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， 本篇为系列报道之二十，敬请垂注。 近年来，国联民生证券（以下简称"国联民生"）以"做产业最友好的投行"为使命，立足长三角经济核心区域，充分发 挥国资背景与市场化机制的双重优势，全力做好科技金融大文章，为新质生产力发展注入源源不断的动力。 2019年以来，国联民生投行秉持"深耕区域、精耕行业"理念，聚焦"科创""创业""专精特新"，帮助近400家企业成功登陆 资本市场，为近200家上市公司提供再融资服务。 金融活水润泽新质生产力 在江苏省无锡市，一个国际领先的半导体产业集群正获得快速培育。无锡是中国目前唯一拥有集成电路全产业链的地级 市，覆盖了设计、制造、封测、装备、材料等全产业链，在产业资源、政策支持及国际化布局等方面均处于国内领先地 位。 然而， ...

接下来，加强科技支行建设的方向是什么？广东金融监管局相关负责人表示，一要聚焦产品特色化建 设。科技支行要用足、用好政策赋予的金融产品创新探索空间，致力于"专"、立足于"全"、着眼 于"活"，打造科技型企业的专属适配产品体系。二要聚焦制度差异化建设。商业银行要在信贷管理、考 核激励、容错免责等方面为科技支行量身打造专项制度机制，夯实"会贷"基础，激发"愿贷"动力，增 强"敢贷"信心。三要聚焦管理体系化建设。商业银行要把科技支行建设作为一项长期性、系统性工作来 抓，构建相对独立的科技金融业务管理机制。 "此外，聚焦服务多元化建设，积极发挥科技支行对接一线的服务触角作用，通过统筹资源、各展所 长、主动对接，创新接力式、多元化、送上门金融服务。"上述负责人说。 近日，国家金融监督管理总局广东监管局组织召开粤港澳大湾区科技支行建设动员大会，以做专、做 优、做强一批产品特色化、制度差异化、管理体系化、服务多元化的科技支行为着力点，以点带面，推 动广东科技金融服务实现"量"与"质"的全面提升。会上，就广东金融监管局制定出台的关于全面加强科 技支行建设的专项通知进行了政策解读。 与其他支行相比，科技支行有何"独特之处"？记者 ...

Investment Rating - The report assigns a rating of "Buy" for Beijing Bank [10]. Core Views - Beijing Bank is a leading city commercial bank with a broad national presence, focusing its credit structure on core regions such as the Yangtze River Delta. The bank has seen a recovery in corporate lending, which has driven credit growth as historical risks have been cleared [2][6]. - The bank's asset-liability structure is stable with low volatility, resulting in a net interest margin that fluctuates less than its peers. The cost of deposits is expected to continue improving, enhancing the bank's competitive edge [2][8]. - The non-performing loan ratio has decreased, with expectations for further improvement in asset quality and provisioning [2][9]. - The bank's projected price-to-book (PB) ratio for 2025 is 0.50x, indicating significant undervaluation compared to its peers in the banking sector [2][10]. Summary by Sections Regional Layout - Beijing Bank has established 628 branches across 12 provinces, municipalities, Hong Kong, and Amsterdam, optimizing its branch network for efficiency. The credit structure has shifted towards the Yangtze River Delta, with loan growth in Shanghai, Zhejiang, and Jiangsu expected to reach a compound annual growth rate of 17% from 2021 to 2024 [6][22]. Asset-Liability Structure - The bank's asset structure is more aligned with joint-stock banks, with a higher loan-to-asset ratio and lower financial investment ratio compared to peers. This stability results in a net interest margin of 1.47% for 2024, with lower volatility in earnings due to a higher proportion of loans [8][38]. Corporate Loan Risk Management - The bank has effectively managed corporate loan risks, with a non-performing loan ratio projected to decrease to 1.30% by the end of Q1 2025. The bank has maintained a stable net generation rate of non-performing loans, with a focus on managing risks in the real estate sector [9][20]. Profitability and Investment Recommendations - The bank is viewed as a stable dividend asset with a consistent payout ratio of around 30%. The expected dividend yield for 2025 is 4.7%, making it an attractive investment opportunity. The bank's valuation is significantly undervalued at a projected PB of 0.50x, warranting a "Buy" rating [10][12].

