以科技创新为核心驱动力的新质生产力，涵盖技术突破、产业升级、模式创新等多元维度，与金融"五 篇大文章"的内涵高度契合，助力新质生产力发展成为包括平安证券在内的金融机构服务实体经济的重 要发力点。 平安证券党委书记、董事长何之江日前在接受中国证券报记者专访时表示，公司始终坚守金融服务实体 经济本源，不断提升自身专业能力和服务水平，全力做好金融"五篇大文章"，通过精准施策、创新实 践，让金融"活水"精准滴灌创新沃土，积极支持科技创新与产业升级。未来，公司将不断探索创新路 径，进一步提升服务新质生产力的能力，同时努力打造"有温度的证券平台服务商"，持续为客户提供高 效率、有温度、有价值、一致化的服务，助力实体经济高质量发展。 激活产业升级新动能 向"新"向"绿"谋发展 科技创新是新质生产力的核心引擎。为科技创新企业引入金融"活水"，既是证券公司的优势所在，更是 其义不容辞的责任。 高质量发展既要向"新"，也要向"绿"。在何之江看来，绿色发展是高质量发展的底色，新质生产力本身 就是绿色生产力。对此，平安证券始终将绿色金融理念根植于业务顶层设计，紧跟国家"双碳"战略方 向，通过制度保障与资源倾斜，推动绿色金融落地见效。 ...

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].

Group 1 - Shenzhen is celebrating the 45th anniversary of its economic special zone and the 5th anniversary of its comprehensive reform pilot, with the release of a significant policy document aimed at deepening reform and expanding openness [1][2] - The new round of comprehensive reform pilot in Shenzhen has been initiated, focusing on reform as the core driving force and innovation as the key approach to achieve new breakthroughs in development [1][4] - The policy emphasizes the importance of utilizing various production factors effectively, supporting the integration of technology and finance, and promoting the free flow of production factors for high-quality development [4][6] Group 2 - The policy document highlights the need to enhance the education and talent system, addressing issues such as the mismatch between talent cultivation and market needs, and promoting collaboration between academia and industry [2][3] - Shenzhen has a strong industrial foundation and competitive advantages, with over 700 million talents and significant capital inflow, including nearly 550 billion yuan raised through new listings on the Shenzhen Stock Exchange [6] - The city is positioned as a leader in reform and innovation, benefiting from national support policies and existing advantages in talent, capital, technology, and trade, making it an ideal candidate for the role of innovation reform pilot [6]

Core Viewpoint - The article emphasizes the importance of consumption as a driving force for economic growth, highlighting the need for policies that stimulate consumer spending while ensuring financial practices do not lead to over-leverage or unsustainable debt [1][2]. Group 1: Economic Context - The central economic work conference in late 2024 has prioritized "vigorously boosting consumption," leading to various local policies aimed at enhancing market vitality through measures like issuing consumption vouchers and creating new consumption scenarios [1]. - The current economic landscape faces dual challenges: external pressures from trade friction and industrial chain restructuring, and internal contradictions characterized by "supply surplus and insufficient demand" [1]. Group 2: Consumer Empowerment - To unlock consumer potential, three barriers must be addressed: increasing disposable income, reducing concerns about future financial stability, and enhancing the variety and quality of consumption experiences [2]. - Financial mechanisms are identified as a short-term solution to stimulate consumption, enabling consumers to overcome budget constraints and facilitating economic circulation through a multiplier effect [2]. Group 3: Financial Strategy - Financial support for consumption should not lead to future debt burdens; excessive financialization poses risks of capital inefficiency and may suppress real consumption demand [2]. - Sustainable consumption stimulation requires financial resources to be directed towards industrial upgrades, such as supporting domestic brands and utilizing data to enhance production efficiency [3]. Group 4: Consumer Protection - Innovations in consumer finance must prioritize safeguarding essential living standards, with potential products combining insurance and credit to alleviate family risks while promoting consumption [3]. - Financial literacy education is crucial for younger demographics to prevent issues like predatory lending, ensuring that financial products serve to empower rather than exploit consumers [3].

Core Viewpoint - China is at a critical stage in building a technology-driven nation, with a focus on achieving high-level technological self-reliance and independence, making the construction of a technology finance system with Chinese characteristics essential for high-quality development [1] Group 1: Importance of a Chinese Technology Finance System - The system helps to break through the "bottlenecks" of technological innovation, supporting high-quality economic development by addressing the financing challenges faced by technology-intensive enterprises [2] - It enhances national security by increasing the ability to independently control core technologies through coordinated efforts of policy funds, market capital, and social funds [2] - The system promotes regional balance and inclusive development by addressing the uneven distribution of financial resources across different regions in China [3] - It fosters talent cultivation and institutional innovation, enhancing international competitiveness through collaboration among universities, research institutions, and financial entities [3] Group 2: Policy Measures and Framework - The policy measures outlined in the document include 15 initiatives covering funding supply, product innovation, risk sharing, ecosystem development, and open cooperation [4] - Establishing a multi-tiered funding support system is crucial, including the creation of a national venture capital guidance fund to support early-stage technology innovation companies [4][5] - The emphasis on collaborative investment from various entities, including policy banks and commercial banks, aims to create a new pattern of technology capital formation [5] Group 3: Financial Product and Service Innovation - The document encourages the development of specialized financial products for technology companies, addressing their unique needs through innovative financial services [6] - It promotes the establishment of credit channels and differentiated risk tolerance policies to alleviate the challenges of obtaining loans for technology enterprises [6] - Knowledge property financing mechanisms and insurance products are highlighted to mitigate risks associated with innovation [6] Group 4: Risk Sharing and Evaluation Systems - A multi-layered risk-sharing mechanism is proposed to alleviate financial institutions' concerns about high-risk technology investments [7] - The introduction of an innovation scoring system aims to link financial support to companies' innovation capabilities, facilitating resource allocation based on innovation performance [7] Group 5: Regional Collaboration and Ecosystem Development - The policy supports the establishment of technology finance pilot zones and encourages regional collaboration to balance development across different areas [8] - It promotes the creation of a supportive ecosystem for technology finance, including third-party evaluation and technology transaction services [8] Group 6: Open Cooperation and Policy Execution - The document emphasizes the importance of open cooperation, encouraging technology companies to expand internationally and access global innovation resources [9] - A multi-departmental collaborative mechanism is established to ensure effective policy implementation and coordination among various governmental bodies [9][10]