Core Viewpoint - In 2025, the Qingdao Financial Regulatory Bureau will focus on "Financial Support for High-Quality Economic Development," guiding the banking and insurance sectors to innovate mechanisms, deepen reforms, and optimize services to inject strong financial momentum into the real economy [1][4]. Group 1: Mechanisms for Development - The Qingdao Financial Regulatory Bureau will strengthen the urban real estate financing coordination mechanism, implementing the "1+2+2" action plan to support the delivery of 38,000 housing units [1][4]. - A total of 19 measures will be introduced to enhance financing support for small and micro enterprises, with cumulative loans issued since 2025 reaching 447.1 billion yuan at an average interest rate of 3.37%, which is lower than the national and provincial averages, decreasing by 0.31 percentage points since the establishment of the mechanism [1][4]. Group 2: Pilot Programs for Technological Innovation - The pilot program for equity investment by financial asset investment companies will be fully implemented, with Qingdao achieving full coverage of five AIC funds, registering three funds with a total scale of 1.82 billion yuan, and completing the first AIC equity fund investment project in Shandong Province [1][4]. - A pilot program for loans for technology enterprise mergers and acquisitions will be rapidly implemented, establishing a project database, with the first two pilot transactions completed within a week of policy release, and a total of 7.81 billion yuan in pilot loans issued by 2025 [1][4]. Group 3: Marine Finance and Innovation - The Qingdao Financial Regulatory Bureau will create the "Blue Ocean Financial Chain" brand, compiling a white paper on marine insurance development, with the balance of loans related to marine activities reaching 147.9 billion yuan, a year-on-year increase of 17.86% [2][6]. - Support will be provided for innovative marine industry projects, including modern marine fisheries, seawater energy supply, and offshore photovoltaics, with marine insurance premium income increasing by 39.27% year-on-year [2][6]. Group 4: Financial Support for Livelihood Improvement - The Qingdao Financial Regulatory Bureau will lead the formulation of a three-year action plan for the high-quality development of pension finance, guiding financial institutions to actively participate in the "Kangwan" project to enrich pension financial supply [3][6]. - The bureau will promote the enhancement of agricultural insurance, achieving the largest guarantee scale among planned cities in 2025, with fresh milk insurance recognized as a typical case of financial innovation in supporting agriculture [3][6]. - A special action to enhance services and support consumption will be launched, with personal consumption loans exceeding 10 billion yuan in 2025, benefiting thousands of citizens through interest subsidy policies [3][6].

自2025年11月以来，兴银投资、招银投资、信银金投三家股份制银行AIC（金融资产投资公司）相继开 业，且均在一个月内火速落地首笔对外投资。 据《金融时报》记者不完全统计，截至目前，三家机构对外投资资金近70亿元，且清一色瞄准新能源、 智能汽车等硬科技领域。 三家AIC"首投"快速落地 开业不到一个月的时间，三家股份行AIC均已完成首单投资。从开业到完成首笔投资，最短仅用8天。 作为最早开业的股份行AIC，兴银投资自2025年11月16日正式揭牌运营以来，截至2025年12月31日，已 累计投放规模超60亿元。 12月8日，兴银投资完成对福建恒申电子材料科技有限公司的投资，认缴出资额2515.1254万元，持股比 例为11.0926%；同月，兴银投资与兴业银行南昌分行携手共同完成了对江西赣锋锂电科技股份有限公 司的10亿元人民币C轮战略投资。 据兴银投资公司负责人透露，兴银投资首批落地的10余个项目资金投向半导体、光伏、锂矿、工程塑料 等新能源、新材料产业，涵盖福建、广东、上海、安徽、山东等地区科创企业、民营企业，有效助力企 业优化资本结构，深化转型发展，创造长期价值。 值得关注的是，作为国内第二家股份行AI ...

Core Insights - The collaboration between finance and technology is exemplified by Beijing Huanuotai Biopharmaceutical Technology Co., Ltd., which focuses on vaccine research and development, highlighting the public health value and market potential of its projects [1] - The long R&D cycles, large investment requirements, and lack of collateral in the biopharmaceutical sector create significant funding gaps, particularly during preclinical and clinical trial phases [1] - Beijing Rural Commercial Bank's Economic and Technological Development Zone branch has innovatively addressed the financing challenges faced by tech enterprises by transforming "soft power" indicators into credit assessment criteria [1] Summary by Sections Company Overview - Beijing Huanuotai Biopharmaceutical Technology Co., Ltd. is a local biopharmaceutical company in the Economic and Technological Development Zone, specializing in vaccine R&D [1] Financial Innovation - The bank has introduced a "Technology R&D Loan" of over 2.36 million yuan, which will support vaccine innovation and technology development, covering key areas such as raw material procurement and equipment upgrades [1] - The loan is part of a broader product matrix that includes 75 financial products aimed at supporting tech enterprises throughout their lifecycle [2] Future Outlook - Beijing Rural Commercial Bank plans to deepen its technology finance innovation practices and enhance its credit product offerings, aiming to provide more precise financial support for high-tech and specialized enterprises [2]

