Group 1 - The core viewpoint of the news is the introduction of policies to accelerate the construction of a technology finance system to support high-level technological self-reliance and strength [1][2] - The Ministry of Science and Technology and other departments have jointly issued 15 policy measures focusing on seven areas including venture capital, monetary credit, capital markets, technology insurance, and bond markets [1] - The establishment of a "National Venture Capital Guidance Fund" aims to encourage early, small, long-term, and hard technology investments [1] - The People's Bank of China has differentiated arrangements for bond issuance by technology enterprises, with around 100 institutions already issuing technology innovation bonds exceeding 250 billion [1] Group 2 - The Financial Regulatory Authority has expanded the pilot program for financial asset investment companies' equity investments to 18 cities, with signed intention amounts exceeding 380 billion [2] - The pilot program allows banks in these cities to extend the term of merger loans from 7 years to 10 years and increase the loan-to-merger fund ratio from 60% to 80% [2] - All pilot banks have fully implemented these measures [2]

党的二十届三中全会《决定》指出，构建同科技创新相适应的科技金融体制，加强对国家重大科技任务 和科技型中小企业的金融支持。5月22日，国务院新闻办举行新闻发布会，相关部门负责人介绍科技金 融政策有关情况。 15项政策举措加快构建科技金融体制 近日，科技部、中国人民银行等7部门联合印发《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》。科技部副部长邱勇介绍，政策举措聚焦创业投资、货币信贷、资本市场、科技保 险、债券市场等7方面，提出15项政策举措，既有存量政策的迭代升级，也有增量政策的创新供给—— 设立"国家创业投资引导基金"，引导创业投资"投早、投小、投长期、投硬科技"。重点围绕畅通创业投 资"募投管退"全链条推出一系列新举措，提出扩大金融资产投资公司股权投资试点范围、支持创业投资 机构发债融资等，让募资来源更广泛；鼓励发展创业投资二级市场基金等，让创业投资的退出渠道更畅 通；优化国有创业投资的考核评价机制，让国有创业投资的耐心更足、定力更好。 发挥资本市场的关键枢纽作用，支持科技型企业直接融资。建立健全科技型企业资本市场绿色通道机 制，深化科创板、创业板改革，为企业创新成长提供更适配、更包容的 ...

Group 1 - President Xi Jinping held a phone conversation with French President Macron, emphasizing the importance of socialist spiritual civilization for national rejuvenation [6][7] - Premier Li Qiang will officially visit Indonesia from May 24 to 26 and attend the ASEAN-China-GCC summit in Malaysia from May 26 to 28 [8] - Zhao Leji met with the Speaker of the Parliament of Turkmenistan, discussing bilateral relations [9] Group 2 - Vice Premier Ding Xuexiang met with the Dutch Foreign Minister, indicating ongoing diplomatic engagements [10] - Vice President Han Zheng attended the opening ceremony of the 2025 Global Trade and Investment Promotion Summit, highlighting China's commitment to global trade [11] - The Shenzhou 20 astronaut crew successfully completed their first extravehicular activity, showcasing advancements in China's space exploration [12] Group 3 - The 21st China (Shenzhen) International Cultural Industries Fair opened, focusing on new sectors such as digital entertainment and artificial intelligence, with over 150 product launches [13] - A press conference was held to introduce measures for regulating administrative law enforcement related to enterprises, aiming to create a legal business environment [14] - International Biodiversity Day was observed with various activities promoting biodiversity and harmony between humans and nature [15] Group 4 - The Fourth China-Central and Eastern European Countries Expo opened in Ningbo, indicating China's efforts to strengthen ties with CEE countries [16] - The State Council announced 23 measures to support financing for small and micro enterprises, reflecting a focus on economic support [17]

Group 1 - Xi Jinping held a phone call with French President Macron, emphasizing the importance of socialist spiritual civilization construction for national rejuvenation [6][7] - Premier Li Qiang will officially visit Indonesia from May 24 to 26 and attend the ASEAN-China-GCC summit in Malaysia from May 26 to 28 [8] - Zhao Leji met with the Speaker of the Turkmenistan Parliament, discussing bilateral relations [9] Group 2 - The 21st China (Shenzhen) International Cultural Industries Fair opened, focusing on new sectors such as digital entertainment and artificial intelligence, showcasing over 150 new product launches [13] - The 7th China Western International Investment and Trade Fair commenced in Chongqing, with an exhibition area of 110,000 square meters and participation from over 1,300 enterprises from 39 countries and regions [23] - The fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo opened in Ningbo, promoting trade and cultural exchange [17]

1、习近平同法国总统通电话； 2、【新思想引领新征程】推进精神文明建设 为强国复兴伟业凝心聚力； 3、李强将对印度尼西亚进行正式访问并赴马来西亚出席东盟—中国—海合会峰会； 4、赵乐际同土库曼斯坦议长举行会谈； 5、丁薛祥会见荷兰外交大臣； 6、韩正出席2025年全球贸易投资促进峰会开幕式并致辞； 7、神舟二十号航天员乘组圆满完成第一次出舱活动； 8、第二十一届中国（深圳）国际文化产业博览交易会开幕； 9、多举措支持加快构建科技金融体制； 10、规范涉企行政执法 营造法治化营商环境； 11、国际生物多样性日：守护万物共生 共绘和美画卷； 12、第四届中国—中东欧国家博览会在浙江宁波开幕； 13、23项措施支持小微企业融资； 14、《关于支持老年人社会参与 推动实现老有所为的指导意见》出台； 15、总台民族语言节目创办暨新中国民族广播事业诞生75周年座谈会召开； 16、雄忻高铁雄安地下段隧道全部贯通； 17、第七届中国西部国际投资贸易洽谈会在重庆开幕； 18、第十届中国戏剧奖·梅花表演奖揭晓； 19、世贸组织成员批评美国关税政策 呼吁强化多边贸易体制； 21、加沙地带多地持续遭袭 以总理称将全面控制加沙 以军在 ...

