证券研究报告 | 行业点评 以金融高质量发展应对外部不确定性 事件描述 5 月 7 日，国务院新闻办公室就"一揽子金融政策支持稳市场稳预期"有 关情况举行新闻发布会。 事件点评 "关税风暴"扰动全球金融市场，"稳市场稳预期"发布会彰显扭转困境 信心决心。海外形势不确定性加剧，国内经济新旧动能转换，金融高质量 发展成为破局之策。本次发布会显示出监管层对于稳市场稳预期的高度重 视。从政策力度来看，不仅将稳住楼市股市置于重要位置，而且增加科技 创新企业、小微企业等实体经济的政策支持力度；不仅包含数量型、价格 型、结构型货币政策，而且重点提及两项创新型货币政策工具；引入中长 期资金入市仍是投资端改革重点。本次发布会规格高、政策覆盖面广，彰 显出监管层对于扭转困境的信心决心。 多措并举稳住楼市股市。本次发布会"稳住股市楼市"置于重要位置，增 强资本市场内在稳定性、稳定资产价格的重要性提升。会议提出降息加快 出台与房地产发展新模式相适配的系列融资制度持续巩固房地产市场的 稳定态势。稳住股市方面，保险资金入市再度迎来政策利好：①进一步扩 大保险资金长期投资试点范围。②进一步调降保险公司股票投资风险因 子。此外，发布会强调全 ...

Core Viewpoint - The introduction of the "Technology Board" in the bond market aims to enhance financing support for technology innovation, allowing various market participants to issue technology innovation bonds and creating risk-sharing tools to mitigate financing risks [1][2]. Group 1: Policy and Market Response - The People's Bank of China and the China Securities Regulatory Commission jointly announced support for financial institutions, technology enterprises, and equity investment institutions to issue technology innovation bonds, with nearly 100 market entities planning to issue over 300 billion yuan in bonds [1][2]. - The "Technology Board" is designed to better match the financing needs of technology innovation, addressing the gap between financial supply and demand in this sector [2]. Group 2: Financing Mechanisms and Structures - The "Technology Board" allows issuers to choose flexible issuance methods and innovate terms related to rights structures, payment, and interest, simplifying disclosure rules and establishing rating methods suitable for technology innovation [2][3]. - The board encourages participation from various financial institutions and asset management entities, aiming to enhance the trading activity of technology innovation bonds [3]. Group 3: Support for Key Industries - The "Technology Board" focuses on financing support for key technology industries such as artificial intelligence, big data, integrated circuits, and biotechnology, promoting the issuance of bonds by mature and growth-stage private technology enterprises [4][5]. - The policy allows equity investment institutions to issue technology innovation bonds, addressing the "short debt, long investment" dilemma in the equity investment sector [4]. Group 4: Risk Mitigation and Credit Enhancement - The introduction of risk-sharing tools and collaboration with local governments and market-based credit enhancement agencies aims to diversify credit enhancement measures and share part of the default risk of bonds [6][7]. - The risk-sharing tool, supported by the central bank, provides low-cost refinancing to purchase technology innovation bonds, effectively lowering the financing costs for equity investment institutions [6]. Group 5: Future Developments - Future expansions may include broader government guarantees, a national credit rating system for technology innovation, and the introduction of credit insurance products to enhance the bond market's pricing ability for intangible assets [7].

行业点评报告 ·银行业 降准降息落地、中长期资金入市、坚守红利价值 5 月 7 日国新办新闻发布会解读 2025 年 5 月 7 日 银行 推荐 维持 分析师 张一纬 ☎：010-8092-7617 网: zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理 袁世麟 网: yuanshilin_yj@chinastock.com.cn 数量型与价格型工具升级加码、降准降息落地 相对沪深 300 表现图 2024-05-07 20% 资料来源:ifind. 中国银河证券研 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 事件:国新办举行新闻发布会,央行、金融监管总局、证监会介绍"一揽子金 融政策支持稳市场稳预期"有关情况。 数量型与价格型工具升级加码,降准降息落地:降准幅度为50BP,释放流 0 动性 1 万亿元,同时阶段性将汽车金融公司、金融租赁公司的存款准备金率从 目前的 5%调降为 0%;政策利率降息幅度为 10BP,预计带动 LPR 同步下行 10BP,同时下调结构 ...

