3、央行等七部门设立"国家创业投资引导基金"，进一步增强资本市场对于科技创新企业的支持力度； 建立债券市场"科技板" 将优质企业科创债纳入基准做市品种。 1、中国1-4月社会融资规模增量16.34万亿元，比上年同期多3.61万亿元；中国4月货币供应量M2同比增 长8%，高于市场预期；中国1-4月新增人民币贷款10.06万亿元。 2、公募集中调仓引发银行保险板块大涨？业内人士：不排除的确有公募基金经理基于跑不赢业绩比较 基准的担忧而跟风买入银行、保险等防御板块，但因公募基金经理集中、一致调仓引发大涨的判断并不 成立。 4、腾讯控股：第一季度营收1,800.2亿元，同比增长13%，预估1,756亿元；第一季度非国际财务报告准 则经营盈利693.2亿元，同比增长18%。 5、鉴于美国进口商未来三个月将迎来进口成本大幅降低的明确窗口期，高盛分析师Philip Sun表 示，"未来90天，中国的出口将爆火。'抢先'将成为关键词"。 6、6天3板中毅达：公司股价严重脱离基本面 存在市场情绪过热情形及较高的炒作风险。中国稀土：正 积极配合中国稀土集团开展解决同业竞争问题的相关工作 择机开展并购重组。6连板成飞集成：截至 2 ...

文/梧桐兄弟 5月14日，科技部、中国人民银行、金融监管总局、中国证监会、国家发展改革委、财政部、国务院国资委 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》，该《政策举措》明确 到： 发挥 创业投资 支持科技 创新生力军作用，发挥"国家创业投资引导基金"支持科技创新作用、鼓励发展私募 股权二级市场基金（S基金）、支持创业投资和产业投资发债融资等； 集中力量支持重大科技攻关， 优先支持取得关键核心技术突破的科技型企业上市融资。持续支持优质未盈 利科技型企业发行上市 ，优化科技型上市公司并购重组、股权激励等制度。 为深入贯彻党的二十大、二十届三中全会精神，认真落实全国科技大会、中央金融工作会议部署，做好科 技金融大文章， 构建与科技型企业全生命周期融资需求相适应的多元化、接力式金融服务体系 ，科技部、 中国人民银行、金融监管总局、中国证监会、国家发展改革委、财政部、国务院国资委联合发布《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》（以下简称《政策举措》）。 《政策举措》坚持问题导向、重点突破， 聚焦服务于国家重大科技战略部署 ，着力构建同科技创新相适应 的科技金 ...

Core Viewpoint - The joint release of policies by multiple government bodies aims to accelerate the development of a technology finance system to support high-level technological self-reliance and innovation in China. Group 1: Venture Capital Support - Establishment of a "National Venture Capital Guidance Fund" to promote the growth of technology-based enterprises and strategic emerging industries, facilitating the transformation of major technological achievements into productive forces [1] - Expansion of the pilot scope for Financial Asset Investment Companies (AIC) to 18 provincial cities, supporting insurance funds in equity investments [1] - Optimization of the evaluation mechanism for state-owned venture capital, encouraging long-term and patient capital from state-owned enterprises [1] Group 2: Private Equity and Fund Distribution - Implementation of a pilot program for the physical distribution of stocks from private equity funds, allowing non-trading transfers of listed company stocks to investors [2] - Encouragement of the development of secondary market funds for private equity [2] Group 3: Monetary Credit Support - Optimization of structural monetary policy tools to support technological innovation, including expanding the scale of re-loans and encouraging financial institutions to support major technological tasks and SMEs [3] - Encouragement for commercial banks to establish specialized technology finance institutions and to conduct pilot projects for technology enterprise acquisition loans [3] Group 4: Capital Market Support - Improvement of the counter-cyclical adjustment mechanism for new stock issuance to support technology-based enterprises in listing and financing [4] - Establishment of a "Technology Board" in the bond market to include quality enterprises' innovation bonds as benchmark trading products [4] Group 5: Technology Insurance Support - Development of high-quality technology insurance policies, exploring joint insurance models for key areas [5] - Encouragement for insurance funds to participate in major national technological tasks [5] Group 6: Fiscal Policy Support - Innovation in fiscal technology investment methods, utilizing existing policies such as loan interest subsidies and risk compensation [6] - Implementation of special guarantee plans for technological innovation and tax policies related to angel and venture capital investments [6] Group 7: Central-Local Coordination - Nationwide promotion of an "Innovation Points System" to link with re-loans and special guarantee plans for technological innovation [7] Group 8: Regional Focus - Emphasis on supporting international technology innovation centers in Beijing, Shanghai, the Guangdong-Hong Kong-Macao Greater Bay Area, and other key regions [8] - Implementation of comprehensive pilot programs for intellectual property finance in major cities [8] Group 9: Open Innovation Ecosystem - Support for foreign investment in domestic technology enterprises, enhancing the convenience of foreign equity and venture investments [9] - Establishment of a coordinated mechanism for technology finance by multiple regulatory bodies [9]

