Group 1 - The capital market has a unique advantage in supporting technological innovation, providing a solid financial foundation for self-reliance and strength in technology [1] - The next steps for the capital market include further improving the institutional support system covering the entire lifecycle of technology companies, enhancing the multi-tiered market structure, and promoting mergers and acquisitions [1][2] - The China Securities Regulatory Commission (CSRC) has introduced various policies to optimize the service system for technological innovation, including the establishment of new listing standards for emerging technology sectors [2][3] Group 2 - The capital market is continuously advancing high-level openness, supporting technology companies in overseas listings, and utilizing both domestic and international resources [3] - Enhancing institutional inclusiveness is crucial for supporting technological innovation, requiring improvements in regulatory frameworks for listings, trading, mergers, and acquisitions [3][6] - The private equity and venture capital funds have become key drivers for promoting technological innovation, with significant capital allocated to high-tech enterprises [4][5] Group 3 - The capital market has been actively improving merger and acquisition systems and refinancing mechanisms to better support technological innovation [7][8] - The research and development (R&D) investment from listed companies has been increasing, with a notable portion of national R&D funding coming from these companies [8] - The CSRC has implemented measures to enhance equity incentives and employee stock ownership plans, supporting reinvestment in R&D and fostering a virtuous cycle between capital and innovation [8]

编者按： 时代之笔擘画新章，金融活水润泽实体。在金融"五篇大文章"铺就的壮阔画卷中，证券业正以创新之墨 挥毫作答。这是服务国家战略的使命担当，更是深化金融供给侧改革的生动实践。证券业以"国之大 者"为经，以"民之关切"做纬，让金融血脉与实体经济同频共振，奏响中国式现代化的资本强音。证券 时报联合中国证券业协会，推出"做好'五篇大文章' 证券业作答进行时"系列专栏， 本篇为系列报道之 三十七，敬请垂注。 科技创新与产业创新，是发展新质生产力的核心路径。华福证券以践行国家战略、服务实体经济为根本遵 循，精准布局"投早、投小"至"并购重组"全链条服务，构建科创企业全生命周期服务生态，畅通"科技－产 业－金融"循环，为加速培育新质生产力持续注入金融"活水"。 "华福证券深刻把握金融工作的政治性、人民性，坚守金融服务实体经济的根本宗旨，聚焦战略性新兴产业与 未来产业，引导社会资源持续流向国家关键核心技术领域、重点发展和薄弱环节，助力新质生产力的形成与发 展，扎实做好金融'五篇大文章'。"华福证券党委书记、董事长黄德良对证券时报记者表示。 完善全链条金融服务生态 一是完善顶层设计。华福证券专门成立金融"五篇大文章"工作委 ...

证券时报记者 孙翔峰 科技创新与产业创新，是发展新质生产力的核心路径。华福证券以践行国家战略、服务实体经济为根本遵循，精 准布局"投早、投小"至"并购重组"全链条服务，构建科创企业全生命周期服务生态，畅通"科技－产业－金融"循 环，为加速培育新质生产力持续注入金融"活水"。 "华福证券深刻把握金融工作的政治性、人民性，坚守金融服务实体经济的根本宗旨，聚焦战略性新兴产业与未来 产业，引导社会资源持续流向国家关键核心技术领域、重点发展和薄弱环节，助力新质生产力的形成与发展，扎 实做好金融'五篇大文章'。"华福证券党委书记、董事长黄德良对证券时报记者表示。 完善全链条金融服务生态 科技企业普遍存在研发周期长、前期投入大、风险高的特点，对券商服务能力提出更高要求。华福证券介绍，公 司在科技金融领域的布局已由单一融资服务向覆盖企业全生命周期的综合金融生态延伸，加快构建并持续完善全 链条综合金融服务体系，加大资源投入力度，切实提升服务科技创新的质效。 一是完善顶层设计。华福证券专门成立金融"五篇大文章"工作委员会，并下设科技金融等五个工作小组，系统制 定科技金融业务发展规划，着力构建"投行+投资+投研"特色服务模式。出台 ...

Group 1 - Suzhou has established a robust technology finance ecosystem to support the development of an international cooperation zone for technology finance [1] - The city has implemented a series of effective measures, including the issuance of key policies and task lists to promote technology finance [1] - Suzhou has attracted 302 licensed financial institutions, including 4 technology branches and 58 specialized technology finance institutions, enhancing funding access for technology enterprises [1][2] Group 2 - The city promotes comprehensive technology finance products and services, including the "Science and Innovation Index Loan" and a pilot program for technology enterprise mergers and acquisitions, with a total of 14 loans amounting to 1.862 billion [2] - Suzhou has issued various technology innovation bonds totaling 14.33 billion, covering technology enterprises, private equity, and venture capital [2] - The establishment of a financing mechanism for insurance capital has positively impacted the support for major industrial projects and key technology enterprises [2] Group 3 - Suzhou emphasizes the application of artificial intelligence in the financial sector, enhancing service efficiency and experience [3] - The city is actively promoting collaboration with the Shanghai International Financial Center to share resources and experiences [3] - Suzhou has initiated a technology finance international cooperation development association to build an open ecosystem for technology finance [3]

