（上接1版） 近年来，金融系统持续做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"，相关 领域贷款快速增长。中国人民银行行长潘功胜在国新办新闻发布会上介绍，"十四五"时期，科技型中小 企业贷款、普惠小微贷款、绿色贷款年均增速超过20%。 政策对金融资源优化配置发挥了牵引作用。2023年10月，中央金融工作会议首次提出做好金融"五篇大 文章"；2025年3月，《关于做好金融"五篇大文章"的指导意见》印发，各领域发展目标与保障机制进一 步细化；4月，央行等多部门建立金融"五篇大文章"全国统一的统计标准…… 其中，在科技金融领域：我国健全科技金融政策框架，运用科技创新和技术改造再贷款等货币政策工 具，引导银行加大对科技型企业的信贷支持；创新推出债券市场"科技板"，拓宽科技创新的多元融资渠 道；推进金融资产投资公司股权投资、保险资金长期投资改革等"四项试点"，促进科技创新与产业创新 深度融合。 "金融服务实体经济的五篇大文章，不仅回应了经济转型升级的现实需求，也体现了金融供给侧改革的 方向。"庞溟表示，例如：科技金融的加大投入，使创新型企业在早期和成长期获得了更多元的融资渠 道；养老金融和数字金融分 ...

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]

5月7日，"一行一局一会"集体发声，就"一揽子金融政策支持稳市场稳预期"有关情况进行介绍，并发布了一系列金融政策。 这些政策将如何影响资本市场，普通投资者该如何投资？在新京报贝壳财经"'一行一局一会'打出政策组合拳"直播中，中泰证券首席策略分析师徐驰、中国 银河证券首席策略分析师杨超对相关政策进行了解读。 在徐驰看来，此次政策在金融政策领域具有较高规格，延续了2024年9月政治局会议以来"预期管理"思路，政策层对资本市场以及稳定楼市、股市的关注度 再度上升。 杨超则认为，当前"稳市场"最重要的两个问题——房地产和消费内需，这次一揽子政策恰恰抓住了，并将政策向这两方面倾斜，对稳市场形成很强的助力。 谈组合拳 货币政策灵活性和力度增强，降准降息稳市场 当前，受海外关税等问题影响，我国经济增长依然存在压力。今年4月份制造业采购经理人指数（PMI）低于荣枯线，这表明我国制造业的活动有所收缩， 政策上有必要进行支持。同时，外部环境的变化和不确定性增加导致外需疲软，我国需要通过内需动力进行补充。提振内外部需求，降准降息均有必要。 从影响来看，降准降息将利好资本市场。央行的货币政策可为市场提供更多流动性，稳定市场预期，这有 ...