浙江材华科技是国内第一家专业从事大分子着色剂研发和推广的创新型科技公司。通过"越青贷"，兴业 银行（601166）绍兴分行为企业提供了600万元创业贷款，为绍兴纺织业绿色转型注入科技实力。 "这笔钱就像'空中加油'，让我们顺利闯过初创期。"苏州鹏泰航空工业有限公司负责人赵萌感慨道。 2024年5月，德国TENSOR AG公司的旋翼飞行器项目落户苏州，在项目落地初期，外资企业对中国市 场规则不熟悉，母公司注资需分阶段到位，资金链面临"时间差"。"我们急需一笔过渡资金完成研发中 心建设，但跨境股权架构增加了融资方案的设计难度。"赵萌说，建设银行（601939）苏州分行创新"科 技招商贷"，将贷款发放与境外投资款到位进度动态挂钩，为企业批复1000万元信用额度。 科技创新需要金融服务护航。近日，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》，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。 书写科技金融大文章笔墨正酣，如何提升金融服务的精准性和有效性，进一步为科技创新保驾护航？商 业银行积极破题，助力打通科技创新资金链，以金融力量激发 ...

Group 1 - The core viewpoint of the article emphasizes the strategic importance of Nansha District in Guangzhou as a major platform for cooperation between Guangdong, Hong Kong, and Macau, supported by recent financial policies aimed at enhancing innovation and entrepreneurship financial services [1][2][3] Group 2 - The financial service innovation is crucial for integrating Guangzhou Nansha into regional collaborative development and promoting high-level opening-up [2][3] - The recent policy document outlines the need for financial institutions to enhance support for technology innovation industries through various financing models, including invoice financing and venture capital [3][4] Group 3 - Knowledge property financial services are highlighted as a key area, focusing on pledge loans and asset securitization to support knowledge-intensive enterprises [4][5] - The policy encourages financial institutions to reduce financing costs for small and medium-sized technology enterprises through subsidies for evaluation and guarantee fees related to intellectual property pledge loans [5][6] Group 4 - The article discusses the role of banks in exploring intellectual property pledge financing to support small and medium-sized technology enterprises, facilitating the transformation of intellectual property into assets [6][7] - Asset securitization of intellectual property is presented as a solution for financing challenges faced by small technology enterprises, with government support for issuance and repayment [7] Group 5 - The article outlines the encouragement of financial institutions to expand accounts receivable financing services to support high-end manufacturing development, which helps companies improve cash flow and financial management [8][9] Group 6 - The establishment of mother funds by state-owned platforms aims to leverage social capital for investment in technological innovation, focusing on strategic emerging industries [10][11] - The mother funds adopt a "fund + direct investment" model to promote industrial projects and support early-stage technology enterprises [10][11] Group 7 - The exploration of "loan + external direct investment" as a new model of technology finance is discussed, which aims to provide comprehensive financial support to technology enterprises at different lifecycle stages [12][13]

Group 1 - The Ministry of Finance and the Financial Regulatory Administration issued a notice to accelerate the digital development of bank confirmation letters, emphasizing the need for a unified platform and improved service functions [1] - The People's Bank of China released a data security management measure to enhance data protection and clarify the obligations of data processors throughout the data lifecycle [1] - The Shenzhen Financial Regulatory Bureau supports state-owned and joint-stock banks in establishing technology financial centers, outlining 25 policy measures for high-quality development in technology finance [1] Group 2 - Recent adjustments in deposit rates by several small and medium-sized banks have led to an inverted yield curve, where shorter-term deposit rates exceed longer-term rates [2] - The Shanghai Stock Exchange held a training session for commercial bank wealth management companies to enhance their capabilities in equity asset management, with a focus on increasing participation in the capital market [2] - Ping An Life has increased its holdings in Agricultural Bank of China and Postal Savings Bank of China, marking its second acquisition of these banks this year, indicating a trend of insurance companies favoring bank stocks [2] Group 3 - Shanghai Bank elected Gu Jianzhong as the new chairman of its board, pending approval from the banking regulatory authority [3] - Everbright Bank appointed Ma Bo as its first Chief Risk Officer, a position aimed at enhancing theoretical research and practical exploration within the bank [4] Group 4 - Huaxia Bank announced that the qualification of its director, Duan Yuangang, has been approved by the regulatory authority [5] - Zhu Jiangtao, a long-serving executive at China Merchants Bank, is expected to take on the role of president at China Merchants Securities, marking a new challenge outside the banking sector [5] - Zhejiang Wuyi Rural Commercial Bank was fined 3.14 million yuan for multiple regulatory violations, including breaches of financial statistics management and customer identity verification [5] Group 5 - Zhejiang Merchants Bank successfully issued 5 billion yuan in technology innovation bonds with a 3-year term and a coupon rate of 1.66%, aimed at supporting technology innovation projects [6]

