股债协同加快推动新质生产力发展 为科技企业提供全周期支持 ◎记者 张雪 资本市场作为资源配置的核心枢纽，正通过股债协同机制解决越来越多科技企业全生命周期的融资需 求。 5月7日，中国证监会主席吴清在国新办新闻发布会上，围绕"持续稳定和活跃资本市场"的核心目标，系 统阐述了股债协同服务新质生产力发展的战略路径，并强调要"突出服务新质生产力发展这一重要着力 点"，通过资本市场的制度改革与债券市场的产品创新，形成互补性金融支持网络，为科创企业提供全 方位、"接力式"的金融服务。 从股票市场看，科创板、创业板改革持续推进，制度包容性显著增强。吴清表示，近期将出台深化两大 板块改革的政策措施，在市场层次、审核机制、投资者保护等方面进一步增强制度包容性、适应性，同 时尽快推动典型案例落地。这一改革方向旨在吸引更多"硬科技"和成长型创新企业上市，为新质生产力 提供直接融资平台。从过往来看，修订后的《上市公司重大资产重组管理办法》将强化并购重组的市场 化导向，支持企业通过横向整合或纵向延伸实现技术升级。 数据显示，自去年"并购六条"发布以来，沪深两市披露重组项目近1400单、同比增长40%，其中重大资 产重组超160单、同比 ...

Group 1 - The Beijing Activity Week for the 2025 Osaka World Expo successfully concluded, featuring over 20,000 attendees and more than 10 events, showcasing Beijing's openness and inclusivity to the world [1] - The event included hands-on experiences with traditional Chinese crafts, such as the making of Chinese brushes, attracting international visitors and promoting cultural exchange [3][5] - A significant highlight was the introduction of the "Chuangyou Tong" innovative scheme, which combines communication and payment services, aimed at enhancing the travel experience for international tourists in Beijing [8] Group 2 - The Beijing Cultural and Tourism Bureau reported a 11.2% year-on-year increase in Japanese tourist arrivals in the first quarter, with expectations of 1.2 million Chinese tourists visiting Japan this year, indicating strong bilateral tourism potential [9] - The "Invest in Beijing, Win Together" promotional event showcased Beijing's favorable business environment and attracted foreign investment through various agreements and collaborations [11] - Multiple international cooperation agreements were signed during the event, including partnerships between Beijing's trade promotion agency and Japan's international trade association, enhancing cross-border business relations [12][14]

会议讨论了市委科技委2025年工作要点等文件。 相关市领导，市委科技委委员参加会议。 会议强调，要持续增加高质量科技供给。筑牢重大科创平台支撑，建好用好"一区两中心"等高能级 平台，完善以创新绩效为核心的评估机制。加强关键核心技术攻关，实施一批重大技术攻关项目，布局 一批特色科创平台，攻坚形成一批标志性成果。畅通科技成果转化渠道，建好用好全国高校区域技术转 移转化中心、先进技术成果长三角转化中心，完善全链条服务体系。 会议指出，要强化企业创新主体地位。提升企业创新能力，支持企业加大研发、技改投入，鼓励龙 头企业牵头组建创新联合体，高质量组织实施全球"揭榜挂帅"项目。打造"企业+"科创矩阵，加快培育 科技领军企业，加强创新型企业梯队建设。加大科技招商力度，引进一批产业能级高、产业链带动性强 的重大项目。 会议强调，要着力打造一流创新生态。强化人才引育，抓紧落地落实人才新政，优化人才工作生活 综合环境，靶向引进急需紧缺人才、重量级科创团队。创新科技金融，推进科技型企业并购贷款、科技 金融国际合作发展试验区等试点示范项目，健全科技企业上市服务机制。健全激励制度，探索建立与市 场收益直接挂钩的配套奖补机制，营造鼓励创 ...

Group 1 - The year 2025 marks the conclusion of the "14th Five-Year Plan" and the planning phase for the "15th Five-Year Plan," with Hubei aiming to achieve new progress and results in its development initiatives [1] - Hubei possesses significant educational and scientific resources, including 132 universities and 525 new-type research institutions, which are crucial for enhancing original innovation capabilities [1] - The province plans to enhance the transformation and application of scientific research results, creating a closed-loop industrial ecosystem that integrates research, transformation, application, and re-research [1] Group 2 - Hubei is positioned as a key hub for domestic circulation and an open frontier for international trade, with a foreign trade volume exceeding 700 billion yuan and a 22% increase in trade with Belt and Road countries [2] - The province aims to expand the effects of institutional innovation in its free trade zone and establish industrial collaboration mechanisms with regions like the Yangtze River Delta and the Guangdong-Hong Kong-Macau Greater Bay Area [2] - Hubei is focusing on urban-rural integration and regional collaboration to cultivate new economic growth points, emphasizing the development of a modern economic system with local characteristics [2]

