驾驭好长期资本的关键，在于构建一套环环相扣的体系。 作者｜邓贞 来源 ｜上海 证券报 导读： 中国经济迈向高质量发展，科技创新是核心驱动力。作为科技创新的助推器。创投领域正面临挑 战：在国家战略引领下，投向科技的长期资本日益充沛，但资本"丰沛"与配置"精准"之间的矛盾 也日渐突出。如何让丰沛的"活水"不至于空泛流转，而是通过专业的体系，精准灌溉每一片亟待 成长的科创"良田"？ 12月，厦门建发新兴产业股权投资有限责任公司（以下简称"建发新兴投资"）出资参与福建（厦 门）科创基金（首期规模200亿）的合作设立，日后也将面对管理更巨量的长期资本"活水"，公 司董事长王文怀的思考更进一步："我们如何建立一套更优的体系，让更多长期资本通过国资LP， 更高效地配置到国家最需要的科创企业中去？" 近日，王文怀在接受上海证券报记者专访时，系统阐述了他的核心框架。他认为，驾驭好长期资本 的关键，在于构建一套环环相扣的体系： 锻造能打硬仗的"特种兵"团队，构建沿"科学—技术— 产品"全链条的资本导航能力，并通过金融工具与生态协同，实现从"引水"到"滴灌"的闭环。 破解人才密码：激励"特种兵"激活资本效能 采访伊始，王文怀将话题 ...

Core Viewpoint - The Henan Provincial Government has issued the "Special Action Plan for Improving the Quality and Efficiency of Science and Technology Finance," aiming to enhance financial support for technology-based small and medium-sized enterprises (SMEs) by 2027 [1] Summary by Relevant Categories Loan Growth - By 2027, the plan aims for the loan growth rate for technology-based SMEs in Henan to consistently exceed the average growth rate of all loans by 20 percentage points [1] Interest Rates - The newly issued loans for technology-based enterprises are expected to have interest rates significantly lower than the average interest rates of all loans [1] Loan Accessibility - The plan targets a loan acquisition rate of 60% for technology-based enterprises in Henan, which is higher than the national average [1]

Core Viewpoint - The event "Financial Empowerment of the Bay Area - Financial Night" showcased the financial reform and innovation achievements during the 14th Five-Year Plan period in the Greater Bay Area, highlighting the role of financial institutions like Ping An Bank in supporting technological innovation and development [1][8]. Group 1: Financial Support and Innovation - Ping An Bank's "Science and Technology Loan" program was recognized as a typical case of high-quality financial development in the Greater Bay Area, demonstrating its effectiveness in supporting technology enterprises [1][5]. - The bank's comprehensive financial solutions integrate insurance, banking, securities, and leasing to provide a multi-layered support system for technology innovation companies, covering the entire lifecycle from research and development to sales [1][6]. Group 2: Case Study of He Yi New Energy - He Yi New Energy, a company specializing in micro-battery technology, faced a funding gap of 3 million yuan to fulfill a large order but received timely support from Ping An Bank, which provided a loan of 300,000 yuan to upgrade its production line [5][6]. - Following the financial assistance, He Yi New Energy successfully upgraded its production capabilities, achieving an annual production capacity of over 50 million batteries and securing orders totaling over 300 million yuan [6][7]. Group 3: Science and Technology Loan Features - The "Science and Technology Loan" focuses on the technological capabilities of enterprises, utilizing data from the industry chain and innovation qualifications for credit assessment, thus facilitating financing for technology-driven companies [7]. - As of now, Ping An Bank has approved over 10 billion yuan in "Science and Technology Loans," providing financing services to more than 2,300 technology-oriented small and micro enterprises across various sectors [7]. Group 4: Future Directions - Ping An Bank aims to continuously optimize its technology financial service system and enhance its role in supporting real innovation and the construction of a modern industrial system [8].

本报讯 （记者袁传玺）2025年12月15日，云南信托服务科创类上市公司的科技金融项目荣获科技金融 创新奖。 荣获本次科技金融创新奖的项目为云南信托联合信银理财助力科创类上市公司产业升级发展的特色服 务，为企业发展提供了涵盖"上市前—上市中—上市后"三个阶段的一站式综合服务支持，展现了信托机 构在支持科技创新与绿色制造中的独特价值：打破传统金融机构的边界，以"在场、懂客户、懂节奏"的 综合能力，助力企业产能扩张，成为信托服务实体经济的标杆案例。该项目以机制创新为核心，以资源 协同为纽带，重新定义了信托机构在科技金融中的角色——从"融资支持者"升级为"战略共建者"。 未来，云南信托将持续深化"全周期+定制化"服务能力，为科技创新与产业升级注入更多金融动能。 本届评选在于引导资管机构将自身发展融入国家发展大局。金融"五篇大文章"不仅是政策要求，更是资 管行业实现差异化竞争、培育新质生产力的关键路径。 ...

