最近，央行召开了今年第三季度货币政策委员会例会，总结了前三季度货币政策实施成效，分析了 国内外经济金融形势，研究了下一阶段货币政策的主要思路。会议建议加强货币政策调控，提高其前瞻 性、针对性和有效性。特别是，会议提出要持续做好支持民营经济发展壮大的金融服务，充分发挥支持 小微企业融资协调工作机制的作用，进一步打通中小微企业融资的堵点和卡点。 央行提出持续做好支持民营经济发展壮大的金融服务，指明了方向，也为金融业"打气壮胆"。接下 来的关键在于如何找准金融服务的"突破口"。这需要金融业聚精会神、集思广益，充分发挥金融服务工 作的主观能动性，消除墨守成规的倾向，勇于大胆创新，才有可能突破金融服务的"瓶颈"，探索出持续 支持民营经济发展壮大的"新路子"。从当前我国金融业服务现状来看，笔者认为，应从多维度予以突 破： 首先，要在融资渠道拓展上有所突破，及时有效地拓宽民营经济的融资来源。目前来看，金融机构 应尽最大可能提高信贷支持能力，降低信贷门槛，扩大信贷规模，以满足民营企业合理且有效的融资需 求。银行业金融机构应确定支持民营企业的信贷政策抓手，制定年度信贷服务目标，并将民营企业相关 业务纳入绩效考核体系，提高民营企 ...

近年来，浙商银行（601916）德州分行统筹利用"行内行外"两种资源，依托"融资+融智+融服务""商行 +投行+私行"协同驱动，大力推行金融顾问制度，为政府、企业和居民提供涵盖"顶层设计、战略咨 询、资源整合、资产盘活、资本运作、招商引资、汇率避险、财富管理"等一揽子综合金融服务。在深 度调研市场需求后，浙商银行德州分行发现德州地方国企、城投、大型企业等，急需市场化转型，优化 债务结构，降低融资成本，面对企业的需求，浙商银行德州分行组建专业团队，注入投行力量，为企业 定制融资解决方案，通过资产优化、方案设计、投资人路演、市场化募资等一揽子"融资+融智"的金融 服务，成功助力多家企业创新融资模式，拓宽融资渠道。 2024年，浙商银行德州分行了解到德州市交通运输投资发展集团有限公司一直以来都有公开市场募集资 金的需求，但因为市场及主体资格的原因，客户融资利率较高，市场利率报价一度达到7%左右。分行 通过专业的金融服务，最终为客户成功发行超短融5亿元，利率为2.12%。该笔业务是德州区域2024年 唯一获批新增的协会债券产品，同时为德州市新增一户发债主体。 2025年4月，浙商银行德州分行作为主承销商落地德州市交通 ...

2024年初，原招行北京分行行长张诚调任招银金租总裁，随后由行长助理徐明杰兼任北京分行行长；今年6月徐明杰正式升任招行副行长。 时隔一年零八个月后，招行北京分行将迎来新任行长。 广州分行行长崔家鲲，拟任总行行长助理兼北京分行行长。 崔家鲲，曾在招商银行多个重点区域任职，历任上海分行营业部总经理，上海自由贸易试验区分行行长，上海分行行长助理、副行长；2017年3月任苏州分行行长；2022年末调任广州分行行长 从资产规模来看，2024年末，招商银行北京分行超过深圳分行成为该行第一大分行。截至2025年6月末，招行北京分行资产规模为5844．77亿元，比第二位的深圳分行多出56.34亿元。 今年以来，招商银行第二、三大分行已相继换帅。1月，王兴海招行深圳分行行长的任职资格获准；5月，招行副行长雷财华不再兼任上海分行行长，由原宁波分行行长陆明接任。 招商银行第一大分行——北京分行行长出现变动。 近日，银行人事注意到，招行官网领导履历更新，副行长徐明杰自2024年1月至2025年9月兼任北京分行行长，说明其已卸任北京分行行长职务。据悉，招行广州分行行长崔家鲲将接任北京分行 此外，银行人事还了解到，招银金融资产投资有限公 ...

