这就需要财富管理要围绕做好金融"五篇大文章"布局发力，2023年中央金融工作会议指出，要做好科技 金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"。这"五篇大文章"均与财富市场相联 系，李东荣认为这是财富管理行业履行金融责任的必然要求，也是其实现投资人财富管理目标的重要机 遇。在科技金融方面，财富管理具有耐心资本的优势，可根据投资人的风险偏好为科创企业提供全周期 的融资支持；在绿色金融方面，财富管理行业通过厚植绿色发展理念，将绿色金融、ESG等可推动社会 经济健康发展的产品和服务融入财富管理之中，为转型期提供合适的金融产品和服务。在养老金融方 面，研究设计适应老年人养老财富管理的产品，满足老年人多元化、长期化的金融服务需求，是中央提 出开展养老金融的题中应有之义。在普惠金融和数字金融方面，借助数字金融的发展优势，财富管理可 打破"二八定律"的局限，让广大长尾人群也能享受到优质、低成本的理财服务。 在推动财富管理创新发展的过程中，财富管理行业要始终绷紧风险防范这根弦，保持对风险的敬畏和预 判，妥善处理好创新发展和风险防范的关系，并充分利用数字技术的优势去改进管理，针对不同客群的 风险承受能力与财务目标 ...

Core Viewpoint - Technological innovation is identified as a core element of national competition, with a focus on enhancing self-reliance and strength in technology as outlined in the "14th Five-Year Plan" [1] Group 1: Financial Support for Technological Innovation - The Ministry of Science and Technology, the People's Bank of China, and other regulatory bodies have proposed 15 specific measures to provide comprehensive financial support for technological innovation across seven key areas [1] - China Bank has launched the "Integrated Customer Cultivation Plan" with an initial funding pool of 60 billion yuan, aimed at supporting the growth of key technology enterprises [1][4] Group 2: Integrated Cultivation Concept - The "Integrated Cultivation" concept aims to provide a seamless service model for high-growth potential technology companies, transitioning from fragmented services to a one-stop service approach [2] - The plan includes a comprehensive service package covering equity, loans, bonds, and investment banking, tailored to the development stages of enterprises over a 3-5 year period [2] Group 3: Funding Structure and Focus Areas - The initial funding pool consists of 10 billion yuan for equity investment and 50 billion yuan for credit support, with a focus on key hard technology sectors such as integrated circuits, artificial intelligence, and biomedicine [4] - The plan will first be implemented in five key regions: Beijing, Shanghai, Jiangsu, Shenzhen, and Hangzhou, targeting the cultivation of at least 100 high-quality enterprises with core technologies [4] Group 4: Case Study of Successful Support - The example of GPU company Moore Threads illustrates the effectiveness of the plan, with China Bank providing over 100 million yuan during the A-round financing and leading a consortium to support a 1 billion yuan project [3]

Core Insights - The upcoming year 2026 marks the start of China's 15th Five-Year Plan, emphasizing the implementation of industrial innovation projects to enhance the country's industrial structure and establish a modern industrial system with global competitiveness [1] Group 1: Industrial Innovation Strategy - China aims to create emerging pillar industries and strategically position future industries, focusing on sectors like new energy, aerospace, and quantum technology, which are characterized by long-term and dynamic features [3] - The strategy includes a new national system to concentrate resources on technological advancements and infrastructure, leveraging the complete industrial system and vast market advantages to facilitate the commercialization of new technologies [4] Group 2: Global Innovation Standing - According to the 2025 Global Innovation Index, China ranks 4th globally, achieving its highest position ever, while also being the second in key technology fields like biotechnology and quantum technology, closing the gap with the U.S. [5] - China has 24 of the world's top 100 innovation clusters, with the Shenzhen-Hong Kong-Guangzhou cluster now ranked first globally, surpassing the Tokyo-Yokohama cluster [5] Group 3: Policy and Financial Support - Various government departments have issued guidelines to promote strategic emerging industries, emphasizing the need for comprehensive financial services throughout the innovation lifecycle [6] - The government is focusing on creating application scenarios in digital economy and AI, aiming to build a robust ecosystem for emerging and future industries [6] Group 4: Industry Development and Collaboration - China has seen the emergence of around 350 companies in the brain-computer interface sector, and has established the largest solar panel production base globally, showcasing a collaborative approach to industrial innovation [7] - The government is promoting a systematic approach to accelerate the development of industrial clusters, emphasizing the integration of infrastructure, technology research, and market needs [9] Group 5: Future Industry Challenges and Strategies - Future industries face more complex risks, necessitating a diversified technological approach and the establishment of pilot application scenarios to foster innovation [10] - Regulatory frameworks are evolving to support innovation, including the introduction of "regulatory sandboxes" and a focus on digital regulation to create a conducive environment for future industries [11] Group 6: Investment and Risk Management - Establishing a risk-sharing mechanism is crucial for future industry development, with a focus on a tiered layout system and government-market collaboration to attract investment [12] - Innovative financial tools are being developed to support long-term investments in future industries, including insurance products tailored for technology transfer and key equipment development [12] Group 7: Talent and Innovation Ecosystem - Cultivating a high-level innovation ecosystem is essential, with initiatives to support leading enterprises and foster new entities in future industries [13] - There is a shared policy focus on enhancing infrastructure, original innovation, and the integration of technology and industry to strengthen the overall innovation capacity [13]