Core Insights - Tianjin is leveraging technological innovation as a core engine for high-quality development, with the local securities regulatory authority actively guiding capital market resources to support the growth of tech enterprises [1][2][10] Group 1: Capital Market Support for Tech Innovation - The Tianjin Securities Regulatory Bureau has facilitated the listing of 14 new companies in the past five years, with nearly 80% being tech firms, showcasing the increasing "tech content" in Tianjin's capital market [2][10] - The successful listing of Danna Biotech on the Beijing Stock Exchange marks a significant milestone as it becomes the first company in the in vitro diagnostics sector to be listed there, highlighting the supportive role of the capital market in fostering tech innovation [2][10] - The Tianjin Securities Regulatory Bureau is enhancing its regulatory services to help tech companies adapt to market and regulatory requirements, ensuring steady progress in the capital market [3][10] Group 2: Financing Tools and Mechanisms - Various financing tools in the capital market are acting as accelerators for companies in Tianjin to optimize resource allocation and shift towards tech innovation [4][10] - Aima Technology successfully issued 2 billion yuan in convertible bonds, which not only provided long-term funding but also established a positive cycle of financing, R&D, and commercialization [4][5] - The issuance of "tech innovation" and "green" bonds by Chuangye Environmental and other companies illustrates the effectiveness of capital markets in meeting tech innovation needs [7][8] Group 3: Private Equity and Venture Capital - Private equity funds are playing a crucial role as "patient capital" for early-stage and growth-stage tech companies, helping them overcome R&D bottlenecks [9][10] - Huyuan Biotechnology, a leader in the CAR-T field, has benefited from private equity funding, which has supported its clinical applications and industrialization processes [9][10] Group 4: Collaborative Ecosystem Development - The Tianjin Securities Regulatory Bureau is working with multiple departments to optimize the regulatory environment and enhance the development ecosystem for tech companies [11][10] - A comprehensive policy framework has been established to support high-quality development in the capital market, including measures for venture capital and mergers and acquisitions [11][10] - The establishment of service platforms and databases aims to facilitate the growth of listed companies and improve the overall investment climate in Tianjin [11][10]

上海市高级人民法院副院长林晓镍表示，下一步，上海法院将以更精准的司法裁判、更高效的解纷服 务、更坚实的协同保障，为上海加快建成与我国综合国力和国际影响力相匹配的国际金融中心提供更加 有力的司法保障。 记者了解到，《服务保障意见》聚焦科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文 章"，精准施策，以司法保障激活金融服务实体经济新动能。其中，在科技金融领域，支持金融机构基 于专利质量、研发团队实力、数据资产规模等科技企业技术价值，创新信用评价标准，破解"轻资产、 缺抵押"融资难题。在数字金融领域，完善数字金融纠纷案件证据规则，针对涉互联网金融、在线交易 中电子数据存证难、取证难、示证难等突出问题，出台针对性的证据认证规则，规范电子数据证据的审 查认定标准。 此次发布的《服务保障意见》具有三方面突出特点。一是全新对标中央、市委、最高人民法院决策部 署，紧密对接加快建设上海国际金融中心任务安排。《服务保障意见》紧密围绕中央金融委员会《加快 建设意见》中提出的六大核心举措，逐一细化司法服务保障的内容、路径、方法。二是全面回应新时代 上海国际金融中心建设司法需求，系统集成金融司法保障功能。《服务保障意见》首次 ...

在全球科技竞争日趋白热化的今天，科技创新已成为国家综合国力博弈的核心战场。我国正处在科技自 立自强与高质量发展的关键阶段，"十五五"规划建议提出"科技自立自强水平大幅提高"的目标。如何高 效支持企业研发、打通从基础科学到产业应用的转化通道、构建支撑长期创新的科技金融体系，是在新 一轮科技革命和产业变革中占据主动、为高质量发展注入不竭动力的关键。 面向"十五五"新征程，科技金融的使命愈发重大，希望能进一步打通体制机制障碍，完善长期资本培育 体系，培育出更多像建发新兴投资这样的市场化机构，以专业体系链接资本与创新；希望创投机构能够 以长期的心态，让资本精准滴灌每一个研发项目。唯有如此，才能让科技创新与产业发展深度融合，让 科技金融持续赋能研发突破，让中国在全球科技竞赛中跑稳跑快，以创新之基筑就强国之路，为实现科 技自立自强、推动高质量发展提供坚实有力的保障。 实践充分证明，国家战略与市场化盈利并不矛盾。那些早期愿意去理解、按照国家战略方向去布局新质 生产力以及未来产业的创投机构，其被投项目近期纷纷登陆资本市场并收获亮眼的市值表现，其原因是 中国作为巨量经济体，其战略需求本身就蕴含巨大市场价值，为战略落地提供坚实的 ...

