中国人民大学国家金融研究院院长吴晓求 本报（chinatimes.net.cn）记者谢碧鹭 北京报道 9月19日，以"理念与实践并行发展同质量共生"为主题的2025华夏ESG管理体系大会在北京召开。此次 大会由华夏时报社主办，由SGS通标标准技术服务有限公司、中质协质量保证中心、首都经济贸易大学 中国ESG研究院、Wind ESG、天眼查、商道融绿、华夏ESG观察联盟等提供支持。 其次是改善市场流动性，推进需求端改革。吴晓求指出，过去市场虽重视资产端（供给端）改革、强调 提升上市公司质量，但长期忽视了资金端（需求端）流动性的重要性。事实上，只有市场具备充分流动 性，资产价格才能合理定位，价值发现机制才能有效运转，而作为财富管理核心市场，更需要引导基于 长期财富管理的大资金有序入市。 他以险资为例说明，随着中国保险业长期发展，险资规模将持续扩大，这类"耐心资本""长期资本"是市 场成长的重要支撑，但此前受考核期限、偿付能力等规则约束，大资金入市受限。过去一年，监管层已 着手调整相关规则，同时央行去年9月24日推出的支持资本市场稳定发展的结构性货币政策工具，也为 市场信心筑牢底线。 第三是推进制度平台改革，这一领 ...

Group 1 - The core viewpoint emphasizes the continuous deepening of capital market reforms by the China Securities Regulatory Commission (CSRC) to support the development of technology innovation enterprises [1] - The CSRC has implemented various policies, including the "National Nine Articles," to promote long-term capital inflow into the market and enhance the regulatory framework for technology innovation [1][2] - The focus is on creating a favorable capital market ecosystem that encourages long-term investments, particularly from insurance funds and pension funds, to support technology innovation [2] Group 2 - The financing side has seen reforms in issuance and listing processes, making it easier for technology innovation enterprises to go public without the requirement of sustained profitability [3] - The number of significant asset restructurings among technology innovation enterprises has increased since the introduction of the "Six Merger Articles," indicating a more active merger and acquisition environment [3] - The capital market's investment and financing reforms are gradually enhancing the support system for technology innovation, fostering a virtuous cycle among technology, industry, and finance [3] Group 3 - Public funds are recognized as a crucial force in supporting technology innovation, with the CSRC promoting the development of equity funds and guiding the industry towards a return-oriented approach [4] - As of August this year, the scale of public fund management and equity funds has significantly increased compared to the beginning of the year, contributing to a stable capital market and the growth of residents' wealth [4] - The positive cycle of capital market stability and technology innovation development is accelerating [4] Group 4 - Private equity and venture capital funds are identified as key drivers of technology innovation, providing essential funding and facilitating resource integration through mergers and acquisitions [5] - The CSRC has been actively reforming the private equity and venture capital sector to optimize the ecosystem and enhance the support for technology innovation [5] - Over 90% of companies listed on the Sci-Tech Innovation Board and more than half on the Growth Enterprise Market have received capital support from private equity and venture capital funds, indicating a strong investment trend in early-stage and hard technology [5]

文/深圳证券交易所上市审核中心经理 高振翔 IPO非公开审核缩短了发行人信息公开时间，降低了商业秘密泄露的风险 和发行上市的不确定性，成为美国等市场的通行做法。本文在梳理IPO非 公开审核制度的内涵与依据基础上，比较分析了美国IPO秘密递交制度和 我国香港地区IPO秘密申报制度的异同，探析了近期我国资本市场推出的 预先审阅制度的优化方向。 IPO非公开审核制度是指发行人以非公开方式向证券监管机构递交发行上市申请，接受证券监管机构的非公开审核，直至正式启动IPO申报或证券发行 前，才公开披露其发行上市文件的制度安排。IPO非公开审核缩短了发行人信息公开时间，降低了商业秘密泄露的风险和发行上市的不确定性，成为美国 等市场的通行做法。本文在梳理IPO非公开审核制度的内涵与依据基础上，比较分析了美国IPO秘密递交制度和我国香港地区IPO秘密申报制度的异同，探 析了近期我国资本市场推出的预先审阅制度的优化方向。 IPO非公开审核制度的内涵与依据 基本内涵 制度本质：通过保密方式改进发行人信息披露质量 一是削弱市场监督。公开透明的发行上市审核机制对于约束发行人行为、改进信息披露质量具有重要意义，但IPO非公开审核客观上延 ...

