付英俊 海南自由贸易港建设是国家重大战略部署，是新时代中国改革开放的标志性工程。随着2025年12月18日 海南自由贸易港全岛封关运作的启动，海南正迎来前所未有的发展机遇。商业银行作为现代金融体系的 核心组成部分，在这一历史进程中承担着独特而重要的使命。面对"'一线'放开、'二线'管住"的特殊监 管制度、高度自由的贸易投资政策以及不断扩大的金融市场开放，商业银行必须重新审视自身定位，调 整发展战略，创新服务模式，才能在这场深刻的制度变革中把握先机，实现自身转型与区域发展的双 赢。 自贸港建设带来多维需求 商业银行需围绕海南自贸港建设需求调整战略定位，从传统信贷提供者向综合金融服务商转型，构 建"境内+境外""商行+投行""融资+融智"一体化服务模式，整合银行、证券、保险等多元金融工具，为 企业提供全生命周期、全产业链综合金融解决方案；同时从境内业务为主转向"在岸+离岸"协同发展， 既深耕在岸市场服务本地企业与居民，又积极布局离岸业务、搭建离岸金融服务能力，打通境内外两个 市场与两类资源。 此外，商业银行需从同质化竞争转向差异化特色化发展，结合自身资源禀赋与比较优势明确路径；还要 以客户为中心重构业务流程与服务 ...

Group 1 - Company signed a loan and pledge contract with Shenzhen High-tech Investment Microfinance Co., Ltd. to deepen cooperation, securing a financing amount of 30 million RMB with a one-year term [1] - The financing is backed by a patent application as collateral and benefits from low-interest subsidy policies [1] - Shenzhen Yongsheng New Energy Co., Ltd., a subsidiary of the company, acts as a guarantor for the loan, providing joint liability guarantee [1] Group 2 - After the new guarantees, the total guarantee balance provided by the company within the consolidated financial statements is approximately 255 million RMB, accounting for 23.05% of the audited net assets attributable to the parent company for 2024 [2] - The guarantee balance provided by the subsidiaries to the company is 87.22 million RMB, representing 7.89% of the audited net assets attributable to the parent company for 2024 [2] Group 3 - For the first half of 2025, the company's revenue composition is 50.13% from the chemical industry and 49.87% from the photovoltaic industry [3] Group 4 - The company's market capitalization is 7.5 billion RMB [4]

站在"十五五"蓝图即将全面展开的关键节点，深圳证券交易所联合央广网推出"深市债讯"栏目，旨在打造一个权威、专业、前沿的传播平台，传递深交所 债券市场的政策法规、创新产品、监管服务等信息，助力多层次债券市场建设。 在这里，可以看到科创债、绿色债、知识产权证券化等产品积极服务金融"五篇大文章"的实践，可以看到公募REITs引领的投融资机制创新，可以看到债 券一、二级市场的协调发展；可以看到优质服务触达一批又一批发行人、投资者、中介机构等市场主体，共同构建起稳定、透明、可预期的市场生态。 深圳证券交易所和央广网共建栏目"深市债讯"正式发布 经过多年高速发展，我国债券市场规模已稳居全球第二，在支持实体经济、传导货币政策、维护金融稳定等方面发挥着关键作用。深交所债券市场作为中 国债券市场重要组成部分，多年来不断夯实制度基础，增强创新活力，打造服务体系，已成为服务新质生产力发展、满足投资者多元投资配置需求的重要 平台。 作为中央广播电视总台下属中央重点新闻网站，央广网坚持央媒政治站位，始终坚守在讲好中国故事、唱响中国经济光明论的前沿阵地，通过构建"智库 研究+媒体传播+生态联动"的立体化IP矩阵，形成服务国家战略、赋能行 ...

