Core Insights - The 2025 Guangxi-Shanghai Technology Innovation Project Financing Matchmaking Event was held in Nanning, aiming to connect high-quality technology projects with financial capital to promote the transformation of technological achievements in Guangxi [1][3] Group 1: Event Overview - The event was organized by the Guangxi Zhuang Autonomous Region Science and Technology Department, focusing on key sectors such as high-end equipment manufacturing, advanced new materials, new generation information technology, new energy and storage, biomedicine, modern characteristic agriculture, marine economy, and green low-carbon technology [3][4] - Eight technology companies from Guangxi and beyond presented their technological achievements, market prospects, and financing needs, attracting significant attention from investment institutions [3][4] Group 2: Financial Mechanisms - The Guangxi Science and Technology Department has implemented the "Guangxi Technology Achievement Transformation Fund Management Measures (Trial)" to establish a profit-sharing and risk tolerance mechanism, creating a fund operation system that includes "mother fund + sub-fund + direct investment" [3] - The focus is on supporting seed-stage and early-stage technology enterprises, with plans to continuously optimize the technology finance ecosystem and accelerate fund deployment to provide comprehensive financial support for industrial upgrades [3][4] Group 3: Investment Opportunities - Over ten investment institutions, including CITIC Jinshi Capital Management Co., Ltd. and Beijing Zhongguancun Capital Fund Management Co., Ltd., engaged in in-depth discussions with the presenting companies to explore cooperation and investment opportunities [4]

Group 1 - The event "Scientists Meet Investors" aims to foster collaboration between scientists, entrepreneurs, and investors, signaling the acceleration of a cooperative innovation ecosystem in Shaanxi province [1][2] - The Shaanxi Venture Capital Association has 190 member units, focusing on the pain points of technology transfer and promoting the integration of various resources through project roadshows and financing connections [2] - The association has organized over 200 project roadshows, leading to the discovery and investment in more than 100 projects, with a total financing amount exceeding 8 billion [2] Group 2 - The "Annual Report on Technology Transfer in Shaanxi Province (2025)" indicates that 62 key universities signed 23,000 technology transfer contracts in 2024, generating a revenue of 9.72 billion from technology transfer [2] - Xi'an Jiaotong University has been a significant contributor to the province's technology transfer efforts, providing numerous successful entrepreneurial outcomes and high-tech enterprises [2] - The association aims to facilitate more connections between scientists and investors, ensuring that innovative projects receive the necessary capital support to thrive [3]

Core Insights - The article highlights the commitment of China Merchants Bank Nanchang Branch to serve the local economy and community in Jiangxi, emphasizing a high-quality development model driven by strict management and innovation [1][2] Financial Performance - As of September 2025, the bank aims to exceed 100 billion yuan in loans and 140 billion yuan in deposits, contributing nearly 7.5 billion yuan in taxes and serving over 4.34 million personal clients and nearly 70,000 corporate clients [1] Sector-Specific Initiatives - The bank has established a "six specialized" mechanism to provide differentiated financial services to technology enterprises, achieving a technology finance loan balance of over 11.6 billion yuan, with an annual increase of nearly 3.2 billion yuan [2] - In green finance, the bank promotes various green loan products, achieving a green loan balance of over 8 billion yuan, with an annual increase of nearly 1.8 billion yuan [2] - The inclusive finance sector has seen a loan balance exceeding 23.3 billion yuan, with an annual increase of nearly 1.1 billion yuan [2] - The bank has enhanced its pension finance services, adding 15 corporate pension clients and over 70,000 individual pension clients [2] Support for Key Industries - The bank focuses on supporting five key industries: non-ferrous metals, electronic information, equipment manufacturing, new energy, and pharmaceuticals, with a target loan growth rate exceeding the average growth rate of corporate loans by 13.5 percentage points [3] - By 2025, the bank plans to provide over 10.7 billion yuan in loans to 12 key industrial chains, with a 17.6% year-on-year increase in loans to private enterprises [3] Rural Revitalization Efforts - The bank is actively supporting rural revitalization by addressing financing needs for energy projects in rural areas, with nearly 100 million yuan allocated for rural infrastructure loans and over 3 billion yuan for agriculture-related loans by 2025 [4] - The bank has established partnerships with several renewable energy companies and is involved in various community support projects, enhancing local economic development [4]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Hechi Branch is committed to supporting technological self-reliance and high-quality local economic development by enhancing financial services for technological innovation, thereby injecting continuous financial momentum into regional economic transformation and upgrading [1][2]. Group 1: Financial Support for Technological Innovation - As of September 2025, the bank's technology finance loans increased by 192 million yuan, representing a growth of 36.64% compared to the beginning of the year [1]. - The bank actively collaborates with local government departments to understand regional industrial development directions and priorities, establishing a clear service roadmap for targeted financial support [1]. Group 2: Addressing Challenges and Optimizing Services - The bank identified a funding circulation issue faced by a local liquor company, which required a tailored medium to long-term financing solution, resulting in a total of 64 million yuan in loans to support the company's industrial upgrade [2]. - A green channel for technology finance services has been established to simplify approval processes and enhance efficiency, ensuring rapid funding support for technology enterprises [2]. - The bank offers comprehensive financial service solutions that integrate financing and intelligence, aiming to enhance the value of enterprises within the regional innovation ecosystem [2].

