Group 1 - The core viewpoint of the article highlights the successful issuance of a non-public corporate bond by Qingdao Laoshan Technology Innovation Development Group Co., Ltd., with a scale of 1 billion yuan and a term of 5 years at a record low interest rate of 2.47% for the AA+ rated issuer in Qingdao [1][2] - The bond issuance marks the first appearance of Qingdao Laoshan Technology Innovation Group in the Shenzhen Stock Exchange market, indicating a significant milestone for the company [1] - Qingdao Laoshan Technology Innovation Group serves as an important platform for innovation and industrial investment in Laoshan District, Qingdao, focusing on technology entrepreneurship financing, technology finance, and incubation of "double innovation" park projects [1] Group 2 - The successful bond issuance demonstrates the strong professional and sales capabilities of Shenwan Hongyuan Securities, earning high recognition from the issuer and laying a solid foundation for future cooperation [2] - Shenwan Hongyuan Securities aims to continue strengthening its partnership with Qingdao Laoshan Technology Innovation Group and provide comprehensive financial services to support the healthy development of various sectors within the group [2] - The company is committed to delivering high-level financial services to safeguard local economic development [2]

Group 1: Financial Forum Highlights - The 2025 Lujiazui Forum focused on "Financial Openness and High-Quality Development in the Global Economic Landscape," gathering international guests to discuss new development paths and financial empowerment for the economy [1] - The forum coincided with the first meeting of the Shanghai International Financial Center Construction Coordination Mechanism, emphasizing the need for enhanced financial risk management and offshore financial functions [1][2] - A series of significant policies and documents were released by Chinese financial authorities to support the construction of the Shanghai International Financial Center, including the establishment of the China Capital Market Society [1][2] Group 2: Central Government Support - The Central Financial Work Conference emphasized enhancing the competitiveness and influence of the Shanghai International Financial Center, with a goal to elevate its capabilities over the next five to ten years [2] - The Central Financial Committee issued opinions to support the construction of the Shanghai International Financial Center, aiming for a modern financial system with improved adaptability and competitiveness [2] Group 3: Financial Cooperation Between Shanghai and Hong Kong - The Shanghai and Hong Kong financial centers signed the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan," outlining specific directions for cooperation [5] - The collaboration aims to enhance the internationalization of the Renminbi and improve financial infrastructure connectivity between the two cities [5][6] Group 4: Capital Market Development - The capital market is seen as a core component of the modern economic financial system, with ongoing volatility due to global factors [6][7] - The Shanghai and Hong Kong stock exchanges are expected to leverage their strengths for mutual development, creating a multi-layered market system [7] Group 5: Technological and Green Finance - The forum highlighted the role of financial support in developing new productive forces, with policy banks emphasizing resource allocation and collaboration with enterprises [9] - Green finance was discussed as a crucial element for sustainable economic development, with calls for improved policies and standards [11][12] Group 6: Inclusive Finance and AI Integration - Discussions on inclusive finance focused on leveraging new technologies to enhance service accessibility and efficiency [13] - The integration of AI in finance was noted as a trend, with emphasis on regulatory cooperation to ensure balanced development [14]

两家宁企成功发行全国首批民营创投机构科创债 南京今年已发行科创债超200亿元 南报网讯（记者 曹丽珍）连日来，债券市场科创板的"南京板块"持续扩容。记者19日从市委金融办获 悉，南京两家民营创投机构毅达资本和金雨茂物日前双双成功发行全国首批民营创投机构科技创新债券 （下文简称"科创债"）。自此，南京今年已累计发行科创债超200亿元，居全省首位。 同样也是在17日，毅达资本在中国银行间债券市场成功发行"2025年度第一期科技创新债券—25毅达资 本MTN001（科创债）"。该期债券发行规模为1.5亿元，期限3+2年，最终票面利率为2.33%。 "同一天双双成功发行的这两期债券，也是全国首批民营创投机构发行的科创债，为全市科技创新提供 了更加高效、便捷、低成本的增量资金，还将带动更多的资金精准投向科技创新领域。"市委金融办相 关负责人告诉记者，获批建设科创金融改革试验区以来，南京出台了科创债发行贴息政策，全力推动各 类主体运用直接债务融资工具筹集长周期、低利率、易使用的债券资金，并先后落地了全国首批混合型 科创票据、长三角地区首单民营创投机构科技创新公司债、全省首单高校科技成果转移转化科创票据和 全国首批民营创投 ...

