坚持政策支持与改革创新并举。 五是财政收支增速较低，部分基层"三保"压力较大。 2025年是很不平凡的一年。全国上下坚定不移贯彻新发展理念，推动高质量发展，实施更加积极有为的 宏观政策，顺利完成了经济社会发展主要目标。特别是在外部压力下，我国经济顶压前行、向新向优发 展。前三季度GDP增长5.2%，较去年同期加快0.4个百分点，全年经济增速预计达到5%左右、经济总量 预计达到140万亿元，这样的成绩来之不易。同时，物价、就业总体平稳，外汇储备稳定在3.3万亿美元 以上，人民币汇率保持基本稳定。 产业结构也在持续优化，新质生产力稳步成长。人工智能、生物医药、机器人等新兴产业蓬勃发展，位 居国际前列。"两新"政策成效显著，2025年1~11月消费品以旧换新带动相关销售额超2.5万亿元，其中 汽车换新超1120万辆，家电换新超1.2亿台。设备更新改造投资增长12.2%，拉动整体投资增长1.8个百 分点。外贸结构持续升级，机电产品出口占比已超60%。企业效益也有所改善，2025年1~10月规上工业 企业利润增长1.9%。 可以说，2025年经济运行稳中有进，实现了发展目标，"十四五"圆满收官，为"十五五"开局打下坚实 ...

21世纪经济报道记者周潇枭 北京报道 近日，在中信出版2026合作伙伴大会上，第十四届全国政协委 员、《深层次改革》作者尹艳林作为2025年度好书作者代表，带来了"当前宏观经济形势与深层次改 革"主题分享，深入分析了当前宏观经济形势与政策取向。 （第十四届全国政协委员尹艳林现场演讲图，主办方供图） 尹艳林表示，2025年是很不平凡的一年。特别是在外部压力下，我国经济顶压前行、向新向优发展。 2025年前三季度GDP增长5.2%，较上年同期加快0.4个百分点，全年经济增速预计达到5%左右、经济总 量预计达到140万亿元，这样的成绩来之不易。我国产业结构持续优化，新质生产力稳步成长，人工智 能、生物医药、机器人等新兴产业蓬勃发展，位居国际前列。 尹艳林指出，在肯定成绩的同时，也要清醒认识到当前经济运行中仍存在的问题。需要重点关注有效需 求不足、价格低位运行、部分企业经营面临困难、就业和居民收入增长承压、财政收支增速较低等问 题。 尹艳林表示，在扩大内需、建设强大国内市场方面，社会广泛关注"城乡居民增收计划"的制定与实施。 这就需要配套推进收入分配改革，如通过财政转移支付加大对困难群众的补助、提高城乡居民基础养老 ...

伴随新质生产力政策持续加码，半导体、AI等硬科技赛道业绩兑现迎来提速，一款覆盖沪深港三地硬 科技标的的指数型产品——交银中证智选沪深港科技50交易型开放式指数证券投资基金（下称"交银沪 深港科技50ETF"）正式发行，为投资者提供高效布局工具。 科技板块的配置逻辑正从"概念叙事"转向"业绩驱动"。政策端，前期《加快构建科技金融体制》等政策 落地为科技创新企业拓宽融资渠道，近期"十五五"规划建议明确将高水平科技自立自强作为核心目标， 引领发展新质生产力；产业端，根据中国上市公司协会最新统计，2025年前三季度，上市公司含"科"量 进一步提高，电子行业市值规模超过银行业位列第一，占比12.42%；战略性新兴产业整体研发强度达 5.21%。 在政策扶持与产业提振的双重作用下，科技板块长期投资价值凸显。但对普通投资者而言，板块阶段性 波动较大、跨市场选股难、赛道分化大等问题，增加了不少投资难度。 行业均衡布局则提升了该指数的抗波动能力。截至2025年9月30日，该指数覆盖电子、计算机等七大科 技行业，前三大行业合计占比仅65%，这种结构在当前板块轮动加剧的市场中更具韧性。 注：指数会定期或临时调整指数样本，有关标的指 ...

