Core Viewpoint - The article emphasizes the role of capital markets as a core engine for high-quality regional development, particularly in Guangdong, highlighting the transition from "hard" to "new" strengths in supporting technological integration and industrial transformation [1][21][22]. Group 1: Capital Market Development - Since the release of the new "National Nine Articles" in 2024, local governments have been implementing policies to enhance capital market development with regional characteristics [1]. - Guangdong has consistently led the nation in key capital market indicators such as IPO financing, M&A transactions, and the number of listed companies over the past decade [21][22]. - The province is focusing on forming new productive forces and promoting efficient integration of technology and finance to achieve a virtuous cycle of technology, industry, and finance [21][22]. Group 2: Emerging Industries and Innovations - Guangdong is witnessing a surge in "first stocks" across various strategic emerging industries, including low-altitude economy, humanoid robots, and biomedicine, indicating deep participation of capital markets in industrial transformation [22][29]. - The province has 313 listed companies in strategic emerging industries, the highest in the country, forming a new array of technology-driven enterprises [22][29]. - The rise of companies like Yubiquitous Technology and EHang demonstrates Guangdong's ambition to lead in robotics and low-altitude travel, respectively [26][29]. Group 3: Supportive Ecosystem for Innovation - Guangdong's robust industrial foundation supports its innovation capabilities, with companies like BYD and Transsion Holdings exemplifying successful integration of technology and manufacturing [37][38]. - The province's capital market is characterized by a diverse financing system that facilitates the growth of high-tech enterprises, with significant investments from state-owned funds [41][46]. - Recent policies aim to enhance the capital market's role in nurturing technology-driven companies, ensuring a supportive environment for innovation [50][51]. Group 4: Future Outlook - Guangdong is positioning itself to capture high-end opportunities in the global industrial landscape, leveraging its capital market to support competitive enterprises [42][50]. - The province's commitment to fostering a high-quality development model is evident in its strategic investments and policy frameworks aimed at enhancing the synergy between technology and finance [50][51].

Core Viewpoint - The manufacturing industry is crucial for national development and technological innovation, with the government of Foshan prioritizing the construction of a modern industrial system and supporting the transformation of traditional industries through financial innovation [1][2]. Group 1: Financial Support for Manufacturing - As of March 2025, the total loans for manufacturing from the Bank of China in Foshan reached 29.82 billion yuan, an increase of 11.65 billion yuan year-on-year, representing a growth rate of 64% [3][4]. - The "Intelligent Manufacturing Light" service brand was created to address financing challenges for technological upgrades, offering specialized products like "Technological Upgrade Loans" and "Digital Transformation Loans" [2][3]. - The bank has developed a comprehensive product matrix to support the entire lifecycle of enterprises, including loans for equipment updates and innovative financing solutions for technology companies [3][4]. Group 2: Industrial Park Development - The establishment of "Ten Innovative Leading Characteristic Manufacturing Parks" is a key strategy for Foshan's manufacturing transformation, focusing on emerging industries like new energy storage and power systems [4][6]. - The Bank of China has provided significant financial support for the development of these parks, with over 12.5 billion yuan in credit support for 27 park development projects [6][7]. - The bank's "Yuejian Tong" service offers long-term loans of up to 20 years to cover the funding needs of new, expanded, and renovated industrial parks [5][6]. Group 3: Supporting Enterprises Going Global - The Bank of China in Foshan is facilitating the international expansion of local manufacturing enterprises by providing diverse financing solutions and leveraging the strategic position of the Guangdong-Hong Kong-Macao Greater Bay Area [7][9]. - The bank has successfully implemented cross-border financing solutions, including short-term export credit insurance and supply chain financing, to enhance the cash flow of enterprises venturing abroad [7][9]. - The introduction of the "Customs-Bank Fast Remittance" service streamlines the cross-border settlement process for enterprises, improving their operational efficiency [9][10].

