编者按： 党的二十届四中全会审议通过"十五五"规划建议，明确提出"加快建设金融强国"，"大力发展科技金融、绿色 金融、普惠金融、养老金融、数字金融"，"优化金融机构体系，推动各类金融机构专注主业、完善治理、错位 发展"。而最近相继召开的中央政治局会议、中央经济工作会议，又提出了明年八大重点任务，以及相关的政 策安排和具体部署。 三十余载砥砺前行，中国资管行业从初步探索到如今跻身全球前列，与经济的蓬勃发展和制度的日趋完善 密不可分。在此期间，公募与私募协同发展的多元生态为资本市场的鼎新革故注入了核心动力，二者的发 展始终与国家改革同频共振，与经济发展浪潮同向而行，与产业升级齐头并进。 长城基金认为，这为接下来五年的金融工作和经济工作提供了基本遵循和根本指南，也为金融机构实现高质量 发展指明了方向。基金公司是我国金融市场的重要参与者、建设者，更是普惠金融服务的创造者、提供者。深 入学习贯彻全会精神，积极投身金融强国建设和中国式现代化大局，是时代赋予的重大责任，也是行业实现高 质量发展的必由之路。 站在"十五五"开启的历史节点，二十届四中全会明确的"高质量发展取得显著成效、科技自立自强水平大幅 提高"等目标，为资本 ...

曾刚（吴怀宽 绘） 曾刚（国家金融与发展实验室副主任） 徐蓓芸（上海金融与发展实验室产业数字金融研究中心副主任） 站在"十五五"规划开局的历史节点，科技金融已经从金融创新的局部探索，上升为金融强国建设的战略 重点。"加快建设金融强国"首次写入五年规划，科技金融作为金融"五篇大文章"之首，其重要性被提升 到前所未有的高度。 从宏观经济背景来看，中国科技创新生态正在经历历史性跃升。2025年全社会研发投入约4万亿元，研 发投入强度达2.8%，综合创新能力首次跻身全球前十。战略性新兴产业增加值占GDP比重已提升至 17%，科技型中小企业入库数量达约60.2万家，"专精特新"中小企业超14万家，"小巨人"企业达1.76万 家。然而，科技型中小企业贷款余额占整体信贷结构的比重仅为1.32%，高新技术企业贷款余额占比约 为6.97%。这组数字表明，金融资源向科技创新领域的流动仍存在一些"堵点"。如何打通"科技-产业-金 融"良性循环，构建与科技创新规律高度适配的现代科技金融体系，成为"十五五"期间银行业必须破解 的重要问题。 商业银行科技金融创新现状 2025年以来，科技金融相关的一系列政策密集出台：《银行业保险业科技金 ...

Core Insights - The People's Bank of China (PBOC) has announced a series of financial policies aimed at stimulating the economy, including a 0.25 percentage point reduction in various structural monetary policy tool rates and an increase in the re-lending quota for technological innovation and transformation to 1.2 trillion yuan [1][2] Group 1: Policy Signals - The policies represent a shift towards targeted financial support, focusing on key areas such as technological innovation, small and medium-sized enterprises, green transformation, consumption, and elderly care [1][2] - The introduction of these measures at the beginning of the year indicates a strong intention to stabilize market expectations and reinforce the foundation for economic recovery [1][2] Group 2: Collaboration with Fiscal Policy - The PBOC's measures will work in conjunction with fiscal policies such as interest subsidies, guarantees, and risk-sharing to further promote domestic demand [2] - This collaboration signifies an enhanced effort to support the real economy through coordinated monetary and fiscal policies [2] Group 3: Focus on Technological Innovation - The increase in the re-lending quota for technological innovation and transformation to 1.2 trillion yuan is not merely a scale increase but a significant upgrade in policy, indicating long-term investment in core productivity areas [2] - The policy will prioritize support for private small and medium-sized enterprises with high levels of R&D investment, particularly in digitalization and intelligent transformation [2] - Key sectors such as high-end manufacturing, energy conservation, and clean energy will receive focused support, along with hard technology innovations in critical areas like integrated circuits and high-end medical devices [2]

（来源：辽宁日报） 转自：辽宁日报 培训会组建了专业讲师团，创新采用"政策解读+案例分析+现场答疑"三维模式，量身定制政策实操指 南，精准对接企业的科创发展需求。针对中小微科技企业研发资源匮乏、传统融资门槛高、审批周期 长、成本高的核心问题，讲师团重点推介"鞍科贷"科技金融产品。该产品可有效降低企业的融资成本， 截至目前，已为97家科技型企业融资4亿元，发放贴息补助600余万元。 "以前对着政策条文摸不清门道，连研发经费加计扣除的优化细节都不了解。这次培训把'书面语'变成 了'实操手册'，真正把政策红利转化成了企业发展动力。"企业财务负责人孙强道出了所有参会企业代 表的心声。 本报讯 记者崔治报道 针对钢铁、菱镁新材料等重点领域企业存在的研发费用归集不规范、税费填报不 熟练、政策享惠不精准等实操痛点问题，近日，鞍山市科技局为300余家相关企业开展联合培训，打通 政策落地的"最后一公里"。 ...

