Group 1 - The central theme of the news is the emphasis on enhancing supervision in the technology finance sector to ensure effective implementation of policies and support for technological innovation [1][2] - The Central Commission for Discipline Inspection and the National Supervisory Commission have been actively involved in monitoring the implementation of technology finance policies, attending 299 meetings and conducting 84 supervisory talks [1] - A total of 35 relevant systems and 20 supervisory items related to technology finance have been identified and organized for focused supervision [1] Group 2 - The joint implementation plan by the National Financial Supervision Administration, the Ministry of Science and Technology, and the National Development and Reform Commission aims to increase financial resource supply and accelerate high-quality development [2] - The supervisory group has established a mechanism for summarizing and analyzing problems, ensuring that issues identified during supervision are reported and addressed in a timely manner [3] - As of the first quarter of 2025, the balance of loans to technology enterprises from the Industrial and Commercial Bank of China reached 2.73 trillion yuan, an increase of 761.8 billion yuan since the beginning of the year [3]

ooo[Table_ReportInfo] 2025 年 05 月 16 日 证券研究报告•宏观定期报告 宏观周报（5.12-5.16） 关税博弈阶段性缓和，美国通胀仍在下行 摘要 [Table_Summary] 一周大事记 国内：加快构建科技金融体制，持续推进城市更新。5 月 13 日，中国－拉美 和加勒比国家共同体论坛第四届部长级会议在北京举行，同日，中国和巴西发 布关于强化携手构建中巴命运共同体的联合声明，未来我国自巴西进口有望持 续增加，中国企业向巴西出海投资的步伐也有望加快；14 日，科技部联合中 国人民银行等七部门发布《加快构建科技金融体制 力支撑高水平科技自立自 强的若干政策举措》，提出 15 项具体措施，推动金融资源精准投向科技创新 领域；同日，国家发展改革委主任郑栅洁主持召开民营企业座谈会，围绕经济 形势、稳就业稳经济政策落实等议题，系统回应民营企业关切，释放了强化政 策执行、法治保障和战略引导的积极信号；15 日，中办、国办印发《关于持 续推进城市更新行动的意见》，系统部署八大任务与六大支撑保障措施，城市 更新改造后续或将获得更多财政和融资等方面的支持。 相关研究 请务必阅读正文后的重要声 ...

Core Viewpoint - The 2025 Tsinghua Wudaokou Global Financial Forum emphasizes the need for an open and inclusive economic and financial system to enhance resilience amid global economic uncertainties [1][2] Group 1: Economic and Financial Stability - The forum aims to address the challenges posed by a rapidly changing international environment, economic transformations, and technological innovations [1] - Strengthening economic and financial stability is deemed crucial for improving resilience during uncertain times [1] Group 2: China's Role in Global Economy - China has been a major contributor to global economic growth and stability, advocating for true multilateralism and actively participating in global economic governance [1][2] - The country is transitioning from a rule follower to a reformer in global governance, focusing on high-quality development to counter external uncertainties [1] Group 3: Financial Development Initiatives - The Central Financial Work Conference has introduced five key areas for financial development: technology finance, green finance, inclusive finance, pension finance, and digital finance [2] - These areas are seen as new driving forces for high-quality financial development in China [2] Group 4: Forum Significance - The Tsinghua Wudaokou Global Financial Forum, initiated in 2014, has become a significant platform for international academic and policy exchange in finance [2] - This year's forum attracted nearly a hundred high-level political and economic leaders and experts to discuss pressing topics such as the global monetary system and challenges of economic fragmentation [2]