Core Viewpoint - Insurance asset management institutions are becoming a crucial force in supporting high-quality development of technology finance, bridging long-term capital with technological innovation [2][3]. Group 1: Growth and Potential of Insurance Funds - The scale of insurance funds is steadily increasing, with significant potential for development in technology finance, primarily through equity investments and venture capital in strategic sectors like integrated circuits, biomedicine, and new energy [3]. - Regulatory policies have been increasingly supportive, encouraging insurance funds to engage in technology innovation through various models, including S funds and investment-loan linkage [3]. Group 2: Challenges Faced by Insurance Funds - There are contradictions between capital constraints and risk tolerance, with the risk factor for unlisted equity remaining high at 0.41, while the industry’s comprehensive solvency adequacy ratio is 199.4% [3][4]. - Exit channels for investments are limited, with IPOs being the dominant exit strategy, but prolonged A-share IPO cycles hinder timely exits for insurance capital [3][4]. - There is a shortage of professionals with expertise in technology innovation, leading to significant discrepancies in pricing due to the lack of standardized valuation models [4]. Group 3: Systematic Layout in Emerging Fields - Supporting technology innovation requires a comprehensive investment ecosystem that includes long-term investment philosophies, in-depth industry research, effective risk control, and flexible exit mechanisms [5]. - HuaTai Asset has been innovating its investment models, moving beyond traditional risk-return frameworks to accommodate the unique characteristics of technology innovation [6]. Group 4: Strengthening Asset Acquisition and Product Creation - Investment banking is a vital segment for insurance asset management companies to support technology innovation, necessitating enhanced asset acquisition and product creation capabilities [7]. - HuaTai Asset has established debt investment plans to support domestic aircraft manufacturing and has launched indirect equity investment management to channel resources into advanced manufacturing sectors [7]. - Future efforts will focus on deepening ecological and professional integration within the technology finance ecosystem, enhancing investment management capabilities, and developing comprehensive financial product services [7].

