◎记者 黄坤 经历4月信贷"小月"后，5月信贷投放有望改善。 上海证券报记者近日从业内了解到，伴随一揽子政策落地，5月信贷增长可能明显好于4月，并且银行信 贷投放节奏更注重均衡和质效提升。投向上，银行加大了科技金融、普惠金融等领域的投放力度；零售 方面，消费贷仍是各家银行发力的主战场。 一些银行近期披露的机构投资者调研纪要还"剧透"了经营动向。面对净息差收窄、竞争加剧的市场环 境，银行正在想方设法推进业务，稳住经营业绩。 预计5月信贷投放明显改善 记者自业内了解到，预计5月信贷投放有明显改善。 一家股份制银行上海分行公司部总经理向记者说，进入5月，银行信贷投放明显更加注重质量和均衡， 信贷经理都在外面忙着跑客户，以完成月度和年中考核指标。 科技金融正成为银行发力的重中之重。"'五篇大文章'是带动银行经营能力持续提升的重要方向。"前述 股份制银行上海分行人士说，目前金融资源向科技型企业倾斜更多，希望通过培育专业特色，帮助该行 赢得未来的核心竞争力。 光大证券首席固收分析师张旭判断，5月出台了大量支持性政策，信贷增长情况很可能明显好于4月。"5 月我国外贸环境出现了积极变化，这有助于企业有效信贷需求的恢复甚至进一 ...

Key Points - The US and China have significantly reduced bilateral tariff levels, with the US canceling 91% of additional tariffs and China reciprocating with the same percentage of counter-tariffs [1][4][10] - The Chinese government emphasizes strengthening domestic circulation as a strategic move for stable economic growth [2][4] - New regulations for major asset restructuring of listed companies have been implemented, introducing a phased payment mechanism and private equity fund arrangements [1][4] - The People's Bank of China reported a broad money (M2) balance of 325.17 trillion yuan, reflecting an 8% year-on-year growth [1][3] - The US has lost its Aaa credit rating from major international credit rating agencies, indicating a decline in sovereign creditworthiness [1][10][11] - China's holdings of US Treasury bonds decreased by $18.9 billion, making it the third-largest holder, while the UK has become the second-largest [1][11]

Domestic Macro Policy - The State Council emphasizes strengthening the domestic circulation to counter international uncertainties, focusing on long-term growth and stability[2] - Recent policies aim to enhance agricultural technology innovation and support urban renewal projects through increased central budget investments and special bonds[3] - A comprehensive financial policy package was announced, including a 0.5% reduction in the reserve requirement ratio and a 0.1% cut in policy interest rates, alongside an increase of CNY 300 billion in technology innovation loans[17] Consumption and Financial Regulation - Provinces are issuing consumption vouchers exceeding CNY 1 billion, targeting integrated domestic and foreign trade, and enhancing consumer potential through various channels[19] - Financial regulatory bodies are reinforcing support for capital markets, including a commitment to stabilize the market and encourage long-term investments, with a recent approval of CNY 600 billion for insurance fund investments[21] Trade Relations - Recent US-China trade negotiations have led to a reduction of 91% in tariffs, with both sides agreeing to suspend additional tariffs for 90 days[24] - The UK and US have reached a trade agreement, with the UK making concessions on agricultural imports in exchange for reduced tariffs on automotive exports[28] Overseas Macro Policy - The Federal Reserve maintains the federal funds rate at 4.25%-4.5%, citing increased uncertainty in economic outlook and inflation risks[27] - Global trade policies are evolving, with significant agreements being reached between the US and other nations, including India and Qatar, enhancing economic cooperation[29]

在科技浪潮汹涌澎湃的当下，金融与科技的深度融合正加速重构产业版图，多项利好政策支持下，科技金融服务体系的完善进程不断推进。但透过金融视角 审视，金融支持科技创新仍存在显著短板，包括重后期轻早期、资源配置结构性失衡等。 "2010年中国经济体量超过日本，成为全球的第二大经济体，但科技成果的转换率只有25%。到2024年，我国的科技成果转换率已经达到35%，但和发达国 家水平相比还有很大差距。"马蔚华说道。 北京商报讯（记者 廖蒙）5月17日—18日，2025清华五道口全球金融论坛在深圳召开。在以"金融赋能科技创新与发展"为主题的分论坛上，国家科技成果转 化引导基金理事长马蔚华指出，突破不敢投早期、不敢面对风险、不懂得评估技术、不能跨界等桎梏，才能把科技成果的盆景变成科技产业的参天大树。 马蔚华进一步从四方面分析了原因。具体来看，一是创新链、产业链阶段性断链，早期VC（风险投资）和天使投资在整个风险投资总额中的占比本身很 少，再加上高科技项目早期风险比较大，导致早期资金缺少；二是间接融资主导的融资结构带来的认知偏离；风险投资过多强调商业价值评估，忽视了科技 企业本身的技术优势、专利数、创新特点；三是政府的目标和市 ...

丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 政策与业绩向好，持续增配绩优权重和优质 红马 报告要点 [Table_Summary] 近期非银上市公司业绩披露完毕，趋势上仍延续较高增长，叠加资本市场政策的陆续出台，本周板块涨幅 亮眼。展望后续，业绩基数有所上移，政策端维持平稳，建议重点关注板块绩优权重个股，以及优质的高 股息个股。 分析师及联系人 [Table_Author] SFC：BUV596 吴一凡 谢宇尘 程泽宇 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 政策与业绩2] 向好，持续增配绩优权重和优质红 马 [Table_Summary2] 核心观点： 近期非银上市公司业绩披露完毕，趋势上仍延续较高增长，叠加资本市场政策的陆续出台，本 周板块涨幅亮眼。展望后续，业绩基数有所上移，政策端维持平稳，建议重点关注板块绩优权 重个股，以及 ...

中新网深圳5月18日电 (记者 夏宾)2025清华五道口全球金融论坛于17日至18日在广东省深圳市举行。第 十二届全国政协副主席、中国央行原行长周小川出席开幕式，清华大学党委副书记过勇、清华大学五道 口金融学院院长焦捷分别发表开幕致辞。波兰前总理马雷克·贝尔卡、2001诺贝尔经济学奖得主迈克尔· 斯宾塞发表主旨演讲。清华大学五道口金融学院副院长张晓燕担任开幕式主持人。 焦捷表示，多年来，中国一直是世界经济增长的主要贡献者和稳定锚。中国坚持真正的多边主义，积极 参与全球经济治理，是经济全球化和贸易自由化的倡导者。中国致力于以高质量发展的确定性应对外部 环境急剧变化的不确定性。 2025清华五道口全球金融论坛于17日至18日在广东省深圳市举行。主办方供图。 过勇表示，面对世界百年变局加速演进和全球经济不确定性，中国正以高质量发展的确定性为世界经济 提供"稳定锚"，通过建设金融强国彰显"中国力量"。 过勇强调，清华大学始终服务国家战略，在深圳创新沃土上深化产学研融合，聚焦金融科技等前沿领 域，并依托全球合作网络破解全球性发展难题。 他指出，五道口金融学院作为中国金融理论创新的策源地，构建融通中外的金融知识体系，以" ...

北京商报讯（记者 廖蒙）5月17日—18日，2025清华五道口全球金融论坛在深圳召开。在以"金融赋能科技创新与发展"为主题的分论坛上，围绕金融科技3.0 版，中国金融40人论坛学术顾问、重庆市原市长黄奇帆以产业互联网为例进行了解读。黄奇帆表示，没有产业互联网，中小企业融资难、融资贵的问题，都 无法解决。 在全球经济格局深度调整与科技革命浪潮席卷的当下，科技创新是驱动经济高质量发展的核心引擎，而金融则被认作是推动科技成果转化、产业升级的关键 力量。全球竞争日益激烈，金融服务科技创新显得尤为重要。 针对如何构建更有效的金融支持科技创新体系这一问题，黄奇帆围绕产业互联网的功能进行了说明。黄奇帆指出，产业互联网一旦到位，实际上它会产生5 个功能，包括扩大产品销售规模、在产业链集群中叠加产生营业额，以及形成集制造、研发、物流、贸易、服务为一体的复合型产业互联网平台等。 黄奇帆进一步强调，产业互联网一旦形成，对中国的开放也有好处。例如，在跨境电商领域，早前政策提出建立"跨境电商+产业带+海外仓"，实际上就是 电商行业要形成产业互联网，要把"1+10"的产业链集群一网打尽，推动中国海外出口更加扎实有力。 "发展产业互联网是 ...

