Core Insights - Beijing is actively developing its technology industry, particularly in the field of artificial intelligence, with financial institutions targeting opportunities in this sector [1][2] - Financial institutions are shifting their evaluation criteria from traditional collateral and sales revenue to a comprehensive assessment of a company's sustainable development potential, focusing on research achievements and future growth [1][2] Group 1: Financial Services and Innovations - Multiple banks introduced innovative financial products such as "bottleneck" special loans and talent loans during the AI financing exchange event, aimed at addressing the unique needs of different enterprises [2][3] - The average daily usage frequency of leading AI models reached 746 million, with a registered user base of 1.439 billion, indicating a robust demand for AI services [2] Group 2: Policy and Support Mechanisms - The People's Bank of China, Beijing Branch, is enhancing the policy framework and assessment mechanisms to support technological empowerment and innovation, launching a suite of financial products tailored for the tech sector [3] - The establishment of AI service stations aims to alleviate challenges faced by AI companies, especially SMEs, in areas such as policy access, funding, computing power, talent acquisition, and partnership development [3]

Core Viewpoint - The event "Moli AI Lecture Hall" held in Beijing aims to enhance financing connections between AI enterprises and financial institutions, promoting the development of the AI industry in the region [1][6]. Group 1: AI Industry Development - Beijing's efforts in high-quality development of the AI sector include the registration of 205 large models and 147 AI products, with a user base of 1.439 billion for leading models [2][7]. - The average daily usage frequency of these models is 746 million, maintaining the top position in model registration and industrial application scale nationwide [2][7]. - The city aims to become a globally influential hub for AI innovation and industry, contributing to national technological competitiveness [2][7]. Group 2: Financial Policy and Support - The People's Bank of China Beijing Branch is implementing supportive monetary policies to optimize financial resource allocation and enhance service quality for the tech sector [3][8]. - A comprehensive financial policy framework has been established, including a "technology finance" and "green finance" product supermarket to support tech enterprises [3][8]. Group 3: Service Stations and Resource Integration - The establishment of two large model ecological service stations in Haidian and Mentougou aims to address challenges faced by AI companies, particularly SMEs, in accessing policies, funding, and resources [4][9]. - The "Moli AI Lecture Hall" initiative has conducted 21 events, reaching over 1,200 companies and 12,000 participants, facilitating easier business operations in Beijing [4][9]. Group 4: Banking Support for AI Enterprises - Major banks, including the National Development Bank and several commercial banks, are introducing tailored financial products to address the financing challenges faced by AI companies [5][10]. - These banks are establishing regular communication channels with enterprises to broaden financing options and reduce costs, enabling tech companies to focus on development [5][10].

Core Viewpoint - The transition to a green and low-carbon economy is an irreversible trend, necessitating significant investment and policy guidance from developed countries, while China aims to leverage ecological innovation to achieve its "dual carbon" goals and establish a new development advantage [1] Group 1: Current State of Green Finance in China - China has established the world's largest green finance system, providing a crucial foundation for supporting ecological innovation [2] - The green loan balance reached 36.6 trillion yuan by the end of 2024, making China the leader globally, with growth rates significantly surpassing average loan growth [2] - The green finance market is thriving, offering diverse financing options such as equity and bonds for technology companies at various stages [2] Group 2: Government Initiatives and Market Dynamics - Government-led platforms like the National Green Development Fund support key technology projects through equity investments, effectively addressing market failures [3] - Despite notable achievements, there are still shortcomings in financial resource allocation, particularly in supporting early-stage technology development compared to developed countries [3] Group 3: Challenges in Financial Support - There is a mismatch between risk and return, with banks favoring established projects over early-stage innovations, leading to financing difficulties for light-asset tech companies [3] - The structure of financing terms is imbalanced, with green bonds typically having shorter maturities that do not align with long R&D cycles [4] Group 4: Professional Capacity and Policy Coordination - Financial institutions in China are still developing their professional assessment capabilities, which hinders effective investment in ecological technologies [4] - Existing policies lack targeted support for early-stage R&D and concept validation projects, and the effectiveness of market mechanisms like carbon markets remains limited [4] Group 5: Recommendations for Improvement - A new financial support framework for ecological innovation should be established, emphasizing a dual-driven approach of policy and market collaboration [5] - Financial products and services need innovation to shift from risk aversion to effective risk management, including the development of specialized funds and new financing tools [6] - Professional capacity building is essential, with a focus on creating specialized departments within financial institutions and establishing standardized technology assessment systems [7] - A supportive ecosystem for innovation should be cultivated, including tax incentives for early-stage investments and enhanced fiscal support for foundational research [7]

