（来源：甘肃金融） 党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》，对"加快高 水平科技自立自强，引领发展新质生产力"作出战略部署，明确提出"推动科技创新和产业创新深度融合"的重 大任务。其中，科技金融被列为金融行业的重点发展方向，旨在强化对新质生产力的金融支持，坚守风险底 线，为实现高水平科技自立自强提供坚实支撑。 该行迅速组建工作专班，主动对接国家数据中心集群（甘肃·庆阳）"东数西算"产业园区，将金融服务嵌入项 目规划与建设全周期。重大科技基础设施投资规模大、建设周期紧，传统的信贷流程难以匹配其节奏。为 此，农行甘肃省分行专门开辟信贷审批绿色通道，针对数据中心机架搭建、高速算力网络铺设等核心需求， 提供定制化融资方案。 高效，是赢得客户的关键。凭借专业的服务团队和高效的联动机制，农行甘肃省分行成功为园区内重点算力 建设企业授信16亿元，并为一家重大算力企业快速审批发放固定资产贷款3亿元，有力保障了项目建设的资金 需求。从账户开立、资金结算到履约保函、项目融资，农行提供的"一站式"服务，成为"东数西算"工程在庆 阳落地生根的金融加速器。这不仅是简单的贷款投放，而且是农行 ...

Investment Rating - The report rates the non-bank financial sector as "Positive" [4] Core Insights - The global economy is experiencing significant changes, with a shift from a debt-driven growth model to an innovation-driven one, necessitating a robust capital market to support this transition [1][11] - The concept of "new quality productivity" is introduced as a guiding principle for enhancing new economic growth momentum, emphasizing the need for a transparent and resilient capital market [1][20] - The financial industry is under pressure to shift from indirect financing to direct financing, focusing on functionality rather than scale, amidst declining profitability and changing profit models [1][31] Summary by Sections Economic and Financial Logic Transformation - The world is facing unprecedented changes, with rising external uncertainties impacting global economic recovery and increasing geopolitical conflicts [11] - The transition from land finance to new quality productivity indicates a reset in economic fundamentals, as the real estate sector enters a downturn [16][20] - The economic growth model is shifting from debt-driven to innovation-driven, requiring a transformation in the financial system [26][28] "Technology Finance" as a Key Development - Technology innovation is crucial for high-quality economic and financial development, with technology-driven enterprises playing a vital role [39] - These enterprises are characterized by strong innovation capabilities and significant R&D investments, which pose unique financing challenges [41][42] Capital Market's Role in "Technology Finance" - The capital market must enhance its multi-tiered structure to better support technology innovation and provide comprehensive financial services [2][3] - The investment side of the capital market needs to foster a "patient capital" ecosystem to address the structural issues in funding [2][3] - Financial institutions, including banks and securities firms, are expected to adapt their services to meet the needs of technology-driven enterprises [3][39]

Core Insights - 2025 is a pivotal year for the implementation of the financial "five major articles," with continuous policy dividends and deep integration of industry innovation practices, enhancing the quality and efficiency of financial services to the real economy [1] - The insurance industry plays a crucial role as an economic stabilizer and social stabilizer, focusing on key areas such as technology finance, inclusive finance, and green finance, thereby achieving dual improvements in scale and quality, as well as service and innovation [1] Policy Support - Multiple favorable policies are being released to facilitate the implementation of financial services, including the issuance of the "Guiding Opinions" by the State Council in March, which emphasizes the need to enrich technology insurance products and provide comprehensive financial services for technology enterprises [4] - In April, the regulatory authorities released an implementation plan for high-quality development of technology finance, encouraging insurance companies to develop insurance products covering the entire process of technological innovation activities [4] - In May, several departments proposed policies to support insurance funds in participating in equity investments and venture capital, promoting long-term investment reforms [4] Technological Innovation in Insurance - The insurance industry is focusing on developing a comprehensive risk protection network for technology innovation, launching innovative products tailored to the needs of high-risk technology sectors such as integrated circuits, biomedicine, and artificial intelligence [5] - By the third quarter of 2025, the premium income from technology insurance in China increased by 30% year-on-year, significantly outpacing the industry average, making it a core growth driver for financial services in technology innovation [5] Inclusive Insurance Development - The insurance industry is enhancing its inclusive insurance offerings to better serve small and micro enterprises, rural revitalization, and vulnerable groups, translating policy dividends into tangible benefits for the public [10] - Specific initiatives include the introduction of tailored insurance products for high-risk occupations and the development of low-threshold, affordable insurance products to meet the needs of the elderly and other vulnerable groups [11][12] Green Insurance Initiatives - The insurance industry is actively promoting green insurance and investment to support the comprehensive green transformation of the economy and society, with a focus on developing targeted risk protection solutions and enhancing the green insurance system [13] - As of mid-2025, insurance funds have invested significantly in green projects, with over 1.38 trillion yuan in debt investments and more than 700 billion yuan in equity investments directed towards green industries [14]

