Core Viewpoint - The establishment of the "National Venture Capital Guidance Fund" aims to support long-term investment in hard technology and alleviate financing difficulties for technology-based enterprises, potentially attracting nearly 1 trillion yuan in local and social capital [2][3][4]. Group 1: Policy Initiatives - The Ministry of Science and Technology, the People's Bank of China, and other regulatory bodies jointly released 15 policy measures to enhance financial support for technological innovation [3][4]. - The National Venture Capital Guidance Fund will focus on early-stage investments in hard technology sectors such as artificial intelligence, quantum technology, and hydrogen energy storage [4][5]. Group 2: Financial Mechanisms - The fund is expected to have a lifespan of 20 years, which is longer than typical equity investment funds, allowing for sustained support for technology enterprises [4][5]. - The policy measures include expanding the pilot scope of financial asset investment companies to 18 provinces and encouraging insurance funds to participate in venture capital investments [5][6]. Group 3: Market Impact - The National Venture Capital Guidance Fund is anticipated to play a crucial role in alleviating financing challenges for technology firms, particularly those in seed and early stages, by providing long-term capital [7][8]. - The establishment of a "Technology Board" in the bond market is proposed to support technology innovation and facilitate financing for technology-based enterprises [7][8].

5月16日，三大指数集体低开，机器人概念低开高走，相关ETF方面，机器人ETF（159770）拉升涨超 1%，成分股方面，弘讯科技涨停、华东数控、信捷电气、拓斯达、禾川科技跟涨。 国新证券表示，通过推动科技金融发展，不仅有利于引导社会资源向科技创新配置，同时也为投资者带 来更多的投资渠道、产品选择和相应回报。在监管政策的积极引导下，资本支持技术孵化，推动科技与 产业的深度耦合，形成"场景-技术-资本-产业"的良性循环。中信证券表示，政策的出台将进一步完善科 技金融体系，提升金融服务科技创新的能力，有助于推动科技成果转化和产业升级。 消息面上，近期，科技部、中国人民银行、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7部门在5月14日联合发布的《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》提出，设立国家创业投资引导基金，发挥国家创业投资引导基金支持科技创新的重要作用， 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。 深市规模最大的机器人ETF（159770）紧密跟 ...

Group 1 - The meeting emphasized that 2025 is the concluding year for the deepening and enhancement of state-owned enterprise (SOE) reform, with a focus on high-quality completion of the reform actions [1] - There is a need to strengthen the organization and promotion of the reform, ensuring that resources are concentrated on core responsibilities and strategic emerging industries [1] - The meeting highlighted the importance of enhancing the role of state-owned enterprises in the national innovation system and improving their independent innovation capabilities [1] Group 2 - The next steps in deepening state-owned asset and enterprise reform should be planned with a high starting point, adapting to the requirements of a high-level socialist economic system [2] - The focus will be on addressing deep-seated institutional and mechanism issues that restrict the high-quality development of state-owned enterprises [2] - The goal is to strengthen and optimize state capital and enterprises, enhancing their core functions and competitiveness to better fulfill strategic missions [2]

Group 1 - The core viewpoint emphasizes the importance of scientifically formulating and effectively implementing national development plans as a key experience in governance and a political advantage of socialism with Chinese characteristics, crucial for maintaining strategic continuity and stability [1] - The current period is critical as China approaches the end of the "14th Five-Year Plan" and prepares for the "15th Five-Year Plan," necessitating a strategic optimization of the economic layout to strengthen the modern industrial system and enhance national development security [1] - The adjustment and optimization of the economic layout are seen as essential responses to complex external environments and domestic development contradictions, serving as strategic support for constructing a new development pattern [1] Group 2 - The focus on domestic demand as the main driver and the reinforcement of the "dual circulation" strategy is highlighted, with an emphasis on the increasing role of consumption in economic growth and the need to enhance manufacturing advantages [2] - The need to break down administrative barriers for efficient allocation of production factors is discussed, advocating for a unified national market and better cross-regional flow of resources such as land, labor, capital, and data [2] - The importance of regional economic optimization through differentiated positioning and complementary advantages is emphasized, aiming to enhance overall competitiveness [2] Group 3 - The dual-driven approach to promote innovation development and green transformation is underscored, with a focus on integrating industrial upgrades with ecological benefits under the "dual carbon" goals [3] - The necessity to seize opportunities in the digital economy and accelerate the digital transformation of traditional industries is highlighted, aiming to reshape industrial competitiveness through collaborative innovation [3] - A systematic approach and bottom-line thinking are recommended for adjusting and optimizing the economic layout, emphasizing the importance of development and security coordination [3]

要点如下↓↓↓ 设立"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。 建立银行信贷支持科技创新的专项机制 近日，科技部、中国人民银行等7部门联合发布《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》，推出15项科技金融政策举措，为科技创新提供全生命周期、全链条的金融服 务。 丰富银行间债券市场科技创新债券产品，完善科技创新债券融资支持机制。 加大对科技型企业、创业投资机构和金融机构等发行科技创新债券的支持力度，为科技创新筹集长 周期、低利率、易使用的债券资金。 推广创新积分制 鼓励商业银行设立科技金融专门机构，在科技资源密集的地区设立科技支行。 选择在部分商业银行和试点城市开展科技企业并购贷款试点，将贷款占并购交易价款比例提高到 80%，贷款期限延长到10年。 进一步增强资本市场对科技创新企业的支持力度 优先支持取得关键核心技术突破的科技型企业上市融资。 持续支持优质未盈利科技型企业发行上市，优化科技型上市公司并购重组、股权激励等制度。 健全债券市场服务科技创新的支持机制 建立债券市场"科技板"。 将优质企 ...

