国泰海通大楼 ◎记者 徐蔚 在科技创新与资本市场深度融合的浪潮中，证券行业服务科技创新的逻辑正从"单点支持"转向"生态共 建"。国泰海通以"全生命周期服务"为核心，陪伴天岳先进、普源精电等一批科创企业实现了从"技术突 破"到"全球领跑"的跨越。 完善科技金融生态 作为长期深耕科技金融领域的从业者，郁伟君对构建更完善的科技金融生态有诸多思考。他认为，这需 要政府、监管机构、金融机构、企业等多方协同，形成合力。 在政策引导层面，应优化创投资本股份转让环节的限制与成本，"让资本能'投得进、退得出、可持续投 入'，形成良性循环"；同时在人才保障上提供更多便利，"如住房、子女入学、医疗等，帮企业解决关 键人才的后顾之忧"。 "从科创板开板至今，我们已服务超100家企业登陆科创板，最长陪伴周期达20年。"郁伟君说，长期陪 伴的背后，是"产业深耕"与"生态协同"的双重底气。国泰海通始终紧跟国家科技自立自强战略，核心目 标是完善覆盖科技企业全生命周期的金融服务体系，提供高质量、全链条、差异化的综合服务。而这一 目标的落地，离不开团队、协同、资源三大维度的扎实布局。 郁伟君表示，在人才培育上，国泰海通早早打破传统投行的单一人才 ...

Core Viewpoint - The Shanghai Trading Group and the Jiading District of Shanghai have launched an online section for the "Science and Technology Innovation Market," aiming to bridge the gap between technology and finance, facilitating a comprehensive service platform for information release, resource connection, and policy services [2][5]. Group 1: Platform and Services - The online section is the first of its kind on the Shanghai Trading Group's website, designed to create a "one-stop" service loop that integrates industry layout, support policies, institutional resources, technology projects, and financial support [5]. - The "Science and Technology Innovation Market" will break down information barriers and establish a digital bridge for efficient project-capital connections, accelerating the transformation and implementation of technological achievements [5]. Group 2: Ecosystem and Collaboration - The "Ecological Cooperation Partner Community" of the Jiading District Science and Technology Innovation Market was officially established, focusing on innovation entities such as technology teams and startups, as well as specialized and innovative enterprises throughout their lifecycle [5][8]. - Jiading aims to leverage a dual-driven approach of "city-level platform + district-level ecosystem" to enhance the development of technology-driven enterprises [5][8]. Group 3: Financial Support and Partnerships - The Shanghai Trading Group has developed a one-stop professional service system for technology enterprises, covering financing services, patent and qualification operations, and listing cultivation services [9]. - A total of 10.52 billion yuan in credit was signed on-site between four banks and eight enterprises, indicating strong financial backing for the innovation market [9][12]. - Investment institutions signed agreements with technology companies, with a cumulative signing amount of 3.25 billion yuan, showcasing active capital engagement in the region [12]. Group 4: Investment and Growth - Jiading District has optimized its technology financial service system, focusing on the financial needs throughout the entire lifecycle of enterprises, with a cumulative investment of approximately 8 billion yuan in 93 sub-funds [18]. - The district has 1,343 specialized and innovative enterprises and 36 listed companies, ranking third in Shanghai, with three new companies listed this year [18].

