科技型小微企业融资难在哪？银行与企业的信息不对称，导致银行的沟通、尽职调查成本高；科创 企业往往缺少"硬抵押物"，无形资产估值难、贷款风险高…… 破解这些融资难题，科技金融被寄予厚望。 近年来，我国科技金融市场快速发展，特别是2023年中央金融工作会议提出做好金融"五篇大文 章"之后，位于首位的科技金融在新一轮科技革命与产业变革的大背景下迎来发展的黄金窗口期。 一是长期资本、耐心资本供给不足，特别是对基础研究、前沿技术探索等关键环节的支持仍有待提 升。科技企业在生命周期不同阶段的融资需求存在较大差异，股权融资、债券融资对中小科技企业门槛 仍较高，多元化融资渠道尚未充分打通。 从我国全社会融资角度来看，间接融资占比高于直接融资，尤其是人民币贷款在社会融资规模存量 中占比最高，因此，商业银行在科技金融发展中发挥着关键作用。《2025年第三季度中国货币政策执行 报告》显示，截至今年9月末，我国科技贷款同比增长11.8%，高于全部贷款增速。 "十五五"规划建议提出，"建设现代化产业体系"，并强调坚持把发展经济的着力点放在实体经济 上，坚持智能化、绿色化、融合化方向。这意味着，与过去单纯强调科技创新不同，从创新与产业融 ...

近年来，工行北京分行持续加大对科技企业的金融支持力度，在信贷投放、股权投资、债券承销等方面 多点突破，不断完善产品体系和配套机制。截至今年三季度末，该行科技贷款余额近1600亿元。 ...

11月18日，第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展大会在广州南沙成功举办。第十四届全 国政协委员尹艳林发表主旨演讲。他强调，科技金融作为"五篇大文章"之首，在金融强国建设和社会主义现代化进程中 地位举足轻重，"十五五"时期我国科技金融发展机遇与挑战并存，需聚焦重点方向破解发展难题，构建科技产业与金融 的良性循环。 尹艳林首先回顾了"十四五"时期我国科技金融取得的显著成就。商业银行充分发挥间接融资主渠道作用，5年来科技贷款 增长30%，截至今年上半年规模超40万亿元，制造业长期贷款增速尤为突出。此外，贷款加权平均利率低至2.9%，100多 万家科技企业获得贷款服务，"小巨人"示范企业获贷率高达80%，"贷款难、贷款贵"问题显著缓解。 资本市场支持力度持续加码，科创板设立及注册制改革深化，设置科创成长层，启动第五套标准，截至4月底已有500多 家科创企业上市，占沪市企业总数的41%，新上市企业中70%为科技企业，市值占比30%以上。 版权声明 同时，科创债等创新产品推出，债券市场"科技板"正式启动；创业投资、科技保险蓬勃发展，推动7地设立科创金融改革 试验区，跨境金融便利化政策持续优化 ...

同时，科创债等创新产品推出，债券市场"科技板"正式启动；创业投资、科技保险蓬勃发展，推动7地 设立科创金融改革试验区，跨境金融便利化政策持续优化，知识产权证券化有序推进，科技金融发展环 境不断完善。 谈及"十五五"时期的发展态势，尹艳林指出，行业面临六大机遇与三大挑战。机遇方面，政策框架和工 具体系持续完善，人民银行专项再贷款规模已扩大至8000亿元；金融机构实力雄厚、创新动力充足，纷 纷设立科技金融专营机构，探索投贷联动模式；在科技自立自强战略推动下，市场需求持续旺盛，未来 产业、核心技术突破等领域融资需求大增；AI、大数据等技术为风险评判、项目评估提供新支撑；资 本市场开放持续深化，科技金融国际化趋势明显。 挑战则集中在三方面：早期科技项目评价识别能力不足，专业人才短缺；创投领域存在考核与"投早、 投小、投硬科技"的体制性矛盾，免责与追责平衡难度大；风险投资规模扩张缓慢，民间资本参与顾虑 多，投贷联动内部合作机制有待完善。 （原标题：第十四届全国政协委员尹艳林：把握"十五五"机遇 构建科技金融良性循环生态） 证券时报记者 卓泳 11月18日，第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展 ...

