| 银行：超配（维持） | | --- | | 证券：标配（维持） | 2025 年 6 月 13 日 分析师：吴晓彤 SAC 执业证书编号： S0340524070001 电话：0769-22119302 邮箱： wuxiaotong@dgzq.com.cn 金融指数走势 金融行业双周报（2025/5/30-2025/6/12） 保险：超配（维持） 银行板块持续活跃，年内南银转债等多只银行可转债触发强赎 资料来源：东莞证券研究所，iFind 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 请务必阅读末页声明。 投资要点： ◼ 证券：今年以来，证券板块整体呈现震荡调整态势，表现弱于 大盘，目前板块PB为1.40，估值处于近5年45.96%分位点。短期来看，目 前中美谈判处于真空期，政策催化不足，市场主线尚未明晰，整个大盘 缺少向上突破的驱动力。展望下半年，从外围扰动看，若后续美国关税 政策进一步缓和，有望提振全球风险偏好，为券商自营业务创造更稳定 的外部环境；政策层面，资本市场改革持续深化。政府工作报告明确提 ...

Group 1 - The "Two Zones" construction marks an important milestone in the development of Beijing's service industry, with significant achievements in opening up the sector over the past five years [1] - Beijing has made efforts to enhance its financial sector's openness, resulting in the establishment of approximately 200 foreign and domestic financial institutions, including the first foreign-owned securities firm and futures company in China [2] - The city has implemented a series of nearly 100 policies and a three-year action plan to promote deep integration between finance and the real economy, with a focus on technology finance and green industries [3] Group 2 - Since the initiation of the "Two Zones" construction, Beijing has established a unified project reserve database, with 35,000 projects registered and 23,000 projects implemented, involving a total investment of 4.5 trillion yuan, including over 2,600 foreign-funded projects [4] - In 2024, the projects from the "Two Zones" are expected to contribute 12.5% of the city's total fixed asset investment and 63.8% of the actual foreign investment, playing a crucial role in economic development [4] - The scale of foreign-related income and expenditure in Beijing has increased by 67.4% compared to 2020, reaching 2.4 trillion USD, accounting for 16.9% of the national total [4] Group 3 - Beijing's foreign trade has seen significant growth, with the total trade volume increasing from 2.32 trillion yuan in 2020 to 3.61 trillion yuan in 2024, reflecting a leap in trade activity [5] - The city has introduced over 20 innovative policies to boost foreign trade, and measures to enhance inbound tourism and consumption have been implemented, resulting in a 22.8% increase in inbound and outbound travelers [5] - The total amount of tax refund applications for outbound travelers has increased by 91.6% in the first five months of the year, indicating a growing potential for inbound tourism consumption [5]

Core Viewpoint - The recent leadership changes at Minsheng Bank, particularly the appointment of Chen Dapeng as the new head of the Shenzhen branch, signal a strategic shift towards enhancing technology-driven financial services to support the growth of innovative enterprises in Shenzhen [1][3]. Group 1: Leadership Changes - Minsheng Bank has undergone significant personnel adjustments in its headquarters and various branches, including the credit card center and transaction banking department [1]. - Chen Dapeng, previously the president of the credit card center, is expected to take over as the head of the Shenzhen branch, emphasizing the importance of technology finance tailored to local characteristics [1][3]. Group 2: Financial Performance - As of the end of September 2024, the Shenzhen branch's total assets amounted to 320.6 billion yuan, with deposits of 309 billion yuan and loans of 249.7 billion yuan, ranking it among the top branches of the bank [3]. - For the first quarter of 2025, Minsheng Bank reported an operating income of 36.813 billion yuan, a year-on-year increase of 7.41%, while net profit attributable to shareholders was 12.742 billion yuan, a decrease of 5.13% [3]. Group 3: Credit Card Business Insights - Chen Dapeng advocates for "scenario-based installment services" to tap into new market opportunities, highlighting the role of credit card installments in improving consumer spending and quality of life [2]. - The credit card market has become increasingly competitive, with rising overdue issues leading to a decline in asset quality for financial institutions. As of the end of 2024, the total overdue credit card loans reached 123.964 billion yuan, a year-on-year increase of 26.31% [2].

