齐鲁晚报·齐鲁壹点 张亢 通讯员 崔文军 "感谢政府出台了这么好的政策，现在搞农业，心里更有底了！"岱岳区粮食种植大户郗先生高兴地说。 2024年，郗先生通过农担公司担保获得150万元贷款用于资金周转，这次不仅享受了农担公司提供的低 担保费率，还额外获得了市级财政给予的15000元贴息和3750元担保费补贴，综合融资成本大幅下降。 近日，记者从山东农担泰安管理中心获悉，在山东农担泰安管理中心与泰安市财政局、农业农村局的紧 密协同推动下，泰安市首批农业信贷担保贷款贴息、贴费资金已全部拨付至相关新型农业经营主体账 户。2024年1月，泰安市财政局、农业农村局、地方金融监管局、人民银行泰安分行四部门联合印发 《关于进一步发挥农业信贷担保作用推动农业农村高质量发展的工作方案》，对粮食全产业链条、高效 蔬菜、高端畜牧、泰山茶等优势特色产业，其新增政策性农业信贷担保贷款给予1%的贴息补助、50% 的担保费补助。这一政策的出台，充分体现了市委、市政府对乡村振兴事业的高度重视和对农业经营主 体的深切关怀，也为全市农业高质量发展注入了新的金融活力。 政策的成功落地，是对农业信贷担保工作的充分肯定和有力支持，也极大地激发了市场活 ...

Core Points - The Chinese judicial system has taken action against three officials for alleged bribery, indicating a continued focus on anti-corruption efforts within the government [1][2][3][4] Group 1: Arrests and Allegations - Zhang Anmin, former Party Secretary and Chairman of Shandong Agricultural Development Credit Guarantee Co., was arrested for suspected bribery, with the case currently under further investigation [2] - Zhou Yufan, former member of the Standing Committee of the Shaoyang Municipal People's Congress in Hunan, was also arrested on similar bribery charges, with ongoing legal proceedings [3] - Liu Lan, former Deputy Mayor of Guiyang in Guizhou, has been arrested for suspected bribery, with the case being handled by the Anshun Municipal People's Procuratorate [4]