《方案》突出"三个注重"：注重示范引领，构建以专项方案为主体，创投、资本市场、并购等政策为支 撑的开放式政策矩阵，依托天开园等载体打造科产融深度融合策源地；注重生态共建，广泛覆盖科技创 新、产业创新与金融创新各主体要素；注重组合叠加，针对企业不同发展阶段提供多元化接力式金融服 务。 中新网天津11月21日电 (记者周亚强)记者21日从天津市委金融办获悉，天津市11个部门近日联合印发实 施《天津市金融创新服务科技创新和产业创新专项方案》(下称《方案》)，建立市级工作协调机制，旨 在以金融高质量服务促进以科技创新和产业创新为代表的新质生产力发展。 天津市委金融办表示，下一步，将推动各项措施项目化、清单化落实，为科技创新和产业发展提供全生 命周期全链条、多元化接力式金融服务，促进金融与全产业链深度协同。(完) 《方案》提出，力争到2027年，科创基金规模突破2000亿元，科技贷款余额突破1.1万亿元，科技金融 特色服务机构(团队)超过100家，助推战略性新兴产业规模突破1万亿元。 （文章来源：中国新闻网） 围绕科技型企业成长全周期需求，《方案》部署了5方面任务举措，细化为15大项45个子项措施，以及 加强工作统筹、 ...

科技贷款的规模扩张与结构优化，彰显了金融支持科技创新的决心与成效。这一成果的取得，离不开政 策层面的持续加码——央行将科技创新再贷款规模提升至8000亿元并下调利率，7部门联合出台15项政 策举措构建科技金融体制，为信贷投放奠定了坚实基础。银行机构也纷纷发力，搭建专业化服务体系， 创新授信评价体系，让缺乏抵押物的科技企业凭借研发实力获得融资，破解了传统信贷"重资产、轻创 新"的困局。 中国人民银行日前披露的2025年三季度末金融数据勾勒出科技金融的强劲脉动：科技型中小企业获贷率 突破50%，贷款余额同比劲增22.3%；高新技术企业贷款余额站稳18万亿元台阶，两类企业获贷率均实 现同比提升。在政策引导与市场发力的双重驱动下，信贷资金正加速涌向科技创新领域，为高质量发展 注入强劲动能。 同时，必须清醒认识到，科技金融服务在取得一定成效的基础上，当前仍面临风险匹配、资本耐心、机 制适配等多重挑战，唯有精准破解痛点，才能让金融活水持续滋养科创沃土。 从风险层面看，科技企业高风险、长周期的特性与银行稳健经营的诉求存在天然冲突，初创期科创企业 往往面临风险收益倒挂的融资困境。尽管我国科技支行数量已超2000家，但多数银行 ...

Core Viewpoint - The forum emphasizes the development of financial hubs as areas that aggregate financial entities and play a pivotal role in capital flow, asset allocation, investment decision-making, and risk management [1][6]. Group 1: Financial Hub Development - Financial hubs are characterized as "financial platform + financial individuals" in the intelligent era, leading to a multi-polar, globalized, and technology-driven financial system [3][7]. - The evolution of financial hubs has transitioned from agricultural and industrial eras to a focus on technology in the intelligent era, where technology centers may become financial centers [6][9]. Group 2: Strategies for Hangzhou - To establish Hangzhou as a "financial platform + financial talent" hub, four strategies are proposed: 1. Focus on strengths by leveraging advantages in digital, platform, and private sectors to explore leading financial tools and products [4][10]. 2. Collaborate with existing trading venues in nearby cities like Shanghai and Shenzhen to compensate for trading center shortcomings [4][10]. 3. Build financial technology infrastructure to attract major financial resources and innovate financial systems [4][10]. 4. Create a conducive environment for financial development by fostering a stable, trustworthy business climate and a culture that embraces failure [4][10]. Group 3: Economic and Financial Interdependence - The relationship between economic and financial development is highlighted, indicating that as economies develop, financial systems also advance, and vice versa [5][11]. - The intelligent era is marked by both aggregation and dispersion in financial activities, necessitating a balanced approach to financial center spatial layout by the government [5][12].

