Core Insights - The Chinese government is implementing four pilot programs to provide technology companies with more long-term and patient capital [1] - The first pilot program involves the equity trial of financial asset investment companies, which has expanded from Shanghai to 18 cities and provinces nationwide, with signed intention amounts exceeding 380 billion yuan [1] - The fourth pilot program focuses on creating a comprehensive financial ecosystem for intellectual property, addressing challenges related to intellectual property registration, evaluation, and disposal [1] - As of the end of Q1 this year, the loan balance of banks to high-tech enterprises reached 17.7 trillion yuan, reflecting a year-on-year growth of 20%, significantly outpacing the average growth rate of other loans [1]

Core Viewpoint - The article discusses the importance of venture capital (VC) in transforming scientific research into tangible economic value, highlighting recent policies in Shaanxi Province aimed at promoting high-quality development of VC [1][4]. Group 1: Venture Capital Overview - Venture capital refers to equity investment activities conducted by specialized firms and angel investors, primarily targeting early-stage technology-oriented small and medium-sized enterprises (SMEs) [2]. - The growth of venture capital supports a healthy cycle between technology, industry, and finance, fostering the development of new productive forces [2]. Group 2: Current Status of Venture Capital in Shaanxi - Shaanxi's venture capital sector has shown significant growth, with 179 registered equity VC fund managers and 702 funds by the end of 2024, totaling a fund size of 1,122 billion [3]. - The effectiveness of these funds is evident, with 2,844 existing investment projects and a total investment amount of 1,531 billion, over 80% of which are in technology-oriented enterprises [3]. - The policy environment for venture capital is improving, with various initiatives aimed at optimizing the industry ecosystem and establishing project matching platforms [3]. Group 3: New Policies and Measures - The newly released "Work Measures" aim to implement the province's innovation-driven development strategy, focusing on nurturing new productive forces and enhancing the policy environment for venture capital [4]. - Key initiatives include expanding funding sources, establishing a mother fund for industrial innovation clusters, and improving the management of government-funded VC [4][6]. - The measures also emphasize the importance of exit channels for venture capital investments and the establishment of a robust evaluation and accountability system for government-funded funds [4][6]. Group 4: Government Investment Fund Initiatives - Since 2019, Shaanxi has established a government investment guidance fund, which has set up 42 sub-funds and invested in 306 projects, amounting to 12.114 billion, leveraging an additional 61.024 billion from other capital [5]. - The provincial finance department is enhancing the management of government investment funds to improve market-oriented operations and competitiveness [6]. Group 5: Regulatory Support for Venture Capital - The Shaanxi Securities Regulatory Bureau highlights the significant role of private equity and venture capital in facilitating the listing of companies, particularly technology-oriented firms [7]. - Recent policies from central authorities aim to broaden funding sources and streamline exit channels for venture capital, promoting a healthy cycle of fundraising, investment, management, and exit [7]. - The expansion of the Financial Asset Investment Company (AIC) equity investment pilot program in Shaanxi is expected to further enhance the capital landscape for venture capital [8].

金融监管总局：资管机构和金融资产投资公司加大股权投资力度，投早、投小、投长期、投硬科技 金十数据5月22日讯，金融监管总局新闻发言人郭武平在国新办新闻发布会上表示，我们推动构建直接 融资与间接融资相互补充、政策性金融与商业性金融共同发力，各类金融机构各司其职、协调配合的科 技金融服务体系。政策性银行持续提升服务质量，为科创提供中长期、低利率的融资支持。商业银行将 科技创新作为重点支持领域，近几年连续实现贷款余额和户数双增长。保险机构完善产品体系，形成覆 盖科技型企业全生命周期的保险保障。资管机构和金融资产投资公司加大股权投资力度，投早、投小、 投长期、投硬科技。其他非银机构也发挥专业优势，比如提供融资租赁等特色服务，解决科技设备更新 迭代快等问题。 （中国网） ...

