本报讯(记者曹琦)为深入学习贯彻中共中央关于金融工作的重要论述和关于资本市场的重要指示批示精 神，结合当前正在开展的深入贯彻中央八项规定精神学习教育，南昌市政府分管领导率队、市委金融办 会同江西证监局等部门联合开展上市公司及拟上市企业大走访行动，凝聚多方合力帮助企业增强发展信 心，破解发展难题，积极应对外部不确定性。2025年以来，实地走访15家A股上市公司，11家拟上市企 业，推动解决企业诉求19项。 有求必应听企声 在开展深入贯彻中央八项规定精神学习教育之际，南昌市委金融办成立学习教育工作专班，举办全市地 方金融系统基层党组织书记和党务干部培训班及读书班，以理论学习中心组、党支部"三会一课"、主题 党日、干部大会为载体，认真学习加强党的作风建设以及最新出台的一揽子增量政策。 通过座谈会，市委市政府领导逐一回应企业提出的问题诉求，向企业宣讲并购再贷款、回购增持再贷 款、上市、人才等相关政策，引导企业要鼓足干事创业热情，做好主业、做精专业，强化风险管理，积 极融入南昌市"8810"制造业重点产业链现代化建设，抢抓一揽子增量政策机遇，通过并购重组等方式向 新质生产力方向转型升级、做优做强。 走访过程中，主要帮助 ...

企业名称扬州综保投资开发有限公司法定代表人刘晖注册资本1000万人民币国标行业金融业>资本市场 服务>其他资本市场服务地址扬州市开发区扬子江南路9号企业类型有限责任公司（非自然人投资或控 股的法人独资）营业期限2025-5-27至无固定期限登记机关扬州经济技术开发区市场监督管理局 来源：金融界 序号股东名称持股比例1扬州市华恒建设投资有限公司100% 经营范围含许可项目：保税仓库经营；海关监管货物仓储服务（不含危险化学品、危险货物）；城市配 送运输服务（不含危险货物）；道路货物运输（不含危险货物）；食品销售；建设工程施工（依法须经 批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以审批结果为准）以自有资金从事投 资活动；食品销售（仅销售预包装食品）；工程管理服务；货物进出口；技术进出口；保健食品（预包 装）销售；婴幼儿配方乳粉及其他婴幼儿配方食品销售；国内货物运输代理；企业管理咨询；信息咨询 服务（不含许可类信息咨询服务）；智能仓储装备销售；建筑材料销售；轻质建筑材料销售；金属制品 销售；日用百货销售；针纺织品及原料销售；机械设备销售；装卸搬运；园区管理服务；物业管理；非 居住房地产租赁；企业管理； ...

Core Viewpoint - The joint release of the "Several Measures to Support Financing for Small and Micro Enterprises" aims to improve the financing conditions for small and micro enterprises in China, enhancing their ability to access loans and stimulating the vitality of the private economy [2][3][4]. Group 1: Policy Features - The measures break down administrative barriers and strengthen policy coordination among eight departments, integrating monetary, fiscal, and industrial policies into a cohesive framework [3][4]. - A multi-tiered capital market linkage mechanism is established, connecting regional equity markets, the New Third Board, and the Beijing Stock Exchange for the first time [3][4]. - The measures emphasize the importance of data sharing and digital transformation to create a more efficient inclusive financial ecosystem, reducing financing costs and improving access to financial services [3][4]. Group 2: Systematic Reform - The measures reflect a systematic reform approach, addressing long-term financing challenges faced by small and micro enterprises and responding to new issues in industrial innovation [3][4][5]. - A differentiated regulatory system and incentive mechanisms are introduced to encourage financial institutions to support small and micro enterprises more actively [5][6]. - The establishment of a data-driven credit assessment mechanism aims to alleviate information asymmetry between banks and enterprises, reducing reliance on collateral [5][6]. Group 3: Economic Impact - The measures are expected to reshape the financing ecosystem for small and micro enterprises, potentially increasing employment opportunities and enhancing job quality through the "specialized, sophisticated, and innovative" enterprise cultivation plan [6][7]. - By improving the financing environment, the measures are likely to stabilize the employment base and stimulate private investment, contributing to the optimization and upgrading of the economic structure [6][7]. - The introduction of a risk-sharing mechanism involving fiscal compensation funds and financial institutions aims to enhance the accessibility of debt and equity financing for small and micro enterprises [5][6].

