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 ...

6月7日，债券市场"科技板"落地实施满月。 "金融机构特别是银行主体发行科创债，有利于进一步引导社保基金、保险资金等长期资金进入科技创 新领域。"中国邮政储蓄银行研究员娄飞鹏在接受《金融时报》记者采访时表示。 值得一提的是，科技创新债券不仅发行提速，市场结构也出现积极变化。 一方面，科技创新债券发行期限呈长期化导向，3年以上发行规模占比近80%，10年以上规模超过百亿 元，期限结构更加适配科创产业周期；另一方面，商业银行充分发挥自身规模和成本优势，通过贷款、 债券等多种途径，专项支持科技创新领域，凸显银行体系向早期科创领域的资源倾斜。 从资金用途来看，银行主体已发行的科创债募集资金用途主要为发放科创领域贷款，少部分用于投资科 创企业债券或科创企业日常经营周转。 "科创债新增商业银行等金融机构发行资格，形成'产业+金融'双轮驱动模式，扩容了主体，激活和扩展 了市场。"南开大学金融学教授田利辉在接受《金融时报》记者采访时表示，债券市场"科技板"的推出 是落实"科技-产业-金融"良性循环的核心抓手，政策意义是构建科技金融新生态，主体扩容激活市场， 更好服务新质生产力。 具体来看，目前，政策性银行、国有大行、股份制银 ...

在深化科创金融改革、强化科技人才金融支撑的政策导向下，2024年末，上海市将科技企业员工持股贷 款试点从临港新片区、张江等区域全面拓展至全市。这一政策调整为金融机构带来了新的业务机遇。厦 门国际银行上海分行精准把握政策机遇，积极筹备并成功落地全行首笔科技企业员工持股贷款，为金融 与科技深度融合提供了新范例，同时也为后续业务拓展积累了宝贵经验。 据介绍，自试点机制推出后，厦门国际银行上海分行迅速行动，在监管部门的指导下，仅用不到三个月 时间便高效完成了制度设计、风险管控体系搭建及系统部署。今年3月28日，该行成为首批获监管备案 的金融机构，为业务顺利开展筑牢根基。 结合产业金融需求，厦门国际银行上海分行随即将目光投向优质科创企业。某绿色燃料技术公司凭借获 国家绿色发展基金与上海国有资本联合投资、拥有12项核心技术专利且契合国家绿色产业发展导向等优 势，成为重点服务对象。厦门国际银行上海分行基于对企业综合评估，为其核心管理层提供员工持股贷 款支持，成功落地厦门国际银行首笔科技企业员工持股贷款。 厦门国际银行相关负责人表示，此业务丰富了银行服务上海科技企业的手段，也充分展现了产品创新成 果。展望未来，厦门国际银行将 ...

Group 1 - Financial resources are accelerating towards the technology innovation sector, with 271,800 technology-based SMEs receiving loans, achieving a loan rate of 49.6%, an increase of 3.6 percentage points year-on-year [1] - Commercial banks are innovating mechanisms and optimizing financial service models to enhance the precision and effectiveness of financial services for technology finance, acting as a catalyst for innovation [1] Group 2 - In Suzhou, Innovent Biologics has become an industry leader with over 2 billion yuan in annual R&D investment, transitioning from a cash-burning phase to a successful commercialization of its first cancer drug, supported by a 250 million yuan syndicated loan from China Construction Bank [2] - The biopharmaceutical industry is a key sector in Suzhou, with China Construction Bank innovating the "Pipeline Loan" to match the long R&D cycles of new drugs, serving over 600 key biopharmaceutical enterprises with credit limits exceeding 16 billion yuan [2] Group 3 - Traditional bank loan products often fail to meet the long R&D cycles of technology SMEs, prompting banks to innovate credit mechanisms and develop long-term loan products to support technology innovation [3] - Shanghai Pudong Development Bank provided several million yuan in medium to long-term R&D loans to a leading logistics robot company, demonstrating the flexibility of financial support [3] Group 4 - Agricultural Bank of China introduced "Kejie Loan" for small and micro technology enterprises, allowing for online self-service financial products that utilize intellectual property and innovation scores to determine credit limits [4] - This innovation helps activate intangible assets, transforming patents into financial resources for companies facing funding challenges [4] Group 5 - Industrial and Commercial Bank of China provided a 10 million yuan intellectual property pledge loan to a high-tech enterprise in Guizhou, facilitating the conversion of core patent technologies into development momentum [5][6] Group 6 - The Ningbo Graphene Innovation Center's shareholder highlighted the challenges of obtaining loans due to a lack of traditional collateral, prompting China Construction Bank to innovate a specialized evaluation system for technology enterprises [7] - This system allowed for a rapid provision of 130 million yuan in credit to support the commercialization of new materials [7] Group 7 - Zhejiang Commercial Bank launched a "Talent Bank" that incorporates a talent value assessment system to provide credit support based on team members' academic achievements and industry experience, addressing the financing difficulties of asset-light technology enterprises [8] - The bank has supported over 4,000 high-level talent enterprises with a financing balance of 34.5 billion yuan [8]

