文/梧桐兄弟 5月14日，科技部、中国人民银行、金融监管总局、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》，该《政策举措》明确 到： 发挥 创业投资 支持科技 创新生力军作用，发挥"国家创业投资引导基金"支持科技创新作用、鼓励发展私募 股权二级市场基金（S基金）、支持创业投资和产业投资发债融资等； 集中力量支持重大科技攻关， 优先支持取得关键核心技术突破的科技型企业上市融资。持续支持优质未盈 利科技型企业发行上市 ，优化科技型上市公司并购重组、股权激励等制度。 为深入贯彻党的二十大、二十届三中全会精神，认真落实全国科技大会、中央金融工作会议部署，做好科 技金融大文章， 构建与科技型企业全生命周期融资需求相适应的多元化、接力式金融服务体系 ，科技部、 中国人民银行、金融监管总局、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》）。 《政策举措》坚持问题导向、重点突破， 聚焦服务于国家重大科技战略部署 ，着力构建同科技创新相适应 的科技金 ...

每经记者｜张寿林 每经编辑｜陈旭 5月14日，科技部官网发布消息，近日科技部等7部门联合印发《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》（以下简称《政策举措》）的通知，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等七个方面内容，凝练出15项科技金融政策举措。 业内人士认为，《政策举措》的出台将有效统筹创业投资、货币信贷、资本市场、科技保险等科技金融 工具，推动更多金融资源进入科技创新领域，引导金融资本更多投早、投小、投长期、投硬科技，切实 破解金融支持科技创新堵点难点问题，实现科技金融"破题"。 知名经济学者、工信部信息通信经济专家委员会委员盘和林接受《每日经济新闻》记者采访时表示，要 让资本青睐科技创新和初创企业，关键是提高科技创新和初创企业的成功率，成功的案例越多，投资回 报率越高，资本的热情也就越高。 鼓励社保基金会开展股权基金投资 《每日经济新闻》记者了解到，本次《政策举措》出台的背景在于做好科技金融大文章，构建与科技型 企业全生命周期融资需求相适应的多元化、接力式金融服务体系。 《政策举措》坚持问题导向、重点突破，聚焦服务于国家重大科技战略部署，着力构建同科技 ...