陈星源 曾三缘 如何给"纸上的专利"定价？如何为"脑中的创意"融资？这是横亘在无数科创企业面前的"卡脖子"难题 ——技术领先却遭遇资金断档，这样的事例不在少数。 近日，湖南发布《关于做好湖南金融"五篇大文章"服务经济高质量发展的实施意见》（以下简称《实施 意见》），提出20项政策举措，聚焦科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文 章"，逐步提高科技创新、绿色低碳、民营小微、乡村振兴、养老及数字经济等领域贷款占比。科技金 融作为"五篇大文章"之首，承担起引领产业创新、赋能高质量发展的重要使命。 政策指引下，破题关键在于实践。中国建设银行湖南省分行（以下简称"湖南建行"）快速响应，将顶层 设计落地为一套"五维一体" 的实战体系——围绕客户服务、业务流程、产品渠道、组织机构、考核评 价五大维度，推动科技金融体系升级至2.0版新格局。 这场范式革命，正积极回答一个核心问题：银行如何从资金的"债权人"，转变为科技创新的"合伙人"？ 客户服务重构 从"贷一次"到"陪一路" 在长沙中电软件园，北云科技的工程师正调试着最新批产的22nm车规级高精度定位芯片。这家掌握高 精度卫星定位芯片核心技术的企业，曾因" ...

【摘要】 票据文化作为金融文化的重要组成部分，深刻影响着票据市场运行效率与服务实体经济质效。"十四 五"时期（2021—2025年）是我国全面建成小康社会后，乘势而上开启全面建设社会主义现代化国家新 征程的关键五年，本文在深入剖析票据文化，阐述其概念、特点及与金融文化的紧密联系，并认真回顾 了"十四五"期间票据文化在数字化、合规性、创新性以及服务实体经济等方面发挥的作用以及发展特 点。 一、票据文化的概念、特点及与金融文化的关系 （一）票据文化的概念 1.票据文化是金融文化的重要分支。金融文化涵盖了金融领域的各个方面，票据文化作为其中的一部 分，是历史发展和实践积淀形成的，秉持着诚实守信、服务经济、汇通天下、守正创新、合规稳健的文 化基因，亦是理念与价值观相统一的文化，是物质文明与精神文明相结合的文化。同时，票据文化又以 其独特的票据活动为载体，票在支付结算、短期融资领域的独特实践，丰富和发展金融文化的内涵，是 其重要的细分领域和微观基础，丰富了金融文化的内容。 2.票据文化与金融文化具有价值互联性。一方面，金融文化的发展为票据文化提供了宏观的文化环境与 价值导向，影响着票据市场参与者的行为与观念。另一方面， ...

Core Viewpoint - The article emphasizes the commitment of Guangfa Bank to support technology-driven enterprises through innovative financial services and products, aligning with national strategies for technological advancement and economic development [1][6]. Group 1: Financial Services for Technology Enterprises - Guangfa Bank has integrated the mission of serving technology-driven enterprises into its development plan, achieving a loan balance of 253.6 billion yuan for technology enterprises by the end of June [1]. - The bank has developed a comprehensive financial service model that combines bank credit, insurance investment, and insurance protection to support key industries such as information technology, equipment manufacturing, new materials, and biomedicine [2]. - Customized financial service solutions, such as "Kechuang Weirong," have been designed to meet the diverse financial needs of technology enterprises at different growth stages, including seed, startup, growth, and mature phases [3]. Group 2: Risk Assessment and Service Quality - Guangfa Bank is enhancing its risk assessment capabilities by investing in technology, utilizing artificial intelligence and big data to improve credit risk evaluation and create accurate customer profiles [3]. - The bank has established 28 technology financial centers to provide specialized financial services for local high-level technology research and innovation, ensuring precise service delivery to technology enterprises [4]. Group 3: Collaboration with Local Governments - Guangfa Bank is actively collaborating with local governments to implement the "Yiqi Gongying Plan," which aims to empower the real economy and support industrial upgrades, having signed strategic cooperation agreements with 76 technology enterprises amounting to over 3.8 billion yuan by June 2025 [5]. - The bank plans to enhance its financial support capabilities for technology innovation, tailoring strategies to local industrial characteristics and fostering a favorable financial ecosystem for technology enterprises [5].

