民营经济是推进中国式现代化的生力军，是高质量发展的重要基础。近日通过的民营经济促 进法，号召以更大力度、更实举措做好民营企业金融服务，提振民营企业的发展信心。相关 举措不仅有助于改善民营企业的融资环境，提升其融资能力和市场竞争力，还将促进民营经 济的健康发展和转型升级。 要真正促进民营经济发展，必须不断破解民企融资难题，从制度创新到技术支持，构建全周 期、多维度的金融服务体系。 首先，需要不断降低民企融资门槛。传统银行风控体系重抵押、重财报的信贷逻辑，与轻资 产民企形成一定矛盾。破解这一难题，需要建立新型信用评估体系，通过考察企业家人品、 产品、押品，分析水表、电表、海关报表，将民企的各种信息转化为可量化的信用数据，运 用数据信用替代抵押担保。同时，可考虑通过金融科技重塑服务边界。区块链技术构建的供 应链金融平台，通过将核心企业信用延伸至N级供应商，供应链金融模式创新，不仅能够突破 物理边界，更能够重构信用传递机制。 其次，需要金融持续支持服务民营经济，实现穿透经济周期的持续赋能。资金的连续性比获 得融资更为关键，需建立更多的金融支持民企发展的政策平滑机制，此前央行推出的定向中 期借贷便利（TMLF）示范结构 ...

Core Viewpoint - The private economy is a vital force in advancing Chinese modernization and is essential for high-quality development, with recent legislation aimed at enhancing financial services for private enterprises to boost their confidence and promote healthy development [1] Group 1: Financial Support and Policy Mechanisms - There is a need to lower the financing threshold for private enterprises by establishing a new credit assessment system that utilizes various data sources to quantify creditworthiness, moving away from traditional collateral-based lending [1][2] - Continuous financial support is crucial for private enterprises, requiring the establishment of policy mechanisms that ensure stable funding sources, such as the Central Bank's targeted medium-term lending facility (TMLF) [2] - A risk-sharing model involving government, banks, and insurance is essential to protect banks' interests while managing fiscal risks, alongside differentiated regulatory assessments to encourage lending to private enterprises [2] Group 2: Ecosystem Reconstruction and Financial Innovation - The reconstruction of the financial ecosystem is necessary, utilizing supply chain finance to create an "industry cloud platform" that integrates upstream and downstream enterprises, thereby reducing bad debt rates and controlling risks [3] - Digital infrastructure improvements, such as the creation of a "financial data port," will enhance the ability to generate enterprise profiles quickly, facilitating better financial services for private enterprises [3] - Incorporating ESG principles into financial service models is a potential avenue for innovation in supporting private enterprises [3] Group 3: Capital Market Engagement - The capital market serves as a crucial platform for direct financing of private enterprises, with the establishment of various boards expanding financing service coverage for small and medium-sized enterprises [4] - A comprehensive range of financial services, including equity financing, bond issuance, and asset securitization, is available to meet the diverse financial needs of private enterprises at different development stages [4] - The development of a full-cycle financing chain from angel investment to the main board market is essential for addressing the funding needs of private enterprises throughout their lifecycle [4]

新华社北京4月30日电（记者 吴雨、任军）记者30日从中国人民银行获悉，为强化供应链金融业务 规范，提升金融服务实体经济质效，中国人民银行等六部门联合发文规范供应链金融业务，引导供应链 信息服务机构更好服务中小企业融资。 通知要求，供应链核心企业应及时支付中小企业款项，合理共担供应链融资成本，不得利用优势地 位拖欠中小企业账款或不当增加中小企业应收账款，不得要求中小企业接受不合理的付款期限，不得滥 用非现金支付方式变相延长付款期限。同时，明确应收账款电子凭证付款期限原则上应在6个月以内， 最长不超过1年。 通知要求商业银行完善供应链金融风险管理，供应链信息服务机构应坚持本职定位，并加强行业自 律和业务统计监测等。 此外，通知重点从行为监管、功能监管的角度，对供应链信息服务机构提出规范性要求。 中国人民银行有关负责人表示，此举旨在明确供应链信息服务机构的功能定位及在应收账款电子凭 证业务中的权责义务，围绕其建立多层次的监测管理体系，在防范金融风险的基础上充分发挥其服务供 应链中小企业融资的作用。 中国人民银行有关负责人介绍，近年来，部分供应链核心企业通过供应链信息服务系统开立应收账 款电子凭证，用于供应链上企业 ...

