"十五五"时期，地方政府要打造服务新要素的新型金融模式，关键在于围绕新要素的价值 形成、资本支持和生态协同三方面系统发力，为培育新质生产力和推进创新驱动提供持续动 力。 编者按："十五五"规划建议强调坚持有效市场和有为政府相结合的原则，充分发挥市场在资 源配置中的决定性作用，更好发挥政府作用，构建统一、开放、竞争、有序的市场体系。金融市 场是推动要素资本化和证券化的重要媒介，"十五五"时期要实现经济高质量发展，还需各地政府 在推进全国统一金融大市场建设的基础上，从各地发展条件和产业结构出发，加快探索具有地方 特色的金融服务体系。申万宏源研究和新华财经共同策划推出《"金融有为"——地方纵横谈》， 从地方发展金融市场面临的核心问题出发，梳理了过往地方金融改革实践中形成的五大发展模式 ——区域金融中心模式、科技产业金融循环模式、政府投行招商模式、金融服务新要素模式、地 方特色金融服务模式。值此之际，以期为"十五五"时期地方探索"金融有为"之路提供一些思路参 考。 作者：申万宏源研究 杨成长、龚芳、方思元、曾培春 以数据、技术为代表的新要素正在成为引领经济增长的新动能、重塑产业体系的新引擎。"十 五五"规划建议提出要 ...

Core Viewpoint - The "14th Five-Year Plan" emphasizes the combination of an effective market and a proactive government, aiming to enhance the role of the market in resource allocation while improving government functions to build a unified, open, competitive, and orderly market system [1] Group 1: Financial Models for New Factors - Local governments are encouraged to create new financial models that support new factors by focusing on value formation, capital support, and ecological collaboration [3] - Financialization of new factors is essential for discovering their prices and enhancing their value, with local governments needing to explore financialization paths tailored to local characteristics [3][4] - The introduction of "patient capital" is crucial for the high-quality development of new factor enterprises, which often face challenges in obtaining traditional credit funding [4] Group 2: Integration of Financial Services and Industry - There is a need for a dual empowerment approach where financial services enhance industrial development and vice versa, leveraging digital technologies for improved risk control and service capabilities [5] - Local governments should promote deep integration between financial elements and digital industry systems, encouraging the development of financial products tailored to the characteristics of digital industries [5] Group 3: Case Study of Hangzhou - Hangzhou has pioneered a comprehensive financial service model that integrates industry, data, and finance to support the growth of new industries and technologies [6] - The city has established a data trading center and a data exchange to facilitate the assetization and securitization of data elements, becoming the first city in China to legislate for data circulation and trading [7] - Hangzhou's financial innovation has led to the development of customized financial tools that replace traditional collateral with new factors like talent and intellectual property, significantly supporting the digital economy [9]