Core Viewpoint - Shenzhen aims to create a supportive financial ecosystem for technological innovation, facilitating the aggregation of capital resources towards the tech innovation sector [1] Group 1: Financial Ecosystem Development - The Shenzhen Municipal Financial Regulatory Bureau and Shenzhen Securities Regulatory Bureau have jointly issued an action plan for building an industrial financial center from 2025 to 2026 [1] - The plan emphasizes the integration of financial support for technological innovation and aims to enhance the financial service capabilities throughout the entire lifecycle of tech enterprises [1] Group 2: Support for Technology Enterprises - The initiative includes the establishment of a technology achievement and intellectual property trading center at the Shenzhen Stock Exchange [1] - It seeks to optimize the coordination mechanism between debt and equity financing for innovative enterprises [1] - The plan encourages various market entities to provide diversified financing support for technology companies [1] Group 3: Investment and Talent Development - The action plan promotes the lawful and compliant investment of insurance funds into specific private equity and venture capital funds [1] - It aims to strengthen the connection between early-stage tech projects and financial institutions through the Shenzhen industry-finance docking platform [1] - The initiative also focuses on cultivating compound talents in the "technology + finance" sector [1]

Core Viewpoint - The article emphasizes the need for comprehensive financial support measures to stabilize the market and expectations, particularly focusing on export enterprises, small and micro businesses, and employment groups affected by external demand shocks [1][5]. Group 1: Financial Policies - A total of ten incremental monetary policies and eight incremental financial policies were announced, along with three capital market initiatives [3]. - Two new monetary policy tools were introduced: a 500 billion yuan service consumption and pension re-loan, and a technology innovation bond risk-sharing tool, aimed at mitigating external demand disturbances [3]. - The technology innovation bond risk-sharing tool is designed to enhance the attractiveness and trading activity of technology innovation bonds, addressing the financing difficulties faced by tech enterprises [3]. Group 2: Economic Stability Measures - The article suggests establishing no less than 500 billion yuan in stable foreign trade and export re-loans, specifically targeting labor-intensive export enterprises transitioning to domestic sales or relocating production capacity [1][5]. - The need for coordinated economic cycles is highlighted, as any lag in one sector can negatively impact the overall economic structure, necessitating a "package" approach to policy implementation [5][6]. Group 3: Market Dynamics - The current external environment has led to a significant drop in new export orders, with the PMI reflecting this downturn, indicating a need for timely policy adjustments such as interest rate cuts [2]. - The article notes that the comprehensive tax rate imposed by the U.S. on Chinese exports exceeds 100%, which has a direct impact on China's trade surplus and domestic manufacturing investment [5]. - The relationship between stock market stability and consumer spending is emphasized, as wealth effects from a stable stock market can help boost consumption and mitigate declines in real estate investment [3].

Core Viewpoint - The recent financial policy package introduced by the central bank, financial regulatory authority, and securities commission aims to stabilize the market and boost expectations, with measures including interest rate cuts and structural monetary policy tools [1][2][3]. Monetary Policy Measures - The central bank announced three categories of ten monetary policy measures, maintaining a moderately loose monetary policy stance and reinforcing counter-cyclical adjustments to support the real economy [2][3]. - The policy includes a 50 basis point cut in the reserve requirement ratio and a 10 basis point reduction in the policy interest rate, which exceeded market expectations [6]. Regulatory Policies - The financial regulatory authority introduced eight incremental policies covering various sectors such as real estate, capital markets, small and private enterprises, foreign trade, and technological innovation [3][4]. - The securities commission emphasized measures to consolidate market recovery, support the role of stabilizing funds, and promote the development of technology innovation bonds [3][4]. Market Reactions - Public funds generally view the meeting as a positive signal, effectively boosting market sentiment [1][3]. - Analysts noted that the coordinated efforts of multiple departments signal a strong commitment to stabilizing the market and enhancing investor confidence [4][5]. Future Outlook - The policies are expected to have a long-term impact on market structure, industry allocation, and risk appetite, with a focus on sectors like technology, high-end manufacturing, and consumer goods [5][9]. - The market is anticipated to experience fluctuations as it rebounds to previous highs, but the combination of policy support and market resilience is expected to enhance mid-term performance [7][10]. Investment Focus - Analysts suggest focusing on sectors benefiting from domestic demand policies, including finance, real estate, and consumer sectors, as well as innovation-driven industries like robotics and technology [9][11]. - The financial sector, particularly banks and insurance, is expected to benefit directly from improved liquidity conditions, while undervalued sectors like real estate and infrastructure may also see price increases due to policy support [10][11].

