近日，科技部会同中国人民银行、国家金融监管总局、中国证监会、国家发展改革委、财政部、 国务院国资委等七部门联合印发了《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》（后简称《政策举措》）。5月22日，国务院新闻办公室举行新闻发布会，介绍科技金 融政策有关情况。 中国证监会首席风险官、发行监管司司长严伯进在发布会上介绍，"投早、投小、投长期、投硬科 技"这样的市场生态正逐步形成。 其次，新上市公司的科技含量不断提升。沪深北交易所上市公司中，战略性新兴产业的上市公司数量已接近 2700家，市值占比超过4成。2024年，科创板、创业板、北交所新上市公司当中，超过9成属于战略性新兴产 业或高新技术企业。在新一代信息技术、高端装备、新能源等领域，都形成上市公司集群，一批关键核心技 术攻关领域的代表性"硬科技"企业实现上市融资。 再次，科技企业并购重组更加活跃。目前，沪深上市公司披露资产重组的有1400余单，同比增长超过40%，其 中重大资产重组170余单，同比增长超过220%。在这当中，战略性新兴产业的上市公司披露资产重组约650 单，重大资产重组超过80单。 再就是私募股权创投基金支持科技创新持续 ...

此外，债券市场直接融资作用也在不断凸显。目前，交易所债券市场已经成为科技企业直接融资的一个 重要渠道，科创债累计发行1.2万亿元，其中2024年一共发了539只，发行规模0.61万亿元，同比增长了 64%，募集资金主要投向半导体、人工智能、新能源、高端制造等前沿领域。 期货日报网讯（记者 杨美）5月22日下午3时，国务院新闻办公室举行新闻发布会，介绍科技金融政策 有关情况。中国证监会首席风险官、发行监管司司长严伯进在会上表示，2024年以来，证监会陆续出台 了"科创板八条""科技十六条""并购六条"，还有《资本市场做好金融"五篇大文章"的实施意见》等一系 列政策文件，优化支持科技创新的政策体系和市场生态，推动创新链产业链人才链金融链加快深度融 合。 严伯进介绍，新上市公司的科技含量不断提升。沪深北交易所上市公司中，战略性新兴产业的上市公司 数量已接近2700家，市值占比超过了4成。2024年，科创板、创业板、北交所新上市公司当中，超过9成 属于战略性新兴产业或高新技术企业。私募股权创投基金支持科技创新也在持续发力。私募股权创投基 金投向战略性新兴产业的规模和占比持续提升，目前在投项目超过了10万个，在投本金超 ...

Core Insights - The technology content of newly listed companies in China is continuously improving, with nearly 2,700 companies in strategic emerging industries listed on the Shanghai, Shenzhen, and Beijing stock exchanges, accounting for over 40% of the market capitalization [1] - In 2024, more than 90% of new listings on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange will belong to strategic emerging industries or high-tech enterprises, highlighting the focus on key core technology sectors [1] - A number of representative hard-tech companies in critical core technology fields have successfully gone public, indicating a trend towards innovation-driven growth in the market [1]

Core Viewpoint - The Shanghai Municipal Government Office has released opinions aimed at further deepening reform and innovation to accelerate the high-quality development of the technology service industry [1] Group 1: Focus Areas - The initiative emphasizes the development of key areas such as frontier technology, future industries, and strategic emerging industries [1] - A systematic layout mechanism is proposed, which includes "future industry funds + high-quality incubators + concept validation centers + agglomeration areas" [1] Group 2: Objectives - The goal is to enhance the role of concept validation in promoting the development of future industries [1]

智通财经5月22日电，上海市人民政府办公厅发布关于进一步深化改革创新 加快科技服务业高质量发展 的若干意见。聚焦前沿科技、未来产业和战略性新兴产业发展重点领域，建立"未来产业基金+高质量 孵化器+概念验证中心+集聚区"体系化布局机制，提高概念验证对未来产业发展的促进作用。建立市场 化运营、风险共担和利益共享机制，强化技术与市场可行性"双验证"功能，打通概念验证、中试熟化、 创业孵化与产业化的关键环节，提升技术创新效能。 上海：聚焦前沿科技、未来产业和战略性新兴产业发展重点领域 建立"未来产业基金+高质量孵化器+概 念验证中心+集聚区"体系化布局机制 ...