Core Insights - The financial development logic is shifting from "scale expansion" to "quality upgrade," with digital finance being reshaped by new technologies such as AI, big data, blockchain, and cloud computing, emphasizing intelligent, scenario-based, and inclusive finance as new competitive advantages globally [1] - Digital finance is accelerating its penetration into the entire financial service chain, becoming a key engine for improving the quality and efficiency of the financial industry, while also presenting new challenges such as data security and cross-border regulatory adaptation [1] Digital Finance and Technological Finance Collaboration - The core content of building a strong financial nation is to vigorously develop digital finance and technological finance, where technological finance provides support and digital finance offers operational methods [2][3] - Policies are being implemented to enhance the deep integration of technological finance, digital finance, and the real economy, with local policies accelerating their implementation [3] Policy Framework and Local Initiatives - A framework for the deep integration of technological finance, digital finance, and the real economy is being rapidly improved, with local policies like those from Beijing's Haidian District focusing on creating a diversified financial service system that meets the financing needs of technology enterprises [3] - Key initiatives include upgrading venture capital ecosystems, expanding credit for technological innovation, enhancing support for public listings, and extending technology insurance to better serve small and medium-sized enterprises [3] Core Value of Digital Finance - Digital finance is recognized as a "key engine" for serving the real economy, with a consensus that it should act as an accelerator for high-quality economic development [4] - The core value of digital finance lies not only in exploring new markets but also in enhancing the survival capabilities of the financial industry, helping it operate steadily in complex environments [4] Trends in Digital Finance - The "China Financial Technology and Digital Finance Development Report (2025)" identifies five trends in digital finance, including the integration of generative AI into core banking operations, the evolution of AI agents into collaborative business partners, breakthroughs in quantum computing for financial applications, differentiated strategies for digital investments, and the importance of data governance and security for future growth [4] Challenges in Digital Finance - Despite positive trends, digital finance faces challenges such as insufficient compliance for cross-border data flow and lagging regulation for new business models, necessitating a balance between innovation and security [5] - The relationship between innovation and security in digital finance should be viewed as a mutually reinforcing cycle, promoting high-level financial regulation and innovation to prevent risks while fostering an inclusive innovation environment [5]

会议要求，国家开发银行要着力配合宏观调控，精准有力服务实体经济。全力配合更加积极的财政 政策，多措并举支持国家重大战略、重点领域和薄弱环节。认真落实适度宽松的货币政策，加力支持扩 大内需、科技创新、中小微企业等重点领域。着力服务基础设施，助力扩大内需、做强国内大循环。围 绕五大基础设施领域持续加大支持力度，积极配合优化"两重"项目和"两新"政策实施，大力支持中央预 算内投资项目，做好对地方政府专项债券、超长期特别国债支持重大项目的超长期贷款配套融资，继续 发挥新型政策性金融工具作用，加大服务城市更新工作力度。着力服务创新驱动，助力科技创新、因地 制宜发展新质生产力。 12月12日，国家开发银行党委召开会议，传达学习中央经济工作会议精神，落实全国金融系统工作 会议部署要求，研究贯彻落实工作。受国家开发银行党委书记、董事长赵欢委托，国家开发银行党委副 书记、行长谭炯主持会议。 要做好科技金融大文章，积极助力建设现代化产业体系。加快支持适度超前布局新型基础设施和信 息通信网络、全国一体化算力网、重大科技基础设施等建设，支持传统基础设施更新和数智化改造，加 大对国家战略科技力量、关键核心技术攻关、科技型企业支持力度。 ...