Core Viewpoint - The development of new productive forces driven by technological innovation is crucial for financial institutions, including Ping An Securities, to support the real economy through targeted financial services and innovative practices [1][2]. Group 1: Financial Services and Innovation - Ping An Securities emphasizes its commitment to serving the real economy by enhancing its professional capabilities and service levels, focusing on the "Five Major Financial Articles" to support technological innovation and industrial upgrades [1][2]. - The company implements a dual strategy of "full-cycle product innovation" and "regional precision service" to create a diversified financing service system that supports the development of new industries, new business formats, and new technologies [2][3]. Group 2: Debt Financing and Green Development - In the debt financing sector, Ping An Securities has launched innovative financial instruments such as Sci-Tech bonds and has underwritten a total of 65 bonds for technology innovation companies, amounting to 16.98 billion yuan, facilitating diverse financing channels for tech enterprises [3]. - The company integrates green finance into its business design, aligning with national "dual carbon" strategies, and focuses on clean energy and environmental protection as key support areas [3][4]. Group 3: Inclusive Finance and Elderly Care - Ping An Securities aims to bridge the gap in inclusive finance by providing tailored services to meet the diverse needs of different groups, thereby enhancing social benefits and market value [6]. - In the elderly finance sector, the company has upgraded its app interface for elderly users and is actively issuing personal pension public fund products, managing a total of 31.473 billion yuan in insurance asset management plans [7]. Group 4: Digital Transformation and Data Utilization - The company is focused on digital transformation by building IT core capabilities and establishing a unified data service center to support refined operations and decision-making [8][9]. - Ping An Securities has collaborated with exchanges to create the first data asset ABS in China, valued at 130 million yuan, facilitating new financing pathways for digital economy enterprises [9].

Core Viewpoint - The company has completed the acquisition of a property in Irvine, California, for a total consideration of $4.365 million, and established a wholly-owned subsidiary, ETHKBANK, to enhance its operations in the North American market focusing on stablecoin and intellectual property securitization [1][2]. Group 1 - The acquired property will serve as the company's strategic headquarters in the U.S., supporting the development of stablecoin public chain technology and intellectual property securitization [2]. - The property spans approximately 4,960 square feet (about 0.113 acres) and includes a two-story office building of around 9,920 square feet, designed for both office and research purposes [1]. - The establishment of ETHKBANK aims to create a platform for efficient and transparent conversion of intangible asset values, connecting global innovative assets with capital markets [2]. Group 2 - The company plans to integrate its existing RWA-related business operations from mainland China and Hong Kong into ETHKBANK, optimizing global resource allocation and risk management [2]. - The strategic upgrade towards becoming a leading operator in stablecoin and high-tech intellectual property capital management is expected to align with global trends in digital economy and financial technology innovation [2]. - The board believes that these initiatives will open new growth pathways and enhance the value extraction and efficient circulation of high-quality global assets [2].

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes the construction of a technology finance system that aligns with technological innovation, aiming to enhance financial support for major national technological tasks and technology-based SMEs [1] Group 1: Capital Market Technology Finance Overview - Regulatory bodies have introduced a series of supportive policies, including the "National Nine Articles," "Sixteen Articles on Technology," and "Eight Articles on the Sci-Tech Innovation Board," to create a favorable policy environment for the development of technology finance [2] - As of June 2025, there are 1,660 listed companies in strategic emerging industries, accounting for 18.83% of the total market capitalization, an increase of 17.16 percentage points over the past decade [2] - The bond market has seen significant direct financing, with a cumulative issuance of 1.2 trillion yuan in sci-tech bonds supporting the development of enterprises in cutting-edge fields such as semiconductors and artificial intelligence [2] Group 2: Challenges and Obstacles in Securities Companies' Services for Technology Finance - There are systemic challenges in the reasonable valuation of technology companies, with a lack of effective identification and assessment capabilities for core technology routes and patent barriers [3] - Many technology companies are in high R&D investment stages, often facing long-term losses, making traditional valuation metrics like DCF, PB, and PE difficult to apply [3] - Information asymmetry exists, as some startups maintain strong confidentiality over core technologies, hindering investors' ability to assess true technological levels and potential [3] Group 3: Collaboration Mechanisms and Support Systems - There is a lack of efficient collaboration mechanisms between securities companies and knowledge innovation sources such as universities and research institutions, leading to bottlenecks in technology transfer and capital connection [4] - Securities companies often do not actively embed themselves in the early stages of technology innovation, lacking regular platforms for industry-academia-research integration [4] - The existing internal management and evaluation systems of securities companies heavily rely on short-term financial performance, which does not effectively incentivize long-term value creation behaviors [5] Group 4: Optimization Paths for Securities Companies' Technology Finance Services - A new service model centered on "investment banking + research + investment" is being developed to provide comprehensive, accompanying services for technology companies [6] - Research efforts are being strengthened to provide timely and accurate industry information and market analysis for technology companies [7] - Collaboration with universities, research institutions, and financial entities is being enhanced to create a comprehensive service center for technology finance, offering differentiated services based on the development stages of enterprises [7]

