Core Viewpoint - The transformation of Qianhai from a manufacturing hub to a global innovation center is driven by technological innovation, with the service industry playing a crucial role in reshaping the value chain of "intelligent manufacturing" [1][3]. Group 1: Economic Development in Qianhai - Qianhai has seen significant growth since its establishment in 2010, with actual foreign investment reaching 26.65 billion yuan, fixed asset investment at 169.1 billion yuan, and tax revenue at 89.2 billion yuan, marking increases of 117 times, 93 times, and 171 times respectively since its inception [4]. - The modern service industry is the backbone of Qianhai's economy, contributing 95.26 billion yuan in value added in the first half of the year, a year-on-year growth of 8.6%, accounting for 84% of the service industry and 65.5% of GDP [4]. Group 2: Technological Service Industry - The role of the technology service industry has evolved from being a support function to becoming a central value driver in the industrial chain, with some companies now viewing it as a significant profit growth area [6][11]. - A plan was launched to enhance the quality of the technology service industry in Qianhai, aiming to increase the number of high-level R&D centers to over 100 and foreign investment proportion to over 30% by the end of 2027 [7]. Group 3: Financial Services and Innovation - Qianhai is positioned as a key area for financial services innovation, focusing on emerging financial sectors, cross-border finance, and technology finance, with initiatives like "Tech Startup Pass" providing credit services to over 4,100 enterprises [14][15]. - The Hong Kong Stock Exchange has become a major platform for IPOs, with Qianhai facilitating connections for companies seeking to list in Hong Kong, enhancing cross-border financial cooperation [15][16]. Group 4: Legal and Professional Services - Qianhai has established itself as a hub for legal services, with the Shenzhen International Arbitration Court handling disputes amounting to 142.3 billion yuan, ranking among the top three globally [19]. - The "Shenzhen·Qianhai Outbound E-Station" platform integrates various public services for outbound enterprises, having served over 800 companies and establishing partnerships with 40 overseas park operators [19].

Core Insights - Shenzhen has established itself as a pioneer in financial innovation, particularly in supporting small and micro enterprises and technology companies through various financial products and services [1][2]. Group 1: Financial Products and Services - WeBank, as China's first internet private bank, has been instrumental in providing digital financing solutions such as science and technology loans, intellectual property pledge loans, and guarantee loans, effectively addressing the financing challenges faced by tech enterprises [1][2]. - The "Tengfei Loan" model allows companies to secure medium to long-term low-cost loans without diluting equity, thus supporting their growth without compromising ownership [3]. - The "Science and Technology Initial Access" product has generated over 20,000 profiles for tech companies, facilitating financing for more than 2,200 enterprises [3]. Group 2: Impact and Reach - As of June, WeBank's technology finance services have expanded to 26 provinces and over 280 cities, with its science and technology loan products attracting over 600,000 applications, representing 22% of the total tech enterprises in those regions [2]. - In the first half of the year, 102 companies signed contracts for the "Tengfei Loan," amounting to 360 million yuan, while the "Science and Technology Initial Access" helped 3,761 companies secure loans totaling 4.84 billion yuan [3]. Group 3: Investment and Support - Shenzhen's state-owned enterprises have developed a comprehensive financial ecosystem, creating over 500 funds with a total scale exceeding 700 billion yuan, focusing on strategic emerging industries and future sectors [4]. - The establishment of angel funds and seed funds aims to address the financing difficulties of early-stage tech companies, with over 80 sub-funds set up and nearly 15 billion yuan invested in early projects, resulting in over 200 potential unicorns [4].

【导读】上半年深圳市本外币各项存款余额达14.16万亿元！打造金融"活水"精准浇灌"深圳样本" 中国基金报记者郭玟君 7月22日，记者从人民银行深圳市分行（以下简称人行深圳分行）、国家外汇管理局深圳市分局举行的 2025年第二季度新闻发布会上获悉，截至2025年6月末，深圳市本外币各项存款余额达14.16万亿元，较 年初增长近6000亿元；本外币各项贷款余额达9.85万亿元，较年初增长超3500亿元。截至2025年6月 末，深圳民营经济贷款余额达4.26万亿元，较年初新增849.75亿元。 科创债规模达207.5亿元 打造金融"活水"精准浇灌"深圳样本" 据人行深圳分行相关负责人介绍，用好科技创新债券（以下简称科创债）风险分担工具，支持深圳企业 亮相债券市场"科技板"，落地"首批发行""首批注册""首批工具"。 截至2025年7月15日，人行深圳分行推动辖内立讯精密、中兴通讯、比亚迪等科技型企业和股权投资机 构共9家企业在银行间市场发行科创债14只，规模合计207.5亿元。 上述9家企业包括6家科技型企业：立讯精密、中兴通讯、比亚迪、中金岭南、光大环保、中集集团，及 3家股权投资机构：深投控、东方富海、招商局 ...