谢谢这位记者朋友对科技金融工作的关心。科技离不开金融的大力支持。做好科技金融这篇大文章是党 的二十届三中全会部署的重大改革任务，要完成这项任务，既是金融部门的事，也是科技部门的 事。"十四五"期间，我们和金融管理部门、金融机构密切合作，会同中国人民银行等七部委联合印发了 《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》，形成了科技金融高质量发 展的一套政策"组合拳"，推动科技金融工作实现了"破题"。围绕这些政策的实施和落地，我们主要开展 了以下几个方面的工作： 扫码文末"投小圈" 加入行业交流群 文章来源：国新网 9月18日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期科 技创新发展成就，并答记者问。 一是引导创业投资"投早、投小、投长期、投硬科技"。加快组建国家创业投资引导基金，预计将带动地 方资金、社会资本近1万亿元。加速布局了一批金融资产投资公司（AIC）基金，签约金额突破3800亿 元。联合社保基金会、大型银行和地方政府，推动设立科技产业融合基金、科创协同母基金、创投二级 市场基金等，规模将超3500亿元，为创业投资"引流""疏堵"。 答记者 ...

Core Viewpoint - The Chinese government is emphasizing the importance of financial support for technological innovation during the "14th Five-Year Plan" period, highlighting a collaborative approach between the Ministry of Science and Technology and financial institutions to foster high-quality development in technology finance [1][2]. Group 1: Policy Initiatives - The government is guiding venture capital to invest early, in smaller amounts, for the long term, and specifically in hard technology [2]. - As of June, the loan balance for technology-based small and medium-sized enterprises reached 3.46 trillion yuan, a year-on-year increase of 22.9%, which is 16% higher than the growth rate of other types of loans [2]. - The capital market's ability to support technological innovation is being enhanced through mechanisms like the "green channel" for key technology enterprises to facilitate financing, mergers, and bond issuance [2]. Group 2: Implementation and Future Plans - A nationwide coordinated approach to promote technology finance has been established, with a cross-departmental mechanism to enhance collaboration [2]. - The Ministry of Science and Technology is implementing innovative policies to encourage local governments and financial institutions to engage in distinctive innovation practices [3]. - Future efforts will focus on solidifying policy implementation to provide robust financial support for achieving high-level technological self-reliance [3].

Group 1 - The event "Hua Shang Yi Qi Wang Banquet" was created to connect Chinese entrepreneurs and promote communication among them [3][5] - The banquet serves as a platform to support small and medium-sized enterprises (SMEs) in overcoming challenges such as resource scarcity and market expansion difficulties [5] - Various industry leaders shared their experiences and insights, highlighting the importance of innovation and collaboration in the current economic landscape [5][7] Group 2 - The banquet will be held weekly on Wednesday evenings, aiming to continuously innovate service models and provide high-quality support for Chinese entrepreneurs [9] - The event is positioned as a bridge connecting global Chinese businesses, contributing to the revitalization of the Chinese nation [9] - The atmosphere of the banquet fosters networking opportunities, allowing entrepreneurs to find like-minded partners and establish cooperation intentions [7][9]

Group 1: Northern Metropolis Development - The Northern Metropolis concept was first introduced in the 2021 policy report, covering an area of approximately 300 square kilometers, aimed at becoming an economic engine driven by innovation and technology [2] - The Chief Executive emphasized the region's strategic importance, as it borders Shenzhen and accounts for about one-third of Hong Kong's future population, presenting significant economic value and development potential [2] - A "Northern Metropolis Development Committee" will be established to accelerate development, with the Chief Executive as the chair, and three working groups focusing on operational models, university city planning, and overall project management [2][3] Group 2: Financial Market Development - The Hong Kong stock market has shown strong performance, with the Hang Seng Index rising over 20% since the beginning of the year and IPO fundraising exceeding HKD 130 billion, a nearly sixfold increase year-on-year [6] - The policy report outlines plans to assist mainland tech companies in raising funds in Hong Kong and to optimize listing regulations, including exploring the shortening of the stock settlement cycle to T+1 [6][7] - The report also aims to attract more overseas companies to list in Hong Kong, leveraging the unique connectivity mechanisms with mainland China [6] Group 3: Housing and Living Standards - The government plans to increase public housing supply to 189,000 units over the next five years, reducing the average waiting time for public housing from 6.1 years to a target of 4.5 years by 2026-27 [11] - There will be a shift in housing policy from rental to ownership, with increased support for home ownership programs and adjustments to eligibility criteria for public housing residents [11][12] - The report proposes to lower the investment threshold for residential properties, allowing high-net-worth individuals more options in the housing market, which is expected to stimulate demand [12]