发展科技金融是一项复杂的系统工程，需要各方面协同发力。此次文件通过一系列具体措施，进一步强 化政策组合的衔接互补、落实落细和整体效能，这不但有利于充分释放既有的政策红利，还有助于强化 科技部门和金融部门协同、中央和地方联动。随着推动金融、科技、产业融合发展的各项政策落地见 效，在金融活水精心浇灌下，"科技之花"将结出更多更优"产业硕果"，为经济高质量发展注入源源不断 的活力。 当前，我国金融支持科技创新的多元化融资体系正在加快形成，但与科技创新需求相适应的金融供给还 存在一定差距。我国债券市场总规模达到183万亿元，居世界第二位，具有资金筹集规模大、成本低、 期限长的特点，投资者众多、市场成熟度高，能够为科技创新领域提供更加高效、便捷、低成本的增量 资金。在此背景下，债券市场"科技板"应运而生，以科技创新债券为引领，建立"股债联动"的综合支撑 体系，有效匹配科技型企业各阶段融资需求。 大力推动科技创新债券发展，首先，可以缓解股权投资行业筹资困境，带动投早、投小、投长期、投硬 科技。有研究估计，此次有望带动更多社会资本进入科技创新领域，推动私募股权融资市场与股票发行 交易市场相互促进和良性循环。其次，通过创设科 ...

陈茂波近日公布，今年香港股市新股集资额已超过760亿港元，相较去年同期增长超过7倍，已达去年全 年新股集资总额的近九成。这一数据显示港股市场在今年迎来强劲复苏，投资者信心明显回升。 港股新股市场显著回暖 香港资本市场正展现出强大活力，今年已迎来多宗大型新股上市。宁德时代在港交所上市，成为今年全 球最大规模的新股集资活动，募集资金约356.6亿港元。港股新股市场交投热度不减，多宗IPO认购活 跃，推动融资规模暂居全球首位。 香港投资管理有限公司举办了首届国际耐心资本论坛，吸引来自全球15个国家和地区的资本机构参与， 这些机构管理的资产总值超过20万亿美元。众多外国投资者表示将通过香港加大在内地及亚洲地区的资 产配置，看好中国及亚洲地区的创科发展和庞大应用市场。 香港正积极提升作为企业设立国际总部首选地的优势。公司迁册条例已于5月23日正式生效，允许香港 以外地区成立的公司以更便捷方式申请迁册来港。条例生效当日已有国际大型保险公司宣布迁册到香 港，预计航运等其他行业公司也将陆续跟进。 香港作为连接内地与全球的"超级联系人"角色日益突出。《关于建立国际调解院的公约》签署仪式将于 5月30日在香港举行，国际调解院总部 ...

Group 1 - The long-term investment returns in the stock market are influenced by three factors: corporate earnings, valuation changes, and dividend yields [4][6][10] - Corporate earnings growth and the digestion of early high valuations are crucial for the long-term investment returns of the A-share market, closely linked to the economic development stage [4][10][14] - The A-share market is expected to see systematic increases in long-term investment returns due to improving company quality, increasing dividends and buybacks, and the inflow of patient capital [4][16][22] Group 2 - The annualized total return performance of major global indices from 2011 to 2024 shows that the S&P 500, Nikkei 225, and NIFTY 50 indices have outperformed others, with annualized returns of 13.8%, 12.4%, and 11.5% respectively [5][7] - The A-share market, represented by the CSI 300 index, has a relatively low annualized return of 3.9%, indicating a need for improvement in corporate earnings growth [5][7][14] - The contribution of corporate earnings growth to total returns in major capital markets is significant, with the S&P 500's earnings growth contributing 7.6% to its total return [7][8][14] Group 3 - Valuation changes have had a negative impact on the returns of several capital markets, including the CSI 300, which has seen a valuation change contributing -1.2% to its annualized return [8][15] - Dividend yields have been a consistent source of returns across various markets, with the A-share market's dividend yield at around 2%, which is moderate compared to other major markets [8][18][19] - The increasing focus on dividends and buybacks among A-share companies is expected to enhance investor returns significantly [18][19][20] Group 4 - The relationship between stock market returns and economic development stages shows a "U" shaped trend, where corporate earnings and valuations initially decline before rising again as economies mature [10][11][12] - The ongoing transition of the Chinese economy towards high-quality development is anticipated to improve the overall profitability and valuation of listed companies [14][22] - The growth of patient capital in the Chinese market, including insurance and pension funds, is expected to support the long-term health of the capital market [20][21]

"爱股票APP"等账号发布资本市场不实信息。微博账号"爱股票APP"、抖音账号"价值发现者"发布转融通、融资融券有关制度安排等不实信息。微信公众号"杰克船 长宏观策略"散布有关量化基金监管政策谣言。百度百家号"北熊喵"发布资本市场交易时间调整等虚假信息。涉及的账号已被依法依约关闭。 "侃哥说财经"等账号开展非法荐股。抖音账号"侃哥说财经""落叶巅峰"、微信公众号"小海豚大梦想""风清扬大侠"、微博账号"浪沙淘金侠""牛遍天下-"、快手账 号"财经老韭菜""金叶子财经"等，通过煽动性或暗示性话语，引导投资者付费加群跟投买入个股、暗示预测个股走势、宣扬买某些股票稳赚不赔，进行非法荐股。 涉及的账号已被依法依约关闭。 国家网信办持续深入整治网上金融信息乱象。 5月24日，网信中国发布消息称，国家网信办会同金融管理部门依法处置一批散布资本市场不实信息、开展非法荐股、炒作虚拟货币交易等的账号、网站。 具体来看，包括发布资本市场不实信息的微博账号"爱股票APP"、抖音账号"价值发现者"、微信公众号"杰克船长宏观策略"、百度百家号"北熊喵"等，开展非法荐股 的抖音账号"侃哥说财经""落叶巅峰"、微信公众号"小海豚大梦想"" ...