新疆某能源公司计划投资25亿元新建煤焦油综合利用及危废处理、仓储物流等项目。项目通过选择性加 氢精制和萃取精馏工艺，以周边企业的废矿物油、蒸馏残液、釜底油等为原料，加工生产高标准芳烃产 品，实现"变废为宝"，提高产品附加值。 但由于项目规模较大，资金需求量大，单一的融资渠道难以满足项目资金需求。 该行在获知项目建设信息后第一时间与企业联系，根据项目情况初步确定通过银团贷款形式给予企业支 持。 作为牵头行，该行充分发挥自身专业优势和资源优势，与多家银行共同组成银团贷款团队，在充分调研 和评估项目的基础上，牵头制定详细的贷款方案。在贷款发放过程中，该行积极与项目方沟通协调，确 保贷款资金及时、足额地发放到项目方手中。 某热力供应企业是乌鲁木齐市重要片区的供暖服务提供商，肩负着为数万户居民和多家商业用户提供供 暖服务的责任。随着供暖季的到来，企业需要大量采购天然气、维护设备以及支付人工工资，资金链一 度面临紧张局面。 了解企业需求后，该行"金融特派员"迅速行动，实地走访，通过"普惠金融+绿色金融"的创新模式，根 据实际情况为企业制定融资方案，并提供1000万元流动资金贷款支持。 凭借该行普惠金融产品的灵活审批流程和 ...

据交易商协会7日官网消息，为坚决贯彻落实中共中央政治局会议精神，做好科技金融大文章，推动债 券市场"科技板"建设，交易商协会迅速响应，制定并发布《关于推出科技创新债券构建债市"科技板"的 通知》，创新推出科技创新债券，围绕多个方面，激发科技创新动力和市场活力，持续提升金融支持科 技创新的能力、强度和水平。一是发行主体涵盖科技型企业和股权投资机构，助力"硬科技""好苗子"成 长，壮大"耐心资本""长期资本"二是募集资金直达科技创新"靶心"，精准滴灌科技相关产业，提升科技 创新能力。三是注册发行服务全面提升，增信措施丰富多元，为科技创新债券"保驾护航"。四是承销交 易等机制持续完善，引导各类机构拓宽科创金融服务的深度和广度。 ...

（原标题：再迎政策"松绑"！银行保险资金加力进入股权投资市场） 银行方面，自2024年9月，银行AIC股权投资试点由上海扩大至北京等18个城市以来，18个城市签约实 现了全覆盖，签约金额超过3500亿元。从出资情况来看，执中ZERONE数据显示，今年一季度，工银金 融资产投资有限公司出资4笔；建信金融资产投资有限公司出资2笔；交银金融资产投资有限公司共出资 了5笔。 今年3月5日，金融监管总局发布《关于进一步扩大金融资产投资公司股权投资试点的通知》，将金融资 产投资公司股权投资范围扩大至试点城市所在省份，此外，还支持符合条件的商业银行发起设立金融资 产投资公司，支持保险资金参与金融资产投资公司股权投资试点。 险资方面，在监管部门的引导下，保险资金正持续加大对创业投资的支持力度。记者通过执中ZERONE 查询了解到，今年一季度，险资作为LP（有限合伙人）共计出资143.22亿元，涉及7家投资机构，包括 珠海德弘投资、中信资本、中保投资、深投控资本、中金资本、中信建投资本等。其中阳光人寿保险股 份有限公司出资45亿元至中信资本，设立宸曦共赢（深圳）私募股权投资基金合伙企业（有限合伙）， 为2025年第一季度出资较 ...

5月7日，国新办举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况。 中国人民银行行长潘功胜表示，人民银行将推出三类十项政策。其中，十项政策主要包括降 低存款准备金率0.5个百分点；阶段性将汽车金融公司、金融租赁公司的存款准备金率从目 前的5%调降为0%；下调政策利率0.1个百分点；下调结构性货币政策工具利率0.25个百分 点；降低个人住房公积金贷款利率0.25个百分点，五年期以上首套房贷款利率从2.85%降至 2.6%等内容。 第一类是数量型政策，主要通过降准等措施，加大中长期流动性供给，保持市场流动性充 裕；第二类是价格型政策，主要包括下调政策利率、降低结构性货币政策工具的利率以及调 降公积金贷款利率；第三类是结构性政策，旨在完善现有结构性货币政策工具，并创设新的 政策工具，支持科技创新、扩大消费、普惠金融等领域。 十项措施主要包括降低存款准备金率0.5个百分点；阶段性将汽车金融公司、金融租赁公司 的存款准备金率从目前的5%调降为0%；下调政策利率0.1个百分点；下调结构性货币政策工 具利率0.25个百分点；降低个人住房公积金贷款利率0.25个百分点，五年期以上首套房贷款 利率从2.85%降至 ...

