Core Viewpoint - The 20th Central Committee's Fourth Plenary Session has outlined a strategic framework for China's economic and social development over the next five years, emphasizing new and higher requirements for financial work. CITIC Prudential Life Insurance aims to integrate its development into the national strategy while focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [1][10]. Strategic Transformation Driving Development - CITIC Prudential Life Insurance is guided by the Party's innovative theories and has implemented the "1628" strategic plan, which focuses on innovation as a driving force. This plan includes six key projects aimed at enhancing service capabilities and achieving a comprehensive upgrade from "risk compensation" to "service empowerment" [11][12]. - The company's performance reflects the success of its transformation, with insurance business revenue reaching 27.833 billion yuan and net profit at 3.14 billion yuan for the first three quarters of 2025. Total assets exceeded 270 billion yuan, and the asset management scale of its subsidiary approached 370 billion yuan. The solvency ratios are well above regulatory requirements, with a comprehensive solvency ratio of 215% and a core solvency ratio of 110% [2][11]. Focus on Pension Finance - Pension finance is a core area for CITIC Prudential Life Insurance, directly impacting the well-being of families. The company views the national strategy for addressing population aging as a significant opportunity and aims to develop a comprehensive pension finance system [3][13]. - The company has optimized its product structure, achieving a 606% year-on-year increase in sales of pension-related products by September 2025, indicating strong market recognition of its pension solutions [3][13]. Comprehensive Advancement in Financial Services - In addition to focusing on pension finance, CITIC Prudential Life Insurance has made solid progress in other areas, demonstrating a systematic approach to serving the needs of the real economy and people's livelihoods [4][14]. Technology Finance - The company leverages its stable long-term insurance funds to support advanced manufacturing and technological innovation, serving over 440 national-level specialized and innovative enterprises and providing group insurance services to nearly 160 related companies [5][6][15]. Green Finance - CITIC Prudential Life Insurance actively implements the "dual carbon" strategy, integrating ESG principles into investment decisions. By September 2025, the scale of its green and social responsibility investments reached 21.527 billion yuan, ranking among the top in the joint venture life insurance sector [7][16]. Inclusive Finance - The company remains committed to the principle of "finance for the people," innovating inclusive insurance products that cover both the elderly and children. By mid-2025, inclusive life insurance had effectively covered 631,900 individuals, with a total effective insurance amount of 97.04 billion yuan [8][17]. Digital Finance - CITIC Prudential Life Insurance is advancing "customer management digitization" as a strategic initiative, enhancing the application of big data and artificial intelligence. This has led to significant improvements in electronic insurance applications, smart underwriting, and claims efficiency [9][18].

创新之刃 二十载长河奔涌、岁月如歌，这颗种子已蝶变成大树：集团资产规模突破8000亿元，服务网络深入深圳 每个社区，科技系统迭代至第三代核心系统并实现全面上云，更将枝叶伸向粤港澳大湾区更广阔的天 地。这段跨越世纪的成长史，并非简单的规模跃迁，而是一部深刻诠释走"社区零售银行"差异化之路的 金融样本，更是一阕在特区沃土上，将禀赋与初心刻入血脉基因、与城市共生共荣的时代回声。 定力之考 在特区脉搏中锚定"社区零售" 惟有定力，方能穿越周期，久久为功。早在改制之初，面对深圳金融市场的激烈竞争，商业银行普遍选 择追逐大企业、大项目，深圳农商银行却做出了一个看似"逆行"的战略选择。它没有望向金字塔尖，而 是将目光投向脚下最坚实的土壤——遍布深圳的社区和数百万普通来深建设者。 这并非无奈之举，而是基于对深圳城市肌理的深刻洞察。1999年，其前身深圳农信社便确立了零售银行 战略。彼时，在金融风暴席卷之下，深圳兴起"三来一补"，成为"世界工厂"。它独辟蹊径，将目光投向 草根民众，率先定调"零售银行"。进入20世纪初，在深圳全面推进城市化的浪潮中，原农村集体经济组 织纷纷改制为社区股份公司。深圳农商银行把"零售银行"战略升华为 ...

