Core Viewpoint - The State Council Information Office held a press conference where the Vice Minister of Science and Technology, Qiu Yong, introduced a joint policy initiative by seven ministries aimed at accelerating the construction of a technology finance system to support high-level technological self-reliance and strength [1] Group 1: Policy Measures - The initiative focuses on seven areas including venture capital, monetary credit, capital markets, technology insurance, and bond markets [1] - A total of 15 policy measures have been proposed to enhance the technology finance ecosystem [1] - One of the key proposals includes the establishment of a National Venture Capital Guidance Fund [1]

Core Viewpoint - The Ministry of Science and Technology emphasizes the need for a collaborative approach between technology and finance sectors, as well as central and local government coordination, to accelerate the establishment of a technology finance system that supports high-level technological self-reliance and strength [1] Group 1: Collaborative Mechanisms - The establishment of a multi-departmental mechanism for coordinating the advancement of technology finance is essential [1] - The implementation of regional innovation practices is highlighted as a key component [1] - The comprehensive use of various financial tools, including equity, debt, loans, guarantees, and investments, is encouraged [1] Group 2: Financial Strategy Shift - There is a call to shift from a "fiscal thinking" approach to a "financial thinking" approach in investment methods [1] - The role of fiscal and tax policies in guiding and incentivizing financial investments is emphasized [1]

科技部副部长邱勇5月22日在国新办新闻发布会上表示，近期七部门发布的《加快构建科技金融体制有 力支撑高水平科技自立自强的若干政策举措》是实现科技和金融双向奔赴的基础性、引领性制度安排， 科技部将充分发挥牵头部门作用，进一步细化任务分工，明确任务实施的节点，推动政策举措的落地实 施、尽早见效。(人民财讯) ...

Group 1 - Structural tax reductions and fee cuts are important tools for implementing proactive fiscal policies and directly benefiting enterprises, with significant effects on promoting technological innovation and high-quality development in manufacturing [1] - Recent tax incentives include an increase in the R&D expense deduction ratio to 100%, with further increases to 120% for integrated circuits and industrial mother machines, and a 5% VAT input tax deduction for advanced manufacturing, raised to 15% for specific sectors [1] - In the first quarter of this year, tax reductions and refunds supporting technological innovation and manufacturing reached 424.1 billion yuan [1] Group 2 - In the first four months of this year, sales revenue in high-tech industries, technology transfer services, digital economy core industries, and enterprise procurement of digital technologies increased by 13.9%, 33.6%, 9.7%, and 9.4% respectively, indicating a rapid development of new productive forces [2] - Manufacturing sales revenue grew by 4.7% year-on-year, with equipment manufacturing, digital product manufacturing, and high-tech manufacturing increasing by 9.4%, 12.6%, and 12.2% respectively, reflecting steady growth and innovation in the sector [2] - The State Taxation Administration will continue to leverage big data to ensure that policy benefits reach the intended recipients and will combat fraudulent claims for tax benefits [2] Group 3 - Structural tax reductions and fee cuts are expected to continue playing a positive role, enhancing corporate innovation capabilities and better serving the construction of a modern industrial system [3]

Investment Rating - The overall industry investment rating is "Positive," indicating an expected return exceeding 5% above the CSI 300 index in the next six months [36]. Core Viewpoints - The report highlights a significant increase in the construction of a technology finance system, which is expected to accelerate [1][33]. - The non-bank financial sector has shown a positive performance, with the Shenwan Non-Bank Index increasing by 2.49%, outperforming the CSI 300 index by 1.37 percentage points [9]. - The report recommends specific companies for investment, including "Fangzheng Securities," "Xiangcai Shares," and "China Life," all rated as "Buy," while "Zhong An Online" is rated as "Hold" [3][35]. Summary by Sections Market Review - The Shanghai Composite Index, CSI 300, and ChiNext Index recorded weekly changes of 0.76%, 1.12%, and 1.38%, respectively [9]. - The Shenwan Non-Bank Index's performance was driven by the securities sector, which rose by 2.18%, and the insurance sector, which increased by 3.58% [9][11]. Data Tracking - As of May 16, 2025, the PE-TTM valuation for the securities sector is 19.21x, and the PB-LF valuation is 1.37x [5]. - The average trading volume for the week in the stock market was 1.56 trillion yuan, reflecting a 21.42% increase week-on-week [5][19]. Industry Dynamics - The China Securities Regulatory Commission has implemented revised regulations for major asset restructuring, aimed at enhancing the efficiency of mergers and acquisitions [32]. - A joint policy initiative from the Ministry of Science and Technology and other departments aims to accelerate the construction of a technology finance system to support high-level technological self-reliance [33]. - The Supreme People's Court and the CSRC have issued guidelines to ensure fair law enforcement and judicial support for the high-quality development of the capital market [34].