Core Insights - Shandong Province is enhancing financial policies to integrate with technology, industry, and fiscal policies, aiming to optimize financial supply and deepen reform and innovation [1][2] - The province is focusing on attracting investment in key sectors such as high-end manufacturing and integrated circuits, with significant financial support from major financial institutions [1] - A total of 167 projects were financed by various financial institutions, amounting to 147.376 billion yuan in the first three quarters of the year [1] - Shandong is establishing a "four-value" system to support innovation, including credit data pricing and intellectual property valuation, alongside launching 114 specialized credit products [2] - The province has seen an increase in the number of listed companies, with 8 out of 9 new listings being technology firms, and over 8% of IPOs under review or guidance also being tech companies [2] - Financial support for talent is being enhanced through optimized loan services and risk compensation funds, with 129.51 billion yuan disbursed across 2,877 loans [3] Group 1: Financial Policy and Investment - Shandong is strengthening financial policies to align with technology and industry, focusing on optimizing financial supply and enhancing service quality [1][2] - The province is actively engaging with major financial institutions to secure more credit resources and insurance funds for key sectors [1] - In the first three quarters, financial institutions financed 167 projects with a total investment of 147.376 billion yuan [1] Group 2: Innovation and Industry Support - Shandong is promoting the establishment of a "four-value" system to support innovation, which includes pricing for credit data and intellectual property [2] - The province has launched 114 specialized credit products, achieving a total financing support of 35.2 billion yuan [2] - There has been a focus on nurturing high-quality enterprises in new technology sectors, with 8 out of 9 new listed companies being technology firms [2] Group 3: Talent Support and Services - Shandong is enhancing financial support for talent through optimized loan services and risk compensation funds, with 129.51 billion yuan disbursed [3] - The province has expanded risk coverage for talent, providing 86.63 billion yuan in risk guarantees to 139 companies [3] - The regional equity market has supported 206 companies listed on the talent board [3]

Core Insights - Wuhan Heyuan Biotechnology Co., Ltd. has successfully launched on the Sci-Tech Innovation Board, becoming the first company to produce human serum albumin from rice, marking a significant breakthrough in China's biopharmaceutical upstream materials [1][5] - The surge of hard-tech companies in Wuhan, including several "industry firsts," reflects a systematic breakthrough in the city's innovation ecosystem cultivated over years [2][5] Company Developments - Heyuan Biotechnology's proprietary rice endosperm cell bioreactor technology has rewritten the history of human serum albumin extraction, reducing reliance on plasma and lowering drug prices through technological advancements [5] - In the past two months, six hard-tech companies from Wuhan have entered the capital market, showcasing the city's strong innovation momentum [5] Industry Trends - During the 14th Five-Year Plan period, the number of high-tech enterprises in Wuhan increased from over 8,000 to 16,000, with a focus on hard-tech sectors such as optoelectronic information and biomedicine [6] - Wuhan has established four national and nine provincial characteristic industrial clusters, with plans to cultivate approximately 15 more high-concentration, strong R&D capability clusters in advanced semiconductors and humanoid robotics [8] Capital and Investment - The government has established multi-level technology finance ecosystems, with annual investments exceeding 4 billion yuan focused on early-stage and hard-tech investments [10] - Innovative funding mechanisms, such as the "patient capital" model, allow for high-risk investments in seed and angel projects, with a maximum loss tolerance of 100% [10][11]

Core Viewpoint - Shenzhen state-owned concept stocks have surged significantly against the backdrop of market adjustments, driven by the recent announcement of a high-quality development action plan for mergers and acquisitions [1][2] Group 1: Market Performance - Over 10 Shenzhen state-owned concept stocks hit the daily limit, including Jian Ke Yuan (300675), Te Fa Information, Tian Jian Group (000090), and Shen Property A (000011) [1][2] - As of the midday close on October 23, stocks such as Jian Ke Yuan and Guang Tian Group (002482) saw increases of over 10% [2][3] Group 2: Action Plan Details - The action plan aims to accelerate strategic restructuring and professional integration of state-owned enterprises, enhancing the valuation tolerance for light asset technology companies in mergers and acquisitions [4][5] - By the end of 2027, the plan targets a total market value of over 20 trillion yuan for listed companies in the region and aims to complete over 200 merger projects with a total transaction value exceeding 100 billion yuan [3][5] Group 3: Investment Initiatives - Shenzhen has established several funds, including a 5 billion yuan semiconductor and integrated circuit investment fund, focusing on key areas such as semiconductor equipment and chip design [6][7] - The newly launched Jian Yuan Zheng Xing Fund, with a scale of 7 billion yuan, aims to support artificial intelligence and semiconductor sectors, enhancing the financial ecosystem in the region [7][8] Group 4: Fund Structure and Strategy - The Shenzhen state-owned capital model has evolved to include a diverse range of funds, exceeding 500 in number, with a total scale of over 700 billion yuan, primarily targeting strategic emerging industries [8]