Core Viewpoint - The article emphasizes the role of the capital market in driving high-quality development in Guangdong, showcasing its transition from "hard" strength to "new" strength in supporting technological integration and industrial transformation [1][2]. Group 1: Capital Market Strength - Guangdong has maintained its position as the top province in China for GDP for 36 consecutive years, demonstrating significant "hard" strength in capital market indicators such as IPO financing, mergers and acquisitions, and the number of listed companies [2][3]. - The province has 313 listed companies in strategic emerging industries, leading the nation and forming a new array of innovative enterprises [3][5]. Group 2: Emerging Industries - Guangdong is witnessing the emergence of "first stocks" in various sectors, including low-altitude economy, humanoid robots, and autonomous driving, indicating deep participation of the capital market in industrial transformation [3][5][6]. - The province's industrial ecosystem is being reshaped, with a focus on high-end manufacturing and technology breakthroughs, as evidenced by the rise of companies like BYD and EHang [5][6][10]. Group 3: Innovation and Support - The article highlights the importance of a robust industrial foundation in Guangdong, which supports innovation and the growth of new technologies [7][8]. - Leading companies in the region, such as BYD and Transsion Holdings, exemplify how strong manufacturing ecosystems contribute to global competitiveness [9][10]. Group 4: Capital and Investment - Guangdong's capital market is characterized by a diverse financing system that supports technological innovation and industrial development, with significant investments from state-owned funds [13][16][19]. - The province has established a comprehensive investment fund system that supports companies throughout their lifecycle, facilitating their growth and market entry [16][17]. Group 5: Policy and Future Outlook - Recent policies aim to enhance the capital market's role in supporting high-quality development, with a focus on integrating financial resources with technological innovation [20][21]. - Guangdong is actively working to create a favorable environment for innovation and investment, positioning itself as a leader in the new economy [22][23].

科技创新潮涌带来巨大的金融服务需求。作为金融"五篇大文章"之首，科技金融已经成为国家创新体系 的重要组成部分，也是金融服务实体经济的重要载体和抓手。在此背景下，科技金融也被赋予了更多的 路径探索任务。 地方的探索也证明，知识产权可作价正是破解科技企业融资瓶颈的关键之举。据悉，为实现知识产权评 估"一键导出"，山东省知识产权公共服务平台由省市区共建，专门研发了知识产权评估评价线上系统， 为银行出具"企业科创属性微导航"报告1312份、11份专利价值分析报告。由该平台服务的知识产权质押 融资累计金额176.23亿元。由此可见，抓住知识产权作价关键一环，有利于畅通科技企业的整个输血通 道。 要实现"科技—产业—金融"良性循环发展，需要突破以往依赖不动产或者固定资产抵押的信贷模式，优 化金融供给以适配轻资产、高科技含量、市场潜力大的科技企业。以2021年11月最早获批建设科创金融 改革试验区的济南市为例，该市探索建立起"六专四价"工作体系，从当地金融管理部门的政策扶持、平 台搭建到金融机构的服务触达、信贷模式的创新，在实践中对传统金融服务模式不断进行变革与升级。 科技企业融资往往面临信息不对称和缺乏抵押物两大瓶颈。这 ...

Core Insights - The report indicates that in 2024, the招商模式 (investment attraction model) for industrial new cities will enter a phase of deep integration with capital empowerment, moving away from traditional land and tax incentives due to diminishing marginal returns [1] - The report highlights the acceleration of industrial park REITs applications and listings, with a notable increase in new applications and expansions compared to the previous year [2] Group 1: Investment Attraction and Capital Integration - The traditional招商模式 is becoming less effective, leading to the adoption of capital tools such as fund investments, incubators, and industry-finance integration to enhance招商效率 (investment attraction efficiency) [1] - Local governments and social capital are collaborating to establish母基金 (mother funds) and子基金 (sub-funds) to channel more investments into key sectors, creating a closed-loop of "investment - implementation - clustering" [1] - The report emphasizes the importance of a "科技—产业—金融" (technology-industry-finance) virtuous cycle to drive technological innovation and industrial upgrades [1] Group 2: REITs and Operational Strategies - The report notes a significant acceleration in the application and listing of industrial park REITs, with emerging economic zones like Chengdu-Chongqing and the Yangtze River Delta becoming key focus areas [2] - However, there is a stark performance divergence among underlying projects, with over half experiencing a decline in rental rates year-on-year, prompting some operators to adopt a price-for-volume strategy [2] - The report suggests that operators must manage their leasing situations and rental growth effectively to mitigate vacancy rates and protect profit margins in a market characterized by oversupply [2] Group 3: Development Strategies for Operators - The report advocates for a dual approach of "light and heavy" as a crucial development strategy for industrial park operators, emphasizing resource integration to achieve synergy between "asset holding" and "service output" [2] - Heavy asset operations are shifting from large-scale development to customized construction, while tools like public REITs and private funds are being utilized for asset exits to convert stagnant capital into rolling investment capabilities [2] - Light asset operations should focus on building a three-tier system of "basic services + value-added services + industrial investment" to enhance ecosystem empowerment [2]