Regulatory Dynamics - Seven departments, including the Ministry of Science and Technology and the People's Bank of China, jointly issued policies to accelerate the construction of a technology finance system, focusing on venture capital, monetary credit, capital markets, and technology insurance to support innovation [1] - The "Nansha Financial 30 Measures" were released to explore financial regulatory innovation and cooperation, aiming to enhance the uniformity, professionalism, and transparency of financial technology regulation [2] Industry Dynamics - Several banks have introduced limited-time offers, with cash installment rates dropping to as low as 2% to 4%, with examples including China Merchants Bank offering a 1.7-fold interest discount, resulting in an annualized rate as low as 2.76% for 12-month installments [3] - The A-share banking sector's market capitalization has surpassed 10 trillion yuan, with the China Securities Bank Index reaching a high of 7751.80 points, supported by high dividends and low valuations [3] - Over 40 banks have "disappeared" this year, with announcements of mergers and acquisitions, indicating a trend of consolidation in the banking sector [4][5] Corporate Dynamics - iYunBao completed a C-round financing, attracting Canada’s Sun Life Financial as a strategic investor, marking a significant investment in the insurance technology sector [10] - Hebei Bank's shares have faced multiple failed auctions, indicating challenges in attracting bidders despite a reported revenue increase of approximately 22% year-on-year [9] - Huayi Payment has submitted a new listing application to the Hong Kong Stock Exchange, marking its third attempt, with a reported revenue increase of 8.54% but a net profit decrease of 9.31% [11]

