● 本报记者 刘英杰 5月16日，中国银河证券党委书记、董事长王晟在"中国银河证券·中国证券报私募行业星耀领航计划"启 动仪式上致辞表示："作为证券行业的先行者之一，中国银河证券见证并深度参与了私募行业从萌芽到 壮大的全过程。此次，我们携手中国证券报，以'打造国内最具影响力的科创类私募赋能平台'为愿景， 启动'星耀领航计划'，正是要推动私募行业从'服务资本'向'服务科创'升级，从'自我成长'向'生态赋 能'跃迁。" 王晟表示，作为国有大型证券公司，中国银河证券将与中国证券报强强联合，充分发挥各自在金融资 源、行业研究、品牌影响力和生态协同等方面的优势，为私募机构提供全方位、多层次的赋能支持，助 力私募行业坚持守正创新、规范健康发展。 当前，中国经济正处于高质量发展关键阶段，科技创新已成为破局的核心动力。 "我们相信，'星耀领航计划'的启动必将助力更多私募机构成长为科创时代的'资本引擎'，也必将涌现出 一个又一个幻方、九坤这样的行业标杆，相信下一个DeepSeek时刻还会到来，私募机构还将为我们带 来更多的惊喜，为资本市场乃至国家的科创战略贡献更大力量。"王晟说。 王晟表示，党中央提出金融"五篇大文章"，将科技 ...

近日，证监会发布《推动公募基金高质量发展行动方案》（以下简称《行动方案》），为公募基金行业 的高质量发展指明方向。该方案以提升投资者获得感作为核心目标，在机制改革、产品供给和服务升级 等方面作出系统性部署。 作为公募基金行业的参与者，诺安基金深刻认识到《行动方案》对于保障投资者权益、促进行业可持续 发展的重大意义，将以此为契机认真贯彻落实方案要求，夯实投研能力基础，提升合规风控水平，积极 探索特色化发展路径，切实增强投资者获得感。 以投资者为本，夯实长期投资价值根基 公募基金"受人之托、代客理财"为根本，助力投资者实现资产长期保值增值是其核心使命。在新"国九 条"持续深化资本市场改革的政策背景下，基于行业发展的政治性与人民性，公募基金落实信义义务， 坚持"以投资者为本"，已成为行业高质量发展的必然要求。 本次《行动方案》围绕投资者利益保障，提出建立与基金业绩表现挂钩的浮动管理费收取机制、强化业 绩比较基准的约束作用、加强信息透明度建设、稳步降低基金投资者成本等要求。同时明确提出，要强 化基金投资收益长周期考核机制，要求三年以上中长期收益考核权重不低于 80%。这些措施有力推动 基金公司、高管、基金经理及销售机 ...

作为杭州科技创新体系建设的重要参与者和亲历者，周恺秉曾长期负责杭州市创业投资引导基金管理工 作。自20世纪90年代起，他持续呼吁地方财政和企事业单位加大科技投入；2011年提出应关注创业投资 项目的退出管理机制；2015年，他撰文建议杭州构建"硅谷式"的创业生态系统。2025年4月，《21世纪 经济报道》在杭州独家对话周恺秉，听他分享杭州创业投资体系演进的经验与思考。 口述 / 中国投资发展促进会副会长、杭州市创业投资协会轮值会长 周恺秉 采访整理 / 21世纪经济报道记者 赵娜 过去几十年，说起硅谷，人们总会提到它鼓励冒险、宽容失败、以人为本的创业文化。那么，光有这些 就够了吗？ 事实是，世界至今未能复制出第二个硅谷。也许我们的理解还有偏差，或者说，忽略了一些微小但重要 的因素。 我在2020年曾提出一个创新公式：Innovations = F(Culture，System，VC，...) 创新是多个变量叠加形成的函数。第一是敢于冒险、宽容失败的文化；第二是市场经济的体制机制；第 三是活跃推动创新创业的资本。当然，还有创业生态、营商环境、教育医疗等其他条件。 当杭州选定了这个公式，后面的发展就变成了"时间的 ...

