股权投资机构是支持科技创新的重要生力军，要进一步提升其服务能力与意愿。初创期科技型企业较难 获得债务融资，股权投资是其重要资金来源。一方面，提升服务能力。随着债券市场建立"科技板"，股 权投资机构将有更多机会发行低成本、长期限的科创债券，将所募集的资金投向科技型企业。接下来， 要尽快推动"优化国有创业投资考核评价机制"这一政策要求落地见效，让国有创业投资的耐心更足、定 力更好。另一方面，提升服务意愿。股东投资企业的目的之一是获取投资收益，如果该股东不打算长期 持有企业股权，那就必然涉及一个问题：投资资产增值后，股东如何转让、退出？接下来，我国将鼓励 发展私募股权二级市场基金（S基金），进一步畅通股权投资机构的退出渠道，提升其服务意愿。 国家金融监督管理总局局长李云泽近日在2025陆家嘴论坛开幕式上表示，当前，中国在科技前沿领域不 断突破，航空航天、量子科技、人工智能等创新成果层出不穷，成为全球最活跃的创新高地之一。 在丰富股权投资的基础上，银行信贷可稳步探索"贷早、贷小"的有效路径。尽管初创期科技型企业的生 产经营具有不确定性，与银行信贷的债权安全确定性要求并不十分匹配，但后者仍有较大的施展空间。 当前，多家 ...

5月15日，中国人民银行、科技部、金融监管总局、中国证监会联合召开科技金融工作交流推进会，推 动《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》落实。 历时两个小时的会议聚焦科技型企业全生命周期资金需求特点，以及银行信贷、科技保险、资本市场、 创业投资、科技创新债券等工具运用，政银企多方协力共商推动进一步做好科技金融工作。 会议认为，近年来金融系统、科技系统通力协作，加强制度和市场体系建设，科技金融服务的多样性和 支持强度明显提升。但也要看到，科技金融工作具有长期性复杂性，金融供给结构和服务能力还不完全 匹配科技创新需求。 会议强调，金融管理部门、科技部门和金融机构要落实落细构建科技金融体制的各项政策举措，探索构 建同科技创新相适应的体制机制，全方位支持科技创新，大力投早、投小、投长期、投硬科技。 针对银行保险领域，会议要求，更好发挥银行保险服务科技创新的重要作用，切实提升科技领域贷款投 放和投资力度，纵深推进金融资产投资公司、股权投资试点、科技企业并购贷款试点等工作。 聚焦货币政策落实，会议提出，加快科技创新和技术改造再贷款政策落实，用好新增额度，激励引导金 融机构扩大科技企业首贷融资和设 ...

● 本报记者 陈露 在宁波，出口信用保险帮助小微企业解决"有单不敢接"问题；在深圳，"保险+服务"模式为科创企业提 供知识产权风险解决方案；在北京，险资投资的科创基金为科创企业提供资金支持……近年来，保险业 从负债、投资两端双向发力，持续拓宽金融服务覆盖面，满足民营企业多元化的风险保障需求和资金需 求，在民营经济发展过程中发挥了重要作用。 专家认为，支持民营经济发展，既是推动经济社会高质量发展的必然要求，也是保险业自身发展的内在 需求。保险业要持续推动产品服务创新，应针对民营经济的特点，提供更具针对性的保险和风险管理方 案。 丰富产品体系 保险业积极创新保险产品，挖掘民营企业及员工的保险保障需求，提供差异化产品服务。比如，中国人 寿推出面向中小微企业客户的定制化产品"员福保"意外险组合产品等，为企业员工提供风险保障；大地 保险的"汽修保""装修保""舌尖保"等专属保险产品，满足汽车维修行业、装修类小微企业、餐饮小微企 业的特定保险需求；人保财险的出口特定合同信用保险、物流服务出口信用保险、小微企业出口信用保 险等产品，为外贸企业保驾护航。 比如，国寿财险表示，公司成立近70个科技保险支公司及专营团队，着力发展 ...

PICC Group 601319.SH PICC Group 1339.HK PICC P&C 2328.HK The information contained herein includes certain forward-looking statements or statements which are potentially of a forward-looking nature. Such statements typically contain the words "will", "expects", "anticipates", and similar expressions. Forward-looking statements are related to future events and are subject to future happenings, and hence involving risks and uncertainties. Given these uncertainties, such forward-looking statements should not b ...