Core Viewpoint - The People's Bank of China (PBOC) will continue to implement a moderately accommodative monetary policy in 2026, focusing on stabilizing economic growth and ensuring reasonable price recovery while maintaining relatively loose social financing conditions [1][3][19]. Monetary Policy Implementation - In 2026, the PBOC will utilize various monetary policy tools, including reserve requirement ratio (RRR) cuts and interest rate reductions, to ensure ample liquidity [3][21]. - The growth of social financing and money supply will be aligned with economic growth and price level expectations [5][19]. Focus Areas for Financial Support - The PBOC will enhance financial services for high-quality development of the real economy, with a focus on expanding domestic demand, supporting technological innovation, and aiding small and medium-sized enterprises [7][9][19]. - Structural monetary policy tools will be emphasized to support consumption and effective investment, particularly in key areas such as green transformation and rural-urban integration [9][21]. Financial Market Opening - The PBOC plans to deepen the high-level opening of financial markets in 2026, optimizing mechanisms like "Bond Connect" and "Swap Connect" to facilitate cross-border use of the Renminbi [10][12]. - The expansion of cross-border financial services will include enhancing the cross-border wealth management connect and promoting the use of digital currency [14][19]. Support for Technological Innovation - The PBOC aims to provide robust financial support for high-level technological self-reliance, with a focus on developing a differentiated financial market ecosystem for technology enterprises [22][30]. - Initiatives such as the "Technology Board" in the bond market will be further developed to meet the financing needs of technology companies throughout their lifecycle [25][30].

作者：金融界研究院院长陈国汪 发展新质生产力，推动科技金融发展，需要适应科创企业自身特点，开创新的风险评估模式。技术流风 险评估是银行针对科创企业"轻资产、重技术、高成长"特征，以"创新能力与成长性"为核心，替代传 统"抵押物+财务指标"的差异化风控范式，通过量化技术要素、构建多维模型、联动外部数据，实现对 科创企业全生命周期风险的精准评估与动态管理。这种模式与传统现金流评估模式存在较大差异，需要 不断探索与实践。 两种模式的异同点及融合趋势 银行对科创企业的技术流评估与对传统企业的现金流评估，是两种适配不同客群风险特征的授信评估范 式，核心差异在于评估导向（未来成长 vs 历史业绩），但底层目标、风控逻辑存在共性。 （一）两种评估模式的主要差异 技术流评估模式，针对科创企业 "轻资产、重技术、高成长、弱现金流" 的特征，以技术创新能力、成 长性、商业化潜力为核心，通过量化专利、研发投入、团队实力、技术成熟度等 "非财务指标"，评估 企业未来价值与信贷风险的评估模式。核心逻辑是 "以未来成长能力覆盖信贷风险"。 现金流评估模式，针对传统企业 "重资产、稳现金流、低成长" 的特征，以历史财务表现、现金流稳定 性 ...

Group 1 - The core document titled "Several Opinions on Providing Judicial Service Guarantees to Accelerate the Construction of Shanghai International Financial Center" was recently released, marking the first comprehensive judicial response to the needs of the Shanghai International Financial Center [1] - The document outlines 22 specific measures across five areas: serving the real economy, supporting high-level openness, consolidating market foundations, preventing financial risks, and improving dispute resolution mechanisms [1] - It focuses on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, implementing targeted judicial guarantees to activate new financial service dynamics for the real economy [1] Group 2 - In the technology finance sector, the document supports financial institutions in innovating credit evaluation standards based on patent quality, R&D team strength, and data asset scale to address financing difficulties for "light asset, lack of collateral" situations [1] - In the digital finance sector, it aims to improve evidence rules for digital financial disputes, addressing challenges in electronic data preservation, collection, and demonstration, by establishing specific evidence authentication rules [1] - The document also emphasizes proactive exploration of new rules and efficiencies in emerging industries and fields, providing clear behavioral expectations and regulatory guidance for market participants [1] Group 3 - The document benchmarks against international standards, enhancing foreign-related trial mechanisms, ensuring cross-border innovation openness, and strengthening international communication and collaboration for high-level judicial guarantees [2] - It addresses the bottom line requirement of safety in high-quality financial development by proposing measures to legally handle major financial risks, establish financial risk early warning and prevention mechanisms, and balance financial innovation with risk prevention [2] - The Shanghai court's financial risk prevention and early warning platform will utilize judicial big data to monitor emerging issues in real-time [2]