编者按 为学习宣传贯彻党的二十届四中全会精神，中国证券报联合中国证券业协会推出"夯实文化软实力 积极 履责显担当"系列专题报道，旨在通过分享证券公司在加强文化建设以及服务经济、社会、环境和谐发 展方面的典型案例与先进经验，体现证券公司近年来在培育中国特色金融文化、践行行业文化理念、履 行社会责任的积极成效，共同推动证券行业高质量发展。本篇为系列报道第三十七篇。 近年来，作为金融强国战略的积极践行者，西南证券（600369）以重庆为根据地，以科技金融和绿色金 融为重要驱动力，持续锻造专业投资能力，在做好金融"五篇大文章"等工作上持续推进。 西南证券党委副书记、总经理杨雨松日前在接受中国证券报记者专访时表示，西南证券已制定三年工作 方案，通过专项工作机制与市场化激励"组合拳"，积极开展科技金融服务，赋能先进制造业与科技创 新；积极发展绿色金融，助力"双碳"目标实现与区域绿色发展；深入开展普惠金融，助力共享高质量发 展成果；加快开展养老金融，助力提升养老服务质量；创新开展数字金融，助力提高服务效能。 顶层设计构建服务新格局 杨雨松表示，为落实金融"五篇大文章"、服务重庆高质量发展，西南证券制定了《西南证券股份有限公 ...

Core Viewpoint - The "14th Five-Year Plan" period has laid a solid foundation for the high-quality development of China's capital market in the upcoming "15th Five-Year Plan" period, emphasizing the importance of reform and innovation in driving the market forward [1][6]. Group 1: Event Overview - The "2025 Securities Market Annual Conference" will be held on December 26, 2025, in Beijing, focusing on the theme "Reform and Innovation: A New Start for the Capital Market" [1][6]. - Over 30 guests, including industry association leaders, economists, and executives from listed companies and financial institutions, will participate in discussions, with more than 400 industry representatives attending [1][6]. Group 2: Economic Context - In 2025, China’s economy is expected to maintain a stable and progressive development trend despite external pressures and internal challenges, laying a solid foundation for the "15th Five-Year Plan" [2][6]. - The capital market has adopted a "seeking progress while maintaining stability" approach, achieving significant progress in deep reforms and systematic innovations [2][7]. Group 3: Key Topics of Discussion - The conference will focus on critical issues related to deepening capital market reforms and mechanism innovations, including policy interpretation, market trends, sci-tech finance, green finance, and digital transformation [2][7]. - A keynote speech will be delivered by prominent figures, including members of the National Committee of the Chinese People's Political Consultative Conference and leaders from various financial institutions [3][8]. Group 4: Specialized Forums - Two specialized forums will be held: one on "Wealth Preservation and Appreciation in the Era of Large Asset Management," and another on "Technological Innovation Reshaping New Ecosystems for Enterprises" [4][9]. - The forums will address investment opportunities in the context of asset value reassessment and the role of technology in driving industrial development [4][9]. Group 5: Future Outlook - The capital market is at a historical juncture, transitioning from the "14th Five-Year Plan" to a more ambitious "15th Five-Year Plan," with reform and innovation as core drivers for sustainable growth [4][9]. - The Securities Daily will continue to play a significant role in supporting the high-quality development of the capital market and the broader Chinese economy [4][9].