Core Viewpoint - Anhui Province is actively developing into a significant hub for technological innovation, with Hefei City as a focal point for tech enterprises, supported by financial institutions like Huishang Bank to enhance the quality of financial services for tech innovation [1] Group 1: Financial Support for Tech Enterprises - Huishang Bank has created a specialized product matrix and improved its financial service system to support the growth of tech companies in Anhui [1] - A specific tech company in Hefei benefited from Huishang Bank's financial support, receiving a total of 410 million yuan in loans to address its funding challenges during its early stages [2] - The bank's proactive approach included assessing the company's potential despite its lack of collateral and providing timely financial assistance [2] Group 2: Joint Growth Plan - The People's Bank of China in Anhui initiated the "Joint Growth Plan" to address the mismatch of risk and return in tech financing, allowing companies to secure long-term, low-cost financing [3] - Huishang Bank was among the first to participate in this plan, offering a 15 million yuan credit line to the tech company under a three-year agreement [3] - This plan enables banks to gain priority in various financial services while providing companies with stable funding [3] Group 3: Technology and Financial Integration - Huishang Bank aims to explore new models for high-quality development in tech finance, with over 13,000 tech loan accounts and a balance exceeding 210 billion yuan as of September 2025 [4] - The bank has established a specialized organizational structure to enhance its service coverage for tech enterprises, developing a comprehensive suite of financial products tailored to different stages of a company's lifecycle [4] - A "Technology Flow" evaluation system has been developed to assess tech companies based on their innovation capabilities, complementing traditional financial assessment methods [4] Group 4: Intellectual Property Financing - Huishang Bank has innovated a self-assessment system for intellectual property value and launched an online pledge loan product called "Zhi e Loan" to facilitate financing for tech companies [6] - This product allows companies to convert their intellectual property into financial resources, with a credit limit of up to 10 million yuan and a maximum term of three years [6] - Since its launch, the "Zhi e Loan" product has seen a loan balance exceeding 300 million yuan, indicating strong demand for intellectual property financing solutions [6] Group 5: Commitment to Local Economic Development - Huishang Bank is committed to supporting the local economy by focusing on various financial sectors, including tech finance, green finance, inclusive finance, pension finance, and digital finance [5][6] - The bank aims to contribute significantly to the high-quality development of Anhui Province by aligning its strategies with local development goals [5][6]

专题：2025中国企业竞争力年会 "2025中国企业竞争力年会"于12月9日至10日在北京举行。《中国经营报》副总编辑张荣旺在致辞中表 示，2025 年作为 "十四五" 规划收官之年与 "十五五" 新征程开启的关键节点，我国金融业在金融强国 建设目标引领下，持续深化改革创新，在服务实体经济、防控金融风险、扩大双向开放等领域实现了规 模与质量的历史性跨越。"数字化、智能化正深刻重塑金融生态"他说。 尤为值得关注的是，金融服务实体经济的质效全面提升，围绕做好金融 "五篇大文章"，金融资源精准 投向国家重大战略、重点领域和薄弱环节，为高质量发展提供有力支撑。 其中，科技金融领域政策框架持续完善，覆盖科技型企业全生命周期的融资服务体系日益健全，推动科 技、产业、金融形成良性循环。 在此背景下，他表示，金融行业需以更高站位、更强担当、更实举措主动融入中国式现代化大局，以创 新驱动破解难题，以深化改革增强内生动力，以高水平开放拓展发展空间，提升金融供给与实体经济需 求的适配性。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李 ...

从债到股，从一级市场到二级市场……近年来，保险资金身影越来越多地出现在科技创新领域。保险资金 被赋予"耐心资本"的时代重任，正成为作答"科技金融"大文章的中坚力量。 多位险资人士认为，在经济转型升级、新旧动能转换时期，对于险资这类大体量、长周期资金而言，与经济结 构同步转向，既是行业的内生性需要，也是时代命题。 不过，险资布局科技领域仍面临风险错配、能力短板、体制机制、资本约束等难题。保险资金正在积极探索、 解题过程中。 险资身影频现科技领域 近日，"中国版英伟达" 摩尔线程 登陆科创板，在其IPO前的股东中，除创始团队、社会资本外，保险资金也已 现身。本次发行前，和谐健康保险、险资系私募股权基金公司阳光融汇、中保投资管理的中保投信云算（嘉 兴）股权投资合伙企业（有限合伙），在摩尔线程股东中分列12位、39位和80位。 这是保险资金越来越多地出现在科技创新领域的一个缩影。 颇具代表性的杭州"六小龙"背后也有险资身影。根据证券时报·券商中国记者梳理的信息，现身宇树科技、云 深处科技、强脑科技背后的险资至少有38家。这些险资通过投资参与国资主导基金等方式，成为"六小龙"成员 的二级到四级股东，对新兴科技领域的精准 ...