Core Viewpoint - Gansu Jinkong Group's subsidiary, Jinkong Linxia Financing Guarantee Co., successfully provided a guarantee service for a local import-export company, marking the first forward foreign exchange margin guarantee letter business in Gansu Province, which represents a significant breakthrough in the non-financing guarantee product system [1][2] Group 1 - The successful implementation of this business was facilitated by collaboration among multiple parties, including the guidance of the Gansu Provincial Branch of the State Administration of Foreign Exchange, and involved in-depth research with the People's Bank of China and Bank of China to create a tailored service plan [1] - The guarantee support from Jinkong Linxia enabled the local import-export company to secure a forward foreign exchange settlement business of 112,000 euros, helping the company lock in exchange rates and effectively mitigate exchange rate fluctuation risks [1][2] Group 2 - The local import-export company, although small in scale, exports its products to EU countries like Italy, providing numerous job opportunities and aligning with Gansu Province's policies aimed at stabilizing employment and foreign trade [1] - In response to the challenges posed by international instability, exchange rate fluctuations, and rising labor costs, the company is facing tight liquidity and increased operational pressure [1][2] Group 3 - To assist companies in overcoming difficulties, Jinkong Linxia has introduced a "combination punch" strategy, which includes providing guarantees to secure liquidity support from Bank of China and innovating the "forward foreign exchange margin guarantee letter" business [2] - The new guarantee mechanism allows companies to pay a guarantee fee of no more than 1% of the guarantee amount, effectively revitalizing their liquidity and enhancing capital efficiency [2] - The company leader expressed that the exchange rate risk mitigation guarantee policy has increased the safety of their foreign exchange income and reduced cash flow burdens [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The extremely low interest rate of the 25 Orient Fortune Sea PPN001 (Sci - tech Bond) is mainly due to the central - local cooperation risk - sharing mechanism. The report explores the risk - sharing mechanism of sci - tech bonds from the perspectives of risk - sharing tools and private enterprise bond issuance practices [2][6]. - The risk - sharing mechanism of sci - tech bonds, while continuing the toolbox of private enterprise bonds, has a fundamental shift in service objects, aiming to cultivate the long - term financing capabilities of hard - tech private enterprises and venture capital institutions. However, the current credit enhancement means and risk - sharing mechanisms are still imperfect [4]. - The evolution of China's private enterprise bond financing support tools shows a shift from policy - oriented to market - oriented operations, but the overall support for private enterprise bond financing has not been effective, with the net financing of private enterprise bonds being negative for a long time since 2018 [3][43][46]. 3. Summary by Relevant Catalogs 3.1 Credit Sharing Toolbox and Relevant Practices of Sci - tech Bonds - **Risk - sharing Modes**: There are two main risk - sharing modes: diversified sharing and mutual - cooperation sharing. The report focuses on the mutual - cooperation sharing mode, and risk - sharing tools mainly include guarantee credit enhancement, credit derivatives, central - local cooperation, and the establishment of risk - compensation funds [7]. - **Guarantee Credit Enhancement**: In the credit bond guarantee practice, the guaranteed subjects are mainly AA - rated state - owned enterprises, and the guarantee method is mainly joint - liability guarantee. China's financing guarantee system is government - led, but the actual guarantee coverage of market - oriented guarantee institutions for private enterprise bonds is low. Sci - tech bonds are tilted towards high - credit - grade state - owned enterprises, with an overall guarantee ratio of less than 5%, and the guarantee of private enterprise sci - tech bonds is even more difficult [8][13][14]. - **Transaction - type Credit Enhancement**: It is usually provided by credit enhancement companies. When the issuer defaults, the bondholder can transfer the bond to the credit enhancement company. Currently, the use of this method in the bond market is rare. As of July 15, 2025, only 3 outstanding credit bonds used this method, including 1 sci - tech bond [15]. - **Credit Derivatives**: The development of China's credit derivatives market is still in its early stage. There are 6 types of credit derivatives in total, including 4 in the inter - bank market and 2 in the exchange market. The development of credit derivatives has experienced several stages, and the issuance volume increased during the private enterprise and real - estate enterprise default tides. CRMW, as an example, shows characteristics such as commercial - bank - led creation, short - term creation, and low scale coverage in supporting sci - tech bonds. The supported subjects are mainly high - credit - grade private enterprises, and the industries are concentrated in basic chemicals, textile and apparel, and electronics [16][23]. - **Local Risk -缓释 Funds**: These are risk - compensation special funds arranged by local fiscal budgets. In the credit field, they mainly support small and medium - sized enterprises; in the bond field, they mainly serve to resolve urban investment debt risks. There is a lack of practical experience in supporting sci - tech bonds, although relevant policies encourage local governments to set up such funds [26][27][28]. - **Central - local Cooperation**: It is an innovative practice under the framework of the private enterprise bond financing support tool, with a double - layer credit - enhancement structure of "central + local". It has the advantages of risk dispersion and flexible and precise financing support. In supporting sci - tech bonds, in June 2025, 5 private equity investment institution sci - tech bonds were issued, mostly using the central - local cooperation mode, and the market recognition was high [29][35][36]. 3.2 Credit Risk - sharing Practices of Private Enterprise Bonds - **Evolution of Private Enterprise Bond Financing Support Tools**: It can be divided into three stages: the establishment stage (2018 - 2021), during which the private enterprise bond financing support tool was set up; the innovation stage (2022), when non - pure policy - oriented tools and the central - local cooperation new model were launched; and the stage of increasing support (2022 end - present), featuring a normalized central - local cooperation credit - enhancement mode [40][41][43]. - **Effect of Private Enterprise Bond Financing Support Tools**: Despite the continuous increase in support for private enterprise bond financing, due to successive default tides of private enterprises and real - estate enterprises, the support resources are mainly concentrated on high - credit - grade, medium - and large - sized private enterprises. The overall support effect is not significant, with the net financing of private enterprise bonds being negative for a long time since 2018 [43][46][48].

Group 1 - The "Liaoning Venture Capital Home" series of activities aims to enhance capital operation awareness and improve venture investment service systems in local cities, injecting financial vitality into regional technological innovation and industrial upgrading [1][2] - The event attracted over 120 excellent GP and LP partnerships, leading to more than 80 billion yuan of social capital investment in Liaoning's real economy [2] - The "Chuangtou Liaoning" equity investment and financing service platform was introduced to facilitate efficient connections between investors and enterprises [2][4] Group 2 - Local government officials emphasized the importance of venture capital as a dynamic factor in the financial system, aiming to optimize the business environment and promote high-quality development of the venture capital industry [3] - The Liaoning Provincial Financial Management Bureau is focused on improving the financial ecosystem and has implemented measures to support private economic development [4][5] - The series of activities will continue until mid-November, covering 14 cities in Liaoning, with the goal of enhancing investment matching and promoting quality projects through nationwide financing demand releases [6][7]

Group 1 - The core viewpoint of the news is the successful issuance of a technology innovation corporate bond by Zhejiang Changchuang Green Technology Development Group Co., Ltd., backed by Gansu Public Aviation and Tourism Guarantee Group, indicating strong market recognition of the latter's risk management and credit quality [1] - The bond issuance scale is 500 million yuan with a low coupon rate of 1.9%, reflecting the competitive advantage of Gansu Public Aviation and Tourism Guarantee Group in the capital market [1] - Gansu Public Aviation and Tourism Guarantee Group has maintained an AAA credit rating for seven consecutive years, showcasing its strong creditworthiness and brand advantage, which has led to record low issuance rates for multiple bonds [1] Group 2 - Since its entry into the bond guarantee business in 2018, Gansu Public Aviation and Tourism Guarantee Group has expanded its operations from Gansu to other provinces, including Shaanxi, Sichuan, Chongqing, Hubei, Jiangxi, and Zhejiang, establishing a nationwide presence [1] - The group has collaborated with 42 institutions, including securities firms, banks, and local state-owned enterprises, and has reviewed 95 bond guarantee projects totaling 61.022 billion yuan, successfully issuing 22 bonds worth 12.005 billion yuan [2] - Gansu Public Aviation and Tourism Guarantee Group aims to focus on cultivating new productive forces and enhancing its "guarantee+" financial service ecosystem to support high-quality regional economic development [2]

