近年来，兴业银行加速融入"科技-产业-金融"新三角循环，致力于将科技金融打造成"第四张名片"，一 方面，积极构建科技金融生态圈，持续深化与交易所、投资机构、中介机构等生态圈伙伴的战略合作， 致力于通过举办"走进交易所""走进投资机构""走进科技产业领军企业"等系列活动，促进生态伙伴间的 深度对话与交流。另一方面，持续优化科技金融产品服务体系，通过"商行+投行""融资+融智"一体化服 务模式，为科技企业高质量、可持续发展提供全方位金融支持。 "我们将与上交所持续深化合作，通过平台对接、数据共享、常态化活动等联动机制，共同打造开放、 协同、可持续的科技金融服务生态。"兴业银行战略客户部相关负责人表示。截至目前，兴业银行科技 金融融资余额已突破2万亿元，贷款余额超1.1万亿元。服务近1500家上交所主板及科创板企业，累计提 供融资近700亿元。 9月26日下午，由兴业银行与上海证券交易所市场发展部联合举办的首场"兴火科技·走进上交所"活动在 沪举行。上海证券交易所市场发展部、集成电路协会及兴业银行相关负责人出席活动，与12家集成电路 行业的科技企业代表围绕资本市场政策解读、上市政策问答、金融服务需求等深入交流。 活 ...

Core Viewpoint - Guangdong's development model is transitioning towards a "technology-industry-finance" new triangular cycle [1] Economic Performance - Guangdong has maintained zero hidden debt for four consecutive years since 2021, following the dismantling of the old triangular cycle of "real estate-finance-local government infrastructure" [3] - As of the first half of 2025, Guangdong's GDP growth rate is 4.2%, which, although lower than the national average, has shown a recovery over three consecutive quarters, increasing by a total of 0.8 percentage points [3] Economic Resilience - Despite uncertainties in foreign trade and pressures in the real estate sector, Guangdong's economy demonstrates strong resilience with clear signs of recovery [5] - Guangdong's general public budget revenue growth outpaces the national average, the urban survey unemployment rate is lower than the national level, and the manufacturing PMI is above the national average, indicating positive adjustments [5] Investment Dynamics - Investment is identified as a key tool for counter-cyclical economic adjustment, with industrial investment in Guangdong surpassing 1.5 trillion yuan, becoming the main force in investment [8] - The province has shifted focus from declining real estate development investment to industrial investment, activating effective investment through new projects and human capital [8] Industrial Strength - Guangdong accounts for a quarter of the national output in new energy vehicles, 40% of global smartphone production, 70% of consumer drones, and 44% of industrial robots [10] Innovation and R&D - In 2024, Guangdong's R&D expenditure is projected to reach approximately 510 billion yuan, 2.8 times that of 2015, with an R&D intensity of 3.6%, surpassing Japan and Germany [13] - The region has maintained the highest innovation capability in the country for eight consecutive years, indicating a shift from investment-driven growth to an "innovation-driven + strong industry" long-term strategy [13] Systemic Transformation - The recovery of Guangdong's economy is attributed to a systematic restructuring from the old triangular cycle to the new triangular cycle, showcasing significant adaptability [15] - The anticipated stability in the first half of 2025 is expected to support a positive economic outlook for the entire year, potentially leading to a new chapter in Guangdong's economic development [15]

Core Viewpoint - Guangdong's economy is showing signs of recovery with a GDP growth of 4.2% in the first half of 2025, indicating a rebound after three consecutive quarters of improvement, despite being lower than the national growth rate [1][5][10]. Economic Performance - Guangdong's general public budget revenue increased by 2.5%, outperforming the national average by 2.8 percentage points [1]. - The urban survey unemployment rate is 0.1 percentage points lower than the national average, with over 1 million recent graduates employed in the province within six months [1]. - The manufacturing PMI for Guangdong reached 50.4 in June, indicating a return to expansion, surpassing the national level of 49.7 [1]. Debt Management - Guangdong has maintained a zero balance of hidden debt for four consecutive years since 2021, showcasing effective risk management and fiscal health [2][3][33]. - The province's proactive approach to dismantling the old "real estate-finance-local government infrastructure" cycle has facilitated a stable economic recovery [2][8]. Economic Structure and Growth Drivers - The economic growth in Guangdong is supported by a structural optimization of the "three drivers" (consumption, investment, and exports) [13]. - Consumption has become a key stabilizing factor, with retail sales growing by 3.5% in the first half of 2025, driven by policies promoting consumer spending [13][14]. - Exports showed resilience, with a 4% increase in foreign trade, contributing significantly to national trade growth [14][15]. Investment Trends - Real estate investment has declined significantly, from 1.75 trillion yuan in 2021 to 1.12 trillion yuan in 2024, while industrial investment has increased, becoming the mainstay of provincial investment [15][17]. - The focus on optimizing investment structure rather than merely expanding investment scale is evident, with industrial investment reaching a record high [17][19]. Industrial and Technological Advancements - The automotive industry in Guangdong has seen a significant shift towards new energy vehicles, with production increasing dramatically [21][24]. - The electronics sector is thriving, with major companies like Huawei and ZTE innovating despite external pressures, leading to substantial growth in high-tech product output [24][31]. - Guangdong's R&D expenditure has reached approximately 510 billion yuan, reflecting a strong commitment to innovation [29][31]. Regional Development and Coordination - The economic growth in Guangdong is increasingly balanced across urban and rural areas, with rural income growth outpacing urban income growth [27]. - The province is focusing on coordinated regional development, enhancing the economic structure and promoting high-quality growth [26][27]. Conclusion - Guangdong's economic recovery is characterized by a shift towards high-quality development, driven by innovation, structural optimization, and effective debt management, positioning the province for sustainable growth in the coming years [28][35].