Group 1 - Bohai Bank's technology-oriented loan scale is expected to grow by 46.2% by June 2025, serving a total of 7,185 technology enterprises [1] - The bank emphasizes its role as a state-owned financial institution, positioning technology finance as the "first engine" to support national strategies, particularly in areas like artificial intelligence [1] - Bohai Bank actively engages with seed and startup technology companies, providing credit support to help them overcome challenges in technology commercialization [1] Group 2 - For growing technology enterprises, Bohai Bank offers precise matching and efficient services to inject financial resources, exemplified by its support for Hezhima Intelligent Technology, which is set to go public in 2024 [1] - The bank's services for mature technology enterprises have evolved, providing specialized financial service solutions to meet their funding needs for business expansion and R&D investment [2] - Bohai Bank aims to continue supporting the development of technology enterprises, particularly in new-generation smart terminals and intelligent manufacturing equipment [2]

Core Viewpoint - The Shandong banking industry is committed to social responsibility and has made significant strides in various financial sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance, to support the province's economic development and strategic goals [1][2][3][4][5][6] Group 1: Financial Support and Development - The Shandong banking sector aligns with provincial development plans, enhancing financial resource allocation to support new economic drivers and projects, with loans for the "ten strong" industries reaching 11,467.26 billion yuan, an increase of 1,989.25 billion yuan or 20.99% year-on-year [2] - Loans to private enterprises reached 35,826.25 billion yuan, increasing by 3,229.7 billion yuan since the beginning of the year [2] - Cumulative loans for ecological protection and high-quality development in the Yellow River basin amounted to 9.63 trillion yuan since 2021 [2] Group 2: Technology and Green Finance - The banking sector has established a technology finance organizational system, with loans to technology SMEs reaching 2,402.2 billion yuan, reflecting a year-on-year growth of 41.65% [3] - Focused on green finance, the sector is enhancing financial support for low-carbon development, creating replicable models for green transformation [3] Group 3: Inclusive and Pension Finance - Inclusive finance initiatives have led to loans for small and micro enterprises reaching 17,300 billion yuan, with a year-on-year increase of 16.43% and 243.51 million loan accounts [4] - The banking industry is innovating pension finance products to support the elderly population and enhance their financial well-being [4] Group 4: Digital Finance and Industry Self-Regulation - The sector is leveraging financial technology to improve service efficiency and customer experience, with a focus on digital economy development [5] - The industry is committed to self-regulation and enhancing service quality, conducting 93,000 financial education activities reaching 265 million consumers [5] Group 5: Community Engagement and Philanthropy - The Shandong banking industry integrates public welfare into its corporate culture, conducting 8,077 volunteer and charity projects benefiting 7.29 million people, with donations totaling 27.34 million yuan [6]

Core Viewpoint - Weifang Bank aims to be a benchmark bank for high-quality development by aligning its services with local economic needs and enhancing its corporate culture through the "Weixin Weixing" brand concept [1][2][3] Group 1: Brand and Cultural Development - The "Weixin Weixing" brand embodies the values of honesty and action, aligning with the principles of Chinese financial culture, which emphasizes integrity and practical action [2][3] - The bank's commitment to integrity helps reduce trust costs in financial transactions, thereby enhancing market liquidity and efficiency [2] - The focus on practical action ensures that the bank's cultural values are reflected in its operations, leading to improved customer service and internal management [3] Group 2: Financial Performance and Strategy - Weifang Bank's total assets exceeded 300 billion yuan, marking a significant milestone in its growth trajectory [4][6] - The bank has actively supported local industries by providing credit to key projects, with over 130 billion yuan in credit granted to 81 major projects in 2024 [5] - The bank's focus on inclusive finance resulted in the addition of 60 billion yuan in new microloans, with a total balance of 339 billion yuan, representing over 20% of its total loans [5] Group 3: Community Engagement and Social Responsibility - Weifang Bank engages in various community service activities, including financial literacy programs and volunteer services during exam periods, demonstrating its commitment to social responsibility [8] - The bank's volunteer team provided extensive support during the 2024 exam season, contributing over 13,000 hours of service [8] Group 4: Future Outlook - The bank plans to continue exploring and deepening the construction of Chinese financial culture, aiming to innovate and upgrade its financial services to contribute to local economic development [9]