Macro Dynamics - A Japanese national was sentenced to 12 years in prison for espionage in China, with the Chinese Foreign Ministry emphasizing the rule of law and the need for foreign citizens to respect local laws [1] - In April, the average interest rate for new corporate loans in China was approximately 3.2%, down about 50 basis points year-on-year, while the average interest rate for new personal housing loans was around 3.1%, down about 55 basis points year-on-year, both at historical lows [2] - Seven Chinese departments, including the Ministry of Science and Technology, issued policies to enhance capital market support for technology innovation enterprises, focusing on facilitating listings and financing for tech firms [3] Financial Institutions - Hang Seng Bank addressed rumors of layoffs, stating that adjustments are being made to respond to market conditions and customer needs, with layoffs expected to affect 10% to 20% of staff in certain departments [5][6] - New China Life Insurance reported a cumulative original insurance premium income of 85.379 billion yuan from January to April, representing a year-on-year increase of 27% [7] Market Data - On May 14, A-shares saw collective gains, with the Shanghai Composite Index rising by 0.86% and the ChiNext Index increasing by 1.01%, with a total market turnover of approximately 1.316746 trillion yuan [8] - The Hang Seng Index rose by 2.3% and the Hang Seng Tech Index increased by 2.13%, with significant gains in the financial and shipping sectors [9] - As of May 13, the total margin balance in the two markets increased by 12.54 billion yuan [10] Company Dynamics - Burberry announced a significant profit drop of 94% and plans to save 60 million pounds through organizational restructuring, potentially affecting around 1,700 jobs [11][12] - Vanke A announced that its largest shareholder, Shenzhen Metro Group, plans to provide a loan of up to 1.552 billion yuan to repay bond principal and interest [13] - Tencent established an e-commerce product department to explore new transaction models within WeChat [14] - JD.com reported that its delivery system has fully recovered from a temporary outage caused by a surge in orders during a promotional event [15]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View Today, influenced by information such as articles on continuously stabilizing and activating the capital market and the public - fund reform plan, the non - banking and banking sectors rose significantly, driving the broad - market index futures to rise notably. However, among all A - shares, the number of rising stocks was less than that of falling stocks, showing an obvious structural market. Since April, the effects of stabilizing the stock market and capital support have been remarkable. In the short term, even if the stock index retraces, the downside space is limited. But it's difficult to drive the central level of the stock index to rise continuously with only emotional support, and the short - term upside space is also expected to be limited. Taking the CSI 300 index as an example, around 3955 is the first resistance level, which was not broken today. Although the trading volume increased, it was relatively limited, and the volatile market may continue. It is recommended to mainly adopt a wait - and - see approach in the short term [6]. 3. Summary According to Related Catalogs Market Review Today, the stock index generally rose. Taking the CSI 300 index as an example, it closed up 1.21%. In terms of capital, the trading volume of the two markets increased by 2.0252 billion yuan. In the index - futures market, all varieties rose with increased volume [4]. Important Information 1. Seven departments including the Ministry of Science and Technology issued "Several Policy Measures for Accelerating the Construction of a Science - and - Technology Finance System to Strongly Support High - level Scientific and Technological Self - Reliance" [5]. 2. Starting from 12:01 on May 14th, China implemented adjusted measures for imposing additional tariffs on imported goods originating from the United States [5]. Strategy Recommendation It is recommended to mainly adopt a wait - and - see approach [7]. Index Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday percentage change (%) | 1.45 | 1.85 | 0.77 | 0.77 | | Trading volume (10,000 lots) | 13.9424 | 7.6237 | 13.0413 | 29.149 | | Trading volume change compared to the previous period (10,000 lots) | 5.6184 | 3.915 | 3.7433 | 8.0442 | | Open interest (10,000 lots) | 27.3673 | 10.1251 | 22.2531 | 35.0101 | | Open interest change compared to the previous period (10,000 lots) | 2.5069 | 1.878 | 1.5835 | 2.8068 | [7] Spot Market Observation | | Name | Value | | --- | --- | --- | | | Shanghai Composite Index percentage change (%) | 0.86 | | | Shenzhen Component Index percentage change (%) | 0.64 | | | Ratio of rising to falling stocks | 0.82 | | | Trading volume of the two markets (100 million yuan) | 13167.27 | | | Trading volume change compared to the previous period (100 million yuan) | 252.02 | [8]

Core Viewpoint - The expansion of Asset-investment Companies (AICs) in China is expected, with three new members from joint-stock banks joining the existing five state-owned banks, indicating a significant shift in the banking sector's approach to equity investment [1][3][4]. Group 1: AIC Establishment and Expansion - The establishment of AICs is set to increase to eight, with CITIC Bank and China Merchants Bank announcing plans to set up their own AICs, while Industrial Bank has already received regulatory approval for its AIC [1][3]. - The registered capital for the newly established AICs includes 100 billion yuan for Industrial Bank's AIC and 150 billion yuan for China Merchants Bank's AIC [3][4]. - The regulatory environment has become more favorable for AICs, with a significant increase in the signed investment intentions exceeding 380 billion yuan [1][5]. Group 2: Financial Performance and Market Trends - The five existing AICs reported a combined net profit of 18.354 billion yuan in 2024, reflecting a year-on-year growth of 1.04%, with notable performance from ICBC Investment [5][6]. - The policy changes since the second half of 2023 have led to a resurgence in bank equity investments, driven by a recovery in the secondary market and IPO activities [8][10]. - The investment limits for AICs have been relaxed, allowing for a higher percentage of total assets to be allocated to equity investments, increasing from 4% to 10% [5][6]. Group 3: Investment Strategies and Collaborations - AICs are increasingly collaborating with local governments and industry funds to mitigate risks associated with equity investments, particularly in high-risk sectors like technology [8][9]. - The trend indicates a growing preference for blind pool funds over specialized funds, as the former allows for more flexible investment strategies [10]. - The focus on supporting technology and innovation-driven enterprises is evident, with AICs aiming to provide both debt and equity financing to these sectors [10].

