中央金融工作会议将科技金融置于"五篇大文章"首位，明确了金融赋能科技创新的导向。在金融科 技蓬勃发展、科技创新引领未来的时代浪潮中，银行理财正以创新为笔、专业为墨，书写着支持科技创 新的精彩篇章。 一是以创新产品打通资金传导通道。2021年7月，我们设立科创投资部专注耕耘科创股权投资领 域，创新推出"金钻创投"系列私募理财产品，通过封闭式运作募集资金，投向私募股权基金来精准对接 和支持未上市科技企业，打通了理财资金与科创企业之间的"任督二脉"，将社会闲散资金高效汇聚，进 而转化为支持科技创新的长期稳定资本，有效填补了科创企业融资链条中的关键缺口。 二是构建"募投管退"的全流程管理机制。10年以来，杭银理财积累了长期的科创股权投资专业经验 和坚实的客户基础，形成了一套完善的"募投管退"全流程管理机制。 三是构建专业能力，高效稳健创造价值。在组织架构上，特设科创投资部，汇聚精通股权投资、行 业研究、风险管理等多领域的专业人才，形成高效协同的作战团队。同时组建10余人行业研究团队，聚 焦生物医药、商业航天、高端装备、信息技术等重点科创领域开展深度研究。 《金融时报》记者：在这套服务体系支撑下，杭银理财在支持科技创新 ...

（作者为农业银行重庆分行公司业务部总经理，本报记者左希采访整理） 一是积极构建多维度服务体系。我们从战略层面开展布局，完善服务架构，制定指导意见、实施方案 等。构建"1+12+N"科技金融三级服务体系，建立科技金融柔性团队服务模式，全面开展"金融活水入园 区"活动。建立科技金融核心、骨干人才库，打造既懂金融又懂科技的复合型队伍。 二是全周期支持企业稳健成长。从科研成果转化到产业集群建设，我们围绕科技型企业成长全过程开展 金融支持。在科技成果转化的关键环节，与重庆大学深度合作，精准识别并服务产学研合作企业，成功 落地"科技e贷"600万元。针对企业不同成长阶段实施精准化的梯度培育。在初创期，运用"数智赋能+资 金直达"模式，支持企业完成技术迭代。在为成熟期龙头企业提供服务时，注重加强行司联动，优化供 应链金融服务等，全面助推企业核心战略落地实施。 三是创新产品做好综合性金融服务。借助前沿的科技工具和产品，不断提升金融服务的效率、精准度和 覆盖面。积极用好"科技e贷""专精特新小巨人贷""科捷贷"等重点产品政策，全力解决科技型小微企 业、专精特新企业等融资需求，持续推动投贷联动取得实效。 在科技创新引领高质量发展 ...

Core Viewpoint - The company is actively integrating its insurance services with technological innovation and industrial finance to support high-quality development in key sectors, aligning with national strategic goals [1][3]. Group 1: Focus on Key Areas - The company is positioning itself in cutting-edge fields such as commercial aerospace and low-altitude economy, participating in the establishment of a commercial aerospace insurance consortium and providing coverage for satellite projects exceeding 60 million yuan [2]. - In the low-altitude economy sector, the company has developed comprehensive insurance for unmanned aerial vehicles, covering various risks and providing over 1 billion yuan in total coverage for numerous drone operations [2]. Group 2: Supporting Industrial Transformation - The company is facilitating the transformation of traditional industries by promoting green and intelligent upgrades, providing nearly 2.8 billion yuan in insurance to support a stainless steel enterprise's expansion into high-end applications [3]. - For emerging industries, the company is integrating into a comprehensive financial service system to support core enterprises in smart connected vehicles and digital industries with tailored insurance products [3]. Group 3: Enhancing Financial Services - The company is improving its financial service capabilities by developing a comprehensive insurance system that covers the entire lifecycle of technology enterprises, including various types of insurance products [4]. - The company has been involved in significant projects like the ARJ21 and C919 aircraft, providing specialized insurance support since 2007, thereby contributing to the development of domestic large aircraft [4].