Core Viewpoint - A strategic restructuring wave is reshaping the layout of state-owned capital in China, focusing on "three concentrations" as a core goal [1] Group 1: Characteristics of Current Mergers and Acquisitions - The current round of central enterprise mergers and acquisitions is characterized by three main features: strategic focus, market-oriented guidance, and deep integration of the industrial chain [3][4][5] - Over 80% of restructuring cases are concentrated in strategic emerging industries, with State Power Investment Corporation enhancing its coal power capacity from 48 million tons to 63 million tons through the integration of Baiyin Hwa coal power [3] - The integration model of "traditional energy supply + new energy transition" is becoming a benchmark for energy state-owned enterprises [3] Group 2: Policy Support for Mergers and Acquisitions - The regulatory environment is becoming more favorable, with the China Securities Regulatory Commission (CSRC) increasing valuation inclusivity for light asset technology companies [4] - Local policies are fostering competition, with Shanghai aiming to cultivate 10 leading enterprises and achieve a merger scale of 300 billion yuan over three years [7] - The CSRC has introduced a "small and fast" review mechanism, reducing the restructuring review cycle to 45 working days, a 60% reduction from traditional processes [7] Group 3: Notable Companies and Their Strategies - Yuan Da Environmental Protection, a subsidiary of State Power Investment Corporation, plans to acquire equity in Wiling Power and Changzhou Hydropower, potentially becoming a platform for integrating hydropower assets [8] - Datang Power, under Datang Group, is integrating coal power assets in Inner Mongolia and Shanxi, while promoting the synergy between coal power and new energy projects [9] - Hongdu Aviation is optimizing asset allocation within the Aviation Industry Group through asset swaps, positioning itself for future military asset integration [9] - Electric Power Investment Finance is set to acquire 100% equity in State Power Investment Nuclear Power Co., becoming a key player in the nuclear power sector's restructuring [9] Group 4: Major Asset Integration Targets - The 3.8 trillion yuan asset integration of the State Grid is highlighted as a primary restructuring target, with significant recent developments including the acquisition of energy-saving businesses and assets from nine provincial power companies [10] - Recent corporate governance changes, including the resignation of the chairman and amendments to the company charter, indicate strategic shifts within the company [10] - The stock has shown strong trading volume and net inflows, suggesting potential upward momentum in the near future [10]

华夏时报（www.chinatimes.net.cn）记者 刘昱汝 徐芸茜 北京报道 2025年是国企改革深化提升行动收官之年，也是新一轮改革的谋划之年。 近日，国务院国资委全面深化改革领导小组会议释放强烈信号：要确保高质量完成国企改革深化提升行动，并重 点部署了"两非""两资"处置和亏损企业治理，将资源更好地集中到主责主业、发展战略性新兴产业上来，形成主 业更突出、核心竞争力更强的业务布局。 值得一提的是，会议还强调要高起点谋划好下一步深化国资国企改革工作。 "两非""两资"攻坚下的资源重构 会议重点部署了"两非""两资"处置和亏损企业治理。这一举措旨在将资源更好地集中到主责主业、发展战略性新 兴产业上来，形成主业更突出、核心竞争力更强的业务布局。通过处置"两非""两资"和治理亏损企业，可进一步 优化国有企业资源配置，提升国有资本配置效率，增强国有企业核心竞争力。 "两非""两资"是指非主业、非优势业务和低效、无效资产。事实上，早在2022年3月，中央企业和地方国有企 业"两非""两资"剥离清退完成率就超过了85%，全国纳入名单的"僵尸企业"处置率超过95%，重点亏损子企业三年 减亏83.8%。 "要把国有 ...