Core Viewpoint - The article discusses the release of a set of policy measures aimed at enhancing the technology finance system in China to support high-level technological self-reliance and strength, focusing on various financial tools to meet the financing needs of technology enterprises throughout their lifecycle [1][3]. Group 1: Policy Measures Overview - The policy measures emphasize a problem-oriented approach, focusing on major national technology strategies and enhancing financial support for significant technological tasks and small and medium-sized technology enterprises [1][2]. - A total of 15 specific policy measures are outlined, targeting areas such as venture capital, monetary credit, capital markets, and technology insurance to bolster technological innovation [1][2]. Group 2: Venture Capital and Monetary Support - The measures aim to leverage venture capital as a driving force for technological innovation, encouraging the development of private equity secondary market funds and supporting venture capital and industrial investment through bond financing [2]. - Monetary credit will be optimized to support technological innovation, including structural monetary policy tools and encouraging banks to explore long-term performance assessment for technology innovation loans [2][3]. Group 3: Capital Market and Insurance Support - The capital market is identified as a key hub for supporting technological innovation, with priorities set for technology enterprises that achieve critical technological breakthroughs to access public financing [2]. - Technology insurance is proposed to act as a stabilizer, with plans to develop high-quality technology insurance and explore risk-sharing mechanisms for major technological challenges [2][3]. Group 4: Fiscal Policy and Regional Coordination - The policy measures call for enhanced fiscal policy guidance, utilizing tools like loan interest subsidies and risk compensation to support enterprise innovation [3]. - There is an emphasis on regional collaboration to promote innovation in technology finance, including pilot programs and evaluation of regional implementation effectiveness [3]. Group 5: Implementation and Future Steps - The article concludes with a commitment from seven departments, including the Ministry of Science and Technology and the People's Bank of China, to organize and implement these measures effectively, ensuring financial support for achieving technological self-reliance and building a strong technological nation [3].

值得关注的是，《若干政策举措》中对创业投资做出了重磅部署，第二部分内容即为 "发挥创 业投资支持科技创新生力军作用"，我们摘取相关重点并分析解读如下： 5月1 4日，科技部网站消息，科技部、中国人民银行、金融监管总局、中国证监会、国家发展 改革委、财政部、国务院国资委联合发布《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》（以下简称《若干政策举措》，重点围绕创业投资、货币信贷、资本市 场、科技保险支持科技创新、加强财政政策引导、健全科技金融统筹推进机制以及完善科技金 融生态等七个方面内容，提出1 5项科技金融政策举措。 ——我们关注到，这支重磅国家级母基金的设立近期已有官宣：3月6日，十四届全国人大三次 会议在梅地亚中心新闻发布厅举行记者会。国家发展和改革委员会主任郑栅洁在会上表示，我 们加快培育新兴产业和未来产业，近期我们将设立国家创业投资引导基金，目的就是做优做强 做大创新型的企业。 据悉，国家创业投资引导基金主要引导金融资本投早、投小、投长期、投硬科技。聚焦人工智 能、量子科技、氢能储能等前沿领域，通过市场化方式投资种子期、初创期企业，适当兼顾早 中期中小微企业，支撑原创性、颠覆性技 ...