为拓宽科技创新企业融资渠道，引导债券市场资金投早、投小、投长期、投硬科技，人民银行、证监会 日前联合发布《关于支持发行科技创新债券有关事宜的公告》，对支持科技创新债券发行提出若干举 措。 此外，元禾控股、鲁信创投、君联资本、启明创投等多家股权投资机构注册发行科技创新债券，预计总 体规模155亿元，将精准用于信息技术、智能制造等科技创新领域的基金出资和股权投资，为科技型企 业提供关键的股性资金支持。 有助于精准破解科创企业融资痛点 新政发布后，银行、券商、股权投资机构等积极响应、火速布局，纷纷披露科技创新债券发行计划。中 国人民银行行长潘功胜在5月7日国新办举行的新闻发布会上透露，初步统计，目前有近100家市场机构 计划发行超过3000亿元的科技创新债券，预计后续还会有更多机构参与。 业内人士分析，债券市场"科技板"的设立，通过多元化债券产品、政策激励与市场化机制的结合，有望 系统性缓解科技企业融资难题，加速科技成果转化，科技创新债券有望成为"科技—产业—金融"良性循 环的核心枢纽。 近100家市场机构计划发行超过3000亿元的科创债 近期，政策端发力，推动提升债券市场对科技领域的融资支持效能。5月7日，央行、 ...

当下，美国正深陷"关税—通胀—衰退"三角困局。在这个历史 转折点上，中国打出的这张牌可谓中美博弈下的政策组合拳 ——它是一次有力度的"宽信用+对冲风险"组合。 作者：欧阳晓红 封图：图虫创意 非常时期非常政策。 当美联储主席鲍威尔在华盛顿反复强调"需要更多数据"，而人民币汇率在"五一"假期表现出足够 的底气时，中国央行率先出手，宣布"双降"（降准与降息），宽松政策先于美联储落地。 5月7日，国务院新闻办公室举行新闻发布会，中国人民银行、国家金融监督管理总局（下称"金融 监管总局"）、中国证券监督管理委员会三大金融管理部门联合发布"一揽子金融政策支持稳市场稳 预期"的措施。 中国人民银行宣布，下调政策操作利率10个基点，下调再贷款利率0.25个百分点，下调个人住房公 积金贷款利率0.25个百分点，将科技创新与技术改造再贷款额度从5000亿元提升至8000亿元，设 立5000亿元"服务消费与养老再贷款"等10项增量政策。 这10项政策可归为三大类：一是数量型政策，通过降准等措施，直接增加流动性供应，降低存款 准备金率0.5个百分点，预计将向市场提供长期流动性约1万亿元；二是价格型政策，7天期逆回购 利率下调10个 ...

