Core Insights - The State Council's Financial Regulatory Administration emphasizes the role of technology insurance as a "shock absorber" and "stabilizer" for key core technology breakthroughs and future industry development [1] Group 1: Current Policies - The Financial Regulatory Administration has implemented three main policy measures to support technology insurance [1] - Improvement of the first set and first batch insurance compensation mechanism, expanding the coverage and optimizing terms, with over 1 trillion yuan in risk protection provided since the pilot began [1] - Optimization of insurance companies' solvency regulatory standards, adjusting risk factors for investments in strategic emerging industries and technology board companies, aiming to release more insurance funds to support capital markets [1] - Pilot program for major technology breakthrough insurance mechanisms in key sectors like integrated circuits and commercial aviation, providing risk-sharing solutions for national technology tasks, with approximately 9 trillion yuan in technology insurance protection provided last year [1] Group 2: Future Plans - The Financial Regulatory Administration is set to implement additional policies [2] - Recently introduced policies allowing insurance funds to invest in unlisted major equity related to insurance business, broadening support for technological innovation [2] - Adjusted regulatory ratios for insurance funds' equity investments, increasing the limit for single venture capital fund investments from 20% to 30% of the fund's paid-in capital [2] - Collaboration with the Ministry of Science and Technology to develop policies for high-quality development of technology insurance, focusing on optimizing the service system and enhancing the role of the insurance industry in risk compensation and funding leverage [2]

【大河财立方 记者 王磊彬】债券市场作为服务实体经济发展的重要融资渠道，在激发市场活力、促进科技创新与金 融资本深度融合方面发挥着重要作用。 5月22日，"融"聚资本力量·债券"科技板"融资策略培训会在郑州高新区举行。本次培训会重在探讨债券"科技板"政策 机遇，助力科技型企业拓宽融资渠道，赋能创新发展。 政策落地以后，市场反应热烈，多家企业积极发行科技创新债券。 5月12日，牧原股份2025年度第一期科技创新债券完成发行，发行规模3亿元、期限270天、票面利率1.95%，成为河南 首单"科技板"科技创新债券。 河南省委金融委员会办公室副主任宁新田表示，当前全球科技竞争加剧，我国正处于创新驱动转型关键期，债券"科 技板"是资本市场服务科技创新的重大突破，通过专项融资工具打通"科技－产业－金融"循环，将为河南发展注入新动 能。 据河南证监局二级巡视员周德选介绍，自2021年以来，河南省交易所债券市场发展稳中有进，融资金额连续4年超过 1000亿元，发行量稳定在高位水平，存量规模增至4858亿元，相对于2020年末的2134亿元实现了翻番，平均发行成本 压降至2.97%，较期间最高点的4.78%，大幅下降181个B ...

金十图示：2025年05月22日（周四）新闻联播今日要点 合国安理会常任理事国和独立自主大国,是战后 国际秩序的缔造者、建设者,应该加强团结合 作,共同维护联合国权威和地位,维护国际贸易 规则和世界经济秩序,践行真正的多边主义。国 际形势越是复杂,中法越要作出正确战略抉择, 共同做维护国际秩序的可靠力量、促进全球增长 的开放力量、引领多边合作的进步力量。 中方 始终视欧洲为多极世界的独立一极,支持欧盟加 强战略自主,在国际事务中发挥更重要作用,愿 同欧方携手应对全球性挑战,达成更多既造福双 方、也有利于世界的成果。 ● 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 -- 中国一海合会峰会 * 应印度尼西亚共和国总统普拉博沃邀请,国务院 总理李强将于5月24日至26日对印度尼西亚进行 正式访问。应东盟轮值主席国马来西亚总理安瓦 尔邀请,国务院总理李强将于5月26日至28日出 席仕与米四业吉隆坡至门的东盟一中国一母宣云 峰会。 王杰密切协同,在地面科研人员配合支持下,圆 满完成首次出舱任务。此次的出舱任务是将前期 已通过货物气闸舱出舱并利用机械臂转移至中转 位置的空间碎片防护装置,安装至预定位置,同 时开 ...