5月14日，科技部等7部门联合印发《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《若干政策举措》）。《若干政策举措》共8章15条具体举措内容，其中前四条均围 绕创业投资，第一条明确设立"国家创业投资引导基金"，并在第三条明确将优化国有创业投资考核评价 机制。 《若干政策举措》总体要求指出，要做好科技金融大文章，统筹推进创业投资、银行信贷、资本市场、 科技保险、债券发行等政策工具，为科技创新提供全生命周期、全链条的金融服务，引导长期资本、耐 心资本和优质资本进入科技创新领域，加快建设具有中国特色的科技金融体系，形成多元化、多层次、 多渠道的科技投入格局，加强对国家实验室、科技领军企业等国家战略科技力量的金融服务，为国家重 大科技任务和科技型中小企业提供有力的金融支持。 科技部等7部门联合印发《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》。 "前四条"聚焦创投支持科技创新 在具体举措部分，《若干政策举措》首先提到要发挥创业投资支持科技创新生力军作用。其中，第一条 明确设立"国家创业投资引导基金"。将发挥国家创业投资引导基金支持科技创新的重要作用，将促进科 技型企 ...

Core Viewpoint - The article emphasizes the importance of developing a technology finance system to support high-level technological self-reliance and innovation in China, proposing 15 policy measures across various financial tools to channel more resources into technology innovation [1][3]. Group 1: Overall Requirements - The initiative aims to align with the spirit of the 20th National Congress and the Central Financial Work Conference, providing comprehensive financial services for technology innovation through various financial instruments [4]. - The goal is to create a diversified and multi-channel investment structure that strengthens financial support for national strategic technology forces and small to medium-sized technology enterprises [4]. Group 2: Role of Venture Capital - Establishment of a "National Venture Capital Guiding Fund" to support the growth of technology enterprises and promote the transformation of major technological achievements into productive forces [5]. - Expansion of venture capital funding sources, including support for insurance funds to participate in equity investments and encouraging social security funds to invest in equity funds for technology innovation [5][6]. Group 3: Role of Monetary Credit - Utilization of structural monetary policy tools to enhance support for technology innovation, including expanding the scale of re-loans and optimizing support processes [8]. - Establishment of a special mechanism for bank credit to support technology innovation, including the creation of technology-focused financial institutions and encouraging long-term loans for technology projects [8][9]. Group 4: Role of Capital Markets - Enhancement of capital market support for technology innovation enterprises, including mechanisms for new stock issuance and prioritizing financing for enterprises with key technological breakthroughs [9]. - Development of a "Technology Board" in the bond market to promote high-quality development of technology innovation bonds [9]. Group 5: Role of Technology Insurance - Promotion of innovation in technology insurance products and services, establishing a comprehensive insurance system covering the entire lifecycle of technology enterprises [10]. - Encouragement of insurance funds to participate in major national technology tasks and risk-sharing mechanisms for significant technological challenges [10]. Group 6: Fiscal Policy Support - Leveraging fiscal policies to mobilize more financial resources for technology innovation, including the use of loan interest subsidies and risk compensation [11]. - Implementation of a special guarantee plan for technology innovation to effectively utilize government financing guarantee systems [11]. Group 7: Central-Local Coordination - Promotion of an "innovation points system" to optimize evaluation indicators for technology enterprises and enhance financial support based on innovation capabilities [12]. - Support for regional technology finance innovation practices in key areas such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area [13]. Group 8: Open Innovation Ecosystem - Encouragement of foreign investment in domestic technology enterprises and facilitation of cross-border financing channels for technology firms [14]. - Establishment of a coordinated mechanism for technology finance, enhancing inter-departmental collaboration and policy implementation [14].

