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 ...

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]

Core Viewpoint - Wuhan Municipal Government has released an action plan to promote high-quality development of technology finance, aiming to establish itself as a national technology finance center by 2027 [1] Group 1: Action Plan Overview - The action plan includes five major actions with a total of 20 measures to accelerate the construction of a national technology finance center in Wuhan [1] - By 2027, the plan aims to establish over 50 specialized technology finance institutions, with a target of exceeding 300 billion yuan in equity investment fund scale and 500 billion yuan in loans for technology enterprises [1] Group 2: Government Investment Fund Guidance - The plan emphasizes the guiding role of government investment funds, aiming to broaden long-term capital sources for technological innovation and optimize the evaluation mechanism for government investment funds [2] - It allows seed funds and angel funds to incur losses of up to 80% and 60% of total investment, respectively, with the possibility of 100% loss for individual projects based on due diligence assessments [2] - Government investment funds are encouraged to participate in venture capital funds with a contribution ratio of over 50% and can have a maximum duration of 15 years [2] Group 3: Technology Credit Quality Improvement - As of the end of 2024, the loan balance for technology enterprises in Wuhan is projected to reach 370.91 billion yuan, reflecting a year-on-year growth of 14.78% [3] - The plan includes actions to enhance the technology credit service system, expand credit issuance, and promote innovative credit products [3] - Financial institutions are encouraged to offer first loans and credit loans to technology enterprises, with a maximum credit loan of 10 million yuan supported by government risk compensation [3] Group 4: Multi-level Capital Market Development - The action plan proposes to strengthen the cultivation of technology enterprise listings and support mergers and acquisitions, as well as expand technology innovation bond financing [4] - It aims to categorize "gold seed" and "silver seed" enterprises into different nurturing layers and support those achieving key technological breakthroughs to go public [4] Group 5: Risk Compensation and Insurance Innovation - The plan includes initiatives to build a high-level East Lake technology insurance innovation demonstration zone and enhance the coverage of technology insurance services [5] - New technology insurance products will be developed for various stages of innovation and production, with a target of 60 insurance products in the library [5] - The plan encourages government financing guarantee institutions to innovate business models and expand guarantee balances for technology enterprises [5] Group 6: Optimizing Technology Finance Ecosystem - Wuhan will optimize the technology finance ecosystem by improving the recommendation mechanism for technology enterprises and creating a platform for regular technology finance activities [6] - The plan aims to promote open cooperation in technology finance and establish a performance evaluation mechanism [6]

方案明确强化政府投资基金引导作用。政府投资基金参与种子基金、天使基金等创业投资基金的出资比 例提高至50%以上，参与设立的创业投资基金存续期最长可达15年。政府投资基金投资设立种子基金、 天使基金或者直接投资科技创新项目的资金总额，应不低于当年新增投资额的20%。允许政府投资基金 差异化设置种子期、天使期单个项目投资额度上限。允许政府投资基金实行投资激励，给予母、子基金 社会出资人和基金管理机构合计最高不超过政府投资基金全部增值收益的奖励。 方案提出，拓宽科技创新长期资本来源。用好金融资产投资公司（AIC）股权投资试点政策，吸引保险 资金参与AIC股权投资试点。支持创业投资机构、产业投资机构发行科技创新债券，拓宽融资渠道。争 取社保基金、保险资金、金融资产管理公司（AMC）、企业风险投资（CVC）、银行理财子公司、信 托公司等在我市设立创业投资基金或者参与基金出资，打造涵盖种子基金、天使基金、产业基金、并购 基金的科技创新基金矩阵。 【导读】武汉市人民政府发布《推动科技金融高质量发展加快建设全国科技金融中心行动方案（2025— 2027年）》 见习记者庄佳 为构建同科技创新相适应的科技金融体制，建立覆盖科技创 ...

