本报讯（记者 潘福达）近年来，北京地区科技金融服务质效提升，科创企业获得金融"活水"精准滴 灌，这背后离不开金融机构着眼于长期、陪伴企业成长的"耐心资本"。记者近日从北京银行获悉，该行 在科技金融领域先行先试，以"耐心资本"为科技型企业提供长期稳定的支持，科技金融贷款余额突破 4400亿元，服务专精特新企业超3万家。 贷款余额即借款人尚未归还放款人的贷款总额，是衡量金融体系对实体经济支持力度的关键指标。一般 来说，金融机构各项贷款余额越高，表明对所在地区金融资金投入规模越高，对经济发展的贡献率也越 高。 党的二十届四中全会明确提出"加快建设金融强国"，强调要"大力发展科技金融、绿色金融、普惠金 融、养老金融、数字金融"。从率先在北京成立以科技园区命名的支行——中关村科技园区支行，到如 今明确锚定"专精特新第一行"战略，北京银行在科技金融领域正实现从服务单一客户到赋能产业生态的 转变。 2025年12月5日，"国产GPU（图形处理器）第一股"摩尔线程正式登陆科创板上市。作为一家国家级专 精特新"小巨人"企业，摩尔线程在GPU芯片多个应用领域实现国产化"从0到1"的跨越。从企业早期发展 到成功IPO上市，北京银行 ...

付英俊 海南自由贸易港建设是国家重大战略部署，是新时代中国改革开放的标志性工程。随着2025年12月18日 海南自由贸易港全岛封关运作的启动，海南正迎来前所未有的发展机遇。商业银行作为现代金融体系的 核心组成部分，在这一历史进程中承担着独特而重要的使命。面对"'一线'放开、'二线'管住"的特殊监 管制度、高度自由的贸易投资政策以及不断扩大的金融市场开放，商业银行必须重新审视自身定位，调 整发展战略，创新服务模式，才能在这场深刻的制度变革中把握先机，实现自身转型与区域发展的双 赢。 自贸港建设带来多维需求 商业银行需围绕海南自贸港建设需求调整战略定位，从传统信贷提供者向综合金融服务商转型，构 建"境内+境外""商行+投行""融资+融智"一体化服务模式，整合银行、证券、保险等多元金融工具，为 企业提供全生命周期、全产业链综合金融解决方案；同时从境内业务为主转向"在岸+离岸"协同发展， 既深耕在岸市场服务本地企业与居民，又积极布局离岸业务、搭建离岸金融服务能力，打通境内外两个 市场与两类资源。 此外，商业银行需从同质化竞争转向差异化特色化发展，结合自身资源禀赋与比较优势明确路径；还要 以客户为中心重构业务流程与服务 ...

Core Insights - The fixed income and derivatives markets in 2025 were primarily driven by significant political, economic, operational, and climate risk events, with ongoing technological transformations reshaping trading and investment operations across financial institutions [1][4]. Group 1: Market Trends - Market volatility in 2025 was influenced by various factors, including the rapid changes in tariff policies, geopolitical conflicts, and economic events such as government budgets, inflation data, and interest rate fluctuations [3]. - Concerns regarding artificial intelligence (AI) investments not delivering expected short-term returns led to periodic disruptions in both stock and bond markets, with fears that substantial AI-related expenditures could erode profitability [2]. - Despite the turbulent environment, the overall issuance of corporate and municipal bonds remained strong, indicating resilience in the fixed income market [3]. Group 2: Private Debt Market - The global private debt market has expanded since the 2008 financial crisis, driven by tighter bank lending regulations, and is now allowing participation from affluent individual investors [4]. - Recent high-profile defaults in the private credit market have raised concerns about a potential wave of defaults due to economic and market volatility [4][5]. Group 3: Technological Advancements - The electronic trading of fixed income markets has progressed, with 50% of U.S. investment-grade bond trading now conducted electronically, generating vast amounts of market data for financial institutions [6]. - Financial institutions are leveraging cloud-based market data to develop new trading models and execution strategies [6]. Group 4: Strategic Shifts - Asian investors are increasingly viewing U.S. dollar-denominated debt as a strategic asset due to concerns about tariff impacts on regional economic growth, with U.S. Treasuries, asset-backed securities (ABS), mortgage-backed securities (MBS), and over-the-counter derivatives being popular choices [7]. Group 5: Climate Impact - Climate change events, such as the California wildfires in January 2025, have ongoing effects on market pricing, with analysts assessing the long-term impact of weather events on the repayment risks of municipal and corporate bonds [8]. Group 6: Future Outlook - Many trends observed in 2025, including those that caused significant market volatility, are expected to continue influencing the securities market in 2026, presenting ongoing pricing challenges for financial services engaged in low liquidity bond and derivatives trading [8].

