Core Viewpoint - The establishment of Hainan Free Trade Port has entered a new phase of comprehensive deepening of reform and opening up, with Guangfa Bank playing a significant role in supporting its development [1] Group 1: Financial Services System - Guangfa Bank has accelerated its efforts to introduce financial resources into Hainan, leveraging its comprehensive financial advantages as a member of China Life [2] - The bank issued a comprehensive financial service plan in 2021 to support the construction of Hainan Free Trade Port, focusing on key areas such as digital development, cross-border trade, and optimizing the business environment [2] Group 2: Financial Service Quality - Guangfa Bank has enhanced its financial services to support Hainan's regional development, demonstrating a commitment to the construction of Hainan Free Trade Port [3] Group 3: Technological and Green Finance - The Haikou branch has increased credit support for technology enterprises and strategic emerging industries, issuing loans totaling 1.58 billion yuan to tech companies [4] - The branch has also issued 78.1 million yuan in green bonds and implemented a "priority review" mechanism for green credit, achieving a 13.2% increase in green credit balance by May 2025 [4] Group 4: Social Responsibility - Guangfa Bank has supported over 5,600 households in housing projects with more than 2.2 billion yuan in credit, demonstrating its commitment to social welfare [5] - The bank has also established a special fund for hearing-impaired children and has been recognized as an advanced collective in national disability work [5] Group 5: Future Outlook - As Hainan Free Trade Port approaches a critical phase of operation, Guangfa Bank aims to integrate its "finance for the people" philosophy into its actions, contributing to the development of Hainan [6]

"从0到1" 聚力打造创新策源地 夜幕垂落江城，光谷广场的"星河"雕塑以流线型钢骨织就科技"银河"，环形穹顶如海浪翻腾，最高处的 拱顶遥指黄鹤楼方向。霓虹流转间，将楚天文脉与现代科技融成一幅流畅的光影长卷。不远处，一座形 似"马蹄莲"的建筑拔地而起，姿态优美仿若凌空摇曳的花朵，其作为目前国内最大绿色仿生建筑， 以"科技之花"的意象传递着创新力量茁壮成长的美好寓意。 这些充满科技美学的地标，正是"中国光谷"创新精神的生动写照。作为我国首根光纤诞生地，武汉东湖 高新（600133）区已形成以"国家实验室+大科学装置+全国重点实验室"为支撑的创新体系。2024年， 该区光电子信息产业规模突破6000亿元，正加速建设"世界光谷"创新策源地。 在这片生机勃勃的创新沃土上，科技创新与产业创新的深度融合正加速铺开、成效涌现。这不仅是湖北 省由要素驱动向创新驱动跨越的关键一跃，更是深入践行习近平总书记"把科技自立自强作为国家发展 的战略支撑"重要论断的生动实践。 2024年11月，习近平总书记再次考察湖北武汉时，对科技创新作出重要指示、寄予深切期望——主动融 入全国创新链，努力打造具有全国影响力的科技创新高地，更好发挥科技创 ...

Core Viewpoint - The recent joint policy initiative by multiple government departments aims to accelerate the development of a technology finance system to support high-level technological self-reliance and innovation in China [1] Group 1: Policy Initiatives - The policy encourages financial institutions to increase support for technological innovation and to adjust internal loan mechanisms based on the characteristics of project financing in the technology sector [1] - It emphasizes the importance of a collaborative approach among financial regulators, technology departments, and banks to enhance the integration of technology and finance [3] Group 2: Financial Products and Innovations - Shouguang Rural Commercial Bank has developed a "Technology Innovation Points Loan" product, quantifying innovation metrics to provide a loan of 9 million yuan at a reduced interest rate of 3.41% [1] - China CITIC Bank has implemented a "Credit Card Approval Model" for technology enterprises, allowing for credit limits up to 30 million yuan, with a maximum term of one year [2] - Everbright Bank has launched the "Technology E-Loan" product, utilizing big data models to assess credit limits for technology companies through an entirely online process [2] Group 3: Risk Management and Support - The policy encourages the establishment of risk-sharing mechanisms to enhance the risk mitigation capabilities of banks, such as collaboration between banks and local technology departments to cover loan losses [7] - The integration of insurance products with banking services is being promoted to create a multi-layered financial risk protection system for technology enterprises [7] Group 4: Tailored Financial Services - Financial institutions are advised to provide comprehensive, multi-faceted financial services tailored to the unique needs of technology enterprises, enhancing their access to credit [5] - Postal Savings Bank has initiated a specialized financial division to better serve technology companies, establishing a structured approach to client engagement [5]