Group 1: Financial Policies and Market Stability - The State Financial Regulatory Administration plans to introduce a series of incremental policies to stabilize the market, prevent risks, and promote development across various sectors including real estate, foreign trade, and technology innovation [1][3] - Emphasis on stabilizing the real estate and stock markets is crucial for boosting social expectations and facilitating domestic demand circulation [3][4] - A city-level real estate financing coordination mechanism is being established to support the real estate sector, with commercial bank approved loans increasing to 6.7 trillion yuan, aiding the construction and delivery of over 16 million residential units [4][5] Group 2: Real Estate Financing and Demand - The first quarter of this year saw an increase of over 750 billion yuan in real estate loans, with new personal housing loans reaching the largest quarterly increase since 2022, and housing rental loans growing by 28% year-on-year [4][6] - New financing policies aim to effectively meet rigid and improved housing demands, with a focus on high-quality housing supply, thereby stabilizing the real estate market and related industries [5][6] Group 3: Support for Foreign Trade - The "no repayment renewal loan" policy will be expanded to all small and micro enterprises by September 2024, having already provided 4.4 trillion yuan in renewals since its initial expansion [7][8] - Financial institutions are being guided to support foreign trade enterprises facing difficulties due to external shocks, ensuring that reasonable financing needs are met [7][8] Group 4: Support for Technology Innovation - The Financial Regulatory Administration is promoting increased support from banks and insurance institutions for technology innovation, with high-tech enterprise loan growth nearly three times the average loan growth rate [9][10] - The expansion of the Financial Asset Investment Company (AIC) pilot program aims to enhance capital support for technology enterprises, with signed intention amounts exceeding 380 billion yuan [9][10] Group 5: Equity Investment in Technology - The AIC's scope will be expanded to include qualified national commercial banks, allowing more banks to participate in equity investment, thus addressing financing challenges for early-stage and growth-stage technology enterprises [10][11] - This shift from a traditional lending model to equity investment is expected to provide more financial resources for innovation-driven development [11]

Group 1: Financial Policy Support - The State Council Information Office held a press conference to introduce a "package of financial policies to support market stability and expectations" [1] - Financial Regulatory Administration Director Li Yunzhe announced plans to expand the pilot scope for long-term insurance fund investments and lower the risk factors for insurance companies' stock investments [1][3] Group 2: Insurance Fund Long-term Investment - The pilot for long-term investment by insurance funds is accelerating, with major companies like Xinhua Insurance and China Life each planning to invest 10 billion yuan in private equity funds [4] - The scale of the pilot has increased from 50 billion yuan to 162 billion yuan, with the number of participating insurance companies rising from 2 to 8 [4] - If the additional 60 billion yuan pilot is approved, the total scale of long-term investment by insurance funds could exceed 220 billion yuan [4] - Adjustments to risk factors for insurance companies investing in the CSI 300 index and the Sci-Tech Innovation Board have been made, reducing the risk factor from 0.35 to 0.3 and from 0.45 to 0.4, respectively [4][5] Group 3: Technology Insurance Development - Technology insurance has provided over 2 trillion yuan in coverage, with plans to accelerate the development of high-quality technology insurance policies [6] - The upcoming guidelines aim to enhance risk-sharing and compensation roles, supporting major technological breakthroughs with insurance coverage [6] - The regulatory framework is expected to encourage more technology companies to purchase insurance and prompt insurers to develop innovative products [6] Group 4: Foreign Trade Support - The Financial Regulatory Administration is taking measures to stabilize foreign trade amid challenges such as rising costs and supply chain disruptions [7] - Plans include optimizing export credit insurance regulations, improving underwriting capacity, and providing favorable rates to boost exporters' confidence [8] - The introduction of domestic trade insurance aims to support the transition of foreign trade enterprises to domestic sales, enhancing financing guarantees and promoting integrated trade [9]

Core Viewpoint - The establishment of the "Xingyin Financial Asset Investment Company" marks the sixth bank-affiliated AIC, aimed at enhancing investment in technology-driven enterprises [1][2]. Group 1: Establishment and Regulatory Framework - The approval for Xingyin Financial Asset Investment Company requires completion of the establishment within six months and prohibits financial activities during the setup phase [2]. - The establishment aligns with the regulatory push to support commercial banks in setting up financial AICs, as indicated by the Financial Regulatory Administration [2][6]. Group 2: Strategic Focus on Technology Finance - Xingyin Bank aims to leverage its experience in private equity and venture capital to enhance its role in technology finance, which is considered a key area for growth [2][3]. - The bank has positioned technology finance as its "fourth card," alongside green banking, wealth management, and investment banking, with a reported technology loan balance exceeding 1 trillion yuan as of February [2]. Group 3: Expansion of Financial AICs - The current landscape includes five state-owned banks with established AICs, initially focused on debt-to-equity swaps, now expanding into equity investment [4][5]. - Recent policy changes have broadened the scope for financial AICs, allowing for direct equity investment and participation from insurance funds, with a target to enhance support for technology finance [5][6]. Group 4: Market Impact and Future Prospects - The total signed intention amount for financial AIC equity investment has surpassed 380 billion yuan, indicating strong market interest [7]. - The evolution of bank-affiliated AICs is expected to facilitate banks' participation in technology finance and equity markets, leading to innovative business opportunities in venture capital and corporate restructuring [7].