Core Viewpoint - The article emphasizes the role of digital finance in supporting the new industrialization process in China, highlighting its potential to address financing challenges faced by manufacturing enterprises through technological integration and policy support [1]. Group 1: Technological Empowerment Pathways - A "three-stage relay" financial support scheme is proposed to address key technology challenges, including "R&D loans + intellectual property securitization" during the R&D phase, and the establishment of a national digital platform for technology transfer during the commercialization phase [2]. - The use of blockchain technology is suggested to record equipment operation data, dynamically adjust insurance premiums, and provide comprehensive services for companies aiming for IPOs [2]. Group 2: Industrial Chain Empowerment Pathways - A multi-credit financial model is recommended, focusing on data credit, physical credit, and transaction credit to enhance the resilience of industrial chains [3]. - The establishment of a distributed ledger system for accounts payable is proposed to ensure traceability and reduce financing friction through electronic invoices [3]. Group 3: Regional Empowerment Pathways - A gradient financial adaptation strategy is suggested to address regional industrial development imbalances, including innovative financial support for capacity transfer and customized syndicate services for advanced manufacturing clusters [4]. - The creation of a cross-border industrial financial digital platform is recommended to facilitate cross-border trade financing and reduce currency exchange losses for export-oriented enterprises [4].

Core Insights - Digital finance is a core driving force in the digital economy era, reshaping financial service paradigms and injecting strong momentum into new industrialization strategies, effectively addressing structural challenges in traditional financial services [1][14] - The integration of financial technology and industrial internet, along with an increasingly comprehensive multi-level policy support system, will deepen the integration of digital finance into the entire lifecycle of new industrialization [1][14] - Digital finance aims to facilitate China's transition from a "manufacturing giant" to a "manufacturing and financial powerhouse" [1][14] Group 1: Digital Finance as a Tool for New Industrialization - Digital finance utilizes data as a key production factor and technology as a core driving force, leveraging blockchain, artificial intelligence, and cloud computing to reshape the financial service ecosystem [2] - The People's Bank of China and seven other departments issued guidelines to accelerate the construction of a financial powerhouse and a manufacturing powerhouse, marking the improvement of top-level design for financial support in new industrialization [2] Group 2: Mechanisms of Digital Finance Empowerment - Digital finance evolves from a traditional "fund intermediary" role to an intelligent hub for the allocation of industrial factors, activating industrial data asset value and reconstructing credit generation and risk pricing mechanisms [3] - It addresses the challenges of financing information asymmetry, credit assessment difficulties, and low service efficiency faced by manufacturing enterprises [3] Group 3: Multi-layered Collaborative Mechanisms - Digital finance integrates multi-dimensional data to create precise credit profiles and establish dynamic risk control models, alleviating core obstacles of information asymmetry in traditional industrial financing [4] - It provides tailored financial solutions throughout the lifecycle of manufacturing enterprises, adapting to their developmental needs [5] Group 4: Challenges Facing Digital Finance - The presence of industrial data silos and algorithmic bias restricts the effectiveness of digital finance, leading to potential mislabeling of manufacturing enterprises as high-risk due to outdated parameters [7] - Regulatory frameworks are lagging behind the industrial data assetization process, creating legal uncertainties around data ownership and valuation [7] Group 5: Pathways for High-Quality Development - A comprehensive financial support system for innovation can be established, focusing on key technology breakthroughs and the transformation of results [8] - The development of a multi-credit financial model is essential to enhance the resilience of industrial chains, moving beyond traditional credit reliance [9] Group 6: Policy and Institutional Support - Establishing national standards for data sharing and improving regulations around data asset financialization are crucial for fostering innovation [13] - A balanced regulatory framework that encourages innovation while preventing discriminatory credit policies is necessary for the sustainable development of digital finance [13]