Core Viewpoint - The recent announcement of the "National Venture Capital Guidance Fund" by the Ministry of Science and Technology and other departments is a significant boost for the venture capital industry, aimed at supporting technological innovation and the growth of technology-based SMEs [1][2]. Group 1: Policy Initiatives - The "Policy Measures" focus on enhancing financial support for major technological tasks and technology-based SMEs, with an emphasis on venture capital, monetary credit, capital markets, and technology insurance [1]. - A total of 15 specific policies have been outlined to strengthen the technology finance ecosystem [1]. Group 2: National Venture Capital Guidance Fund - The establishment of the "National Venture Capital Guidance Fund" is expected to attract nearly 1 trillion yuan in local and social capital, with a fund duration of 20 years, which is longer than typical equity investment funds [3]. - The fund will primarily invest in cutting-edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage, focusing on seed and early-stage enterprises [3]. Group 3: Historical Context and Comparison - Prior to the National Venture Capital Guidance Fund, there were three major national-level guidance funds established around 2015, which have successfully promoted technology transfer and the development of emerging industries [4]. - The historical performance of these funds has led to the recognition of the need for a new national-level guidance fund to continue supporting emerging industries [5]. Group 4: Current Market Conditions - The venture capital industry is currently facing challenges, with a significant decline in the establishment of new government guidance funds and a drop in fundraising amounts [6]. - In 2024, the number of newly established industry and venture capital government guidance funds decreased by 32.3%, with a total subscribed amount of 651 billion yuan [6]. Group 5: Strategic Importance of National-Level Funds - The establishment of a national-level fund is seen as crucial in optimizing resource allocation and reducing inefficiencies caused by local governments competing for projects [7]. - National-level funds are expected to work in synergy with local funds to support key technological advancements and fill gaps in industrial development [7].

七部门联合印发。 5月14日，据科技部网站消息，为深入贯彻党的二十大、二十届三中全会精神，认真落实全国科技大会、中央金融工作会议部署，做好科技金融大文章，构建 与科技型企业全生命周期融资需求相适应的多元化、接力式金融服务体系，科技部、中国人民银行、金融监管总局、中国证监会、国家发展改革委、财政 部、国务院国资委联合发布《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》（以下简称《政策举措》）。 一、总体要求 《政策举措》坚持问题导向、重点突破，聚焦服务于国家重大科技战略部署，着力构建同科技创新相适应的科技金融体制，加强对国家重大科技任务和科技 型中小企业的金融支持，重点围绕创业投资、货币信贷、资本市场、科技保险支持科技创新，加强财政政策引导，健全科技金融统筹推进机制以及完善科技 金融生态7个方面内容，凝练了15项科技金融政策举措。 《政策举措》明确，发挥创业投资支持科技创新生力军作用，发挥"国家创业投资引导基金"支持科技创新作用、鼓励发展私募股权二级市场基金（S基金）、 支持创业投资和产业投资发债融资等。发挥货币信贷支持科技创新的重要作用，优化科技创新与技术改造再贷款等结构性货币政策工具、鼓励 ...

5月14日，科技部、中国人民银行、金融监管总局、中国证监会、国家发展改革委、财政部、国务院国资委印发 《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》），提出了 15条具体政策举措，为国家重大科技任务和科技型中小企业提供有力的金融支持。 券商中国记者梳理了《政策举措》的十大要点： 1.设立"国家创业投资引导基金"。发挥国家创业投资引导基金支持科技创新的重要作用，将促进科技型企业成 长作为重要方向，培育发展战略性新兴产业特别是未来产业，推动重大科技成果向现实生产力转化，加快实现 高水平科技自立自强，培育发展新质生产力。拓宽创业投资资金来源。将金融资产投资公司（AIC）股权投资 试点范围扩大到18个城市所在省份，支持保险资金参与金融资产投资公司股权投资试点。 2.支持创业投资机构、产业投资机构发债融资，拓宽直接融资渠道。鼓励社保基金会在自身业务范围和风险防 控要求下开展股权基金投资，支持科技创新。优化管理机制，支持保险资金按市场化原则参与创业投资，推进 保险资金长期投资改革试点。引导理财公司、信托公司等依法依规参与创业投资。 科技赛道迎来重磅利好政策。 6.建立银行信贷支持 ...