在浙江义乌的小商品市场，从事日用品批发的陈老板最近通过狮桥的"仓单融资"服务解决了旺季备货的资金难题。"用存货就能贷款，手续简便到账快，这 对我们小本经营的商家太重要了。"陈老板的案例展现了狮桥针对物流行业特点设计的特色金融服务。 狮桥创新推出的"物流金融通"产品，通过存货质押、运单融资等灵活方式，为中小企业提供周转资金支持。在青岛港，一家外贸代理公司凭借狮桥的"海运 提单融资"服务，成功解决了货物在途期间的现金流问题。公司负责人表示："这种基于实际物流单据的融资模式，既解决了我们的资金需求，又不会增加额 外担保负担。" 目前，狮桥的物流金融服务已形成覆盖仓储、运输、贸易等环节的完整产品线，年服务中小物流企业超5000家，累计投放资金逾80亿元，有效缓解了行业普 遍存在的账期压力。 ...

Core Viewpoint - The People's Bank of China and six other departments have issued guidelines to enhance financial support for new industrialization, focusing on creating a comprehensive, differentiated, and specialized financial service system to meet industrial demands [1][2]. Financial Support Structure - The guidelines emphasize optimizing the funding supply structure at the macro level, providing loans, bonds, and equity financing for new industrialization [1]. - A robust technology finance service system will be established to support core technology breakthroughs, the development of emerging industries, and the upgrading of traditional industries [1][4]. - Supply chain finance and regional trade finance will be optimized to support key industrial chains and advanced manufacturing clusters [1][5]. - Green finance and transition finance will be promoted to support the green and low-carbon transformation of traditional industries and the development of new energy industries [1][5]. - Digital finance will be developed to support the digital transformation of industries and the construction of digital infrastructure [1][5]. Overall Goals - By 2027, the financial system supporting the high-end, intelligent, and green development of manufacturing will be basically mature, with a rich array of financial products and enhanced service adaptability [2]. - The number and scale of bond issuances by manufacturing enterprises will continue to grow, and equity financing levels will significantly improve [2]. Key Measures - The guidelines propose 18 specific measures across five key areas, including enhancing industrial technology innovation capabilities and supply chain resilience [3]. - A "technology-industry finance integration" initiative will be implemented to facilitate capital flow into hard technology sectors [3][4]. - A "de-nuclear" service model for supply chain finance will be explored, allowing specialized enterprises to obtain credit based on real transaction data [3][5]. Financial Policy Tools - The guidelines call for optimizing financial policy tools to support key technology and product breakthroughs, particularly in critical manufacturing sectors [4]. - Long-term capital and patient capital will be introduced to accelerate the transformation of technological achievements [4]. Strengthening Financial Services - Financial institutions are encouraged to provide comprehensive financial services to key enterprises in industrial chains, particularly those affected by external factors [5]. - Cross-border financial services will be enhanced to support international trade and investment [5][6]. Long-term Mechanism Construction - The guidelines focus on strengthening financial service capabilities and establishing long-term mechanisms to maintain reasonable investment levels in manufacturing [6]. - Financial institutions are urged to develop differentiated credit policies based on industry characteristics and enterprise growth stages [6][7]. Talent Development and Collaboration - The guidelines emphasize the need for cultivating a talent pool with expertise in technology and finance, encouraging collaboration between financial institutions and industry sectors [7]. - A mechanism for inter-departmental collaboration and policy alignment will be established to enhance the effectiveness of financial support for new industrialization [7].

Core Viewpoint - The People's Bank of China and several government departments have issued guidelines to enhance financial support for new-type industrialization, focusing on the integration of finance and manufacturing to foster technological innovation and sustainable development [1][2]. Financial Support for Industrialization - The guidelines emphasize the importance of financial services for the real economy and risk prevention, aiming to deepen financial supply-side structural reforms and enhance the synergy between industrial and financial policies [1][4]. - By 2027, a mature financial system supporting the high-end, intelligent, and green development of manufacturing is expected, with increased access to various financial instruments for manufacturing enterprises [1][2]. Enhancing Technological Innovation and Supply Chain Resilience - Financial policies will be optimized to support key technologies and products, particularly in critical sectors such as integrated circuits and medical equipment, through long-term financing [2][3]. - The guidelines encourage collaboration between financial institutions and technology service providers to facilitate diverse financing models and accelerate the transformation of technological achievements [2]. Modern Industrial System Construction - The guidelines outline five key areas for building a modern industrial system, including optimizing financial services for traditional manufacturing, enhancing the quality of technology finance, promoting green finance, and deepening financial services for industrial chains [2][3]. Industry Integration and Upgrading - Support for listed companies to engage in industry consolidation and upgrading through various financial mechanisms is highlighted, along with the need for diversified technology finance service models [3][4]. - Financial institutions are encouraged to utilize advanced technologies like big data and AI to improve service efficiency for manufacturing, especially for small and medium-sized enterprises [3][4]. Regional and Cross-Border Financial Services - The guidelines stress the importance of flexible financial services to support industrial transfer and regional optimization, particularly in less developed areas [3][4]. - Enhancements in cross-border financial services are also emphasized to expand high-level open development spaces for manufacturing [3]. Capacity Building for Financial Support - Financial institutions are urged to integrate support for new-type industrialization into their long-term strategies and improve the coordination of various financial tools [4]. - The guidelines call for the cultivation of a talent pool with expertise in advanced manufacturing and related technologies to strengthen financial management and services [4]. Implementation and Collaboration - The People's Bank of China and relevant departments will work together to ensure the implementation of these guidelines, aiming to provide robust financial support for advancing new-type industrialization [5].

存货与仓单融资在发达国家是很成熟的金融产品，在我国25年前起步，但自2012年"上海钢贸案"以来一 直没有恢复到2010年的市场规模。根据中国仓储与配送协会10多年来推动行业自律管理的经验与体会， 我们认为，在金融仓储相关法规还不完善的情况下，通过全面推进标准化与数字化可在相当程度上驱动 金融仓储与仓储融资的一体化，从而逐步恢复与扩大存货、仓单融资的市场规模。 在发达国家，仓储融资主要包括三方协议框架下的存货或仓单融资[借款人、贷款人与担保存货第三方 管理企业通过签署担保存货监管协议（CMA）、或存货监控协议（SMA），明确三方责任，实现存货 或仓单融资]、全国性可流转仓单体系下的仓单融资（在全国性可流转仓单运营体系内，见单放款）。 实现这2轨3种融资方式，都需要公共仓储企业或担保存货管理企业等第三方机构为金融机构提供专业化 的金融仓储服务。为保障金融仓储与仓储融资的规范化，防范金融风险，发达国家建立了一套完善的法 律与监管规制，包括：仓储法或仓单法，行业标准，由法定的主管部门对"担保货管理企业"颁发资质、 考核，有明确的仓单登记机构与担保物权登记机构等。近些年，一些发展中国家也在不同程度地借鉴发 达国家的经 ...