Core Viewpoint - The Financial Regulatory Administration is building a technology finance system that aligns with technological innovation, summarized as the "345" technology finance service system, aimed at facilitating the flow of financial resources into technological innovation at lower costs and faster speeds [1][2]. Group 1: Policy and Product Supply System - The "3" in the "345" system refers to the policy system, product supply system, and professional organization system. The product supply system includes targeted services such as "loan + external direct investment," intellectual property pledge financing, and patent insurance tailored for technology enterprises [1]. - As of the end of Q1, the loan balance for high-tech enterprises in the banking sector reached 17.7 trillion yuan, reflecting a year-on-year growth of 20%, significantly outpacing the average growth rate of all loans [1]. Group 2: Pilot Projects - The "4" represents four pilot projects designed to provide technology enterprises with more long-term and patient capital support. The first pilot is the equity investment pilot for financial asset investment companies, which has expanded from Shanghai to 18 cities and provinces, with signed intention amounts exceeding 380 billion yuan [2]. - The second pilot involves the long-term investment reform of insurance funds, with a total of 2.22 billion yuan allocated across three batches [2]. - The third pilot allows banks in 18 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%, with all pilot banks fully operational [2]. - The fourth pilot focuses on the comprehensive trial of intellectual property finance, addressing challenges in registration, evaluation, and disposal of intellectual property [2]. Group 3: Financial Institutions Collaboration - The "5" signifies the collaboration of five types of financial institutions to leverage their respective service advantages. The system promotes a complementary relationship between direct and indirect financing, as well as between policy-based and commercial finance [2]. - Policy banks are enhancing service quality to provide medium to long-term, low-interest financing support for technological innovation, while commercial banks have consistently increased both loan balances and the number of clients in this sector [2]. - Insurance institutions are improving their product systems to cover the entire lifecycle of technology enterprises, while asset management institutions and financial asset investment companies are increasing equity investments, focusing on early, small, long-term, and hard technology investments [2].

Group 1 - The core viewpoint emphasizes that financial capital is essential for supporting high-level technological self-reliance and innovation, and that developing technology finance is crucial for integrating technological and industrial innovation [2] - The Ministry of Science and Technology, along with six other departments, has jointly issued policies focusing on venture capital, monetary credit, capital markets, technology insurance, and bond markets, proposing 15 policy measures [2][3] - The policies aim to address the challenges in financial support for high-level technological self-reliance and are part of a systematic deployment to enhance the financial ecosystem for technology innovation [2][4] Group 2 - As of the end of Q1 this year, the loan balance for high-tech enterprises in the banking sector reached 17.7 trillion yuan, with a year-on-year growth of 20%, significantly outpacing the average growth of all loans [3] - Major banks have established dedicated technology finance departments and set up 2,178 technology branches nationwide to better serve technology enterprises [3][4] - The financial regulatory authority has introduced a "345" technology finance service system, which includes a policy system, product supply system, and professional organization system [3] Group 3 - Four pilot projects have been initiated to provide long-term capital support for technology enterprises, including equity investment trials and insurance fund investment reforms, with total signed intent amounts exceeding 3.8 trillion yuan [4][5] - The People's Bank of China has increased the scale of re-loans for technological innovation from 500 billion yuan to 800 billion yuan and reduced the re-loan interest rate from 1.75% to 1.5% to encourage more precise loan support for enterprises [5][6] Group 4 - The capital market plays a crucial role in supporting technology innovation through mechanisms like a "green channel" for technology enterprises and the establishment of a "technology board" in the bond market [6][7] - The China Securities Regulatory Commission has introduced various policies to optimize the support for technology innovation, including more inclusive listing conditions for technology companies [6][7] - Approximately 100 institutions have issued technology innovation bonds, with a total issuance scale exceeding 250 billion yuan, demonstrating the effectiveness of the new bond market initiatives [7][8]

Group 1 - The importance of financial services to the real economy is increasingly highlighted in the current economic context, with the People's Bank of China issuing documents to enhance the technology finance policy framework in 2024 [1] - China Merchants Bank Nanchang Branch is actively responding to national policies by developing digital guarantee products to support enterprises and inject financial vitality into the real economy [1] Group 2 - The bank prioritizes customer experience and has developed domestic guarantee products, optimizing service processes and creating a digital brand called "Guarantee Butler" [2] - In 2020, the "Guarantee Butler" service was launched, allowing for T+0 automatic issuance of guarantees, achieving full online, paperless, and automated processes [2] Group 3 - The bank has seen continuous growth in domestic guarantee customers and issuance amounts for three consecutive years, serving over 600 clients and issuing more than 14,000 guarantees, setting historical records [3] - The variety of guarantee products has expanded to include special types such as customs payment guarantees and wage payment guarantees, enhancing the product system [3] Group 4 - The bank has been innovative in guarantee services, becoming one of the first banks to achieve data transmission with the General Administration of Customs and establishing various electronic guarantee platforms [4] - By 2025, the bank has connected with multiple important platform systems, issuing electronic guarantees totaling over 10 billion yuan [4]

央行：科技金融的多元金融体系初步形成 朱鹤新表示，近年来，人民银行和相关的金融管理部门，以及科技部采取了很多积极措施，健全政策框 架，应该说科技金融的"四梁八柱"已经基本搭建完成，多元金融体系初步形成。 朱鹤新称，截至今年3月末，科技型中小企业贷款余额已超过3.3万亿元，同比增长24%，连续3年增速 超过20%；全国"专精特新"企业贷款余额已超6.3万亿元，同比增长15.1%，远远超过贷款的平均增速； 银行金融机构与企业签订的设备更新贷款余额已达1.2万亿元，设备更新很多跟科技型企业相关联；银 行间债券市场投向科创企业领域余额突破了1万亿元，在A股上市的"专精特新"企业已经超过1900家。 5月22日，国新办举行新闻发布会介绍科技金融政策有关情况。科技部副部长邱勇，中国人民银行副行 长、国家外汇局局长朱鹤新，金融监管总局新闻发言人、政策研究司司长郭武平，中国证监会首席风险 官、发行监管司司长严伯进出席发布会介绍科技金融政策有关情况，并答记者问。 科技部：牵头细化科技金融体制分工 邱勇表示，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》（以下简称《政策举措》）是实现科技和金 ...