Group 1 - The National Financing Guarantee Fund has significantly supported key areas such as employment promotion, consumption stimulation, and technological innovation in 2023 [1] - In the first half of the year, the fund's new guarantee cooperation business scale reached 8164.93 billion yuan, with single loans of 500,000 yuan or less accounting for 98.91% of the total business scale [1] - The cumulative coverage of cooperative businesses reached 2727 districts and counties by the end of June, an increase of 88 compared to the same period last year [1]

Group 1 - The event held on July 9 aimed to connect advanced technologies from central enterprises like Sinopec with the needs of the Ningxia chemical industry, promoting the transformation of scientific achievements into practical applications [1] - Experts from various organizations presented technological achievements in areas such as light hydrocarbon processing, new materials, environmental governance, and intelligent control, facilitating direct communication with enterprise representatives [1] - Financial institutions like Bank of China and Ningdong Guarantee Company introduced technology finance policies and credit products, providing diversified solutions to address financing challenges for enterprises [1] Group 2 - By the first half of 2025, the Ningdong base plans to enhance support for technology finance, leveraging various innovation investment funds to attract more financial capital for enterprise technological innovation [2] - The financial matchmaking event attracted over 80 enterprises, resulting in cooperation intentions between financial institutions and 7 companies, with a total credit amount exceeding 350 million yuan [2] - The initiative aims to promote active technological, technical, and industrial innovation among enterprises, facilitating the transformation of more scientific and technological achievements into practical applications [2]

Core Viewpoint - The current focus on technology finance should not only involve increasing the scale of products or services but also require genuine innovation and breakthroughs in institutional mechanisms [1] Group 1: Institutional Mechanism Innovation - There is a need for institutional innovation to address multiple pain points in financial support for technology innovation, particularly in the venture capital sector [2] - Banks are crucial support entities and should explore the establishment of specialized institutions to better meet the needs of technology finance [2][3] - Despite banks enhancing support for technology enterprises, there are still significant shortcomings in institutional innovation [2] Group 2: Lifecycle and Risk Management - The lifecycle of technology enterprises is characterized by significant uncertainty, making it challenging for banks to maintain comprehensive cooperation throughout all stages [3] - Financial institutions must develop organizational, talent, product, risk control, patience, and ecological capabilities to effectively serve technology enterprises [3] - The future role of capital markets in supporting technology enterprise financing is a critical area that requires re-evaluation and positioning [3] Group 3: Demand-Side Reform - There is a need to actively promote demand-side reforms in technology finance to strengthen its endogenous development momentum [4] - Technology enterprises often have strong innovative capabilities but may lack management and financial resource utilization skills, particularly among small and medium-sized enterprises [4] - Financial institutions should establish efficient risk management mechanisms to enhance the effective financial demand of technology enterprises [4][5] Group 4: Open and Collaborative Ecosystem - Constructing an open and collaborative ecosystem for technology finance is essential for optimizing the allocation of domestic and international resources [6] - The sharing of experiences and resources among various experimental zones can facilitate the development of technology finance [6] - There is a need for improved policy coherence and consistency at both macro and specific levels to support technology finance [6] Group 5: Future Development Trends - Four key areas are expected to experience rapid development: financing for small and medium technology enterprises, mergers and acquisitions financing for larger technology firms, technology innovation bonds, and AIC equity investments [7] - Financial regulatory bodies should accept a certain level of financial risk while being cautious about the bottom line of risk tolerance [8] - There is a need to enhance the understanding and assessment of the success probability of technology innovation, recognizing that significant technological innovations may be low-probability events [8]

Core Insights - The event titled "'Chain' Connecting Supply and Demand 'Benefiting' Enterprise Collaboration" was organized by the Yinchuan Municipal Industry and Information Technology Bureau to address financing challenges faced by industrial enterprises [1][3] - A total of 15 financial institutions and over 20 industrial enterprises participated, utilizing a model of "government platform, enterprise performance" to facilitate effective communication and collaboration [1][3] Group 1 - The event provided a platform for banks and enterprises to understand each other's needs, showcasing the enterprises' production operations, technological advantages, and unique products through "8-minute precise roadshows" [3] - Financial institutions, including Ningxia Bank and Minsheng Bank, presented specialized financial products and services, such as "Ningke Loan" and "Digital Transformation Loan," which received positive feedback from enterprises [3] - A tracking mechanism called "three ones" was established, including an enterprise demand list, a bank service plan, and a follow-up supervision system to ensure the outcomes of the financing matches [3][4] Group 2 - The Yinchuan Municipal Industry and Information Technology Bureau plans to enhance the regularized interaction mechanism between government, banks, and enterprises, aiming to create a comprehensive service system that combines financing and intelligence [4] - The initiative seeks to channel financial resources towards high-quality industrial projects, transforming policy benefits into new momentum for the high-quality development of industrial enterprises [4]