Group 1 - The integration of digital technology and the real economy is crucial for building a modern industrial system, with talent being a fundamental driver of industrial innovation and development [1] - Dongguan, known as the "world's factory," is projected to see a 6.9% year-on-year growth in industrial added value in 2024, with advanced manufacturing and high-tech manufacturing growing by 11.1% and 12.7% respectively [1] - The Songshan Lake Developer Village aims to support the digital transformation of Dongguan's manufacturing industry through collaboration and innovation among developers [2][3] Group 2 - The Songshan Lake Developer Village, established in partnership with Huawei Cloud, serves as a hub for developers to create applications and solutions for local enterprises [2] - The Developer Village has attracted 29 companies, including CSDN and local enterprise Tailin, enhancing its collaborative ecosystem [3] - The village plans to provide comprehensive lifecycle services to at least 150 local enterprises over the next three years [4] Group 3 - Financial support is being provided to developers in the village through various subsidies, including credit loan interest subsidies and patent pledge loan subsidies, to foster a thriving developer ecosystem [5] - The establishment of the Dongguan Songshan Lake Technology Finance Gathering Area aims to enhance the financial ecosystem, offering policy financing products to support enterprise development [6] Group 4 - The Huawei Cloud Songshan Lake Developer Innovation Center is focused on helping developers expand globally by leveraging Huawei's global service capabilities [7] - The company "Today Talent," established in the Developer Village, has successfully implemented its AI digital assistants in Shenzhen, covering various government departments [7][8] - "Today Talent" is preparing to expand its services to overseas markets, focusing on customer service and digital product introductions [8]

Group 1 - The core viewpoint of the article highlights the significant role of the Sci-Tech Innovation Bond (科创债) market in supporting "hard technology" enterprises since its launch on May 20, 2022, and the recent acceleration of public funds in this sector [1][2] - The overall scale of the Sci-Tech Innovation Bond market has rapidly increased, with a total of 1,190 bonds issued amounting to 1.30 trillion yuan and 1,579 notes issued totaling 1.38 trillion yuan, benefiting 625 technology innovation enterprises [2] - The People's Bank of China and the China Securities Regulatory Commission have announced further optimization of the issuance mechanism for Sci-Tech Innovation Bonds, encouraging public funds to create ETF products [2][3] Group 2 - Public funds are intensifying their layout in Sci-Tech Innovation Bond index products, with 11 institutions, including Bank of China Fund and Bosera Fund, having reported their index funds [3] - The characteristics of Sci-Tech Innovation Bond index funds, such as "high yield and low volatility," are expected to become a stabilizing asset for institutional investors [3] - The development of Sci-Tech Innovation Bonds and ETFs is creating a synergistic effect, with the current scale of Sci-Tech Board ETFs exceeding 250 billion yuan, indicating a growing interest in technology-focused investments [4] Group 3 - The linkage between Sci-Tech Innovation Bonds and the Sci-Tech Board ETFs is seen as a key pillar in constructing a technology financial ecosystem, providing low-cost financing for enterprises while guiding market funds towards technology innovation [4] - The proportion of actively managed equity funds allocated to Sci-Tech Board stocks reached a historical high of 15.17% by the end of Q1 2025, an increase of 2.11 percentage points from the end of 2024 [4] - The launch of Sci-Tech Innovation Bond ETFs is anticipated to enhance market liquidity and investor participation, further promoting high-quality development in China's technology industry [4]