Table_First|Table_Summary 固收定期研究 2025 年 5 月 11 日 【华福固收】 AIC 扩容的影响和机会 ➢ AIC扩容的影响和机会 ➢ 金融债 二永债方面，目前短端品种表现更优，且短期内仍有一定的下行空间，国股行二永债流 动性更好，有"类利率"的交易属性，可以在当前行情中博弈相关投资机会，5Y及以内 的国股行二永债可以直接找凸点交易；对于想提前关注长端二永的机构来说，部分流动 性较强的如9-10Y高等级二永可按照每调买机进行适度参与。配置角度来看，票息策略 仍占优，对于负债端稳定的机构来说，可以在头部城农商行二永债中适当下沉，目前隐 含评级AA+的4-5Y二永债的信用利差分别为38.35BP和42.90BP，较同期限AAA-二永债的 利差分别高出5.27BP和5.07BP，有一定的配置优势。 2025年5月7日，兴业银行获国家金融监督管理总局批准筹建兴银金融资产投资有限公 司，注册资本100亿元，为兴业银行的全资子公司。兴银金融资产投资有限公司顺利开 业后，将成为首家由股份行持牌的金融资产投资公司（AIC），也将打破当前"五大AIC" 的行业格局成为我国第六家金融AIC。次日 ...

2025 年 3 月 5 日，国家金监总局发布《关于进一步扩大金融资产投资公司股权投资试点的通知》 称"支持符合条件的商业银行发起设立金融资产投资公司"。新建 金融资产投资公司 （简称 " AIC "）再 次成为行业关注焦点。 建信投资目前有 13 个部门 ，分别是研究发展部（金融科技部）、能源基础投资部、战略新兴投资 部、先进制造投资部、特殊资产投资部、金融市场部、投后管理部、风险管理部、法律合规部（审计 部）、财务会计部、人力资源部（党委组织部）、综合管理部（党委办公室、党委宣传部）和纪委办公 室，并有一家子公司——建信金投私募基金管理（北京）有限公司。 建信投资组织架构图如下 ： 截至目前我国共有 五家 AIC ，分别是工商银行投资的工银金融资产投资有限公司（简称"工银投 资"）、建设银行投资的建信金融资产投资有限公司（简称"建信投资"）、 农业银行 投资的农银金融资 产投资有限公司（简称"农银投资"）、中国银行投资的中银金融资产投资有限公司（简称"中银投资"） 和 交通银行 投资的交银金融资产投资有限公司（简称"交银投资"）。 | 单位:亿元 | 注册地址 | 成立时间 | 注册资本 | 资产总额 | ...

Core Insights - The Financial Supervisory Administration is initiating pilot projects for equity investments by financial asset investment companies to support technology innovation enterprises, with 74 private equity investment funds already established [1][3] - A targeted financial service approach is being adopted for key sectors and private enterprises, focusing on the characteristics of industries to provide specialized financial services [3] - The total loan balance for high-tech enterprises reached 17.7 trillion yuan by the end of Q1 this year, reflecting a year-on-year growth of 20% [3] Group 1 - The establishment of 74 private equity investment funds aims to support investments in technology innovation enterprises [1][3] - Technology enterprise merger loans have been implemented in 18 pilot cities to facilitate capital circulation [1][3] - A plan to support technology innovation guarantees has been jointly launched with financial departments to provide special guarantees for loans to small and medium-sized enterprises in high-tech and specialized sectors [3] Group 2 - The Financial Supervisory Administration is promoting the construction of a comprehensive financial ecosystem for intellectual property, optimizing policies related to registration, evaluation, disposal, and compensation [3] - Insurance compensation pilot projects have been initiated for the first major technical equipment and the first application of key new materials, providing risk protection exceeding one trillion yuan [3] - A specialized mechanism for financing connection has been established in collaboration with the National Development and Reform Commission to enhance the efficiency of matching private investment projects with funding [4]

国家金融监督管理总局批复筹建兴银金融 资产投资有限公司。 ...

中国人民银行、证监会：商业银行、证券公司、金融资产投资公司等金融机构可发行科技创新债券，聚 焦主责主业，发挥投融资服务专业优势，依法运用募集资金通过贷款，股权、债券、基金投资，资本中 介服务等多种途径，专项支持科技创新领域业务。 ...

