本报记者 张晓玉 "深化产融结合不仅是落实长江三角洲区域一体化发展战略的重要举措，更是践行金融服务实体经济本 质要求、破解'产业升级缺资本、科技创新缺支撑'现实瓶颈的关键路径。"财达证券党委书记、董事长 张明近日在接受《证券日报》记者专访时表示。 当前，江苏正处于高质量发展的关键时期，作为长三角经济重要组成部分，这里正积极推进新型工业化 与新质生产力发展，在先进制造业集群培育、产业链韧性提升等领域迎来多重机遇。面对新时代赋予的 使命，财达证券作为国有上市金融机构，正在积极探索产融结合的新模式，为长三角一体化发展注入金 融活水。 深耕长三角 以实体化布局强化赋能思维 长三角地区是我国经济发展最活跃、开放程度最高、创新能力最强的区域之一。近年来，随着长江三角 洲区域一体化发展战略的深入推进，区域协调发展新格局正在加速形成。 此外，张明还表示，财达证券将依托财达研究院、城投之家、中国城投50人论坛等专业平台，持续深化 对产业集群培育、国企投融资机制等重点领域的研究与服务能力建设，促进产学研用深度融合与生产要 素高效共享，为精准服务提供决策支撑。 三大维度发力 服务区域经济高质量发展 面对新形势新任务，财达证券已经明 ...

Core Viewpoint - The integration of industry and finance is crucial for implementing the Yangtze River Delta regional integration development strategy and addressing the capital shortage in industrial upgrading and technological innovation [1][2]. Group 1: Industry and Economic Development - The Yangtze River Delta region is recognized as one of the most active and innovative economic areas in China, with a focus on new industrialization and the development of new productivity [2]. - Financial institutions are expected to act not only as "blood suppliers" but also as "empowerers" to facilitate the deep integration of industrial chains, innovation chains, capital chains, and talent chains [2][4]. Group 2: Financial Services Strategy - The company aims to enhance cooperation with governments, enterprises, and other financial institutions to build a more comprehensive financial service ecosystem [4]. - The company plans to increase technological investments to improve service efficiency and risk management capabilities [4]. Group 3: Service Models - The company is developing a "full-chain service" model to support enterprises throughout their lifecycle, from startup to maturity, providing various financial services tailored to each stage [4][5]. - A "differentiated service" strategy is being implemented to address the diverse needs of different industries, focusing on supporting traditional industries in their transformation and emerging industries in their growth [5][6]. - The company emphasizes "customized services" for technology innovation enterprises, addressing their unique financing challenges through innovative service models such as intellectual property pledges and equity incentive designs [6].

Core Insights - The 2025 Dachen Entrepreneur Summit and Industry-Finance Conference was held in Hangzhou, Zhejiang, attracting over 700 participants from various sectors including AI, aerospace, low-altitude economy, semiconductors, new materials, and biomedicine [1][3] - Dachen Capital emphasizes the importance of both entrepreneurs and scientists in driving human progress, advocating for a supportive environment for entrepreneurs to thrive [3] - Dachen Capital's investment strategy focuses on hard technology and emerging industries, managing nearly 66 billion yuan in funds and investing in over 800 companies [5][11] Group 1: Key Themes from the Summit - Liu Zhou, the founder and chairman of Dachen Capital, highlighted the need for society to recognize entrepreneurs as a scarce resource and called for a culture that encourages innovation and risk-taking [3] - The summit featured discussions on AI and embodied intelligence, showcasing the rapid development in these fields and the importance of creating a supportive ecosystem for startups [6][8] - Dachen Capital's Chief Investment Officer, Xiao Bing, outlined strategies for achieving sustainable growth, including focusing on self-sufficiency, emerging industries, cost reduction, and global expansion [5] Group 2: Investment and Economic Development - Dachen Capital has invested in 72 companies in Zhejiang, totaling over 3.6 billion yuan, contributing to the success of several firms in entering capital markets [11] - The establishment of the Dachen (Hangzhou) Industry-Finance Innovation Center aims to integrate capital, industry, and government resources to enhance project implementation and industry collaboration [11] - The summit included parallel forums discussing various topics such as AI, commercial aerospace, semiconductors, and healthcare, reflecting the focus on hard technology and its growth potential [9][11]