Core Viewpoint - The bond market's custody balance has surpassed 190 trillion yuan, marking a significant milestone in China's financial market development and signaling three positive trends [1]. Group 1: Direct Financing and Economic Structure - The scale of direct financing for the real economy continues to rise, with the bond balance accounting for 28.6% of the total social financing stock as of the end of July [2]. - The development of the bond market has reduced financing costs and improved efficiency for enterprises, particularly benefiting those with good credit ratings [2]. - The rapid growth of medium- and long-term bonds helps match the funding needs of the real economy, alleviating risks associated with mismatched loan terms [2]. Group 2: Financial Institutions and Market Resilience - The large bond market plays a crucial role in the multi-layered capital market, with over 190 trillion yuan in custody indicating its systemic importance [3]. - The expanding bond market alleviates asset allocation pressures for financial institutions and enhances market depth and liquidity [3]. - A larger and more liquid bond market provides a reliable pricing anchor for the financial system and improves the efficiency of monetary policy transmission [3]. Group 3: Wealth Management and Asset Allocation - The bond market's growth has strengthened its connection with residents' finances, providing essential channels for wealth preservation and appreciation [4]. - The market-driven formation of bond interest rates influences the returns on savings and wealth management products, promoting the marketization of deposit rates [4]. - The bond market's custody balance exceeding 190 trillion yuan reflects significant progress in building a multi-layered capital market in China [4].

Group 1 - The bond market's custody balance has surpassed 190 trillion yuan, marking a historic high and indicating significant progress in China's financial market development [1] - The proportion of bond balance in the total social financing stock has risen to 28.6%, reflecting a shift from reliance on indirect financing to a dual-driven model of direct and indirect financing [2] - The development of the bond market has reduced financing costs and improved efficiency for enterprises, particularly benefiting those with good credit ratings [2] Group 2 - The growing bond market enhances the asset allocation diversity for financial institutions, thereby increasing the resilience of the financial system [3] - A larger bond market improves market depth and liquidity, attracting more domestic and foreign investors, and providing a reliable pricing anchor for the financial system [3] - The bond market's expansion supports the transition of macroeconomic regulation from quantity-based to price-based approaches [3] Group 3 - The expanding bond market offers a variety of underlying assets for fixed-income and "fixed-income plus" products, providing residents with important channels for wealth preservation and growth [4] - The market-driven formation of bond interest rates influences the returns on savings and wealth management products, promoting the marketization of deposit rates [4] - The bond market's growth signifies major advancements in the construction of a multi-tiered capital market in China, with future emphasis on structural optimization and international appeal of RMB bonds [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 Insights - Guosen Securities reported a significant increase in revenue and profit for the first half of 2025, with operating income reaching 11.075 billion yuan, a year-on-year growth of 51.84%, and net profit attributable to shareholders at 5.367 billion yuan, up 71% [1] Group 1: Financial Performance - The weighted average return on equity was 5.26%, an increase of 2.22 percentage points year-on-year [1] - The investment and trading business generated 5.447 billion yuan in revenue, reflecting a growth of 60.87% [1] Group 2: Business Strategies - The company focuses on fundamental research for equity investments, employing strategies such as dividend investment, value growth investment, and discounted protection investment to capture structural market opportunities [1] - In fixed income investments, Guosen Securities emphasizes prudent investment and asset allocation, actively seeking trading opportunities in a low-interest-rate environment [1] Group 3: Regional Development and Support - Guosen Securities has actively participated in the development of the Guangdong-Hong Kong-Macao Greater Bay Area, completing 156 projects with a total fundraising of 125.599 billion yuan by June 2025 [2] - The company has supported technology innovation by enhancing services for equity financing and innovating financial tools like sci-tech bonds and public REITs [2] - Guosen Securities has established a comprehensive service system across key national industrial regions, with 218 securities outlets in 113 cities to meet local wealth management and financing needs [2] Group 4: Acquisition Progress - The company has made substantial progress in acquiring 96.08% of Wanhe Securities, having received approval from the China Securities Regulatory Commission on August 22, and is currently in the implementation phase [2]