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 ...

Core Viewpoint - The "15th Five-Year Plan" emphasizes the acceleration of building a financial powerhouse and outlines a series of deployments, particularly focusing on establishing a well-functioning capital market [2][4]. Group 1: Role of Capital Market - The capital market is seen as a crucial component in supporting the construction of a financial powerhouse, with a significant emphasis on its role in financing technology innovation [4][8]. - The capital market is identified as the "main battlefield" for supporting technological innovation, which is a positive signal for the A-share market [8]. - The capital market's ability to support technology innovation is highlighted as superior to that of the banking system, which is essential for achieving self-reliance in technology [8][10]. Group 2: Financial Support for Technology - Effective financial support for technological advancement is deemed essential; without it, the concept of a financial powerhouse is considered hollow [5][6]. - The focus should be on accurately and efficiently allocating financial resources to the field of technological innovation, emphasizing the importance of risk pricing and management [6][7]. - The current financial system has shortcomings in recognizing and assessing the value of intangible assets, which are crucial for innovation [6]. Group 3: Capital Market Functionality - A well-functioning capital market should balance both financing and investment development, moving beyond merely supporting state-owned enterprises [10][11]. - Investor protection and the ability to achieve reasonable returns through capital market investments are critical for a healthy capital market [10]. - The capital market must play a unique role in supporting technological innovation, leveraging its advantages in risk allocation compared to the banking system [10][11]. Group 4: Economic Growth Model - The transformation of China's economic growth model requires not only technological innovation but also consumer-driven growth and domestic circulation [8]. - The capital market can significantly contribute to the development of consumer products and industries, enhancing household consumption through increased property income [8].

Core Insights - The financial operation in Fujian Province has shown steady growth in 2023, with total loans reaching 8.91 trillion yuan, a year-on-year increase of 2.86% [1] - The total deposits in the province amounted to 8.97 trillion yuan, reflecting a year-on-year growth of 8.73% [1] Group 1: Credit Growth - Loans to the primary industry have surged, with a balance of 72.281 billion yuan, marking a year-on-year increase of 19.30% [2] - Manufacturing loans have also seen a stable growth, with a balance of 1.10 trillion yuan, up 9.64% year-on-year [2] - The scientific research and technical service sector experienced significant growth, with loans increasing by 47.74% year-on-year [2] Group 2: Loan Structure Optimization - Financial resources are increasingly supporting high-quality development sectors, with loans in key areas reaching 3.71 trillion yuan, a year-on-year increase of 10.2% [4] - Technology loans have a balance of 1.24 trillion yuan, growing 7.51% year-on-year, with loans to tech SMEs increasing by 23.31% [4] - Green loans reached 1.30 trillion yuan, reflecting a growth of 15.65% since the beginning of the year [4] Group 3: Green Finance Innovations - Fujian Province has made strides in green finance, with various biodiversity-related loans issued, including a 10 million yuan carbon credit loan [5] - The province has issued 380 billion yuan in carbon reduction loans, supporting 804 green projects [4] Group 4: Financing Costs - The average interest rate for new corporate loans was approximately 2.91%, down 44 basis points year-on-year [7] - The average interest rate for technology loans was 2.53%, a decrease of 41 basis points from the previous year [8] Group 5: Financial Openness - Cross-border trade and investment pilot programs have been expanded, with 1150 enterprises benefiting from high-level pilot business [8] - The province's cross-border RMB transactions reached 950.81 billion yuan, ranking seventh nationally [9]

Core Viewpoint - The article emphasizes the importance of accelerating the construction of a financial powerhouse in China as outlined in the "15th Five-Year Plan" proposal, highlighting the need for enhanced competitiveness and influence in the global financial landscape [1] Group 1: Financial System Development - The proposal mentions the need to improve the central bank system and establish a robust monetary policy framework alongside a comprehensive macro-prudential management system to ensure effective monetary policy transmission [2] - It highlights the importance of balancing monetary policy's intensity, timing, and rhythm to avoid excessive liquidity while maintaining sufficient market liquidity through various tools [2] - The focus is on enhancing the financial support for technological innovation and industrial transformation through structural monetary policy tools [3] Group 2: Financial Services and Inclusion - The "five major financial initiatives" aim to support national strategies and optimize financial resource allocation, including technology finance, green finance, inclusive finance, pension finance, and digital finance [4] - The proposal emphasizes the need for a more inclusive and adaptable capital market system to better serve the real economy and promote high-quality economic development [5] Group 3: Financial Institution Optimization - The proposal calls for optimizing the financial institution system, encouraging institutions to focus on their core businesses and improve governance [6] - It stresses the importance of enhancing the global competitiveness of large financial institutions while supporting the development of small and medium-sized financial institutions [6] Group 4: Financial Regulation and Openness - The proposal advocates for comprehensive financial regulation, emphasizing proactive risk prevention and the use of technology in regulatory practices [7] - It outlines the need for a safe and efficient financial infrastructure to support the stable operation of the financial system and enhance China's voice in global financial governance [8] - The proposal also discusses the transition from market-access-based openness to institutional openness, aiming for a comprehensive open financial ecosystem [9]