为深入贯彻中央金融工作会议精神，全面落实党中央、国务院关于金融服务实体经济、防范化解金融风 险的决策部署，2025年10月23日，2025江苏产融结合研讨会在南京成功举办。南京市江宁区委副书记、 区长黄成文、财达证券党委书记、董事长张明，中国民生银行南京分行党委书记、行长康文哲出席开幕 式并致辞。 本次研讨会立足国家大力推进金融供给侧结构性改革、引导资本投向战略性新兴产业的时代背景，聚焦 产融协同新机制，旨在凝聚智慧、汇聚合力，共同探寻区域经济高质量发展之路。 财达证券党委书记、董事长张明在致辞中表示，当前江苏正处于高质量发展的关键时期，深化产融结合 不仅是落实"长江三角洲区域一体化发展"国家战略的重要举措，更是践行金融服务实体经济本质要求、 破解"产业升级缺资本、科技创新缺支撑"现实瓶颈的关键路径。作为国有上市金融机构，财达证券积极 贯彻落实国家关于提高直接融资比重的政策导向，致力于发挥连接产业与资本、创新与市场的桥梁作 用，推动产业链、创新链、资金链与人才链的深度融合。未来，公司将重点从以"全链条服务"助力产业 生态构建、以"差异化服务"推动产业转型升级、以"定制化服务"赋能科技创新突破三方面发力，把金融 ...

Group 1 - The "Sugar Industry Worry-Free" project initiated by Zhengzhou Commodity Exchange in Guangxi Xingbin District aims to provide income security for nearly 50,000 acres of sugarcane planting, supported by various government levels and financial institutions [1][2] - The project is the first county-level initiative approved by Zhengzhou Commodity Exchange in Guangxi, highlighting the region's significance as a major sugarcane production area in China [1][2] - The project addresses the long-standing issue of price volatility in the sugar market, which has affected both sugarcane farmers' income and the stable operation of sugar enterprises [1][2] Group 2 - The "Sugar Industry Worry-Free" project employs an "insurance + futures + sugar enterprises" model, providing risk protection for farmers while encouraging sugar companies to manage risks through the futures market [2][3] - This project upgrades traditional price insurance to income insurance, combining the advantages of both types of insurance to better meet the comprehensive protection needs of sugarcane farmers [2][3] - The implementation of the project is expected to establish a long-term cooperation mechanism among government, sugar enterprises, banks, insurance, and futures markets, enhancing agricultural risk management and supporting rural financial development [3]

Group 1 - The "Sugar Industry Worry-Free" project initiated by Zhengzhou Commodity Exchange in Guangxi Xingbin District aims to provide income security for nearly 50,000 acres of sugarcane planting, supported by various government levels and financial institutions [1][2] - The project is the first county-level initiative approved by Zhengzhou Commodity Exchange in Guangxi, highlighting the region's significance as a major sugarcane production area in China [1][2] - The project addresses the long-standing issue of price volatility in the sugar market, which has affected the income stability of sugarcane farmers and the operational stability of sugar enterprises [1][2] Group 2 - The "Sugar Industry Worry-Free" project employs an "insurance + futures + sugar enterprises" model, providing risk protection for farmers while encouraging sugar companies to manage risks through the futures market [2][3] - This project upgrades traditional price insurance to income insurance, combining the advantages of both types of insurance to better meet the comprehensive protection needs of sugarcane farmers [2][3] - The implementation of the project is expected to establish a long-term cooperation mechanism among government, sugar enterprises, banks, insurance, and futures markets, enhancing agricultural risk management and supporting rural financial development [3]

Core Viewpoint - The Jiangsu integration of industry and finance seminar highlighted the importance of deepening the integration of industry and finance for high-quality development in Jiangsu province [1] Group 1: Company Initiatives - Caida Securities emphasizes its commitment to integrity, compliance, professionalism, and stability in its operations as a state-owned listed financial institution [1] - The company plans to enhance financial services through a "full-chain service" approach to support the construction of industrial ecosystems [1] - Caida Securities aims to leverage its research institute and various professional platforms to strengthen its research and service capabilities in key areas such as industrial cluster cultivation and state-owned enterprise financing mechanisms [1] Group 2: Event Overview - The seminar was co-hosted by the Jiangning District People's Government, Jiangning Economic and Technological Development Zone Management Committee, Caida Securities, and China Minsheng Bank Nanjing Branch [1] - Participants included representatives from local governments, financial regulatory bodies, state-owned enterprises, listed companies, and financial institutions [1]