Core Insights - The People's Bank of China (PBOC) has reported that the moderately accommodative monetary policy has been effective in supporting key sectors and economic transformation in 2023 [1] Monetary Policy Implementation - The PBOC has utilized various monetary policy tools, including quantity, price, and structure, to create a favorable financial environment for economic recovery and market stability [1] - As of the end of September, the balance of structural monetary policy tools aimed at supporting the "five major tasks" in finance reached 3.9 trillion yuan [1] Loan Growth by Sector - As of September, loans in several key areas showed significant year-on-year growth: - Technology loans increased by 11.8% - Green loans rose by 22.9% - Inclusive loans grew by 11.2% - Loans for the elderly care industry surged by 58.2% - Digital economy loans expanded by 12.9% - All these growth rates exceeded the overall loan growth rate [1] Future Policy Directions - The report emphasizes the need to continue implementing a moderately accommodative monetary policy, maintaining relatively loose social financing conditions, and enhancing the monetary policy framework [1] - The goal is to ensure that the growth of social financing and money supply aligns with economic growth and price level expectations [1]

今年以来，中国人民银行综合运用数量、价格、结构等多种货币政策工具，为经济回升向好和金融市场 稳定运行创造了适宜的货币金融环境。数据显示，截至9月末，支持做好金融"五篇大文章"的结构性货 币政策工具余额达3.9万亿元。 本报北京11月12日电 （记者吴秋余）中国人民银行发布的2025年第三季度中国货币政策执行报告显 示，今年以来，适度宽松的货币政策持续发力，在金融总量较快增长的同时，信贷结构也在不断优化， 有力支持了重点领域、重大战略和经济结构的转型升级。9月末，我国科技贷款、绿色贷款、普惠贷 款、养老产业贷款、数字经济产业贷款分别同比增长11.8%、22.9%、11.2%、58.2%、12.9%，均高于全 部贷款增速。总体看，适度宽松货币政策效果在不断累积，对实体经济的支持效果还会逐步显现。 《 人民日报 》（ 2025年11月13日 02 版） 报告提出，下阶段，要实施好适度宽松的货币政策。综合运用多种工具，保持社会融资条件相对宽松， 同时继续完善货币政策框架，强化货币政策的执行和传导，保持流动性充裕，使社会融资规模、货币供 应量增长同经济增长、价格总水平预期目标相匹配。 (责编：赵欣悦、袁勃) 关注公众号 ...

Core Viewpoint - The People's Bank of China (PBOC) has maintained a moderately loose monetary policy in 2023, with significant growth in financial metrics and a focus on optimizing credit structure to support key sectors and economic transformation [1][2]. Financial Metrics - As of September, the total social financing stock and broad money supply (M2) grew by 8.7% and 8.4% year-on-year, respectively, with the RMB loan balance reaching 270.4 trillion yuan [1]. - The net financing of government bonds in 2024 has reached 1.1 trillion yuan, with expectations to exceed 1.2 trillion yuan for the year [1][5]. Credit Structure Optimization - The report indicates a continuous improvement in credit structure, with significant year-on-year growth in technology loans (11.8%), green loans (22.9%), inclusive loans (11.2%), elderly care industry loans (58.2%), and digital economy loans (12.9%), all surpassing the overall loan growth rate [1]. - The trend of "wide credit" is becoming evident, with social financing growth maintaining above 8%, reflecting the shift towards direct financing methods such as corporate bond issuance [2]. Economic Transition - The transition from high-speed growth to high-quality development necessitates a focus on the quality of credit rather than merely increasing loan volumes, as emphasized by the central bank [3]. - The current RMB loan balance stands at 270 trillion yuan, with total social financing stock at 437 trillion yuan, indicating a natural decline in financial growth rates as the economy matures [3]. Policy Coordination - The effective coordination between monetary and fiscal policies has been highlighted, with measures taken to stabilize the financial environment and support government bond issuance [5]. - The collaboration between fiscal departments and the central bank has led to the issuance of special government bonds to enhance bank capital, thereby improving the banks' ability to support the real economy [5]. Support for Key Sectors - The PBOC's structural monetary policy tools have a balance nearing 4 trillion yuan, aimed at incentivizing financial institutions to support national strategies and key economic sectors [8]. - The growth rate of loans in sectors such as elderly care and technology has significantly outpaced overall loan growth, indicating a targeted approach to financing [9].