◎记者 徐潇潇 兴银投资（兴业银行旗下）、招银投资（招商银行旗下）、信银金投（中信银行旗下）等股份制银行旗 下金融资产投资公司（AIC）在2025年底开业后，已有一批首单项目落地。 综合三家股份制银行AIC披露的投资项目来看，当前股份制银行AIC股权投资呈现"三高一稳"特点，落 地高速度、聚焦高成长赛道、投资标的偏好高透明度的优质上市公司子公司。重点投向新能源、新材料 等"硬科技"领域，增资用途主要集中于偿还存量债务、优化资本结构、支持业务发展等方面。总体看， 持股比例普遍不高，风格偏向稳健。 差异化发展 与国有大行AIC错位竞争 "股份制银行AIC的成立，标志着AIC行业从国有大行主导步入多元协同发展的新阶段。"中国邮政储蓄 银行研究员娄飞鹏在接受上海证券报记者采访时表示，股份制银行AIC凭借机制灵活、市场嗅觉敏锐的 优势，快速切入科技型中小企业的融资空白领域，有效弥补了传统信贷与风险资本之间的服务缺口。 在此过程中，随着股份制银行AIC投资项目加速落地，其与国有大行AIC在展业路径上的差异也日益凸 显，主要体现在投资逻辑、行业布局及运营机制等方面。 近期，招银投资完成了对长安汽车控股子公司深蓝汽车科技有限 ...

（编辑 张昕） 据悉，兴银投资针对传统产业资产盘活难、经营效能低、数智协同弱和新兴产业技术壁垒高、研发周期长、成果转化慢等 痛点，以债转股工具精准匹配不同主体、不同周期的融资需求，首批落地的10余个项目资金投向半导体、光伏、锂矿、工程塑 料等新能源、新材料产业，涵盖福建、广东、上海、安徽、山东等地区科创企业、民营企业，有效助力企业优化资本结构，深 化转型发展，创造长期价值。 兴银投资公司负责人表示，将依托母行集团化经营优势，坚持差异化竞争，以服务高水平科技自立自强为使命，以市场化 债转股为主业，立足福建、辐射全国，因地制宜加大对新能源、新材料、人工智能、生物医药、先进制造等领域的投资力度， 加快申请私募股权投资牌照，助力"硬科技"企业突破"卡脖子"难题，同时持续加强投资生态圈建设，为客户提供全生命周期金 融服务。 本报讯 （记者熊悦）记者从兴业银行获悉，作为全国首家获批筹建、获批开业的股份制银行AIC，兴银金融资产投资有限 公司（以下简称"兴银投资"）持续加大对传统产业"智改数转"、新兴产业"聚链成群"的支持力度，自2025年11月16日正式揭牌 运营以来，截至12月31日，公司累计投放资金规模超60亿元。 ...

Core Viewpoint - China Construction Bank (CCB) aims to support new industrialization by providing over 5 trillion yuan in financing to various manufacturing entities over the next three years [1][3]. Group 1: Financing Initiatives - CCB plans to offer long-term, stable, and sustainable funding support through products such as project loans, basic construction loans, and syndicate loans for manufacturing enterprises [4]. - The bank will provide working capital loans with a maximum term of five years to support enterprises in technological innovation and operational turnover [3]. - CCB will also offer low-cost equipment renewal loans to assist companies in technology transformation and equipment upgrades [3]. Group 2: Additional Support Measures - CCB intends to facilitate industry chain integration through acquisition loans [3]. - The bank will enhance financing options and optimize debt structures for enterprises via equity investments and debt-to-equity swaps [3]. - Services such as equipment renewal loans, technology transformation loans, and financing leasing will be provided to meet the demands of high-end, intelligent development in enterprises, thereby reducing financing costs [4].

Core Viewpoint - China Construction Bank (CCB) aims to support new industrialization by providing over 5 trillion yuan in financing to various manufacturing entities over the next three years [1][3]. Group 1: Financing Initiatives - CCB plans to offer long-term, stable, and sustainable funding support through products such as project loans, basic construction loans, and syndicate loans for manufacturing enterprises [4]. - The bank will provide working capital loans with a maximum term of five years to support technological advancements and operational turnover [3]. - CCB will also offer low-cost loans for equipment upgrades to assist companies in technology transformation and equipment modernization [3]. Group 2: Diverse Financing Methods - CCB intends to facilitate industry chain integration through acquisition loans [3]. - The bank will enhance financing options and optimize debt structures for enterprises via equity investments and debt-to-equity swaps [3]. - Additional services will include equipment renewal loans, technology transformation loans, and financing leasing to meet the demands of high-end, intelligent development in enterprises [4].