Group 1 - The recent policy measures aim to accelerate the construction of a technology finance system to support high-level technological self-reliance and strength [1] - The People's Bank of China will focus on enhancing the intensity and service capacity of technology loans, establishing a "technology board" in the bond market, and improving financial services in technology-intensive regions [1][6] - The financial management departments are actively working to build a technology finance system that aligns with technological innovation, creating a robust policy framework [1] Group 2 - Traditional financial institutions often struggle to support technology-intensive enterprises due to high investment, risk, and long cycles associated with innovation, leading to challenges in financing [2] - A case study from Wenzhou highlights a technology enterprise receiving a loan of 18 million yuan for a technology transformation project, showcasing the need for increased operational funding [2][3] - The Agricultural Bank of China provided significant project loan support to a technology enterprise, demonstrating the effectiveness of central bank policies in facilitating financial services [3] Group 3 - The introduction of a "technology board" in the bond market aims to enhance financial support for technology innovation, with a growing issuance of technology innovation bonds [4] - The China Development Bank issued three technology innovation bonds totaling 20 billion yuan, focusing on supporting technology-driven enterprises and strategic emerging industries [5] Group 4 - The People's Bank of China is optimizing the financial service system in key regions like Beijing and Shanghai to enhance the support for technology finance [6] - A collaborative action plan was launched in Shenzhen to explore new approaches for regional technology finance development, emphasizing the need for comprehensive financial services for technology enterprises [6] Group 5 - A conference in Shenzhen highlighted the importance of technology finance in supporting the growth of innovative enterprises, aligning with national strategies for building a strong financial system [7]

Group 1 - The State Council emphasizes the importance of enhancing the role of enterprises in innovation and encourages collaboration between enterprises, universities, and research institutions to address technological challenges and conduct joint research [1] - Financial support will be increased, with a focus on attracting social capital and encouraging financial institutions to innovate financial products and services, thereby developing a multi-tiered capital market [1] - The People's Bank of China aims to build a financial system that aligns with technological innovation, focusing on enhancing bank credit services, optimizing re-loan policies for technological innovation, and improving the technology finance ecosystem [2] Group 2 - The recent policies aim to optimize the entire investment chain, which is expected to accelerate the investment cycle in venture capital and promote a healthy cycle within the industry [2] - Companies specializing in "hard technology" are highlighted as having significant advantages in exit efficiency, making them attractive for investment [2] - Sichuan Shuangma is involved in private equity funds that focus on technology, advanced manufacturing, semiconductors, new energy, and consumer services [4]

Group 1 - The core viewpoint of the article emphasizes the importance of developing technology finance as a necessary path to promote the deep integration of technological innovation and industrial innovation, with financial capital being a crucial support for high-level technological self-reliance and strength [1] - The establishment of Financial Asset Investment Companies (AIC) is being expanded to include qualified national commercial banks, aiming to increase investment in technology enterprises [2][3] - The first five AICs were established in 2017 by five major state-owned banks, focusing on converting bank debts into equity to reduce corporate leverage and manage non-performing assets [2] Group 2 - As of May 30, 2024, the approval for the establishment of AICs by major banks like Citic Bank is progressing, with Citic Bank forming a comprehensive service system for technology enterprises, managing over 300 billion yuan in funds [3] - The Financial Regulatory Bureau has signed investment intentions exceeding 380 billion yuan to address the capital shortage faced by technology enterprises, with insurance funds encouraged to participate in equity investments [3] - China Pacific Insurance has launched a total of 50 billion yuan in funds focused on strategic emerging industries, supporting over 10,000 enterprises and surpassing 100 billion yuan in technology investments [4] Group 3 - The Financial Regulatory Bureau is piloting relaxed policies for technology enterprise acquisition loans, increasing the loan-to-value ratio from 60% to 80% and extending loan terms from seven to ten years [5] - The pilot cities include major innovation centers such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area, with banks encouraged to optimize approval processes for technology enterprise acquisition loans [5] Group 4 - The article highlights the growing importance of technology insurance, with the aim to establish a comprehensive insurance product and service system covering the entire lifecycle of technology enterprises [8] - China Life Property & Casualty has developed over 40 technology insurance products to support strategic emerging industries, focusing on customized insurance solutions for major technology tasks [8][9] - Shanghai's insurance industry reported a technology insurance premium income of 5.06 billion yuan in 2024, with a risk coverage amount exceeding 25 trillion yuan [9] Group 5 - The introduction of the "Kehui Bao" solution by Zhongcai Reinsurance and PICC aims to provide a comprehensive risk solution for small and medium-sized technology enterprises, covering various insurance needs [10] - The establishment of the "Low-altitude Economy New Risk Research Institute" focuses on developing innovative insurance products and services tailored to the rapidly growing low-altitude economy sector [11]

