Group 1 - The report outlines a comprehensive policy framework for supporting the high-quality development of the Sci-Tech Innovation Board, including 15 reform measures that cover the entire lifecycle of fundraising, investment, lending, insurance, and exit [1][11][12] - The report highlights the introduction of the "1+6" policy measures aimed at enhancing the inclusiveness and adaptability of the Sci-Tech Innovation Board, including the reintroduction of the fifth listing standard for unprofitable companies [10][19][20] - The report indicates that the average liquidity ratio of Sci-Tech Innovation Board companies has significantly improved compared to 2019, demonstrating stronger short-term solvency compared to companies on the main board [28][29] Group 2 - The report reveals that the average asset turnover ratio for Sci-Tech Innovation Board companies has decreased more sharply than that of the main board, indicating a focus on long-term investments such as R&D and equipment acquisition [30][31] - The report notes that the overseas revenue of Sci-Tech Innovation Board companies has shown a consistent upward trend, with revenues reaching 418.22 billion yuan in 2024, highlighting the increasing internationalization of these companies [42][36] - The report emphasizes that the proportion of high-tech companies among newly listed firms on the Sci-Tech Innovation Board has exceeded 90%, reflecting the board's focus on strategic emerging industries [43]

Core Viewpoint - The article emphasizes the importance of accelerating the construction of a technology powerhouse and enhancing the efficiency of government services to improve the business environment and administrative effectiveness [2][3][7]. Group 1: Technology Development - The meeting highlighted that over the past year, various regions and departments have effectively advanced the tasks related to technology reform and development, making solid progress in building a technology powerhouse [3]. - There is a call to enhance the sense of responsibility and urgency, aiming for high-level technological self-reliance and strength, with a focus on "bridging gaps and strengthening advantages" to increase technological breakthroughs [3]. - The Ministry of Science and Technology, along with seven other departments, issued policies to support technology-driven enterprises, including establishing a "National Venture Capital Guidance Fund" to encourage financial institutions to increase credit support for tech companies [4]. Group 2: Efficient Government Services - The meeting discussed the establishment of a normalized mechanism to promote the "efficient handling of one matter," which aims to optimize and expand the range of services based on feedback from the public and businesses [6]. - Examples of successful implementations include streamlined processes in Shandong, Hainan, and Jiangsu provinces, where citizens can complete various administrative tasks with minimal documentation [6]. - The initiative aims to transform the administrative process from "multiple locations, multiple windows, multiple times" to "one location, one window, one time," significantly reducing the burden on enterprises [7].

Group 1 - The State Council emphasizes the importance of enhancing the role of enterprises in innovation and encourages collaboration between enterprises, universities, and research institutions to address technological challenges and conduct joint research [1] - Financial support will be increased, with a focus on attracting social capital and encouraging financial institutions to innovate financial products and services, thereby developing a multi-tiered capital market [1] - The People's Bank of China aims to build a financial system that aligns with technological innovation, focusing on enhancing bank credit services, optimizing re-loan policies for technological innovation, and improving the technology finance ecosystem [2] Group 2 - The recent policies aim to optimize the entire investment chain, which is expected to accelerate the investment cycle in venture capital and promote a healthy cycle within the industry [2] - Companies specializing in "hard technology" are highlighted as having significant advantages in exit efficiency, making them attractive for investment [2] - Sichuan Shuangma is involved in private equity funds that focus on technology, advanced manufacturing, semiconductors, new energy, and consumer services [4]

Core Insights - The forum focused on the dual empowerment of finance and technology to build a strong financial nation and innovation zones [2] - Key challenges in achieving effective interaction between technology and finance were highlighted, particularly the mismatch in financial supply and the varying risk characteristics of tech enterprises at different lifecycle stages [2][3] Financial Institutions and Support - The People's Bank of China emphasized the need to enhance bank credit services, particularly for small and medium-sized tech enterprises, to promote rapid growth in tech loans [3] - A proposal was made to establish a "technology board" in the bond market to support the issuance of technology innovation bonds by financial institutions, tech companies, and equity investment institutions [4] - The Financial Regulatory Bureau is pushing for the establishment of specialized tech finance departments within financial institutions and has set up 2,178 tech branches nationwide [5] Financial Products and Services - The knowledge property pledge loan balance in the banking sector has exceeded 300 billion yuan, reflecting a year-on-year growth of 33.7% [5] - Financial institutions are encouraged to develop specialized financial products that consider the innovation capabilities and intellectual property values of enterprises [5] Insurance and Risk Management - The Financial Regulatory Bureau is optimizing insurance services for tech enterprises, including risk guarantees for major national tech tasks and pilot programs for insurance compensation [6] Foreign Exchange Management - The State Administration of Foreign Exchange is leveraging technology to enhance trade and investment facilitation for tech enterprises, including the use of blockchain for cross-border financial services [7] - Digital technologies are being utilized to streamline processes and improve regulatory efficiency in foreign exchange management [8][10] - The integration of big data and AI is aimed at enhancing the identification and crackdown on foreign exchange violations [9]