Core Insights - The Hong Kong Banking Association and the Hong Kong General Chamber of Commerce organized a joint overseas delegation to Vietnam, consisting of over 40 representatives from the banking sector and local businesses from Hong Kong [1] - The delegation visited various senior officials and business leaders in Vietnam, including the Ministry of Finance, the State Bank of Vietnam, and the Vietnam Chamber of Commerce and Industry, to discuss cross-border cooperation opportunities [1] - The Hong Kong Monetary Authority's Chief Executive, Eddie Yue, highlighted Hong Kong's unique advantages in supporting Greater China enterprises to expand into the Vietnamese market and assisting Vietnamese companies in going global [1] - The Banking Association's Chairperson, Anna Choi, noted that Vietnam is Hong Kong's second-largest trading partner in ASEAN, and the Hong Kong banking sector can meet local financial institutions' and businesses' needs for fintech [1] - The Chairperson of the Hong Kong General Chamber of Commerce, Lin Shih-Hao, emphasized that Vietnam serves as an important gateway to the ASEAN market, aiming to connect Hong Kong's industrial strength and financial expertise with Vietnam's development opportunities [1] Industry and Company Summary - The delegation's visit to Vietnam included discussions on trade investment, banking, capital markets, green finance, and fintech, indicating a broad scope for future collaboration [1] - The focus on green bonds and project financing highlights the growing importance of sustainable finance in the region [1] - The collaboration aims to enhance cross-border trade and investment, leveraging Hong Kong's experience to support local Vietnamese enterprises [1]

Group 1 - The US capital market remains active and resilient despite ongoing risks and challenges, with market indices consistently reaching new highs, including the Dow Jones approaching the 50,000 mark [1] - The Federal Reserve's quantitative easing (QE) measures since the 2008-2009 financial crisis have significantly boosted the stock market, with the S&P 500 index rising from approximately 676 points in March 2009 to nearly 6,500 points by 2025, reflecting a substantial increase [2] - The emphasis on capital market development is crucial for China's economic transformation, with a focus on "productive finance" to support real economic activities and promote growth, employment, and technological advancement [3][4] Group 2 - The concept of "productive finance" is defined as a financial model that directly or indirectly supports real economic activities, aiming to enhance overall economic vitality rather than merely seeking short-term financial gains [3][4] - China's economy is entering a "bond economy" phase, necessitating reliance on a robust capital market and financial tools to manage and offset debt, rather than conventional administrative methods [4] - The reform of state-owned enterprises (SOEs) should pivot towards becoming productive finance groups, focusing on asset preservation and value enhancement while supporting the development of the real economy and technology [5][6]

Core Viewpoint - The Liaoning Provincial Government, in collaboration with the People's Bank of China Liaoning Branch and 12 other departments, has introduced measures to accelerate technological financial innovation to support the construction of a strong technological province, outlining 20 specific initiatives across seven areas including monetary credit, capital markets, venture capital, technology insurance, and financing guarantees [1][3]. Group 1: Financial Support Measures - The measures aim to utilize monetary policy tools to provide precise services to technology enterprises, enhancing the guiding and supporting role of monetary credit [3]. - Initiatives include promoting intellectual property pledge loans, increasing the scale of "Sci-Tech Innovation Loans" for agriculture and small enterprises, and expanding the "Sci-Tech Bill" program to offer diversified financing services [3]. - Banks are encouraged to establish specialized departments for technology finance and develop a comprehensive service platform for innovative technology enterprises [3]. Group 2: Capital Market Development - The measures support technology enterprises in listing and financing, establishing a "reserve enterprise library" for tiered and categorized cultivation and guidance [3]. - Development of regional equity markets and the establishment of special boards for "gazelle" and "unicorn" companies are also included, along with enhanced promotion of technology innovation bonds [3]. Group 3: Venture Capital and Insurance - The measures guide venture capital to invest early, in small amounts, for the long term, and in hard technology, emphasizing its role in supporting technological innovation and industrial transformation [3]. - There is an exploration of joint guarantee models to strengthen insurance support, positioning technology insurance as a key stabilizer for technological innovation [3]. Group 4: Future Initiatives - A coordinated mechanism for technology finance will be established to accelerate the implementation of core platforms and mechanisms, along with policy interpretation and case promotion [4]. - High-profile technology finance summits and forums will be organized to invite renowned financial institutions, experts, and enterprises, creating a platform for exchange and cooperation [4]. - The goal is to establish a diversified, relay-style technology finance service model in Liaoning, fostering a favorable ecosystem for financial support of technological innovation [4].