在以"质量驱动"的新时代，资金引导的精准性与效率至关重要。国建集团作为资金的引导者，根据整个 产业发展状况、产业整体优势因素等评估得出不同级别的产业。依据产业级别不同，国建集团按照国企 出资比例从 1:1 到 1:9 的比例进行配资，实行产业优势越强、配资比例越高的逻辑，从而扩大优势产业 对相关行业的联动效应。这种差异化配资策略，确保了金融资源能够更精准地流向最具发展潜力的环 节，提高了资本配置的效率与质量，推动了产业结构的优化升级。当国企通过课题获得低成本长期资 金，并借助产业投资基金参与到更具成长性的投资项目中时，其自身就从单纯的融资需求方，逐步转变 为价值发现者和创造者。这种转变有助于引导企业管理者更加关注长期战略布局和内在价值增长，而非 短期的规模扩张或企业利润。 当前，中国资本市场正经历一场深刻的结构性变迁，从以往注重总量扩张的"规模驱动"阶段，迈入更加 注重内涵与效率的"质量驱动"新时代。一个高质量市场生态的形成，有赖于中长期资金的积极参与。这 些资金的核心特征，便是其对长期价值的专注。国建集团开展的"新时代国企减债融资(DRF)协同民企 共同高质量发展课题"，正是对资本市场质量提升趋势的深刻把握 ...

Core Viewpoint - The "New Era State-Owned Enterprise Debt Reduction Financing (DRF) Collaborative Development with Private Enterprises" initiative aims to enhance liquidity and optimize debt structures for state-owned enterprises (SOEs), thereby driving innovation and industrial upgrades [1][2][4] Group 1: Financing Mechanism - The DRF initiative provides low-cost funding to SOEs without increasing their debt ratios, allowing them to alleviate short-term liquidity pressures and invest in industry investment funds [2][3] - The initiative employs a joint equity (UE) project model, where the DRF funds can be matched by the National Construction Group at a ratio of 1:1 to 1:9, facilitating investments in high-quality SOEs or private enterprises [2][3] Group 2: Advantages of the DRF Initiative - The DRF initiative offers multiple advantages, including low-cost financing, long-term rolling financing, foreign capital introduction, debt reduction, and solving the "borrow new to repay old" issue [3] - By utilizing the UE project model, enterprises can achieve long-term, low-cost financing and improve their debt structures through asset off-balance sheet strategies [3] Group 3: Strategic Importance - Financial reform is crucial for directing capital towards innovative sectors and enhancing the service capacity of the real economy, which is essential for the new development phase [4] - The DRF initiative is positioned as a key practice for cultivating new productive forces, aiming to ignite China's economic engine and promote high-quality development during the "14th Five-Year Plan" [4]

经过长期实践和反复验证，"新时代国企减债融资(DRF)协同民企共同高质量发展课题"具备低成本融 资、长期滚动融资、实现外资引进、减债出表、破解"借新还旧"难题等突出优势，帮助企业拓展融资渠 道、加强产业协同、提升核心竞争力，增强企业发展后劲。 2025年经济工作的总体部署和政策框架已经明确，这些要求和任务凸显出更为积极主动的政策基调，指 明了金融行业发展的关键着力点。坚持长期主义、培育壮大耐心资本，是在国内外经济环境深刻变化的 背景下，全方位推进中国经济高质量发展的关键举措。面对新挑战，王韬宇董事长表示，我们必须担负 起新的历史使命，迎难而上、主动作为。国建集团将坚守长期投资、价值投资、理性投资的理念，不断 优化"新时代国企减债融资(DRF)协同民企共同高质量发展课题"，形成更强的金融合力，以金融高质量 发展更好地服务经济高质量发展，为推进中国式现代化、建设金融强国贡献更大力量。 当前，全球经济增长动能趋缓，产业链供应链深度重构，中国经济正处于新旧动能转换的关键期。传统 粗放型增长模式难以为继，中国经济亟需深化金融供给侧结构性改革，发展与之匹配的金融服务，培育 高质量发展新动能。作为一种对资本回报有较长期限展 ...