Core Insights - The Chinese government has established a foundational framework for technology finance, with a multi-faceted financial system taking shape [3][4] - As of March 2023, loans to technology-oriented small and medium-sized enterprises (SMEs) exceeded 3.3 trillion yuan, reflecting a year-on-year growth of 24%, maintaining over 20% growth for three consecutive years [3] - The loan balance for "specialized, refined, distinctive, and innovative" enterprises surpassed 6.3 trillion yuan, with a year-on-year increase of 15.1% [3] - Recent policy measures aim to enhance the innovation of institutional mechanisms and provide specific actionable steps for implementation [3][4] Financial Support Measures - The People's Bank of China has increased the scale of loans for technological innovation and equipment upgrades from 500 billion yuan to 800 billion yuan, while reducing the re-lending interest rate from 1.75% to 1.5% [3][4] - There is a focus on improving the service capabilities of banks in technology credit, including internal management, talent development, risk assessment, and product services tailored to high-tech industries [4] Market Development Initiatives - The establishment of a "technology board" in the bond market is highlighted as an innovative measure to support technological development [4] - Emphasis is placed on developing equity financing and enhancing patient capital to address fundraising challenges in the venture capital sector [4] Ecosystem Enhancement - Efforts are being made to strengthen cross-border financial services for technology enterprises, including the promotion of Qualified Foreign Limited Partner (QFLP) pilot programs and facilitating cross-border financing [5] - The financial service levels in technology-intensive regions will be improved, particularly in key areas like Beijing and Shanghai, to support the construction of international and regional innovation centers [5]

Group 1 - The core viewpoint of the news is the introduction of a comprehensive policy document aimed at enhancing financial support for technological innovation, which is a collaborative effort by seven departments to address new challenges in the tech innovation sector [1] - The first initiative focuses on strengthening the service mechanism for technology finance, guiding financial institutions to incorporate technology finance services into their strategic planning and annual priorities [1] - The second initiative emphasizes the development of a technology finance product system, encouraging banks to utilize various information to improve the first loan rate for tech enterprises and allowing for extended loan terms for certain types of loans [2] Group 2 - The third initiative aims to enhance the professional capabilities in technology finance, guiding banks and insurance institutions to establish a differentiated evaluation system that highlights innovation factors suitable for tech companies [2] - The policy encourages the use of new information technologies to promote the digital and intelligent transformation of technology finance services, while also improving collaboration with third parties [2] - The establishment of a risk-sharing mechanism for technology finance business and the implementation of a special guarantee plan to support technological innovation are also key components of the policy [2]

人民银行副行长、国家外汇局局长朱鹤新5月22日在国新办新闻发布会上回答证券时报记者提问时表 示，希望推动加大科技金融风险补偿力度。财政政策对于激励引导金融机构支持科技创新具有重要作 用。我们将配合好财政部门，用好用足现有的贷款贴息、保险补贴、风险补偿等政策，有效发挥政府性 融资担保体系的作用。(人民财讯) ...

Core Insights - The total loan balance for high-tech enterprises in the banking sector reached 17.7 trillion yuan by the end of the first quarter of this year, reflecting a year-on-year growth of 20%, which is significantly higher than the average growth rate of all loans [1] Group 1: Loan Growth and Financial Support - The banking sector is actively providing tailored financial services for technology enterprises, including "loans + external direct investment," intellectual property pledge financing, and patent insurance [1] - The growth rate of loans to high-tech enterprises is substantially above the average loan growth rate across the banking sector [1] Group 2: Institutional Development - Financial institutions are being guided to optimize their technology finance management systems, with large and medium-sized banks establishing dedicated technology finance departments at both headquarters and provincial branches [1] - A total of 2,178 specialized technology branches have been set up nationwide to support the financing needs of high-tech enterprises [1]

科技部副部长邱勇表示，积极推动科技金融央地联动，今年科技部将会同金融管理部门组织实施科技金 融创新政策"揭榜挂帅"，积极鼓励引导地方政府和金融机构大胆探索各具特色的创新实践。 （新华财 经） ...

