文/深圳证券交易所债券业务中心课题组 租赁住房REITs，为民营企业提供办公、住宿等配套服务。同时，积极探索Pre-REITs、私募REITs、公 募REITs多层次市场建设，为民营企业项目"募投建管退"提供全链条融资服务。 2. 健全民营企业融资增信支持体系，疏通民营企业融资堵点卡点 截至2025年3月末，深交所累计支持民营企业发行债券3.67万亿元，占深交所债券发行总规模的36%。 其中，公司（企业）债券发行规模为2.29万亿元（含可转换债券），资产支持证券（ABS）发行规模为 1.37万亿元，REITs发行规模为81亿元。目前，民营企业债券期限以3年期和5年期为主，债项评级以 AA+和AAA为主，发行人或原始权益人位于广东、北京、重庆等多个省市，主要分布在金融业、租赁 和商务服务业、制造业等10余个行业。为更好支持民营经济发展，深交所不断丰富产品体系和规则体 系，积极推进一二级市场协同发展。 1. 加快产品创新、丰富产品体系，持续拓宽多元化融资渠道 一是聚焦"五篇大文章"，推出精准服务民营企业系列债券产品。顺应国家战略，推出科技创新债券、绿 色债券、低碳转型债券、中小微企业支持债券等专项品种，以及数字经 ...

（原标题：全球无形资产突破80万亿美元 证券化成"轻资产"融资新蓝海） 6月27日下午，开鑫科技董事长周治翰在2025国际债券论坛上表示，全球企业无形资产价值在2024年已 攀升至80万亿美元的历史高位，知识产权和数据资产证券化正成为盘活企业无形资产价值的关键工具。 这一金融创新手段能够有效赋能科创及数据产业升级，将无形价值"转化为推动经济发展的有形未来"。 无形资产证券化作为破解轻资产融资瓶颈的有效手段，为科创和数据产业提供了新的发展动能。 随着全球经济结构的不断调整，无形资产在企业发展中的地位日益凸显。特别是在数字经济时代，知识 产权、数据资源等无形资产已成为企业核心竞争力的重要组成部分。然而，无形资产的价值往往难以被 传统金融体系充分识别和利用，导致许多轻资产企业面临融资难题。无形资产证券化作为一种创新型金 融工具，通过将无形资产相关未来收益权进行拆分和打包，使其能够像传统资产一样在市场上流通，从 而有效解决无形资产的估值和流动性问题。这种模式不仅为无形资产持有者提供了新的融资渠道，也为 投资者提供了新的投资选择，实现了无形资产价值的最大化利用。 全球无形资产证券化市场快速扩张 周治翰在论坛上揭示的数据 ...

Group 1 - The 2025 Beijing Intellectual Property Utilization Work Conference was successfully held, focusing on the promotion of intellectual property utilization in the Beijing-Tianjin-Hebei region [1] - The "China Intellectual Property Securitization Blue Book (2024)" was launched, providing new insights and development momentum for the intellectual property securitization industry in China [1][2] - The Blue Book was compiled under the professional guidance of the Beijing Intellectual Property Bureau, with contributions from multiple organizations, integrating high-quality industry resources and cutting-edge insights [1][2] Group 2 - The Blue Book analyzes domestic policy environments and summarizes support policies for intellectual property securitization, offering a comparative analysis with international experiences [2] - It outlines the characteristics and future directions of intellectual property securitization in China, proposing five innovative development directions [2] - The core institution, Zhongjinhao, aims to leverage its expertise in intellectual property assessment and financial innovation to enhance the industry’s development and participate in the establishment of national and group standards [2]

推动新型研发机构应用雇员合同制、探索内地和香港创投资本共同设立创投基金、探索多元化数据流通 交易方式……19日，深圳市举行深入推进深圳综合改革试点第二场新闻发布会，介绍深圳进一步推进高 水平对外开放的相关举措。 在"健全科学化、精细化、法治化治理模式"方面，前海将进一步完善国际商事纠纷解决机制，集聚一流 商事调解机构，提供专业、高效、便捷的商事争议解决服务。河套将积极推动出台河套深圳园区条例， 为河套开放创新提供法治保障；建立与国际接轨的调解、仲裁、诉讼一站式多元解纷体系等。(记者赵 瑞希) 在"统筹推进教育科技人才体制机制一体改革"方面，前海将在优化外国人才服务、深化深港联合引才机 制、便利港澳专业人士执业等领域推出更多创新举措。河套将加强产学研高效协同、深度融合，引进港 澳知名高校优势学科重点科研项目；推动新型研发机构应用雇员合同制、薪酬市场化管理等新机制；建 设国际科技人才综合服务平台。 在"建设更高水平开放型经济新体制"方面，前海将大力发展跨境电商、保税维修、保税展示交易等新模 式、新业态；巩固提升运输、金融、电信等优势行业，发展游戏出海、软件外包、知识产权、跨境旅 游、国际会展等业态。河套将探索在河 ...