Group 1 - The People's Bank of China (PBOC) has implemented a "double reduction" policy, which includes a cut in the reserve requirement ratio and interest rates, ahead of the Federal Reserve's actions, indicating a proactive approach to monetary policy [1][2] - The PBOC announced a 10 basis point reduction in policy operation rates and a 0.25 percentage point cut in both the re-lending rate and the personal housing provident fund loan rate, alongside increasing the re-lending quota for technological innovation from 500 billion to 800 billion yuan [2][3] - A total of ten new policies were introduced, categorized into three types: quantity-based policies to increase liquidity, price-based policies to lower funding costs, and structural policies to support key sectors such as technology and consumption [2][3] Group 2 - The financial regulatory authorities in China are set to introduce eight new policies aimed at adapting financing systems to new real estate development models and supporting small and micro enterprises [3][4] - The China Securities Regulatory Commission (CSRC) is focusing on stabilizing the market and promoting long-term capital inflow, with measures including enhancing operations by the Central Huijin Investment Ltd. and reforming the Sci-Tech Innovation Board [3][4] - The coordinated efforts of the three major financial management departments reflect a break from previous market concerns regarding delayed or hesitant policy responses [3][5] Group 3 - The current economic environment in the U.S. is characterized by a "tariff-inflation-recession" triangle, which is challenging the independence of monetary policy and creating initial cracks in the dollar's hegemonic foundation [5][6] - The Chinese government's recent policy measures are seen as a strategic move in the context of U.S.-China economic negotiations, aiming to create a "policy buffer" ahead of high-level talks [6][7] - The A-share market responded positively to the policy announcements, indicating market confidence in the measures taken, although the reaction was more rational compared to previous policy-induced exuberance [6][7]

近期，国内政策层针对科创债的支持力度显著加大，形成多层 次、全链条的金融支持体系。截至5月8日晚间，包括券商、银 行、股权投资及创业投资机构在内的30多家企业公告创新债发 行计划，合计发行规模超700亿元。 作者： 陈姗 封图：图虫创意 科创债新政迎来市场热烈反响，科创债发行初现"井喷"。 5月8日，据经济观察报不完全统计，科创债新政发布仅一日，已有超30家企业密集发布科创债发 行公告，计划发行规模合计超700亿元。值得关注的是，发行主体类型显著丰富，涵盖证券公司、 银行及股权投资、创业投资机构等多类市场主体。 前一日，中国人民银行与中国证监会联合发布了关于支持发行科技创新债券有关事宜的公告（以下 简称《公告》），其中一大亮点是在发行主体上新增支持金融机构、科技型企业、私募股权投资机 构和创业投资机构发行科技创新债券。同日，上交所、深交所、北交所进一步提出细化支持措施。 业内人士普遍认为，此次科技创新债券政策的全面升级意义深远。政策通过扩大发行主体范围，不 仅丰富了债券市场的产品谱系，更构建了系统化的配套支持机制。在当前科技创新已成为经济增长 核心引擎的背景下，这一新政将显著提升债券市场对科技领域的融资支持效 ...

前一日，中国人民银行与中国证监会联合发布了关于支持发行科技创新债券有关事宜的公告（以下简称《公告》），其中一大亮点是在发行主体 上新增支持金融机构、科技型企业、私募股权投资机构和创业投资机构发行科技创新债券。同日，上交所、深交所、北交所进一步提出细化支持 措施。 业内人士普遍认为，此次科技创新债券政策的全面升级意义深远。政策通过扩大发行主体范围，不仅丰富了债券市场的产品谱系，更构建了系统 化的配套支持机制。在当前科技创新已成为经济增长核心引擎的背景下，这一新政将显著提升债券市场对科技领域的融资支持效能。 抢滩科创债 经济观察报根据公开信息梳理，截至5月8日晚间，包括券商、银行、股权投资及创业投资机构在内的32家企业公告创新债发行计划，合计发行规 模上限达719.5亿元。 银行板块成为科创债发行主力军，国家开发银行、工商银行、兴业银行、杭州银行四家机构计划发行规模分别为200亿元、100亿元、100亿元及50 亿元，共计450亿元，这些资金将通过贷款、债券等多种途径，专项支持科技创新领域业务。 （原标题：科创债新政效应初显：银行券商创投机构竞相布局 首日拟发规模突破700亿） 经济观察报 记者 陈姗 科创债新政 ...