国信证券认为，证券公司是科技创新企业股权融资的核心中介、债务融资的重要中介之一。今年以来， 在监管持续引导金融服务实体经济和新质生产力背景下，创业板、科创板IPO与再融资数量领先其他板 块，与科技创新企业需求相匹配的资本市场支持体系日臻完善。 金融科技ETF紧密跟踪中证金融科技主题指数，中证金融科技主题指数选取产品与服务涉及金融科技相 关领域的上市公司证券作为指数样本，以反映金融科技主题上市公司证券的整体表现。 规模方面，金融科技ETF最新规模达9.49亿元，创近1月新高。 份额方面，金融科技ETF最新份额达8.07亿份，创近3月新高。 从资金净流入方面来看，金融科技ETF近6天获得连续资金净流入，最高单日获得2186.76万元净流入， 合计"吸金"8621.13万元，日均净流入达1436.86万元。 数据显示，杠杆资金持续布局中。金融科技ETF连续4天获杠杆资金净买入，最高单日获得636.51万元 净买入，最新融资余额达4730.37万元。 截至5月22日，金融科技ETF近1年净值上涨56.95%，居可比基金第一，指数股票型基金排名37/2806， 居于前1.32%。从收益能力看，截至2025年5月22日， ...

Core Viewpoint - China is at a critical stage in building a technology-driven nation, with a focus on achieving high-level technological self-reliance and independence, making the construction of a technology finance system with Chinese characteristics essential for high-quality development [1] Group 1: Importance of a Chinese Technology Finance System - The system helps to break through the "bottlenecks" of technological innovation, supporting high-quality economic development by addressing the financing challenges faced by technology-intensive enterprises [2] - It enhances national security by increasing the ability to independently control core technologies through coordinated efforts of policy funds, market capital, and social funds [2] - The system promotes regional balance and inclusive development by addressing the uneven distribution of financial resources across different regions in China [3] - It fosters talent cultivation and institutional innovation, enhancing international competitiveness through collaboration among universities, research institutions, and financial entities [3] Group 2: Policy Measures and Framework - The policy measures outlined in the document include 15 initiatives covering funding supply, product innovation, risk sharing, ecosystem development, and open cooperation [4] - Establishing a multi-tiered funding support system is crucial, including the creation of a national venture capital guidance fund to support early-stage technology innovation companies [4][5] - The emphasis on collaborative investment from various entities, including policy banks and commercial banks, aims to create a new pattern of technology capital formation [5] Group 3: Financial Product and Service Innovation - The document encourages the development of specialized financial products for technology companies, addressing their unique needs through innovative financial services [6] - It promotes the establishment of credit channels and differentiated risk tolerance policies to alleviate the challenges of obtaining loans for technology enterprises [6] - Knowledge property financing mechanisms and insurance products are highlighted to mitigate risks associated with innovation [6] Group 4: Risk Sharing and Evaluation Systems - A multi-layered risk-sharing mechanism is proposed to alleviate financial institutions' concerns about high-risk technology investments [7] - The introduction of an innovation scoring system aims to link financial support to companies' innovation capabilities, facilitating resource allocation based on innovation performance [7] Group 5: Regional Collaboration and Ecosystem Development - The policy supports the establishment of technology finance pilot zones and encourages regional collaboration to balance development across different areas [8] - It promotes the creation of a supportive ecosystem for technology finance, including third-party evaluation and technology transaction services [8] Group 6: Open Cooperation and Policy Execution - The document emphasizes the importance of open cooperation, encouraging technology companies to expand internationally and access global innovation resources [9] - A multi-departmental collaborative mechanism is established to ensure effective policy implementation and coordination among various governmental bodies [9][10]