是破解民企"融资高山"的关键工具之一 更是培育新质生产力的金融引擎 11月14日，市发改委牵头举办科技创新债券政策民营企业宣介会暨"苏州市科技金融（科创债券）服务 站"授牌仪式。邀请了交易所、承销商、担保机构等全链条专家现场"传经送宝"。截至今年10月底，苏 州已累计发行科创债258.3亿元，发行数量和规模均位居全省首位，提前完成年度目标，为民营科技企 业创新发展、培育新质生产力注入强劲金融动力。 政策先行 构建科创融资制度支撑 科技创新债券 激活多元发行主体活力 科创债的持续增长，关键在于构建多元化的发行生态。市发改委通过全面排摸梳理，建立了优质企业科 创债发行主体储备库，形成梯度培育体系，实现民营科技型企业、金融机构、国有股权机构三类主体全 覆盖。 在主体培育中，市发改委重点发力民营科技企业这一关键群体。目前，全市已有5家民营科技型企业发 行12单科创债，合计规模达77亿元，占总发行规模的26.6%。为帮助民营企业跨越发债门槛，市发改委 联合金融机构、担保机构、评级机构等专业力量，开展全链条培训辅导，详解发债流程、增信措施和评 级要点，破解企业"不会用、不敢用"难题。此外，还积极发挥国有股权机构的示范引领 ...

Group 1 - The core viewpoint indicates that the financing scale related to entrepreneurship and technology innovation reached a historical high in September, leading to some investors chasing prices, resulting in suboptimal returns [2] - In the fourth quarter, the market shifted to a strong value style, with overall increases observed in both high bank ratio and low bank ratio free cash flow stocks [2] - The fundamentals of the growth style remain sound, with the third quarter seeing a year-on-year profit growth of over 30% in the ChiNext and STAR Market [2] Group 2 - The decline in valuations is attributed to previously high valuations, with comparisons drawn to the market trends from 2013 to 2017, where various market segments experienced significant upward movements [3] - Investors are encouraged to adhere to low valuation buying and maintain patience to achieve returns [3]

Core Viewpoint - The article emphasizes the importance of promoting the transformation and application of scientific and technological achievements to drive innovation and industrial development in Zhaoqing, Guangdong Province, as part of the broader strategy to integrate into the Guangdong-Hong Kong-Macao Greater Bay Area innovation ecosystem [1][3]. Summary by Sections Financial Support for Technology Transformation - The People's Bank of China (PBOC) in Zhaoqing is implementing a special action plan to enhance financial support for the transformation of technological achievements, addressing the financing challenges faced by technology enterprises, particularly startups and those in growth phases [1][3][4]. Financing Challenges and Solutions - Technology enterprises often encounter financing constraints due to high growth potential coupled with high investment, risk, and long cycles, as well as a lack of collateral [3]. - The PBOC aims to innovate financing models and broaden credit channels by leveraging the unique advantages of technological achievements [3][5]. Financing Mechanisms - The special action plan includes three mechanisms: 1. **Certification Mechanism**: Establishing a directory of enterprises based on their technological achievements to enhance credit evaluation [5]. 2. **Evaluation Mechanism**: Encouraging banks to use technology innovation evaluation results as a basis for credit limits and interest rates [5]. 3. **Pledge Registration Mechanism**: Guiding banks to register technology-related rights as collateral to ensure priority repayment rights [5][6]. Innovative Financing Products - A range of innovative financing products has been developed, including: - "Technology Talent Loan" and "Technology R&D Loan" for the R&D phase [6]. - "Technology Equity Loan," "Technology Contract Loan," and "Patent (Trademark) License Revenue Pledge Financing" for the transformation phase [6][7]. - "Innovation Points Loan" linked to the evaluation of a company's innovation capabilities for the application phase [7]. Implementation Measures - The establishment of a comprehensive directory of technology enterprises has been initiated, with over 1,500 technology enterprises identified as of August 2025 [8]. - Policy promotion activities have been conducted across various districts, engaging 222 technology enterprises and facilitating a total credit amount of 1.18 billion yuan [9]. Achievements and Future Plans - The special action has led to significant financing outcomes, including 17.59 billion yuan in intellectual property pledge financing and various other loans since 2024 [10]. - Future plans include enhancing financial cooperation mechanisms, exploring new financing paths, and promoting diverse financing models to meet the needs of technology enterprises [10].