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].

转自：新华财经 九江银行坚定转型步伐，精细经营管理，提升战略执行力，走出了一条差异化、特色化发展路径。如何 坚持"党建领行"，如何做好金融"五篇大文章"？近日，九江银行党委书记、董事长周时辛围绕这几方面 内容与网友分享了自己的观点。 主持人：新一届行党委成立以来，九江银行发展态势稳健，成效明显，具体体现在哪些方面？ 周时辛：新一届行党委成立以来，九江银行深刻把握金融工作的政治性、人民性，加强精细化管理，持 续推进优结构、节资本、促合规、控不良、稳增长。主要体现在以下几方面： 一是聚焦党建领航，"进"的动能持续增强。九江银行将党的政治优势、组织优势转化为发展优势，严格 落实"第一议题"制度，开展"书记领航"重点工程，完善党建和业务联动互促工作机制，打造"九久红 银"党建品牌，创新推出"党建链引领产业链"模式。 二是聚力固本培元，"稳"的基础逐步夯实。坚持稳中求进工作总基调，推动量的合理增长和质的有效提 升。至2024年末，全行资产总额同比增长2.5%至5164.59亿元，客户贷款及垫款总额同比增长6.4%至 3208.35亿元，负债总额同比增长2.4%至4739.26亿元，其中客户存款总额3869.64亿元；营 ...

这些举措包括，一是支持金融机构、科技型企业、私募股权投资机构和创业投资机构（下称"股权投资 机构"）发行科技创新债券。科技创新债券含公司债券、企业债券、非金融企业债务融资工具等；二是 发行人可灵活设置债券条款，鼓励发行长期限债券，更好匹配科技创新领域资金使用特点和需求；三是 为科技创新债券融资提供便利，优化债券发行管理，简化信息披露，创新信用评级体系，完善风险分散 分担机制等；四是将科技创新债券纳入金融机构科技金融服务质效评估；五是鼓励有条件的地方提供贴 息、担保等支持措施。 党的二十届三中全会明确提出，要加快多层次债券市场建设，构建同科技创新相适应的科技金融体制。 央行行长潘功胜在当日新闻发布会上透露，前期，人民银行会同证监会、金融监管总局、科技部等部 门，积极准备推出债券市场"科技板"，支持金融机构、科技型企业、股权投资机构等三类市场主体发行 科技创新债券，完善科技创新债券发行交易、信息披露、信用评级等制度安排，健全与科技创新融资特 点相适应的配套规则体系。相关政策及准备工作已基本就绪。目前看，市场各方响应非常积极，各类型 金融机构、科技型企业、股权投资机构积极与人民银行、证监会沟通，对接发行科技创新债券 ...

Corporate Governance and Compliance - The company emphasizes the integration of party leadership into corporate governance, becoming the first Sino-foreign joint venture life insurance company to include comprehensive party leadership in its articles of association [1] - The company has established a multi-layered risk prevention mechanism, achieving a comprehensive solvency adequacy ratio of 245.64% and a core solvency adequacy ratio of 144.81% by the end of 2024 [1] Financial Empowerment and Investment - The company focuses on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to empower the real economy and social welfare [2] - By the end of 2024, the company's technology finance investment reached 2.299 billion yuan, while its green and sustainable investment totaled 21.471 billion yuan [2] - The company has provided inclusive insurance coverage for 705,000 individuals, with a total effective insurance amount of 92.558 billion yuan by the end of 2024 [2] Product Development and Service Efficiency - The company reported a 152.84% year-on-year increase in pension finance product sales, reaching 847 million yuan by the end of 2024 [3] - The company achieved a 99.8% electronic insurance application rate and a claims processing average of 1.08 days, with a total insured amount of 30.1 trillion yuan [3] Talent Development and Marketing Channels - The company implemented the "Three Talents Plan" for talent development, enhancing the professional skills of key personnel [4] - By the end of 2024, the company had partnered with 62 banks in its bancassurance channel, with 5,361 cooperative outlets [4] Social Responsibility and Community Engagement - The company has invested over 45.4 million yuan in public welfare initiatives, launching 294 projects and engaging nearly 7,630 volunteers [4] - The company initiated the "Help Youth Save the Earth" campaign in collaboration with a global environmental organization to raise environmental awareness among young people [4]