Core Viewpoint - The meeting held by the People's Bank of China and the Ministry of Science and Technology marks a new phase in the collaborative mechanism for technology finance, aiming to enhance the integration of technology and finance, thereby supporting high-level technological self-reliance and strength [1] Group 1: Technology Finance Development - Hangzhou Bank is deepening its reform of the technology finance mechanism and service models to provide efficient financial support for technological self-reliance [1] - The digital economy in Hangzhou is growing rapidly, with the industrial added value increasingly contributing to the regional GDP, forming a robust industrial foundation for technology finance development [2] - Hangzhou Bank has established a specialized service team system covering seven key industries to match the financing needs of technology enterprises, demonstrating its competitive edge in the technology innovation sector [2] Group 2: Specialized Financial Services - Hangzhou Bank has created a "1+7+N" specialized technology finance structure, focusing on sectors like healthcare, intelligent manufacturing, and artificial intelligence, enhancing its professional service capabilities [3] - The bank has developed a comprehensive database for technology enterprises, enabling dynamic evaluation and precise marketing strategies through data analysis [3] Group 3: Product Innovation and Financial Support - The "Technology Financial Engine" service matrix has been optimized to cover the entire lifecycle of technology enterprises, with new products like "Kexi Loan - Potential Dragon Plan" launched to improve service efficiency [4] - As of mid-2025, Hangzhou Bank's technology loan balance reached 115.18 billion yuan, with a year-on-year increase of 20.60 billion yuan, indicating a strong commitment to supporting technology enterprises [4] - The bank's specialized services for listed companies have supported 327 enterprises in going public, showcasing its role in facilitating capital development for technology firms [4] Group 4: Strategic Positioning and Market Expansion - Hangzhou Bank issued 5 billion yuan in technology bonds in the first half of 2025, reinforcing its funding sources and aligning with national technology finance strategies [5] - The bank is enhancing its operational efficiency and customer experience through data integration and innovative service models, aiming to strengthen its market position in the Yangtze River Delta and major cities [5][6] - With the implementation of technology finance policies, Hangzhou Bank is expected to solidify its status as a benchmark in technology finance while improving its business scale and profitability [7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of investor-centric principles in the public fund industry, highlighting the need for financial institutions to focus on the best interests of investors while promoting key areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance as part of the strategy for building a strong financial nation [1] Group 1: Inclusive Finance - The public fund industry in China has developed diverse products and sales channels, serving over 70 million clients and achieving a total profit of 97.12 billion yuan and dividends of 56.42 billion yuan for investors [2] - The company has actively responded to the fee reform in the public fund industry by lowering management fees for multiple products and initiating pilot projects for floating fee rate products [2] Group 2: Technology Finance - The company believes that technological innovation is essential for high-quality economic development and has increased its investment in technology-related sectors, with technology stocks reaching 83.7 billion yuan, accounting for 48% of its total holdings [4] - The company has expanded its technology research team, increasing the number of technology-focused researchers by 70% since the end of 2020, and currently has 12 fund managers in its technology team [5] - The company manages 40 technology-themed funds with a total scale of 94.37 billion yuan, covering various strategic emerging industries [6] Group 3: Pension Finance - The company has established a dedicated pension and asset allocation department, managing six pension fund of funds (FOF) products with a total scale of 1.731 billion yuan, and has five funds included in the personal pension product catalog [9] Group 4: Green Finance - The company has been involved in ESG-related research and manages six green finance-themed funds with a total scale of 11.02 billion yuan, while also developing a localized ESG rating system [10][11] - The company has been actively engaging in ESG and green finance discussions and collaborations with regulatory bodies and academic institutions [11] Group 5: Digital Transformation - The company has enhanced its information technology team and invested in AI capabilities to improve digital governance and operational efficiency [13] - The company has developed digital platforms for investment and trading, enhancing operational and service levels [13]

Core Insights - The proposal emphasizes the need to deepen financial system reforms in Liaoning Province, focusing on enhancing financial supply and developing various types of finance including technology finance, green finance, inclusive finance, pension finance, and digital finance [1] - It aims to establish a modern financial service system that promotes coordinated development of credit, equity, and bond financing [1] - The proposal also highlights the importance of accelerating the development of a multi-level capital market to increase the proportion of direct financing [1] Financial System Reforms - The proposal calls for the reform of state-owned financial capital management and optimizing the layout of state-owned financial capital [1] - It suggests exploring the establishment of industrial capital operation companies to enable mutual empowerment between capital operations and industrial development [1] - Strengthening the governance, internal control, and comprehensive risk management systems of provincial financial enterprises is also emphasized [1] Capital Market Development - There is a focus on enhancing the functions of the futures market and supporting the Dalian Commodity Exchange in becoming a world-class futures trading venue [1] - The proposal includes plans to establish a northern bulk commodity resource allocation hub [1] - Attracting insurance funds to invest in Liaoning is also a priority [1] Regional Financial Centers - The proposal supports the development of regional financial centers in Shenyang and Dalian [1] - It emphasizes the need to improve local financial supervision and management systems, ensuring coordination between central and local regulatory mechanisms [1] - The aim is to enrich risk disposal resources and methods, constructing a risk prevention and resolution system to continuously regulate financial order [1]