Core Viewpoint - The Vice Governor of the People's Bank of China emphasizes the importance of a virtuous cycle among finance, technology, and industry to promote economic and financial transformation and upgrading [1] Group 1: Financial Support for Technological Innovation - Financial support for technology innovation faces challenges due to the varying life cycles, risk characteristics, and financing needs of technology enterprises [1] - Technology enterprises often experience unstable cash flows, high risks and uncertainties, and low financial transparency, affecting their access to credit and bond financing [1] - There is a lack of long-term, patient, and strategic capital for equity financing in technology enterprises [1] Group 2: Recommendations for Improvement - Strengthening the credit service capabilities of banks is essential, with a focus on directing more credit resources to technology-oriented SMEs to promote rapid growth in technology loans [1] - Optimizing policies for re-loans for technological innovation and equipment updates, with a signed loan amount of 16,705 billion yuan and a disbursed amount of 5,701 billion yuan as of the end of April [1] - Establishing a "Technology Board" in the bond market to support the issuance of technology innovation bonds by financial institutions, technology enterprises, and equity investment institutions [1] Group 3: Enhancing Capital Market Support - Optimizing institutional arrangements for listing, mergers and acquisitions, and equity incentives based on the characteristics of technological innovation [2] - Promoting the role of regional equity markets and innovating technology insurance products and services [2] - Strengthening collaborative efforts to improve the technology financial ecosystem, including establishing a coordinated mechanism among relevant departments to enhance financing efficiency in the technology sector [2]

分析师：徐至 登记编码：S0730525040001 外部不确定性仍存，成长与价值均衡配置 ——月度策略 相关报告 《月度策略：风险偏好或将提升，建议关注消 费科技行业——月度报告》 2025-05-08 《月度策略：宏观环境逐步改善，建议关注科 技与红利板块——月度报告》 2025-04-07 联系人：李智 证券研究报告-月度策略 发布日期：2025 年 06 月 04 日 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共17页 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道1788号T1座22楼 央行 5 月金融政策组合拳提振市场。金融政策层面，央行 5 月 7 日推出十项政策，降准降息释放万亿流动性，再贷款定向支持服务 消费与养老产业。政策不仅改善市场流动性，还降低企业融资成本， 增强居民消费能力。5 月 14 日，科技部等七部门印发《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》，央行 主要在三方面落实《若干政策举措》，一是提升科技贷款的投放强 度和服务能力 ...

0:00 / 3:03 今年5月30日是第九个全国科技工作者日，相关活动主题为"矢志创新发展 建设科技强国"。在浙江杭州，包括耐心资本在内的一系列支持政策为科技工 作者提供了创新发展、施展才华的沃土。 走进位于杭州高新区的浙江大华技术股份有限公司展厅，一个个以视频为核心的智慧物联产品和解决方案令人目不暇接，这些科技成果的背后，是企业 对科技人才的支持。据介绍，该企业有23000多名员工，50%以上是研发技术人员，并且每年以10%左右的销售收入投入到研发当中。 具有全球影响力的人工智能大模型、"身手不凡"的具身智能机器人、具有里程碑意义的首款国产3A游戏……这些成果的取得，离不开杭州对科技企业 和科技人才的政策支持。 以"杭州六小龙"为代表的前沿科技产业领域，有一些共同的标签，都是投入大、周期长、未来收益不确定性高。 面对这类"硬核"科技，建立同新质生产力发展相适应的科技金融体制至关重要。杭州完善国资创投基金绩效考核制度，探索尽职免责机制，不以单一项 目亏损或未达到考核标准作为负面评价依据，适度放宽投资容亏率，推动国资创投基金"算大账""算长远账"，成为更有担当的耐心资本、大胆资本。 2025年，杭州还提出"3 ...

Group 1: Fiscal Characteristics - In the first four months of 2025, the broad fiscal expenditure growth rate reached 7.2%, with a spending progress of 28.4%, exceeding the five-year average of 28.2%[3] - The broad fiscal expenditure growth rate in Q1 2025 was 5.6%, surpassing the nominal GDP growth rate, marking the best performance since 2023[3] - In April 2025, broad fiscal expenditure increased by 12.9% year-on-year, indicating strong fiscal support for the economy[3] Group 2: Revenue and Debt Financing - From January to April 2025, broad fiscal revenue decreased by 1.3% year-on-year, falling short of the budget target by 1.5 percentage points, primarily due to declines in tax and land transfer revenues[3] - Government debt net financing reached 4.8 trillion yuan in the first four months, an increase of 3.6 trillion yuan year-on-year, becoming a core support for broad fiscal expenditure[4] - As of May 24, 2025, the issuance of government bonds had reached 42.7% of the budget target, significantly higher than the average of 16.9% from 2020 to 2024[4] Group 3: Future Fiscal Policies - The total net financing scale for government debt in 2025 is set at 13.86 trillion yuan, with 6.3 trillion yuan already financed by the end of May, leaving 7.5 trillion yuan to be issued[5] - The issuance of special bonds and long-term bonds is expected to accelerate, with a projected net financing increase of 2.3 trillion yuan in Q2 and maintaining high levels in Q3[5] - Incremental policies may be introduced to smooth fiscal expenditure and ensure the achievement of annual economic targets amid uncertainties in economic recovery[6] Group 4: Investment Focus - Key areas for fiscal investment to stabilize growth include service consumption, fertility policies, and infrastructure investment[8] - Service consumption currently shows significant recovery potential, needing policy support to enhance consumer spending[8] - The government aims to improve income distribution mechanisms and strengthen social security to boost consumption effectively[8]

