2026年是"十五五"开局之年。坚持创新驱动，加紧培育壮大新动能，是2026年经济工作要抓好的重 点任务。其中，创新科技金融服务是中央经济工作会议明确的重点工作之一。 "投贷联动""投保联动" 探索扩大试点范围 2025年在做好科技金融服务方面做了较多探索，国家创业投资引导基金在近日启动，形成了万亿资 金规模，将把种子期、初创期、早中期企业作为投资重点，用耐心资本陪伴企业"长跑"；国家金融监督 管理总局扩大金融资产投资公司（AIC）股权投资试点至全国18城，引导银行系资本"投早、投小、投 硬科技"；多地试点知识产权质押或者推动知识产权证券化，将分散专利打包成标准化金融产品进入资 本市场。 "创新科技金融服务的核心是打通'科技—产业—金融'的良性循环，让金融资源精准匹配硬科技企 业全生命周期的发展需求。"在受访专家看来，2026年创新科技金融服务将推出多项举措：一是健全知 识产权质押融资机制，推进知识产权质押贷款"前补偿"试点，让轻资产科创企业获得更多融资支持；二 是扩大"投贷联动""投保联动"试点范围，银行贷款与股权投资相结合，实现风险共担、收益共享；三是 培育耐心资本，推动AIC股权投资和科技创新债券发展， ...

2026年是"十五五"开局之年。坚持创新驱动，加紧培育壮大新动能，是2026年经济工作要抓好的重点任 务。其中，创新科技金融服务是中央经济工作会议明确的重点工作之一。 2025年在做好科技金融服务方面做了较多探索，国家创业投资引导基金在近日启动，形成了万亿资金规 模，将把种子期、初创期、早中期企业作为投资重点，用耐心资本陪伴企业"长跑"；国家金融监督管理 总局扩大金融资产投资公司（AIC）股权投资试点至全国18城，引导银行系资本"投早、投小、投硬科 技"；多地试点知识产权质押或者推动知识产权证券化，将分散专利打包成标准化金融产品进入资本市 场。 "创新科技金融服务的核心是打通'科技—产业—金融'的良性循环，让金融资源精准匹配硬科技企业全 生命周期的发展需求。"在受访专家看来，2026年创新科技金融服务将推出多项举措：一是健全知识产 权质押融资机制，推进知识产权质押贷款"前补偿"试点，让轻资产科创企业获得更多融资支持；二是扩 大"投贷联动""投保联动"试点范围，银行贷款与股权投资相结合，实现风险共担、收益共享；三是培育 耐心资本，推动AIC股权投资和科技创新债券发展，引导长期资本投早、投小、投硬科技；四是设立科 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 回望今年的债券市场，科创债是不容忽视的重要板块。 自今年5月债市"科技板"正式推出后，全新的科技创新债券市场快速扩张。Wind数据显示，今年以来， 科创债（含科创票据等）发行规模达2.26万亿元，覆盖2000余只债券。 从政策落地到规模扩容、主体丰富，科创债不仅实现了发行量的持续增长，更打通了金融资本流向硬科 技领域的新通道，推动"投早、投小、投科技"的理念在债市落地。时值年末，科创债市场表现究竟如 何？"真科技、真创新"体现在哪？未来市场规模又能否持续拓展？ 规模稳步跃升 科创债今年的成长轨迹，堪称债券市场的一抹亮色。 Wind数据显示，今年以来，截至12月26日，科创债发行规模合计达2.26万亿元，发行数量及总规模同比 实现明显增长，为科技创新企业提供了有力资金支持。 2025年5月，中国人民银行与中国证监会联合发布的《关于支持发行科技创新债券有关事宜的公告》， 从丰富科技创新债券产品体系和完善科技创新债券配套支持机制等方面，对支持科技创新债券发行提出 多项重要举措。同月，交易商协会发布《关于推出科技创新债券 构建债市"科技板"的通 ...