Investment Rating - The report maintains an "Increase" rating for the industry, indicating an expected increase in performance relative to the benchmark index over the next 6 to 12 months [13]. Core Insights - The People's Bank of China and the China Securities Regulatory Commission have jointly issued a notice to support the issuance of technology innovation bonds, which is a significant step in expanding financing channels for technology innovation enterprises [11][12]. - The notice aims to enhance the multi-tiered bond market and better serve new productivity by facilitating the issuance of technology innovation bonds [5][11]. - The report highlights the importance of aligning the bond market with technological innovation to stimulate market vitality and foster new productivity [11]. Summary by Sections Industry Overview - As of the report date, there are 265 listed companies in the industry, with a total market value of 841.415 billion yuan and a circulating market value of 501.826 billion yuan [1]. Recent Developments - On May 7, 2025, the North Exchange issued a notice to further support the issuance of technology innovation bonds, which includes expanding the range of issuers and the use of raised funds [5][11]. - The notice also aims to simplify information disclosure and improve the effectiveness of disclosures, as well as enhance the supporting mechanisms for a better market ecosystem [5][11]. Investment Strategy - The report suggests focusing on several sectors for investment in 2025, including: - Data Centers: Companies like Klate and Shuguang Data Creation are highlighted for their technological advantages [10]. - Robotics: Companies such as Suzhou Axis and Audiwei are noted for their leadership in specific technologies [10]. - Semiconductors: Hualing Co. and Kaide Quartz are recognized as leaders in their respective fields [10]. - Consumer Goods: Companies like Taihu Snow and Baixinglong are mentioned as key players in the consumer sector [10]. - Military Information Technology: Chengdian Guangxin and Xingtuzhihui are identified as beneficiaries of military upgrades and satellite internet construction [10].

Core Viewpoint - The State Council Information Office held a press conference where the Vice Minister of Science and Technology, Qiu Yong, introduced a joint policy initiative by seven ministries aimed at accelerating the construction of a technology finance system to support high-level technological self-reliance and strength [1] Group 1: Policy Measures - The initiative focuses on seven areas including venture capital, monetary credit, capital markets, technology insurance, and bond markets [1] - A total of 15 policy measures have been proposed to enhance the technology finance ecosystem [1] - One of the key proposals includes the establishment of a National Venture Capital Guidance Fund [1]

Core Viewpoint - The Ministry of Science and Technology emphasizes the need for a collaborative approach between technology and finance sectors, as well as central and local government coordination, to accelerate the establishment of a technology finance system that supports high-level technological self-reliance and strength [1] Group 1: Collaborative Mechanisms - The establishment of a multi-departmental mechanism for coordinating the advancement of technology finance is essential [1] - The implementation of regional innovation practices is highlighted as a key component [1] - The comprehensive use of various financial tools, including equity, debt, loans, guarantees, and investments, is encouraged [1] Group 2: Financial Strategy Shift - There is a call to shift from a "fiscal thinking" approach to a "financial thinking" approach in investment methods [1] - The role of fiscal and tax policies in guiding and incentivizing financial investments is emphasized [1]

科技部副部长邱勇5月22日在国新办新闻发布会上表示，近期七部门发布的《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》是实现科技和金融双向奔赴的基础性、引领性制度安排， 科技部将充分发挥牵头部门作用，进一步细化任务分工，明确任务实施的节点，推动政策举措的落地实 施、尽早见效。(人民财讯) ...

Group 1 - Structural tax reductions and fee cuts are important tools for implementing proactive fiscal policies and directly benefiting enterprises, with significant effects on promoting technological innovation and high-quality development in manufacturing [1] - Recent tax incentives include an increase in the R&D expense deduction ratio to 100%, with further increases to 120% for integrated circuits and industrial mother machines, and a 5% VAT input tax deduction for advanced manufacturing, raised to 15% for specific sectors [1] - In the first quarter of this year, tax reductions and refunds supporting technological innovation and manufacturing reached 424.1 billion yuan [1] Group 2 - In the first four months of this year, sales revenue in high-tech industries, technology transfer services, digital economy core industries, and enterprise procurement of digital technologies increased by 13.9%, 33.6%, 9.7%, and 9.4% respectively, indicating a rapid development of new productive forces [2] - Manufacturing sales revenue grew by 4.7% year-on-year, with equipment manufacturing, digital product manufacturing, and high-tech manufacturing increasing by 9.4%, 12.6%, and 12.2% respectively, reflecting steady growth and innovation in the sector [2] - The State Taxation Administration will continue to leverage big data to ensure that policy benefits reach the intended recipients and will combat fraudulent claims for tax benefits [2] Group 3 - Structural tax reductions and fee cuts are expected to continue playing a positive role, enhancing corporate innovation capabilities and better serving the construction of a modern industrial system [3]