● 本报记者 徐昭 刘英杰 战略引领打造核心竞争力 作为A＋H股上市券商，中国银河证券始终将治理能力视为企业发展的根基。谈及公司高质量发展的核 心驱动力，刘冰将其归因于清晰而坚定的战略引领。 2025年是我国"十四五"规划收官之年，也是中国银河证券践行战略规划、成立25周年的关键时点。近年 来，中国银河证券始终以"金融报国、客户至上"为使命，以"成为具有国际影响力的一流投资银行"为战 略规划目标，公司业绩稳步增长，主要业务收入与行业排名持续提升。 当前，我国资本市场改革持续深化，金融服务实体经济的功能更加凸显。在这一背景下，中国银河证券 紧紧围绕国家战略，积极推进业务转型与生态构建，充分展现了国有金融机构的责任担当。 中国银河证券执委会委员、业务总监、董事会秘书刘冰日前在接受中国证券报记者专访时表示，中国银 河证券以"成为具有国际影响力的一流投资银行"为战略规划目标，通过提升治理能力、深化财富管理转 型、实施"星耀领航计划"服务科技创新，在践行金融工作政治性、人民性的同时，也实现了自身高质量 发展。 在科技金融领域，公司的实践尤为突出。"一方面，在财富条线，我们通过股票质押等方式，为优质的 科技型上市公司提供 ...

Core Viewpoint - The recent release of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" emphasizes the importance of accelerating the construction of a financial powerhouse, highlighting the need for enhanced competitiveness and influence in the global financial landscape [2] Group 1: Financial Development Goals - The 15th Five-Year Plan sets the overarching requirement of building a financial powerhouse, with a focus on enhancing China's global financial competitiveness and participation in international financial governance reform [2] - The plan identifies the construction of a modern industrial system and technological innovation as key strategic tasks that require robust financial support [2] Group 2: Monetary Policy and Macro-Prudential Management - The plan calls for the improvement of the central bank system and the establishment of a comprehensive macro-prudential management framework to ensure effective monetary policy transmission [3] - Emphasis is placed on balancing the timing and intensity of monetary policy, avoiding excessive liquidity while ensuring sufficient support for economic recovery [3] - The plan advocates for enhanced coordination between monetary and fiscal policies to support major projects and maintain financial stability [3] Group 3: Macro-Prudential Management System - A comprehensive macro-prudential management system will be developed to monitor systemic risks more accurately and maintain financial market stability [4] - The plan includes optimizing the macro-prudential assessment framework and enhancing the regulatory focus on systemically important financial institutions [4] - The toolbox for macro-prudential policies will be expanded to address potential liquidity risks and ensure coordinated efforts among various regulatory frameworks [4] Group 4: Financial Sector Innovations - The plan outlines the development of five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, which are essential for supporting national strategies and optimizing financial resource allocation [5] - Technology finance aims to create a robust support system for technological innovation, while green finance focuses on facilitating the transition to a low-carbon economy [5] - Inclusive finance seeks to provide targeted financial support to small and micro enterprises and rural sectors, contributing to common prosperity [5] Group 5: Capital Market Development - The plan emphasizes enhancing the inclusiveness and adaptability of capital market systems, promoting direct financing through equity and bond markets [6] - It aims to shift the focus from financing-led to balanced investment and financing, encouraging long-term capital to enter the market [6] - The development of various financial products, including futures and asset securitization, will be prioritized to support the real economy [6] Group 6: Financial Institution Optimization - The plan proposes optimizing the financial institution system to ensure that various financial entities focus on their core businesses and improve governance [7] - It highlights the importance of small and medium-sized financial institutions and encourages policies to support their development [7] - Large financial institutions are urged to enhance their global competitiveness and adapt to international markets [7] Group 7: Financial Regulation and Risk Management - The plan calls for strengthening financial regulation and enhancing collaboration between central and local regulatory bodies to build a comprehensive risk prevention and resolution system [8] - It emphasizes the need for proactive risk monitoring and the application of regulatory technology to improve risk management capabilities [8] - The legal framework for financial regulation will be updated to address the challenges posed by digital finance and complex financial products [8] Group 8: Financial Infrastructure Development - The plan stresses the importance of building a secure and efficient financial infrastructure to support the stable operation of the financial system [9] - A robust financial infrastructure will enhance service delivery to the modern industrial system and improve China's influence in global financial governance [9] Group 9: Financial Openness and International Cooperation - The plan outlines a strategy for deepening financial openness, transitioning from market access to institutional openness [10] - It aims to create a comprehensive open ecosystem that includes the development of the Shanghai International Financial Center and the promotion of digital currency [10] - The plan emphasizes the need to balance openness with security, using macro-prudential management and regulatory measures to mitigate risks [10]