近日，中国人民银行、中国证监会联合发布关于支持发行科技创新债券有关事宜的公告（中国人民银行 中国证监会公告〔2025〕8号，以下简称《公告》），从丰富科技创新债券产品体系和完善科技创新债 券配套支持机制等方面，对支持科技创新债券发行提出若干举措。 建立"股债联动"的综合支撑体系 《公告》内容主要包括：一是支持金融机构、科技型企业、私募股权投资机构和创业投资机构（以下简 称股权投资机构）发行科技创新债券。科技创新债券含公司债券、企业债券、非金融企业债务融资工具 等。二是发行人可灵活设置债券条款，鼓励发行长期限债券，更好匹配科技创新领域资金使用特点和需 求。三是为科技创新债券融资提供便利，优化债券发行管理，简化信息披露，创新信用评级体系，完善 风险分散分担机制等。四是将科技创新债券纳入金融机构科技金融服务质效评估。五是鼓励有条件的地 方提供贴息、担保等支持措施。 每经记者 张寿林 每经编辑 廖丹 5月7日，人民银行披露债券市场"科技板"最新进展。 创设科技创新债券风险分担工具 权威专家指出，党中央高度重视科技创新工作，对构建同科技创新相适应的科技金融体制提出了明确要 求。当前，我国金融支持科技创新的多元化融资体系 ...

Core Viewpoint - The Chinese government is implementing a package of eight incremental financial policies aimed at stabilizing the market and expectations, focusing on key economic issues and long-term development [1][6]. Group 1: Incremental Policies - The eight incremental policies include the introduction of financing systems compatible with new real estate development models to stabilize the real estate market [3][4]. - Expansion of the long-term investment pilot program for insurance funds to introduce more incremental capital into the market [3][9]. - Adjustment of regulatory rules to lower investment risk factors for insurance companies in the stock market, supporting capital market stability [4][9]. - Implementation of a comprehensive policy to support financing for small and private enterprises, enhancing coordination in financing efforts [4][6]. - Development of policies to support foreign trade, providing targeted services to businesses affected by tariffs [4][10]. - Revision of merger loan management methods to promote industrial transformation and upgrading [5]. - Expansion of the establishment of financial asset investment companies to increase investment in technology innovation enterprises [5][11]. - Formulation of high-quality development opinions for technology insurance to better support technological innovation [6][13]. Group 2: Market Stability - In the real estate sector, the financial regulatory authority is enhancing the financing coordination mechanism to support the completion of housing projects, with approved loans increasing to 6.7 trillion yuan, aiding over 16 million housing units [7][8]. - 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 highest quarterly increase since 2022 [7][8]. - For the stock market, the financial regulatory authority has initiated reforms to allow insurance funds to invest more in equities, with plans to approve an additional 60 billion yuan for market liquidity [9][10]. - The insurance funds currently invest over 4.4 trillion yuan in stocks and equity funds, with a focus on optimizing asset allocation to enhance support for the real economy [9][10]. Group 3: Support for Technology and Innovation - The financial asset investment company initiative aims to enhance support for technology enterprises, with signed investment intentions exceeding 380 billion yuan [11][12]. - The banking sector is encouraged to adopt a blended financing model for technology enterprises, combining traditional loans with direct investment [12]. - The establishment of technology insurance is expected to improve risk-sharing mechanisms, thereby enhancing the resilience of technological innovation [13].

Group 1 - The central bank has introduced a comprehensive monetary policy package, including three categories and ten measures, such as interest rate cuts and reserve requirement ratio reductions [2][7] - The central bank will lower the reserve requirement ratio by 0.5 percentage points, providing approximately 1 trillion yuan in long-term liquidity to the market [8][17] - The policy interest rate will be reduced by 0.1 percentage points, with the 7-day reverse repurchase rate dropping from 1.5% to 1.4%, which is expected to lead to a similar decrease in the Loan Prime Rate (LPR) [9][17] Group 2 - The Financial Regulatory Administration will introduce eight incremental policies, including improving financing systems for real estate and expanding the scope of long-term insurance fund investments [3][11] - Specific measures include accelerating the introduction of financing systems compatible with new real estate development models and adjusting regulatory rules to lower investment risk factors for insurance companies [12][13] Group 3 - The China Securities Regulatory Commission (CSRC) emphasizes supporting the development of new productive forces and promoting long-term capital inflow into the market [4][14] - The CSRC plans to enhance the inclusiveness and adaptability of the system for the Science and Technology Innovation Board and the Growth Enterprise Market [15][16] Group 4 - The central bank will create a risk-sharing tool for technology innovation bonds, providing low-cost re-lending funds to support the issuance of long-term bonds for technology innovation [10][27] - The bond market for technology innovation is nearly ready, with significant interest from market participants, indicating a robust pipeline for future issuances [26] Group 5 - The CSRC will implement a high-quality development action plan for public funds, focusing on aligning the interests of fund managers with those of investors and enhancing the stability of fund investment behavior [28][29] - The plan aims to reform the fund operation model to avoid the "guaranteed returns" phenomenon and ensure that fund performance is directly tied to investor outcomes [28][29]

