在资金供给端，政策工具箱呈现立体化布局。《政策举措》要求，发挥资本市场支持科技创新的关键枢 纽作用，优先支持取得关键核心技术突破的科技型企业上市融资、建立债券市场"科技板"等。 券商纷纷启动科创债发行 《政策举措》提出，加强财政政策对科技金融的引导和支持，用好用足现有的贷款贴息、保险补贴、风 险补偿等政策支持企业科技创新，实施科技创新专项担保计划，落实好天使投资、创业投资相关税收政 策等。 日前，多家券商纷纷启动科创债发行，发力科技金融赛道。公开信息显示，12家头部券商已启动科技创 新债券发行计划，首期拟募资规模177亿元。5月9日，中信证券、招商证券等机构率先完成首批科创债 发行。东方证券的债券募集说明书表示，募集资金扣除发行费用后，不少于70%的部分将投向科创领域 或对发行前12个月内的科创领域相关投资支出进行置换。 助力科技企业成长 今年以来，科技板块呈现结构化轮动特征，AI、半导体、新能源、人形机器人等赛道交替活跃。Wind 数据显示，截至5月14日，今年以来科创50指数上涨2.51%、人形机器人指数上涨超29%、人工智能指数 上涨超11%、半导体设备指数上涨超7%。 ● 葛瑶 谭丁豪 国元证券表示， ...

Core Viewpoint - The joint release of the policy measures by seven departments, including the Ministry of Science and Technology and the People's Bank of China, aims to accelerate the construction of a technology finance system that supports high-level technological self-reliance and strength, introducing 15 policy measures to provide comprehensive financial services for technological innovation [1][5]. Group 1: Technology Credit - The policy measures establish a special mechanism for bank credit support for technological innovation, including the development of identification standards for technology-based enterprises and a recommendation mechanism to facilitate effective support from financial institutions [2][6]. - Commercial banks are encouraged to set up specialized technology finance institutions and branches in technology-intensive regions, and to explore long-term internal performance evaluation schemes for technology innovation loans [2][6]. - The measures aim to enhance the internal loan mechanisms of financial institutions based on the characteristics of project financing in the technology sector, ensuring risk control and compliance while determining loan pricing and terms [2][3]. Group 2: Technology Insurance - The policy measures promote innovation in technology insurance products and services, establishing a comprehensive insurance system covering the entire lifecycle of technology-based enterprises [3][4]. - Insurance institutions are encouraged to develop specialized products that cover risks such as research and development failures and intellectual property infringements, providing risk protection for technology enterprises [3][4]. - The establishment of a co-insurance pilot in key areas is proposed to enhance the underwriting capacity of insurance institutions through risk-sharing mechanisms [4][6]. Group 3: Financial Support Stability - The policy measures create a multi-faceted financial service system that effectively addresses the financing challenges faced by technology-based enterprises at different development stages, enhancing the stability and sustainability of financial support for technological innovation [5][6]. - Technology credit is seen as a vital source of long-term funding for startups and growing technology enterprises, promoting a positive interaction between finance and technology [6][7]. - The measures also support foreign investment in domestic technology enterprises and facilitate cross-border financing channels, aiming to create an open and innovative technology finance ecosystem [6][7].

加大力度支持符合条件的科技型企业上市融资 （上接1版） 发挥货币信贷支持科技创新的重要作用方面，《政策举措》提出，用好用足结构性货币政策工具。优化 支持科技创新的结构性货币政策工具。发挥科技创新和技术改造再贷款等引导作用，扩大再贷款额度规 模，优化支持范围和流程机制，激励金融机构加大力度支持国家重大科技任务和科技型中小企业以及重 点领域技术改造和设备更新项目。 发挥科技保险支持创新的减震器和稳定器作用方面，《政策举措》提出，推动科技保险产品和服务创 新。制定推动科技保险高质量发展的意见，建立科技保险发展协调机制，优化支持政策，加快形成重点 领域、关键环节、重点地区的政策支持方式。健全覆盖科技型企业全生命周期的保险产品和服务体系， 完善产品、服务创新机制和监管激励保障政策。 加强财政政策对科技金融的引导和支持方面，《政策举措》提到，创新财政科技投入方式，用好用足现 有的贷款贴息、保险补贴、风险补偿等政策，支持企业科技创新。充分发挥政府投资基金绩效评价作 用，引导基金投早、投小、投长期、投硬科技。实施科技创新专项担保计划，有效发挥政府性融资担保 体系作用。 发挥资本市场支持科技创新的关键枢纽作用方面，《政策举措》 ...

