技术的兴起正深刻重塑金融的形态与边界，科技与金融的融合，不仅推动了金融领域的技术 更新，金融也为科技创新提供着有力的服务，为实体经济中的前沿探索源源不断地输送"活 水"。二者的双向互动正在拓展"科技金融"的边界，催生出一系列新趋势、新模式与新生 态。 在此背景下，新浪财经推出《科技金融Talk》系列访谈，深度对话金融机构高管、行业专家 与一线从业者，探寻科技金融的真实落地路径与未来可能性。本期《科技金融Talk》对话中 国人民大学财经金融学院教授郑志刚，作为国内资本市场与公司治理领域的知名学者，郑志 刚长期关注金融体系改革、资本市场机制建设及企业治理实践。 减少投融双方信息不对称，重视公司制度建设 在本期对谈中，郑志刚指出，金融机构对高科技企业的业务模式、成长前景、盈利能力往往 了解不够深，风险定价就会偏保守。要解决这个问题，核心是想办法减少信息不对称。 他提到，企业在资本市场上讲故事，就是缓解信息不对称的一个办法。但是，真正好的"讲 故事"，应该是一个持续兑现的过程：讲一个故事、兑现一个故事，再讲新的故事、继续兑 现。通过良性循环，企业才能在投资者心中树立"故事靠谱"的形象，积累声誉。 "一个健康的高科技企 ...

Core Viewpoint - Shengjing Bank has announced its decision to voluntarily withdraw its H-share listing status from the Hong Kong Stock Exchange, with over 99.99% approval from shareholders, marking the initiation of the delisting process [1][3]. Delisting Process - The formal delisting from the Hong Kong Stock Exchange is scheduled for November 20, 2025, with the last trading day for H-shares set for November 13, 2025 [3][4]. Shareholder Acceptance - As of October 21, 2025, approximately 2.241 billion H-shares have accepted the offer, representing about 99.69% of independent H-share holders, 95.74% of issued H-shares, and 25.48% of all issued shares [4][5]. Offer Details - The delisting will be executed through a full cash offer by the largest shareholder, Shenyang Shengjing Financial Holdings Group, with the final H-share offer price set at HKD 1.60 per share, a premium of approximately 40.35% over the last closing price of HKD 1.14 [5][6]. Financial Overview - Shengjing Bank reported a total of approximately 8.797 billion shares issued, with H-shares accounting for about 2.341 billion and domestic shares for about 6.456 billion. The closing share price on the announcement day was HKD 1.58 [6][7]. Performance Metrics - For the first half of 2025, Shengjing Bank achieved a revenue of RMB 4.326 billion and a net profit of RMB 508 million, with total assets amounting to RMB 11,281.81 billion [6][7]. Risk Management - The bank's non-performing loan ratio stands at 2.69%, with a provision coverage ratio of 157.00% [7].

Core Viewpoint - The investment by Shenwan Investment Company in Xijing Technology represents a strategic move to support technological innovation and align with national development goals, particularly in the context of the Belt and Road Initiative [2][3]. Group 1: Investment Overview - Shenwan Investment Company successfully led a financing round (F+ round) for Xijing Technology, a high-tech firm focused on AI and autonomous driving solutions for large logistics scenarios, with operations in 28 countries [2]. - The investment aligns with the central financial work conference's spirit and aims to implement the "five major articles" of financial work [2]. Group 2: Strategic Alignment - Xijing Technology's global business layout is highly compatible with the high-quality development requirements of the Belt and Road Initiative, having successfully implemented smart port projects in several countries along the route [2]. - The company enhances operational efficiency and intelligence at key logistics hubs, promoting the application of Chinese technology and standards in Belt and Road regions [2]. Group 3: Financial Structure and Impact - This investment marks the first use of an SPV structure by Shenwan Investment, connecting with the new "1+6" policy of the Sci-Tech Innovation Board, providing critical support for tech companies from R&D to international development [3]. - The investment exemplifies a virtuous cycle of "technology-industry-finance," demonstrating the effectiveness of financial empowerment in innovation and its service to national strategies [3].