Core Viewpoint - The deep integration of technological innovation and industrial innovation has become the core driving force for economic growth in the context of a profound restructuring of the global economic landscape [5][6]. Group 1: Capital Market Development - The chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need to fully activate the hub function of a multi-level capital market to promote the integration of technological and industrial innovation [5][6]. - China's capital market has made significant progress in supporting the innovation-driven development strategy, but there is still room for improvement in marketization, investor structure, and institutional flexibility compared to mature international markets [6][7]. - The multi-level capital market system in China has been continuously improved, expanding its service coverage for technology innovation enterprises [5][6]. Group 2: Challenges and Opportunities - There are structural differences between China's capital market and mature international markets, including insufficient long-term capital supply and a tendency for short-term investments [8][12]. - The average transaction price of technology contracts in China is only one-fifth of that in the United States, indicating a need for a scientific intangible asset valuation system [8][12]. - As of 2024, A-share listed companies' R&D investment is expected to reach 1.88 trillion yuan, accounting for over 50% of the total social R&D investment, with technology companies' market capitalization share increasing from 12% to 27% over the past decade [7][12]. Group 3: Financial Ecosystem and Innovation - A differentiated capital market ecosystem that aligns with technological innovation and industrial transformation requires continuous institutional and product innovation [10][11]. - The need to enhance the diversity of financial products and improve the multi-level capital market structure is crucial for supporting the financing needs of technology enterprises throughout their lifecycle [10][11]. - The establishment of a scientific and reasonable delisting standard that includes innovation capability indicators, in addition to financial metrics, is essential for maintaining market order and protecting investor interests [11][12]. Group 4: Future Directions - Future efforts should focus on cultivating patient capital and providing comprehensive financial services that cater to the entire lifecycle of technology enterprises [12][13]. - Enhancing market inclusiveness and openness by relaxing market access restrictions will attract more domestic and international quality technology enterprises and investors [13][14]. - The capital market is positioned as a core hub linking technological innovation and industrial upgrading, with the potential to create a globally influential innovation capital aggregation hub [14].

将组建跨境双币早期母基金 近日，中共中央办公厅、国务院办公厅印发《关于深入推进深圳综合改革试点深化改革创新扩大开放的 意见》。6月19日，深圳举行第二场深入推进深圳综合改革试点系列新闻发布会，介绍前海、河套等重 大国家级战略平台推进高水平对外开放有关情况。发布会透露，一批改革措施将在前海、河套率先落 地。 在"推进教育科技人才体制机制一体改革"这一关键改革领域，前海大力推进创新链、产业链、资金链和 人才链深度融合，着眼全域打造新质生产力和创新策源地。"接下来，前海将为香港创新主体提供专利 快速预审服务，建设国际技术转移中心，加快构建需求牵引、企业主体、市场导向、产学研深度融合的 创新体系。"王守睿说。 前海▷▷ 深圳市前海合作区党工委副书记、前海蛇口自贸片区管委会常务副主任、前海管理局常务副局长黄晓鹏 则透露，前海将持续优化科技攻关组织模式和运行机制，探索新型研发机构去行政化、雇员合同制、薪 酬市场化管理制度，允许外籍科学家担任新型研发机构法定代表人，探索形成各链条各环节要素有效衔 接、资源合理配置的制度机制。 拟打造企业赴港上市培育基地 此外，前海还将推动扩大增值电信开放，吸引外资企业在前海落地全资互联网数 ...

【深圳商报讯】（记者范宏韬）6月19日，深入推进深圳综合改革试点第二场新闻发布会在市民中心举 行。深圳市委常委、前海合作区党工委书记、前海蛇口自贸片区管委会主任、前海管理局局长王守睿， 深圳市政协副主席、福田区委书记、河套发展署党组书记黄伟，深圳市前海合作区党工委副书记、前海 蛇口自贸片区管委会常务副主任、前海管理局常务副局长黄晓鹏分别介绍前海合作区、河套合作区深圳 园区、前海蛇口自贸片区贯彻落实《中共中央办公厅国务院办公厅关于深入推进深圳综合改革试点深化 改革创新扩大开放的意见》（下称《意见》）、深化改革创新扩大开放工作进展，并就有关情况答记者 问。 打造提升前海"国际范"的"四个圈" 今年是前海合作区成立15周年，前海扎实推进深圳综合改革试点。深圳综合改革试点形成的48项经验举 措中，有17项在前海率先实施。其中，前海推出企业开办"双录签名"、产业资金"AI+审批"等创新举 措，企业获得感显著提升。 2024年，前海实现地区生产总值3008.8亿元、同比增长8.6%，固投1691亿元、同比增长10.1%，进出口 7066.5亿元、同比增长42.4%，实际使用外资266.5亿元、同比增长7.4%、占全市的6 ...

