（原标题：前海15载，现代服务业助力"中国智造"） 从世界工厂到全球创新中心，科技创新催生"中国智造"，生产性服务业在范式重构中正在发挥更大作用。 前海深港现代服务业合作区于2010年成立，这一年也正值中国重夺世界第一制造业大国地位，并保持至今。 锚定"现代服务业"的前海，新模式、新业态不断涌现，既是全球投资兴业热土，也是前沿科技的"赛博试验场"。这里的天际线既填满了汇丰、东 亚、微众等金融机构Logo，法律、财税、咨询等专业服务机构，AI、机器人、低空经济等新兴领域研发中心亦向前海汇聚，"香港味、未来感、 滨海风、现代化、未来感"在这里显现。 由此，前海不断以高附加值的知识技术密集型服务业，重塑"智造"的价值链与未来图景。 2024年，前海实际使用外资266.5亿元、固定资产投资1691亿元、税收收入892亿元，分别是成立之初的117倍、93倍、171倍。 南方财经记者 陈思琦 深圳报道 现代服务业是前海的绝对支柱，今年上半年实现增加值952.6亿元、同比增长8.6%，占服务业84%、占GDP的65.5%。截至目前，前海拥有现代服 务业企业12.48万家，水平基本比肩全球服务业先进地区。 "含科量"：让"智 ...

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].

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]

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].

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][3][6]. 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 for 2024 [5]. - The added value of strategic emerging industries is expected to account for 42.3% of Shenzhen's GDP, with R&D investment at 6.46% of GDP, second only to Beijing [5]. - The city leads the nation in corporate R&D investment, which constitutes 94.9% of total R&D spending [5]. Group 2: Financial Support and Policy Initiatives - The central government has issued opinions to enhance the integration of innovation chains, industry chains, capital chains, and talent chains, indicating a need for further reforms to support the development of the technology innovation sector [5][11]. - New financial products like "Tengfei Loan" and "Technology Startup Pass" have been introduced to support tech startups, with regulatory bodies allowing the establishment of financial asset investment companies (AIC) to facilitate greater investment [7][10]. Group 3: Reform and Development Strategy - The release of the new opinions marks a new phase in Shenzhen's reform and opening-up mission, emphasizing the need for effective implementation of the comprehensive reform "2.0" blueprint [9][11]. - Suggestions for continuous efforts include enhancing central-local collaboration, legislative support, targeted breakthroughs, and engaging multiple stakeholders to stimulate vitality in the reform process [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 introduced [1][3][8]. Group 1: Shenzhen's 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 "little giant" companies projected by 2024 [6]. - 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 [6]. - Corporate R&D investment constitutes 94.9% of total R&D spending, ranking first nationwide, with rapid growth in sectors like new energy vehicles, artificial intelligence, and robotics [6]. Group 2: Financial Support and Policy Initiatives - A complete technological innovation ecosystem is crucial for the emergence of great enterprises, supported by precise and efficient financial services [7]. - The recent "Opinions" issued by the central government propose allowing enterprises listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, enhancing the listing options for technology firms [8]. - New financial products like "Tengfei Loan" and "Technology Startup Pass" have been introduced to improve financing mechanisms for tech companies, with regulatory support for financial asset investment companies (AIC) to enhance funding for startups [9]. Group 3: Reform and Implementation Strategies - The "2.0" blueprint for comprehensive reform has been outlined, emphasizing the need for effective implementation and the integration of top-level design with local innovation [4][12]. - Four key areas for continuous effort include strengthening central-local collaboration, ensuring legislative support, focusing on breakthrough initiatives, and engaging multiple stakeholders to stimulate vitality in the reform process [13][14][15][16][17]. - The recent "Opinions" focus on critical areas such as education, technology, talent systems, and the integration of innovation chains, signaling a new phase in Shenzhen's reform and opening-up mission [11][17].

Core Viewpoint - The release of the "Opinions on Deepening Reform and Innovation in Shenzhen's Comprehensive Reform Pilot" aims to enhance financial services for the real economy, particularly focusing on technology and industry integration in finance [2][5]. Financial Services and Innovations - Shenzhen has been recognized as a significant financial center, with the "Opinions" emphasizing the need to improve mechanisms that incentivize financial services for the real economy [2]. - The "Technology Industry Financial Integration Pilot" is designed to empower technological innovation and industrial development, facilitating financial resources to support research and entrepreneurship [2][5]. - New financial products such as "Tengfei Loan" and "Technology Startup Loan" have been introduced to support small and micro enterprises [2]. Credit and Financing Mechanisms - The "Yuanqu Loan," a no-collateral credit product, has been launched to assist small and micro enterprises by leveraging various data points from industrial parks [3]. - As of April 2024, the Shenzhen "Specialized, Refined, Unique, and Innovative" board has listed 301 companies, with 80.73% being small and medium enterprises [3]. - The total loan balance for technology enterprises in Shenzhen reached 1.23 trillion yuan, with a year-on-year growth of 7.23% as of March 2025 [4]. Knowledge and Intellectual Property Financing - Shenzhen leads the nation in knowledge property asset-backed securities (ABS) issuance, with a total of 99 issuances amounting to 21.906 billion yuan, accounting for over half of the national total [6]. - The "Opinions" highlight the need to optimize the connection between debt and equity financing for technology enterprises, addressing challenges such as asset collateralization and risk assessment [7]. Support for Listing and Investment - The "Opinions" allow companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, promoting financial connectivity within the Greater Bay Area [8]. - There is a push for more long-term capital to support high-tech companies, especially those returning from overseas listings to the domestic market [9].