Core Insights - The forum hosted by China Galaxy Securities focused on investment opportunities and risk management in the commodity market amidst global industrial chain adjustments and green low-carbon transitions [1][2] Group 1: Market Dynamics - Experts highlighted that the commodity market is facing new opportunities and challenges due to deep adjustments in the global industrial chain and the ongoing green low-carbon transition [1] - The complexity of the commodity market has increased significantly this year due to various macroeconomic and geopolitical factors [2] - Commodities are seen as essential for the real economy, serving as a "thermometer" for economic conditions and playing a crucial role in resource allocation and risk management [1][2] Group 2: Company Strategy - China Galaxy Securities aims to become a trusted "full-chain service provider" for institutional clients, integrating traditional financial services with deep involvement in the commodity sector [2] - The company is committed to enhancing its capabilities in risk management and cross-border services to navigate the complex market environment [2] - There is a recognition that securities firms have a long way to go in serving the real economy and promoting the integration of finance and industry [2] Group 3: Investment Strategies - The chief economist of China Galaxy Securities emphasized the urgency of economic transformation and the need for a systematic approach to supply-side reforms [3] - The company is exploring innovative approaches to transition from traditional service models to full-chain ecological service providers in the commodity sector [3] - A comprehensive analysis framework for commodity pricing is suggested, considering supply-demand fundamentals, financial attributes, inventory cycles, and macro liquidity [3] Group 4: Future Outlook - Experts agree that the commodity market has entered a complex new phase driven by macro debt cycles, global geopolitical situations, industrial policies, and energy transitions [4] - The coal market is supported by effective production control policies and low transportation costs, while demand for coal in China is expected to grow at an annual rate of 5%-6% [4] - In the oil market, there are contrasting trends in refining and chemical profits, with expectations of tight supply for heavy crude oil due to geopolitical tensions [5]

Core Viewpoint - COFCO Capital leverages the industrial advantages of COFCO Group and its own professional capabilities to focus on serving its main business and integrating production with finance, particularly through risk management services in the bulk commodity sector [1] Group 1: Services Offered - COFCO Capital provides hedging services for bulk commodities to upstream and downstream entities in the agricultural sector, effectively mitigating the impact of price fluctuations on production and operations [1] - The company offers services such as "banking and futures" to agricultural producers, providing price risk protection and guaranteed purchase orders to address issues arising from extreme weather conditions that lead to reduced production and income [1]

Core Insights - The apple industry in Yan'an has become a crucial pillar of the local agricultural economy, but it faces challenges such as weakened seasonal patterns and competition from substitute fruits [1] - The maturation of the apple futures market is providing new opportunities for risk management and high-quality development in the apple industry [1] Group 1: Challenges Faced by the Apple Industry - Apple procurement merchants in Yan'an are experiencing uncertainty due to fluctuating market conditions, leading to concerns about over-purchasing or under-purchasing apples [2] - The increase in apple production in 2023 compared to 2022 has not alleviated the market's unpredictability, causing anxiety among merchants [2] Group 2: Adoption of Futures and Options - A merchant successfully utilized futures contracts to hedge against price fluctuations, pre-selling 26,000 jin of apples at an average price of 9,308 yuan/ton, which allowed for secure procurement [3] - The merchant achieved a profit of 53,000 yuan from the futures market, despite a decline in the wholesale price of apples by 3.38% from mid-October to December [3] Group 3: Innovative Risk Management Strategies - The merchant later sought advice on options trading to mitigate potential losses from price drops after the Spring Festival, successfully using options to earn premiums [4] - The understanding of risk management through futures and options has led to a significant shift in the merchant's approach to business operations [4] Group 4: Industry Development and Integration - The general manager of Chengxin Agricultural Development Co. emphasized the importance of having a reliable pricing reference in the spot market to effectively engage in futures hedging [5] - The "e+Gold" apple industry development system promotes standardized production and order-based procurement, enhancing stability and reliability in the apple supply chain [5] Group 5: High-Quality Development through Financial Integration - The integration of futures and options tools, along with innovative practices like the "e+Gold" system, is driving deep development in the Yan'an apple industry [6] - The futures market's price discovery function aids stakeholders in making informed production and operational decisions, while its hedging capabilities mitigate price volatility risks [7] - The apple industry is exploring new business models, such as "equity + dividends" and "cooperatives + farmers," to promote comprehensive development and integration of various operational aspects [7]