6月19日下午，上海银行党委书记顾建忠出席2025陆家嘴论 坛，就"提高普惠金融服务的均衡性和可及性"发表主题演讲。 封图：图片资料室 普惠金融永远在路上 ——只有更好，没有最好 顾建忠指出，普惠金融永远在路上——只有更好，没有最好。当前必须要提升均衡性，满足全部， 做好面上扩展；提升可及性，能够满足的尽量满足，加强下沉触达。 好的普惠金融服务 像呼吸一样融入日常 顾建忠特别指出，科技金融和普惠金融密不可分，尤其是近年来普惠金融"含科性"越来越高，科创 金融领域的"投早、投小、投硬"成为"普惠金融皇冠上的明珠"。银行在服务该类企业时，要秉持长 期主义和专业主义，做好"1234"。 "1"是坚持一个情怀，牢固树立发展科创金融是服务国家高质量发展、中国式现代化需要的价值判 断，秉持工匠精神、长期主义，久久为功。 "2"是重塑两个逻辑。一是重塑科创企业风险评价逻辑，从传统的看抵押、看现金流、看资产等当 下价值，转变为看技术、看团队、看科研创新、看市场前景的未来价值。二是重塑科创金融风险收 益平衡逻辑，不以单笔业务回报衡量与企业的合作价值，而是从多维度考量整体收益。 "3"是坚守三个理念——科创更前、科技更全、科研更 ...

本报记者 毛艺融 发行利率显著下降 《公告》明确，金融机构、科技型企业、私募股权投资机构和创业投资机构（以下简称"股权投资机构"）等三类机构可发 行科技创新债券，募集资金用于支持科技创新领域投融资。 5月7日以来，科创债发行呈现出规模大、认购热情高、利率低、主体多元等特点。尤其是政策红利的持续释放，使得金融 机构、科技型企业和股权投资机构积极参与，推动了科创债市场的快速发展。 具体来看，在前述299只科创债中，银行发行的科创债成为主力，25家银行合计发行2275亿元，发行规模占比超四成。例 如，6月13日，南京银行发行的"25南京银行科创债01BC"上市，发行规模50亿元，期限5年，票面利率1.79%。南京银行表示， 本期科技创新债券所募集的资金，将专项为科技创新企业中长期融资需求提供有力支撑，进一步提升科创金融服务能力，加快 培育和发展新质生产力。 券商也在积极响应。前述299只科创债里，有28家证券公司合计发行279.7亿元。 根据公告，首批银行科创债募集资金将用于发放科技贷款、投资科创债等，券商科创债募集资金将用于新增科技创新投 资、置换前期投资支出、补充流动资金等。 科创债再次迎来政策层面的支持。证监 ...

Core Insights - The 2025 Lujiazui Forum focused on the integration of technology and finance, emphasizing the development of a comprehensive financial service system for innovative enterprises in Shanghai [2][5] - Shanghai aims to enhance its role as a global financial center by fostering a supportive ecosystem for technology-driven industries and improving financial products tailored to various stages of enterprise development [3][4] Group 1: Event Overview - The event included a concentrated release of financial services for the entire lifecycle of technology innovation, a signing ceremony with the Greek Shipping Finance Management Association, and roundtable discussions [2][5] - Key officials from Shanghai's financial sector and representatives from various financial institutions and technology companies participated, highlighting the collaborative effort to support strategic emerging industries [2][3] Group 2: Financial Products Released - A range of financial products was launched to support small and medium-sized technology enterprises, focusing on digital credit, capital market linkage, and cross-institution collaboration [3][4] - Initial stage products include "Innovation Drug Loan" from Agricultural Bank of China and "Smart Intellectual Property Loan" from Bank of Communications, among others [3] - Growth stage products include "Puxin Loan" from Shanghai Pudong Development Bank and "Investment-Loan Linked Loan" from Industrial Bank, while mature stage products include "ICBC Treasury" and "Index Investment Series Products" [4] Group 3: Collaborative Efforts - A memorandum of cooperation was signed between Shanghai Financial Association and the Greek Shipping Finance Management Association, indicating a commitment to enhance collaboration in shipping finance and green finance [4] - The event featured two roundtable discussions addressing capital flow support for hard technology enterprises and financial collaboration to build future industry hubs [5]

周三（6 月 18 日）大盘探底回升，小幅收涨。截至收 盘，上证综指收于 3388.81 点，上涨 0.04%；深成指 收于 10175.59 点，上涨 0.24%；科创 50 上涨 0.53%； 创业板指上涨 0.23%，万得全 A 成交额共 12218 亿元， 较前一日略有下降。 行业方面，30 个中信一级行业有 9 个行业收涨，其中 电子、通信及国防军工涨幅居前，而综合金融、房地 产及轻工制造则跌幅较大。概念方面，电路板、光模 块 CPO 及军工信息化等指数表现活跃。 海外市场综述 美国三大股指收盘涨跌不一，VISA 跌近 5% 周三（6 月 18 日），美国三大股指收盘涨跌不一，道 指跌 0.1%，标普 500 指数跌 0.03%，纳指涨 0.13%。万 得美国科技七巨头指数涨 0.04%，特斯拉涨超 1%，英伟 达涨近 1%。中概股多数下跌，比特小鹿跌逾 7%。 新闻精要 1. 2025 陆家嘴论坛召开 国家金融管理部门主要领导 重磅发声 2. 中央金融委员会印发《关于支持加快建设上海国际 金融中心的意见》 3. 国家有关部门：剩余支持资金将有序下达 国内市场综述 探底回升 小幅收涨 6. 全球重要 ...