Report Industry Investment Rating - The rating for stock index is "oscillation" [1] Core View of the Report - The global stock market rose this week, especially the US stocks driving the significant recovery of developed markets. The Sino-US Geneva talks achieved better-than-expected progress, with a 91% reduction in reciprocal tariffs, and 24% of the tariffs suspended for 90 days. This will lead to trade restoration between the two countries in the next 90 days, and the external cycle will support the domestic economy. However, policy efforts may remain conservative, and the inflation situation is hard to strengthen. Given the current high valuation of the stock market, the potential return on investment is restricted. The short - term market is expected to maintain an oscillatory trend [2][9] Summary According to the Directory 1. One - Week View and Macro Key Event Overview - **Next Week's View**: The market is expected to wait for the return of liquidity. The short - term market will maintain an oscillatory trend due to Sino - US trade restoration, conservative policy efforts, and high stock market valuations [2][9] - **This Week's Key Event Concerns**: - On May 12th, Sino - US Geneva economic and trade negotiations made positive progress, with a 91% reduction in reciprocal tariffs. The US and China will adjust relevant tariff policies, and China will take measures to suspend or cancel non - tariff countermeasures against the US. Also, 34 cities will be selected for the third batch of enterprise digital transformation pilot projects. Japan's Prime Minister demanded the US to cancel all additional tariffs [10][11][12] - On May 13th, China's leader proposed to start five major projects with Latin American countries. The National Development and Reform Commission emphasized the importance of work - relief. The central bank's deputy governor summarized four changes in the central bank's policy framework. India plans to impose tariffs on some US products. China's central bank and Brazil's central bank signed relevant agreements [14][15][16][17][18] - On May 14th, China's leader met with leaders of Colombia and Chile, promoting bilateral cooperation. Seven departments issued policies to build a science - technology finance system. Tax data showed that the national enterprise sales revenue increased by 4.3% year - on - year in April. China's M2 growth rate was 8% and M1 was 1.5% in April [19][20][21][22] - On May 15th, China will implement a visa - free policy for five South American countries. The Supreme People's Court and the CSRC jointly issued a document to combat illegal activities in the capital market. The agricultural machinery market index in April showed a weak peak season [23][24][25] - On May 16th, the average annual salary of urban non - private employees in 2024 was 124,110 yuan, with a 2.6% increase, and that of private employees was 69,476 yuan, with a 4% increase. Public fund professionals refuted the view of market repositioning due to public fund assessment benchmarks. The Ministry of Commerce emphasized the importance of duty - free shopping for consumption [26][27][28] 2. One - Week Market Quotes Overview - **Global Stock Market Weekly Overview**: From May 12th to May 16th, the global stock market denominated in US dollars generally rose. The MSCI Global Index rose 3.97%, with developed markets (+4.08%) > emerging markets (+2.98%) > frontier markets (+1.72%). The stock index of Taiwan, China rose 5.37%, leading the world, while the Japanese stock market fell 0.48%, performing the worst globally [29] - **Chinese Stock Market Weekly Overview**: Chinese equity assets were divided into markets, with Chinese concept stocks > A - shares > Hong Kong stocks. The average daily trading volume of A - shares in the Shanghai, Shenzhen, and Beijing stock exchanges was 1266.4 billion yuan, a decrease of 87.2 billion yuan from last week. A - share indexes were differentiated, with blue - chip indexes such as the Beijing Stock Exchange 50 and the Shanghai Stock Exchange 50 rising more than 1%, while the CSI 500, CSI 1000, and STAR 50 indexes fell [32] - **Weekly Overview of GICS Primary Industries in Chinese and Foreign Stock Markets**: Most global GICS primary industries rose this week, with the information technology industry leading (+7.39%), and the healthcare industry performing poorly (-0.02%). In the Chinese market, the financial industry led the rise (+1.91%), and the information technology industry led the decline (-0.84%) [35] - **Weekly Overview of Chinese A - Share CITIC Primary Industries**: Among Chinese A - share CITIC primary industries, 21 rose (30 last week) and 9 fell (0 last week). The leading industry was the automobile industry (+2.71%), and the industry with the largest decline was the national defense and military industry (-1.61%) [36] - **Weekly Overview of Chinese A - Share Styles**: The large - cap growth style was dominant [41] - **Overview of Stock Index Futures Basis**: No specific data was summarized in the text [44] 3. Index Valuation and Earnings Forecast Overview - **Broad - Based Index Valuation**: The text provided PE and PB data for various broad - based indexes this week, at the beginning of the year, and their changes and eight - year percentile rankings [53] - **Primary Industry Valuation**: The text provided PE and PB data for various primary industries this week, at the beginning of the year, and their changes and eight - year percentile rankings [54] - **Broad - Based Index Equity Risk Premium**: The ERP of the CSI 300, CSI 500, and CSI 1000 decreased slightly this week [55][60] - **Consensus Earnings Growth Rate of Broad - Based Indexes**: The expected earnings growth rate of the CSI 300 in 2025 was adjusted down to 8.38% and up to 8.09% in 2026; that of the CSI 500 in 2025 was adjusted down to 37.38% and down to 16.00% in 2026; that of the CSI 1000 in 2025 was adjusted up to 1.55% and down to 18.76% in 2026 [61] 4. Liquidity and Capital Flow Tracking - **Interest Rates and Exchange Rates**: This week, the yield of the 10 - year Treasury bond and the 1 - year Treasury bond rose, and the spread widened. The US dollar index was 100, and the offshore RMB exchange rate was 7.20 [68] - **Trading - Type Capital Tracking**: This week, the average daily trading volume of northbound funds decreased by 13.3 billion yuan compared with last week, and the margin trading balance increased by 4.3 billion yuan [71] - **Capital Inflow Tracking through ETFs**: There were 28 on - site ETFs tracking the CSI 300, 27 tracking the CSI 500, 15 tracking the CSI 1000, and 29 tracking the CSI A500. The share of ETFs tracking the CSI 300 decreased by 1.6 billion shares, that of the CSI 500 decreased by 200 million shares, that of the CSI 1000 decreased by 700 million shares, and that of the CSI A500 decreased by 4.3 billion shares [73][74][78] 5. Tracking of Domestic Macro High - Frequency Data - **Supply Side**: The tire operating rate rebounded rapidly [80] - **Consumption Side**: The number of second - hand housing listings decreased, and international oil prices slightly recovered [90] - **Inflation Observation**: Agricultural product prices reached a new low this year [101]

