近期，美港股市场的IPO热潮再次点燃投资者的关注。随着流动性环境阶段性改善，越来越多企业选择在 资本市场融资，以加速扩张和提升全球影响力。无论是美股的科技创新公司，还是港股的新经济企业， 它们的上市为市场提供了新鲜的投资标的，也为资本寻找增长动能提供了方向。然而，IPO的热潮背后， 也暗藏着投资风险与价值分化的现实。 Doo Financial认为，美港股IPO热潮为投资者提供了多层次机会：美股突出的是成长性定价逻辑，而港股 则展现出兼具估值与区域政策支持的潜力。因此，投资者需要结合企业基本面、盈利模式成熟度与行业 长期逻辑，避免盲从市场情绪，以跨市场的视角去布局更具确定性的优质企业。通过在美港股间进行动 态平衡，有助于在风险控制下提高收益稳健性。 在美股市场，IPO通常受到庞大资金池和深度流动性的支撑。成长型企业往往能获得较高的估值溢价，投 资者愿意提前为未来的增长买单。科技、人工智能和新能源相关企业，成为近期的市场宠儿。但与此同 时，部分公司在盈利模式尚未成熟的情况下便借助市场情绪进行高估值融资，这使得二级市场价格波动 的风险显著上升。 在港股市场，IPO的节奏虽受宏观环境影响较大，但政策引导与互联互通机 ...

南方财经记者 庞成 广州报道 二是强化科技金融政策合力。从多维度发力，在完善信贷风险补偿分担机制、加强信息共享和投融资对 接、开展"益企共赢计划"试点、打造科创高地等方面凝聚各方合力，支持广州科技创新发展。 三是优化科技金融发展生态。完善科技金融组织体系和内部管理机制，建立健全科技金融统计制度和评 估机制，探索组建广州科技金融联盟，发挥市级财政科技资金带动作用，构建"赛事奖补+创业投资+科 技信贷"联动机制，打造"科学家+企业家+银行家+投资家"人才集聚新模式，营造广州科技金融高质量 发展的良好生态。 四是加强组织保障。加强统筹协调和信息共享，健全工作简报制度，及时会商重要问题，推动各项措施 落实落细，做好经验总结和宣传推广，打造可复制可推广的典型模式，加强信贷风险管理，切实防范科 技金融创新风险。 人行广东省分行表示，将以《实施意见》的出台为契机，认真贯彻中央金融工作会议决策部署，落实好 广东省委"1310"具体部署和广州市委"1312"思路举措，与有关部门加强信息共享和政策协同，引导金融 资本投早、投小、投长期、投硬科技，推动《实施意见》各项措施落到实处，全力做好广州科技金融大 文章，以高质量科技金融服务 ...

Core Viewpoint - The Dezhou Municipal Science and Technology Bureau is focusing on deepening the reform of the science and technology system to stimulate corporate innovation and drive high-quality urban development [3]. Group 1: Key Initiatives - The city will enhance efforts in key technology breakthroughs by implementing organized research and supporting enterprises in tackling major technological challenges [3]. - There will be a focus on strengthening innovation entities through a tiered cultivation mechanism for innovative enterprises, promoting the development of technology-based SMEs and high-tech enterprises [3]. - The establishment of innovation platforms will be prioritized, including support for key laboratories and technology innovation centers to create a comprehensive innovation ecosystem [3]. Group 2: Technology Transfer and Talent Development - The city aims to accelerate the transformation of scientific and technological achievements by enhancing cooperation with major research institutions and promoting technology finance initiatives [4]. - Efforts will be made to attract and cultivate high-level talent through various policies and programs, including the "Double Innovation Competition" and a three-year action plan for empowering technology-based enterprises [4].