数字金融是优化金融服务的有力抓手，也是推进科技金融、绿色金融、普惠金融、养老金融等领域 发展的重要支撑。习近平总书记指出，"金融是实体经济的血脉，为实体经济服务是金融的天职，是金 融的宗旨""金融机构要加快数字化转型，提高金融服务便利性和竞争力"。做好数字金融这篇大文章， 需推动金融与数字技术深度融合，延伸金融服务的广度和深度，提升服务实体经济质效，不断满足经济 社会发展和人民群众需求。 数字金融将大数据、云计算、区块链、人工智能等数字技术应用于金融行业，创造出新的产品、服 务和商业模式，有助于打破传统金融信息壁垒、拓展服务边界，让资金更精准、高效地流向实体经济， 为实体经济高质量发展提供有力支撑。 缓解金融服务信息不对称。传统金融服务存在信息不对称问题，金融机构无法准确评估企业和个人 信用风险，对抵押物有一定的依赖性，融资门槛较高。数字金融可以通过深度挖掘数据构建多维度信用 评估体系，为金融机构提供全面准确的客户信息，助力其精准把握企业有效需求和潜在风险，引导信贷 资金精准投向实体经济重点领域和薄弱环节，实现融资结构的优化。数字金融服务平台可以快速精准匹 配实体项目与金融资源，提升服务普惠性与渗透率，降低资 ...

为打通科技初创企业信贷"最初一公里"，人民银行深圳市分行推动地方征信平台、政府性融担机构、银 行三方合作，发挥"征信画像+融资增信"作用，为"无贷户"提供"企业有画像、贷前有担保"的服务体 系，帮助长尾科技企业跨越信贷可得边界，目前已为近1万户科创中小企业完成征信评分，有69家企业 通过"跨越贷"获批贷款2亿元。 "科技初创通"则是通过"信贷+征信"来服务早期科创企业融资。深圳征信服务有限公司总经理刘振告诉 记者，"科技初创通"是针对早期、小型初创科技企业打造的数字信贷解决方案，并与多家银行合作运 营。 "我们通过重点挖掘综合应用工商、社保、资助补贴、水务、政务办事等公共数据和投融资、知识产权 等产业数据，构造潜力科创企业综合评分，为科创企业生成专属报告，为银行提供授信建议。"刘振表 示，科技金融服务从原来的"银行宣传—企业申请—银行授信"流程变成了"征信画像白名单授信—政务 渠道触达即得"，在2025年公布的政府培育名单中，"科技初创通"白名单对企业的覆盖率达到80%。截 至今年11月末，"科技初创通"已帮助超5000家企业获得贷款80亿元。 助力"加速跑" 日前召开的中央经济工作会议提出，围绕发展新质生产 ...

Group 1: Core Insights - Multiple provinces have released local "14th Five-Year" planning suggestions focusing on technology finance, promoting quality enterprise listings, and developing green finance as high-frequency terms [1] - Experts believe these initiatives address the actual needs of enterprises for technological innovation and green transformation, optimizing financial resource allocation to inject financial vitality into regional economic development during the "14th Five-Year" period [1] Group 2: Technology Finance Initiatives - Various regions emphasize leveraging government investment guiding funds to enhance technology finance, with Jiangsu and Shandong highlighting the role of strategic emerging industry funds [2] - Some areas are exploring risk-sharing mechanisms due to the long return cycles and high risks associated with emerging industries, as seen in Heilongjiang's proposal for a future industry investment growth and risk-sharing mechanism [2] - The integration of diverse financial tools can effectively match the financing needs of enterprises at different development stages, promoting the optimization of financial resource allocation [3] Group 3: Supporting Quality Enterprise Listings - Local governments are deploying strategies to support the quality and quantity of listed companies, with initiatives in Guizhou, Henan, and Chongqing focusing on nurturing mechanisms and integrated service systems [4] - Emphasis is placed on improving the quality of listed companies, with suggestions for establishing quality assessment mechanisms and dynamic management to ensure timely adjustments [4] - Recommendations for mergers and acquisitions include implementing pre-review processes and performance evaluation mechanisms post-merger to ensure industry logic and valuation rationality [4] Group 4: Development of Green Finance - Energy-rich provinces like Inner Mongolia, Shanxi, and Qinghai are proposing the development of green finance, with innovative financial products and services based on ecological product values [5] - Green finance is seen as a means to reshape local government industrial policy preferences and enterprise project selection, promoting green investment expansion and restructuring regional growth models [5][6] - Future efforts should focus on unifying green standards, enhancing information disclosure, activating long-term capital, and preventing risks in green finance practices [6]

