Core Viewpoint - The Tianjin Municipal Financial Office and 11 other departments have jointly issued the "Special Plan for Financial Innovation to Serve Technological and Industrial Innovation" to enhance financial services for technological and industrial innovation, aiming to establish a high-quality financial service system that promotes new productive forces [1][2]. Group 1: Key Principles and Goals - The plan emphasizes "industry as the foundation, technology as the soul, capital as support, and collaborative innovation" as guiding principles, with a goal to achieve a scale of over 200 billion yuan for innovation funds and over 1.1 trillion yuan in technology loans by 2027 [2]. - The initiative aims to establish a comprehensive collaborative mechanism for technology and industry finance, focusing on providing diversified financial services for enterprises at different growth stages [2][3]. Group 2: Financial Support for Different Stages - For early-stage enterprises, the plan addresses financing difficulties by implementing policies for equity investment and developing a comprehensive investment system to facilitate initial funding [3]. - For growth-stage enterprises, the plan proposes specialized financial products and actions to enhance the bond market, aiming to optimize resource allocation and support long-term investments in hard technology [3]. - For mature enterprises, the plan focuses on improving financial service adaptability and cross-border financial services, offering comprehensive financing solutions to support sustained growth [3]. Group 3: Pilot Areas and Implementation - The plan aims to create a "demonstration highland" for technology finance in key areas, promoting pilot policies in quality innovation parks to attract financial resources and support the integration of technology and industry [4]. - The Tianjin Municipal Financial Office will actively promote the implementation of the plan, ensuring a full lifecycle and multi-faceted financial service approach to enhance collaboration between finance and the entire industrial chain [4].

Core Insights - The role of bank return equity investment is becoming increasingly awkward due to regulatory changes and the emergence of new investment channels [2][3] - The shift from bank return equity investment to financial asset investment companies (AIC) is reshaping the landscape of equity investment in China [3][8] Historical Context - Bank return equity investment was once thriving, with major banks establishing investment funds in Hong Kong and investing in various sectors such as healthcare and technology [4][5] - The peak of bank return equity investment occurred between 2012 and 2015, driven by the rise of RMB funds and collaboration with local governments [5][6] Regulatory Environment - Financial regulatory authorities have discouraged bank return equity investment due to compliance issues and the high-risk nature of equity investments [6][7] - Recent policies have opened up avenues for banks to engage in equity investment through AICs, effectively closing the door on return equity investment [3][8] Market Trends - Since 2018, the number of bank return equity investment funds has decreased, and their market activity has significantly cooled down [7][9] - The emergence of AICs has led to a competitive disadvantage for bank return equity investment platforms, as many technology companies prefer AIC funding due to perceived policy risks [9][10] Future Directions - Bank return equity investment platforms are exploring business transformation into asset management and financial advisory services, but these areas are seen as less profitable compared to equity investment [10][11] - The potential closure of these platforms raises concerns about the future of employees and the need for new business models [10][11]