"'聚是一团火'，通过人才和技术的集聚，攻克关键核心难题，形成核心技术底座；'散是满天星'， 发挥国家战略科技力量的发散作用，将先进技术如同'蒲公英种子'播撒至千行百业，形成新的技术增长 点和产业爆发点。" 在全国政协13日召开的"以科技创新引领新质生产力发展"专题协商会上，全国政协委员、中国科学 院院士乔红以鲜活的比喻，生动阐释如何进一步发挥国家战略科技力量的聚散协同效能。 科技创新是促进生产力发展的关键变量，是发展新质生产力的核心要素。 从充分发挥新型举国体制优势，打好关键核心技术攻坚战，到扎实推动科技创新和产业创新深度融 合，助力发展新质生产力，再到一体推进教育科技人才事业发展，构筑人才竞争优势，专题协商会上， 多位全国政协委员和专家聚焦科技创新与新质生产力发展深入协商、务实建言，为以高质量发展推进中 国式现代化贡献智慧和力量。 新华社北京5月13日电 题 ：为推进科技创新、发展新质生产力集智聚力——全国政协召开"以科技 创新引领新质生产力发展"专题协商会 全国政协委员、中国科学院院士 陆建华 从历史发展的角度深刻剖析基础研究的重要意义，认为"基 础研究是整个科学体系的源头和所有技术问题的总机关"。他建 ...

Group 1 - The Shenzhen Financial Regulatory Bureau has issued the "Action Plan for High-Quality Development of Technology Finance in Banking and Insurance" to enhance the quality and efficiency of technology financial services in Shenzhen [1] - As of March 2025, the loan balance for technology enterprises in Shenzhen is projected to reach 1.23 trillion yuan, with a year-on-year growth of 7.23% [1] - In 2024, the cumulative risk protection provided by technology insurance in Shenzhen is expected to exceed 900 billion yuan, supporting technology enterprises [1] Group 2 - Shenzhen has implemented various innovative policies, with local banks successfully launching technology enterprise merger loan pilot programs, achieving a loan balance exceeding 3 billion yuan [2] - The plan encourages banks to enhance loan support for strategic mergers and acquisitions of technology enterprises and to optimize intellectual property financial management mechanisms [2] - The action plan also supports the establishment of co-insurance systems for intellectual property and encourages state-owned banks to deepen internal collaboration for investment fund establishment [2]

Core Viewpoint - The Shenzhen Financial Regulatory Bureau has released the "Action Plan" to promote high-quality development of technology finance, outlining 25 policy measures to enhance financial services for technology enterprises and support Shenzhen's goal of becoming a globally influential center for industrial technology innovation [1] Group 1: Overall Requirements and Goals - The Shenzhen Financial Regulatory Bureau aims to provide comprehensive, diverse, precise, and professional financial services to technology enterprises over the next five years, achieving goals of "two quality improvements," "three expansions," and "four efficiency enhancements" [2] - As of March 2025, the loan balance for technology enterprises in Shenzhen is projected to reach 1.23 trillion yuan, with a year-on-year growth of 7.23% [2] Group 2: Tolerance for Non-Performing Loans - The plan encourages banks and insurance institutions to increase their tolerance for non-performing loans, allowing a maximum increase of 3 percentage points for small and micro technology enterprises compared to other loans [3] - The establishment of specialized branches for technology finance is promoted, with 45 technology branches evaluated across key technology resource areas [3] Group 3: Development of Financial Product Service System - The plan emphasizes the need for banks to increase credit loans and medium-to-long-term loans for technology enterprises, establishing an evaluation system centered on R&D capabilities and patent values [4] - Banks are encouraged to collaborate with equity investment institutions to explore new business models such as "loans + external direct investment" [4] Group 4: Pilot Projects Implementation - Shenzhen has initiated pilot projects for technology enterprise merger loans, with a loan balance exceeding 3 billion yuan, positioning itself as a leader among pilot cities [5] - The plan supports banks in providing loan support for strategic mergers and acquisitions in key sectors such as integrated circuits, artificial intelligence, and biomedicine [5] Group 5: Knowledge Property Financial Ecosystem - The plan supports the optimization of knowledge property financial management mechanisms and the establishment of internal evaluation systems for knowledge property value [6] - It encourages state-owned banks to deepen cooperation with financial asset investment companies to enhance support for technological innovation [6] Group 6: Strengthening Collaborative Mechanisms - The plan outlines the establishment of a collaborative mechanism among various departments to enhance policy guidance and support for technology finance [7] - It promotes the development of a special risk compensation mechanism and innovative insurance business risk-sharing mechanisms [7]