Core Viewpoint - The article discusses the "Guangdong Province Financial Services for Technology-Strong Province Construction Work Plan," emphasizing the role of multi-level capital markets in supporting technological innovation and the development of technology-oriented enterprises at various growth stages [5][6]. Group 1: Overall Goals - The plan aims to establish a modern technology financial matrix system by the end of 2027, focusing on providing comprehensive financial services across different stages of technology enterprises, including seed, startup, growth, expansion, and maturity phases [6]. - It targets to position Guangdong's technology-related loans and loans for technology industries among the top in the nation, with growth rates exceeding the average loan growth rate [6]. Group 2: Key Focus Areas - The plan emphasizes the importance of focusing on key regions such as the Greater Bay Area, particularly platforms like Hengqin, Qianhai, Nansha, and He Tao, to enhance financial support for regional development [7]. - It encourages financial resources to concentrate on emerging and future industries, including integrated circuits, new energy vehicles, biomedicine, and artificial intelligence [8]. - The initiative aims to support the cultivation of key enterprises, including 50 leading technology companies and 1,000 manufacturing champions, to drive the development of small and medium-sized technology enterprises [9]. Group 3: Main Tasks - The plan outlines several tasks, including the establishment of a technology innovation investment fund relay system to guide social capital towards early-stage investments in technology [11]. - It aims to optimize a full-cycle technology credit system to support technology enterprises at various growth stages, enhancing the credit evaluation system based on technology-related metrics [12]. - The plan seeks to leverage the bond market to support technology innovation, encouraging the issuance of technology innovation bonds to finance technological advancements [13]. - It emphasizes the importance of multi-level capital markets in supporting technology enterprises through various financial instruments and encourages the establishment of a standardized listing cultivation system [11][13]. - The plan also includes measures to enhance cross-border financial services for technology enterprises, facilitating their access to international financing [15]. Group 4: Implementation of Financial Ecosystem - The plan proposes to establish a risk-sharing and compensation mechanism to reduce financing costs for high-tech enterprises, with a maximum annual subsidy of 20 million yuan per enterprise [12]. - It aims to develop a comprehensive insurance product system covering the entire lifecycle of technology enterprises, addressing risks associated with research and development [13]. - The initiative encourages the use of data and financial technology to create credit loan products based on multidimensional data from technology enterprises [14].

Core Viewpoint - Hangzhou Bank is undergoing a leadership transition with the potential promotion of Vice President Zhang Jingke to President, following the resignation of former President Yu Liming due to personal reasons. Despite this change, the bank has maintained revenue growth, although at its lowest rate in recent years [1][18]. Group 1: Leadership Changes - Zhang Jingke, born in August 1978, is expected to be promoted to President, marking a significant internal advancement as he has been with Hangzhou Bank for over 20 years [1][18]. - Yu Liming, the former President, resigned on April 2, 2023, after being reported missing, leading to a temporary appointment of Chairman Song Jianbin as acting President until a new President is approved [8][26]. - The bank's executive team has expanded to seven Vice Presidents following the return of Wang Lixiong to the role, enhancing the management structure [25][24]. Group 2: Financial Performance - For the first three quarters, Hangzhou Bank reported a revenue of 28.88 billion yuan, a year-on-year increase of 1.35%, marking the lowest growth rate in recent years [10][30]. - The net profit for the same period reached 15.885 billion yuan, reflecting a 14.53% increase year-on-year, indicating strong profitability despite revenue growth challenges [10][30]. - The bank's total assets grew to 2.3 trillion yuan, an 8.67% increase from the previous year, showcasing overall financial stability [10][30]. Group 3: Revenue Breakdown - Net interest income increased by 9.96% to 20.093 billion yuan, while net fee and commission income rose by 12.65% to 3.298 billion yuan [11][30]. - Investment income saw a significant increase of 22.3% to 7.307 billion yuan, although the bank faced a loss of 2.294 billion yuan from fair value changes, contrasting with a gain of 1.033 billion yuan in the previous year [11][30]. - The decline in total revenue was primarily attributed to the negative fair value changes, which had a substantial impact on overall performance [30][33]. Group 4: Risk Management and Profitability - The bank's credit impairment losses decreased by 38.47% year-on-year to 2.82 billion yuan, contributing to the maintenance of double-digit net profit growth [33]. - Hangzhou Bank's non-performing loan coverage ratio remains high at 513.64%, indicating a conservative approach to risk management [33]. - Despite strong profit growth, the bank's cash dividend payout ratio has been below 25% for four consecutive years, raising concerns about shareholder returns compared to peers [35][36].