Core Viewpoint - The article emphasizes the role of insurance asset management institutions in bridging long-term capital and technological innovation through innovative financial service models, highlighting the importance of insurance funds as a significant force in the development of technology finance [3][4]. Group 1: Insurance Funds and Technology Finance - Insurance funds are increasingly recognized as a vital source of high-quality financial support for technological innovation, providing precise and efficient capital [4]. - The scale of insurance funds is steadily growing, with significant potential for investment in technology finance, particularly in strategic sectors such as integrated circuits, biomedicine, and new energy [5]. - Regulatory policies have been supportive, encouraging insurance funds to engage in equity investments and other innovative financing models to support technology enterprises [5]. Group 2: Challenges in Technology Investment - There are notable challenges faced by insurance funds in technology innovation investments, including capital constraints and risk tolerance issues, with the non-listed equity risk factor remaining high at 0.41 [6]. - The exit channels for investments are limited, with IPOs being the primary exit strategy, which can be problematic if the A-share IPO cycle is prolonged [6]. - There is a shortage of specialized talent and a lack of standardized valuation models for technology innovation, leading to significant pricing discrepancies between parties [7]. Group 3: Systematic Layout in Emerging Fields - Supporting technology innovation requires a comprehensive investment ecosystem that includes a long-term investment philosophy, in-depth industry research, effective risk control, and flexible exit mechanisms [8]. - Recent innovations by Huatai Asset Management include expanding the traditional risk-return matching framework to encompass long-term perspectives and developing mechanisms for error correction in high-risk technology investments [9]. - The company has strategically invested in sectors such as integrated circuits and advanced manufacturing, achieving notable investment returns from several high-quality technology firms [9]. Group 4: Strengthening Asset Acquisition and Product Creation - Investment banking is a crucial segment for insurance asset management companies to support technology innovation, necessitating enhanced asset acquisition and product creation capabilities [10]. - Huatai Asset Management has initiated debt investment plans to support domestic aircraft manufacturing and has launched indirect equity investment management to channel resources into advanced manufacturing sectors [10]. - The future direction for Huatai Asset Management includes deepening ecological and professional integration within the technology finance ecosystem and developing comprehensive financial product services for technology enterprises [10].

48 脚 स्त्रीय 波 TSINGHUA Financial Review 清华金融评论 144 数据资产化浪潮下的 P65 保险赋能与价值重构 张伟 等: 我国寿险业高质量 发展模式的构想 P73 聂庆平: 全球资本市场面临的 挑战与前景展望 TSINGHUA Financial Review 清华金融评论 封面专题 金融助力科技创新 和产业创新深度融合 闻出版管理 部门认定第一 中国人文社会科学核心期刊 P69 生力值 年第11期 总第144期 1日5日4 ANDELL 30 T. CN 10-1169/F SSN 209 PQ2 王泊: 充分发挥科创板"试验田"作用 助力深化资本市场改革 支持加快高水平科技自立自强 P16 田轩 等: 赋能新质生产力: 资本市场服务科技创新的逻辑与对策 P19 杜春野: 深化科技金融范式创新: 商业银行助力科技企业高质量发展的思考与实践 P23 刘健 等: 打造科技投行, 提升资本市场服务科技创新能力 P27 葛小波 等 关于证券公司服务新质生产力 和推动科技创新的思考 充分发挥科创板"试验田"作用 助力深化资本市场改革 支持加快高水平科技自立自强 文/上海证券交 ...

Core Viewpoint - In the context of the banking industry's ongoing pressure on net interest margins and increasing operational challenges, financial institutions are focusing on enhancing revenue, controlling costs, and improving efficiency [1] Group 1: Financial Performance - Shanghai Rural Commercial Bank (SRCB) reported a robust performance in its Q3 2025 report, showcasing several operational highlights, including an asset scale surpassing 1.5 trillion yuan and a commitment to aligning with the real economy [2] - The bank has prioritized investor returns, being the first to fulfill its mid-term dividend commitment, distributing a cash dividend of 0.241 yuan per share, totaling 2.324 billion yuan [3] - The mid-term dividend payout ratio reached 33.14%, the highest among listed banks that have implemented dividends, with total dividends since its IPO amounting to 18.844 billion yuan, 2.20 times the total raised during the IPO [4] - As of the end of September, SRCB's operating income was 19.831 billion yuan, with a net profit attributable to shareholders of 10.567 billion yuan, reflecting a year-on-year growth of 0.78% [4] Group 2: Revenue Structure and Cost Control - Non-interest income accounted for 27.08% of total operating income, with a year-on-year increase of 2.24%, indicating a diversified revenue structure [4] - The bank's total assets reached 15.6 trillion yuan, a 4.72% increase from the previous year, with loans and advances totaling 7.673 trillion yuan, up 1.60% [4] - SRCB successfully reduced its cost of liabilities, with the interest rate on deposits decreasing by 35 basis points compared to the end of the previous year, and business and management expenses down by 8.28% [5] Group 3: Business Strategy - SRCB is focusing on a dual strategy in corporate and retail banking, leveraging its strong local customer base [6] - In corporate banking, the bank is building a comprehensive financial service system driven by transaction banking, with corporate loan balances reaching 4.977 trillion yuan, a 1.64% increase [6] - The bank has implemented a customer segmentation strategy, enhancing services for strategic clients, with a loan balance for strategic clients increasing to 989.3 billion yuan [7] Group 4: Retail Banking and Wealth Management - In retail banking, SRCB is developing a wealth management-driven service system, with retail financial assets reaching 8.414 trillion yuan, a 5.80% increase [8] - The number of personal customers (excluding credit card clients) grew by 5.82% to 26.1719 million, while the balance of mortgage loans increased by 3.14% [8] Group 5: Inclusive and Green Finance - SRCB has made significant strides in inclusive finance, with micro-loan balances reaching 91.1 billion yuan, a 5.19% increase, and maintaining a leading position in agricultural finance services [9] - The bank's green finance assets approached 100 billion yuan, with green loan balances at 64.362 billion yuan, reflecting a 3.31% increase [10] Group 6: Aging Population and Social Responsibility - SRCB has accelerated its development of elderly financial services, serving over 4 million elderly clients and establishing 60 specialized service outlets [11][12] - The bank has created over 1,033 community service stations to enhance emotional value for elderly clients, demonstrating its commitment to social responsibility [12]