Group 1 - The central financial work conference emphasizes the importance of technology finance as a key element in promoting high-quality financial development and outlines five major areas of focus, including technology finance, green finance, inclusive finance, pension finance, and digital finance [1][2]. - Guojin Securities is actively implementing actions to align with the "five major articles," focusing on integrating AI with wealth management and services, and aims to create an "AI-friendly organization" to enhance its commitment to technological innovation [1][4]. - The company has developed a comprehensive service model that includes investment diagnosis, strategy generation, trading signal tracking, and post-investment support, utilizing over 300 quantitative strategies and dynamic risk control mechanisms [2][3]. Group 2 - Guojin Securities is committed to digital transformation in wealth management, aiming to provide more convenient services, smarter trading, and comprehensive investment education to enhance customer experience and service efficiency [2][4]. - The company is leveraging AI technology to improve its investment advisory services, enhancing customer engagement and satisfaction through personalized asset allocation solutions [3][4]. - Guojin Securities is pioneering the construction of an AI research and investment system, achieving breakthroughs in data processing efficiency and alternative factor exploration, thereby creating a path for intelligent transformation in the industry [4][5].

Group 1 - Postal Savings Bank of China in Hezhou City is committed to serving "three rural issues," urban residents, and small and micro enterprises, implementing various measures to direct financial resources towards the real economy, supporting the growth of small and micro enterprises [1] - Since October 15, 2024, the bank has visited over 1,500 small and micro enterprises and individual businesses, with a total loan amount of 526 million yuan, demonstrating its financial responsibility [1] - The bank has established a technology finance leadership group and specialized working groups to enhance financial support for technology innovation enterprises, offering diverse collateral options and innovative financial products like "Tech Innovation Loan" and "Tech Innovation e-Loan" [1] Group 2 - Hezhou Wquan New Materials Co., Ltd., a provincial-level specialized and innovative enterprise, faced a shortage of working capital while expanding production, leading the bank to provide a combined credit solution of 30 million yuan [2] - The bank has supported 39 technology innovation enterprises, with a loan balance of 598 million yuan, significantly promoting innovation development in the sector [2] - A recent financing symposium was held to deepen cooperation among government, banks, and enterprises, resulting in a strategic cooperation agreement to provide tailored financial services for park enterprises [2][3] Group 3 - During the symposium, the bank engaged in direct communication with over 10 enterprises to understand their development status and financing needs, leading to preliminary financing cooperation intentions totaling 10 million yuan [3] - The bank plans to continue enhancing cooperation among government, banks, and enterprises, ensuring timely and efficient financial services for small and micro enterprises to contribute to high-quality local economic development [3]

科技金融加速发展，股权投资助力高水平科技自立自强 2025-06-13 科技金融加速发展，股权投资助力高水平科技自立自 强 原创 来觅研究院 RimeData 来觅数据 撰稿 梁秋兰 2025-06-13 导读：2025 年 3 月，国务院办公厅发布《关于做好金融"五篇大文章"的指导意见》，明确提出到 2027 年，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"取得显著成效。其中，科技金 融作为金融"五篇大文章"之首，是推动科技创新、培育新质生产力的关键支撑。当前我国正加速构建与 高水平科技自立自强相适应的金融体系，通过完善资本市场功能、创新金融工具等方式，引导更多资源投 向科技创新领域。科技金融经历了哪些发展阶段？银行业与股权投资如何助力科技金融？未来如何发展？ 本文尝试分析和探讨。 科技金融演进历程 科技金融是金融"五篇大文章"之首，主要内容是统筹运用股权、债权、保险等手段为科技型企业提供全 链条、全生命周期金融服务，加强对国家重大科技任务和科技型中小企业的金融支持，并着力投早、投 小、投长期、投硬科技，助力实现高水平科技自立自强和建设科技强国。在全球科技竞争日益激烈的背景 下，加快构建与 ...

Core Viewpoint - The article emphasizes the importance of transforming technological innovations into practical productivity through effective financial support and collaboration within the industry, particularly focusing on the Wuhan East Lake High-tech Zone, known as China's "Optics Valley" [1][3]. Group 1: Technological Innovation and Financial Support - The East Lake High-tech Zone is a hub for technological innovation, attracting significant attention from research teams and investors [1][3]. - Zhang Jingyu's research team at Huazhong University of Science and Technology has developed a groundbreaking technology for "massive information low-cost ultra-long-life glass multi-dimensional storage," which has garnered recognition and financial support [5][7]. - The "transfer of shares" mechanism is an innovative investment model that converts initial research funding into equity for future market financing, successfully aiding multiple tech teams in their transition from research to commercialization [7]. Group 2: Entrepreneurial Environment and Growth - Despite not having absolute advantages in industrial support, the East Lake High-tech Zone continues to attract numerous entrepreneurs due to its conducive environment for innovation [8][12]. - The area has nurtured a total of 158,000 innovative enterprises, including 5,821 high-tech companies and 549 gazelle enterprises, showcasing its robust entrepreneurial ecosystem [12]. Group 3: Financial Initiatives and Solutions - In June, the East Lake High-tech Zone launched a "partner program" for tech finance, selecting 400 startup tech companies to form a "seed enterprise database," ensuring 100% credit application response from financial institutions [14]. - The program aims to provide no less than 600 million yuan in annual credit financing, supported by a 30 million yuan risk compensation fund to alleviate banks' lending concerns [14].

