（作者为中科创星创始合伙人，本报记者张弛采访整理） 责任编辑：杨喜亭 纵观我国科技金融的演进，从以银行信贷为主的传统间接融资，到科创板设立打通股权融资通道， 再到债券市场"科技板"推出，支持政策日趋立体与完善，日益契合新一轮科技革命对多元化、全周期金 融服务的迫切需求。然而也需承认，当前科创金融体制仍存在整体资金规模有限、风险容忍度不足等短 板。 为此，建议持续深化改革创新，着力构建功能互补、协同联动的科技金融生态体系，即推动银行、 保险等长期限、大体量资金，通过顶层设计和制度化安排，注入国家级母基金。由母基金扮演"战略蓄 水池"与"耐心资本"角色，以低成本、长周期、高风险承受能力的方式，支持市场化、专业化的风险投 资（VC）机构。再由VC机构将资金精准配置到最具创新活力的科技企业中。 债券市场"科技板"的推出，相当于在广阔的债券市场上为科创企业融资专门开辟出一条"专用车 道"。它精准回应并系统性解决了科创企业长期以来面临的三大难题：缺乏适配的融资工具、审批流程 周期长、综合融资成本高。通过这一机制的设计，金融资源得以实现精准滴灌，确保资金活水能够直接 流向国家战略引导的科技创新关键领域，显著提升金融支持实体 ...

Core Insights - The financial system plays a crucial role in stabilizing the macro economy and promoting economic restructuring and upgrading during the "14th Five-Year Plan" period [1] - The focus on "Five Major Articles" in finance aims to enhance financial service quality and efficiency, with a shift in credit allocation towards high-quality development sectors [2][3] Group 1: Financial Support and Credit Allocation - The implementation of satellite remote sensing technology has enabled financial institutions to provide significant credit support to agricultural enterprises, exemplified by a 10 million yuan loan issued by Industrial Bank [2] - From the end of 2021 to June 2025, loans under the inclusive finance category from Industrial Bank are expected to increase by 95.81% [2] - By the first half of 2025, loans in the "Five Major Articles" sectors are projected to account for approximately 70% of total loans [3] Group 2: Sector-Specific Financial Trends - The proportion of corporate loans increased from 63% to 68% between the end of 2020 and the first quarter of 2025, indicating a stronger focus on supporting real enterprises [3] - The manufacturing sector's share of medium- and long-term loans rose from 5.1% to 9.3%, while the consumer sector's share increased from 9.6% to 11.2% during the same period [3] - Annual growth rates for loans to technology-based SMEs, inclusive microloans, and green loans are expected to exceed 20% during the "14th Five-Year Plan" [3] Group 3: Policy and Structural Reforms - The central financial work conference emphasized the importance of the "Five Major Articles" in guiding financial resource allocation and supporting economic transformation [3][4] - Financial management departments are expected to utilize various monetary policy tools to ensure liquidity and lower financing costs, thereby supporting consumption and effective investment [5] - Experts suggest that financial resources should align closely with national strategic emerging industries and advanced manufacturing to foster a positive interaction between capital flow and industrial chains [6]

Core Insights - The effectiveness of China's technology finance policies in the first half of 2025 is highlighted, with significant growth in technology loans and innovative financial measures [1][2][3] Group 1: Technology Loan Growth - As of the end of May, the signed contracts for technology innovation and technological transformation loans reached 1.74 trillion yuan, with a year-on-year growth of 12%, surpassing the overall loan growth rate [1] - The total amount of technology innovation and technological transformation loans signed by banks and enterprises reached 1.7 trillion yuan, which is 1.9 times that of the end of 2024 [1] Group 2: Bond Market Innovations - The establishment of the "Technology Board" in the bond market is a key innovative measure, allowing financial institutions, technology enterprises, and equity investment institutions to issue technology innovation bonds [2] - By June 30, 288 entities had issued approximately 600 billion yuan in technology innovation bonds, with over 400 billion yuan issued in the interbank market [2] Group 3: Support for Equity Investment Institutions - The People's Bank of China has created a risk-sharing tool for technology innovation bonds, providing low-cost re-lending funds to support equity investment institutions in issuing bonds [2] - As of June 30, 27 equity investment institutions issued technology innovation bonds totaling 15.35 billion yuan, with five private equity institutions benefiting from the risk-sharing tool [2] Group 4: Overall Financial Support - The financial data from the first half of the year indicates a clear effect of monetary policy in supporting the real economy, with inclusive small and micro loans growing by 11.6% year-on-year and manufacturing medium to long-term loans increasing by 8.8% [3] - The People's Bank of China plans to continue utilizing the risk-sharing tool for technology innovation bonds to foster the development of the technology innovation bond market [3]

Core Viewpoint - The recent financial policies introduced by the regulatory bodies aim to stabilize the market and manage expectations, with a strong focus on the real estate and consumer sectors [4][5][21]. Group 1: Financial Policy Overview - The financial policies are characterized by a high level of specification and intensity, continuing the "expectation management" approach since the September 2024 Politburo meeting [4][7]. - The policies include flexible and enhanced monetary measures, such as lowering the housing provident fund loan interest rate and introducing new monetary policy tools [8][10]. - The focus on supporting capital markets and technological innovation is evident, with measures to deepen the Sci-Tech Innovation Board reforms and optimize investor protection mechanisms [8][10]. Group 2: Impact on Real Estate and Consumption - The policies directly address the two critical issues of real estate disturbances and insufficient consumer demand, providing strong support for market stabilization [5][21]. - The reduction of the housing provident fund loan interest rate by 0.25 percentage points is expected to alleviate the financial burden on homebuyers and release more space for other consumer spending [24][25]. - There is an expectation for further policies to stimulate consumption, particularly through measures like trade-in incentives for consumer goods [23][32]. Group 3: Market Sentiment and Investment Strategies - The policies are anticipated to enhance market sentiment, particularly in the technology sector, leading to improved valuations and increased activity in the bond market [16][20]. - Investors are advised to adopt a "reverse operation" strategy, taking profits when certain sectors rise significantly and considering entry points during corrections [34][35]. - The current market environment is characterized by high volatility, necessitating careful attention to policy directions and market sentiment changes [36][38].