记者在采访中了解到，首批5家金融资产投资公司设立于2017年，由工商银行、农业银行、中国银行、 建设银行、交通银行5家国有大行全资设立。AIC主要业务是收购银行对企业的债权转为股权，一方面 可以降低企业杠杆率，另一方面能够处置商业银行的不良资产。 《政策举措》提出，将AIC股权投资试点范围扩大到18个城市所在省份，支持保险资金参与金融资产投 资公司股权投资试点。 5月30日，金融监管总局批复同意中信银行筹建信银金融资产投资有限公司，全国性商业银行设立AIC 的步伐稳步前行。据中信银行投资银行部相关负责人介绍，中信银行在服务科技企业方面已形成一套体 系化的、覆盖企业全生命周期的方法论。在中信金控牵头下，中信银行联合中信信托、中信建投资本等 集团旗下20家金融及实业公司共同发起"中信股权投资联盟"，以"股—贷—债—保"全金融牌照服务为核 心，通过整合中信集团内外部资源，形成股权投资主导、多层次金融联动的服务架构，管理基金规模超 3000亿元。截至2024年底，中信股权投资联盟已累计服务近万家科技型企业，投资国家级专精特新企业 174家，并通过香港跨境服务平台对接全球主要交易所，推动科技企业全球化布局，助力多家企业 ...

Group 1: Core Insights - Shanghai is enhancing its status as an international financial center, particularly in asset management, which is crucial for the high-quality development of technology-driven enterprises [1][2] - A recent seminar focused on the deep integration of asset management and the technology industry, highlighting the need for better financial resource allocation and support for innovation [1][2] Group 2: Current Status and Challenges - As of the end of 2024, Shanghai has 115 banking and insurance institutions, with 38 being foreign entities, and asset management institutions managing assets totaling 4.7 trillion yuan [2] - The emergence of new asset types presents both challenges and opportunities for the integration of asset management and technology industries [3] Group 3: Financial Support and Innovation - There is a mismatch between the supply of asset management funds and the demand from technology industries, with banks and insurance companies providing limited support compared to private equity funds [3] - Customized technology insurance products are recommended to meet the diverse needs of technology enterprises, with government support suggested to enhance development [4] Group 4: Role of Foreign Institutions - Foreign asset management institutions are seen as vital contributors to the construction of Shanghai as an international financial center, leveraging their international experience and resources [5] Group 5: Lifecycle Support for Technology Enterprises - Technology enterprises require comprehensive financial services throughout their lifecycle, including early-stage funding and strategic support [6] - Financial institutions are encouraged to establish long-term partnerships with technology enterprises to foster innovation and industry upgrades [6] Group 6: Innovative Service Models - Asset management institutions need to innovate their service models and explore new financing channels to better support technology enterprises [7] - Suggestions include enhancing the role of financial asset investment companies and promoting mergers and acquisitions to facilitate funding for technology enterprises [7]

近日，科技部会同中国人民银行、国家金融监管总局、中国证监会、国家发展改革委、财政部、国务院国资委等七部 门联合印发了《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》，引起市场关注。5月22日， 国新办也举办了专场发布会，对相关政策作出解读。 图片来源：国新办专场发布会直播截图 发展新质生产力，必须探索建立与科技创新相适应的金融机制。此前，我国科技金融政策多从金融供给侧入手，而此 次印发的《政策举措》以科技创新需求侧为牵引，让更多的金融活水以更低成本、更快速度流入科技创新的广袤沃 土，有很多值得期待的政策亮点。 当然，《政策举措》不仅关注了资本市场和信贷支持。围绕畅通创业投资"募投管退"全链条推出一系列新举措，让创 业投资更"燃"了。健全涵盖科技创新全链条、全周期的科技保险产品和服务体系，让科技保险更"稳"了。7个方面、15 项政策举措，既有存量政策的迭代升级，也有增量政策的创新供给，干货满满，诚意满满。 记者：佘惠敏 监制：代明 审核：张倩 编辑：梁方圆 直接融资更"通"了。资本市场是科技型企业直接融资的重要渠道，《政策举措》一方面建立健全科技型企业资本市 场"绿色通道"机制，深化科创板、创 ...