Core Viewpoint - The company has demonstrated resilience and adaptability in a challenging market environment, achieving significant growth in revenue and profit while focusing on compliance, governance, and strategic transformation initiatives [1][6][31]. Group 1: Governance and Compliance - The company has held 2 shareholder meetings and 6 board meetings, ensuring rigorous decision-making processes and compliance with legal regulations [2][3]. - A comprehensive compliance management system has been established, enhancing risk management and internal controls, which has led to successful audits and regulatory checks [3][4][19]. - The board has emphasized the importance of independent directors in decision-making and oversight, improving the overall governance structure [2][5]. Group 2: Financial Performance - The company reported a significant increase in operating revenue, reaching 39.20 billion yuan, a 23.22% increase from the previous year [24][31]. - Net profit surged to 7.27 billion yuan, reflecting a 72.93% year-on-year growth, driven by strategic adjustments in investment and wealth management [24][31]. - Total assets increased to 1,003.46 billion yuan, marking a 12.89% rise, while total liabilities also grew, indicating robust operational expansion [25][32]. Group 3: Strategic Initiatives - The company is focusing on business transformation, particularly in wealth management and fixed income, to adapt to changing market conditions and regulatory environments [8][12]. - A commitment to ESG principles has been integrated into the business model, with active participation in green finance initiatives and community support programs [6][12]. - The board plans to enhance digital transformation efforts, leveraging technology to improve operational efficiency and customer engagement [12][31]. Group 4: Future Directions - The company aims to strengthen its governance framework in line with new regulatory requirements, ensuring compliance and operational effectiveness [10][11]. - There is a focus on enhancing investor relations and communication strategies to better engage with shareholders and address their concerns [5][10]. - The board will prioritize risk management and compliance as foundational elements for sustainable growth and high-quality development [11][12].

Core Viewpoint - The North Exchange 50 Index (北证50) has shown strong performance, reaching a new high of 1500 points, with a year-to-date increase of 39% as of June 9. The index's rise has positively impacted the returns of related theme funds, some of which have exceeded 70% this year. Future performance will depend on the continuation of policy support and the realization of listed companies' earnings growth [1][3][9]. Group 1: Index Performance - The North Exchange 50 Index rose by 1.08% to close at 1442.51 points on June 9, with a year-to-date increase of 39% [3]. - The index reached a high of 1500.31 points on May 21, marking its first time above 1500 points, followed by a period of consolidation [3]. - Several constituent stocks of the North Exchange 50 have seen gains exceeding 100% this year, including Jinbo Biological, Parallel Technology, and Minshida [3]. Group 2: Policy Support and Market Dynamics - Recent policies supporting small and micro enterprises have improved the financing environment, contributing to the rise of stocks on the North Exchange [3][4]. - The North Exchange has benefited from a low valuation environment, attracting funds from larger A-share stocks, leading to a new profit-making effect [5]. - The North Exchange has seen a significant increase in the number of listed companies, growing from 81 at inception to 266 as of June 9, with a total market capitalization of 825.08 billion [8]. Group 3: Fund Performance - The performance of North Exchange theme funds has surged, with the top fund achieving a return of 72.29% year-to-date as of June 8 [5]. - A total of 20 North Exchange theme funds and 43 North Exchange 50 index funds have reported positive returns this year [5]. - Several funds have lowered their large subscription limits in response to increased demand, with some limits reduced to as low as 1,000 yuan [6]. Group 4: Future Outlook - Analysts predict that the North Exchange will continue to experience structural growth in both the short and long term, driven by policy support and the performance of technology-driven small and medium enterprises [9]. - The overall market sentiment remains optimistic regarding the potential for further gains in the North Exchange 50 Index, with expectations of continued capital inflow [9].