Group 1 - The core viewpoint of the articles highlights the acceleration of hard technology companies' IPOs in China, exemplified by the upcoming IPO of Muxi Co., which follows the successful listing of Moore Threads [1][2] - The "1+6" policy from the Sci-Tech Innovation Board has significantly increased the inclusivity for hard technology companies to go public, supported by a series of systemic policy measures from multiple government departments [1][2] - The average first-day return rate for newly listed stocks this year has reached 253%, with no instances of stock price declines, indicating strong market recognition and providing substantial benefits to investors [1][2] Group 2 - The positive performance of technology stocks post-listing has led to increased interest and investment in technology companies from venture capital and private equity, improving the financing ecosystem for hard technology firms [2] - Newly listed technology stocks are expected to enhance their research and development capabilities and market competitiveness, potentially leading to explosive growth in performance and profitability for both the new stocks and their supply chain partners [2] - The ongoing value reassessment of technology stocks reflects a broader shift in the A-share market towards high-quality development, boosting overall market confidence [3]

Core Insights - Financial empowerment is driving industrial upgrades in Meizhou, Guangdong, with banks providing tailored financial solutions to support technology-driven enterprises [1][2][3] Group 1: Company Developments - Guangdong Jinyan Electric Co., Ltd. has become a leader in the electromagnetic wire industry, focusing on core products for sectors like new energy vehicles and drones [1] - The company is expanding its production capacity by establishing a new base for fine electromagnetic wire, addressing the domestic supply gap in high-end products [1] - Longyu New Materials Co., Ltd. has received a customized financing solution from Postal Savings Bank, enabling it to achieve a production value exceeding 1 billion yuan in 2024 [2] Group 2: Financial Institutions' Role - Postal Savings Bank has provided over 1.1 billion yuan in loans to technology enterprises in Meizhou, utilizing a "technology flow" evaluation system to convert intellectual property into credit metrics [2] - Agricultural Bank's "Technology e-loan" has effectively alleviated funding pressures for companies like Hongyu Circuit Board Co., Ltd., which faced financial strain due to increased orders [2][3] - By the end of September, Agricultural Bank's manufacturing loan balance exceeded 7 billion yuan, reflecting a nearly 1 billion yuan increase since the beginning of the year [3]

继摩尔线程之后，"国产GPU第二股"沐曦股份即将迎来新股申购。今年以来，以科技股为核心的新股高 成长性明显，上市后赚钱效应凸显，对于增厚投资者收益以及提振市场信心有直接好处，且对一级市场 资金更聚焦科技创新型企业以及二级市场科技股估值的提升大有裨益。 沐曦股份从受理到过会仅用时一百多天，虽然尚未盈利，但硬科技属性明显，高含科量也是其IPO能驶 入快车道的重要原因。 从摩尔线程到沐曦股份，不仅仅是硬科技企业上市加速度，更是中国科技金融生态进一步成熟的重要标 志。 科创板"1+6"政策的落地，大幅提升了对硬科技企业上市的包容性。科技部、中国人民银行等七部门联 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》，为科技型企业上市 提供了系统性的政策支持。一系列的政策红利组合拳，全方位地提升了资本市场对科技创新的适配性和 支持效能。 从新股上市后的表现来看，市场对硬科技企业上市高度认可。有数据显示，年内新股上市首日平均回报 率高达253%，且未出现破发。打新赚钱效应十足，为广大股民提供了福利，直接提升了中签投资者的 投资收益率。 科技股上市后的优异表现，对一二级市场科技行业生态以及估值均产生了积 ...

Group 1: Regulatory Developments - The State Council discussed the draft amendment to the Certified Public Accountants Law, emphasizing the need for stronger legal constraints and industry supervision to promote the healthy development of the CPA industry and protect investor rights [6][7]. - The People's Bank of China (PBOC) stated that stablecoins are a form of virtual currency, which do not have the same legal status as fiat currencies and pose risks related to money laundering and illegal financial activities [11][12]. - A new regulation was released by PBOC and other financial authorities, allowing banks to conduct customer due diligence based on risk rather than a one-size-fits-all approach, enhancing customer experience while maintaining financial security [12][13]. Group 2: Economic Indicators - From January to October, the profits of industrial enterprises above designated size in China increased by 1.9% year-on-year, totaling 59,502.9 billion yuan, marking a continuous growth for three months since August [14]. - In October, the profits of these enterprises saw a year-on-year decline of 5.5%, attributed to a high base from the previous year and rising financial costs [14]. Group 3: Monetary Policy Insights - The Governor of the Bank of Japan indicated a potential interest rate hike in December, citing moderate economic recovery and the importance of wage negotiations, while emphasizing that any rate increase would still maintain a loose monetary environment [8][9]. - The Bank of Japan is expected to make a decision on interest rates based on a comprehensive review of domestic and international economic conditions [9]. Group 4: Technological Financial Initiatives - The first meeting of the Technology Finance Coordination Mechanism was held to support high-level technological self-reliance, focusing on differentiated financial support for technology innovation and fostering a favorable environment for technology finance development [10][11]. - The meeting aims to enhance collaboration across departments and promote effective allocation of financial resources to support technological advancements [11].