Group 1 - The core idea of the news is the launch of the first "intellectual property-linked loan" by Industrial Bank's Chongqing branch, aimed at supporting specialized and innovative enterprises by linking loan interest rates to the number of patents held by the company [1][2] - The Chongqing branch of Industrial Bank has created innovative products to provide effective financial support for enterprises' research and development, in line with the guidelines from the People's Bank of China [1] - A specific specialized enterprise, which holds 86 national invention patents, received a loan of 30 million yuan to alleviate its liquidity issues due to increased demand in the non-ferrous metal alloy manufacturing sector [1] Group 2 - The "intellectual property-linked loan" is designed to convert technological investments into financing cost advantages for specialized and technology-driven enterprises, achieving a win-win situation for social and economic benefits [2] - Industrial Bank's Chongqing branch aims to innovate financial products in response to the "Science and Technology Innovation Leading Plan" issued by multiple ministries, providing comprehensive financial services for technology enterprises [2] - By April 2025, the Chongqing branch expects to have a technology finance loan balance of 10 billion yuan and partnerships with over 9,000 technology enterprises, contributing significantly to the development of technology companies in Chongqing [2]

2025 年首次全面降准落地生效；资金面有所收敛，债市继续回调 【内容摘要】5 月 15 日，资金面有所收敛，债市继续回调；转债市场主要指数跟随收跌，转 债个券多数下跌；各期限美债收益率普遍大幅下行，主要欧洲经济体 10 年期国债收益率走势 分化。 一、债市要闻 （一）国内要闻 【中办、国办：鼓励各类金融机构积极参与城市更新，推动符合条件的项目发行 REITs、资产 证券化产品、公司信用类债券等】中办、国办近日印发《关于持续推进城市更新行动的意见》。 意见提到，加大中央预算内投资等支持力度，通过超长期特别国债对符合条件的项目给予支持。 中央财政要支持实施城市更新行动。地方政府要加大财政投入，推进相关资金整合和统筹使用， 在债务风险可控前提下，通过发行地方政府专项债券对符合条件的城市更新项目予以支持，严 禁违法违规举债融资。落实城市更新相关税费减免政策。鼓励各类金融机构在依法合规、风险 可控、商业可持续的前提下积极参与城市更新，强化信贷支持。完善市场化投融资模式，吸引 社会资本参与城市更新，推动符合条件的项目发行基础设施领域不动产投资信托基金（REITs）、 资产证券化产品、公司信用类债券等。 【2025 年央 ...

政策利好之下，工银理财迅速响应，彰显出头部机构的敏锐洞察力与行动力。截至 5 月 14 日， 工银理财已成功投资 10 只银行间市场首批科技创新债券，这些债券的发债主体多元，涵盖民营企 业、地方国企及大型金融机构等。债券募集资金精准投向科技创新前沿领域，不仅为企业技术攻关 与产业升级提供了"源头活水"，更体现了工银理财在引导金融资源向科技产业集聚方面的 不断探 索 。 "科技创新是引领发展的第一动力，工银理财始终将其作为理财资金配置的重点领域，积极助力做 好科技金融大文章 "， 工银理财相关负责人表示。事实上，早在 2024 年 6 月，公司就发布了理 财行业首个"科技金融债券指数"，这一创新为市场提供了衡量科技金融债券表现的"风向标"，有 效引导更多理财资金流向高新技术产业。截至 2024 年末，其投资科技金融相关债券余额已位居 行业领先水平，此次投资首批科技创新债券，更是其深耕科技金融领域的又一有力证明。 从行业角度看，工银理财的实践具有示范效应。科技创新债券的推出，旨在破解科技企业融资难 题。工银理财凭借庞大的资金管理规模与专业的投研能力，高效对接优质科技企业融资需求，既为 投资者挖掘了兼具政策红利与成 ...

Group 1 - The core viewpoint of the articles highlights the robust growth of China's AI industry, with leading companies reporting triple-digit revenue growth for AI-related products over seven consecutive quarters, indicating a high level of industry prosperity [1] - The recent release of 15 policy measures by multiple government departments aims to support technological innovation through comprehensive financial services, prompting brokerages to advise investors to focus on opportunities within the technology sector [1] - The technology sector is expected to regain momentum as market conditions improve, with a shift towards mid- to long-term investment logic driven by favorable industry trends and capital expenditure plans from leading internet firms [1][3] Group 2 - The AI field presents high technical and professional investment barriers, leading to a recommendation for investors to consider systematic investment plans in related public funds to mitigate risks and manage costs effectively [2] - The Hui'an Growth Preferred Mixed Fund is identified as a product with significant AI exposure, actively investing in assets related to AI computing power, algorithms, and applications [2] - The fund manager emphasizes a positive outlook on the technology sector, particularly in AI and robotics, with expectations of product innovation cycles and improved industry demand in the coming months [3]