党的二十届三中全会提出，要构建同科技创新相适应的科技金融体制，发展耐心资本。中央企业金融工 作会议将科技金融列为金融"五篇大文章"之首。今年政府工作报告指出要完善科技金融标准体系和基础 制度。当前，电力行业承担着推动高水平科技自立自强、建设新型电力系统、培育新质生产力、发展战 略性新兴产业等多重战略功能和重大使命，资本市场作为连接科技、产业和金融的重要枢纽，能够为促 进电力行业科技创新和产业创新深度融合提供资源协同、激励约束、定价评估等各项保障。 资本市场促进电力行业"科技—产业—金融"高水平循环，旨在以科技为核心支撑，以产业为归宿落点， 以金融为工具载体，依托资本市场工具和机制，以保障服务电力行业科技创新和产业创新为着力点和落 脚点，更好地适应电力行业在推进实现绿色低碳、数字转型、安全保供、经济高效等多重目标下的融资 保障、战略协同、资产盘活等现实目标，有效满足匹配前期技术研发、中期成果转化及后期产业化推广 等科技创新全生命周期需求和传统产业改造升级、战略性新兴产业发展布局和未来产业培育等产业创新 全链条、全环节需求。 资本市场工具助力电力行业 盘活资产 在资本市场工具方面，一是依托债权融资，发挥科创债券为 ...

"千亿园区"松山湖迎来"超级助推器"。 今年3月，东莞松山湖科技金融集聚区启动建设，东莞将倾全市之力筹建，打造粤港澳大湾区科技金融 新高地。 南都、N视频推出高质量发展深调研《松山湖科技金融进化论》专题报道，记录园区科技金融的创新实 践，剖析科技金融的进化路径，探寻高质量的投资助力高质量发展的密码。 拥有中国散裂中子源、先进阿秒激光设施等"国之重器"，汇聚770家国家高新技术企业，聚集华为终端 总部、生益科技等行业龙头企业……随着松山湖产业厚度不断叠加、链条持续延伸，这里已然成为各家 银行机构"兵家必争之地"。 截至目前，松山湖进驻各类金融服务机构及基金机构220余家，其中银行20家。像国有四大行工商银 行、农业银行、建设银行、中国银行均拥有三个网点，分布在园区重点商业区、产业园区。 16家金融机构及协会代表签署集聚区首批入驻协议。 下沉金融服务、创新金融产品、构建生态运营、延长服务链条……园区内各大银行机构努力寻找风险与 收益之间的动态平衡点，建立与科技企业相适应的服务体系，以抢得科技金融新蓝海发展先机。 2025年松山湖将推出"天使贷""园区保"等政策性融资产品。如今东莞松山湖科技金融集聚区启动建设， 正 ...

银行 | 证券研究报告 — 行业周报 2025 年 5 月 20 日 强于大市 银行业周报 加快金融建设，支撑科技创新 央行本周发布 4 月金融数据，政府债较往年提前发力，同比高增，M1 与 M2 剪刀差走阔，我们推测 "对等关税"影响 M1 修复。此外 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》，推动 金融资源进入科技创新领域各环节，聚焦人工智能、量子科技、氢能储能等 前沿领域，以及生物制造、具身智能、6G 等政府工作报告中提及的领域，为 科技创新提供全生命周期的金融服务。 红利仍然是银行的主线，关注银行股投资价值，建议关注招商银行、农业银 行。 7 部门联合发布举措，为科技企业提供全链条金融服务 5 月 13 日，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、国务院国资委印发《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》，从创业投资、货币信贷、 资本市场、科技保险、财政政策、央地联合和生态建设 7 个方面提出 15 条相关举措，将推动更多金融资源进入科技创新领域各环节，引导更多 金融资本投早、投小、投长期、投硬科技 ...

Core Viewpoint - The article discusses the impact of international disputes on financial markets and emphasizes the importance of maintaining confidence in achieving success amidst these challenges [1]. Group 1: Financial Sector Insights - The People's Bank of China aims to support Beijing in becoming a highland for technology finance and to promote the internationalization of the Renminbi [1]. - The China Securities Regulatory Commission plans to accelerate the development of the Beijing Stock Exchange to better serve innovative small and medium-sized enterprises [1]. - U.S. President Trump has called for the Federal Reserve to lower interest rates, criticizing Chairman Powell for being slow to act [1]. Group 2: Shipping and Commodities - The shipping index for Europe showed fluctuations, with the 08 contract closing at 2387.9 points, up 5.84% [2]. - The SCFIS European line index was reported at 1265.30 points, down 2.9%, indicating a narrowing decline [2]. - The outlook for the shipping market suggests a return to rationality after a period of heightened expectations, with the June contract expected to fluctuate within a narrow range [2]. Group 3: Oil and Industrial Production - Moody's downgraded the U.S. sovereign credit rating from "Aaa" to "Aa1" due to high government debt of $36 trillion and a heavy interest burden [3]. - China's industrial production showed a year-on-year increase of 6.1% in April, indicating a continued growth trend [3]. - Retail sales in April reached 37,174 billion yuan, growing by 5.1% year-on-year, reflecting a slight acceleration compared to the first quarter [3]. Group 4: Economic Data and Trends - China's April economic data showed a slight recovery in consumption, with retail sales growth at 5.1% year-on-year, driven by strong performance in home appliances and cultural products [5]. - The fixed asset investment growth rate remained low, and the real estate sector showed signs of a pullback [5]. - The retail sales of gold and jewelry increased by 25% year-on-year, while automotive consumption grew by 0.7% [5]. Group 5: Industry Developments - Xiaomi is set to launch its SUV model YU7 and its self-developed SoC chip, which is expected to enhance its high-end strategy [6][7]. - Goldman Sachs has a positive outlook on Xiaomi, citing its strong balance sheet and integration capabilities as key advantages [7]. Group 6: Market Performance - U.S. stock indices showed slight increases, with the environmental sector leading gains while the food and beverage sector lagged [8]. - The bond market saw a general rise, with the 10-year government bond yield falling to 1.663% [9]. - The market's risk appetite improved following progress in U.S.-China trade talks, which included the cancellation of some tariffs [9].

