文/申万宏源证券有限公司大投行金融科技联合工作组 随着全面注册制的推进和"新国九条"的发布，证券公司需要积极履行资本市场"看门人"和融资"保荐 人"的作用，进一步防范风险，践行金融服务实体经济的使命。随着证券行业数字化转型加速推进，投 行业务数字化转型目前已进入从传统投行竖井式模块系统转向一体化智能全业务平台的阶段。申万宏源 证券从2022年开始逐步根据大投行三年金融科技规划，构建基于人工智能、大数据、云原生等技术打造 的投行智能一体化平台。目前已落地流程中心、项目中心、客户中心、文档中心、智能尽调中心等，助 力投行业务降本增效，降低合规风险，聚合投行业务专业知识，赋能投行业务数字化转型，做好"数字 金融"，进一步健全公司内部"一二三道防线"执业风险防范机制。 1. 业务流程方面，基于低代码BPM流程引擎，实现流程精细化管理。投行项目审批中涉及节点多，分 叉多，引入BPM流程引擎重构业务流程。平台建设了一套完整的流程体系，对客户管理、项目管理、 内核、文件合同、底稿、发行、持续督导管理等200+种类型流程进行重构，每个流程节点均进行精细 化的设置并且支持参数配置，提高了流程管理效率。 2. 项目管理方面，通过 ...

在"人工智能时代下的数字金融"平行论坛上，中国证券监督管理委员会原主席肖钢发表主旨演讲，系统 分析了我国一季度数字经济和数字金融发展状况，并针对当前挑战提出破解路径，强调了人工智能技术 对金融生态的重塑作用。肖钢指出，下一步，应当坚持问题导向、系统谋划，从完善数字经济产业生 态、加快构建生成式AI金融应用的治理闭环、建设高质量金融数据市场三个方面入手，破解数字经济 发展存在的堵点。 5月17日至18日，2025清华五道口全球金融论坛在深圳举行。 一季度数字经济核心产业增速10%以上 肖钢表示，今年一季度，我国数字经济持续保持良好发展态势。数字经济核心产业增势良好，增长速度 保持在10%以上，显著高于同期GDP增长水平。数字制造业增加值同比增长11.5%，高于同期工业和高 技术制造业增速；数字服务业增加值增速连续多个季度保持两位数增长，比一季度整体服务业增加值增 速高出5个百分点。 肖钢表示，发展数字经济最终是为了提高实体经济效率，应进一步推动数字经济和实体经济的深度融 合，深化落实"人工智能+"战略。 同时，他认为，下一步，应当坚持问题导向、系统谋划，从三个方面入手，破解数字经济发展存在的堵 点： 一是要进一 ...

5月17日至18日，2025清华五道口全球金融论坛在深圳召开。在以"人工智能时代下的数字金融"为主题 的平行论坛中，清华大学五道口金融学院副院长王正位、中国证券监督管理委员会原主席肖钢、清华大 学五道口金融学院金融发展与监管科技研究中心主任张健华、中国人民银行金融研究所副所长莫万贵、 蚂蚁集团研究院院长李振华、北京智谱华章科技股份有限公司CEO张鹏等业内专家围绕数字金融发展现 状、技术应用、监管治理等议题展开深入探讨。 论坛尾声，嘉宾们对数字金融未来方向作出展望。张鹏期待数字金融成为"润物细无声"的基础设施，以 技术、数据、监管为支撑提升服务可及性；李振华预测AI大模型将助力中国金融机构形成国际竞争 力，需同步完善监管框架；莫万贵强调数字金融对金融"五篇大文章"的带动作用，需以"安全与公平"为 前提；张健华则提出从"数字金融"迈向"智慧金融"的升级路径，预见行业智能化爆发式增长。 本场论坛，与会嘉宾通过宏观数据解读、微观案例分析与前瞻性思辨，勾勒出人工智能时代数字金融的 发展脉络——技术创新与风险治理并重、效率提升与普惠公平共行，为行业在新科技浪潮中把握机遇、 应对挑战提供了多维思考框架。 张鹏从技术视角分析 ...

中国人民银行征信中心机构服务二部副总经理毛志杰表示，为解决中小微企业融资困境，中国人民 银行征信中心推出基于资金流分析的征信创新平台，聚焦经济环境、信贷市场现状、征信服务要求三大 背景，为中小微企业建立全球最大规模的数据账户，通过资金流全面刻画企业经营活动，开放银行理念 整合商业银行及支付机构数据，生成标准化资金流信用信息产品，通过"双重身份认证"确保授权合法， 利用央行平台切断数据直接流通，保障市场公平。在授信支持上，平台可实时监控企业经营变化与资金 用途，降低贷后管理难度；金融机构可通过平台获取企业资金流水、交易对手分布等数据，精准评估信 用风险；平台的数据采集仅覆盖授信所需核心信息，不足时触发交互补充，避免过度索取。他强调，该 创新平台将大力推动金融资源精准服务实体经济。 上海市软科学研究基地—上海科技金融研究中心执行主任、上海市互联网金融行业协会副秘书长孟 添表示，科技金融通过金融工具创新支持科技研发、成果转化与产业发展；数字金融以技术手段优化金 融服务效率，降低风险识别与定价成本。科技金融存在间接融资与科创企业长期高风险需求不匹配、轻 资产特征与传统抵押贷款模式冲突、资本逐利性与科创不确定性等主要矛 ...