Group 1 - Climate risk is increasingly recognized as a critical factor for financial stability, prompting financial institutions to enhance their risk identification, measurement, management, and pricing capabilities to ensure robust operations and fulfill social responsibilities [1][2] - The Netherlands Central Bank and the Bank of England have initiated significant measures, such as simulating asset value changes under different carbon pricing paths and conducting climate-related stress tests, to assess the long-term impacts of climate change on financial stability [1][2] - The Network for Greening the Financial System (NGFS), initiated by multiple central banks including the People's Bank of China, serves as a core international platform to integrate climate risk into financial regulatory frameworks, providing climate scenario models and risk assessment methodologies [1][2] Group 2 - China has prioritized the relationship between climate change and financial stability, with policies like the "Meteorological High-Quality Development Outline (2022-2035)" promoting the inclusion of climate risk in macro-prudential management and the establishment of climate risk stress testing systems [2][3] - Banks are innovating climate-friendly financial products, while insurance companies are collaborating with meteorological departments to develop products like meteorological index insurance and catastrophe bonds, enhancing risk reduction services related to weather disasters [2][3] Group 3 - Reinsurance plays a crucial role in managing climate risk by enhancing the underwriting capacity of the insurance industry and preventing systemic risks from major disasters [3][4] - Future efforts in reinsurance should focus on industry collaboration, standard-setting, and improving resilience within the financial system through partnerships with academic institutions, meteorological agencies, and emergency management departments [3][4] Group 4 - Climate risk management must be integrated into the overall financial governance framework, emphasizing a systemic approach and enhancing the resilience of the financial system against climate-related shocks [4] - Financial institutions are encouraged to strengthen their capabilities in climate risk identification, assessment, and monitoring, while optimizing asset allocation and risk mitigation strategies to maintain stability amid climate changes [4]

Core Viewpoint - Southwest Securities is actively implementing its financial strategy with a focus on technology finance and green finance, aiming to enhance its professional investment capabilities and support high-quality development in Chongqing [1][6]. Group 1: Strategic Initiatives - The company has developed a three-year work plan to promote technology finance services, green finance, inclusive finance, pension finance, and digital finance [1][6]. - A dedicated task force has been established to accelerate the development of a first-class investment bank and investment institution, led by the chairman and general manager [2][6]. - The company has implemented a special incentive plan to support strategic projects, particularly in technology finance, with a focus on innovation and market-driven initiatives [2][3]. Group 2: Technology Finance - Southwest Securities has provided financing services to technology enterprises, with a total investment scale of approximately 10 billion yuan through various means, including the issuance of technology innovation bonds [3][4]. - The company has facilitated significant mergers and acquisitions, with over 5 billion yuan in transaction amounts in Chongqing, supporting the transformation of listed companies [3][4]. - The subsidiary has focused on strategic emerging industries, investing 230 million yuan in technology enterprises in 2023, and has successfully helped 12 companies go public on the Science and Technology Innovation Board [3][4]. Group 3: Green Finance - The company has actively developed green finance to support the "dual carbon" goals, having underwritten three green bonds totaling 1.2 billion yuan [5][6]. - Southwest Securities has launched over 120 green financial products in 2023, focusing on low-carbon and renewable energy themes [5][6]. - The company has obtained qualifications for carbon emission trading and completed its first carbon quota purchase transaction in the first half of 2025 [5][6]. Group 4: Future Outlook - The company aims to integrate the financial "five major articles" into its 14th Five-Year Plan, enhancing top-level design and guidance [6][7]. - Southwest Securities plans to establish a sustainable service system and business model, focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance [6][7]. - The company is committed to fostering an environment that encourages innovation and tolerates failure, aiming to attract resources to key sectors such as technology innovation and green development [6][7].

□泰康基金管理有限公司总经理 金志刚 "十五五"规划建议提出"加快建设金融强国"。作为连接超8亿投资者与实体经济的重要枢纽，截至2025 年11月末，公募基金行业规模已近37万亿元，正从"规模扩张"向"质量跃升"的深层次转型迈进。 在这一时代浪潮中，泰康基金依托保险资金长期管理经验与泰康保险集团"保险、资管、医养"生态优 势，将长期主义理念融入战略布局，在服务金融强国建设与中国式现代化的征程中，探索专业资本服务 国家战略的实现路径。 锚定"五篇大文章"： 以专业资本赋能实体经济转型 "十五五"规划建议提出"大力发展科技金融、绿色金融、普惠金融、养老金融、数字金融"。对于基金行 业而言，这一要求的核心落点在于推动资本转向长期赋能，成为实体经济转型升级的核心助推器。从行 业实践看，越来越多机构将资金精准导入科技创新、绿色低碳、养老保障等国家战略领域，形成"资本 与产业同频、收益与价值共生"的良性循环。 在科技创新领域，硬科技企业的核心价值与公募基金依托专业投研、聚焦长期收益、服务国家战略的投 资定位高度契合。当前多家机构通过强化产业深度研究、设立主题投资产品，以资本陪伴助力企业突 破"卡脖子"技术瓶颈。 在绿色金 ...