Core Viewpoint - The report highlights the financial performance and strategic initiatives of China Energy Construction Co., Ltd. for the first half of 2025, showcasing growth in revenue, profit, and significant advancements in energy and technology sectors [1][9]. Company Overview - Company Name: China Energy Construction Co., Ltd. - A-share Code: 601868 - H-share Code: 03996 - Total Assets: RMB 938.74 billion, an increase of 8.02% from the previous year [2][3]. - Revenue: RMB 212.09 billion, up 9.18% year-on-year [2][3]. - Total Profit: RMB 6.56 billion, a growth of 5.49% compared to the previous year [2][3]. Financial Data - Net Profit attributable to shareholders: RMB 2.52 billion, an increase of 8.32% year-on-year [3]. - Cash Flow from Operating Activities: -RMB 13.40 billion, an improvement from -RMB 14.51 billion in the previous year [3]. - Weighted Average Return on Equity: 77.72% [9]. Major Shareholders - The largest shareholder is China Energy Construction Group Co., Ltd., holding 45.21% of shares [3]. - Total number of shareholders as of the report date: 334,967 [3]. Strategic Initiatives - The company focuses on high-quality development, emphasizing core responsibilities in energy, electricity, and water conservancy sectors [9]. - Significant contracts signed in the first half of 2025 include new contracts worth RMB 775.36 billion, with a year-on-year growth of 18.58% [9]. - The company is actively involved in major national projects, enhancing its competitive position in the energy sector [9]. Transition and Growth - The company is transitioning from a general contractor to a comprehensive energy service provider, with a focus on new energy, storage, and hydrogen sectors [10]. - Revenue from electricity operations increased by 31.41%, and total profit rose by 37.22% year-on-year [10]. - The company has developed a 300 MW compressed air energy storage project, setting world records in power and efficiency [10]. Technological Innovation - R&D investment increased by 11% in the first half of 2025, with several new technology centers established [11][12]. - The company is advancing in hydrogen energy projects, with significant production capabilities planned for the near future [10][12]. International Expansion - The company is expanding its international business, with overseas contracts and revenue showing double-digit growth [11]. - Key international projects include a 1000 MW gas power plant in Malaysia and various renewable energy projects in Central Asia [11].

Core Viewpoint - The government is committed to addressing the financing difficulties faced by private enterprises, emphasizing the importance of enhancing support for quality private companies in the capital market [1][2]. Group 1: Capital Market Developments - Since the establishment of the Sci-Tech Innovation Board in 2019, 1,406 companies have been listed under the registration system, raising a total of 1.58 trillion yuan, with 1,160 of these being private companies, accounting for over 80% of the new listings [1]. - As of February 18, 2025, private enterprises constitute 63.3% of A-share listed companies, with a market capitalization of 35.02 trillion yuan, representing 39.85% of the total A-share market value [2]. - The establishment of various boards such as the Sci-Tech Innovation Board and the Growth Enterprise Market has provided diverse financing channels for private enterprises at different stages of development [2]. Group 2: Refinancing Trends - In 2023 and 2024, private enterprises accounted for 68.34% and 70.05% of A-share refinancing activities, raising 3,008.4 billion yuan and 990.95 billion yuan respectively [3]. - The implementation of a comprehensive registration system has improved the inclusivity and diversity of the capital market, facilitating easier access to financing for innovative and technology-driven private enterprises [3]. Group 3: Bond Financing - In 2024, private enterprises issued 983 bonds in the exchange market, raising a total of 374.1 billion yuan, with asset-backed securities (ABS) being the dominant type, accounting for 90.54% of the total bond issuance [4]. - The issuance of green bonds and technology innovation company bonds has also seen significant activity, with private enterprises raising 491.92 million yuan and 116.2 million yuan respectively [4]. - Regulatory measures have been taken to enhance the accessibility of bond financing for private enterprises, including the introduction of new bond types and support plans [4][6]. Group 4: Future Directions - Experts suggest that further improvements in the multi-tiered capital market are necessary to facilitate diverse financing options for private enterprises, particularly in supporting technological innovation [7]. - Future efforts should focus on optimizing market access for innovative and technology-driven companies, expanding the application of bond financing and asset securitization products, and enhancing the credit rating system to lower financing costs for lower-rated private enterprises [8].

