Core Viewpoint - The recent policy initiative by multiple government departments emphasizes the importance of capital markets in supporting technological innovation, aiming to enhance the "technology-industry-finance" cycle and stimulate innovation vitality [1] Group 1: Stock-Debt Linkage - Stock-debt linkage facilitates a diversified financing structure for companies, allowing for tailored capital solutions based on their development stages, such as equity financing for high-risk startups and bond financing for mature firms [1][2] - This linkage is expected to lower the trial-and-error costs associated with technological innovation by providing better funding support and risk-sharing mechanisms [2] Group 2: Financing Data and Trends - As of the end of 2024, there are 1,767 companies listed on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, with 581 of these companies raising nearly 1 trillion yuan in total financing [3] - From 2021 to 2024, the issuance of Sci-Tech bonds has significantly increased, with amounts of 16.66 billion yuan, 102.84 billion yuan, 364.54 billion yuan, and 613.686 billion yuan respectively, cumulatively providing over 1 trillion yuan in financing support to 335 companies, with the proportion of these bonds in total corporate bonds rising from 0.4% to 15.53% [3] Group 3: Support for Disruptive Innovation - The stock-debt linkage is anticipated to enhance the support for disruptive technological innovations, which require substantial R&D investment and stable financial backing [4] - This approach is expected to attract patient capital that understands technology, thereby fostering the development of groundbreaking technologies that are crucial for high-quality economic growth [4]

Core Viewpoint - The policy aims to enhance financial support for technology-oriented small and medium-sized enterprises (SMEs) in Tai'an by reducing lending risks for banks and financing costs for companies through a new risk compensation and interest subsidy management approach [1][3]. Group 1: Policy Details - The Tai'an Science and Technology Bureau has released a draft for public consultation regarding the "Risk Compensation and Interest Subsidy Management Measures for Science and Technology Loans" [1]. - The policy includes significant measures such as a maximum interest subsidy of 3 million yuan for major project transformations under the "Double Ten Project" [1][3]. Group 2: Risk Compensation Mechanism - The risk compensation mechanism involves shared responsibility among the provincial, municipal, and banking sectors, with a risk-sharing ratio of 35% from the provincial government, 35% from the municipal government, and 30% from the banks [3]. - For early-stage and startup technology SMEs assessed through the "Kyrongxin" platform, the maximum risk compensation can reach up to 90% for credit loan principal losses [3]. Group 3: Interest Subsidy Details - The interest subsidy is provided on a post-subsidy basis, with Tai'an offering an additional 20% subsidy on top of the provincial level, capping individual enterprise subsidies at 250,000 yuan [3]. - For projects under the "Double Ten Project," the maximum interest subsidy can reach up to 3 million yuan [3]. Group 4: Application and Oversight - Applications for risk compensation and interest subsidies must be submitted annually, with specific procedures outlined for banks and enterprises to follow [4]. - The policy includes strict oversight measures to prevent fraudulent activities, with penalties for those who misappropriate funds or fail to report accurately [4].

Group 1 - The Ministry of Science and Technology and six other departments have issued policies to accelerate the construction of a technology finance system, introducing 15 measures to channel more financial resources into technological innovation [1] - Key highlights of the 15 policy measures include top-level design for a new technology finance ecosystem, establishment of a "National Venture Capital Guiding Fund" to promote the transformation of major technological achievements into productive forces, and optimization of state-owned venture capital assessments to unleash investment vitality [1] - AI is increasingly recognized as a strategic focal point in global technological competition, with the potential for multiple catalysts in the AI sector as policies and regulations are implemented [1] Group 2 - The Sci-Tech Innovation Board Artificial Intelligence ETF closely tracks the Sci-Tech AI Index, which selects large market capitalization companies from the Sci-Tech Innovation Board, covering sectors such as computers, chips, software, and services [2] - The Robotics ETF Fund tracks the CSI Robotics Index, which includes sample stocks from system solution providers, digital workshop and production line integrators, automation equipment manufacturers, and related companies to reflect the performance of the robotics industry [2] - The Hong Kong Technology 30 ETF tracks the Hang Seng Hong Kong Stock Connect China Technology Index, with significant representation from the information technology, discretionary consumption, industrial, and telecommunications sectors, indicating a high technology content [2]