研究早观点 2025 年 6 月 11 日 星期三 市场走势 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】非银行金融：行业周报（20250602-20250608）：-券商回 购释放信心，行业估值仍处低位 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,384.82 | -0.44 | | 深证成指 | | 10,162.18 | -0.86 | | 沪深 | 300 | 3,865.47 | -0.51 | | 中小板指 | | 6,358.48 | -0.63 | | 创业板指 | | 2,037.27 | -1.17 | | 科创 | 50 | 982.90 | -1.47 | 资料来源：最闻 【行业评论】化学原料：新材料周报（250603-0606）-发改委印发《意 见》鼓励绿电使用，陶氏出售 DowAksa 全部股权 【山证农业】农业行业周报（2025.06.02-2025.06 ...

在政策支持加力与市场热度上涨的双重驱动下，债券市场正不断提升对科技创新支持的适配性。近日， 科技部、中国人民银行等7部门联合制定《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》）提出，健全债券市场服务科技创新的支持机制。 记者从中国人民银行获悉，自5月7日科技创新债券推出以来，截至5月28日已有119家市场机构发行科技 创新债券，总发行量为3391亿元。业内普遍预计，未来我国科技创新债券市场或将迎来较高增速的增 长，引导资金加速流向科技创新领域。 政策力度加大 "做好科技金融工作既是支持科技强国建设的内在要求，同时也是金融机构战略转型的需要，更是金融 管理部门的职责所在。"中国人民银行副行长、国家外汇管理局局长朱鹤新在日前举行的国新办新闻发 布会上表示，近年来，中国人民银行和相关的金融管理部门以及科技部，采取了很多积极措施，健全政 策框架，科技金融的"四梁八柱"已经基本搭建完成，多元金融体系初步形成。 此外，多家银行已成功发行不同规模的科技创新债券，发行的科技创新债券普遍为3年期，票面利率主 要在1.65%至1.67%，其中建设银行、交通银行还分别发行5年期科技创新债券 ...

Core Viewpoint - The establishment of Asset Investment Companies (AICs) is accelerating, with recent approvals for new AICs by major banks, indicating a growing trend in the financial sector to support technology and innovation-driven enterprises [1][2]. Group 1: AIC Establishment and Expansion - After the approval of Industrial Bank's AIC, CITIC Bank has also received approval to establish its own AIC, signaling a trend where more national commercial banks are entering the AIC space [1]. - The registered capital for CITIC Bank's AIC is planned at 10 billion yuan, fully funded by the bank itself, aimed at supporting strategic emerging industries and reducing corporate leverage [1][2]. - The pilot program for AICs has expanded to 18 cities and 14 provinces, reflecting increased regulatory support for equity investment activities [2]. Group 2: Regulatory Support and Market Impact - Regulatory bodies have intensified support for AIC equity investment, with significant policy measures introduced to promote high-quality development in venture capital [2]. - The total signed intention amount for AIC equity investment has surpassed 380 billion yuan, indicating strong market interest and potential for growth [2][3]. Group 3: Opportunities and Challenges for Banks - AICs provide banks with a new avenue to support technology enterprises, leveraging their financial resources and risk management capabilities [3][4]. - However, banks face challenges in developing the necessary investment research capabilities and managing the higher risk associated with equity investments [4]. - The expansion of AICs is expected to create more opportunities for both joint-stock banks and quality small and medium-sized banks in the future [4].

Core Viewpoint - Xiamen International Bank has launched innovative financial products such as "Intellectual Property Pledge Loan" and "Sci-Tech Loan" to address the financing challenges faced by technology enterprises lacking fixed assets, shifting the focus from traditional asset-based lending to technology-based assessments [2][3][5] Group 1: Financing Solutions for Tech Enterprises - The bank has developed a specialized intellectual property evaluation system, where the value of a patent can surpass that of a factory [2] - The number of industries supported by the bank has expanded from 4-5 to 53, including cutting-edge sectors like AI, new energy vehicles, humanoid robots, semiconductors, and biomedicine [2][6] - A new quantitative evaluation model has been created to assess credit risk for tech companies at different development stages, moving away from traditional financial data reliance [3][5] Group 2: Addressing Data Scarcity - Many tech companies face challenges due to insufficient publicly available financial and operational data, especially during their startup phase [4] - The bank incorporates external intellectual property data and manual reviews to enhance risk assessments, evaluating companies based on patents, publications, and funding rounds [4][5] Group 3: Comprehensive Financial Services - Xiamen International Bank offers a full lifecycle of financial services tailored to tech companies, from seed to mature stages, addressing their unique funding needs [5][6] - Specific products like "Credit Enhancement Fund Loan" and "Fast E-Loan" are designed for seed-stage companies, while "Knowledge Property Pledge Loan" supports those in growth stages [6][7] Group 4: Growth in Technology Finance - The bank's technology finance loan balance in Fujian province increased by over 65% year-on-year, reflecting a strong demand for tech financing [7] - In 2024, the bank plans to increase its corporate loans by nearly 20 billion yuan, with a significant portion directed towards small and micro enterprises [7][8] Group 5: Cross-Border Financial Services - Xiamen International Bank has established a strategic presence in Hong Kong and Macau, enabling it to provide comprehensive financial services for Chinese enterprises going abroad [8][9] - The bank's cross-border financial business has surpassed 10 billion yuan, accounting for 20% of its corporate business, highlighting its growing influence in this sector [9][11] Group 6: Future Directions in Cross-Border Finance - The bank aims to integrate technology and cross-border finance, enhancing digital capabilities across the entire service lifecycle [12][13] - Plans include developing digital risk control models and fostering collaborations with logistics and e-commerce entities to streamline financing services for cross-border supply chains [12][13]