Core Viewpoint - The article emphasizes the role of the securities industry in supporting national strategies and deepening financial supply-side reforms, highlighting the innovative approaches taken by Ping An Securities in serving technology enterprises and enhancing financing efficiency [1]. Group 1: Innovation in Financial Services - Ping An Securities has a strong focus on innovation, particularly in the realm of technology finance, which is evident in their development of unique financial products such as intellectual property securitization and carbon emission-linked bonds [2][3]. - The company is implementing a dual strategy of "full-cycle product innovation" and "regional precision service" to enhance investment and financing efficiency, transitioning from a scale-driven approach to a service and quality-driven model [3][4]. Group 2: Bond Business Development - Ping An Securities has established itself as a leader in the bond market, consistently ranking among the top ten in underwriting scale, and is actively exploring deep service models for technology enterprises [4][5]. - The company is focusing on two main areas to support the development of technology enterprises: enhancing collaboration between equity and debt financing, and strengthening the linkage between primary and secondary markets for technology bonds [4][6]. Group 3: Risk Sharing Mechanisms - To address the financing challenges faced by technology SMEs, Ping An Securities has developed core experiences in mechanism design, resource integration, and risk control [6]. - The company is enhancing credit enhancement measures by introducing innovative tools such as intellectual property pledges and data asset guarantees, which effectively improve bond credit ratings [6][7]. Group 4: Intellectual Property Securitization - Ping An Securities has pioneered the field of intellectual property securitization, launching the first intellectual property ABS product in China in 2019, and has since supported various financing projects for technology enterprises [8][9]. - The company employs a customized strategy for each enterprise, providing professional research and strategic consulting to help clarify market positioning and development direction [9].

Core Viewpoint - Ping An Securities has deeply engaged in the growth of small and medium-sized enterprises in China over its 30-year history, emphasizing innovation as a key element in its financial services for technology companies [1][2]. Group 1: Innovation in Financial Services - The company implements a dual strategy of "full-cycle product innovation" and "precise regional services" to enhance investment and financing efficiency [2]. - Ping An Securities has developed a diverse "relay-style" financing service system that covers the entire lifecycle of technology enterprises, transitioning from a "scale + quality-driven" model to a "service system + quality-driven" approach [2]. - In the equity business, the focus is on three strategic emerging industries: semiconductors, new energy, and high-end equipment, particularly in the Yangtze River Delta and Pearl River Delta regions [2]. Group 2: Bond Business Innovations - The bond business is a key area for Ping An Securities, which has maintained a top ten position in underwriting scale within the industry [3]. - The company has introduced innovative debt financing tools such as technology bonds and intellectual property securitization to better serve technology enterprises [3]. - Future efforts will focus on enhancing collaboration between equity and debt financing, as well as strengthening the linkage between primary and secondary markets for technology bonds [3][4]. Group 3: Risk Sharing Mechanisms - Ping An Securities has developed core experiences in mechanism design, resource integration, and risk control to address the financing challenges faced by technology SMEs [4]. - The company employs two main strategies: implementing key credit enhancement elements and optimizing client selection to effectively establish risk-sharing mechanisms [4][5]. - The credit enhancement toolbox includes innovative methods such as intellectual property pledges and data asset enhancements to improve bond credit ratings [5]. Group 4: Intellectual Property Securitization - Ping An Securities has pioneered a mature model in the field of intellectual property securitization, becoming an industry benchmark [6]. - The company launched the first intellectual property asset-backed securities (ABS) product in China in 2019, supporting national efforts in intellectual property securitization [6]. - Recent projects have successfully provided financing support to technology SMEs based on their patent technologies, with total issuance reaching 424 million yuan [6][7]. Group 5: Customized Service Strategies - The company adopts a customized strategy of "one enterprise, one policy" to optimize service models [7]. - By leveraging professional research teams, Ping An Securities analyzes industry trends and competitive landscapes to provide strategic consulting to target enterprises [7]. - This approach aims to clarify market positioning and development directions for enterprises, addressing the financing difficulties faced by light-asset technology companies [7].