2025 年 05 月 18 日 做强国内大循环 宏观研究团队 | 何宁（分析师） | 沈美辰（分析师） | | --- | --- | | hening@kysec.cn | shenmeichen@kysec.cn | | 证书编号：S0790522110002 | 证书编号：S0790524110002 | |  | 国内宏观政策：金融政策标志"以我为主"政策启幕 | 过去两周（5 月 4 日-5 月 18 日）国内宏观主要聚焦以下几个方面： 经济增长方面，国务院召开做强国内大循环工作推进会，国务院总理李强强调， 要深刻认识和准确把握当前经济形势，把发展的战略立足点放在做强国内大循环 上，以国内大循环的内在稳定性和长期成长性对冲国际循环的不确定性。 基建与产业方面, 近两周政策聚焦加快提升农业科技创新体系整体效能；工信部 召开部分省份工业经济运行座谈会，以高质量发展的确定性应对外部环境急剧变 化的不确定性；科技部推动加快构建科技金融体制；中办、国办印发《关于持续 推进城市更新行动的意见》，提出八方面主要任务，其中包括：推进城镇老旧小 区整治改造，开展完整社区建设，推进老旧街区、老旧厂区、城中村等更新改 ...

Core Viewpoint - In 2024, the Construction Bank Yancheng Branch has achieved significant results by focusing on serving the real economy, enhancing service capabilities, and adhering to the guidance of Xi Jinping's thoughts and the spirit of the 20th National Congress of the Communist Party of China [1][2] Group 1: Financial Performance - The total loan balance reached 114.7 billion yuan, with an increase of 19.7 billion yuan, representing a system share of 7.8% and a growth rate of 20.7% [1] - The technology finance sector focused on 5,021 small and medium-sized technology enterprises, 2,224 high-tech enterprises, and 900 specialized and innovative enterprises, with a technology credit balance of 4.22 billion yuan and an annual increase of 1.287 billion yuan [1] Group 2: Support for Key Projects - The bank has increased support for the "Three Major Projects," with new loans for park construction projects amounting to 10.038 billion yuan and housing rental loans for companies reaching 476 million yuan [2] - The bank is committed to aligning policies with industry needs, supporting the development of strategic emerging industries such as new materials, new energy, and energy conservation and environmental protection [2] Group 3: Customer Service and Accessibility - The bank has improved customer service quality, establishing the Xixin Branch as a barrier-free service demonstration outlet and creating 11 outlets as age-friendly demonstration sites [2] Group 4: Governance and Strategic Planning - The bank has conducted 20 sessions of "First Agenda" learning and held 49 party committee meetings and 45 executive meetings throughout 2024, emphasizing strict party governance [2] - Looking ahead to 2025, the bank aims to enhance its capabilities, align with the goals of the 14th Five-Year Plan, and ensure sustainable and coordinated growth while focusing on high-quality development [2]

Core Viewpoint - The joint issuance of the policy measures by seven departments aims to enhance venture capital's role in supporting technological innovation, which has garnered significant attention from the private equity and venture capital sectors [1][3]. Group 1: Policy Measures Overview - The policy measures provide a comprehensive financial service framework for technological innovation, covering the entire lifecycle from research and development to the growth of small and medium-sized tech enterprises [3]. - The introduction of the "National Venture Capital Guidance Fund" is a key initiative aimed at supporting technological innovation and addressing the mismatch between R&D cycles and capital return cycles [6][7]. - The measures also include expanding the pilot scope of Asset Investment Companies (AIC) to facilitate the participation of long-term capital from banks, insurance, and social security funds in venture capital [5][8]. Group 2: Financial Ecosystem and Support - The policy is seen as a milestone in building China's technology finance system, creating a full-chain financial service ecosystem to resolve structural contradictions between technological innovation and capital supply [3][4]. - The measures encourage the introduction of long-term capital to reduce funding costs and improve the stability and risk resistance of venture capital institutions [8][9]. - The optimization of state-owned venture capital assessments aims to shift focus from short-term returns to long-term value, promoting investment in high-growth tech enterprises [10][11]. Group 3: Exit Mechanisms and Capital Flow - The introduction of innovative exit mechanisms, such as private equity share transfer trials and the development of secondary market funds (S Funds), aims to enhance liquidity and efficiency in venture capital exits [11][12]. - The policy encourages the establishment of diverse exit channels to improve capital flow and attract more social capital into the venture capital sector [11][12]. - The measures also emphasize the importance of a clear boundary for the error-correction mechanism to prevent reckless investment decisions while encouraging bold support for high-risk tech enterprises [10][11].