Core Viewpoint - Jiangyin Rural Commercial Bank is focusing on building a comprehensive technology finance service system, promoting innovation and collaboration among government, business associations, and enterprises to create a supportive ecosystem for technological innovation [1] Group 1: Technology Finance Development - The bank has organized 14 events this year, including "Government-Bank-Enterprise Connection Meetings" and "Technology Innovation Roadshow Seasons," to support over 40 recognized high-tech enterprises [1] - Jiangyin's high-tech industry output value is projected to reach 291.92 billion yuan in 2024, accounting for 38.8% of the total industrial output, with a year-on-year growth of 9% [1] Group 2: Collaborative Innovation - The bank has established strategic cooperation with the Federation of Industry and Commerce and Jiangyin Campus of Nanjing University of Technology to align financial services with industry needs [2] - A comprehensive strategic partnership with Jiangyin High-tech Zone has been formed to enhance financing for private enterprises and support major projects [2] Group 3: Service Network Innovation - Jiangyin Rural Commercial Bank has set up a "High-tech Innovation Service Center" and a technology branch in Jiangyin High-tech Zone, creating a dual-track model for technology finance services [3] - The bank has implemented a new party-building model to cultivate a talent pool that understands technology, industry, and finance [3] Group 4: Comprehensive Service Innovation - The bank has introduced various loan products tailored for different stages of enterprise development, including "Technology Enterprise Loans" and "Talent Loans," focusing on technology potential and team strength rather than traditional financial metrics [4] - As of September, the bank has completed two "loan + equity" agreements to alleviate financial pressure on enterprises while maintaining control for core teams [4] Group 5: Process and Brand Innovation - The bank has streamlined processes to create a green channel for technology finance, reducing approval times by 60% compared to traditional methods [5] - The bank has launched a content matrix to promote technology enterprises' development stories, enhancing communication with capital and markets [5] Group 6: Overall Impact - By the end of September, the bank had provided financing services to 1,503 technology enterprises, with a total credit balance of 15.5 billion yuan [5] - The bank aims to continue refining its comprehensive service model to effectively support the transformation of technological achievements into productive forces [5]

Group 1 - The core viewpoint emphasizes the need for increased financial openness and cooperation between mainland China and Hong Kong, aligning with international standards and responding to the financial industry's demands in Hong Kong [1] - The Financial Regulatory Bureau plans to deepen financial cooperation with Hong Kong, enhancing its status as an international financial center through high-level financial openness and regulatory collaboration [1][3] - The issuance of catastrophe bonds by mainland insurance companies in Hong Kong is supported, which aims to enrich investment options in the Hong Kong market and bolster its role as an international risk management center [2] Group 2 - There is a focus on enhancing cooperation in various financial sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance, leveraging Hong Kong's advantages in innovation and intellectual property protection [3] - The regulatory framework will be improved to balance risk prevention and development promotion, ensuring high-quality financial development in both regions while maintaining financial security [3] - The initiative includes supporting banks and insurance institutions in Hong Kong to provide comprehensive financial services for mainland enterprises, facilitating their international expansion [2]

Core Viewpoint - China Galaxy Securities is actively promoting business transformation and ecological construction to align with national strategies, aiming to become a leading investment bank with international influence while ensuring high-quality development [1][2]. Group 1: Strategic Leadership and Governance - The company views governance capability as the foundation for development, attributing its high-quality growth to clear and firm strategic leadership [2]. - The strategic plan aims to enhance governance capabilities and optimize mechanisms, with a focus on becoming a modern first-class investment bank [2][3]. - The company emphasizes the importance of coherent strategy execution and resource integration to achieve its goals [2]. Group 2: Differentiated Competitive Advantage - China Galaxy Securities leverages its state-owned platform and resource synergy to build a differentiated competitive edge [3]. - The company has established a business assessment mechanism aligned with national strategies, promoting development while serving the real economy [3]. - The firm maintains high communication efficiency with the market, ensuring accurate and timely information disclosure [3]. Group 3: Wealth Management Transformation - The company has made significant strides in wealth management since 2019, establishing a comprehensive wealth management system [3]. - The wealth management framework includes customer classification, tiered services, and technology support, enhancing customer loyalty and trust [3]. Group 4: Technological Empowerment and Financial Services - China Galaxy Securities emphasizes the importance of technology in finance, focusing on areas such as green finance and digital finance [4]. - The company provides funding support to quality technology companies and assists them in listing and refinancing [4]. - The establishment of the "Entrepreneur Office" offers professional guidance to technology companies, enhancing their competitiveness [4]. Group 5: "Starry Navigation Plan" - The "Starry Navigation Plan," launched in May 2025, aims to empower China's innovative forces and integrate the company's development with national goals [5][6]. - The plan has attracted over 1,300 participating private equity institutions, indicating strong market recognition of the company's strategic direction [6]. - The initiative focuses on providing growth support through professional research, project roadshows, and customized financial services for private equity firms [6]. Group 6: Future Outlook - The company plans to deepen the functionality of the "Starry Navigation Plan" to align with national strategies for developing new productive forces [6]. - China Galaxy Securities aims to introduce more capital into the market while fulfilling its political, economic, and social responsibilities as a state-owned financial institution [6].