Core Viewpoint - The article discusses recent developments in China's fiscal policy and financial support for technology and small enterprises, highlighting the government's efforts to stimulate economic growth and innovation through various measures [1][4][10]. Group 1: Fiscal Revenue and Expenditure - In the first four months of the year, China's general public budget revenue reached 80,616 billion yuan, a year-on-year decrease of 0.4%, with the decline narrowing by 0.7 percentage points compared to the first quarter [13]. - Central government revenue fell by 3.8% year-on-year, but the decline was reduced by 1.9 percentage points from the first quarter, with April showing a positive growth of 1.6% [15]. - Local government revenue increased by 2.2% year-on-year, maintaining the same growth rate as the first quarter [15]. - National tax revenue totaled 65,556 billion yuan, down 2.1% year-on-year, with a narrowing decline of 1.4 percentage points from the first quarter [15]. Group 2: Support for Technology and Small Enterprises - Eight departments jointly issued measures to support financing for small and micro enterprises, focusing on increasing financing supply, reducing costs, and improving efficiency [10]. - The policy aims to alleviate financing difficulties for small businesses, enhance profitability, and stabilize economic growth [10]. - The government is working to build a more comprehensive technology finance system to guide financial resources towards technological innovation, thereby supporting high-level self-reliance in technology [9]. Group 3: Green Development in Manufacturing - The State Council approved the "Green and Low-Carbon Development Action Plan for Manufacturing (2025-2027)", emphasizing the need for green technology innovation and the promotion of advanced green technologies [12]. - The plan aims to facilitate the deep green transformation of traditional industries and promote high-starting green development in emerging industries [12]. - This transition is expected to create a market for energy-saving renovations worth hundreds of billions, driving technological upgrades in enterprises [12]. Group 4: Cross-Border Financing for Enterprises - The People's Bank of China and the State Administration of Foreign Exchange released a draft notice to optimize cross-border fund management for domestic enterprises listed overseas, aiming to enhance financing convenience [13]. - The notice includes 26 articles focused on improving the efficiency of cross-border financing and enhancing the flexibility of fund usage [13].

Regulatory Dynamics - Seven departments, including the Ministry of Science and Technology and the People's Bank of China, jointly issued policies to support the development of a technology finance system, focusing on venture capital, monetary credit, capital markets, technology insurance, and bond markets with 15 policy measures proposed [1] - The Financial Regulatory Bureau announced modifications to certain regulations to align with the latest requirements of the Company Law, including changes to the management of supervisory boards and related party transactions [1] Industry Dynamics - Several banks and insurance institutions are planning to abolish or not establish supervisory boards, with the audit committee of the board taking over their functions [4] - Three consumer finance companies have raised their maximum loan limits to 300,000 yuan, following a notification from the Financial Regulatory Bureau aimed at boosting consumption [4] Corporate Developments - China Construction Bank's former vice president, Zhang Gengsheng, was arrested for bribery and illegal loan issuance, with the case currently under further investigation [2] - The Beijing Financial Dispute Mediation Committee, the first of its kind in the financial industry, was established to provide mediation services and resolve financial disputes [3] - JD Group has taken over a consumer finance company, now named Tianjin JD Consumer Finance Co., Ltd., marking a significant shift in ownership [6] - Huaxia Bank's board chairman's qualifications were approved, and Ping An Life welcomed a new female general manager, signaling leadership changes in major financial institutions [7][8] Financial Performance - Ant Group reported a net profit of 38.3 billion yuan for 2024, a 61% increase year-on-year [11] - Xiaoying Technology's first-quarter net profit reached 458 million yuan, up 26.16% year-on-year, while its revenue grew by 60.39% [12] - Jia'nan Technology reported a first-quarter net loss of 86.43 million USD, a 119% increase in losses compared to the previous year [13] Overseas Dynamics - The SEC chairman announced plans to enhance cost-benefit analysis and develop a reasonable regulatory framework for the cryptocurrency market, emphasizing the need for transparency and accountability in digital asset regulation [10]