Report Overview - Report Title: "2025 December 25th, Investment Value Analysis of Bank of Communications CSI Smart Selection Shanghai-Hong Kong Technology 50 ETF - Index Fund Product Research Series Report No. 263" [1] - Report Recipient: Zhonggeng Fund [2] - Analysts: Fang Siqi, Deng Hu [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core Views - Policy support drives long - term investment opportunities in Chinese technology assets under low - valuation conditions. With multiple central policies from 2023 - 2025, the technology sector has strong fundamentals and growth certainty [3][8]. - Chinese technology stocks have low valuations and significant repair potential. Current index valuations are at historical lows, and as policy dividends are realized, their value will increase, especially in high - growth sectors [3][12]. - The CSI Smart Selection Shanghai - Hong Kong Technology 50 Index selects high - growth technology companies. It covers various technology sectors, has a relatively low valuation, and offers good long - term returns [3]. - The Bank of Communications CSI Smart Selection Shanghai - Hong Kong Technology 50 ETF is an effective tool for investing in the technology sector, being the only ETF tracking this index [3] 3. Summary by Directory 3.1 Policy Support and Mid - to Long - Term Investment Opportunities in Chinese Technology Assets - **Innovation Policy Reinforcement**: Policies aim to reduce R & D costs, strengthen corporate innovation, and guide resources to high - tech areas. The technology finance system is improving, and the sector has mid - to long - term investment value [8]. - **Valuation and Investment Appeal**: Chinese technology stock index valuations are at historical lows, lower than overseas counterparts. There is significant potential for valuation repair as policies take effect and corporate profitability improves [12]. - **Growth Elasticity of Technology Indexes**: Since September 24, 2024, technology indexes have outperformed the broader market, showing high elasticity and resilience. Their relative advantage is expected to continue [16] 3.2 CSI Smart Selection Shanghai - Hong Kong Technology 50 Index - **Focus on Core Technology Assets**: The index selects 50 high - growth technology companies from the Shanghai, Shenzhen, and Hong Kong markets, reflecting the performance of high - potential technology stocks [17][21]. - **Coverage of Popular Technology Sectors**: It has a clear technology - dominated style, covering sectors like electronics, machinery, and power equipment. The top ten components account for 53.27% of the weight, and the index has a relatively low valuation compared to peers [24][29][31]. - **Stable Long - Term Performance**: Since its establishment in 2016, the index has had a cumulative return of 126.38% and an annualized return of about 9.55%. Since September 24, 2024, it has outperformed similar indexes, showing high sensitivity to the technology market [33][34] 3.3 Bank of Communications CSI Smart Selection Shanghai - Hong Kong Technology 50 ETF (517950) - The ETF was established on June 26, 2025, and listed on July 7, 2025. Managed by Cai Zheng and Shao Wenting, it has a management fee of 0.50% and a custody fee of 0.05%. It closely tracks the CSI Smart Selection Shanghai - Hong Kong Technology 50 Index and is the only ETF tracking this index [42][43]

未来，云南信托将持续深化"全周期+定制化"服务能力，为科技创新与产业升级注入更多金融动能。 信托频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 2025年12月15日，由鸿儒金融教育基金会和《当代金融家》杂志组织的"资管金泉奖・第五届中国资产 管理（2024 年度）领军榜"颁奖典礼成功举办。云南信托服务科创类上市公司的科技金融项目荣获科技 金融创新奖。 本届评选在于引导资管机构将自身发展融入国家发展大局。金融"五篇大文章"不仅是政策要求，更是资 管行业实现差异化竞争、培育新质生产力的关键路径。 荣获本次科技金融创新奖的项目为云南信托联 合信银理财助力科创类上市公司产业升级发展的特色服务，为企业发展提供了涵盖"上市前—上市中— 上市后"三个阶段的一站式综合服务支持，展现了信托机构在支持科技创新与绿色制造中的独特价值： 打破传统金融机构的边界，以"在场、懂客户、懂节奏"的综合能力，助力企业产能扩张，成为信托服务 实体经济的标杆案例。该项目以机制创新为核心，以资源协同为纽带，重新定义了信托机构在科技金融 中的角色——从"融资支持者"升级为"战略共建者"。 ...

Core Viewpoint - The Shanghai Municipal Government has issued measures to support the construction of the Yangtze River Delta G60 Science and Technology Innovation Corridor, emphasizing the enhancement of financial support for technology and innovation [1] Financial Support Measures - Strengthening technology financial support through improved risk-sharing and interest subsidy mechanisms [1] - Innovating financial products such as credit, insurance, and financial leasing to provide financial backing for enterprises' R&D and innovation investments [1] Investment and Fund Management - Enhancing the guiding role of municipal and district-level government investment funds [1] - Increasing collaboration between the Yangtze River Delta G60 Technology Achievement Transformation Fund and the Shanghai Future Industry Fund to boost investment in technology transformation projects [1] - Exploring a due diligence exemption mechanism for state-owned investment platforms [1] Encouragement of Private Investment - Supporting enterprises in venture capital and mergers and acquisitions, focusing on key links in the industrial chain for equity investment [1] - Encouraging social capital to establish various innovation and entrepreneurship investment funds targeting key industries [1]