数字金融作为金融"五篇大文章"极为重要的一篇，在人工智能赋能下，正经历从量变到质变的飞跃。它打破了传统金融服务的时空限制，让金融服务更加普 惠、高效和智能；它催生了新的金融业态，为经济增长注入新的活力，同时也带来前所未有的挑战，考验着监管能力、风险防控能力和社会治理能力。 "要加强生成式AI(人工智能)金融应用的治理，有必要推动金融行业严格执行AI算法备案制度。还要进一步加快金融行业可信数据空间构建，打破目前还存 在的数据孤岛问题。"在5月18日举行的2025清华五道口全球金融论坛上，中国证监会原主席肖钢、清华大学五道口金融学院金融发展与监管科技研究中心主 任张健华、中国人民银行金融研究所副所长莫万贵等专家、学者热议人工智能时代下的数字金融发展机遇和挑战。 数字金融发展势头良好 今年以来，在数字金融领域，最重要的一个现象是DeepSeek横空出世，实现了AI平权，大部分金融机构都开始接入DeepSeek等大模型，使得众多中小金融 机构具备应用AI大模型的条件和能力，使整个金融行业——无论是银行，还是证券、保险——都发生了很大变化，通过不断应用以DeepSeek为代表的各种 AI大模型，金融机构进一步创新了数字 ...

Core Viewpoint - The 2025 Tsinghua Wudaokou Global Financial Forum emphasized the importance of inclusive finance in promoting social development and financial service accessibility in China [1] Group 1: Current Status and Future Direction of Inclusive Finance - Inclusive finance is defined as providing appropriate and effective financial services to all social strata at affordable costs, focusing on small and micro enterprises, farmers, low-income urban residents, the poor, disabled individuals, and the elderly [2] - Six key areas for progress in inclusive finance include: 1. Increased accessibility of basic financial services, ensuring every town has banking institutions [2] 2. Improved financing convenience for small and micro enterprises and individual businesses [2] 3. Enhanced financial services for rural development and infrastructure [2] 4. Strengthened financial consumer education and protection mechanisms [2] 5. Improved risk prevention capabilities in financial institutions [2] 6. Enhanced supporting mechanisms for inclusive finance, including better credit information sharing [2] Group 2: Monetary Policy and Credit Product Innovation - The People's Bank of China has implemented structural monetary policy tools, such as re-lending for agriculture and small enterprises, to support credit demand from vulnerable groups [3] - Measures include lowering re-lending rates and encouraging financial institutions to provide guaranteed loans for entrepreneurship, particularly for women and youth [3] - Financial institutions are being guided to enhance their service capabilities for small and micro enterprises through various reforms [3] Group 3: Consumer Protection and Future Development - The application of digital platforms and AI technology in inclusive finance is highlighted, with 430 million digital bank users in China [4] - The People's Bank of China is enhancing consumer protection through financial education, integrating it into the national education system, and establishing diversified dispute resolution mechanisms [4] - Future initiatives will focus on integrating inclusive finance with green finance and pension finance, enhancing support for vulnerable groups and improving financial service accessibility for the elderly [4]

Core Insights - The digital economy in China has shown strong growth in Q1 2023, significantly supporting the macroeconomic outlook, with the core industries' added value growth rate exceeding 10%, notably higher than GDP growth [3][4] - Investment in core industries of the digital economy has also performed well, driven by policies and market demand recovery, particularly in emerging fields like artificial intelligence and humanoid robots [3][4] Digital Consumption - Digital consumption has experienced steady growth, with innovations in digital technology improving consumer experiences and driving online consumption, particularly in food and trade-in models [4] - The eastern region of China leads in digital economy metrics, contributing over 90% of revenue and net profit from A-share listed companies in core digital industries, indicating strong industrial clustering effects [4] Digital Finance - The emergence of AI models like DeepSeek has democratized access to AI capabilities for small and medium financial institutions, enhancing innovation and efficiency in the financial sector [5] - Financial institutions are focusing on optimizing technology investments, with a slowdown in growth for banking tech investments but increased intensity in securities sector investments [5] Policy Outlook - Recommendations for future development include improving the digital economy ecosystem, fostering collaboration between technology, industry, and finance, and establishing governance frameworks for generative AI applications in finance [6] - Emphasis on consumer rights protection in the AI era is crucial, with financial institutions needing to ensure the safety and compliance of AI technology usage [6]