Core Viewpoint - The event held in Shenzhen aimed to empower technology innovation enterprises in the Bao'an District through a combination of credit ratings and financial tools, facilitating a positive cycle of technology, capital, and industry for regional economic development [1][3]. Group 1: Event Overview - The event titled "Credit Empowerment for Technological Innovation" was co-hosted by Dongfang Jincheng, the Bao'an District Science and Technology Innovation Bureau, Shenzhen High-tech Investment Group, and Xiangcai Securities [1]. - The focus was on the dual drivers of "credit rating + financial tools" to help local technology enterprises leverage the bond market [1][3]. Group 2: Strategic Importance - Dongfang Jincheng has developed credit rating methods and models specifically for technology innovation enterprises, contributing to their high-quality development [3]. - The event highlighted the importance of a closed-loop service model involving policy, rating, credit enhancement, and underwriting to guide enterprises in using financial instruments like technology innovation notes and intellectual property ABS to reduce financing costs [3]. Group 3: Future Initiatives - The Bao'an District aims to establish a regular communication mechanism to promote the integration of policy, rating, guarantee, and capital, facilitating high-quality development through the bond market [3][4]. - Dongfang Jincheng plans to continue its series of events across various regions, leveraging its expertise in credit ratings to support technology enterprises in accessing capital markets [4].

[Table_Title] 证券研究报告 / 公司深度报告 稳健+分红：业务发展稳健，分红率高 报告摘要： [Table_Summary] 上海银行扎根沪上，经营稳健，股权结构稳定。银行是国内首家以地方 名称命名的银行，2016 年在 A 股上市。顾建忠近期接任党委书记，他曾 在上海银行任职多年，又曾担任沪农商行行长，浸润行业多年，深谙上 海及各展业地区实际发展情况和特点。截至 2024 年底，银行总资产规 模、净资产规模分别为 3.23 万亿元和 2541.93 亿元，分别同比增长 4.6% 和 6.5%。实控人为上海国资委，近 5 年机构投资者持股比例无明显变动。 围绕新三年发展规划，公司、零售业务齐发展。2024 年 1 月，上海银行 制定并通过《三年发展规划（2024-2026 年）》，公司业务方面，打造科技 金融、普惠金融、绿色金融三大特色业务，截至 2024 年底，银行科技、 普惠和绿色金融信贷规模分别为 1597、1657 和 1203 亿元，较之 2023 年 增长 13.8%、13.3%和 16.4%。零售业务方面，银行聚焦养老、财富管理、 信用卡等重点业务，截至 2024 年银行零售 AU ...

债券市场"科技板"已开板。 5月7日，中国银行间市场交易商协会（以下简称"交易商协会"）发布《关于推出科技创新债券 构建债 市"科技板"的通知》（以下简称《通知》），推出科技创新债券。据悉，银行业金融机构对科技创新债 券的落地反响热烈，多家银行第一时间参与发行或承销。 承销方面，六家国有大行和多家股份制商业银行均已参与。 业内专家认为，债券市场"科技板"的推出，是金融与科技深度融合的创新实践，通过推出专项产品、完 善配套政策、加力市场培育，构建起一个全方位、多层次的科创金融生态体系。 债市"科技板"落地 3月6日，中国人民银行行长潘功胜在出席十四届全国人大三次会议经济主题记者会时，首次透露推出债 券市场"科技板"的计划。 "为进一步加大对科技创新的金融支持力度，中国人民银行将会同中国证监会、科技部等部门，创新推 出债券市场的'科技板'。"潘功胜表示，将推出债券市场"科技板"，支持金融机构、科技型企业、私募股 权投资机构等三类主体发行科技创新债券，丰富科技创新债券的产品体系。同时，潘功胜表示，债券市 场"科技板"会根据科技创新企业的需求和股权基金投资回报的特点，完善科技创新债券发行交易的制度 安排，创新风险分担 ...

申万宏源动态 2025年4月 精选动态栏目按月定期推出，整合申万宏源证券与合作伙伴的热点动态，为您带来最新资讯。 普惠金融 INCLUSIVE FINANCE 申万宏源助力海尔融资租赁成功发行租赁 行业 首单 非公开发行中小微企业支持债券 近日，"海尔融资租赁股份有限公司2025年面向专业投资者非公开发行中小微企业支持债券（第一期）"在 上海证券交易所成功簿记发行。发行规模5亿元，期限为"1+1"年，票面利率2.50%，市场认购热烈，是租赁行 业首单非公开发行中小微企业支持债券，也是民营企业首单非公开发行中小微企业支持债券。本期债券由申万 宏源证券担任主承销商和簿记管理人。 申万宏源助力中国铁建、中国中铁成功发行科技创新可续期公司债 申万宏源助力专精特新企业——肯特合金在新三板挂牌 4月16日，申万宏源证券承销保荐公司助力专精特新企业——株洲肯特硬质合金股份有限公司（874696） 成功在全国中小企业股份转让系统挂牌。作为本次推荐挂牌主办券商，申万宏源积极响应国家发展战略，为实 体经济繁荣贡献力量。 科技金融 TECHNOLOGY FINANCE 申万宏源助力中国建筑八局成功发行科技创新中小微企业支持债券 4 ...