Core Viewpoint - The conference emphasizes the importance of financial support for technological innovation and the need for a collaborative financial ecosystem to enhance the development of new productive forces in the economy [2][4]. Group 1: Economic Achievements and Projections - Since the 14th Five-Year Plan, China's economy has made significant achievements, with GDP expected to reach approximately 140 trillion yuan by 2025, an increase of nearly 40 trillion yuan compared to the end of the 13th Five-Year Plan [3]. - China has improved its global innovation index ranking from 34th in 2012 to 10th in 2025, becoming one of the fastest-growing economies in terms of innovation over the past decade [3]. - The number of patent applications based on the Patent Cooperation Treaty is projected to reach 70,160 in 2024, surpassing the United States and Japan by 30% and 45%, respectively [3]. Group 2: Financial Support for Technology - The banking sector has recognized the political and social responsibilities of financial work, actively integrating into the broader economic context and enhancing policies to support technological innovation [3][4]. - The annual growth rate of technology loans has averaged 27.2% since the 14th Five-Year Plan, with a balance of technology loans reaching 44.1 trillion yuan by the end of Q2, a year-on-year increase of 12.5% [3]. - The weighted average interest rate for newly issued technology loans was 2.90% in June, lower than the average rate for all new corporate loans by 0.36 percentage points [3]. Group 3: Strategic Directions for Financial Institutions - The 20th National Congress of the Communist Party of China highlighted the goal of significantly improving the level of technological self-reliance and strengthening the development of various financial sectors, including technology finance [4]. - Financial institutions are encouraged to innovate and establish sustainable development models for technology finance, focusing on the unique characteristics of technology enterprises [5]. - A differentiated assessment and evaluation system for technology finance is proposed, emphasizing the importance of supporting technology enterprises through tailored financial products and services [6]. Group 4: Collaborative Financial Ecosystem - The banking sector is urged to promote a virtuous cycle of "technology-industry-finance" by directing more financial resources towards technological innovation and supporting the construction of a modern industrial system [7]. - Collaboration between large commercial banks and smaller banks is essential to create a multi-layered, sustainable technology finance service system, leveraging their respective strengths [9][10]. - The establishment of a technology finance ecosystem involving various financial instruments and partnerships is crucial for providing comprehensive financial services to technology enterprises [10].

【导读】对话中金公司（601995）总裁王曙光｜金融报国的时代答卷：一家国有投行的三十年坚守与突 围 编者按：三十载踔厉奋发，中国资本市场从筚路蓝缕到全球瞩目，与改革开放的历史进程同频共振，与 实体经济的高质量发展血脉相连。在此期间，国有金融机构始终是服务国家战略的中流砥柱，而中金公 司自1995年诞生之日起，便将"以国为怀"的基因刻入血脉。从开创央企海外上市先河，到助力科创板、 注册制等重大改革落地；从服务企业"走出去"的国际化征程，到深耕科技金融、绿色金融、普惠金融 的"五篇大文章"，中金始终以投行专业之力，在中国特色金融发展之路上砥砺前行。 站在"十五五"规划谋篇布局的关键节点，"培育一流投资银行和投资机构"的战略目标，为资本市场赋予 了前所未有的历史使命。此次本刊专访中金公司总裁王曙光，深入探讨一家国有投行如何在服务新质生 产力、高水平对外开放、防范化解风险的时代命题中，书写三十而立的崭新答卷。 2025年，是中国国际金融股份有限公司创立的第三十周年。三十年深耕，中金公司始终以服务国家战略 为己任，在助力实体经济发展、推动资本市场改革中扮演着重要角色。 在这具有特殊意义的一年里，中金公司公告对东兴证券 ...