Core Viewpoint - The shift from horizontal to vertical development in industrial parks emphasizes the integration of industrial chain support and public infrastructure, facilitating high-quality development for banks and technology enterprises [1] Group 1: Company Insights - Aosong Electronics, a sensor manufacturing company, faced significant challenges including high investment costs, long R&D cycles, and a shortage of skilled personnel, particularly during a difficult period in 2015 [2] - Despite these challenges, Aosong Electronics successfully developed key technologies and built a capable team, leading to a turning point in its growth [2] - With the support of Industrial Bank, Aosong Electronics received a mortgage loan of 27.3 million yuan in 2017, marking the beginning of an 8-year partnership that expanded to a credit limit of 60 million yuan [2] Group 2: Financial Innovation - Industrial Bank has developed a technology flow credit evaluation system to support technology-intensive enterprises that lack traditional collateral, thus opening new financing channels for light-asset, heavy-R&D companies [4] - The bank's innovative financial services have resulted in a loan balance of 552.1 billion yuan for technology finance in industrial parks, accounting for 38% of park loans, with 60% of new loans in 2024 being technology finance [4][5] - The bank has served over 127,000 technology enterprises in parks, an increase of 22,800 from the previous year, demonstrating its commitment to fostering innovation ecosystems [4] Group 3: Industry Trends - The trend of industrial parks moving towards vertical development enhances the integration of industrial chains and public infrastructure, which is crucial for banks to connect upstream and downstream industries [1][5] - In Guangzhou High-tech Zone, the "park empowering technology" model has shown significant vitality, with Industrial Bank supporting nearly 800 technology enterprises and achieving a financing balance exceeding 4 billion yuan [5] - The bank utilizes big data analysis to tailor financial solutions for each enterprise, thereby meeting their financing needs while promoting innovation breakthroughs [5]

武汉惟景三维科技有限公司自动化三维测量检测技术应用于汽车产业链 当前，我国统筹推进银行信贷、债券发行、股权投资、科技保险等多元金融工具发展，为科技企业提供 全生命周期、全链条的金融服务，赋能科技创新。即日起，本报推出"科技金融多元赋能进行时"系列调 研，聚焦"股贷债保"支持新质生产力发展的生动实践，展现科技金融落地的最新进展。 在位于浙江余姚的宁波劳仕塑业科技有限公司，机器人在模具数字智能化工厂加工模具零件。 新华社 图 开栏语 ◎记者 韩宋辉 今年5月底，一家量子科技企业获得金融资产投资公司（AIC）超亿元股权投资基金支持；2月，武汉一 家科学家创业企业拿到创投机构数千万元融资；去年12月，北京一家大模型企业拿到3000万元A轮融 资……这些科技企业饱饮资金"活水"的背后，是各类资本正通过长期股权投资，"耐心"赋能科技创新蓬 勃发展。 长期股权投资在支持科技创新上发挥着不可替代的作用。科技部等七部门近期联合发布《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》（下称《举措》），要求通过AIC股权投资试 点、发展私募股权二级市场基金（S基金）等方式，引导长期资本、耐心资本和优质资本支持科技创 ...

Core Insights - Beijing's financial sector has shown significant growth and development over the past five years, with key indicators such as the number of financial institutions, personnel, total assets, insurance density, and depth ranking first in the country [1][2] Group 1: Financial Sector Performance - In 2024, Beijing's financial industry achieved a value-added of 815.42 billion yuan, a year-on-year increase of 7.6%, surpassing the national growth rate by 2 percentage points, marking the highest growth in five years [1] - The financial sector grew by 8% in the first quarter of this year, contributing 17.9% to the city's GDP and driving economic growth by 1.4 percentage points [1] Group 2: Policy Initiatives and Achievements - Since the "Two Zones" initiative, approximately 200 domestic and foreign financial institutions have established operations in Beijing, including the first foreign wholly-owned insurance asset management company and the first foreign-owned securities firm [1][2] - In 2024, Beijing released nearly 100 policy measures and a three-year action plan to promote deep integration of finance and the real economy [2] Group 3: Innovations and Firsts - Beijing has established several firsts in the financial sector, such as the first public REITs in the public rental housing sector and the first integrated currency pool pilot for multinational companies [3][4][5] - The city has also pioneered a trust property registration mechanism, addressing long-standing issues in the industry [6] Group 4: Future Directions - The financial sector aims to continue supporting the construction of a national financial management center and enhance the business environment while maintaining systemic risk control [7]