Group 1: Financial Support for the Real Economy - The financial sector has significantly improved its service quality and efficiency to support the real economy during the "14th Five-Year Plan" period, with a focus on major national strategies and key areas of economic development [1][2] - Over the past five years, the banking and insurance sectors have provided an additional 170 trillion yuan to the real economy through various financing methods, with annual growth rates of 27.2% for scientific research loans, 21.7% for manufacturing medium- and long-term loans, and 10.1% for infrastructure loans [1][5] - The balance of inclusive loans for small and micro enterprises reached 36 trillion yuan, which is 2.3 times that at the end of the "13th Five-Year Plan," with interest rates decreasing by 2 percentage points [1][5] Group 2: Support for Technological Innovation - Financial institutions have strengthened their support for technology-driven enterprises, with the balance of loans to high-tech enterprises reaching nearly 19 trillion yuan and an annual growth rate exceeding 20% [2][3] - The introduction of innovative financial products, such as the "Bank of China Technology Innovation Computing Loan," aims to address the financing difficulties faced by light-asset technology companies [3][4] Group 3: Inclusive Finance and Poverty Alleviation - The development of inclusive finance has been crucial for economic transformation and social equity, with 17 trillion yuan in loans receiving repayment deferral support during the COVID-19 pandemic, benefiting over 10 million businesses [5][6] - In the past five years, 31.5 trillion yuan in loans have been issued to poverty-stricken areas, along with nearly 400 billion yuan in microloans for impoverished populations [6][7] Group 4: Green Finance Initiatives - The banking sector has made significant contributions to green finance, supporting infrastructure upgrades, low-carbon technology innovation, and energy transitions, thereby promoting a comprehensive green transformation of the economy [8] - National Development Bank has financed various green projects, including renewable energy initiatives and ecological restoration efforts, contributing to sustainable development goals [8]

Core Insights - The financial services sector has significantly improved its quality and efficiency in supporting the real economy during the "14th Five-Year Plan" period, with a focus on enhancing financial support for key strategic areas and weak links in economic and social development [1][2]. Financial Support for the Real Economy - Over the past five years, the banking and insurance sectors have provided an additional 170 trillion yuan to the real economy through various financing methods, including loans, bonds, and equity [1]. - The average annual growth rates for loans in scientific research technology, medium to long-term loans for manufacturing, and infrastructure loans are 27.2%, 21.7%, and 10.1%, respectively [1]. - The balance of inclusive loans for small and micro enterprises has reached 36 trillion yuan, which is 2.3 times that of the end of the "13th Five-Year Plan," with interest rates decreasing by 2 percentage points [1]. Support for Technological Innovation - Financial institutions have strengthened their support for technology credit, with the balance of loans to high-tech enterprises nearing 19 trillion yuan and an annual growth rate exceeding 20% [2]. - A "technology-industry-finance" virtuous cycle is being formed, with banks improving financial services for technology enterprises throughout their lifecycle [2][3]. Inclusive Finance Development - The development of inclusive finance is crucial for transforming the economic development model and enhancing social equity [4]. - During the COVID-19 pandemic, 17 trillion yuan in loans received deferred repayment support, benefiting over 10 million businesses [6]. - In the past five years, 31.5 trillion yuan in loans have been issued to poverty-stricken areas, with nearly 400 billion yuan in microloans for impoverished populations [6]. Agricultural Financial Support - Agricultural Bank has prioritized food security as a key financial service, providing comprehensive support for grain and important agricultural products [7]. - The balance of the "Grain Farmer e-loan" product reached 140.1 billion yuan, supporting 910,000 grain and oil planting entities [7]. Green Finance Initiatives - The banking sector has made significant contributions to green finance, supporting infrastructure upgrades, low-carbon technology innovation, and energy transitions [8]. - National Development Bank has financed various projects, including renewable energy and ecological restoration, contributing to the overall green transformation of the economy [8].