Core Viewpoint - The People's Bank of China, along with several regulatory bodies, has issued a notification to standardize supply chain finance practices, enhance financial services for the real economy, and mitigate potential financial risks, effective from June 15, 2025 [1] Group 1: Supply Chain Financial Practices - Financial institutions and core supply chain enterprises have been providing information services and technical support for supply chain finance activities through information service systems, which have been beneficial for small and medium-sized enterprises (SMEs) [1] - However, there are risks such as excessive credit expansion by core enterprises and a lack of necessary standards and management regulations for supply chain information service systems [1] Group 2: Payment Terms and Financial Support - The notification stipulates that the payment term for accounts receivable electronic vouchers should generally be within 6 months and not exceed 1 year, ensuring timely payments to SMEs [2] - It emphasizes that core enterprises must not exploit their position to delay payments or impose unreasonable payment terms on SMEs [2] - The notification encourages commercial banks to develop diverse supply chain finance models and support SMEs in obtaining credit loans and financing based on orders, inventory, and other assets [2] Group 3: Risk Management and Compliance - Commercial banks are required to enhance risk management in supply chain finance, including monitoring the overall debt of core enterprises to prevent excessive credit and misuse of supply chain finance [3] - Supply chain information service institutions must not engage in financial activities without proper authorization and should avoid transforming information intermediaries into credit intermediaries [3] - Regulatory bodies will guide self-regulatory organizations in the supply chain finance industry to establish management rules and conduct risk monitoring [3]

Core Viewpoint - Huabao Trust has demonstrated a strong performance in 2024, with a focus on transforming and innovating its trust products and services, achieving significant growth in trust asset scale and profitability [1][2][3][4] Group 1: Financial Performance - In 2024, Huabao Trust's trust asset scale reached 374 billion yuan, representing a year-on-year growth of 13% [1] - The company achieved total revenue of 3.097 billion yuan, with a profit total of 1.737 billion yuan and a net profit of 1.328 billion yuan [1] - Cumulatively, since its establishment in 1998, the company has generated returns of 275.3 billion yuan for its clients [1] Group 2: Product and Service Development - The company is committed to its core trust business, leveraging the advantages of asset isolation to provide comprehensive wealth management and asset allocation services [2] - Huabao Trust has optimized its product system in family trusts and insurance, launching innovative family trust products and enhancing customer service [2] - The company has made breakthroughs in special asset trust services, including the first market-oriented restructuring trust and the first publicly bid corporate bankruptcy restructuring trust [2] Group 3: Industry Engagement and Social Responsibility - Huabao Trust emphasizes serving the real economy, providing deep industry financial services to supply chain enterprises within the steel industry [2] - The company has established charitable trust projects totaling over 2.5 million yuan for rural revitalization, education assistance, and community governance [3] - Huabao Trust is exploring green trust business and promoting ESG-related trust services, achieving a four-and-a-half-star rating for its social responsibility report [3] Group 4: Future Outlook - The company plans to continue its innovative approach, focusing on compliance and risk control while accelerating its high-quality transformation [4]

相关链接 央行有关负责人答记者问：供应链核心企业及时支付中小企业款项 明确应收账款电子凭证付款期限原 则上应在6个月以内 金十数据4月30日讯，为强化供应链金融业务规范，提升金融服务实体经济质效，防范潜在金融风险， 近日，中国人民银行联合金融监管总局、最高人民法院、国家发展改革委、商务部、市场监管总局印发 《关于规范供应链金融业务 引导供应链信息服务机构更好服务中小企业融资有关事宜的通知》，自 2025年6月15日起施行。通知要求，要求供应链核心企业及时支付中小企业款项，合理共担供应链融资 成本，不得利用优势地位拖欠中小企业账款或不当增加中小企业应收账款，不得要求中小企业接受不合 理的付款期限，不得滥用非现金支付方式变相延长付款期限。明确应收账款电子凭证付款期限原则上应 在6个月以内，最长不超过1年。 ...

《通知》要求：一是发展供应链金融应完整、准确、全面贯彻新发展理念，深刻把握金融工作的政治 性、人民性，以服务实体经济、服务社会民生、服务国家战略为出发点，以维护市场公平有序为立足 点，促进降低产业链供应链整体融资成本，实现上下游企业互利共赢发展。 ...

一是发展供应链金融应完整、准确、全面贯彻新发展理念，深刻把握金融工作的政治性、人民性，以服 务实体经济、服务社会民生、服务国家战略为出发点，以维护市场公平有序为立足点，促进降低产业链 供应链整体融资成本，实现上下游企业互利共赢发展。 二是要求供应链核心企业及时支付中小企业款项，合理共担供应链融资成本，不得利用优势地位拖欠中 小企业账款或不当增加中小企业应收账款，不得要求中小企业接受不合理的付款期限，不得滥用非现金 支付方式变相延长付款期限。明确应收账款电子凭证付款期限原则上应在6个月以内，最长不超过1年。 问：《通知》对中小企业的权益保障体现在哪些方面？ 答：为切实保障中小企业参与应收账款电子凭证等供应链金融业务的合法权益，《通知》要求： 六部门：明确应收账款电子凭证付款期限原则上应在6个月以内 最长不超过1年 智通财经4月30日电，近日，中国人民银行联合金融监管总局、最高人民法院、国家发展改革委、商务 部、市场监管总局印发《关于规范供应链金融业务 引导供应链信息服务机构更好服务中小企业融资有 关事宜的通知》，自2025年6月15日起施行。中国人民银行有关负责人就《通知》回答了记者提问。 三是强化对中小企业的 ...