为深入贯彻党的二十大、二十届三中全会精神，认真落实全国科技大会、中央金融工作会议 部署，做好科技金融大文章，构建与科技型企业全生命周期融资需求相适应的多元化、接力 式金融服务体系，科技部、中国人民银行、金融监管总局、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》）。 《政策举措》坚持问题导向、重点突破，聚焦服务于国家重大科技战略部署，着力构建同科 技创新相适应的科技金融体制，加强对国家重大科技任务和科技型中小企业的金融支持，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及完善科技金融生态等七个方面内容，凝练了1 5项科技金融政策举 措。 《 政 策 举 措 》 明 确 ， 发 挥 创 业 投 资 支 持 科 技 创 新 生 力 军 作 用 ， 发 挥 " 国 家 创 业 投 资 引 导 基 金"支持科技创新作用、鼓励发展私募股权二级市场基金（S基金）、支持创业投资和产业投 资发债融资等。发挥货币信贷支持科技创新的重要作用，优化科技创新与技术改造再贷 ...

Core Viewpoint - The article emphasizes the importance of developing a technology finance system to support high-level technological self-reliance and innovation in China, proposing 15 policy measures across various financial tools to channel more resources into technology innovation [1][3]. Group 1: Overall Requirements - The initiative aims to align with the spirit of the 20th National Congress and the Central Financial Work Conference, providing comprehensive financial services for technology innovation through various financial instruments [4]. - The goal is to create a diversified and multi-channel investment structure that strengthens financial support for national strategic technology forces and small to medium-sized technology enterprises [4]. Group 2: Role of Venture Capital - Establishment of a "National Venture Capital Guiding Fund" to support the growth of technology enterprises and promote the transformation of major technological achievements into productive forces [5]. - Expansion of venture capital funding sources, including support for insurance funds to participate in equity investments and encouraging social security funds to invest in equity funds for technology innovation [5][6]. Group 3: Role of Monetary Credit - Utilization of structural monetary policy tools to enhance support for technology innovation, including expanding the scale of re-loans and optimizing support processes [8]. - Establishment of a special mechanism for bank credit to support technology innovation, including the creation of technology-focused financial institutions and encouraging long-term loans for technology projects [8][9]. Group 4: Role of Capital Markets - Enhancement of capital market support for technology innovation enterprises, including mechanisms for new stock issuance and prioritizing financing for enterprises with key technological breakthroughs [9]. - Development of a "Technology Board" in the bond market to promote high-quality development of technology innovation bonds [9]. Group 5: Role of Technology Insurance - Promotion of innovation in technology insurance products and services, establishing a comprehensive insurance system covering the entire lifecycle of technology enterprises [10]. - Encouragement of insurance funds to participate in major national technology tasks and risk-sharing mechanisms for significant technological challenges [10]. Group 6: Fiscal Policy Support - Leveraging fiscal policies to mobilize more financial resources for technology innovation, including the use of loan interest subsidies and risk compensation [11]. - Implementation of a special guarantee plan for technology innovation to effectively utilize government financing guarantee systems [11]. Group 7: Central-Local Coordination - Promotion of an "innovation points system" to optimize evaluation indicators for technology enterprises and enhance financial support based on innovation capabilities [12]. - Support for regional technology finance innovation practices in key areas such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area [13]. Group 8: Open Innovation Ecosystem - Encouragement of foreign investment in domestic technology enterprises and facilitation of cross-border financing channels for technology firms [14]. - Establishment of a coordinated mechanism for technology finance, enhancing inter-departmental collaboration and policy implementation [14].