Group 1 - The article reviews key events in the private equity fund market from July 28 to August 3, highlighting significant fund launches and investments [5] - The Xianning Changzheng High-tech Industry Investment Fund has a total scale of 3 billion yuan, focusing on local advantageous industries such as health, electronic information, green energy, and new materials [7] - The Pudong New Area has launched a 2 billion yuan artificial intelligence seed fund aimed at supporting early-stage innovation and talent [8] Group 2 - The Fujian provincial government is selecting GPs for its S fund, with a target scale of no less than 5 billion yuan, focusing on strategic emerging industries and traditional industry upgrades [8] - Shanghai's three leading industry mother funds are selecting third batch sub-funds to support original innovation and results transformation in integrated circuits, biomedicine, and artificial intelligence [9] - The Hubei humanoid robot industry investment fund has a total scale of 10 billion yuan, focusing on humanoid robots and artificial intelligence [10] Group 3 - The Shanghai Artificial Intelligence CVC Fund has a first phase total scale of 3 billion yuan, aiming to create a comprehensive financial empowerment system for AI [12] - The Nanchong City private equity investment fund has completed registration with a total scale of 1 billion yuan, focusing on high-end machinery manufacturing [13] - The Hunan Xiangjiang General Aviation Industry Investment Fund has a total scale of 200 million yuan, focusing on low-altitude economy and aerospace industries [13] Group 4 - The National Development and Reform Commission has released guidelines for government investment funds, aiming to enhance investment direction and evaluation management [19] - The guidelines emphasize the role of government investment funds in supporting national strategies, promoting industrial upgrades, and fostering innovation and entrepreneurship [20]

上周基金重点事件回顾丨07.28-08.03 睿兽分析每周整理最值得关注的基金重点事件，帮助大家及时了解全球私募股权基金市场动向。 上海三大先导产业母基金第三批基金招GP 咸宁长证高新产业投资母基金成立，总规模30亿元 近日，咸宁长证高新产业投资母基金完成合伙协议签署及工商注册，这是继武汉都市圈基金、孝感战新 基金之后又一只落地的区域母基金。该基金总规模30亿元，其中省政府投资引导基金认缴7.5亿元，咸 宁市引导基金及产业投资平台认缴15亿元，长江成长资本认缴7.5亿元，将投向地方优势产业，重点投 向大健康、电子信息、绿色能源、新材料等咸宁市"5+4"主导产业和新兴未来产业。（湖北省引导基 金） 浦东发布20亿元人工智能种子基金 7月27日，2025浦东新区人工智能产业生态全球推介会召开。会上，浦东人工智能种子基金正式发布。 该基金总规模20亿元，首期规模5亿元，是聚焦种子轮阶段，专注投资创新人才、前沿技术的国资创投 基金，将通过友好灵活的投资机制，助力解决初创团队生存问题，促进产业集群形成，营造良好创新创 业氛围，加速人工智能基础研究和源头创新在浦东落地转化，助力打造全球领先的垂类模型生态集聚 区。（上海金 ...

Group 1: Market Operations - The central bank conducted a reverse repurchase operation of 34 billion yuan for 7 days at a fixed rate of 1.40%, with a total bid amount of 34 billion yuan and a net withdrawal of 491.9 billion yuan on that day [2][4]. Group 2: Funding Conditions - The funding environment remains ample and loose, with the overnight pledged repo rate slightly declining to 1.31% and the 7-day pledged repo rate decreasing by over 4 basis points to 1.42% [4]. Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit is around 1.61%, showing little change from the previous day [8]. Group 4: Bond Market Trends - The yields on major interbank bonds mostly decreased, with the 30-year main contract rising by 0.11%, the 10-year contract by 0.03%, and the 5-year contract by 0.02% [11][12]. Group 5: Corporate Bond Issuance - Alibaba plans to issue approximately 12 billion Hong Kong dollars in exchangeable bonds for cloud computing and international e-commerce investments [17]. - Guizhou successfully issued its first technology innovation corporate bond [17]. - Sunac China intends to issue 754 million new shares to repay 5.6 billion yuan of domestic bonds [17]. - Fitch Ratings indicates that more city investment enterprises holding existing residential properties will benefit from the expanded use of special bonds [17].

Group 1 - The core point of the news is that Guizhou Capital Company issued its first technology innovation corporate bonds on June 30, with a scale of 300 million yuan and a term of 3 years, marking a significant step in supporting technological innovation in the province [1] - The bond has a coupon rate of 2%, which is the lowest for corporate bonds issued in the province, and the funds raised will be specifically invested in equity of technology innovation companies, focusing on sectors such as commercial aerospace, general aerospace, electronic information, big data, new energy, new materials, and advanced manufacturing [1] - The issuance of technology innovation corporate bonds is an important tool for capital markets to support financing for technology innovation enterprises, aimed at guiding funds to high-tech industries, strategic emerging industries, and the transformation and upgrading of traditional industries [1] Group 2 - In recent years, the Guizhou Securities Regulatory Bureau has been actively promoting the use of capital market policies and tools by enterprises in the region, striving to attract various financial resources to important industrial bases and technology innovation fields to serve the high-quality development of the local economy [2] - The development of high-quality bond markets and guiding enterprises to issue technology innovation bonds has been included in the "Implementation Plan for Promoting High-Quality Development of Capital Markets in Guizhou Province," enhancing training and promotion of innovative bond varieties [2] - The bureau is actively guiding eligible technology innovation enterprises, private equity investment institutions, venture capital institutions, and financial institutions to issue technology innovation bonds to support the development of technology innovation fields [2]