Core Viewpoint - Zhongyuan Bank has achieved a good start in overall operations since 2025, actively responding to the complex economic and financial environment by promoting differentiated development and implementing various tasks effectively [1] Group 1: Financial Performance - In the first quarter, Zhongyuan Bank's performance indicators exceeded the expected progress, with stable asset quality and steady growth in asset scale [1] - The bank's micro and small enterprise loan balance reached 945 billion yuan, an increase of 4.3 billion yuan from the beginning of the year, with a growth rate higher than that of all loans [2] Group 2: Support for Private Economy - As of the end of 2024, the number of private economic entities in Henan Province reached 10.817 million, accounting for 96% of the total operating entities, contributing over 55% of the province's GDP [2] - Zhongyuan Bank has developed special plans to ensure the implementation of policies supporting the high-quality development of the private economy, focusing on enhancing service coverage and market share [2][3] Group 3: Industry Chain Focus - The bank is focusing on the integration of technological and industrial innovation, with industrial financial loans amounting to 49.7 billion yuan in the first quarter, representing over 70% of new industrial financial loans [4] - The technology financial loan balance reached 82.67 billion yuan, with an increase of 5.62 billion yuan and a growth rate of 7.3% [4] Group 4: Future Plans - In the second quarter, Zhongyuan Bank plans to select eight pilot industry chains and improve pilot branches, utilizing supply chain financial products to enhance the quality and efficiency of key industry and supply chains [5] - The bank aims to maintain its leading position in technology finance by effectively utilizing policy funds and key products such as "specialized, refined, distinctive, and innovative loans" [6]

Core Insights - The healthcare industry is a complex system involving pharmaceuticals, medical services, and health insurance, facing challenges in supply-demand matching globally [1] - The Chinese healthcare sector is undergoing reforms, including the separation of medical services and pharmaceuticals, and cost control measures [1] Group 1: Overview of the Healthcare Industry - The big health industry encompasses a collection of health-related sectors, including medical products and services, as well as health products and services [3] - The upstream of the big health industry chain consists of product and equipment R&D and manufacturing, while the midstream includes pharmaceutical commerce and health services [5] Group 2: Characteristics of the Healthcare Supply Chain - The supply chain structure exhibits a "dumbbell" pattern, with strong entities at both ends (hospitals and suppliers) and a weaker middle (pharmaceutical distribution companies) [6] - There is a significant mismatch in funding cycles, with pharmaceutical wholesalers averaging 152 days for accounts receivable collection, while medical device settlements can take 180 to 360 days [7] - This structural contradiction exacerbates the financial pressure on midstream distribution companies, highlighting their vulnerability in the supply chain [8] Group 3: Financial Challenges for SMEs - Small and medium-sized enterprises in medical distribution face dual challenges due to mismatched funding cycles, often leading to prolonged periods of cash outlay [9] - Payment cycles for specialized medical equipment can exceed 12 months, further straining the financial resources of these SMEs [9] Group 4: Supply Chain Financial Services - There is an urgent need for supply chain financial services to alleviate the financial difficulties faced by midstream distribution companies [10] - Transitioning from traditional credit assessments to data and asset-based credit evaluations is crucial for resolving issues in medical supply chain finance [11] Group 5: Factoring Industry's Role in Healthcare - The healthcare supply chain presents specific business opportunities for factoring services, categorized into pharmaceutical circulation, medical consumables, and medical equipment [12] - Pharmaceutical circulation factoring can utilize "pool factoring" to manage accounts receivable effectively [13] - Medical consumables have unique characteristics that allow for more precise cash flow management, enabling monthly receivables and payments [15] Group 6: Innovative Financial Products - The "Yishangbao" product developed by a factoring company focuses on providing accounts receivable factoring services to upstream suppliers in the healthcare sector [18] - This product features innovative business models, including pure credit financing and pre-approved credit reserves, enhancing efficiency and reducing costs [19] Group 7: Future Trends in Healthcare Supply Chain Finance - Future development in healthcare supply chain finance should focus on innovative concepts and technological empowerment, shifting from reliance on corporate credit to real trade assets [23] - Leveraging big data to create real-time risk monitoring systems can help address financing challenges for SMEs while strengthening risk management [23]