如何构建与新质生产力发展相适配的金融服务模式？如何满足科技型企业从初创期到成长期、成熟期的 全生命周期融资需求？在2025陆家嘴论坛期间，上述话题备受关注。多位业内人士认为，接下来要加速 打造科技金融生态圈，探索接力投资模式，并充分发挥耐心资本的作用。 产品体系也要适配。张辉认为，金融机构要从"我能提供什么"转向"科创需要什么"，持续升级产品与服 务，精准适配科技型企业的生命周期、各个阶段需求，提供涵盖投资端、信贷端、保险端的一揽子综合 服务方案。此外，还要有健全的配套机制。"针对科技创新的新特点，要重点完善利益分享机制、风险 分担机制和尽责免责机制。"张辉说。中国银行深入推进"中银科创生态伙伴计划"，旨在打造以服务科 技型企业为核心，汇聚政府、投资机构、产业龙头、行业协会、科研院所等组成的科创生态圈，通过整 合集团内外资源，引导各方科创要素有效聚集，为科技型企业提供"天使投资—创业投资—私募股权投 资—银行贷款—资本市场融资"等多元化接力式金融服务。 探索接力投资模式 在金融服务科技型企业的过程中，股权融资、债务融资、保险保障如何协同联动？"这两年，我走访调 研了不少科创企业，深刻感受到企业对科技金融综合服 ...

险企如何支持新质生产力发展？中国人寿给出了最新案例。 6 月 19 日，中国人寿保险（集团）公司党委书记、董事长蔡希良在 2025 陆家嘴论坛上表 示，近两年企业对科技金融综合服务的需求越来越迫切。今年以来，中国人寿已累计为战略 性新兴产业提供风险保障近 40 万亿元，服务国家级专精特新 " 小巨人 " 企业超过 9600 家。 【导读】中国人寿集团董事长蔡希良：创新 S 基金接力投资模式 实现 " 从零到一 "" 从一到 百 " 中国基金报记者 晨曦 同时，蔡希良提到，科技创新早期风险高、不确定性大，保险资金 " 投早、投小 " 存在天然 障碍。为了破解这个难题，中国人寿积极探索，创新 S 基金接力投资模式，实现了险资 " 投 早、投小 " 的突破。 2024 年，中国人寿出资 50 亿元，以 S 份额方式投资北京市科技创新 基金。 " 这两年，我走访调研了不少科创企业，深刻感受到企业对科技金融综合服务需求越来越迫 切。 " 蔡希良称，中国人寿积极响应市场需求，依托保险投资银行综合金融优势，发挥不同 金融业态的协同效应，统筹运用股权债权保险等工具，为科技型企业提供全生命周期、全方 位金融服务，积极探索构建科 ...

（编辑 张明富） 本报讯 （记者冷翠华）6月19日，在2025陆家嘴论坛上，中国人寿保险（集团）公司党委书记、董事长 蔡希良表示，中国人寿主要从服务生态和模式创新两个方向进行科技金融的实践和探索。 第一，积极构建支持新质生产力发展的国寿综合金融服务生态。蔡希良表示，在走访调研科创企业的过 程中，他深刻感受到，企业对科技金融综合服务需求越来越迫切。中国人寿积极响应市场需求，依托保 险、投资、银行综合金融优势，发挥不同金融业态的协同效应，统筹运用各种金融工具，为科技型企业 提供全生命周期、全方位金融服务，积极探索构建科技金融国寿服务生态。一方面，重点加大对科技创 新风险保障力度，持续创新科技保险产品，通过共保体等方式实现科技研发、成果转化和应用推广的保 险保障全覆盖，有效缓解科技创新的后顾之忧。"今年以来，我们已累计为战略性新兴产业提供风险保 障近40万亿元，服务国家级专精特新'小巨人'企业超过9600家。"蔡希良表示。另一方面，充分发挥保 险资金长期资本、耐心资本优势，用好广发银行信贷资源，为科技企业提供科技投资和科技信贷、投贷 联动综合金融支持。比如，中国人寿科创产业基金参投广东某高科技企业A轮融资，同时广发 ...

Group 1 - The core viewpoint emphasizes the importance of technology finance in supporting the development of new productive forces and enhancing the "technology-industry-finance" cycle [1] - The company is actively building a comprehensive financial service ecosystem to support the development of new productive forces, responding to the increasing demand for integrated financial services from technology enterprises [1] - China Life has provided risk protection of nearly 40 trillion yuan for strategic emerging industries and served over 9,600 national-level specialized and innovative small giant enterprises [1] Group 2 - The company leverages its insurance funds as long-term and patient capital to provide comprehensive financial support, including technology investment and credit, to technology enterprises [2] - An innovative "S Fund" incentive investment model has been developed to address the challenges of early-stage investment in technology enterprises, allowing for smaller and earlier investments [2] - In 2023, the company invested 11.8 billion yuan in the Shanghai Integrated Circuit Industry Fund, marking the first "S Fund" investment in the industry [2] Group 3 - The "S Fund" model allows government industry guidance funds to incubate key technology enterprises while insurance funds enter at a relatively mature stage, enhancing the effectiveness of government fund utilization [3] - In 2024, the company invested an additional 5 billion yuan in the Beijing Science and Technology Innovation Fund using the "S Fund" model [3] - The company aims to summarize experiences and promote the model, expressing a willingness to take on greater responsibility in supporting the development of new productive forces through technology finance [3]