Core Viewpoint - The banking wealth management sector is increasingly focusing on supporting technology innovation bonds, marking a significant shift in investment strategies amidst low interest rates and thin spreads [1][2]. Group 1: Market Dynamics - The banking wealth management sector has begun to actively participate in the issuance of technology innovation bonds, with institutions like Bank of China Wealth Management leading the way by increasing the proportion of these bonds in their asset portfolios [1]. - The current issuance of technology innovation bonds is primarily dominated by state-owned enterprises, but there is potential for expansion to include more private and emerging companies, necessitating comprehensive evaluations of issuers' technical capabilities and financial health [1][2]. Group 2: Investment Strategies - Banks are exploring various strategies to support technology finance, including issuing themed products and participating in equity financing for technology enterprises [2]. - Bank of China Wealth Management has invested over 200 billion yuan in technology enterprises during the 14th Five-Year Plan period, while other institutions like Ping An Wealth Management and Shanghai Pudong Development Bank Wealth Management have also launched products focused on high-quality technology innovation bonds [2][3]. Group 3: Operational Challenges - The banking wealth management sector faces challenges in aligning its traditionally fixed-income characteristics with the equity financing needs of technology enterprises, requiring strong capabilities in asset admission, post-investment management, and product design [3]. - Companies like Everbright Wealth Management have pioneered equity subscription business, signing agreements with numerous specialized technology enterprises, indicating a shift towards more active participation in technology financing [3].

在设立"国家创业投资引导基金"方面，《政策举措》提出，发挥国家创业投资引导基金支持科技创新的重要作用，将促进 科技型企业成长作为重要方向，培育发展战略性新兴产业特别是未来产业，推动重大科技成果向现实生产力转化，加快实现高 水平科技自立自强，培育发展新质生产力。 在拓宽创业投资资金来源方面，《政策举措》要求，将金融资产投资公司（AIC）股权投资试点范围扩大到18个城市所在 省份，支持保险资金参与金融资产投资公司股权投资试点。支持创业投资机构、产业投资机构发债融资，拓宽直接融资渠道。 鼓励社保基金会在自身业务范围和风险防控要求下开展股权基金投资，支持科技创新。优化管理机制，支持保险资金按市场化 原则参与创业投资，推进保险资金长期投资改革试点。引导理财公司、信托公司等依法依规参与创业投资。 本报记者 郭冀川 5月14日，科技部、中国人民银行、国家金融监督管理总局、中国证监会、国家发展改革委、财政部、国务院国资委联合 发布《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》（以下简称《政策举措》），重点围绕创业投 资、货币信贷、资本市场、科技保险支持科技创新，加强财政政策引导，健全科技金融统筹推进机制以 ...

普惠金融能够为民众带来实质性的利益，彰显金融的政治性和人民性。安粮期货深耕"保险+期货"业 务，助力"三农"发展。目前，"保险+期货"业务覆盖生猪、鸡蛋、玉米、豆粕等农产品品类，搭建企业 与产业链上游合作社、农户"互惠共赢"的桥梁，为农户抵御农产品价格波动风险提供有力支撑。比如， 牵头落地全国首单肉牛价格指数"保险+期货"项目，为利辛县664头肉牛提供为期两个月的价格保险，承 保货值达1200万元。该项目创新性地利用鸡蛋、玉米、豆粕等相关期货品种价格数据拟合肉牛价格指数 作为保险标的，将价格风险层层转移，有效对冲，提振了养殖户的生产信心，切实满足了乡村振兴多元 化的金融需求，为农业产业稳定发展注入了强劲动力。 提升创新服务水平 科学技术作为第一生产力，对国民经济的增长有着深远影响。科技金融的发展不仅能够为科技创新提供 必要的资金支持，还能推动产业升级，从而增强我国经济的内生增长动力。安粮期货紧跟时代步伐，通 过大数据分析、人工智能等技术手段，深入挖掘市场数据，为客户提供精准的市场分析、行情预测和投 资建议，助力客户把握市场机会。安粮期货自主打造了安期量化大数据平台，运用前沿的数据处理算法 与深度分析模型，将海 ...