据央行，为深入贯彻党的二十届四中全会精神，加快实现高水平科技自立自强，落实《加快构建科技金融体制 有力支撑高水平科技自立自 强的若干政策举措》，11月27日，中国人民银行、科技部等部门联合召开科技金融统筹推进机制第一次会议。中国人民银行行长潘功胜、 科技部部长阴和俊出席会议并讲话。中国人民银行副行长朱鹤新主持会议，科技部副部长邱勇、金融监管总局副局长周亮、中国证监会副主 席陈华平、国务院国资委党委委员肖宗辉出席。 会议强调，明年是"十五五"开局之年，各有关部门要扎实推进各项工作任务落实，常态化运行科技金融统筹推进机制，强化科金协同、央地 联动，进一步优化政策措施。发挥好科技创新和技术改造再贷款政策作用，高质量建设债券市场"科技板"，促进私募股权投资和创业投 资"募投管退"循环，强化科技保险高质量发展，引导和推动金融资源科学高效配置，加强对金融机构"五篇大文章"工作成效评估，完善融资 对接、信息共享、知识产权转化运用等配套机制，助力高水平科技自立自强。 中国人民银行、科技部、国家发展改革委、工业和信息化部、财政部、国务院国资委、金融监管总局、中国证监会、国家知识产权局、国家 数据局、国家外汇局相关司局负责人参加 ...

Group 1 - The core viewpoint of the articles emphasizes the importance of innovative financing mechanisms, particularly the issuance of technology innovation bonds, to support technological advancements and address financing challenges faced by tech enterprises [1][2]. - The issuance of technology innovation bonds has seen significant growth, with nearly 1.5 trillion yuan issued in the first half of the year, accounting for nearly 80% of the total issuance of innovation-related bonds [2]. - The financial resource allocation logic is shifting, allowing equity investment institutions to issue bonds, transforming short-term debt into long-term capital for hard tech companies in critical R&D phases [2]. Group 2 - The banking credit system is undergoing a transformation, with the loan approval rate for tech SMEs exceeding 50%, reflecting a 2.8 percentage point increase year-on-year [3]. - Banks are innovating their lending mechanisms, moving away from traditional collateral requirements to focus on the technological value and growth potential of enterprises [3]. - The establishment of specialized technology finance departments in major banks and the creation of over 2,000 technology branches nationwide are enhancing the support for tech innovation [3]. Group 3 - The multi-tiered equity market is being strengthened to better serve technological innovation, with ongoing reforms in the Sci-Tech Innovation Board and the establishment of the Beijing Stock Exchange [4]. - There are still deep-rooted contradictions in the financial system's support for tech innovation, particularly the tendency to favor mature high-tech enterprises over seed and startup companies that face financing difficulties [4]. - The lack of government risk compensation funds is a significant barrier to improving the financing accessibility for tech enterprises, leading to higher costs due to increased risk management measures by investors and banks [4]. Group 4 - Future development of a financial system that aligns with technological innovation requires patience, breakthroughs, and innovation [5]. - Recommendations include enhancing the foundational systems of multi-tiered capital markets, exploring high-yield bond markets for riskier tech enterprises, and strengthening the linkage between equity, debt, and loans [5][6]. - There is a call for the cultivation of patient and long-term capital, including the establishment of large-scale industrial mother funds to guide social capital towards strategic emerging industries [6].

Core Insights - The People's Bank of China emphasizes the importance of monetary credit policy in guiding financial development [1] - The report outlines a focus on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [1] - There is a commitment to support major national strategies and address key areas and weaknesses in economic and social development [1] Group 1: Monetary Policy and Financial Development - The report highlights the need to optimize and effectively utilize monetary policy tools that support technological innovation [1] - It stresses the importance of enhancing data development and utilization in the technology finance sector [1] - The establishment of a technology finance system that aligns with technological innovation is a priority [1] Group 2: Green Finance Initiatives - The report calls for the optimization of carbon reduction support tools and the expansion of green finance product offerings [1] - It mentions the need to develop carbon accounting rules for financial institutions in key high-carbon industries [1] - Financial institutions are encouraged to participate in the construction of carbon markets in a prudent manner [1]