Group 1: Policy Initiatives - The recent policy measures focus on seven areas including venture capital, monetary credit, capital markets, technology insurance, and bond markets, proposing 15 specific initiatives [1] - Key initiatives include establishing a "National Venture Capital Guidance Fund" to encourage early, small, long-term investments in hard technology [1] - The policy aims to enhance credit support for technology enterprises through structural monetary policy tools and to leverage capital markets for direct financing [1] Group 2: Financial Support Mechanisms - The Ministry of Science and Technology aims to create a long-term financial support mechanism for technological innovation and address the financing difficulties faced by small and medium-sized technology enterprises [2] - The People's Bank of China emphasizes the importance of supporting top-tier equity investment institutions in issuing bonds to promote innovation capital formation [4][5] - The central bank plans to enhance cross-border financial services for technology enterprises and promote the Qualified Foreign Limited Partner (QFLP) pilot program [6] Group 3: Regional Focus and Implementation - The policy encourages targeted regional innovation practices in major technology innovation centers such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area [3] - Local governments and financial institutions are urged to actively explore unique innovative practices that can be replicated and promoted [3] Group 4: Insurance and Risk Management - The financial regulatory authority is promoting technology insurance to provide risk coverage for technology achievements and enhance the financial service mechanism for technology enterprises [8][10] - The authority is also working on a high-quality development policy for technology insurance to better leverage the insurance industry's risk compensation and funding capabilities [11] Group 5: Capital Market Regulations - The China Securities Regulatory Commission is committed to enhancing the safety and regulatory compliance of funds raised by listed companies, ensuring funds are used for their intended purposes [12] - The commission supports the return of quality red-chip technology companies to domestic listings and aims to optimize the listing environment for technology enterprises [13][14]

中经记者 索寒雪 北京报道 5月22日，中国证监会首席风险官、发行监管司司长严伯进在国务院新闻办公室举行的新闻发布会上透 露，自2023年3月31日境外上市新规正式实施以来，备案管理机制运行平稳。截至今年4月底，已有242 家境内企业完成了境外上市备案。 严伯进强调，中国证监会将坚定不移地推进资本市场高水平对外开放，大力支持科技企业充分利用境内 外两个市场、两种资源。 83家科技企业备案境外上市 严伯进介绍，242家计划境外上市的企业中，有83家为科技企业，主要集中在信息技术、生物医药、新 能源、先进制造等领域。中国证监会将继续与跨部门协调机制成员单位合作，持续支持符合条件的科技 企业利用境内外资本市场实现规范发展，为企业境外上市提供更加透明、高效、可预期的监管环境。 此外，科技型企业跨境融资服务也将更加规范。中国人民银行副行长、国家外汇管理局局长朱鹤新表 示，将加强对科技型企业的跨境金融服务。考虑到科技型企业越来越多地面向国际市场，央行将稳步推 进合格境外有限合伙人（QFLP）试点、跨境融资便利化试点，扩大科技公共信息的开放共享，在全国 范围内推广"创新积分制"，提高科技金融服务的信息数据支撑。 据介绍，目 ...

"近年来，人民银行和相关金融管理部门，以及科技部采取了很多积极措施，健全政策框架，应该说科 技金融的'四梁八柱'已基本搭建完成，多元金融体系初步形成。"中国人民银行副行长朱鹤新22日在国 新办新闻发布会上说。 据其介绍，截至3月末，科技型中小企业贷款余额已经超过3.3万亿元，同比增长24%，连续3年的增速 都超过20%；全国"专精特新"企业贷款余额已经超过6.3万亿元，同比增长15.1%，也远超过贷款的平均 增速。 以完善科技金融生态体系为例，其提到，人民银行将推动银行、保险、证券等各类金融机构和股权投资 机构间的分工协作，形成差异化、专业化的发展格局，同时也鼓励开发性政策性金融机构为国家重大科 技任务提供融资支持。 "与此同时，加强科技型企业跨境金融服务，稳步推进合格境外有限合伙人（QFLP）试点、跨境融资便 利化试点；扩大科技公共信息开放共享，在全国范围内推广'创新积分制'，为科技金融服务提供信息数 据支撑。"朱鹤新说。 （文章来源：新华财经） 同期，银行金融机构与企业签订的设备更新的贷款余额已经达到1.2万亿元，其中很多都与科技型企业 相关联；银行间债券市场投向科创企业领域余额突破1万亿，在A股上市的" ...