Group 1: Stablecoins and Digital Assets - The Hong Kong Monetary Authority will expedite the processing of stablecoin license applications following the enactment of the Stablecoin Ordinance, in response to the growing demand for digital assets [1] Group 2: Pharmaceutical Innovation - The National Medical Products Administration plans to complete the review and approval of clinical trial applications for innovative drugs within 30 working days, aiming to enhance the efficiency of clinical research and support the development of urgently needed drugs [2] Group 3: Investment in Chinese Private Enterprises - Goldman Sachs reports an improving mid-term investment outlook for Chinese private enterprises, highlighting a list of ten favored companies with a total market capitalization of $1.6 trillion, representing 42% of the MSCI China Index [3] Group 4: Foreign Trade Performance - China's foreign trade maintained steady growth in May, with total imports and exports increasing by 2.7% and exports rising by 6.3%, attributed to the country's commitment to expanding openness and upgrading its industrial structure [4] Group 5: Unicorn Enterprises Policy - The Ministry of Industry and Information Technology is formulating policies to cultivate and grow unicorn enterprises, enhancing support for specialized and innovative small and medium-sized enterprises [5] Group 6: Quantum Computing Development - China's first superconducting quantum computing measurement and control system, designed for a thousand-bit scale, has been delivered, laying a solid foundation for the development of larger-scale fault-tolerant quantum computers [6] Group 7: Technology Insurance Policy - Shanghai has introduced new policies to support high-quality development of technology insurance, focusing on future industries and cutting-edge technologies to foster a partnership between the insurance industry and emerging sectors [8] Group 8: Agricultural Innovation - The Ministry of Agriculture and Rural Affairs has issued measures to enhance the management of crop varieties, emphasizing the collection and utilization of genetic resources and the breeding of breakthrough new varieties [9] Group 9: 3D Printing and Intellectual Property - The popularity of Labubu models has raised concerns about potential legal issues related to copyright and trademark infringement in the 3D printing community, as unauthorized reproductions could lead to significant legal consequences [10] Group 10: Payment and Clearing Business Continuity - The China Payment and Clearing Association has issued guidelines to ensure the continuity of payment and clearing services during peak marketing periods, emphasizing the importance of preparedness for extreme weather events [11]

Core Viewpoint - The importance of technology insurance as a financial tool to support technological innovation is increasingly recognized, with recent policies in Shanghai and other regions aimed at enhancing the role of insurance in this area [1][3][4]. Group 1: Policy Developments - Shanghai has released a guiding document to promote high-quality development of technology insurance, aligning it with the construction of an international technology innovation center [3]. - Various regions, including Wuhan and Shenzhen, are actively encouraging insurance institutions to develop products that cater to the lifecycle of technology enterprises, focusing on key areas such as research and development losses and intellectual property protection [4][5]. - The Financial Regulatory Bureau is working on a policy document to optimize the technology insurance service system, enhancing the risk compensation and reduction functions of the insurance industry [4][5]. Group 2: Market Trends and Challenges - The market for technology insurance is expanding, with insurance coverage reaching approximately 9 trillion yuan and investments in technology enterprises exceeding 600 billion yuan by the end of 2024 [6]. - Despite the growth, challenges remain, including a lack of mature risk control mechanisms and insufficient historical data for accurate risk assessment and pricing [6][7]. - The high costs and low success rates of technology research and development pose additional challenges for insurance companies in product development and risk management [7]. Group 3: Talent and Demand Issues - There is a shortage of professionals who possess both insurance and technology knowledge, which hampers product innovation and service capabilities in the technology insurance sector [7][8]. - Many technology enterprises prioritize core business areas over insurance, leading to limited investment in technology insurance despite its potential benefits [7][8]. Group 4: Future Directions - To enhance the development of technology insurance, companies should strengthen collaborations with research institutions and government bodies to better understand industry trends and risks [8][9]. - Establishing a one-stop information service platform and utilizing digital technologies to accumulate data and create risk assessment models are recommended to address information asymmetry [9].