Core Insights - The People's Bank of China and the National Financial Regulatory Administration have outlined their monetary policy and regulatory framework for 2026, emphasizing the importance of these policies for the banking sector's development path [1] Group 1: Monetary Policy Initiatives - The central bank's monetary policy focuses on precise measures, including interest rate cuts, increased quotas, and expanded scope, to inject strong momentum into the banking sector's support for the real economy [2] - The central bank has lowered the one-year re-lending rate from 1.5% to 1.25%, a reduction of 0.25 percentage points, which expands the available funds for banks and reduces funding costs [2] - A new quota of 500 billion yuan for re-lending to support agriculture and small enterprises has been established, along with a 1 trillion yuan quota specifically for private enterprises [2] - The re-lending quota for technological innovation and transformation has increased from 800 billion yuan to 1.2 trillion yuan, ensuring sufficient funding for tech enterprises and traditional industry upgrades [2] - The down payment ratio for commercial housing has been reduced to 30%, aiding the health and elderly care industries and addressing real estate market inventory issues [2] Group 2: Banking Sector Stability - The net interest margin for the banking sector has stabilized at 1.42%, providing ample room for future policy adjustments [3] - The potential implementation of a reserve requirement ratio cut could further enhance liquidity, supporting both the real economy and maintaining a reasonable net interest margin for banks [3] Group 3: Regulatory Framework - The National Financial Regulatory Administration has set three core tasks for 2026: risk prevention, strong regulation, and promoting development, creating a three-pronged approach [4] - Risk management for small financial institutions is prioritized, with ongoing reforms aimed at improving quality while reducing quantity [4] - A coordinated mechanism for real estate financing will continue to support the completion of housing projects, with over 70 trillion yuan in loans already provided [4] - A four-tier regulatory system has been established, enhancing regulatory capabilities through financial technology and smart regulation [4] Group 4: Focus on High-Quality Development - The banking sector is encouraged to focus on differentiated guidance in five key areas, including inclusive finance, pension finance, green finance, and technology finance, to achieve high-quality development [5] - Financial institutions are advised to leverage their unique strengths rather than pursuing a one-size-fits-all approach, particularly in the context of the upcoming 15th Five-Year Plan [5] - The policies released by the two major departments are expected to provide substantial policy dividends and clear development directions for the banking sector [5]

Core Insights - Guangdong's financial indicators are expected to maintain stable growth in 2025, with growth rates surpassing nominal economic growth, effectively supporting the development of the real economy [1] Group 1: Financial Metrics - By the end of 2025, the balance of various deposits in Guangdong reached 38.7 trillion yuan, a year-on-year increase of 5.7%, with an increase of 2.1 trillion yuan from the beginning of the year, which is 508.3 billion yuan more than the previous year [1] - The balance of various loans in Guangdong reached 29.9 trillion yuan by the end of 2025, with a year-on-year growth of 5.4%, an increase of 1.5 trillion yuan from the beginning of the year, and 282.2 billion yuan more than the previous year [1] Group 2: Sectoral Analysis - All sectors, including households, enterprises, and government agencies, experienced year-on-year increases in deposits, indicating an overall improvement in funding conditions [1] - The balance of loans in the eastern, western, and northern regions of Guangdong grew by 6.5% year-on-year, reflecting a focus on major strategies and key areas [1] Group 3: Specialized Financial Areas - As of the end of November 2025, the balance of loans in technology finance, green finance, inclusive finance, pension finance, and digital finance reached 12.7 trillion yuan, a year-on-year increase of 10.8%, accounting for 79.9% of the total loan increment in the province [2] - Specific loan growth rates include technology loans at 10.7%, green loans at 24.2%, inclusive loans at 7.6%, pension industry loans at 95.0%, and digital economy loans at 10.5% [2] - By the end of 2025, the loan balances for manufacturing and infrastructure sectors reached 3.6 trillion yuan and 6.8 trillion yuan, with year-on-year growth rates of 11.7% and 9.2%, respectively [2]