每经记者｜孔泽思 每经编辑｜张海妮 近日，中共中央办公厅、国务院办公厅发布《关于深入推进深圳综合改革试点深化改革创新扩大开放的意见》（以下简称《意见》），在新起点上赋予深圳 一系列重大改革任务。 6月19日，深圳第二次召开"深入推进深圳综合改革试点系列新闻发布会"，前海、河套片区主要负责人出席发布会并就有关情况答记者问。 "前海作为特区中的特区，我们深感使命光荣、责任重大、机遇难得，将全力争取《意见》改革措施在前海先行先试、率先落地，在更高起点、更高层次、 更高目标上深化改革、扩大开放。"深圳市委常委、前海合作区党工委书记、前海蛇口自贸片区管委会主任、前海管理局局长王守睿表示，前海将加快发展 金融、服务贸易、科技服务、人工智能与具身机器人等产业，构建具有深港特色、前海特点、比较优势的现代化产业体系。 图片来源：每经记者 孔泽思 摄 前海要打造赴港上市培育基地 今年是深圳经济特区建立45周年，也是前海合作区成立15周年、前海蛇口自贸片区挂牌10周年。 作为"特区中的特区"，2024年，前海实现地区生产总值3008.8亿元，同比增长8.6%；固定资产投资1691亿元，同比增长10.1%；进出口7066.5亿元，同 ...

作为开放"桥头堡"，深圳继续跑出"加速度"！ 深圳市政协副主席、福田区委书记、河套发展署党组书记黄伟表示，自河套《河套深港科技创新合作区 深圳园区发展规划》出台实施后，河套合作区建设按下"加速键"，并取得"12345"的初步成果，"1"是1 项科研成果入选"中国科学十大进展"，"2"是集聚200多个高端科研项目，"3"是汇聚3个国家实验室分支 机构，"4"是集聚440余家高水平科技企业，"5"是集聚全球仅有的5家由我国主导建立的国际性产业与标 准组织，深港创新协同更加紧密，园区开发建设实现突破，服务配套全面跟进。 "河套是科技创新的'沃土'，也是一片干事创业的'热土'。" 黄伟说。据介绍，为推动河套合作区加快打 造成为世界级科研枢纽，河套合作区将从四个方面重点着力。 6月19日，深圳举办"深入推进深圳综合改革试点"系列新闻发布会第二场，介绍深圳进一步推进高水平 对外开放有关情况。证券时报记者在发布会上获悉，深圳继续抢抓机遇，加快推进前海合作区、河套合 作区、前海蛇口自贸片区等重大战略平台落地落实，以更大力度扩大制度型开放，为打造高水平对外开 放新格局提供示范样板。 支持前海实施"比特区还要特"的先行先试政策 ...

Core Viewpoint - The recent release of the "Opinions on Deepening Reform and Innovation in Shenzhen's Comprehensive Reform Pilot" emphasizes the need for Shenzhen to build a higher-level open economy, focusing on optimizing goods trade and enhancing service trade innovation [1] Group 1: Economic Growth and Trade - Qianhai is identified as a core area for promoting high-level opening up, with 17 out of 48 reform measures implemented there [1] - By 2024, Qianhai is projected to achieve a GDP of 300.88 billion yuan, an 8.6% year-on-year increase, with imports and exports reaching 706.65 billion yuan, a 42.4% increase [1] - Actual foreign investment in Qianhai is expected to be 26.65 billion yuan, accounting for 60.4% of Shenzhen's total [1] Group 2: Financial Sector Initiatives - Qianhai will focus on emerging finance, cross-border finance, supply chain finance, and technology finance, introducing intellectual property securitization products and establishing a nurturing base for companies going public in Hong Kong [1][2] - The "Technology Startup Pass" credit program has been launched, and the first private equity fund management license for insurance capital has been issued in Shenzhen [3] Group 3: Talent and Innovation - The reform in education and talent systems aims to integrate innovation chains, industry chains, capital chains, and talent chains to create a new source of productivity [2] - Qianhai will provide rapid patent review services for Hong Kong innovation entities and establish an international technology transfer center [2] Group 4: Trade and Service Development - Qianhai has pioneered a "one-time inspection, one-time certification, one-time passage" model for goods trade, enhancing trade facilitation and liberalization [3][4] - The area will promote cross-border e-commerce, bonded maintenance, and display trading, aiming to expand the scale and variety of foreign trade [4] Group 5: Digital Trade and Data Industry - Qianhai has launched a cross-border data verification platform and initiated the first national data broker innovation center [3] - Future plans include exploring diversified data circulation and transaction methods, and establishing an offshore data center [3][6] Group 6: Service Trade Expansion - The service trade sector in Qianhai is experiencing steady growth, with rapid increases in cross-border payment and gaming industries [5][6] - The area will implement a negative list for cross-border service trade and enhance the liberalization of service trade with Hong Kong and Macau [6]