Group 1 - The article highlights the emphasis on technology finance, quality enterprise listings, and green finance in the "14th Five-Year Plan" proposals from various provinces in China, aiming to optimize financial resource allocation for regional economic development [1][2] - Multiple regions are focusing on leveraging government investment funds to stimulate technology finance, with specific initiatives such as Jiangsu's strategic emerging industry fund and Shaanxi's establishment of a comprehensive technology finance service platform [1][2] - The establishment of risk-sharing mechanisms is being explored in some areas, such as Heilongjiang's proposal to create a future industry investment growth and risk-sharing mechanism [1] Group 2 - Regions are also working on improving financial service mechanisms to support technology enterprises, with initiatives like Sichuan's enhancement of the technology finance service system and Henan's development of a government-bank guarantee linkage mechanism [2] - The article discusses the importance of nurturing quality enterprises for listing, with various provinces implementing measures to enhance the listing cultivation system and improve the quality of listed companies [2][3] - The focus is shifting from quantity expansion to quality improvement in enterprise listings, with suggestions for establishing quality assessment mechanisms and dynamic management of listings [3] Group 3 - The development of green finance is being prioritized in energy-rich provinces, with initiatives such as Qinghai's innovation in green financial products and Inner Mongolia's creation of a carbon peak and neutrality financial service zone [3][4] - The article emphasizes the need for institutional innovation in regional economic transformation through green finance, including the establishment of unified green standards and robust information disclosure mechanisms [4] - Concerns about "greenwashing" and the importance of regulatory frameworks for green financial products are highlighted, stressing the need for credible identification and verification mechanisms [4]

Core Insights - The article discusses the challenges and innovations in financing technology-driven enterprises, particularly in Jiangsu Province, where traditional credit models struggle to meet the unique needs of these companies [1][4]. Group 1: Innovation in Financing - Jiangsu Province is leading in regional innovation capabilities, moving away from traditional collateral-based lending to a system using "Su Chuang Points" to evaluate innovation [2][4]. - The "Su Chuang Points Loan" product has been developed to assist enterprises in their growth, particularly in the biomedicine sector, which has high funding demands and long development cycles [3][11]. Group 2: Financial Products and Support - Since its establishment in December 2024, the Nanjing Biomedicine Sub-center has facilitated project financing totaling 225 million yuan, collaborating with banks to create tailored credit products for university research projects [3]. - By the end of Q3 2025, nearly 40,000 enterprises were classified as "priority support" or "recommended support," with a loan balance of 381.2 billion yuan under the "Su Chuang Points Loan" program [5]. Group 3: Digital Financial Innovations - Digital financial tools are enhancing the capabilities of technology finance, with banks creating comprehensive profiles and scoring systems for enterprises based on their innovation capabilities [6][7]. - The China Bank Jiangsu Branch has developed a digital financial platform that provides real-time insights into industry chains and pre-approval credit limits for technology enterprises [7]. Group 4: Policy Support and Collaboration - The People's Bank of China is working with the Jiangsu Provincial Science and Technology Department to introduce special support policies for technology finance, addressing the mismatch between traditional credit models and the needs of tech enterprises [4][8]. - The "Su Chuang Rong" product has supported technology SMEs with loans totaling 397.8 billion yuan by the end of Q3 2025, demonstrating the effectiveness of policy-driven financial support [8]. Group 5: Tailored Services for Startups - Local banks are focusing on small and micro enterprises, emphasizing non-credit services such as equity financing and resource matching to better meet the needs of early-stage technology companies [9][10]. - The establishment of specialized banking teams with expertise in finance, industry, and risk management is crucial for effectively serving technology enterprises [9]. Group 6: Comprehensive Financial Service Systems - A comprehensive financial service system has been established in Suzhou, integrating digital credit platforms and specialized financial products to support innovation and technology-driven enterprises [13][14]. - The "Innovation Index" has been developed to help financial institutions better understand and support the operational needs of innovative companies [13].