当前，股权投资行业正步入认知回归与能力重塑的"淬炼期"：长期资本持续扩容，耐心资本日益成为支撑科技创新的核心力量，投资机构聚焦硬科技与战 略新兴产业，深化布局、深挖价值；多元退出与投资路径不断拓展，加速构建"投早、投小、投科技"的良性生态；政府引导基金与国资投资平台已成长为 产业发展的"稳定器"与"助推器"，携手产业方及各类资本，共建深度融合、共创共享的产融生态。 作为"十五五"规划的开局之年2026年1月13日——1月14日，融中第十五届中国资本年会暨大虹桥科创投资大会应势启幕。本届大会由融中传媒主办、融中 咨询协办、上海虹桥商务区投资促进与公共服务事务中心以及上海南虹桥投资开发（集团）有限公司作为支持单位。本届大会也是虹桥投资并购会客厅系 列活动之一。 大会以《淬·炼》为主题，汇聚政府部门代表、头部投资机构、顶尖经济学家及行业领军企业，于新年伊始展开深度对话，共议投资趋势、产业发展与科 技创新前沿，致力于打造覆盖出资人、投资人与企业端的高效产融生态圈，推动投资产业链全链条融合与价值贯通。 会议首日，上海虹桥国际中央商务区管委会党组书记、常务副主任孔福安，融中董事长朱闪分别发表致辞，对与会嘉宾表示热烈欢迎。 ...

在苏州高新区的一家气体轴承生产企业，记者看到，只要打开气浮装置，1吨多重的铁块就悬浮在了工作台上，用手轻轻一推， 铁块就能轻松平稳地运动起来。企业负责人介绍，空气轴承就是拿空气做润滑介质，取代传统的滚珠或者是油。因为空气的黏性系数 小，所以耐高温、无污染、免维护，所以在高速低摩擦、低功耗、高精密、有辐射以及特殊高低温工况中有绝对的优势。 该企业研发的气浮主轴是芯片晶圆研磨环节的关键部件，它的稳定性和精度直接决定着芯片的性能。目前，产品最高转速可达 6000转每分钟，运行精度小于60纳米——相当于千分之一根头发丝的粗细。这家企业三年多前才到苏州建厂，当时连场地都是一片荒 地。负责人表示，当时建厂的过程当中，企业的现金流很紧张。要大量招人，要扩产能，还要买设备，每一分钱都得用在"刀刃"上。 央视网消息：科技型企业是经济发展的重要主体，中国人民银行最新数据显示，2025年11月末科技贷款余额44.8万亿元，同比增 长11.5%。如何让金融力量更好地帮助科技型企业创新发展？接下来去江苏苏州看一看。 在资金支持下，如今企业的生产车间里机器满负荷运转，订单更是排到了2026年底，负责人王雪告诉记者，她有信心将这项技术 应 ...

Group 1 - The core point of the article highlights the challenges faced by technology companies in securing funding, particularly in their early stages, and how innovative banking practices can provide crucial support [1][2] - The case of "Zhihui Robot," which received a 3.3 million loan from a bank after demonstrating its technology, illustrates the importance of banks understanding the actual needs of tech companies [1] - By the end of 2025, Guangdong's total deposit balance is expected to approach 39 trillion yuan, and loan balance is projected to be nearly 30 trillion yuan, both ranking first in the country, indicating a substantial financial resource pool for economic development [1] Group 2 - Guangdong is focusing on five key areas of financial development: technology finance, green finance, inclusive finance, pension finance, and digital finance, which represent significant directions for capital flow [2] - During the "14th Five-Year Plan" period, loans to technology enterprises are expected to grow at an average annual rate of over 22%, supporting the province's goal of becoming a technology powerhouse [2] - The loan growth for the pension industry in Guangdong reached nearly 95% last year, reflecting a rapid response to social challenges [2]

中债估值中心有限公司本次推出该指数，核心是积极对接国家战略，聚力推动科技创新与绿色发展两大 关键领域提质增效。指数样本囊括科技创新债券与绿色债券两大品类，其中科创债券覆盖金融债、公司 债、企业债、非金融企业债务融资工具四大类；绿色债券全面覆盖绿色金融债、绿色企业债、绿色公司 债、绿色债务融资工具、绿色地方政府债五大类产品。该特色双主题债券指数的发布，为市场搭建起透 明、标准化的配置载体，助力资金向政策支持、具备长期可持续增长能力领域的精准投放搭建有效通 道。富达与中债估值中心均秉持高质量发展理念，高效协同，率先推出业内首只跟踪该创新指数的基金 产品。 富达基金总经理孙晨表示："富达始终高度重视'五篇大文章'为国家金融高质量发展提供的系统性战略 方向，我们不仅在养老金融领域长期深耕并参与中国养老投资体系建设，更通过此次双主题债券指数基 金的推出，进一步推动科技金融和绿色金融的持续发展。该基金的发行，也体现了我们与中国邮政储蓄 银行及各渠道伙伴在产品服务创新上的协同，以及通过金融支持实体经济的担当。未来，我们将继续结 合全球经验与本土需求，持续为中国投资者打造更多元化、符合时代发展趋势的创新投资解决方案，稳 步推 ...