盘前要闻 1、降准今日落地：向金融市场注入约1万亿元流动性，后续仍有降准空间 类型：宏观 情绪影响：正面 2025年首次降准于今日落地，向金融市场注入约1万亿元流动性，为经济持续回升向好提供有力支持。 专家表示，在国内物价水平偏低的背景下，预计下半年人民银行还会继续实施降准，全年降准幅度将达 到1个百分点，与2024年相当。 2、七部门发文设立国家创业投资引导基金，培育发展战略性新兴产业 类型：宏观 情绪影响：正面 科技部等七部门发文提出，发挥国家创业投资引导基金支持科技创新的重要作用，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。 3、拆解4月金融数据：政府债企业债拉动社融，信贷结构已有趋势性改变 类型：宏观 情绪影响：正面 央行数据显示，4月末广义货币M2同比增长8%，4月社会融资规模同比多增1.22万亿元。业内专家分析 称，政府债券发行加快是社融最主要的拉动因素。金融对实体经济支持的力度仍然较大，政策思路需转 向更加注重促消费已成为业内共识。 4、中国结算澄清：并无针对网络传言所谓"查场外配资 ...

Group 1 - The core viewpoint of the news is the release of the "Policy Measures" by seven government departments to accelerate the construction of a technology finance system that supports high-level technological self-reliance and strength [1] - The "Policy Measures" propose 15 specific initiatives focusing on enhancing financial support for major technological tasks and technology-based small and medium-sized enterprises [1] - The establishment of a "National Venture Capital Guidance Fund" aims to promote the growth of technology-based enterprises and foster the development of strategic emerging industries, particularly future industries [1][2] Group 2 - The National Venture Capital Guidance Fund will focus on guiding financial capital to invest early, small, long-term, and in hard technology, targeting cutting-edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage [2] - The "Policy Measures" emphasize the importance of structural monetary policy tools to support technological innovation, including expanding the scale of re-lending and optimizing support mechanisms for technology-based SMEs [2][3] - The measures also highlight the need to enhance capital market support for technology innovation enterprises by improving the mechanism for counter-cyclical adjustment of new stock issuance and prioritizing financing for enterprises that achieve breakthroughs in key core technologies [3]

华夏时报（www.chinatimes.net.cn）记者 刘昱汝 徐芸茜 北京报道 2025年的A股市场，并购重组正以超预期的速度掀起新一轮浪潮。 据Wind数据显示，截至5月12日，年内A股上市公司新增66单重大资产重组，同比增长144.44%。这一数据不仅反 映了市场并购活动的活跃程度，也预示着企业转型升级、产业整合的步伐正在加快。 值得一提的是，上述66单重大资产重组中，有7单为央企控股上市公司重组，8单为地方国有上市公司重组。 湖南汽车工程职业大学产教融合研究院执行副院长、中国企业联合会特约高级研究员刘兴国在接受《华夏时报》 记者采访时表示，今年以来，资本市场重大重组事项显著增加，这和当前发展环境和企业发展战略调整有关。一 方面，多年增长缓慢导致的经营压力，使得不少企业寻求通过重组整合寻求新机遇，为市场提供了丰富的重组机 会与空间；另一方面，随着"十四五"规划收官与"十五五"规划布局交替，企业战略调整步伐加快，并购重组需求 激增，双向推动之下，资本市场迎来了重大重组整合的新高潮。 "重组整合具有周期性波动特征，特殊事件往往能加速其增长，但浪潮过后，市场或将进入并购重组相对沉寂的阶 段。"刘兴国表示。 ...

创投行业再迎重磅利好。 5月14日，科技部等七部门联合发布《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》）。 《政策举措》聚焦服务于国家重大科技战略部署，着力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，重点围绕创业投资、货币信贷、资本市场、科技保险 支持科技创新，加强财政政策引导，健全科技金融统筹推进机制以及完善科技金融生态等七个方面内 容，凝练了15项科技金融政策举措。 在发挥创业投资支持科技创新生力军作用方面，《政策举措》提出，设立"国家创业投资引导基金"。发 挥国家创业投资引导基金支持科技创新的重要作用，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。 21世纪经济报道记者注意到，这只国家创业投资引导基金其实在两个月前就进行了"官宣"。3月6日，国 家发展改革委主任郑栅洁在全国两会经济主题记者会上透露，国家正在推动设立"航母级"的国家创业投 资引导基金。 "此次《政策举措》提出设立'国家创业投资引导基金'，意味 ...

科技部等七部门：设立"国家创业投资引导基金" 金十数据5月14日讯，《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》提到， 发挥国家创业投资引导基金支持科技创新的重要作用，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。 ...