Core Viewpoint - The banking industry must innovate and establish a sustainable financial system that aligns with technological innovation to support the development of a strong technological nation [1][2]. Group 1: Technological Financial Development - The essence of "technological finance" is to price for the future and empower uncertainty, necessitating a sustainable development model through innovation and specialized operations [1][2]. - Banks should enhance the adaptability, relevance, and effectiveness of technological financial services by improving specialized service models, innovating product systems, and refining differentiated assessment frameworks [1][2]. Group 2: Practical Implementation - Banks should focus on supporting the development of new productive forces by optimizing financial supply based on local resources and industry foundations, establishing a diverse and specialized financial product service system [2]. - There is a need to deepen the integration of technological and industrial innovation, strengthen the coordination of industrial and financial policies, and respond promptly to changes in enterprise financial service demands [2]. Group 3: Role of Different Banking Institutions - Large state-owned and national commercial banks should leverage their comprehensive operational advantages to support major national technological tasks and facilitate capital circulation through various financial instruments [3]. - Small and medium-sized banks should create specialized technological financial service systems, focusing on technology-oriented SMEs and exploring diverse service models to meet the varied needs of rapidly developing technology enterprises [3]. Group 4: Collaborative Ecosystem - The banking industry should deepen multi-party cooperation, building a technological financial ecosystem and utilizing various financial instruments to provide comprehensive financial services for technology enterprises [4]. - The China Banking Association aims to promote the effectiveness of technological financial policies and enhance communication platforms to better support the development of new productive forces [4].

一、守正创新，提升适配 科技金融突破了传统金融业务的常规逻辑，本质上是一种"为未来定价、为不确定性赋能"，需要银行业建立健全可持续的科技金融发展模式，善于创新，专 业经营，切实提升科技金融服务的适配性、针对性和有效性。 一是健全专业化服务模式。优化组织体系，加强顶层设计，完善内部组织架构，构建专营体系，加强资源统筹协调。完善风控能力建设，科技企业的典型特 征是"轻资产、高成长、高风险"，银行业传统的以抵押担保、历史财务数据和稳定现金流为核心的风控逻辑难以有效适配；应重塑对科技企业的风险评价体 系，更多关注其核心竞争力、研发投入、团队能力、市场前景等关键要素，完善审批机制，提高科技风险特征识别能力，强化业务源头管控。 二是创新更适配的产品体系。做实行研体系，扎实开展细分赛道行业产业研究，深入研究初创期、成长期、成熟期科技型企业差异化的规律特点和风险特 征。提升信用贷款和中长期贷款占比，灵活设置贷款利率定价和利息偿付方式，提供与科技型企业相适应、覆盖科技创新活动全流程的产品；丰富特色产 品，充分挖掘知识产权、创新积分制、技术合同、产业链交易等信息。 三是完善差异化考核评价体系。针对科技金融实行差异化FTP政策，适 ...

今年以来，渤海银行紧密围绕金融服务实体经济主线，将债券承销业务作为落实金融"五篇大文章"的重 要阵地和推动区域经济发展的关键引擎。截至2025年12月5日，该行年内累计主承销银行间债务融资工 具首次突破2000亿元大关，创历史新高，同比增长32%，年增幅和规模增量在全国性股份制商业银行中 均位列第一；同时，其市场份额提升至2.14%，规模排名跃居股份制商业银行第7位，实现历史性突 破，展现出强劲的发展态势。 债券承销"三级跳"持续为实体经济注入新动能 债券融资作为应用广泛且高效的直接融资方式，跳过了传统信贷的"存贷"环节，将资金需求方与多层次 资本市场直接连通，显著降低了企业融资成本。渤海银行以此为抓手，持续将金融活水精准注入实体经 济。今年以来，该行已助力约300家企业实现发债融资，覆盖了制造业、科技创新、绿色低碳、民营经 济和小微企业等重点领域，在推动产业升级的同时，也实现了自身业务的高质量发展。 根据Wind数据统计显示，渤海银行债券承销规模三年间持续跃升：2023年同期约为800亿元，2024年突 破1000亿，今年则大踏步跨越2000亿元大关，完成了从"百亿级"到"千亿级"再到"两千亿级"的"三级 ...

在众多民营小微企业的成长道路上，资金问题始终是绕不开的"拦路虎"。续贷难度大、融资额度受限、 申报流程繁琐……面对这些长期存在的痛点，交行以产品创新与流程再造为驱动力，精准对接民营小微 企业的真实需求，走出了一条有温度、有质效的金融服务新路径。 针对"续贷难"这一高频痛点，交行着力优化"无还本续贷"服务，通过审批流程前置、风控模型升级，支 持符合条件的民企办理续贷，服务覆盖面大幅提升，有效支撑了民企在资金周转上的"无缝衔接"。 不止于续贷体验的改善，融资额度也是民营小微企业的核心关切。基于大数据赋能的"增信"机制，交行 构建起更加精准、动态的评估体系，对于经营稳健、前景良好的民营小微企业，信用类授信额度最高可 提升至2000万元，为企业注入更充足的成长动能。 在融资便利性的提升上，交行打造了高效便捷的线上综合授信服务体系，实现"数据跑路代替企业跑 腿"，众多民企足不出户便可轻松在线完成从申请、测额、签约到提款的极速融资操作。目前，该行已 推出20余款线上融资产品，民营小微线上贷款覆盖率近50%。值得一提的是，产业链供应链的畅通循环 是民营经济稳健发展的重要支撑。交行深入产业生态，以核心企业为枢纽，将金融服务向 ...