Core Viewpoint - The article discusses the joint issuance of the "Action Plan to Support the Construction of Shanghai International Financial Center" by the Financial Regulatory Bureau and the Shanghai Municipal Government, outlining 27 specific measures to accelerate the development of Shanghai as an international financial hub [1][2]. Group 1: Financial Institution Aggregation - The plan emphasizes the need to promote the aggregation of financial institutions in Shanghai, enhancing the financial service functions [2]. - It encourages national banks to establish financial asset investment companies in Shanghai and supports foreign financial institutions in playing a larger role [2]. Group 2: Financial Services to the Real Economy - The initiative aims to improve the quality and efficiency of financial services to the real economy, focusing on technology finance, carbon finance, inclusive finance, pension finance, and digital finance [2][3]. - It seeks to establish Shanghai as an international green finance hub, promoting carbon finance-related business [2][7]. Group 3: Regulatory Enhancements - The plan calls for improving the forward-looking risk management capabilities of financial institutions in Shanghai, promoting sound operations [3]. - It emphasizes a prudent regulatory approach, supporting financial innovation trials in key areas such as service to the real economy and opening up [3][4]. Group 4: Policy Support and Talent Development - The action plan includes measures to enhance policy support, improve financial professional service levels, and strengthen the integration of party building with business [3]. - It aims to attract and cultivate high-level financial talent in Shanghai [3]. Group 5: Focus Areas for Financial Innovation - The regulatory body plans to establish a financial innovation regulatory mechanism, focusing on key areas such as service to the real economy and international openness [4]. - It aims to expand financial institutional openness by exploring cross-border loan businesses in the Shanghai Free Trade Zone [5]. Group 6: Synergy with Technology Innovation - The plan supports the linkage between the Shanghai International Financial Center and the International Technology Innovation Center, exploring financial service models suitable for technology enterprises [6]. Group 7: International Carbon Finance - The initiative encourages financial institutions in Shanghai to support the construction of a carbon trading market and participate in international carbon pricing [7].

Group 1 - The core viewpoint of the news is the introduction of a comprehensive policy document aimed at enhancing financial support for technological innovation, which is a collaborative effort by seven departments to address new challenges in the tech innovation sector [1] - The first initiative focuses on strengthening the service mechanism for technology finance, guiding financial institutions to incorporate technology finance services into their strategic planning and annual priorities [1] - The second initiative emphasizes the development of a technology finance product system, encouraging banks to utilize various information to improve the first loan rate for tech enterprises and allowing for extended loan terms for certain types of loans [2] Group 2 - The third initiative aims to enhance the professional capabilities in technology finance, guiding banks and insurance institutions to establish a differentiated evaluation system that highlights innovation factors suitable for tech companies [2] - The policy encourages the use of new information technologies to promote the digital and intelligent transformation of technology finance services, while also improving collaboration with third parties [2] - The establishment of a risk-sharing mechanism for technology finance business and the implementation of a special guarantee plan to support technological innovation are also key components of the policy [2]