Group 1: Green Finance Development - In 2024, China's real economy is accelerating its green transformation, with green finance development being expedited through improved top-level design and the introduction of national-level green finance documents [1][2] - The latest version of the "Guidance Catalog for Green and Low-Carbon Transition Industries" emphasizes the importance of transition finance and identifies key industries that should be prioritized for support during the green transition [1][2] - The national carbon market is experiencing increased marketization, with expectations of expansion leading to a rise in average carbon prices and a significant increase in trading volumes compared to the previous year [1][2] Group 2: Integration of Green, Technology, and Digital Finance - The integration of green finance, technology finance, and digital finance is accelerating, driven by the transformation of the real economy towards green, technological, and digital advancements [2][3] - The State Council has issued guidelines to establish a framework for the collaborative development of these three types of finance, which is crucial for achieving carbon neutrality goals and fostering new productive forces [2][3] Group 3: Transition Finance as a Key Direction - Transition finance will remain a significant focus, with the top-level design and standard system expected to be further refined by 2025, particularly in high-pollution and high-energy-consuming industries [7][8] - The issuance scale of transition bonds is projected to reach 71.342 billion yuan in 2024, marking a 43% increase year-on-year, with various financial tools expected to continue innovating [8] Group 4: Passive Green Financial Products - The capital market is creating opportunities for passive green financial products, with the introduction of policies encouraging index-based and passive investment [9][10] - By the end of 2024, the number of ESG indices published by the China Securities Index Company is expected to reach 147, covering various asset classes, with significant growth in green ETFs [9][10] Group 5: Multi-layered Green Finance Market Development - By 2025, the construction of infrastructure for the national carbon market and voluntary emission reduction trading market (CCER) will be accelerated, enhancing the green finance market [11][12] - The establishment of environmental rights trading markets and platforms will be crucial for creating a multi-layered green finance market, promoting the marketization of resource and environmental factors [13] Group 6: Strengthening Price Signals and Green Premium - The China Securities Regulatory Commission is expected to enhance the role of capital markets in green price discovery, which is essential for the development of green finance [15][16] - Efforts will be made to address information asymmetry and promote the internalization of external environmental costs by enterprises, which is vital for establishing a green premium [17][18] Group 7: International Cooperation on Climate Governance - China aims to strengthen international cooperation in climate governance, particularly in response to challenges posed by the delayed submission of national contributions under the Paris Agreement [19][21] - The country will actively engage in discussions with the EU and other regions regarding carbon tariffs and explore the establishment of offshore carbon trading markets [20][21]

Group 1: Core Insights - The financial industry must adopt AI technologies to avoid obsolescence, with a focus on understanding AI's applicability to their specific needs [5][7][9] - The emergence of DeepSeek has democratized AI access for small and medium-sized financial institutions, enhancing their capabilities and transforming the financial landscape [3][4][11] - The development of a governance framework for AI in finance is essential to address new risks such as model hallucinations and algorithmic opacity [9][12] Group 2: Digital Economy and Financial Growth - In the first quarter, the core industries of the digital economy in China grew by over 10%, significantly outpacing GDP growth, contributing to a strong macroeconomic start [3][4] - Investment in emerging fields like AI and humanoid robots has surged, injecting vitality into the industry [3][4] - Eastern regions of China lead in digital economy contributions, with A-share listed companies in these areas accounting for over 90% of national revenue and net profit [3][4] Group 3: Future Predictions and Trends - The future of digital finance is expected to evolve into a more intelligent financial system, emphasizing safety and fairness [15] - AI models are anticipated to further empower the financial sector, enhancing international competitiveness [15] - The transition from product-centric to service-centric financial models is expected as AI becomes a foundational infrastructure in the industry [14][15]

科技金融是实现科技与金融双向促进，推动新质生产力发展的重要支撑。金融"五篇大文章"中，科技金 融位居首位。 近年来，从中央到地方，一系列支持科技创新的金融举措加速落地，我国金融支持科技创新的深度和广 度不断提升。目前，我国已经初步形成银行信贷、资本市场、债券市场和创业投资等多层次、多元化的 科技金融服务体系。 如何为科技创新注入更强的金融动力，记者采访了国家金融与发展实验室副主任杨涛。 记者：如何满足科技企业和科技创新的金融服务需求？ 杨涛：为科技创新提供更好金融服务，至少应该考虑以下两方面问题。第一，兼顾科技企业与科技创新 活动。一方面，各类科技企业是科技创新的核心力量，只有满足好科技企业的各种金融需求，才能在微 观层面上保障中国特色自主创新的顺利推进。另一方面，传统产业与企业相对缺乏科技创新能力，获得 科技金融支持的可能性相对低，如果能通过加强金融服务激发传统产业与企业的创新活力，就可能使科 技强国建设获得更广泛的基础。 杨涛：首先，要以系统化思维推动科技金融体制改革。一则，构建同科技创新相适应的科技金融体制， 更需推动供给侧结构性改革，不应该静态、片面地追求特定金融产品的规模与数量，要更加动态平衡、 结 ...