一直以来，中行上海市分行积极参与各类主体债券发行，深度推广科创票据及科技创新债券，持续助力 债券"科创板"建设，不断加大科技创新领域融资支持力度，累计承销科创类债券规模超百亿元。通过多 元化主体发行科技创新债券，积极引导资金流向人工智能、新能源、半导体等新兴产业，推动关键核心 技术突破和科技成果转化，专项支持科创领域高质量发展。 近日，中国人民银行、中国证监会联合发文支持科技型企业、股权投资机构和金融机构三类主体发行科 技创新债。中行上海市分行积极响应，充分沟通企业和金融机构债券发行需求，凭借在债券承销领域多 年积累的专业经验，发挥中银集团综合债券投资优势，为发行人提供全方位债券承销金融服务。 在本次首批科技创新债中，中行上海市分行实现上海地区承销项目全覆盖，累计落地5单项目，包括上 海新微科技集团有限公司发行的全国首批、上海地区首单科技创新债，上海国盛集团发行的全国首单超 长期限科技创新债以及浦发银行、交通银行、上海银行的首批科技创新金融债券。与此同时，充分发挥 中行债券销售和渠道优势，在首批科技创新债发行中累计实现债券销售超50亿元，覆盖投资机构近20 家。 下一步，中行上海市分行将充分发挥集团全球化优势 ...

截至目前，温江区科学技术局已累计帮助区内企业获得"科创贷"27亿元，助力570余家科技企业成长为 国家高新技术企业。 "下一步，我们将常态化举办'创投天府'等政银企对接活动。同时，加快推进财政科技资金'先投后股'改 革试点，提升'投新、投早、投小、投硬'能力，构建'债权+股权+基金'多元联动、接续发力的金融服务 生态，全方位赋能科创企业发展壮大。"温江区科学技术局相关负责人表示。 活动中还进行了多轮签约，中国农业银行成都分行、成都生产力促进中心、温江区科学技术局共同签 署"科创贷"三方合作协议，成都海峡中小企业孵化园等温江区产业载体、健诺维（成都）生物科技有限 公司等温江区企业纷纷与金融机构达成合作或签署投融资意向协议。 近年来，温江区科学技术局紧扣科技型企业需求，从出台科技创新若干政策、培育科技金融服务机构、 搭建投融资对接平台、大力推广"科创贷"等多个维度同时发力，切实解决科技型企业资金难题。去年， 在全省率先探索财政科技资金"先投后股"改革试点，并建立2000万元风险资金池，通过杠杆效应带动农 业银行和成都银行（601838）两家合作银行安排2.5亿元贷款资金用于"科创贷"业务，满足科技型中小 企业日益 ...

Group 1 - The annual Tsinghua Wudaokou Global Financial Forum took place on May 17, focusing on the theme "Sharing the Future: Building an Open and Inclusive Economic and Financial System" [1] - The forum aims to provide a high-level dialogue platform for global government officials, economists, and financial leaders to explore new paths for economic and financial development amid a complex global economic landscape [1][3] - Tsinghua University Wudaokou School of Finance has successfully held the forum for ten years, establishing itself as a significant international platform for financial academic and policy exchange in China [1] Group 2 - The current global economic landscape is characterized by fragmentation, rising instability, and uncertainty, leading to structural challenges and differentiated risks in economic growth [3] - China has been a major contributor to global economic growth and stability, advocating for true multilateralism and actively participating in global economic governance [3] - The Chinese government is focusing on high-quality development to address external uncertainties, with a new emphasis on five key areas of finance: technology finance, green finance, inclusive finance, pension finance, and digital finance [3][4]

金十数据5月17日讯， 清华大学五道口金融学院院长焦捷表示， 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；并正从全球治理的规则追随者逐步转向制度改革者。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。当前，中国正以新质生产力破解增长瓶颈，推动经济高质量发展。金融 是"国之大者"，关系中国式现代化建设全局。中央金融工作会议首次系统提出"做好科技金融、绿色金 融、普惠金融、养老金融、数字金融五篇大文章"，"五篇大文章"构成了中国金融高质量发展的新驱动 力。 （上证报） 焦捷："五篇大文章"构成中国金融高质量发展新驱动力 ...