Core Viewpoint - The "Walk in China: Discover Wuhan" media event aims to promote cultural exchange and cooperation among countries, highlighting Wuhan's blend of technological innovation and historical heritage [1][2]. Group 1: Event Overview - The event was launched on May 7, featuring a performance by Chinese talent and participation from foreign diplomats and media from countries such as Vietnam, Laos, Nepal, Indonesia, and Turkey [1]. - The initiative is organized by the Wuhan Municipal Publicity Department and the Central Radio and Television Station's Asia-Africa Center, marking the first stop of the "Walk in China" series [1]. Group 2: Diplomatic Engagement - Diplomats expressed intentions to strengthen cooperation, with Vietnam's ambassador noting Wuhan's cultural significance and its appeal as a tourist destination for Vietnamese and global visitors [1][2]. - Nepal's ambassador highlighted Wuhan as a model of sustainable development and innovation, emphasizing the city's rapid transformation and high-quality growth [2]. Group 3: Cultural and Economic Exchange - The Indonesian deputy ambassador mentioned potential collaboration in the electric vehicle sector, leveraging Wuhan's manufacturing base and Indonesia's strategic resources [2]. - The media team visited various cultural and historical sites in Wuhan, including the Yellow Crane Tower, which sparked reflections on cultural ties and the importance of cultural exchange [2][3].

Core Viewpoint - The Chinese government is implementing new monetary policy tools to support technology innovation, including the establishment of a risk-sharing mechanism for technology innovation bonds, which is expected to significantly impact the development of the technology innovation sector in China [1][4]. Group 1: Policy Initiatives - The People's Bank of China (PBOC) and other government departments have introduced multiple policies since 2024 to enhance financing support for technology innovation enterprises, creating a more diversified financing mechanism [2]. - A notable initiative includes the creation of a "technology board" in the bond market, aimed at improving the issuance and trading of technology innovation bonds, thereby lowering issuance costs and facilitating capital flow into the technology sector [4][6]. Group 2: Financial Instruments and Market Trends - As of the end of 2024, the outstanding scale of technology innovation bonds reached 1.6416 trillion yuan, accounting for 3.32% of China's credit bond market. In 2025, 405 technology innovation bonds were issued, totaling 372.756 billion yuan, representing a year-on-year growth of approximately 60% [6]. - The issuance of technology company bonds constituted 49.63% of the total in 2024, while technology notes and short-term financing bonds accounted for 21.11% and 25.35%, respectively, indicating a predominance of company bonds and notes in the current market [6]. Group 3: Expert Insights - Industry experts suggest that the new risk-sharing tools for technology innovation bonds will encourage the issuance of longer-term bonds, aligning with the long development cycles typical of technology research and development, thus avoiding the mismatch of short-term debt financing for long-term investments [5][7]. - The establishment of a comprehensive service system combining bond financing, credit support, and equity investment is expected to promote continuous innovation among enterprises [7].

Core Viewpoint - The Chinese government is implementing a package of eight incremental financial policies aimed at stabilizing the market and expectations, focusing on key economic issues and long-term development [1][6]. Group 1: Incremental Policies - The eight incremental policies include the introduction of financing systems compatible with new real estate development models to stabilize the real estate market [3][4]. - Expansion of the long-term investment pilot program for insurance funds to introduce more incremental capital into the market [3][9]. - Adjustment of regulatory rules to lower investment risk factors for insurance companies in the stock market, supporting capital market stability [4][9]. - Implementation of a comprehensive policy to support financing for small and private enterprises, enhancing coordination in financing efforts [4][6]. - Development of policies to support foreign trade, providing targeted services to businesses affected by tariffs [4][10]. - Revision of merger loan management methods to promote industrial transformation and upgrading [5]. - Expansion of the establishment of financial asset investment companies to increase investment in technology innovation enterprises [5][11]. - Formulation of high-quality development opinions for technology insurance to better support technological innovation [6][13]. Group 2: Market Stability - In the real estate sector, the financial regulatory authority is enhancing the financing coordination mechanism to support the completion of housing projects, with approved loans increasing to 6.7 trillion yuan, aiding over 16 million housing units [7][8]. - The first quarter of this year saw an increase of over 750 billion yuan in real estate loans, with new personal housing loans reaching the highest quarterly increase since 2022 [7][8]. - For the stock market, the financial regulatory authority has initiated reforms to allow insurance funds to invest more in equities, with plans to approve an additional 60 billion yuan for market liquidity [9][10]. - The insurance funds currently invest over 4.4 trillion yuan in stocks and equity funds, with a focus on optimizing asset allocation to enhance support for the real economy [9][10]. Group 3: Support for Technology and Innovation - The financial asset investment company initiative aims to enhance support for technology enterprises, with signed investment intentions exceeding 380 billion yuan [11][12]. - The banking sector is encouraged to adopt a blended financing model for technology enterprises, combining traditional loans with direct investment [12]. - The establishment of technology insurance is expected to improve risk-sharing mechanisms, thereby enhancing the resilience of technological innovation [13].