Core Viewpoint - The article emphasizes the importance of implementing the strategic directives from the central government regarding the development of the central region, ecological protection of the Yellow River basin, and high-quality development in Henan province, with a focus on modernizing the industrial system and improving people's livelihoods [1][5]. Group 1: Empowering Industrial Transformation and Upgrading - China Cinda's Henan branch focuses on technology innovation in fields such as new materials and advanced manufacturing, supporting specialized enterprises through market-oriented debt-to-equity swaps [2]. - The company has helped listed firms like Huaying Agriculture and Zhongfu Industry reduce debt burdens and has actively participated in the rescue of Kedi Food, ensuring employment for over 15,000 individuals [2]. - A business matching event with the Henan State-owned Assets Supervision and Administration Commission is planned for April 2025 to enhance the financial services for state-owned enterprises [2]. Group 2: Assisting in Risk Mitigation in Key Areas - Since its establishment, China Cinda's Henan branch has invested over 50 billion yuan in acquiring non-performing loans from local banks, aiding in the resolution of risks associated with projects like the Wandaxin Expressway [3]. - The company has contributed to the restructuring of local small banks, acquiring non-performing loans worth 6.167 billion yuan [3]. - The branch has played a crucial role in the "guarantee housing" initiative, facilitating the delivery of 3,319 housing units in the Zhengzhou Tilu project [3]. Group 3: Promoting New Industrial Development - The company supports the transformation of traditional energy enterprises in Henan, providing over 20 billion yuan in funding to major energy groups since 2015 [4]. - It has utilized debt-to-equity swaps to assist the largest lithium hexafluorophosphate producer in expanding production and reducing debt ratios [4]. - The Henan branch is also involved in enhancing the cultural tourism industry, aiding in the bankruptcy restructuring of Luoyang Tourism Group to improve asset operation efficiency [4]. Group 4: Commitment to Strategic Directives - China Cinda's Henan branch is committed to deeply learning and implementing the important speeches of General Secretary Xi Jinping, focusing on the strategic deployment for the central region's rise and ecological protection [5][6]. - The company aims to serve the real economy and promote the development of industries such as cultural tourism, manufacturing, and high-tech sectors in Henan [6].

Core Viewpoint - The expansion of the Financial Asset Investment Company (AIC) equity investment pilot program is creating new opportunities in the equity investment market, with a focus on integrating banking services to better support enterprises [1][4]. Group 1: AIC's Role and Market Position - AIC is becoming a vital force in the equity investment market, differentiating itself from traditional investment institutions by leveraging the multi-license capabilities of commercial banks to provide comprehensive financial services [1][4]. - Shanghai is identified as the most active market for equity investment in China, serving as the headquarters for the only AIC institution, which is committed to utilizing its local advantages to support equity investment initiatives [3][4]. Group 2: Investment Achievements and Future Plans - As of March 2025, the company has completed 45 equity investment projects in Shanghai, with a total investment amount of 145 billion yuan in debt-to-equity conversion projects and 16.83 billion yuan in pure equity projects [3][4]. - The AIC pilot program is set to expand to 18 cities by September 2024, enhancing the fundraising capabilities and influence of AIC institutions, which will further support local economic transformation [5][4]. Group 3: Strategic Collaborations and Sector Focus - The company has engaged in multiple rounds of equity support for traditional automotive manufacturers transitioning to new energy, exemplified by its collaboration with Changan Automobile, which has seen significant growth in electric vehicle sales [6][7]. - AIC institutions are positioned to meet the long-term capital needs of both technology innovation and traditional enterprise upgrades, emphasizing the importance of patient capital in supporting these sectors [7][8]. Group 4: Professional Capability Development - The company is focusing on enhancing its professional capabilities in equity investment, including fundraising management, project expansion, risk control, and post-investment management [8][9]. - A new system called "New Seed System" has been introduced to target early-stage enterprises, with a project reserve of approximately 500 projects already established [9]. Group 5: Future Outlook - The company anticipates that with strengthened professional capabilities and improved mechanisms for risk management, it will play a significant role in the equity investment market, supporting national economic transformation and acting as a key player in the investment landscape [10].

