promotion Expo highlights the critical role of finance in empowering industrial chain upgrades and ensuring supply chain security, serving as a platform for global industrial collaboration and innovation [1] Group 1: Economic Indicators and Financial Support - In the first half of 2025, China's GDP grew by 5.3%, with the tertiary sector contributing 5.5% [2] - Social financing increased to 12.74 trillion yuan, indicating a steady rise in financial support for the real economy [2] - The People's Bank of China reported a reasonable growth in total financial volume and a decline in comprehensive financing costs, emphasizing the importance of financial supply-side structural reform [2] Group 2: Policy Innovations and Risk Management - The central bank's "Technology Innovation Re-loan" policy aims to support technology-oriented SMEs and key technological transformations, with nearly 400 billion yuan signed with 1,737 enterprises by November 2024 [3] - The release of the "2025 Industry Chain Risk Research White Paper" focuses on nine key industrial chains, providing systematic risk solutions and marking a shift towards comprehensive risk management [3][6] Group 3: Financial Products and Services - The "Science and Technology Enterprise Financing Chain" product system by China Construction Bank enhances credit accessibility for medium-sized enterprises, exemplified by a 98 million yuan loan to a technology company [5] - The launch of the first green ABCP product in the Guangdong-Hong Kong-Macao Greater Bay Area by China Merchants Bank demonstrates the integration of green finance with capital markets [6] Group 4: International Financial Cooperation - The "Cross-border Wealth Management Connect 2.0" initiative has significantly increased cross-border transactions, with a 386 billion yuan turnover and a sixfold growth compared to the previous version [8] - The trade volume between China and ASEAN reached 6.99 trillion yuan, with cross-border RMB settlements growing by 35%, indicating a strengthening of the RMB's role in international trade [8] Group 5: Ethical Technology and Inclusive Finance - The AIREngine developed by Ant Group exemplifies the application of responsible AI in financial risk management, promoting fairness and reducing bias [9] - The "Dazhanque" system by MyBank ensures data privacy for farmers, showcasing the integration of technology and ethical governance in financial services [9][10] Group 6: Future Directions for Financial Development - The interplay of institutional innovation and technological transformation is crucial for achieving high-quality financial development, with five key areas driving this momentum [11]