Core Insights - The financial situation in Shenzhen has shown stable growth in the first half of 2025, with significant support for the real economy [1] - The credit structure continues to optimize, with a focus on technology innovation, inclusive small and micro enterprises, and green development [3][4] Financial Overview - As of June 2025, the total deposits in Shenzhen reached 14.16 trillion yuan, an increase of nearly 600 billion yuan since the beginning of the year [1] - The total loans amounted to 9.85 trillion yuan, growing by over 350 billion yuan compared to the start of the year [1] Credit Structure Optimization - The balance of technology loans reached 2.1 trillion yuan, inclusive small and micro loans nearly 2 trillion yuan, green loans 1.3 trillion yuan, and digital economy loans also 1.3 trillion yuan, all growing faster than the overall loan growth rate [3] - The average interest rate for newly issued corporate loans dropped to 2.85% in June 2025, a year-on-year decrease of 0.52 percentage points [3] Policy Implementation - The People's Bank of China (PBOC) implemented a series of monetary policy measures that quickly took effect in Shenzhen, releasing 61.4 billion yuan through reserve requirement ratio cuts [3] - The PBOC has also utilized various tools to support technology innovation and consumption, with over 410 billion yuan in technology re-loans benefiting more than 1850 technology enterprises [3] Green Finance Initiatives - The PBOC in Shenzhen has collaborated with the local ecological environment bureau to support green infrastructure and energy projects, with green loans growing by 25.4% since the beginning of the year [5] Inclusive Finance Development - Shenzhen has established mechanisms to enhance credit access for small and medium-sized enterprises, with over 33 billion yuan in loans issued to more than 110,000 small businesses [6] - The balance of loans to the private economy reached 4.26 trillion yuan, with an increase of 849.75 billion yuan since the start of the year [6] Digital Finance Progress - The digital yuan pilot has seen nearly 30 million wallets opened, with 3,800 prepaid business institutions managing nearly 3.1 billion yuan [7] - The cross-border financial services have expanded significantly, with Shenzhen banks handling cross-border payments amounting to 472 billion yuan, accounting for nearly 50% of the Greater Bay Area [8][9]

Core Insights - The People's Bank of China (Shenzhen Branch) reported a significant increase in both deposits and loans in Shenzhen, with total deposits reaching 14.16 trillion yuan and loans at 9.85 trillion yuan by the end of June 2025, marking increases of nearly 600 billion yuan and over 350 billion yuan respectively [1][2] - Shenzhen has established a credit structure with significant balances in technology and inclusive loans, each reaching 2 trillion yuan, and green and digital economy loans at 1 trillion yuan each, positioning it among the top cities in China [1][3] - The issuance of technology innovation bonds has been notable, with 14 bonds issued totaling over 200 billion yuan, supporting various technology enterprises [2][3] Financial Performance - As of June 2025, the average interest rate for new corporate loans in Shenzhen was 2.85%, a decrease of 0.52 percentage points year-on-year, indicating a low financing cost environment [1][2] - The implementation of a series of monetary policy measures, including a reserve requirement ratio cut that released 61.4 billion yuan into the economy, has bolstered support for the real economy [2][3] Sectoral Focus - The credit allocation in Shenzhen is heavily directed towards key sectors such as technology innovation, inclusive small and micro enterprises, and green development, with technology loans at 2.1 trillion yuan and inclusive loans nearing 2 trillion yuan [3][4] - Green finance initiatives have led to a 25.4% increase in loans for green ports, waterways, and shipbuilding, reflecting a strong commitment to sustainable development [3][4] Cross-Border Finance - Shenzhen has seen a significant increase in cross-border RMB transactions, with a total of 27.63 trillion yuan in cross-border payments in the first half of 2025, a year-on-year growth of 24.3% [4][5] - The "Cross-Border Wealth Management Connect" initiative has attracted approximately 30,000 new individual investors, with total cross-border payment amounts reaching 47.2 billion yuan [5][6] Consumer Trends - Foreign consumer spending in Shenzhen has increased significantly, with non-cash payment transactions reaching 85.88 million and 11.81 billion yuan in the first half of 2025, representing year-on-year growth of 29% and 35% respectively [6][7] - The top three source countries for inbound consumption in Shenzhen are South Korea, the United States, and Singapore, contributing nearly 30% of total consumption [6][7]