Core Viewpoint - The recent policy document issued by the National Financial Supervision Administration aims to expand the scope of equity investment by financial asset investment companies (AICs) to include trial cities and their provinces, thereby enhancing the funding sources for private equity investments and promoting collaboration with local state-owned assets and industry groups [1][2]. Group 1: Financial Asset Investment Companies (AICs) - AICs are non-bank financial institutions approved by the State Council, primarily engaged in the conversion of bank debts into equity and related support services [2]. - The establishment of AICs aims to address the increasing non-performing assets in the banking system through market-oriented debt-to-equity swaps, while also assisting distressed bank clients [2]. - AICs can engage in direct equity investments and manage or participate in private equity funds, with capital sourced from parent banks and other financial instruments [2][5]. Group 2: Investment Trends and Market Impact - AICs have begun to accelerate investments in private equity and technology innovation, collaborating with local state-owned assets and industry groups to establish various themed investment funds [1][3]. - By March 2025, five AICs had signed agreements covering 18 trial cities with a total investment amount exceeding 350 billion yuan, marking AICs as a significant new force in the domestic private equity market [1][3]. - The expansion of AICs into private equity investments signifies a breaking down of barriers between indirect financing through bank credit and direct equity investments, enhancing the role of bank-led financial holding groups [3]. Group 3: Policy Recommendations - It is recommended to further expand the trial scope for private equity investments by AICs, allowing for more capital and business potential to be released while ensuring risk control [7]. - A comprehensive regulatory framework should be established to support the operations of AICs, ensuring that their primary focus on non-performing asset disposal is maintained [8]. - The capital market should be optimized to support high-quality development, enhancing market vitality and increasing the proportion of direct financing [9][10].

科技部等7部门印发《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》，其中指 出，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。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。(科技部) ...

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 ...

Core Viewpoint - The National Financial Regulatory Administration announced support for qualified commercial banks to establish Financial Asset Investment Companies (AICs), highlighting the growing importance of AICs in the financial sector [1]. Group 1: Overview of Financial Asset Investment Companies (AICs) - As of now, there are five AICs in China, which are: 1. ICBC Financial Asset Investment Co., Ltd. (工银投资) 2. CCB Financial Asset Investment Co., Ltd. (建信投资) 3. ABC Financial Asset Investment Co., Ltd. (农银投资) 4. BOC Financial Asset Investment Co., Ltd. (中银投资) 5. Bank of Communications Financial Asset Investment Co., Ltd. (交银投资) [1]. Group 2: Financial Data of AICs - The financial data for the five AICs is as follows: - ICBC Investment: - Registered Capital: 270 million - Total Assets: 1,838.91 billion - Net Profit: 48.57 million [2]. - CCB Investment: - Registered Capital: 270 million - Total Assets: 1,286.51 billion - Net Profit: 35.31 million [2]. - ABC Investment: - Registered Capital: 200 million - Total Assets: 1,250.44 billion - Net Profit: 39.17 million [2]. - BOC Investment: - Registered Capital: 145 million - Total Assets: 935.92 billion - Net Profit: 36.80 million [2]. - Bank of Communications Investment: - Registered Capital: 150 million - Total Assets: 715.34 billion - Net Profit: 24.29 million [2]. Group 3: Organizational Structure of AICs - ICBC Investment has 15 departments, including investment, risk compliance, and internal audit, along with a subsidiary, ICBC Capital [2]. - CCB Investment consists of 13 departments, including research and development, energy investment, and a subsidiary, CCB Jin Investment Private Fund Management [4][5]. - ABC Investment has 16 departments, including various investment teams focused on different sectors and a subsidiary, ABC Capital Management [8]. - BOC Investment comprises 10 departments, including investment management and a subsidiary, BOC Asset Fund Company [11]. - Bank of Communications Investment has 10 departments, including multiple investment teams and a subsidiary, Bank of Communications Capital Management [14].

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。 ...