Core Viewpoint - The Shenzhen Financial Regulatory Bureau has issued the "Action Plan for High-Quality Development of Technology Finance in the Banking and Insurance Industries," aiming to address financing challenges faced by technology enterprises through 25 innovative measures [1][2]. Group 1: Policy Highlights - The "Action Plan" encompasses a systematic approach to technology finance, covering various dimensions such as institutional mechanisms, product services, and risk prevention [2]. - Notable pilot projects include merger loans and paperless intellectual property pledge financing, which are designed to alleviate financing difficulties for technology companies [2]. - As of now, several banks in Shenzhen have implemented pilot projects for technology enterprise merger loans, with a loan balance exceeding 30 billion yuan, ranking among the top in pilot cities [2]. Group 2: Addressing Financing Challenges - The "Action Plan" specifically targets the financing pain points of technology enterprises by increasing credit loans and developing a comprehensive insurance product system [3][4]. - The lack of collateral, such as real estate, and the difficulty in valuing intellectual property and core technologies are identified as primary reasons for financing challenges [4]. - The plan proposes differentiated support for technology enterprises at various stages of development, particularly focusing on startups and growth-stage companies [4]. Group 3: Innovative Business Models - The "Action Plan" encourages collaboration with equity investment institutions to explore "loan + external direct investment" business models, enhancing the "equity + debt" linkage approach [5]. - This model aims to mitigate financing risks for technology enterprises by using equity returns to offset debt risks, thus ensuring continuous funding for research and development [5]. Group 4: Building an International Innovation Center - The "Action Plan" aims to establish a multi-level, specialized technology finance service system in Shenzhen, with goals to enhance quality and expand services over the next five years [6]. - The successful implementation of the plan is expected to elevate Shenzhen's status as a global technology industry hub and provide a replicable "Shenzhen model" for other cities [6]. - The plan aligns with China's modernization goals and offers valuable insights for other cities in the realm of technology finance [6].

Core Viewpoint - Shanghai Rural Commercial Bank reported steady growth in revenue and profit for 2024, with a focus on enhancing asset quality and optimizing business structure [1][3] Financial Performance - The bank achieved a net operating income of 26.641 billion yuan, a year-on-year increase of 0.9% [1] - The net profit attributable to shareholders was 12.288 billion yuan, up 1.2% year-on-year, with a non-recurring net profit growth of 2.75% [1] - Total assets reached 1.49 trillion yuan, a 6.87% increase from the previous year [1] Asset Quality - Non-performing loan balance stood at 7.295 billion yuan, with a non-performing loan ratio of 0.97%, unchanged from the previous year [3] - The bank's net capital amounted to 145.266 billion yuan, an increase of 11.748 billion yuan year-on-year, with a capital adequacy ratio of 17.15%, up from 15.74% [3] Business Strategy - The bank emphasizes "value creation" and aims to balance business performance with social responsibility [3] - It has developed a comprehensive financial service system focusing on agriculture, technology, and green finance [4][5] Technology and Innovation - The bank's loans to technology enterprises reached 114.984 billion yuan, a 24.29% increase year-on-year, with the number of technology clients growing by 30.63% [4] - Digital financial services have been enhanced, with online channel users increasing to 6.4963 million, a growth of 5.93% [7] Social Responsibility and Community Engagement - The bank has established a robust inclusive finance service system, with microloans for small and micro enterprises reaching 86.608 billion yuan, an 11.14% increase [6] - It has also focused on pension finance, with a client base of 1.2751 million for pension distribution [6] Market Position and Recognition - Shanghai Rural Commercial Bank ranked 128th in the "2024 Global Bank 1000" and 23rd in the "2024 China Banking Top 100" [8] - The bank has received multiple awards for its stability and innovation in financial technology [9] Shareholder Returns - The bank proposed a cash dividend of 1.93 yuan per 10 shares, totaling 1.861 billion yuan, with a cumulative dividend payout of 4.166 billion yuan for 2024 [9][11] - The dividend payout ratio increased to 33.91%, up 3.81 percentage points from the previous year [9][11] Future Outlook - Analysts expect steady growth in net profit for 2025-2027, with a focus on maintaining high dividend rates [12]