Core Viewpoint - The recent joint issuance of policies by multiple Chinese government departments aims to accelerate the construction of a technology finance system to support high-level technological self-reliance and strength, which has garnered market attention [1][3]. Group 1: Financial Mechanisms for Technology Innovation - The new policies shift focus from the supply side of finance to the demand side of technological innovation, facilitating faster and cheaper financial support for technology innovation [3]. - A "green channel" mechanism for capital markets is established to enhance direct financing for technology enterprises, alongside the innovative proposal of a "technology board" in the bond market to raise long-term, low-interest, and easily accessible bond funds [3][4]. - The China Securities Regulatory Commission has signaled a push for high-quality red-chip technology companies to return to domestic capital markets, indicating readiness to welcome back companies previously listed abroad [3]. Group 2: Credit Support and Investment - The policies address the challenges faced by technology enterprises, particularly small and medium-sized private tech firms, in securing loans due to their asset-light nature and the difficulty in assessing the "expected value" of technological achievements [4]. - Structural monetary policy tools will be utilized to encourage financial institutions to increase support for technological innovation, addressing the pain points of financing for tech startups [4]. - A series of new measures will enhance the entire chain of venture capital fundraising, investment, management, and exit, while also establishing a comprehensive technology insurance product and service system to stabilize technology insurance [4].

5月21日，国家金融监督管理总局等八部门联合发布《支持小微企业融资的若干措施》，明确提出构建"新三板挂牌— 北交所上市"梯度培育体系，为创新型中小企业打开资本市场新通路。这项政策组合拳不仅为小微企业融资破局提供 新解法，更标志着中国多层次资本市场服务实体经济迈入新阶段。 "直联机制实现了阶梯式培育，企业先在新三板规范运营，再带着合规基因登陆北交所。"东源投资首席分析师刘祥东 分析称，这种设计既降低企业合规风险，又提升市场整体质量。以人工智能企业为例，其技术迭代快、融资需求强的 特点，与资本市场高效对接的需求高度契合；而低空经济、商业航天等新兴产业，也正通过资本市场加速商业模式成 熟。 股权融资破冰：专精特新企业迎来资本春天 "政策明确支持小微企业股权融资，相当于为北交所构建了庞大的优质企业蓄水池。"北京利物投资管理有限公司创始 人常春林指出，新三板作为北交所"孵化器"的作用将进一步凸显。东方财富Choice数据显示，2024年新三板新增挂牌 企业达133家，同比激增40%，近三年累计新增1058家，形成北交所上市资源的"活水源头"。 数据揭示资本市场服务实体经济的成效：2024年新三板挂牌企业实现营收1.71 ...

Core Viewpoint - The article emphasizes the importance of collaboration between the technology and finance sectors to support high-level technological self-reliance and innovation in China, as outlined in the recently released policy measures by multiple government departments [1][2]. Group 1: Policy Measures Overview - The joint policy measures focus on seven areas including venture capital, monetary credit, capital markets, technology insurance, and bond markets, proposing 15 specific initiatives aimed at enhancing financial support for technology innovation [2][3]. - Key initiatives include the establishment of a "National Venture Capital Guiding Fund" to encourage early, small, long-term investments in hard technology, and the use of structural monetary policy tools to increase credit support for technology enterprises [2][3]. Group 2: Capital Market Highlights - The policy measures introduce a "green channel" mechanism for technology enterprises in capital markets, reforming the Sci-Tech Innovation Board and the Growth Enterprise Market to provide better institutional support for innovative companies [3]. - A notable innovation is the proposal to establish a "Technology Board" in the bond market, aimed at raising long-term, low-interest, and easily accessible bond funds for technological innovation [3][4]. Group 3: Financial Support and Ecosystem - The measures aim to create a comprehensive financial support system for major technological tasks and the development of small and medium-sized technology enterprises, focusing on both supply and demand sides [3][6]. - The policy emphasizes the need for a diversified and relay-style financial support system, encouraging participation from various financial entities such as venture capital, insurance funds, and social security funds [3][6]. Group 4: Current Market Response - As of now, nearly 100 institutions have issued over 250 billion yuan in technology innovation bonds, indicating a positive market response to the establishment of the "Technology Board" [4]. - The capital market reforms have led to over 90% of new listings in 2024 being in strategic emerging industries or high-tech enterprises, showcasing the growing cluster of key technology companies [5]. Group 5: Future Directions - The financial regulatory authorities plan to enhance the intensity and service capacity of technology loans, develop the "Technology Board" in the bond market, and improve the financial service levels in technology-intensive regions [6]. - The goal is to establish a long-term financial support mechanism for technology innovation and address the financing challenges faced by technology-oriented small and medium enterprises [6].