Group 1: Financial Technology - The Ministry of Science and Technology, People's Bank of China, and other regulatory bodies issued policies to accelerate the construction of a technology finance system, establishing a "National Venture Capital Guiding Fund" to support technological innovation and the growth of tech enterprises [1][6] - The policies aim to enhance the financial service capabilities for technological innovation, promoting the transformation of technological achievements and industrial upgrades [1][6] Group 2: Carbon Fiber - Jilin Chemical Fiber Group has announced a price increase of 10,000 yuan per ton for its wet-process 3k carbon fiber products due to surging demand from the low-altitude economy and drones [2][6] - The domestic demand for carbon fiber is expected to rise significantly, with a projected demand of 60,300 tons in 2024, marking it as a key growth area for the industry [2][6] Group 3: Rare Earth - China Rare Earth announced plans to leverage its operational advantages for internal and external asset integration and restructuring to promote sustainable development in the rare earth industry [3][6] - Analysts suggest that rare earth prices are at a cyclical low, with supply concentration expected to drive prices upward, particularly benefiting domestic deep processing enterprises [3][6] Group 4: Overseas Warehousing - Following the reduction of tariffs between China and the U.S., there is a surge in demand for logistics services, leading to a "shipping rush" as companies prepare for potential trade policy uncertainties [4][9] - Overseas warehousing has become a strategic measure to mitigate tariff costs and enhance logistics efficiency, allowing businesses to stockpile goods in response to fluctuating tariffs [4][9] Group 5: Space Computing - China successfully launched the first space computing constellation, marking the beginning of a new era in global "space computing" [5][6] - The "Star Computing" plan aims to establish a global integrated computing network through a constellation of 2,800 satellites, enhancing capabilities in AI and other advanced technologies [5][6]

Group 1 - The report highlights a significant rally in the A-share market, particularly in the financial sector, with the Shanghai Composite Index returning to 3400 points, indicating a strong performance led by large financial institutions [5][16] - The report notes that the market sentiment remains cautious, with more stocks declining than rising, suggesting a rotation among sectors is expected, particularly in technology, dividends, and consumer sectors [5][16] - In the U.S. stock market, the S&P 500 has surpassed the previously mentioned resistance level of 5700 points, supported by changes in trade policy and substantial stock buybacks from major companies like Apple and Google [2][21] Group 2 - The report indicates that the bond market is experiencing a downward trend, with longer-term bonds declining more than short-term ones, and anticipates a potential rebound after a few days of volatility [13][16] - The report discusses the foreign exchange market, noting a significant appreciation of the onshore RMB against the USD, with expectations for the RMB to rise to around 7.1 [27][29] - In the commodities market, the report mentions a general increase in commodity prices, particularly in the petrochemical and coal sectors, while suggesting a cautious approach to buying due to the prevailing bearish trend [30][32]

发展科技，对于培育中国经济增长的新动能至关重要，同时也是应对国内外挑战、牢牢把握未来发展主动权的现实需要。随着科技的培育和发展，中国金融 也必然要向更高质量、更有效率、更加可持续的方向迈进。在这一过程中，科技金融扮演着关键角色，它作为金融支持科技的重要方面，涉及到金融体系的 构建、金融政策的制定、金融模式的创新以及金融产品的设计等多个维度。 5月14日，中国人民银行官网发布科技部、人民银行等7部门关于印发《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》的通知（下 文简称《通知》）。通知总体要求，统筹推进创业投资、银行信贷、资本市场、科技保险、债券发行等政策工具，为科技创新提供全生命周期、全链条的金 融服务，引导长期资本、耐心资本和优质资本进入科技创新领域，加快建设具有中国特色的科技金融体系，形成多元化、多层次、多渠道的科技投入格局， 加强对国家实验室、科技领军企业等国家战略科技力量的金融服务，为国家重大科技任务和科技型中小企业提供有力的金融支持。 据经济观察网观察，近年商业银行围绕新质生产力建设的要求，在科技金融领域进行了诸多新的探索，包括调整组织架构、优化授信流程、开发定制化金融 产品以及 ...