Core Viewpoint - The article emphasizes the need for China's financial system to transition from real estate finance to movable asset finance, driven by the shift towards innovation-driven economic development during the 14th and 15th Five-Year Plans [1][2]. Group 1: Economic Transition and Financial System Challenges - During the 14th Five-Year Plan, the financial system explored ways to enhance the market-oriented allocation of factors and promote the development of innovative elements, but it still faces challenges in serving new asset types [1][3]. - The financial system must address three main challenges: difficulties in asset recognition, pricing, and investment for new elements and assets [7][8]. Group 2: New Elements and Assets - The transition to movable new elements will reshape corporate asset structures, with technology, digital resources, and green assets becoming core components driving high-quality development [4][5]. - The rapid development of new elements and assets necessitates a new financial service model that can accommodate their unique characteristics, such as intangibility and high liquidity [6][10]. Group 3: Financial Service Model Transformation - Financial institutions are urged to innovate their service models to facilitate the financialization, capitalization, and securitization of new elements, thereby supporting the development of a modern factor market [2][14]. - The article outlines the need for a comprehensive approach to integrate new elements into financial statements, improve valuation frameworks, and enhance market mechanisms for movable assets [15][17][19]. Group 4: Investment Challenges - New elements often face investment difficulties due to their long R&D cycles, high uncertainty, and weak cash flow, leading to reliance on venture capital rather than traditional financing [12][13]. - There is a significant divergence in investment logic among different types of investors, complicating the establishment of a mature investment model for new elements [13]. Group 5: Recommendations for Financial Institutions - Financial institutions should develop new financial products that align with the risk-return characteristics of modern new elements, moving away from traditional collateral-based models [24][25]. - Encouraging the growth of patient capital and diversifying investment tools will be crucial for supporting the development of new elements and assets [23][22].