2025年8月16日，由南方财经全媒体集团指导、《21世纪经济报道》主办的2025资产管理年会在上海圆 满落幕。本届年会聚焦主题"破局与重构——大资管再造竞争力"，邀请金融监管部门、权威专家学者、 资管机构负责人、金融和产业精英人士齐聚一堂，共同探讨大资管的创新发展之道。在当前充满不确定 性的环境中，"破局"成为行业核心关切，国有企业如何突破发展瓶颈、提升核心竞争力成为时代命题。 作为参会金融企业，国建集团携其前瞻性的金融解决方案"新时代国企减债融资(DRF)协同民企共同高 质量发展课题"，为深化国企改革提供了新的破局思路。 "新时代国企减债融资(DRF)协同民企共同高质量发展课题"的核心在于其深度实践了产融结合的理念。 它并非简单的金融输血，而是构建了一个以资本为纽带、驱动产业升级的完整金融体系。国建集团通过 设立产业股权基金并引入灵活的配资机制，将金融资本精准导入实体经济的血脉之中。这些资金不仅纾 解了国企的债务压力，更重要的是，它们被定向引导至全产业链的关键环节，特别是国家战略所指向的 新兴领域和未来产业。DRF课题对优质国企与民企的战略投资，实质上是搭建了一座桥梁，促进双方在 技术研发、市场开拓、管理 ...

Group 1 - The core viewpoint emphasizes the importance of state-owned enterprises (SOEs) in the national economy and the need for debt risk mitigation and capital efficiency improvement as key elements in deepening supply-side structural reforms [1][2] - The "New Era State-Owned Enterprise Debt Reduction Financing (DRF) Collaborative Development with Private Enterprises" initiative aims to help SOEs overcome financing difficulties without increasing debt ratios, utilizing equity financing to replace debt financing [2][3] - The initiative promotes a new ecosystem for collaborative development between SOEs and private enterprises, enhancing resource sharing and innovation, which contributes to the modernization of industrial and supply chains [3] Group 2 - The initiative addresses the dual pressures of liquidity constraints and imbalanced debt structures faced by some SOEs due to high debt levels and limited financing channels [2] - By establishing joint ventures and providing dual guarantees, the initiative allows SOEs to receive low-cost funding through the DRF fund, optimizing capital structures and debt management for sustainable development [2][3] - The exploration and practice of the DRF initiative provide a systematic solution for SOE reform, focusing on reducing debt, strengthening capital, and promoting innovation, ultimately supporting high-quality economic development in China [3]

Core Insights - The World Economic Forum's 16th Summer Davos Forum, themed "Entrepreneurial Spirit in the New Era," took place in Tianjin, gathering over 1,700 representatives from politics, business, academia, and media from more than 90 countries to explore future economic growth and cooperation [1] Group 1: Economic Context - The dual challenges of a profound adjustment in the global economic landscape and a wave of technological revolution necessitate high-quality development of Chinese enterprises, particularly state-owned enterprises, which is crucial for stabilizing the foundation of the real economy and building a modern industrial system [1] - The "New Era State-Owned Enterprise Debt Reduction Financing (DRF) Collaborative Development with Private Enterprises" initiative aims to address the limitations of traditional financing models and promote deeper integration of finance and industry, enabling Chinese enterprises to participate more efficiently in global competition [2] Group 2: Financing Mechanism - The DRF initiative allows state-owned enterprises to receive low-cost funding without increasing their debt ratio through debt and equity investments, providing immediate financial relief and enabling participation in an industrial investment fund established by the Guojian Group [2] - The Guojian Group can match funding from 1:1 to 1:9 with enterprises to create industrial equity investment funds, investing in high-quality state-owned or private enterprises across the entire industrial chain, facilitating exits through listings or mergers and acquisitions, thus enhancing the "self-sustaining" capabilities of these enterprises [2] Group 3: Global Integration - The DRF initiative assists state-owned enterprises in attracting foreign investment and actively engaging in the Belt and Road Initiative, while also strengthening domestic strategic resource allocation and risk management capabilities [3] - This internal and external linkage framework addresses urgent domestic industrial upgrading needs and transforms China's industrial transformation demands into global capital investment opportunities, helping Chinese enterprises better utilize global resources, reduce financing costs, and improve investment efficiency [3] Group 4: Future Outlook - The discussions at the Summer Davos Forum highlighted a fundamental consensus that to gain initiative in changing circumstances, reliance on a solid foundation of the real economy and transformative innovation capabilities is essential [3] - China's commitment to driving high-quality development through high-level openness is being demonstrated through deep collaboration between finance and industry, positioning Chinese enterprises to present a more robust and powerful image on the global stage [3]

Core Viewpoint - The "New Era State-Owned Enterprise Debt Reduction Financing (DRF) Collaborative Development with Private Enterprises" initiative aims to enhance liquidity and optimize debt structures for state-owned enterprises (SOEs), thereby driving innovation and industrial upgrades [1][2][4] Group 1: Financing Mechanism - The DRF initiative provides low-cost funding to SOEs without increasing their debt ratios, allowing them to alleviate short-term liquidity pressures and invest in industry investment funds [2][3] - The initiative employs a joint equity (UE) project model, where the DRF funds can be matched by the National Construction Group at a ratio of 1:1 to 1:9, facilitating investments in high-quality SOEs or private enterprises [2][3] Group 2: Advantages of the DRF Initiative - The DRF initiative offers multiple advantages, including low-cost financing, long-term rolling financing, foreign capital introduction, debt reduction, and solving the "borrow new to repay old" issue [3] - By utilizing the UE project model, enterprises can achieve long-term, low-cost financing and improve their debt structures through asset off-balance sheet strategies [3] Group 3: Strategic Importance - Financial reform is crucial for directing capital towards innovative sectors and enhancing the service capacity of the real economy, which is essential for the new development phase [4] - The DRF initiative is positioned as a key practice for cultivating new productive forces, aiming to ignite China's economic engine and promote high-quality development during the "14th Five-Year Plan" [4]