Core Viewpoint - The event organized by China Everbright Bank in collaboration with various financial institutions aims to enhance the integration of technology and finance, supporting the development of innovative enterprises in the Greater Bay Area [1][2] Group 1: Event Overview - The event titled "Walking into the Shenzhen Stock Exchange: Everbright Accompanies You" gathered representatives from the Shenzhen Stock Exchange, Everbright Group, Everbright Bank, securities firms, private equity funds, and several high-quality technology enterprises from the Greater Bay Area [1] - The focus was on exploring innovative paths in technology finance to assist technology enterprises in connecting with capital markets and promoting new productive forces [1] Group 2: Strategic Initiatives - Everbright Bank's Secretary of the Board, Zhang Xuyang, emphasized that technology finance is a crucial engine for promoting high-level technological self-reliance and strength [1] - The bank introduced a comprehensive financial service model combining commercial banking, investment banking, and private banking to provide full lifecycle financial support for technology enterprises [1] Group 3: Interactive Sessions - The event featured dedicated sessions for enterprise roadshows, where representatives from Greater Bay Area technology enterprises showcased their technological advantages, innovative achievements, and growth potential [2] - Financial institutions expressed strong interest in the technical details and business models of the enterprises, offering professional advice from perspectives of capital operation and market prospects [2] Group 4: Future Outlook - The successful hosting of the event marks a significant step in Everbright Bank's strategic layout in the technology finance sector [2] - The bank plans to continue leveraging its advantages in financial ecological collaboration, expanding its network, and promoting the deep integration of technological and financial innovation to contribute more significantly to the development of new productive forces in the Greater Bay Area [2]

党的二十届四中全会是在以中国式现代化全面推进强国建设关键时期召开的一次具有全局性、历史 性意义的重要会议。如何深入学习贯彻党的二十届四中全会精神，推动金融资产管理公司高质量发展， 更好地发挥防范化解风险和支持实体经济发展的独特功能？对此，《金融时报》记者专访了中信集团党 委委员、副总经理兼中信金融资产党委书记、董事长刘正均。 刘正均：党的二十届四中全会深刻把握党和国家事业发展所处的历史方位，回答了"十五五"时期确 保基本实现社会主义现代化取得决定性进展的一系列方向性、根本性重大问题，对"十五五"时期加快建 设金融强国提出明确要求，为新时代新征程做好金融工作提供了根本遵循。金融资产管理公司作为我国 金融体系内具有逆周期救助、化解金融风险、畅通要素循环特殊功能的重要组成部分，必须深刻把握全 会的重大意义、核心要义和实践要求，为推动金融强国建设取得新的重大进展作出积极贡献。 深刻领会全会的重大政治意义。全会为推进"十五五"发展谋篇布局，为接续推进第二个百年奋斗目 标凝心聚力，必将对党和国家事业发展产生重大而深远的影响。我们要充分认识全会的重大里程碑意 义，坚定拥护"两个确立"，坚决做到"两个维护"，切实把思想和行动 ...

Group 1 - The meeting emphasized the importance of implementing the spirit of the 20th National Congress and Xi Jinping's important discussions on technological innovation, focusing on enhancing the role of technology in driving high-end industries and the overall innovation system [1][2] - The strategic focus includes the implementation of the "Shanghai Plan" for three leading industries: integrated circuits, artificial intelligence, and biomedicine, while collaborating with neighboring regions to accelerate the development of the Shanghai (Yangtze River Delta) International Technology Innovation Center [2][3] - There is a strong emphasis on deepening reform and improving the efficiency of financial technology investments, with a focus on leveraging fiscal funds to promote technological innovation in key areas [2][3] Group 2 - The meeting highlighted the need to cultivate an innovative ecosystem, particularly in the Zhangjiang Science City, aiming to create a world-class scientific city by optimizing management systems and supporting high-growth companies [3] - It was noted that there should be a coordinated effort across departments and levels to ensure the implementation of technological tasks and the promotion of results, aligning with industry planning and policies [3] - The meeting included reports on the progress of the Shanghai International Technology Innovation Center's construction and financial technology expenditures, as well as updates on the development of strategic technological forces and new research institutions [3]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of accelerating the construction of a financial powerhouse and outlines a strategic blueprint for the 14th Five-Year Plan, highlighting the role of the futures market in price discovery, risk management, and resource allocation [1][3]. Group 1: Strategic Development - The "15th Five-Year Plan" suggests a focus on building a modern industrial system and emphasizes the importance of high-level technological self-reliance and a strong domestic market [3][4]. - The plan identifies the need for steady development of futures, derivatives, and asset securitization, providing a new development space for the futures industry [7]. Group 2: Role of Futures Market - The futures market is positioned as a crucial tool for enterprises to manage price volatility risks and support industrial transformation and upgrading [4][5]. - The market is expected to play an essential role in connecting finance with the real economy, enhancing the resilience of supply chains, and providing risk management services to various sectors, including green finance and inclusive finance [5][6]. Group 3: Company Initiatives - The company aims to integrate deeply into the industrial chain, offering customized risk management services and achieving breakthroughs in various key areas [5]. - The company has provided risk management services to over 1,000 industrial clients, helping them transition from merely avoiding risks to effectively managing operations [5]. Group 4: Compliance and Risk Management - The "15th Five-Year Plan" calls for comprehensive financial regulation and the establishment of a risk prevention and resolution system to ensure financial stability [8]. - The company is committed to enhancing its compliance and risk management frameworks, ensuring that risk management aligns with operational needs and effectively addresses market price fluctuations [8].