Core Insights - The article highlights the rapid development of the modern service industry in Tianjin, emphasizing its role in driving economic transformation and innovation [2][3] - The establishment of high-quality pilot testing platforms is crucial for the industrialization of scientific research outcomes, particularly in the petrochemical sector [3][4] - Financial innovations, such as the "laboratory all-risk" insurance, are being introduced to support research and development activities [9][10] Group 1: Economic Growth and Service Industry - Tianjin's third industry added value grew by 5.2% in the first three quarters, with modern service sectors like information technology and business services showing double-digit growth rates of 21.8% and 14.4%, respectively [2] - The city is nurturing new business models and pathways in the modern service industry, contributing to sustained economic momentum [2] Group 2: Pilot Testing and Innovation - The POE (polyolefin elastomer) material is a key focus, with breakthroughs in domestic technology leading to significant advancements in catalyst activity, achieving 1.5 million times the activity of existing catalysts [3] - The establishment of the North Chemical Institute's Tianjin Scientific Experiment Base is a significant step in enhancing pilot testing capabilities, with 33 scientific tasks underway and projected research income of 290 million yuan by 2025 [4] Group 3: Financial Support for Innovation - The introduction of the "laboratory all-risk" insurance aims to provide a safety net for research activities, covering personnel and third-party liabilities during experiments [9][10] - Tianjin's financial services are increasingly integrated into the modern industrial system, with a focus on addressing funding challenges for innovative enterprises [10][11] - The city plans to increase its technology loan balance from over 900 billion yuan to 1.1 trillion yuan by 2027, indicating a strong commitment to supporting technological innovation [11]

《建议》提出要"加快建设金融强国"并明确了一系列部署，同时提出要"建立功能完善的资本市场"。如 何理解"功能完善"？未来五年金融支持强国建设，资本市场可以发挥怎样的作用？就此，新京报贝壳财 经记者对话了中国社会科学院国家金融与发展实验室主任张晓晶。 打开百度APP畅享高清图片 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）于10月28日 公布，为"十五五"时期中国的发展擘画了蓝图。 张晓晶长期从事宏观经济金融形势跟踪分析，其曾领衔编制并发布年度中国国家资产负债表与季度宏观 杠杆率， 参与、主持国家"十一五"至"十四五"规划的研究与评估工作；主持中财办重大委托课题及多 项国家社科基金重大招标课题。 中国社会科学院国家金融与发展实验室主任张晓晶。中国社会科学院官网截图 把建设高水平的资本市场作为金融强国的一个"标配" 新京报贝壳财经："十五五"规划提出要"加快建设金融强国"并明确了一系列部署，在你看来，资本市场 可以发挥怎样的作用？ 张晓晶："十五五"规划建议专门以大篇幅阐述了如何推进金融强国建设，这也表明中央正在着力推动金 融强国战略在"十五五"期间加快落地实施。 此次规划不仅 ...