Core Viewpoint - The transformation from industrial capital to financial capital and now to technological capital is reshaping economic development, with technological capital becoming a significant driving force for both technological and economic advancement [1][3]. Group 1: Capital Accumulation in Technology - Capital is increasingly concentrating in the technology sector, significantly promoting technological development and the emergence of new productive forces [4]. - Investment in technology is becoming a key driver in financial markets, with venture capital flowing into the technology sector. In China, the proportion of venture capital in the technology sector is rising, while in the U.S., it remains high [5]. - By the end of 2024, the market capitalization of the technology sector in A-shares is expected to reach 42.7%, while in U.S. markets, it is projected to be 46.5% [5]. Group 2: Investment Institutions and Financial Tools - The focus of technology financing is shifting from Wall Street to industrial capital, with corporate venture capital and strategic investments from technology leaders reshaping the venture capital landscape [6]. - By 2025, funds led by technology core enterprises are expected to account for 51% of total venture capital, surpassing traditional venture capital for the first time [6]. - The global allocation of insurance funds to technology equity is projected to reach 1.32 trillion yuan, representing 35% of total technology equity financing by 2025 [6]. Group 3: Mergers and Acquisitions - The proportion of mergers and acquisitions in China's technology sector is showing a fluctuating upward trend, reaching 30.4% of total industry mergers by the end of 2024 [6]. - The U.S. continues to dominate the global technology M&A landscape, leading market trends [6]. Group 4: Regional Dynamics - Global technology investment is forming a "three-pole pattern," with capital rapidly concentrating in technology-financially developed regions such as North America, Asia-Pacific, and Europe [7]. - Different economies are developing differentiated technology financing models, with the U.S. excelling in venture capital and the EU focusing on policy-driven financing [7]. Group 5: Empowering Financial Systems - The financial system is undergoing profound changes driven by technology, transitioning from mere technical applications to fundamentally reshaping financial services [8]. - The proportion of technology talent in major financial centers is increasing, reflecting the deepening digital transformation in the financial sector [8]. Group 6: Collaborative Development in the Yangtze River Delta - Anhui, as a key region in the Yangtze River Delta, is encouraged to leverage its regional advantages to foster collaborative development in technology and finance [9]. - Specific recommendations include deepening market reforms to empower technology financial product innovation and enhancing knowledge property financing practices [9][10].

险资身影频现科技领域 从债到股，从一级市场到二级市场……近年来，保险资金身影越来越多地出现在科技创新领域。保险资金 被赋予"耐心资本"的时代重任，正成为作答"科技金融"大文章的中坚力量。 多位险资人士认为，在经济转型升级、新旧动能转换时期，对于险资这类大体量、长周期资金而言，与经济结 构同步转向，既是行业的内生性需要，也是时代命题。 不过，险资布局科技领域仍面临风险错配、能力短板、体制机制、资本约束等难题。保险资金正在积极探索、 解题过程中。 近日，"中国版英伟达"摩尔线程登陆科创板，在其IPO前的股东中，除创始团队、社会资本外，保险资金也已 现身。本次发行前，和谐健康保险、险资系私募股权基金公司阳光融汇、中保投资管理的中保投信云算（嘉 兴）股权投资合伙企业（有限合伙），在摩尔线程股东中分列12位、39位和80位。 这是保险资金越来越多地出现在科技创新领域的一个缩影。 颇具代表性的杭州"六小龙"背后也有险资身影。根据券商中国记者梳理的信息，现身宇树科技、云深处科技、 强脑科技背后的险资至少有38家。这些险资通过投资参与国资主导基金等方式，成为"六小龙"成员的二级到四 级股东，对新兴科技领域的精准"滴灌"，已超 ...