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index surpassing the 3400-point mark, closing up 0.86% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 13,167 billion yuan, an increase of 252 billion yuan from the previous day [1] - A total of 2,328 stocks rose while 2,816 stocks fell, with a median decline of 0.12% in stock prices [1] Banking Sector - Since December 2023, the banking sector has entered a structural bull market, which is a common precursor to broader market recoveries [3] - Historical trends indicate that each bull market typically sees a sector or theme lead the market recovery, as seen in previous bull markets from 2005-2007, 2014-2015, and 2019-2021 [3][4][5] Insurance Sector - China Life Insurance reached a new high since October of last year, while China Ping An surpassed its previous high from December [7][8] - The rise in insurance and banking stocks indicates institutional confidence in future market performance [8] Index Performance - The Shanghai 50 Index reached a new high since December, breaking through previous resistance levels, which may set a positive precedent for other indices [8][9] - The breakthrough of key resistance levels is seen as a confirmation of a positive medium to long-term market outlook [13] Short-term Market Dynamics - The market is currently facing four key resistance levels, with two of them being surpassed today [12][13] - If the index encounters resistance near these levels, it may only delay upward movement, suggesting a need for patience among investors [15][20] Sector Focus - Blue-chip sectors such as insurance, securities, diversified finance, liquor, oil, and coal are leading in gains [15][16] - The shipping sector index has reached a new high since 2018, indicating potential for continued activity driven by market sentiment [18] Policy Developments - Recent policies from the Ministry of Science and Technology and other departments aim to support technology-driven enterprises and encourage long-term investments from insurance funds [18][19] - This policy shift is expected to benefit technology stocks, venture capital concepts, and diversified financial sectors [19]

本期导读： 《政策举措》明确，发挥创业投资支持科技创新生力军作用，发挥"国家创业投资引导基金"支持科 技创新作用、鼓励发展私募股权二级市场基金（S基金）、支持创业投资和产业投资发债融资等。 来源丨 科技部网站 本期推荐阅读5分钟 5月14日，据科技部网站消息，为深入贯彻党的二十大、二十届三中全会精神，认真落实全国科技 大会、中央金融工作会议部署，做好科技金融大文章，构建与科技型企业全生命周期融资需求相适 应的多元化、接力式金融服务体系，科技部、中国人民银行、金融监管总局、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》）。 《政策举措》坚持问题导向、重点突破，聚焦服务于国家重大科技战略部署，着力构建同科技创新 相适应的科技金融体制，加强对国家重大科技任务和科技型中小企业的金融支持，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 制以及完善科技金融生态等七个方面内容，凝练了15项科技金融政策举措。 《政策举措》明确，发挥创业投资支持科技创新生力军作用，发挥" ...

七部门联合印发。 5月14日，据科技部网站消息，为深入贯彻党的二十大、二十届三中全会精神，认真落实全国科技大会、中央金融工作会议部署，做好科技金融大文章，构建 与科技型企业全生命周期融资需求相适应的多元化、接力式金融服务体系，科技部、中国人民银行、金融监管总局、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》）。 一、总体要求 《政策举措》坚持问题导向、重点突破，聚焦服务于国家重大科技战略部署，着力构建同科技创新相适应的科技金融体制，加强对国家重大科技任务和科技 型中小企业的金融支持，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及完善科技 金融生态7个方面内容，凝练了15项科技金融政策举措。 《政策举措》明确，发挥创业投资支持科技创新生力军作用，发挥"国家创业投资引导基金"支持科技创新作用、鼓励发展私募股权二级市场基金（S基金）、 支持创业投资和产业投资发债融资等。发挥货币信贷支持科技创新的重要作用，优化科技创新与技术改造再贷款等结构性货币政策工具、鼓励 ...