试点银行体系呈现差异化布局，涵盖工行等六大国有商业银行、招商银行等股份制银行以及北京银行等 城商行，形成多层次服务网络。各银行需满足监管评级良好、并购贷款专业团队完备等硬性条件，确保 风险可控。 科技企业可通过并购快速填补技术短板或拓展市场，结合自主研发实现跨越式发展。试点政策为这种混 合模式提供资金保障，促进产业链垂直整合与核心技术攻关。 图 片来源：AI生成 "并购贷款政策的放宽使得科技企业的并购活动更加活跃，为VC/PE机构提供除了IPO以外的退出机会， 也能促进资金的循环和再投资。"一位业内资深投资人表示。 长期以来，科技企业尤其是处于成长期和扩张期的企业，普遍面临三大资金难题：融资门槛高、并购杠 杆低、还款周期短。传统并购贷款限制贷款比例不超过60%，企业需自筹40%资金，使得科技企业在并 购过程中需筹措大量自有资金，资本杠杆效应难以发挥。 外加上科技企业技术迭代快，技术整合周期长（如半导体、人工智能等领域），但原并购贷款期限最长 7年，可能导致"短贷长投"风险。 为了缓解科创企业融资难，促进产业整合与创新升级，今年3月金融监管总局组织开展适度放款科技企 业并购贷款政策试点工作。对于"控股型"并购， ...

主要举措包括： 一是深化金融市场建设。推动多层次股权市场高质量发展，强化科创板"硬科技"定位和包容性，支持上 海率先打造上市公司高质量发展示范区，支持企业通过并购做大做强。深化多层次债券市场体系建设， 稳步发展资产支持证券。支持上海期货交易所加快建成世界一流交易所，持续推动货币、外汇等市场发 展。提高上海金融市场价格影响力。 为贯彻落实党的二十届三中全会"加快建设上海国际金融中心"和中央金融工作会议"增强上海国际金融 中心的竞争力和影响力"的部署要求，近日，中央金融委员会印发《关于支持加快建设上海国际金融中 心的意见》（以下简称《意见》）。 《意见》指出，当前和今后一个时期，加快建设上海国际金融中心要以习近平新时代中国特色社会主义 思想为指导，始终做到"八个坚持"，走好中国特色金融发展之路，牢牢把握增强竞争力和影响力要求， 以深化金融体制改革为牵引，以提高金融国际化为突破口，以构建中国特色现代金融体系为重点，扎实 做好金融服务实体经济"五篇大文章"，加强"五个中心"建设协同联动，强化金融监管和风险防控，培育 中国特色金融文化，为开创金融工作新局面、推进中国式现代化建设作出更大贡献。 《意见》明确，经过五至十年 ...

自5月初央行与证监会联合发布关于支持发行科技创新债券有关事宜的公告，首次明确将券商纳入科创 债发行主体范围以来，债市"科创板"已初具规模。Wind数据显示，截至6月16日，券商总计发行科创债 券34只，发行金额总计294.70亿元（按发行起始日统计）。6月16日，又有两家头部券商华泰证券和中 信建投获批发行科创债。6月以来，券商科创债发行累计获批额度逾550亿元。 中国证券报记者在采访中了解到，在政策推动券商发行科创债的新形势下，如何突破传统信用评级模 式，精准评估成长性科创企业的专利价值和研发周期风险，成为打通其融资通道的关键。为此，券商正 着力探讨构建基于法律、技术、市场等多维度的专利价值动态评估模型与覆盖研发全周期的风险量化体 系，并通过设计可转债、业绩挂钩条款等创新产品平衡风险收益，同时力求平衡好短期商业效益与支 持"硬科技"的社会责任。 ● 本报记者 赵中昊 建立针对性风险评估体系 新政授权券商发行科创债并承担做市职能，但当前中小科创企业发债仍依赖外部增信。业界关注的核心 在于，券商如何突破传统信用评级框架，构建针对技术专利、研发周期等科创要素的专业风险评估体 系。 金元证券产业金融总部负责人周昱衡 ...