Core Viewpoint - Financial Asset Investment Companies (AIC) are becoming key players in China's financial system, particularly in supporting technology-driven enterprises through comprehensive financial services, including equity and debt financing, underpinned by strong policy support and a broad client base [1][5]. Policy Evolution of AIC - AIC was established to facilitate market-oriented debt-to-equity swaps, aimed at reducing corporate leverage and supporting the real economy, with its role evolving to include support for technology finance [5][6]. - The pilot program for AIC's equity investment has expanded from Shanghai to 18 major cities, including Beijing and Guangzhou, as part of a broader policy initiative to enhance financial support for high-quality economic development [2][3]. - Key policy changes include increasing the investment cap from 4% to 10% for on-balance sheet investments and from 20% to 30% for single private equity fund investments [2][3]. Current Status and Development Trends - As of now, there are six AICs in China, with the latest being established by Industrial Bank, which aims to enhance support for technology and private enterprises [7][10]. - The total assets of the five existing AICs reached 567 billion yuan by mid-2024, a nearly tenfold increase since the end of 2017, with net profits rising from 263 million yuan in 2017 to 18.2 billion yuan in 2023 [11][10]. - AICs are diversifying their business models beyond debt-to-equity swaps to include direct equity investments, particularly in strategic sectors like integrated circuits and renewable energy [12][11]. AIC's Role in Technology Finance - AICs provide a flexible financing channel for technology enterprises, addressing their unique needs for long-term, stable funding, which traditional banks may not offer [12][16]. - The investment focus of AICs includes critical areas such as integrated circuits and new materials, aligning with national technology strategies [12][16]. - AICs are positioned to alleviate the financing difficulties faced by early-stage technology companies, offering non-debt, low-cost, and long-term financing solutions [16][17]. Enhancing Financial Market Resource Allocation - AICs are reshaping the funding relationship between banks and technology firms, improving the efficiency of financial market resource allocation [18][19]. - By facilitating debt-to-equity conversions, AICs enhance the financial system's ability to manage risks associated with high-leverage enterprises [18][19]. - The multi-faceted business model of AICs contributes to a more diverse financial market, promoting a shift from transaction-driven to allocation-driven market dynamics [18][19]. Future Development Pathways for AIC - To fully realize their potential, AICs need to strengthen their market mechanisms, risk management, and collaborative frameworks with market entities [25][26]. - Establishing a specialized investment research system focused on technology enterprises and enhancing cooperation with market institutions are critical for AICs' growth [26][27]. - AICs should also develop supportive policies and differentiated regulatory frameworks to optimize their operational environment and enhance their role in supporting innovative enterprises [28].

Core Viewpoint - The recent policy document issued by the National Financial Supervision Administration aims to expand the scope of equity investment by financial asset investment companies (AICs) to include trial cities and their provinces, thereby enhancing the funding sources for private equity investments and promoting collaboration with local state-owned assets and industry groups [1][2]. Group 1: Financial Asset Investment Companies (AICs) - AICs are non-bank financial institutions approved by the State Council, primarily engaged in the conversion of bank debts into equity and related support services [2]. - The establishment of AICs aims to address the increasing non-performing assets in the banking system through market-oriented debt-to-equity swaps, while also assisting distressed bank clients [2]. - AICs can engage in direct equity investments and manage or participate in private equity funds, with capital sourced from parent banks and other financial instruments [2][5]. Group 2: Investment Trends and Market Impact - AICs have begun to accelerate investments in private equity and technology innovation, collaborating with local state-owned assets and industry groups to establish various themed investment funds [1][3]. - By March 2025, five AICs had signed agreements covering 18 trial cities with a total investment amount exceeding 350 billion yuan, marking AICs as a significant new force in the domestic private equity market [1][3]. - The expansion of AICs into private equity investments signifies a breaking down of barriers between indirect financing through bank credit and direct equity investments, enhancing the role of bank-led financial holding groups [3]. Group 3: Policy Recommendations - It is recommended to further expand the trial scope for private equity investments by AICs, allowing for more capital and business potential to be released while ensuring risk control [7]. - A comprehensive regulatory framework should be established to support the operations of AICs, ensuring that their primary focus on non-performing asset disposal is maintained [8]. - The capital market should be optimized to support high-quality development, enhancing market vitality and increasing the proportion of direct financing [9][10].