华夏时报（www.chinatimes.net.cn）记者 卢梦雪 北京报道 支持科创债，银行理财也在积极贡献市场力量。 随着科创债发行迎来热潮，近日，中银理财、农银理财、工银理财陆续发声积极投资科创债，通过提高科创债在 资产组合中的占比、重点布局优质科技成长领域标的、发行科技金融主题产品、对科技型企业进行股权投资等方 式，银行理财正通过自己的力量支持科创市场。 相关业内人士在分析中提到，相较普通信用债，银行理财投资科创债还能让投资人有机会分享科技型企业成长红 利或募集资金投资收益，这可能会成为科创债与普通信用债在估值方面的重要差异点。 理财公司加大科创债支持力度 中银理财也在5月9日参与了市场首批科技创新债券发行。中银理财披露显示，截至目前，该机构已支持吉利控 股、新微科技、兴业银行等民营企业、地方国企及大型金融机构等多家主体的科创融资，参与品种涉及公司债、 商业银行债等多种工具。 "一直以来，中银理财都将科技创新作为资产配置重点。"中银理财表示，该机构优先配置高端装备等硬科技领域 债券，同时，全方位布局指数型跟踪策略的含权理财产品，为科技型企业提供更灵活的融资支持。"十四五"期 间，中银理财对科技企业累计 ...

Core Viewpoint - The establishment of the "National Venture Capital Guidance Fund" aims to support long-term investment in hard technology and alleviate financing difficulties for technology-based enterprises, potentially attracting nearly 1 trillion yuan in local and social capital [2][3][4]. Group 1: Policy Initiatives - The Ministry of Science and Technology, the People's Bank of China, and other regulatory bodies jointly released 15 policy measures to enhance financial support for technological innovation [3][4]. - The National Venture Capital Guidance Fund will focus on early-stage investments in hard technology sectors such as artificial intelligence, quantum technology, and hydrogen energy storage [4][5]. Group 2: Financial Mechanisms - The fund is expected to have a lifespan of 20 years, which is longer than typical equity investment funds, allowing for sustained support for technology enterprises [4][5]. - The policy measures include expanding the pilot scope of financial asset investment companies to 18 provinces and encouraging insurance funds to participate in venture capital investments [5][6]. Group 3: Market Impact - The National Venture Capital Guidance Fund is anticipated to play a crucial role in alleviating financing challenges for technology firms, particularly those in seed and early stages, by providing long-term capital [7][8]. - The establishment of a "Technology Board" in the bond market is proposed to support technology innovation and facilitate financing for technology-based enterprises [7][8].

Core Viewpoint - The recent policy measures aim to accelerate the establishment of a technology finance system to support high-level technological self-reliance and strength in China, focusing on enhancing bank credit support for technological innovation and mergers and acquisitions (M&A) in the tech sector [1][3]. Group 1: Policy Measures - The policy mandates the establishment of a special mechanism for bank credit support for technological innovation, allowing for a loan-to-M&A transaction price ratio of up to 80% and extending the loan term to 10 years [1][2]. - The pilot program for M&A loans was previously initiated in March, with the loan ratio for "controlling" acquisitions increased from 60% to 80% and the loan term extended from 7 years to 10 years [1][2]. Group 2: Pilot Cities and Banks - The pilot cities include 18 locations with strong technological resources and active M&A markets, such as Beijing, Shanghai, and Tianjin [2]. - Participating banks must have sound operational conditions, good corporate governance, and strong risk management capabilities [2]. Group 3: Impact on Technology Companies - The new loan policies significantly alleviate the financing constraints faced by technology companies, allowing them to allocate more funds for acquiring quality assets, technology, and teams [3]. - The extended loan term aligns better with the long development cycles of technology companies, reducing repayment pressure and facilitating smoother cash flow planning [3]. Group 4: Risk Management - Financial institutions are encouraged to enhance risk assessment and post-loan management while supporting technology companies, ensuring the safety of credit assets [3][4]. - A dynamic risk warning mechanism covering key risk indicators is recommended to manage financing leverage and liquidity ratios effectively [4].