Core Insights - The total issuance of technology innovation bonds in the market has reached approximately 1.5 trillion yuan, with funds accelerating towards technology innovation entities [1] - The establishment of an 800 billion yuan re-lending program for technology innovation and technological transformation by the Ministry of Science and Technology and the People's Bank of China aims to support over 120,000 technology-based SMEs [1] - The implementation of the "Innovation Points System" and specialized guarantee plans has led to positive outcomes in financial support for major national technology tasks and technology-based SMEs [1] Group 1: Technology Financial System Development - The establishment of a "Technology Board" in the bond market is a key focus for building a technology financial system that aligns with technological innovation, aiming to raise long-term, low-interest, and easily accessible bond funds [2] - Shenzhen has taken the lead in responding to the "Technology Board," issuing a total of 1 billion yuan in technology innovation bonds, primarily targeting cutting-edge fields such as artificial intelligence and biomedicine [2] - The "Investment-Insurance Linkage" model by Shenzhen High-tech Investment Group provides comprehensive services including equity, debt, and diversified financial tools to support startups and small enterprises [2] Group 2: Bond Issuance and Financial Products - Guangdong has issued 102 technology innovation bonds with a total issuance scale of 111.4 billion yuan, ranking second nationwide, with most funds directed towards technology innovation-related fields [3] - The bond market's "Technology Board" leverages its market-oriented advantages to continuously introduce specialized innovative products to support financing for technology-based enterprises [3] - A multi-layered and diversified technology financial service system is being developed to better meet the financing needs of technology-based enterprises at different stages [3] Group 3: Financial Support Mechanisms - The establishment of a coordinated mechanism for technology finance has improved the matching and precision of financial support for technology innovation [4] - A comprehensive financial service plan called "Mid-Stage Insurance and Financing" has been launched, providing 100 billion yuan in bank support and insurance guarantees for mid-stage projects over the next three years [4] - The "拨保贷投" mechanism provides full lifecycle funding support for mid-stage projects, covering various funding needs from project inception to maturity [5] Group 4: Innovation Points System - The "Innovation Points System" is being promoted nationwide to optimize evaluation indicators and provide precise profiles for technology-based SMEs [6] - In Handan, the "科创数智贷" product allows companies to secure loans based on their innovation points ranking, demonstrating the effectiveness of the innovation points system [7] - The upgraded "Innovation Points System 2.0" aims to convert a company's innovation potential into quantifiable credit for financial institutions, enhancing the accessibility and efficiency of technology financial services [8] Group 5: Knowledge Value Credit - Hubei has established a knowledge value credit evaluation model, allowing companies to secure financing based solely on intellectual property and talent value [9] - The "Knowledge Value Credit Loan" program has issued a total of 77.4 billion yuan, supporting 14,916 technology-based enterprises, breaking the traditional asset-backed financing model [11] - The establishment of a risk compensation fund and a scientific knowledge value credit evaluation system has enhanced banks' willingness to lend to technology-based enterprises [10][11]