中国人民银行、中国证监会公告。 中国人民银行 中国证监会公告〔2025〕第8号 为贯彻落实党的二十届三中全会精神，加快多层次债券市场发展，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，完善长期资本投早、投小、投长期、投硬科技的支持政策，现就支持发行科技创新债券有关事宜公告如下： 一、丰富科技创新债券产品体系，加快构建多层次债券市场 （一）金融机构、科技型企业、私募股权投资机构和创业投资机构（以下简称股权投资机构）等三类机构可发行科技创新债券，募集资金用于支持科技创 新领域投融资。 （二）商业银行、证券公司、金融资产投资公司等金融机构可发行科技创新债券，聚焦主责主业，发挥投融资服务专业优势，依法运用募集资金通过贷 款，股权、债券、基金投资，资本中介服务等多种途径，专项支持科技创新领域业务。 党的二十届三中全会明确提出，要加快多层次债券市场建设，构建同科技创新相适应的科技金融体制。近日，中国人民银行、中国证监会联合发布关于支 持发行科技创新债券有关事宜的公告（中国人民银行 中国证监会公告〔2025〕8号，以下简称《公告》）。《公告》是落实党的二十届三中全会精神的重 要举措 ...

Core Viewpoint - The Chinese government is implementing a comprehensive financial policy package aimed at stabilizing the market and managing expectations, which includes interest rate cuts and support for various sectors, particularly small and micro enterprises [1]. Group 1: Monetary Policy Adjustments - The People's Bank of China has reduced the reserve requirement ratio by 0.5 percentage points [6]. - The personal housing provident fund loan interest rate has been lowered by 0.25 percentage points, expected to save over 20 billion yuan in interest annually [6]. - The policy interest rate has been decreased by 0.1 percentage points [6]. Group 2: Support for Capital Markets - Preparations for the "Technology Board" in the bond market are nearly complete, with nearly 100 market institutions planning to issue over 300 billion yuan in technology innovation bonds [6]. - The combined quota for two capital market support tools has been set at 800 billion yuan, with potential for expansion or new policy tools in the future [6]. - The risk factors for stock investments have been reduced by 10%, encouraging insurance companies to increase their market participation [7]. Group 3: Support for Enterprises - A package of policies has been introduced to support financing for small and private enterprises [7]. - The approval of a whitelist for loans by commercial banks has increased to 6.7 trillion yuan, indicating a significant rise in lending activity [7]. - The government is accelerating capital replenishment efforts for large commercial banks [7]. Group 4: Regulatory Measures and Market Development - Recent policies have been introduced to deepen reforms in the Science and Technology Innovation Board and the Growth Enterprise Market [9]. - The China Securities Regulatory Commission is optimizing the classification and evaluation mechanisms for fund companies and sales institutions to enhance the issuance and sales of equity funds [9]. - There is a focus on supporting high-quality development of public funds, with a new action plan to be released soon [9]. Group 5: Foreign Investment and Market Stability - The government is supporting the return of quality Chinese concept stocks to domestic and Hong Kong markets [11]. - Measures are being taken to assist listed companies affected by tariffs, including support for equity pledges and refinancing [11]. - Confidence in the stability and healthy development of the Chinese stock market is being emphasized, with foreign investment in A-shares remaining stable at around 3 trillion yuan [9][11].

Core Viewpoint - The company emphasizes high-quality development as a primary task in alignment with national strategies and financial reforms, focusing on enhancing its service capabilities in various financial sectors [1][3][10] Group 1: Strategic Direction - The company is committed to integrating its development with national strategies, particularly in supporting the five key areas of financial services: technology finance, green finance, inclusive finance, pension finance, and digital finance [1][3] - The company aims to deepen its understanding of political and social responsibilities, ensuring that its operations align with the broader goals of the state [2][3] Group 2: Service to the Real Economy - The company prioritizes serving the real economy by providing financial support to small and medium-sized enterprises and engaging in green and low-carbon economic initiatives [3][4] - The company has successfully launched innovative financial products, such as the first special knowledge property asset-backed note for private technology SMEs, enhancing financing channels for these enterprises [3] Group 3: Business Transformation - The company is pursuing a steady transformation towards differentiated and specialized development, establishing a "2+4" business system focusing on asset management and various trust services [5] - The company is enhancing its core investment research capabilities and developing a diverse product portfolio centered around fixed income [5][6] Group 4: Professional Capability Enhancement - The company is focused on improving four key professional capabilities: comprehensive risk management, professional investment research, wealth management, and information technology support [7][8] - The company is implementing a systematic investment research framework to enhance investment strategy precision and performance contribution [7] Group 5: Financial Innovation and Supply-Side Reform - The company is actively involved in supply-side reforms to enhance productivity, particularly by supporting the development of new and traditional industries through various financial instruments [9] - The company has successfully implemented a green industry employee stock ownership plan, demonstrating its commitment to supporting national strategies and the real economy [9]