Group 1 - The core theme of the "2025 Securities Market Annual Conference" is "Reform and Innovation: A New Start for the Capital Market," focusing on exploring new paths for capital market reform and development [1][2] - The conference will feature over 30 speakers, including industry association leaders, economists, and executives from listed companies and financial institutions, with more than 400 industry representatives in attendance [1][3] - High-quality development is emphasized as a primary task for building a modern socialist country, with the capital market's development being essential for adapting to China's economic and social high-quality growth [1][2] Group 2 - The year 2025 marks the end of the "14th Five-Year Plan," during which China's economy has maintained a stable and progressive development amidst external pressures and internal challenges [2] - The capital market has adhered to the principle of "seeking progress while maintaining stability," achieving significant advancements in systemic reforms and innovations, enhancing market efficiency and resilience [2] - The conference will address key topics such as policy interpretation, market trends, sci-tech finance, green finance, and digital transformation [2][4] Group 3 - The morning session will include keynote speeches from prominent figures, discussing topics like capital market reform policies, technological innovation, and sustainable development opportunities [3][4] - Two specialized forums will be held in the afternoon, focusing on wealth preservation and appreciation in the era of large asset management, and the impact of technological innovation on corporate ecosystems [4] - The Securities Daily emphasizes the importance of "reform" and "innovation" as core drivers for the capital market's sustainable development, marking a new historical starting point [4]

Core Viewpoint - In 2025, China's financial market is expected to navigate a unique rhythm amidst internal and external changes, with monetary policy maintaining a "moderately loose" tone and a series of financial policies aimed at stimulating consumption and optimizing financial supply [1] Group 1: Financial Policies and Economic Environment - The financial policies in 2025 will focus on promoting consumption through a combination of financial support, scene integration, and subsidies to activate consumer demand [1] - The "Five Major Articles" in finance will systematically advance measures to enhance economic circulation, stimulate domestic demand, and optimize financial supply [1] - The core contradiction affecting consumer spending is the challenge of disposable income, which needs to be addressed for sustainable long-term growth in consumption [1][7] Group 2: Service Consumption as a Core Focus - Service consumption should be prioritized as it has greater potential for growth compared to goods consumption, with a notable expansion in the service consumption market over the past two years [5] - The structure of service consumption includes basic, developmental, and enjoyment types, with a need to enhance the share of cultural, entertainment, and financial services [5] - Future policies should target the pain points in promoting service consumption, such as increasing disposable income, improving consumption capacity, and optimizing product quality and pricing [6] Group 3: Digital Finance and Innovation - Digital finance is identified as the main thread in the "Five Major Articles," focusing on financial digital transformation to achieve high-quality development [2][10] - The integration of digital finance with other financial areas is crucial for innovation, with an emphasis on supporting small and micro enterprises [10] - The development of a supportive environment for digital finance, including credit services and risk management, is essential for the success of the "Five Major Articles" [10][11] Group 4: Support for Small and Medium Banks - Small and medium banks face multiple constraints in digital transformation, necessitating support from regulatory bodies and industry associations [12] - Key measures include differentiated regulatory support, building open ecosystems, and optimizing local financial technology environments to facilitate digital transformation [12][13] Group 5: Data as an Asset - The upgrade of data elements to asset status presents a significant opportunity, allowing for innovative financing solutions based on data assets [16] - Data can enhance credit evaluation and risk management in technology finance, addressing challenges faced by light-asset enterprises [16] Group 6: Cross-Border Payment Systems - The need for interconnected cross-border payment systems is urgent, driven by the challenges of high costs and low efficiency in current global payment networks [17][18] - New technologies and standards are essential for transforming the cross-border payment landscape, with a focus on creating a new ecosystem that accommodates emerging payment models [17][18]