Group 1 - The Ministry of Science and Technology, along with several financial regulatory bodies, has issued a set of policy measures aimed at enhancing the support for high-level technological self-reliance and innovation in China [1] - A new "Technology Board" in the bond market has been established to better support technology innovation, allowing financial and equity investment institutions to issue technology innovation bonds [1] - Key features of the differentiated bond issuance and trading system include flexible installment issuance, simplified information disclosure requirements, and reduced transaction fees [1] Group 2 - Equity investment institutions are identified as the most critical entities needing support in issuing technology innovation bonds, as they play a vital role in fostering innovation capital formation [2] - The Technology Board will create risk-sharing tools for technology innovation bonds, with the People's Bank of China providing low-cost refinancing funds to mitigate risks for bond investors [2] - Nearly 100 institutions have already responded positively, issuing technology innovation bonds totaling over 250 billion [2]

金融监管总局：资管机构和金融资产投资公司加大股权投资力度，投早、投小、投长期、投硬科技 金十数据5月22日讯，金融监管总局新闻发言人郭武平在国新办新闻发布会上表示，我们推动构建直接 融资与间接融资相互补充、政策性金融与商业性金融共同发力，各类金融机构各司其职、协调配合的科 技金融服务体系。政策性银行持续提升服务质量，为科创提供中长期、低利率的融资支持。商业银行将 科技创新作为重点支持领域，近几年连续实现贷款余额和户数双增长。保险机构完善产品体系，形成覆 盖科技型企业全生命周期的保险保障。资管机构和金融资产投资公司加大股权投资力度，投早、投小、 投长期、投硬科技。其他非银机构也发挥专业优势，比如提供融资租赁等特色服务，解决科技设备更新 迭代快等问题。 （中国网） ...

金融监管总局：指导金融机构把科技金融纳入战略规划和年度重点任务 智通财经5月22日电，金融监管总局新闻发言人、政策研究司司长郭武平5月22日在国新办新闻发布会上 表示，将指导金融机构把科技金融纳入战略规划和年度重点任务。推动支持小微企业融资协调工作机制 向科技领域倾斜，指导银行保险机构在绩效考核、内部转移定价等方面进行差异化考核。 ...

《政策举措》通过央地联动设立区域性试验区，利用专项债券和科技保险试点强化区域协同，增强区域 发展的内生动力。同时，借助共建"一带一路"倡议等框架下的科技金融合作，吸引全球资本，构建内外 联动的开放生态，让不同区域、不同产业都能在科技金融的浪潮中找到发展机遇。《政策举措》的出 台，对于破解科技企业成长的"死亡之谷"难题，为科技型企业成长创造更优质的环境，推动金融资本 向"耐心资本"转型，建立多元、高效的新质生产力孕育支持机制有基础性的作用。 金融科技ETF华夏(516100)紧密跟踪中证金融科技主题指数，聚焦金融与科技深度融合的优质企业，全 面覆盖多个高景气板块，包括互联网券商、金融IT、移动支付、人工智能产业链以及信创领域，兼具金 融属性与科技创新能力，其前十大成分股涵盖行业龙头，包括同花顺、东方财富、恒生电子、润和软 件、东华软件、指南针、新大陆、宇信科技、银之杰和广电运通，权重合计达53.28%，具有显著的代 表性，一键布局，分享金融科技行业的长期成长红利。 5月22日，三大指数集体回调，金融科技板块跟随走低，截至14:45，金融科技ETF华夏(516100)跌 1.05%，其持仓股跌多涨少，兆日科技、翠 ...

Core Viewpoint - The recent joint announcement by seven government departments aims to accelerate the development of a technology finance system, particularly encouraging the growth of secondary market private equity funds (S Funds) to support high-level technological self-reliance and strength [1] Group 1: Policy Initiatives - The policy measures include evaluating the effectiveness of pilot programs for private fund share transfers in regions like Beijing, Shanghai, and Guangdong, with an emphasis on optimizing transfer processes and pricing mechanisms [1] - The Shanghai Equity Custody Trading Center has released guidelines for fund share valuation, which will enhance transaction efficiency and transparency in the S Fund market [2] Group 2: Regional Developments - Various regions are actively establishing S Funds to alleviate exit pressures in the venture capital market, particularly due to a slowdown in IPOs and mergers [3] - The Fujian provincial government has initiated a 10 billion yuan provincial S Fund to support quality technology enterprises, while Zhejiang has launched its first government-led S Fund with a 20% contribution from the provincial industrial fund [2][3] Group 3: Market Dynamics - The S Fund is increasingly recognized as a tool for revitalizing existing capital and supporting industrial upgrades, allowing for the release of funds tied up in early-stage investments [3] - As of May 18, the Shanghai Equity Custody Trading Center has completed 121 fund share transactions totaling approximately 252.44 billion yuan, indicating a robust market activity [4] Group 4: Financial Institution Participation - The S Fund is seen as a means to improve liquidity and exit channels for private equity funds, addressing the long exit cycles and low liquidity issues prevalent in the current market [5] - The introduction of S Funds is expected to attract more long-term capital into the market, with policies encouraging participation from insurance funds and bank wealth management subsidiaries [5]