杨成长、龚 芳、袁宇泽、曾培春 近年来，我国传统产业的组织形式和产业关联关系发生重大变革，新技术、新业态、新模式 不断涌现，成为我国经济高质量发展的重要组成部分。金融机构亟须构建匹配新经济产业发展需 求的金融服务新模式，重点服务好新消费、新科技、新数字、新终端及未来产业等五类新业态。 五类产业新业态对金融服务提出了全新要求：在新消费领域，金融服务的核心难点在于无形 资产估值和对商业模式的可持续性作出判断；在新技术领域，突出表现为技术路径判断难和信息 不对称；在新数字领域，亟待建立科学的估值体系和资本市场支持机制；在新终端领域，需要全 链条生态化金融解决方案；在未来产业领域，关键在于形成对共性基础技术突破和产业成果转化 的多元长期资金供给机制。 基于各业态的独特性，要加快形成五类产业金融服务模式：一是以多元价值和新型供求关系 为核心，形成新消费产业金融服务模式；二是以科技创新风险分配为核心，形成新技术产业金融 服务模式；三是以数字集成和人工智能为核心，形成新数字产业金融服务模式；四是以全链条融 合化为核心，形成新终端产业金融服务模式；五是以"三突破三风险"为核心，形成未来产业金融 服务模式。 近年来，伴随我国要 ...

Core Insights - The transformation of traditional industries in China has led to the emergence of new technologies, business models, and industries, which are crucial for high-quality economic development [10][11] - Financial institutions need to develop new service models that align with the demands of new economic industries, focusing on five categories: new consumption, new technology, new digital, new terminals, and future industries [10][13] Group 1: New Economic Industries - New economic industries are becoming a significant driving force for economic development, with the added value of the new economy reaching 24.3 trillion yuan in 2024, accounting for 18.01% of GDP, an increase of 0.43 percentage points from the previous year [11] - As of June 2025, there are 25.36 million registered new economy enterprises in China, representing over 40% of the total number of enterprises, with a year-on-year growth of 6.6% [11] Group 2: Financial Service Requirements - The five new economic categories present unique requirements for financial services, including challenges in intangible asset valuation and sustainable business model assessment in new consumption, technology path judgment and information asymmetry in new technology, and the need for a scientific valuation system in new digital industries [10][12] - Financial institutions must accelerate the formation of tailored financial service models for each of the five new economic categories, focusing on diverse value creation and innovative supply-demand relationships [10][12] Group 3: New Consumption Financial Services - New consumption industries are crucial for expanding domestic demand, with a shift towards service, value, cultural, and green consumption, maintaining over 10% growth in sectors like leisure and tourism despite overall consumption pressure [14] - Financial institutions face challenges in serving new consumption industries due to the intangible nature of core assets, lack of market comparables for valuation, and the non-linear growth paths of new consumption enterprises [15][16] Group 4: New Technology Financial Services - New technology industries are vital for innovation-driven development, with over 500,000 high-tech enterprises in China as of 2024, marking an 83% increase since 2020 [18] - Financial institutions encounter challenges in serving new technology industries, including limited understanding of technological innovation, information asymmetry regarding non-financial metrics, and differing valuation logic across various technology sectors [19][20] Group 5: New Digital Financial Services - The digital economy is rapidly growing, with its added value exceeding 43% of GDP in 2024, driven by sectors like industrial internet and smart manufacturing [21][22] - Current financial services for new digital industries are insufficient, with low representation in the A-share market and a need for improved valuation and pricing capabilities [22][23] Group 6: New Terminal Financial Services - New terminal industries, characterized by deep integration of manufacturing, digital, and technology, require financial services that respond to complex ecological collaboration relationships [24][25] - Financial institutions must optimize value assessment capabilities and provide integrated financial solutions for the entire industrial chain, focusing on collaboration with leading enterprises [25][26] Group 7: Future Industry Financial Services - Future industries are marked by breakthroughs in common technologies and face significant risks, including feasibility of technology paths and market demand realization [27][28] - Financial institutions should innovate comprehensive financial service models to address the uncertainties faced by future industries, leveraging government funds and private equity investments to support development [29]

适应产业变革 打造类型化产业金融服务新模式 □ 杨成长 龚 芳 袁宇泽 曾培春 □ 近年来，我国传统产业的组织形式和产业关联关系发生重大变革，新技术、新业态、新模式不断涌 现，成为我国经济高质量发展的重要组成部分。金融机构亟须构建匹配新经济产业发展需求的金融服务 新模式，重点服务好新消费、新科技、新数字、新终端及未来产业等五类新业态 □ 五类产业新业态对金融服务提出了全新要求：在新消费领域，金融服务的核心难点在于无形资产估值 和对商业模式的可持续性作出判断；在新技术领域，突出表现为技术路径判断难和信息不对称；在新数 字领域，亟待建立科学的估值体系和资本市场支持机制；在新终端领域，需要全链条生态化金融解决方 案；在未来产业领域，关键在于形成对共性基础技术突破和产业成果转化的多元长期资金供给机制 □ 基于各业态的独特性，要加快形成五类产业金融服务模式：一是以多元价值和新型供求关系为核心， 形成新消费产业金融服务模式；二是以科技创新风险分配为核心，形成新技术产业金融服务模式；三是 以数字集成和人工智能为核心，形成新数字产业金融服务模式；四是以全链条融合化为核心，形成新终 端产业金融服务模式；五是以"三突破三风险"为 ...