Core Insights - Taizhou Rural Commercial Bank is focusing on serving the real economy and supporting rural revitalization through innovative financial models and technology empowerment [1][2][3] - The bank aims to enhance financial support for local economic development by exploring unique paths in technology finance and green finance [1] Group 1: Technology Finance - The bank addresses the financing challenges faced by technology-based SMEs by creating a dual assessment system that evaluates both hard assets and soft strengths, allowing "technical strength" to be converted into "development funds" [1] - A case study highlights the bank's support for a technology company with no loan history, where it recognized the value of both physical assets and intellectual property, classifying it as a key support target for technology credit [1][2] - The bank customized a service plan for the company, providing a two-year credit line of several million yuan with a low interest rate of 1.7% after applying for government subsidies [2] Group 2: Green Finance - Taizhou Rural Commercial Bank integrates green concepts into its operations, focusing on carbon reduction and environmental governance through product innovation and targeted support [2][3] - The bank has launched products like "Green Carbon Loan" linked to carbon emission monitoring data and "Environmental Loan" aimed at projects in pollution prevention and ecological restoration [2] - The bank prioritizes green projects in its lending practices, simplifying approval processes and actively engaging with new energy industrial parks to meet financing needs for green industries [3] Group 3: Commitment to Local Development - The bank is committed to its local positioning and aims to deepen its "Five Major Articles" practice by providing more precise services and innovative products to nourish the real economy [3] - The bank's actions reflect its mission to support both technology enterprises and green industries, contributing to high-quality local development [3]

Core Insights - Guizhou Bank reported a stable performance in the first half of 2025, achieving growth in both revenue and net profit, with total assets exceeding 600 billion yuan [2][3] - The bank's commitment to supporting local economic development is evident in its financial results, which align with the modernization of Guizhou's industrial system [2] Financial Performance - In the first half of 2025, Guizhou Bank achieved operating revenue of 6.102 billion yuan, a year-on-year increase of 2.26%, and a net profit of 2.129 billion yuan, up 0.31% year-on-year [3] - As of June 30, total assets reached 603.747 billion yuan, an increase of 13.760 billion yuan or 2.33% from the beginning of the year [3] - Total loans amounted to 364.347 billion yuan, reflecting a growth of 4.97%, while total deposits reached 392.731 billion yuan, up 4.73% [3] - The bank's net interest margin improved to 1.90%, an increase of 0.22 percentage points year-on-year, with a cost-to-income ratio decreasing by 1.37 percentage points to 24.25% [3] Asset Quality - The bank's non-performing loan ratio decreased by 0.03 percentage points to 1.69%, and the proportion of attention-class loans also declined [4] - As of June 30, the provision coverage ratio increased by 15.89 percentage points to 331.87%, indicating enhanced risk resilience [4] Strategic Focus - Guizhou Bank is aligning its resources with the "Five Key Areas" outlined by the Central Financial Work Conference, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance [5][6] - The bank has increased its loan balance to support the real economy, with a total loan balance exceeding 350 billion yuan, reflecting a nearly 5% increase [5] Sector-Specific Loans - Loans in the "Five Key Areas" have shown significant growth, with technology finance loans increasing by 21.57%, digital economy loans by 28.57%, and pension industry loans by 57.22% [6] - The bank's green credit balance surpassed 60 billion yuan, growing by 2.582 billion yuan to 61.293 billion yuan [6] - Guizhou Bank has actively supported new urbanization, new industrialization, agricultural modernization, and tourism industry development, with substantial loan disbursements in these areas [7] Digital Transformation - The bank's digital transformation focuses on enhancing data-driven capabilities and improving business operations, achieving significant progress in key projects [8] - Guizhou Bank has launched various digital financial products and services, serving over 60,000 small and micro-enterprises [8] - The bank aims to establish itself as a "smart regional bank" that significantly contributes to the high-quality development of Guizhou's economy [9]