Group 1 - The agricultural production in the Hetao region is progressing orderly after the busy spring plowing, with a spring plowing loan balance of 22.923 billion yuan, a year-on-year increase of 9.69%, supporting 112,100 farmers [1] - Financial institutions in the region have launched over 20 credit products aimed at disaster-affected farmers, including "Fumin Loan" and "Zhongliang Loan," and have established 940 withdrawal service points and 107 comprehensive service stations [2] - The total amount of loans issued to 7,080 disaster-affected farmers reached 1.096 billion yuan [2] Group 2 - New agricultural entrepreneurs are emerging, with individuals like Chen Lu transitioning from traditional farming to live-streaming sales of agricultural supplies, supported by loans from local banks [3] - The total agricultural loan balance in the city reached 65.397 billion yuan, with an increase of 3.319 billion yuan since the beginning of the year, and loans to new agricultural business entities amounting to 3.347 billion yuan [3] Group 3 - The development of agriculture relies on technological advancements, with the establishment of a "Support for Agriculture and Small Enterprises + Technology Finance" model to optimize credit approval processes [4] - Baotou Yongming Machinery Manufacturing Co., Ltd. has seen a surge in orders, signing 98 production orders in the first two months of the year, nearly matching the total for the previous year [5] - The company received a credit loan of 5 million yuan from the Industrial and Commercial Bank of Baotou to alleviate financial pressure, with a total of 336 million yuan provided to 12 technology enterprises through the "Re-loan + Technology Finance" model [5]

Core Viewpoint - The resignation of Zhang Haochuan, Vice President of China Merchants Securities, is a significant event, reflecting the challenges faced by the asset management industry and the need for new leadership in the company [1][5]. Management Changes - Zhang Haochuan resigned on May 12 due to personal reasons, having been in the position since a global recruitment process in 2021 [1][5]. - His tenure saw a slight decline in the performance of the asset management sector, attributed to industry pressures such as public fund fee reforms [3][5]. - Following Zhang's departure, the executive team at China Merchants Securities is reduced to six members, indicating a need for new talent [6]. Asset Management Performance - As of the end of 2024, China Merchants Asset Management reported total assets of 59.58 billion yuan and net assets of 55.93 billion yuan, with a total asset management scale of 2,673.92 billion yuan [7][8]. - The company achieved operating income of 871 million yuan and net profit of 279 million yuan in 2024, with a net income growth of 2.82% year-on-year [7][8]. - The asset management structure is undergoing adjustments, with a focus on enhancing active management capabilities and expanding product offerings [8]. Future Business Plans - China Merchants Securities aims to integrate technology finance with modern investment banking, focusing on sectors like semiconductors and green technology [10]. - The company plans to invest at least 150 million yuan in AI capabilities from 2023 to 2025, aiming to build an "AI securities company" [10]. - The international business strategy emphasizes expanding in the Hong Kong market while exploring opportunities in Southeast Asia [11].

科创债并非新鲜事物，2022年5月已正式推出，发债主体的扩围是本次科创债发行市场推进落实中 的一大亮点。5月7日，中国人民银行、中国证监会联合发布公告，从丰富科技创新债券产品体系和完善 科技创新债券配套支持机制两个方面提出了13项举措，支持科技创新债券发行。支持机构类型包括金融 机构、科技企业和股权投资机构。政策落地后，银行、券商、股权投资及创投机构等多元化发行主体纷 纷披露其2025年首期科技创新债券发行计划。 有分析指出，随着债市"科技板"配套安排逐步落地，我国科技金融体系将更加完善。对科创企业而 言，政策同时拓宽了直接融资与间接融资渠道，有效提升了融资可得性与便利性。此外，像支持发行长 期债券并允许分期发行，可更精准匹配科技项目的不同阶段资金需求等政策支持，也提升了发债积极性 和可操作性。 据了解，目前全国已公告发行的首批银行间科创债以中期票据为主，还包括超短期融资券、短期融 资券、商业银行普通债券和贴现科技创新债券品种，用途还包括可持续挂钩科创债、绿色科创债和混合 型科创债。 除去科创票据等，本月7日以来，全国共发行银行间科技创新债券37单，计划发行总金额440.4亿 元。其中，江苏省9单，计划发行总 ...