交通银行山东省分行积极服务国家创新驱动发展战略，围绕深入推进科技金融转型，着力实施"稳大、 强中、扩小"的客户经营策略，从行业研究、客户准入、产品设计、授信审批、风险防控等环节入手， 为企业定制一揽子专属综合金融服务方案，引导金融资源更多向"硬科技"领域聚集，逐渐形成科技金融 山东交行特色。 优化体制机制精准选定行业 交通银行山东省分行进一步发挥金融的桥梁纽带作用，围绕与科创企业紧密相关的产业链、科创圈、科 技园，为山东省科技型企业搭建"朋友圈"。该行积极对接政府部门，争取合作资格，与山东省有关部门 签署全面战略合作协议，获得"科融信"平台首批试点合作银行和"拨投贷"资金监管行资格，独家获取有 关部门科技立项评审委员会委员席位。综合分析科技奖补专项资金、投资机构业务需求，创新开发上 线"交银科创科技资金服务平台"，已推动省有关部门"拨投结合""先投后股"专项资金监管落地和济南产 发投资集团签约上线，实现银政企场景合作突破。积极对接省有关部门科融信平台、知识产权公共服务 平台、"爱山东"政府服务平台等，向平台海量客户投放产品链接广告。与科创促进中心、行业协会、投 资机构等深度合作，达成"齐鲁企舞""海右路演"等 ...

Core Viewpoint - The article highlights the significant role of Science and Technology Innovation Bonds (referred to as "Sci-Tech Bonds") in supporting technological innovation and driving economic transformation in China, marking their third anniversary since launch [1][2]. Group 1: Overview of Sci-Tech Bonds - Sci-Tech Bonds are crucial financing tools for technological innovation, comprising Sci-Tech Notes and Sci-Tech Corporate Bonds [1]. - Since their introduction, the issuance scale has reached new heights, with a total of 1,190 Sci-Tech Corporate Bonds amounting to 1.30 trillion yuan and 1,579 Sci-Tech Notes totaling 1.38 trillion yuan, benefiting 625 innovative enterprises [1]. Group 2: Policy Support and Market Development - On May 7, 2025, the People's Bank of China and the China Securities Regulatory Commission announced measures to enhance the issuance of Sci-Tech Bonds, including expanding the product system and improving supporting mechanisms [2][6]. - The Shanghai and Shenzhen Stock Exchanges have implemented detailed measures to create an inclusive institutional framework for Sci-Tech Bonds [2][6]. Group 3: Financing Ecosystem and Market Dynamics - The bond market is positioned as a key component of direct financing, with the financing scale significantly surpassing that of the stock market [3]. - The introduction of various types of issuers, including financial institutions, has diversified the funding sources for Sci-Tech Bonds, enhancing support for technology-driven enterprises [6][7]. Group 4: Future Prospects and Strategic Focus - The upgraded Sci-Tech Bonds are expected to become a powerful engine for driving technological development and economic transformation, particularly in strategic emerging industries like quantum computing and artificial intelligence [8]. - The article emphasizes the need for a multi-layered risk-return product system and improved market mechanisms to facilitate the growth of the Sci-Tech Bond market [10][11].

近日，科技部等七部门联合印发《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》（简称《举措》），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，提出了15项科技金融政 策举措。 再次，做好金融科技的关键不仅在于金融供给侧，更需着眼于科技企业的需求侧。《举措》提出"在全 国范围内推广'创新积分制'""拓展创新积分在金融领域的应用场景"，也是抓住缓解金融机构与科技企业 间存在信息不对称的痛点。科技部自2020年起在国家高新区试点"创新积分制"，目前进一步扩展到全 国，主要涵盖技术创新指标、成长经营指标、辅助指标等，可用于对科技企业创新能力进行量化评价。 我们看到，虽然有诸多金融机构和中介机构都在试图评估科技企业信用状况，但还缺乏成熟而标准的方 法，也没有全国范围内的共识基础。对此，创新积分制有助于深入发掘企业需求侧特征，更好地让金融 机构了解和研判科技企业状况，从而依托创新积分进行增信授信和投融资支持。 杨涛（中国社科院国家金融与发展实验室副主任） 众所周知，发展新质生产力并努力提升技术进步对经济增长的贡 ...