"面对复杂多变的国际环境、深刻变革的世界经济以及快速迭代的技术革新，构建一个开放包容的经济 与金融体系，已成为推动全球可持续发展、实现共同繁荣的关键路径。"焦捷说道。 焦捷还提到，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；并正从全球治理的规则追随者逐步转向制 度改革者。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。当前，中国正以新质 生产力破解增长瓶颈，推动经济高质量发展。金融是"国之大者"，关系中国式现代化建设全局。中央金 融工作会议首次系统提出"做好科技金融、绿色金融、普惠金融、养老金融、数字金融五篇大文 章"，"五篇大文章"构成了中国金融高质量发展的新驱动力。 北京商报讯（记者 李海媛）5月17日，2025清华五道口全球金融论坛在深圳召开。清华五道口金融学院 院长焦捷在开幕式致辞中提到，当前，世界百年变局加速演进，国际形势变乱交织，全球化面临严峻挑 战。世界经济格局深刻调整，碎片化加剧，不稳定不确定性上升，全球经济面临着增速放缓的结构性困 境与分化风险，单边主义、保护主义加剧，全球贸易秩序面临新的 ...

Core Viewpoint - The asset management industry plays a crucial role in meeting residents' wealth management needs and supporting the high-quality development of the real economy, with a focus on technology, green finance, inclusive finance, pension finance, and digital finance [1][2][4]. Group 1: Industry Overview - As of the end of Q1 2025, the scale of outstanding wealth management products is projected to reach 29.14 trillion yuan, with bank wealth management products supporting approximately 20 trillion yuan in the real economy [1]. - The industry is experiencing new characteristics, such as reduced product fees, diversified asset allocation, and improved investor service levels [1][2]. Group 2: Focus on Technology - The asset management sector is increasingly focusing on technology innovation bonds, with companies like Bank of China Wealth Management actively participating in the issuance of these bonds [1][2]. - The emphasis on technology aligns with national strategic development directions, aiming to support high-growth companies in the technology sector [2]. Group 3: Green Finance Initiatives - The number of newly issued ESG wealth management products reached 168 in 2024, marking a year-on-year increase of approximately 40%, with over 330 billion yuan allocated to green bonds by the end of 2024 [3]. - The industry is committed to supporting green industries and enhancing product returns through investments in green-related assets [3]. Group 4: Inclusive Finance and Pension Solutions - The industry is focused on inclusive finance, with over 13,000 existing inclusive wealth management products and low investment thresholds and fee levels [3]. - The establishment of a three-pillar pension system in China has led to rapid development in the third pillar, with wealth management products tailored for retirement planning [3]. Group 5: Digital Transformation - The industry is accelerating digital transformation to enhance research and investment capabilities, aiming to improve asset allocation efficiency through a comprehensive digital management system [3][5]. - The integration of advanced technologies, such as big data, is expected to optimize product structures and enhance customer adaptability [5]. Group 6: Future Outlook - The company aims to align its development with the high-quality growth of the economy while actively exploring stable and efficient development paths in wealth management [5].

在中央金融工作会议提出做好科技金融等"五篇大文章"的战略指引下，私募行业正迎来从"服务资 本"向"服务科创"的历史性转型。5月16日，"中国银河证券·中国证券报私募行业星耀领航计划"正式启 动，通过设立专业奖项、科创奖项和ESG奖项三大评价体系，着力发掘私募行业服务科技创新的"领航 者"。 中国银河证券党委书记、董事长王晟在致辞中表示，未来中国银河证券将以"星耀领航计划"为起点，做 中国科创的"播种者"、金融改革的"破冰者"、高质量发展的"同行者"，与中国证券报携手共进书写私募 基金行业高质量发展的新篇章。 ● 本报记者 刘英杰 周璐璐 马爽 全方位支持科创企业成长 2023年10月召开的中央金融工作会议提出，做好科技金融、绿色金融、普惠金融、养老金融、数字金 融"五篇大文章"。2025年2月7日，中国证监会发布《关于资本市场做好金融"五篇大文章"的实施意 见》，再度提出做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"。如何贯彻落 实相关要求便成为资本市场持续探索的重要课题。王晟表示："党中央提出金融'五篇大文章'，将科技 金融置于首位，这就要求金融体系全方位支持科创企业成长。" 自2014 ...