科技金融是实现科技与金融双向促进，推动新质生产力发展的重要支撑。金融"五篇大文章"中，科技金 融位居首位。 近年来，从中央到地方，一系列支持科技创新的金融举措加速落地，我国金融支持科技创新的深度和广 度不断提升。目前，我国已经初步形成银行信贷、资本市场、债券市场和创业投资等多层次、多元化的 科技金融服务体系。 如何为科技创新注入更强的金融动力，记者采访了国家金融与发展实验室副主任杨涛。 记者：如何满足科技企业和科技创新的金融服务需求？ 杨涛：为科技创新提供更好金融服务，至少应该考虑以下两方面问题。第一，兼顾科技企业与科技创新 活动。一方面，各类科技企业是科技创新的核心力量，只有满足好科技企业的各种金融需求，才能在微 观层面上保障中国特色自主创新的顺利推进。另一方面，传统产业与企业相对缺乏科技创新能力，获得 科技金融支持的可能性相对低，如果能通过加强金融服务激发传统产业与企业的创新活力，就可能使科 技强国建设获得更广泛的基础。 杨涛：首先，要以系统化思维推动科技金融体制改革。一则，构建同科技创新相适应的科技金融体制， 更需推动供给侧结构性改革，不应该静态、片面地追求特定金融产品的规模与数量，要更加动态平衡、 结 ...

ooo[Table_ReportInfo] 2025 年 05 月 16 日 证券研究报告•宏观定期报告 宏观周报（5.12-5.16） 关税博弈阶段性缓和，美国通胀仍在下行 摘要 [Table_Summary] 一周大事记 国内：加快构建科技金融体制，持续推进城市更新。5 月 13 日，中国－拉美 和加勒比国家共同体论坛第四届部长级会议在北京举行，同日，中国和巴西发 布关于强化携手构建中巴命运共同体的联合声明，未来我国自巴西进口有望持 续增加，中国企业向巴西出海投资的步伐也有望加快；14 日，科技部联合中 国人民银行等七部门发布《加快构建科技金融体制 力支撑高水平科技自立自 强的若干政策举措》，提出 15 项具体措施，推动金融资源精准投向科技创新 领域；同日，国家发展改革委主任郑栅洁主持召开民营企业座谈会，围绕经济 形势、稳就业稳经济政策落实等议题，系统回应民营企业关切，释放了强化政 策执行、法治保障和战略引导的积极信号；15 日，中办、国办印发《关于持 续推进城市更新行动的意见》，系统部署八大任务与六大支撑保障措施，城市 更新改造后续或将获得更多财政和融资等方面的支持。 相关研究 请务必阅读正文后的重要声 ...

Core Viewpoint - The meeting signifies the acceleration of China's technology finance system reform, aiming to empower technological innovation and support the construction of a strong technological nation [1][5] Group 1: Importance of Technology Finance - The meeting emphasized the significance of technology finance in accelerating the construction of a technological power and achieving high-quality financial development [2][3] - Financial and technology departments have collaborated to enhance the system and market framework, resulting in notable progress in various financing channels such as debt, equity, and insurance [2][3] Group 2: Current Achievements - Technology loans have maintained a high growth rate, providing essential funding support for technology enterprises [3] - The stock and bond markets have increased their support for technological innovation, facilitating the development of tech companies through diverse financing channels [3] - The quality and efficiency of private equity and venture capital services have significantly improved, offering crucial equity financing for startup tech companies [3] Group 3: Challenges and Future Directions - The meeting acknowledged existing challenges in technology finance, particularly in enhancing support for technological innovation and meeting the diverse financial needs of tech enterprises [3] - A series of targeted and actionable policy measures were proposed, including the implementation of low-cost funding for technology innovation and better utilization of banking and insurance services [4][5] - The establishment of a supportive financial ecosystem for technological innovation was highlighted, with a focus on improving financing matching, risk sharing, and information sharing [4][5] Group 4: Pilot Programs and Strategic Deployment - The meeting proposed to promote pilot programs in key regions such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area to explore replicable and scalable experiences in technology finance [5] - The collaborative efforts of multiple departments are expected to deepen the reform of the technology finance system, providing stronger financial support for technological innovation and contributing to the goal of achieving high-level technological self-reliance [5]

Group 1 - The core viewpoint of the article emphasizes the importance of establishing a comprehensive financial service system to support technological innovation throughout its lifecycle, as outlined in the recently released policy measures by multiple government departments [1][2] - The policy measures include 15 specific initiatives aimed at enhancing the financial support for technology innovation, which is deemed essential for achieving high-level self-reliance in technology [1][2] - The integration of technology, industry, and finance is highlighted as crucial for building a competitive modern industrial system, with financial innovation playing a key role in facilitating continuous investment in new technologies [2][3] Group 2 - The current financing avenues for technology enterprises in China, particularly venture capital, are noted to be relatively underdeveloped compared to developed countries, necessitating structural optimization of funding sources [3] - The policy measures propose the establishment of a "National Venture Capital Guiding Fund" to enhance the venture capital ecosystem, addressing issues such as funding sources, investment direction, post-investment management, and exit channels [3] - Capital markets are identified as critical for supporting technology innovation, with proposed measures to prioritize financing for technology enterprises that achieve key technological breakthroughs and to establish a "technology board" in the bond market [3][4]