深圳金融管理部门联合市场监管部门推出首款质量融资增信产品"深质贷"，依托企业质量能力、资质等 要素，帮助企业质量品牌的"无形资产"转化为融资增信的"有形资产"。辖内银行已运用"深质贷"为112 家企业授信超4.5亿元。2025年以来，人民银行深圳市分行联合深圳市财政局、深圳市国资委等部门推 出"跨越贷"，推动地方征信平台、政府性融资担保机构、银行三方合作，发挥"征信画像+融资增信"作 用，帮助更多"无贷户"跨越信贷可得边界，推出两个月就帮助17家"无贷户"企业获得贷款金额4880万 元。 深圳市工商联与工、农、中、建、交行在内的23家银行签订了战略协议，为深圳民营企业提供4200亿授 信额度。特别是今年以来，市工商联积极协调各大银行，推动银行机构坚定贯彻不抽贷、不断贷的政策 原则，为受关税影响的企业提供稳定的信贷支持。组织多场银企对接会，搭建沟通桥梁，深入了解企业 资金需求和经营困境，鼓励银行根据企业实际情况，灵活调整信贷策略，如延长贷款期限、调整还款方 式、增加授信额度等，帮助企业缓解资金周转压力。 中新网深圳7月21日电 (索有为 王晨)民营企业数量与市值均位列全国城市第一的深圳，着力促进民营经 济健康发 ...

Core Viewpoint - Shenzhen is actively enhancing its business environment to support the steady development of private enterprises through innovative services and policies [1][2]. Group 1: Policy Implementation - Shenzhen is promoting private capital participation in major infrastructure projects, with a total investment scale of approximately 200 billion yuan across 24 projects in energy, transportation, and water sectors [2]. - The Shenzhen Comprehensive Service Platform for Private Economy was launched in March 2025 to provide one-stop services for private enterprises, optimizing the development environment [2]. - The Shenzhen Federation of Industry and Commerce has conducted extensive outreach, visiting over 3,000 key enterprises and associations in the past five years to facilitate policy implementation [2]. Group 2: Financial Support - A strategic agreement was signed with 23 banks to provide 420 billion yuan in credit for private enterprises, ensuring stable financial support amid external pressures [5]. - The establishment of the "Technology Startup Pass" by the local credit platform aims to assist banks in providing early and small loans to startups [3]. - The "Deep Quality Loan" product was introduced to convert intangible assets into tangible collateral for financing [3]. Group 3: Service Improvement - Shenzhen has introduced an AI-powered system to enhance the efficiency of government services, significantly improving the ease of starting a business [6]. - The city recorded a 6.5% year-on-year increase in new business registrations, totaling 327,000 new enterprises in 2024 [6]. - Over 150 policy promotion activities and 47 themed events have been organized to enhance awareness and understanding of business support policies [6].

Core Viewpoint - The establishment of the Shenzhen Shentou Control Qianfan Qihang AIC Fund, with a scale of 2 billion yuan, marks a significant step in supporting technological innovation and industrial integration in Shenzhen, aligning with the city's "20+8" strategic emerging industries [3][4][6]. Group 1: Fund Establishment and Purpose - The Shenzhen Shentou Control Qianfan Qihang AIC Fund is the first AIC pilot fund in Shenzhen after the expansion of the AIC equity investment pilot business, and it is one of the largest AIC pilot funds within the Agricultural Bank system [3]. - The fund aims to provide long-term and patient capital for technological innovation, focusing on supporting Shenzhen's integration of technology and finance [3][4]. Group 2: Agricultural Bank's Role and Achievements - Agricultural Bank's Shenzhen branch has served 12,000 technology innovation enterprises, with a loan scale exceeding 110 billion yuan, and an increase of over 30 billion yuan in the first half of the year [3][4]. - The bank is committed to enhancing its technology financial services and has established a comprehensive product system to meet the diverse financing needs of technology enterprises [7][9]. Group 3: Industry Support and Future Plans - The fund will focus on key industries such as semiconductors, artificial intelligence, and new energy, with over 30 reserve projects identified [4]. - In 2024, the bank plans to leverage the updated "20+8" industry cluster strategy to enhance its support for industrial upgrades and the establishment of the fund [4]. Group 4: Collaborative Ecosystem - The Agricultural Bank's Shenzhen branch has formed a "融智联盟" (Rongzhi Alliance) with over 80 institutions to promote the integration of innovation, industry, finance, and talent [8]. - This alliance aims to provide comprehensive services from equity financing to IPOs, enhancing the overall ecosystem for technology enterprises [8]. Group 5: Service Quality Enhancement - The bank has implemented a "six-special" mechanism to improve the quality of financial services for technology innovation, with a coverage rate of 80% among key technology enterprises in Shenzhen [9]. - The establishment of specialized technology financial departments in key branches aims to deepen the bank's engagement with technology enterprises and enhance service efficiency [9].