Core Insights - Shanghai Bank has evolved over 30 years, from its origins in local credit cooperatives to a significant player in the financial sector, emphasizing its mission of making life better through finance [1] - The bank has focused on supporting small and micro enterprises, contributing to local economic development, and fostering a sense of community [1] Group 1: Technological Financial Services - Shanghai Bank's Minhang branch identified a promising startup, Qionglong Technology, and provided crucial support through a credit loan of 8 million yuan, marking the first bank credit for the company [8][10] - The bank utilized a "technology flow" assessment model to evaluate the startup's potential, despite its lack of revenue and collateral [8][10] - Over four years, the bank increased its support to Qionglong Technology, raising the credit limit to 50 million yuan and expanding services to include cross-border settlements and funds supervision [10][12] Group 2: Cross-Border Financial Services - Shanghai Bank has developed a comprehensive cross-border financial service ecosystem, including cross-border investment and financing, and digital payment solutions [29] - The bank's cross-border payment capabilities have evolved significantly, with transaction volumes increasing from over 10 billion USD in 2005 to more than 160 billion USD by 2025 [29] - The introduction of digital RMB in cross-border payments marks a significant advancement in the bank's service offerings, enhancing transaction speed and efficiency [29] Group 3: Pension Financial Services - Shanghai Bank pioneered the socialization of pension distribution in China, becoming one of the first banks to offer this service in 1998 [30][33] - The bank has developed a comprehensive pension financial service model, evolving from basic pension distribution to include wealth management and intelligent services [46] - Currently, Shanghai Bank serves approximately 6 million elderly clients, maintaining a leading market share in pension services in Shanghai [46]

Group 1 - The Guangdong Province has launched the construction of a technology finance digital platform during the 2025 Greater Bay Area Science Forum, aimed at integrating enterprise innovation capability data resources and creating a scientific evaluation system for quantifying innovation capabilities [3][4] - The platform is guided by the Ministry of Science and Technology's "Innovation Points System" and seeks to address the mismatch between financial and technological resource supply and demand [3] - A signing ceremony for the first batch of "Inclusive Technology Loans" was held, with 12 banks committing to provide credit support for technology innovation activities and technology-based enterprises [3][4] Group 2 - Guangdong Science and Technology Innovation and Entrepreneurship Investment Management Co., Ltd. signed investment intention agreements with seven project implementation enterprises as part of the key area R&D plan [3] - A strategic cooperation memorandum was signed between Yueke Financial Group and Bank of China Guangdong Branch, launching the "Bank of China Yueke Investment Loan Link" product to provide comprehensive financial services for technology enterprises [4] - The forum included a roundtable discussion focusing on future industries such as quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-machine interfaces, and embodied intelligence [4]

中证报中证网讯（王珞）近期，北京上市公司协会（以下简称"北上协"）围绕"金融高质量发展与做好 五篇大文章"主题开展了三场走进上市公司调研活动。在该系列活动中，北上协组织会员单位走进北京 银行、农业银行以及邮储银行。 该系列活动由北京证监局指导，北上协主办，各上市公司承办，北京上市公司独立董事、董事会秘书、 证券事务代表、相关领域负责人、媒体记者以及协会秘书处专职工作人员等150余人参加活动。 该系列活动以"调研参观+座谈交流"的形式展开，各参与调研活动的上市公司代表与银行面对面交流， 深入探讨金融机构如何通过科技金融、绿色金融、普惠金融、养老金融、数字金融这"五篇大文章"，精 准赋能实体经济。 北京银行：深耕科创的"首善"标准 9月15日，北上协开启了以"金融高质量发展与做好五篇大文章"为专题的第一场调研座谈活动——走进 北京银行。 11月26日，调研团走进农业银行，这也是系列调研的第二站。农业银行董事会秘书刘清介绍，农行"因 农而生，因农而兴，因农而强"，服务乡村振兴是农行"两大定位"之一。目前，农行40%的贷款、44%的 存款分布在中国的县域地区。在服务乡村振兴的同时，农行高度重视城市业务的发展与创新，形 ...