Core Viewpoint - The Ministry of Science and Technology has issued a notice to promote an innovation points system, which aims to enhance the financial support for technology innovation entities through a structured evaluation of their innovation capabilities [1][2]. Group 1: Innovation Points System - The innovation points system quantifies the innovation capabilities of enterprises, providing financial institutions with a basis to identify and support potential technology innovators [2]. - Participation in the innovation points system allows enterprises and research institutions to access various policy supports, such as credit loans and specialized guarantee plans, significantly increasing their financing opportunities [2]. - The system transforms the "technical value" of enterprises into quantifiable credit certificates for financial institutions, alleviating information asymmetry between banks and enterprises [2]. Group 2: Policy Implementation - The notice emphasizes the importance of central-local collaboration and the synergy between science and finance for effective policy implementation [3]. - A multi-dimensional and precise policy implementation system is crucial for converting technology finance policies into actionable measures that provide direct financial support to technology innovation entities [3]. - Financial institutions play a vital role in executing technology finance policies, needing to innovate products and services tailored to the characteristics of technology enterprises [3].

Core Insights - Efficient operation of capital markets has become a crucial source of funding for innovative pharmaceutical companies [1] - Systematic policy optimization has improved financing efficiency and established a multi-layered, sustainable capital support system for the industry [1] - The policy issued in May 2025 emphasizes enhancing capital market support for technology innovation enterprises, particularly those with key core technologies, providing broader financing channels for biopharmaceutical companies [1] Industry Developments - Continuous optimization of the Sci-Tech Innovation Board system has been noted, with the China Securities Regulatory Commission releasing opinions to enhance institutional inclusiveness and adaptability [1] - As of now, 20 companies in the biopharmaceutical sector have successfully listed on the Sci-Tech Innovation Board under the fifth set of standards, with 19 of them achieving product launches, showcasing the system's inclusiveness for high-tech and high-growth enterprises [1]

Core Viewpoint - The integration of technology and finance is essential for national strength and competitiveness, with a focus on developing a technology finance system that aligns with technological innovation to support China's modernization and national rejuvenation efforts [1][2][3]. Group 1: Importance of Technology Finance - Technology innovation is a primary driver for enhancing national core competitiveness and development autonomy, requiring substantial financial support to transition from basic research to industrialization [2][3]. - Financial services for technology innovation are integrated into the national governance system, emphasizing the need for alignment with national strategies and the improvement of people's livelihoods [2][3]. Group 2: Characteristics of China's Technology Finance System - China's technology finance system is characterized by its political and people-oriented nature, contrasting with Western finance that often prioritizes short-term profits [3]. - The system aims to meet major national strategic needs and enhance public welfare while ensuring sustainable capital investment through market returns and public institutional guarantees [3]. Group 3: Strategies for Building a Technology Finance System - Establishing a coordinated mechanism among fiscal, financial, and industrial sectors to create a collaborative effort in supporting technology innovation [4]. - Improving incentive and risk compensation mechanisms, promoting policies like investment-loan linkage, and encouraging social capital to enter the technology innovation sector [4]. - Developing a multi-tiered capital market to increase direct financing, innovate financial tools for various stages of tech enterprises, and enhance exit mechanisms for venture capital and private equity [4]. - Creating a technology finance information-sharing platform to facilitate data connectivity among government, research institutions, financial entities, and enterprises, thereby reducing financial risks and enhancing service efficiency [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is enhancing the listing system to support technology-driven companies, emphasizing the importance of listing as a means for these enterprises to gain financial backing [1] Group 1: Policy and Regulatory Framework - The Beijing Regulatory Bureau is committed to optimizing work mechanisms and improving the quality of guidance and supervision for companies seeking to list [1] - Continuous reforms in the listing system aim to increase inclusivity and adaptability, particularly for high-quality, unprofitable companies [1] Group 2: Support for Technology Enterprises - The regulatory body encourages more quality technology companies to list on the Beijing Stock Exchange, leveraging Beijing's advantages as a primary market [1] - There is a focus on guiding enterprises to effectively utilize the Beijing Stock Exchange as a platform for innovative small and medium-sized enterprises [1]