Core Insights - Financial sector plays a crucial role in promoting technological innovation, with Zhejiang province enhancing financial policy tools to support digital, intelligent, and green transformations [1][2] - As of the end of Q1, the loan balance for the technology service industry in Zhejiang reached 3.17 trillion yuan, marking a year-on-year growth of 19.6%, surpassing the overall loan growth rate by 10.9 percentage points [1] Group 1: Financial Support and Policy Initiatives - Zhejiang province has implemented the "Implementation Rules for Increasing Support for Technology Enterprises Financing," focusing on enhancing financial services for technology firms [1] - The province has initiated a special action to improve technology financial service capabilities, establishing a "four-special" service mechanism involving specialized teams, products, processes, and evaluations [1] Group 2: Regional Financial Innovations - The People's Bank of China, Zhejiang branch, is guiding the establishment of a robust technology financial service system in Hangzhou and Jiaxing, with significant loan growth in these areas [2] - As of March, the technology service industry loan balance in Hangzhou grew by 14.8%, while Jiaxing saw a remarkable increase of 27.5%, both exceeding the overall loan growth rates [2] Group 3: Innovative Financial Products - Zhejiang province is diversifying technology financial product offerings, encouraging banks to develop equity loans and acquisition loans to support strategic emerging industries [2] - The "Zhe Ke Loan" financing service has been introduced, providing hard technology enterprises with favorable loan terms, including maximum loan amounts, extended durations, and optimal interest rates [2] - Jiaxing Bank is exploring a "twin investment-loan" model to address challenges in external investment-loan coordination, while Hangzhou Bank collaborates with third-party investors to support technology enterprises through equity options [2]

Core Viewpoint - China Huaneng Group and its listed subsidiaries have demonstrated strong financial performance, with significant dividends and a focus on renewable energy as a new profit growth engine [1][3][4]. Financial Performance - The three listed companies have cumulatively distributed dividends of 104.1 billion yuan since their listings, with an average dividend payout ratio exceeding 56% [1]. - Cumulative financing amounts to approximately 45 billion yuan, with dividends significantly surpassing financing, highlighting the companies' long-term return capabilities for investors [1]. - The net profit of the three listed companies increased from 18.1 billion yuan to 20.8 billion yuan over the past two years, with a steady rise in return on equity [3][4]. Renewable Energy Growth - Huaneng International's renewable energy business has seen substantial growth, with pre-tax profits projected to reach 8 billion yuan and 9.5 billion yuan in 2023 and 2024, respectively, accounting for over 50% of total profits [1][6]. - Huaneng Hydropower's installed renewable energy capacity surged from 235,000 kilowatts in early 2021 to 3.7027 million kilowatts, with a 127.04% year-on-year increase in renewable energy generation in 2024 [3][6]. - Inner Mongolia Huadian has increased its renewable energy project share to 25% of total installed capacity, up 14 percentage points since the beginning of the 14th Five-Year Plan [3]. Strategic Development - The company aims to enhance market competitiveness and internal value through effective market management strategies, including improved information disclosure and share buybacks [4][6]. - The focus is on developing strategic emerging industries and future industries, with an expected increase in electricity's share of total energy consumption from 30% this year to 35% by 2030 [6][9]. - The company plans to maintain a balanced development approach, emphasizing green and low-carbon growth while advancing renewable energy, hydropower, and nuclear power projects [8][9].

每经记者｜姚亚楠 每经编辑｜肖芮冬 近日，七部门联合印发《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》，再次提及国家创业投资引导基金相关情况，备受关注 的"航母级"引导基金即将诞生。 在基金设立方面，广州、深圳、西安、厦门等地均有基金宣布设立或完成注册，主要投资方向包括半导体、农业科技、固态电池、康养服务等 "航母级"引导基金来了 《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》）近日印发，其中最值得关注的是国家创业投资引导基 金相关情况，该基金被视为今年创投圈最大的"活水"。 具体来看，《政策举措》提到，国家创业投资引导基金将促进科技型企业成长作为重要方向，培育发展战略性新兴产业特别是未来产业，推动重大科技成果 向现实生产力转化，加快实现高水平科技自立自强，培育发展新质生产力。 这只国家级引导基金并非首次提出，早在今年3月，国家发展和改革委主任郑栅洁透露，国家正在推动设立"航母级"的国家创业投资引导基金，该基金主要 引导金融资本投早、投小、投长期、投硬科技，将吸引带动地方、社会资本近1万亿元。 在投资方向上，该基金聚焦人工智能、量子科技、氢能储能等 ...