Core Insights - Three joint-stock banks under the AIC model have successfully completed their first external investments within a month of their establishment, focusing on technology-related sectors [1] Group 1: Investment Activities - Xingyin Investment has made at least three external investments, primarily in the lithium battery industry, including a C-round investment of 1 billion yuan in Ganfeng Lithium [2] - Zhaoyin Investment has also completed its first investment, contributing 5 billion yuan to Changan Automobile's subsidiary, Deep Blue Automotive, which is involved in intelligent vehicle technology [3] - Xinyin Jintou has invested approximately 64.42 million yuan in Shenzhen Ganghua Clean Energy, acquiring a 49% stake in the company [4] Group 2: Sector Focus - The three AICs have distinct sector focuses: Xingyin Investment targets the lithium battery and environmental refrigerant sectors, Zhaoyin Investment is concentrated on the smart automotive industry, and Xinyin Jintou is focused on clean energy [5] - Xingyin Investment's projects align with national "dual carbon" goals, emphasizing support for new energy and high-end manufacturing [5] Group 3: Strategic Collaborations - Xingyin Investment has signed project cooperation agreements with 12 companies, with a total intended investment exceeding 10 billion yuan [6] - Zhaoyin Investment's collaboration with Changan Automobile reflects a unique synergy within the bank's ecosystem, potentially leading to further capital market activities [6] - Xinyin Jintou aims to leverage its AIC license and resources from CITIC Group to serve local enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area [7]

从一度因无传统抵押资产而陷入融资困境，到获得农业银行（601288）基于"技术流"评价体系精准投放 的千万元信贷，其6号厂房的拔地而起，正是中国制造根基日益坚实、金融血脉与产业肌理深度交融的 生动缩影。 北纬29°，山城重庆。在磐谷动力技术有限公司（下称"磐谷动力"）展厅墙上，百余张专利证书无声诉 说着这家国家级专精特新"小巨人"企业在清洁大功率发动机以及燃气发动机领域33年的坚守。 "十四五"圆满收官在即，从高铁、新能源的全球领先，到集成电路、航空航天等关键领域的创新突破， 一条覆盖全产业链、持续向价值链高端攀升的发展路径已清晰可见。在这场波澜壮阔的产业升级进程 中，农业银行的金融活水从未缺席。 "十五五"新征程即将启航，"建设现代化产业体系，巩固壮大实体经济根基"被置于十二项战略任务首 位。中国正推动产业体系向智能化、绿色化、融合化方向纵深发展。这场深刻的产业"升维"，呼唤一场 同样深刻的金融变革。金融不再仅是外部的"输血者"，而是深度融入产业肌理，成为产业"增长伙伴"与 创新生态的共建者。 作为服务实体经济的主力银行，农业银行持续创新完善科技金融服务体系，加大先进制造业和新一轮重 点产业链高质量发展贷款 ...

近日，上海市高级人民法院发布《上海市高级人民法院关于为加快建设上海国际金融中心提供司法服务 保障的若干意见》（以下简称《服务保障意见》），这是上海法院首份全面回应新时代上海国际金融中 心建设司法需求的综合性司法文件。 《服务保障意见》从服务实体经济、支撑高水平开放、夯实市场基础、防范金融风险、完善解纷机制五 个方面提出了22项具体措施。其中，在强化科技金融司法赋能方面，上海法院将聚焦科技型企业全生命 周期需求，探索适应科技创新规律的司法裁判规则。依法审理涉科创板证券纠纷案件，审慎认定科创属 性信息披露的侵权责任，加强对科创板企业差异化表决权、对赌回购等公司治理结构的司法保障，平衡 创始人控制权与投资者权益保护。 畅通投资者直接索赔路径 回溯上海国际金融中心建设的历程，自1992年党的十四大首次提出建设目标以来，上海法院始终紧跟国 家战略，围绕科创板设立，自贸区金融改革等任务，出台了一系列司法保障意见，在特定领域形成了可 复制可推广的经验。然而，上海法院此前尚未有一份文件能够全面覆盖上海国际金融中心建设的各领域 各环节，从而形成系统性整体性部署。 上海市高级人民法院副院长林晓镍说，《服务保障意见》的发布，首次系 ...