2025 年 6 月 10 日 行业研究/行业周报 非银行金融行业近一年市场表现 资料来源：最闻 相关报告： 【山证非银行金融】五篇大文章评价办 法正制定，科技金融为重点考核指标-行 业周报（20250526-20250601）： 2025.6.6 【山证非银行金融】科技金融布局完善， 科 技 板 引 来 新 活 水 - 行 业 周 报 （20250519-20250525）： 2025.5.27 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 非银行金融 行业周报（20250602-20250608） 领先大市-A(维持) 券商回购释放信心，行业估值仍处低位 券商"注销式"回购日益增多。截至 6 月 5 日，今年以来已有 6 家券商实施股份回购，已回购股份合计 1.29 亿股，已回购金额 13.1 亿元。包括 ...

Core Viewpoint - The release of the "Opinions on Deepening Reform and Innovation in Shenzhen's Comprehensive Reform Pilot" aims to enhance financial services for the real economy, particularly focusing on technology and industry integration in finance [2][5]. Financial Services and Innovations - Shenzhen has been recognized as a significant financial center, with the "Opinions" emphasizing the need to improve mechanisms that incentivize financial services for the real economy [2]. - The "Technology Industry Financial Integration Pilot" is designed to empower technological innovation and industrial development, facilitating financial resources to support research and entrepreneurship [2][5]. - New financial products such as "Tengfei Loan" and "Technology Startup Loan" have been introduced to support small and micro enterprises [2]. Credit and Financing Mechanisms - The "Yuanqu Loan," a no-collateral credit product, has been launched to assist small and micro enterprises by leveraging various data points from industrial parks [3]. - As of April 2024, the Shenzhen "Specialized, Refined, Unique, and Innovative" board has listed 301 companies, with 80.73% being small and medium enterprises [3]. - The total loan balance for technology enterprises in Shenzhen reached 1.23 trillion yuan, with a year-on-year growth of 7.23% as of March 2025 [4]. Knowledge and Intellectual Property Financing - Shenzhen leads the nation in knowledge property asset-backed securities (ABS) issuance, with a total of 99 issuances amounting to 21.906 billion yuan, accounting for over half of the national total [6]. - The "Opinions" highlight the need to optimize the connection between debt and equity financing for technology enterprises, addressing challenges such as asset collateralization and risk assessment [7]. Support for Listing and Investment - The "Opinions" allow companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, promoting financial connectivity within the Greater Bay Area [8]. - There is a push for more long-term capital to support high-tech companies, especially those returning from overseas listings to the domestic market [9].

2025 年 6 月 10 日 行业研究/行业周报 非银行金融行业近一年市场表现 资料来源：最闻 相关报告： 【山证非银行金融】五篇大文章评价办 法正制定，科技金融为重点考核指标-行 业周报（20250526-20250601）： 2025.6.6 【山证非银行金融】科技金融布局完善， 科 技 板 引 来 新 活 水 - 行 业 周 报 （20250519-20250525）： 2025.5.27 李明阳 执业登记编码：S0760525050002 邮箱：limingyang@sxzq.com 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 非银行金融 行业周报（20250602-20250608） 领先大市-A(维持) 券商回购释放信心，行业估值仍处低位 投资要点 券商"注销式"回购日益增多。截至 6 月 5 日，今年以来已有 6 家券商实施股份回购，已回购股份合计 1.29 亿股，已回购金额 13.1 ...