编者按： 科技浪潮，奔腾不息；金融活水，汩汩向前。作为长期资本、耐心资本重要组成部分，银行理财、保险 资管坚持守正创新，躬身实践并勇于探索，奋力做好"科技金融"这篇大文章。即日起，证券时报社联合 中国保险资产管理业协会推出"银保资管业探路科技金融"系列专栏，敬请关注。本篇为专栏第二篇。 "相比其他金融资金形式，银行理财资金在支持科技创新方面具有资金规模、资源协同、风险控制等多 方面独特优势。"招银理财副总裁汤双定接受证券时报记者专访时表示。 据了解，招银理财围绕科技金融篇章成立专项小组，从战略规划、体制建设、客群经营、产品发行、风 险管控等方面形成一套组合拳，不断加大对高端制造业、科技企业的支持力度。 截至2025年9月末，招银理财管理产品投向制造业主体业务余额853.4亿元，投向科技企业业务余额 987.57亿元，累计推出科技金融主题相关理财产品共47只。 强化投研建设 其中，招银理财不断提升对科技企业和项目的投资比重，优先支持符合经济转型升级优质企业融资，特 别是高新技术企业、战略性新兴产业项目、"专精特新"企业等资产。 "看得懂"是做好金融服务的前提。鉴于科技领域专业性强、技术门槛高，招银理财坚持研究先 ...

Core Viewpoint - Everbright Bank has been enhancing its "Sunshine Financial" services, providing customized financial solutions that integrate payment, settlement, financing, credit, and investment for nearly 10,000 small and micro enterprises, effectively supporting the development of the real economy [1] Group 1: Financial Services - The bank has expanded financing channels for small and micro enterprises through "Sunshine e-Payment," addressing supply chain financing challenges [1] - Everbright Bank's Hefei branch responded quickly to a funding need for a civil project, providing precise financial support to upstream enterprises within 12 days, ensuring nearly 1,000 migrant workers could return home [1] Group 2: Technological Finance - The bank has optimized processes and integrated resources to reduce costs and improve efficiency, facilitating capital injection into the real economy [1] - The Hangzhou branch collaborated with a local leading private enterprise to implement a fully online transformation of the financing process, resulting in 571 loans amounting to nearly 300 million yuan, with same-day application and two-hour fund disbursement [1] Group 3: Future Plans - Everbright Bank plans to continue deepening its "Sunshine Financial" services and enhance its "Sunshine Trading+" comprehensive financial service system to empower industrial chain collaboration and support high-quality development of the real economy [1]

Core Insights - China Construction Bank's Shanghai branch has launched a new credit-based working capital loan called "Hu Ke Points Loan," with a maximum limit of 10 million yuan and a term of up to three years, available for flexible borrowing and repayment through the "CCB Hui Dong Ni" app [1][2] - The loan aims to support technology-driven small and micro enterprises, addressing their unique characteristics such as high growth potential and limited asset backing, by utilizing a value evaluation system based on the Shanghai "Hu Ke Points" assessment [1] Group 1 - The "Hu Ke Points Loan" has increased the loan limit for Shanghai Guangjiang Environmental Art Co., Ltd. from over 1 million yuan to 2.8 million yuan, enhancing their capacity for research and development [1] - The loan product is designed to alleviate the challenges faced by technology enterprises in accumulating credit information and meeting financing needs, particularly for those with limited revenue during growth phases [1] Group 2 - Since 2023, China Construction Bank's Shanghai branch has prioritized technology finance, launching initiatives such as the "High-Quality Development Action Plan" and the innovative "5Pr Technology Finance Promotion System" [2] - The bank has served over 8,000 technology credit clients, with 80% being inclusive small and micro enterprises, demonstrating its commitment to providing tailored financial services [2]