5月15日，国务院国资委全面深化改革领导小组召开2025年第一次全体会议。 2025年是国企改革深化提升行动收官之年，会议指出要确保高质量完成国企改革深化提升行动，并重点部署 了"两非""两资"处置和亏损企业治理、大力提升自主创新能力、加强出资人监督和各类监督贯通协同等工作。 会议还强调要高起点谋划好下一步深化国资国企改革工作。 国企改革深化提升行动取得积极进展 会议认为，2023年以来，国务院国资委认真贯彻落实党中央、国务院决策部署，会同有关部门，推动地方、各 中央企业深入实施国企改革深化提升行动取得积极进展。 将资源更好地集中到主责主业、发展战略性新兴产业 截至2024年底，各地、各中央企业深化提升行动主体任务平均完成率超过70%。2025年是国企改革深化提升行 动收官之年。 会议指出，要加强组织推动，锚定目标不放松，补短板强弱项，强化动态跟踪、督促指导，对照行动方案和工 作台账逐条逐项梳理，确保高质量完成国企改革深化提升行动。 会议"点题"了若干重点任务。其中提到，要进一步抓好"两非""两资"处置和亏损企业治理，将资源更好地集中 到主责主业、发展战略性新兴产业上来，形成主业更突出、核心竞争力更强的业务布 ...

日前，科技部、中国人民银行、金融监管总局等七部门联合发布的《加快构建科技金融体制有力支撑高 水平科技自立自强的若干政策举措》（以下简称《政策举措》）强调，发挥资本市场支持科技创新的关 键枢纽作用。 近年来，科技创新战略地位凸显，科技金融发挥着关键支撑作用。作为金融"五篇大文章"首篇，科技金 融蓬勃发展，直接融资、间接融资协同发力，促进科技创新发展。作为直接融资的主要场所，资本市场 有效发挥融资、资源配置、价格发现等功能，为科技领域发展提供了长期稳定资金支持，加速科技创新 步伐。 在笔者看来，《政策举措》明确了资本市场在支持科技创新方面的"关键枢纽"作用，引导股票市场、债 券市场联动发力，将进一步畅通"科技—产业—金融"良性循环，激发科技创新活力。 首先，股债联动发力，将优化科技型企业多层次融资体系，满足其全生命周期资金需求。 科技型企业具有投入资金大、研发周期长、风险高等特点，单一融资渠道难以覆盖其全生命周期的资金 需求，亟须股债联动发力。在股票市场方面，《政策举措》主要聚焦科技型企业早中期的股权融资需 求，围绕此类企业上市融资作出系统性安排，支持取得关键核心技术突破的优质未盈利科技型企业上市 融资；在债券市 ...

金十数据5月15日讯，央行等四部门联合召开科技金融工作交流推进会。会议强调，金融管理部门、科 技部门和金融机构要深入贯彻党中央、国务院决策部署，落实落细构建科技金融体制的各项政策举措， 探索构建同科技创新相适应的体制机制，全方位支持科技创新，大力投早、投小、投长期、投硬科技。 相关链接 央行等四部门：全方位支持科技创新，大力投早、投小、投长期、投硬科技 ...