为积极响应关于"盘活用好低效用地、闲置房产、存量基础设施"的政策号召，进一步推动四川省企业存 量资产的有效盘活与价值重塑，11月25日，在中国光大集团指导下，光大银行、光大证券联合主办 的"携手天府·光大未来"2025年光大嘉年华——四川省企业存量资产盘活宣讲活动在成都新华宾馆成功 举办。来自政府相关部门、监管部门、金融机构及企业代表共计300余人参加活动，共同探讨存量资产 盘活的路径与机遇，助力区域经济高质量发展。 政策引领，聚焦盘活凝聚共识 党的二十届四中全会明确提出"盘活用好低效用地、闲置房产、存量基础设施"，为各地推动资产盘活工 作指明了方向。四川作为西部经济大省，肩负着建设新时代西部大开发重要支点、成渝地区双城经济圈 核心引擎的重大使命。近年来，省内固定资产投资规模持续扩大，形成了大量优质存量资产，但也面临 利用效率不高、流动性不足等挑战。四川近期聚焦"土地、矿产、房屋、农村经营性资产、基础设施、 科研仪器设备、公益性资产"等七类重点资产资源，分类提出盘活利用举措，为企业提供了清晰的路径 指引。 光大赋能，彰显综合金融优势 中国光大集团作为中管金融企业，长期以来深耕四川，依托"综合金融、跨境经营、产 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The "15th Five-Year Plan" proposes to develop science and technology finance, green finance, inclusive finance, pension finance, and digital finance, and the bond market will play a key foundational role in promoting the implementation of these "five major articles" [1][2] - The bond market has achieved significant progress in the areas guided by the "five major articles," but there are still problems such as insufficient funds, structural imbalance, and imperfect mechanisms in some areas [3][16] - Through mechanism, product, and technology innovation, the bond market has broken through inherent bottlenecks and provided precise impetus for the real economy [17] - During the "15th Five-Year Plan" period, the bond market will play a more systematic and strategic role in serving the "five major articles" [26] Group 3: Summary by Relevant Catalogs I. Significant Progress in the Bond Field under the Guidance of the "Five Major Articles" (A) Science and Technology Innovation Bonds - Since 2024, the total issuance of science and technology innovation bonds in the market has reached approximately 2.72 trillion yuan, with 2,567 bonds issued [7] - Features include longer financing terms, a high proportion of high-credit ratings, cost advantages in issuance interest rates, and a high proportion of central and state-owned enterprises among financing entities [7][8] (B) Green Finance - As of the end of 2024, the cumulative issuance of green bonds in China reached 4.1 trillion yuan, and in 2025, the issuance of labeled and non-labeled green bonds totaled 936.765 billion yuan [9] - The average issuance interest rate of green bonds has steadily declined, and the main issuers are commercial banks and traditional green industries such as public utilities and transportation [12][13] (C) Inclusive, Pension, and Digital Finance Bonds - The bond market has enhanced financial support for the grass-roots economy and key regions through diversified bond varieties, with a cumulative issuance scale of nearly 2.47 trillion yuan, and the "Three Rural Issues" special financial bonds have reached 1.21 trillion yuan [14] - The bond market is relatively weak in pension and digital finance, facing problems such as single bond varieties and difficulties in bond financing for digital enterprises [16] II. Three Major Innovation Points for the Bond Market to Support Key Areas (A) Mechanism Innovation - In the green finance field, the trading association optimized the green bond rules, allowing the replacement of self-owned funds in advance and implementing hierarchical and classified information disclosure management [18] - In the inclusive finance field, counter bond repurchase business and other measures have enhanced the liquidity of small and medium-sized institutions [20] - In the science and technology finance field, the establishment of the bond market's "science and technology board" has solved the problem of patient capital sources and built a comprehensive support system [20] (B) Product Innovation - Science and technology innovation bills have expanded the use of raised funds to equity investment and fund contributions, effectively introducing long-term and low-cost funds into early-stage scientific research [21] - In the green finance field, the issuance of carbon-linked and carbon asset - pledged debt financing instruments has been encouraged, exploring the integration of green finance and the carbon market [21] - In the inclusive and pension finance fields, there have been product innovations such as small and medium - sized enterprise support bonds and pension - specific financial bonds [22] (C) Technology Innovation - The application of digital RMB in bond issuance has improved settlement efficiency, ensured the special use of funds, and enhanced transaction traceability and regulatory penetration [24] - The application of artificial intelligence technology in bond investment research and risk control has been continuously deepened, showing significant value [24] III. New Trends for the Bond Market to Empower the "Five Major Articles" during the "15th Five-Year Plan" Period - Science and technology finance will be the key direction for the bond market to support the layout of new productive forces, providing stable capital guarantee for key core technology research [26] - Green finance will assume a more core function of green capital supply, guiding social funds to flow to key green fields [27] - In the inclusive finance field, the role will shift from making up for shortcomings to deeply integrating into the industrial chain and supply chain system, providing long - term and low - cost funds for small and medium - sized enterprises [27] - Pension finance will become an important growth area for expanding long - term funds and securitizable assets, with the potential for the expansion of special pension bonds [28] - Digital finance will lead the systematic digital upgrade of infrastructure and factor allocation, promoting the formation of a new ecosystem covering "frontier technology - digital industry - bond financing" [28]