Core Viewpoint - Technological innovation is the core driving force for high-quality development in the context of profound changes in the global economic landscape, with ICBC Investment actively exploring new paths for hard technology investment based on patient capital [1] Group 1: Patient Capital Principles - To embody patient capital, four principles must be adhered to: long-term investment, value investment, risk investment, and strategic investment [2] - Long-term investment requires strong fundraising capabilities to support long-term plans despite potential short-term returns being negligible [2] - Value investment emphasizes tolerance for short-term projects lacking dividends or cash flow, while ensuring overall profitability and self-development remain unaffected [2] - Risk investment necessitates maintaining operational stability despite potential failures in individual projects, ensuring sufficient risk resilience [2] - Strategic investment involves participating in corporate governance to empower invested enterprises, requiring high levels of comprehensive service capability [2] Group 2: Unique Advantages of Bank-affiliated AICs - Bank-affiliated AICs possess five unique advantages in hard technology investment compared to traditional VC/PE [3] - They uphold the responsibilities of state-owned banks, demonstrating strong policy implementation capabilities [3] - They leverage parent bank platforms to enhance equity financing accessibility and share customer, channel, and brand resources [3] - They provide comprehensive financial services through a new model of investment-loan linkage, covering various financial products throughout the enterprise lifecycle [3] - They inherit a prudent risk culture from banks, establishing a solid foundation for long-term stable operations [3] - They have smooth capital replenishment and funding channels, enabling long-term financial support for the real economy [3] Group 3: Investment Practices in Hard Technology - ICBC Investment focuses on three main aspects when selecting investment targets: the region of the enterprise, the industry, and the enterprise's own capabilities [4] - It targets key regional strategic layouts and innovation centers, providing long-term capital support for high-quality transformation [4] - It emphasizes industries related to national strategic security and competitiveness, focusing on emerging and future industries with high growth potential [4] - It evaluates enterprises based on six core competitive dimensions, ensuring alignment with government support and industry recognition [4] Group 4: Role of Financial Capital in Emerging Industries - Financial capital plays a unique role in the growth of emerging industries through three main functions [5] - It acts as a counter-cyclical regulator, maintaining rational investment during industry overheating and supporting core competitive enterprises during downturns [5] - It provides comprehensive services tailored to the changing financial needs of tech enterprises at different development stages [5] - It actively participates in corporate governance, ensuring balanced interests among stakeholders and promoting effective decision-making [5] Group 5: Contribution to Technological Innovation Ecosystem - Through the practice of patient capital, ICBC Investment not only provides stable funding support for hard technology enterprises but also contributes to the construction of a technological innovation ecosystem, injecting new momentum into high-quality development [6]

AIC股权投资试点正式扩容！ 3月5日，金融监管总局发布《关于进一步扩大金融资产投资公司股权投资试点的通知》（以下简称《通知》），进一步优化完善试点政策。 证券时报记者留意到，该《通知》不仅进一步扩大了金融资产投资公司（简称"AIC"）的试点范围，还明确支持保险资金参与金融资产投资公司发起的私募股 权投资基金。 据统计，自2024年9月，银行AIC股权投资试点由上海扩大至北京等18个城市以来，18个城市签约实现了全覆盖，签约金额超过3500亿元。 扩大试点区域、增加试点机构 AIC股权投资试点不断扩容，无疑有助于丰富一级市场资金来源、吸引更多优秀的基金管理人入场，从而为市场注入更多活力。 不过，银行系股权投资也面临一些挑战。全国政协委员、民革中央经济委员会副主任何杰近日在接受证券时报记者采访时指出，目前AIC股权投资试点仍存在 三方面问题： 一是，AIC直投风险权重仍达400%(债转股投资仅250%)，且母行并表后风险权重高达1250%，资本消耗大，建议进一步降低风险权重。 二是，民营银行、股份制银行、城商行尚未参与这项试点工作，建议纳入其中。对于这个问题，此次《通知》也明确将进一步"开闸"：支持符合条件的商 ...