Group 1 - The core viewpoint of the news is that the Chinese capital market is intensifying efforts to support technological and industrial innovation through a series of reforms, including the introduction of the "1+6" policy measures and the establishment of a growth layer in the Sci-Tech Innovation Board [1][2] - The "1+6" policy measures aim to enhance the inclusiveness and adaptability of the multi-tiered capital market, thereby better serving technological innovation and significantly improving the acceptance of various tech enterprises by the capital market [2][3] - The introduction of a third listing standard on the ChiNext board is a concrete manifestation of the multi-tiered capital market's efforts to support technological innovation, optimizing listing conditions for high-quality innovative enterprises [3] Group 2 - The capital market is expected to attract more patient and long-term capital to support technology innovation, with private equity investment funds and venture capital funds playing a significant role, as evidenced by the scale of private equity funds reaching 10.96 trillion yuan and venture capital funds at 3.41 trillion yuan [3][4] - The forum discussed the cultivation of "patient capital" and "long-term capital," with expectations for specific implementation details to better support the development of technology-oriented listed companies [4] - The China Securities Regulatory Commission (CSRC) is set to enhance the openness of the capital market, allowing qualified foreign institutional investors to participate in on-market ETF options trading, thereby improving the convenience for foreign institutions to invest in the Chinese market [5]

Core Viewpoint - Shenzhen's financial regulatory bureau has issued the "Action Plan for High-Quality Development of Science and Technology Finance in the Banking and Insurance Industries," outlining 25 measures to support the city's development as a global innovation center, emphasizing the importance of financial services in the tech innovation ecosystem [1][2]. Group 1: Action Plan Overview - The Action Plan includes seven key areas: overall requirements, organizational management mechanisms, product service systems, pilot policies, comprehensive ecosystems, risk control capabilities, and organizational support [1]. - The plan aims to enhance the financial support for technology-driven enterprises, with a focus on high-risk, high-reward sectors that typically face financing challenges [1]. Group 2: Financial Support and Metrics - As of March 2025, the loan balance for technology enterprises in Shenzhen reached 1.23 trillion yuan, reflecting a year-on-year growth of 7.23% [1]. - The cumulative risk protection provided by technology insurance in Shenzhen exceeded 900 billion yuan in 2024 [1]. Group 3: Organizational and Product Development - Shenzhen has established a specialized financial service system for technology, including the evaluation of 45 technology branches across key innovation zones [2]. - The Action Plan encourages banks to increase credit loans and long-term loans for technology enterprises, focusing on R&D capabilities and patent values [3]. Group 4: Ecosystem and Collaboration - The financial regulatory bureau collaborates with multiple departments to enhance the technology finance work mechanism, promoting information sharing and risk compensation mechanisms [3]. - The plan supports the establishment of specialized institutions within banks and insurance companies to better serve technology enterprises [2]. Group 5: Innovation and Investment - Shenzhen has seen rapid implementation of innovative policies, with technology enterprise merger loan balances exceeding 3 billion yuan and a 30% year-on-year growth in intellectual property pledge financing [5]. - Five Asset Investment Companies (AIC) have reached agreements for 11 fund collaborations with Shenzhen's state-owned assets, totaling 57 billion yuan [5]. Group 6: Future Goals - Over the next five years, Shenzhen aims to achieve significant improvements in technology finance service quality, expand the number of specialized institutions, and ensure that the growth rates of loans to technology enterprises exceed the average loan growth [6].

专访全国人大代表、北京证监局局长贾文勤。 DeepSeek的技术突破成为了国内外资本市场关注焦点，也让资本市场如何更好服务科技创新成为了讨论关键。近年来，在政策推动下，各类先进生产要素向 发展新质生产力集聚，我国科技创新能力不断增强，资本市场加大对科技创新支持力度，上市公司结构也明显优化。 如何进一步提升资本市场服务科技创新的力度？如何推动辖区上市公司高质量发展？全国两会期间，全国人大代表、北京证监局局长贾文勤接受了证券时报 记者的专访，她结合北京辖区实际情况，就上述问题进行了深度阐述。 支持辖区符合条件的科技型企业发行上市 证券时报：2024年，北京证监局如何推动资本市场发展科技创新？下一步在推动资本市场发展科技金融方面，有哪些工作安排？ 贾文勤： 资本市场在促进创新资本形成、支持科技创新方面具有独特优势。2024年，北京证监局积极贯彻落实"支持科技十六条""科创板八条""并购六条"等 政策文件，发挥资本市场优势作用，助力完善有利于科技创新及战略性新兴产业发展的融资环境和发展空间，推动深化"科技—产业—金融"的良性循环。 一是健全完善辖区资本市场支持科技创新的央地协作体系。与中国人民银行北京市分行、市科委、 ...