日前，科技部、中国人民银行、金融监管总局等七部门联合发布的《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》（以下简称《政策举措》）强调，发挥资本市场支持科技创新的关 键枢纽作用。 近年来，科技创新战略地位凸显，科技金融发挥着关键支撑作用。作为金融"五篇大文章"首篇，科技金 融蓬勃发展，直接融资、间接融资协同发力，促进科技创新发展。作为直接融资的主要场所，资本市场 有效发挥融资、资源配置、价格发现等功能，为科技领域发展提供了长期稳定资金支持，加速科技创新 步伐。 在笔者看来，《政策举措》明确了资本市场在支持科技创新方面的"关键枢纽"作用，引导股票市场、债 券市场联动发力，将进一步畅通"科技—产业—金融"良性循环，激发科技创新活力。 首先，股债联动发力，将优化科技型企业多层次融资体系，满足其全生命周期资金需求。 科技型企业具有投入资金大、研发周期长、风险高等特点，单一融资渠道难以覆盖其全生命周期的资金 需求，亟须股债联动发力。在股票市场方面，《政策举措》主要聚焦科技型企业早中期的股权融资需 求，围绕此类企业上市融资作出系统性安排，支持取得关键核心技术突破的优质未盈利科技型企业上市 融资；在债券市 ...

Group 1 - The core viewpoint of the news is the introduction of a new policy initiative aimed at accelerating the construction of a technology finance system to support high-level technological self-reliance and innovation in China [1][2][3] - The policy initiative includes 15 measures across 7 areas, focusing on venture capital, bank credit, capital markets, technology insurance, fiscal policies, central-local collaboration, and creating an open innovation ecosystem for technology finance [1][2] - A notable measure is the establishment of a "National Venture Capital Guidance Fund" to promote the growth of technology-based enterprises and support the development of strategic emerging industries [1][2] Group 2 - The initiative emphasizes the importance of bank credit in supporting technological innovation, encouraging financial institutions to increase support for major national technology tasks and technology-based SMEs [2][3] - It proposes a special mechanism for bank credit support for technology innovation, including the establishment of identification standards for technology-based enterprises and a recommendation mechanism to facilitate effective support from financial institutions [2] - The policy also highlights the role of capital markets in supporting technology innovation, advocating for a counter-cyclical adjustment mechanism for new stock issuances and prioritizing financing for technology-based enterprises that achieve core technological breakthroughs [2][3] Group 3 - The initiative outlines the role of technology insurance as a stabilizing factor in supporting innovation, proposing the development of a comprehensive insurance product and service system covering the entire lifecycle of technology-based enterprises [2][3] - It encourages the participation of insurance funds in implementing major national technology tasks and explores risk-sharing pilot projects in key technology areas [2][3] - The policy aims to leverage fiscal policies to mobilize more financial resources for technology innovation, utilizing existing loan interest subsidies, insurance subsidies, and risk compensation policies [3] Group 4 - The initiative promotes central-local collaboration in advancing national technology finance efforts, including the establishment of innovation point systems and the implementation of special guarantee plans linked to technology innovation [3] - It supports foreign investment in domestic technology-based enterprises and the lawful overseas listing of technology-based companies [3] - A coordinated mechanism among the People's Bank of China, the Ministry of Science and Technology, and other regulatory bodies will be established to enhance policy coordination and information sharing in technology finance [3]

《若干政策举措》推出15项科技金融政策举措，从创业投资、货币信贷、资本市场、科技保险、财政政策、央地联合和生态建设7个方面强化部 署，将推动更多金融资源进入科技创新领域各环节，引导更多金融资本投早、投小、投长期、投硬科技。 【环球网财经综合报道】日前，科技部、中国人民银行等7部门联合发布《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》 （简称《若干政策举措》），为科技创新提供全生命周期、全链条的金融服务。 为更好发挥资本市场支持科技创新关键枢纽作用，《若干政策举措》提出优先支持取得关键核心技术突破的科技型企业上市融资、建立债券市 场"科技板"等政策举措。《若干政策举措》明确，发挥科技保险支持创新的减震器和稳定器作用，探索以共保体方式开展重点领域科技保险风险保 障，鼓励险资参与国家重大科技任务等。 科技金融的发展离不开财政政策的引导和支持。《若干政策举措》提出，用好用足贷款贴息、风险补偿等政策支持企业科技创新，实施科技创新专 项担保计划，落实好天使投资、创业投资相关税收政策等。 下一步，科技部将会同有关部门推动《若干政策举措》落实落细，为实现高水平科技自立自强和建设科技强国提供有力的金融支撑。( ...