Core Viewpoint - The establishment of a financial high-level open corridor in the Guangdong Free Trade Zone is aimed at supporting the high-quality development of the real economy through financial openness and innovation [1][2]. Group 1: Financial Development in Qianhai - Qianhai is positioned as a crucial link between Hong Kong and the mainland, focusing on attracting international capital and supporting enterprises to list in Hong Kong [2][3]. - Over the past decade, Qianhai has attracted a total of $38.2 billion in foreign investment, accounting for 67% of the Guangdong Free Trade Zone's total [2]. - The number of customs-registered enterprises in Qianhai has increased to over 11,000, a growth of 5.7 times since its establishment [2]. Group 2: Capital Market and Listing Support - Qianhai aims to become a nurturing base for companies planning to list in Hong Kong, leveraging Hong Kong's international legal and regulatory framework alongside Shenzhen's industrial advantages [3][4]. - In the first half of this year, the Hong Kong Stock Exchange led global IPO financing with 40 new listings raising HK$102.1 billion [4]. - By 2025, the Hong Kong market is expected to see 80 new listings, with a total financing amount projected to reach HK$200 billion [4]. Group 3: Financial Infrastructure and Cross-Border Finance - The Qianhai Equity Exchange Center is designed to facilitate enterprises in listing in Hong Kong, with a focus on enhancing the listing nurturing mechanism [5]. - Qianhai has established six cross-border financial brands, including cross-border RMB loans and dual-currency bond issuance, to attract international capital [5]. - As of the end of 2024, Qianhai's FT accounts have surpassed ¥1 trillion in cross-border receipts and payments [5]. Group 4: Support for Small and Medium Enterprises - The development of "patient capital" and "bold capital" is emphasized to improve the financing environment for small and medium-sized enterprises and technology companies [6][7]. - The "Technology Startup Pass" credit product has served over 3,200 enterprises, with 80% being early-stage tech companies, providing loans totaling ¥3.8 billion at a low interest rate of 3.45% [6]. - The first private equity fund management license for insurance capital has been issued in Qianhai, with an initial fund size of ¥30 billion [7]. Group 5: Supply Chain Finance - Qianhai is recognized as a major hub for supply chain finance, aiming to support the transformation of the manufacturing sector and promote inclusive finance [9][10]. - The region has launched the first national action plan to promote the development of the factoring industry, establishing itself as a model for supply chain finance innovation [9]. - By May 2025, Shenzhen is expected to have 11,000 specialized small and medium enterprises, providing a strong market for supply chain financing [10].

Core Viewpoint - Shenzhen is developing new listing rules to facilitate a more efficient listing channel for technology innovation enterprises, with a pilot program for red-chip secondary listings (H+A) expected to be implemented [1][2][4]. Group 1: Economic and Innovation Landscape - Shenzhen has become a significant hub for technological innovation in China, with over 25,000 national high-tech enterprises and 1,025 "specialized and innovative" small giant companies projected by 2024 [3]. - The added value of strategic emerging industries is expected to account for 42.3% of GDP, with R&D investment at 6.46% of GDP, second only to Beijing [3]. - Corporate R&D investment constitutes 94.9% of total R&D spending, ranking first in the nation [3]. Group 2: Financial Support and Mechanisms - The introduction of financial products like "Tengfei Loan" and "Technology Startup Pass" aims to inject more financial resources into startup technology companies [5]. - The establishment of financial asset investment companies (AIC) by shareholding banks is expected to enhance the scale and scope of "investment-loan linkage" [5][6]. Group 3: Reform and Policy Initiatives - The recent policy document emphasizes the need for a high-level integration of the innovation chain, industry chain, capital chain, and talent chain, indicating areas for further reform [3][9]. - The document outlines four key areas for continuous effort: strengthening central-local collaboration, ensuring legislative support, focusing on breakthrough initiatives, and engaging multiple stakeholders [8]. Group 4: Strategic Mission and Future Outlook - The new policy marks a significant step in Shenzhen's reform and opening-up journey, positioning the city as a core engine of the Greater Bay Area and a key player in the new dual circulation economic framework [9]. - The focus on education, technology, and talent system reforms aims to enhance the integration of innovation and industry, contributing to high-quality national development [9].