认购金额超过预期3倍！ADQ与亚洲金融机构达成50亿美元融资协议 阿联酋阿布扎比——2025年12月25日，专注于关键基础设施和全球供应链的阿布扎比主权基金ADQ宣 布，其在大中华地区的首笔五年期、50亿美元银团贷款成功关闭。由于中国金融机构的需求强劲，该交 易的认购金额超过120亿美元，是最初40亿美元发行规模的三倍。ADQ随后将交易规模扩大至50亿美 元。 这笔交易还代表了到目前为止中东借方从亚洲金融机构获得的最大金额的中期贷款，突显了ADQ获取 全球范围内深厚资本池的能力，以及亚洲贷款机构与来自阿联酋的高质量发行方的日益合作。 关于阿布扎比主权基金ADQ 交易亮点 ADQ完成了一笔50亿美元的银团贷款交易，认购金额超过预期的3倍。 ADQ在大中华地区的首次融资确保了与中国、香港、澳门和台湾的30多家主要金融机构的银行关系 五年期融资将多样化ADQ的融资结构，支持其中期投资策略，并强化其强劲的流动性状况。 ADQ集团首席财务官Marcos de Quadros表示："我们很高兴在大中华地区完成了我们的第一笔银团贷 款，且有地区主要金融机构的积极参与。这一结果反映了对我们信用实力的持续信心，审慎的财务管理 ...

在北京银行成立30周年的节点回望，一条清晰的脉络贯穿始 终：金融工作的人民性。从老城保护到城市更新，从服务民生 到守护百姓美好生活，北京银行三十年来，始终将"以人民为 中心"融入血脉，以金融为笔，以服务为本，在首都大地上书 写了"金融为民、与城共生"的温暖答卷，让金融活水真正润泽 城市肌理，惠及千家万户。 作者：江晴 封图：图片资料室 值得一提的是，隆福寺城市更新项目以"塑造老城保护典范、树立城市复兴标杆"为定位，被列为 市"折子工程"及"3个100"重点工程。为保障项目工程的顺利实施，北京银行以银团贷款模式注入 11亿元资金，助力项目团队在保留老建筑肌理、延续"京味"文化氛围的基础上，引入现代商业、 文化艺术等新业态。 如今的隆福寺，斑驳的老墙与潮流店铺相映成趣，传统庙会记忆与新兴消费场景交融共生。这里不 仅成为市民休闲消费的热门目的地，更直接带动了周边居民就业，始终是让居民在触摸历史温度的 同时，享受到更优质的生活，实现历史记忆与现代生活的和谐共生。这种"在保护中发展，在发展 中保护"的模式，不仅为北京老城区更新提供了可借鉴的样本，更深刻诠释了"人民城市人民建， 人民城市为人民"的实践意义。 文物信用融资 ...

北京作为一座沉淀了千年文脉的历史文化名城，在近三十年来城市化进程的加速中，始终走在"文化传 承"与"功能升级"的同频发展之路。既要保留文化遗产的原真性，又要满足现代都市对交通、商业、公 共服务的高效需求。 如今的隆福寺，斑驳的老墙与潮流店铺相映成趣，传统庙会记忆与新兴消费场景交融共生。这里不仅成 为市民休闲消费的热门目的地，更直接带动了周边居民就业，始终是让居民在触摸历史温度的同时，享 受到更优质的生活，实现历史记忆与现代生活的和谐共生。这种"在保护中发展，在发展中保护"的模 式，不仅为北京老城区更新提供了可借鉴的样本，更深刻诠释了"人民城市人民建，人民城市为人民"的 实践意义。 文物信用融资，让古建"可触摸、可感知" 泰安里兴建于1915年至1918年，位于北京"中轴线"西侧500米，是北京唯一一处仿上海石库门形式的建 筑，具有重要的历史价值。然而，长期以来，这座历史建筑面临着保护与活化的双重挑战。 2020年，西城区公布第一批文物建筑活化利用计划"，2021年西城区6处文物建筑活化利用方案确定，计 划将泰安里用于建设文化艺术中心；2023年4月，泰安里文化艺术中心正式对外开放。 在这一背景下，北京银行前门 ...

2025年12月9日清晨，杭州湾海面上薄雾未散，通苏嘉甬高铁杭州湾跨海铁路桥的建设现场已是塔吊林立。与 此同时，数十公里外的慈溪高铁站房工地，旋挖钻机正发出有力的轰鸣，向地下打入一根根坚实的工程桩。 在江苏南通南下跨越杭州湾，直抵宁波的这片"湾区"热土上，总投资达1080亿元的国家"八纵八横"高铁网沿 海通道重点工程——总长达310公里的通苏嘉甬高铁建设正全速推进。而保障这条"钢铁巨龙"腾跃的金融活 水，正由中国农业银行宁波市分行牵头，源源不断地输向建设一线。 战略布局，扛鼎国有大行的金融担当 这一理念迅速转化为行动。该行领导班子统筹谋划，全行统一步调，抢抓"四个第一"：第一时间拜访政府获 取清单；第一时间争取项目引荐；第一时间落实责任；第一时间召开推进会议。 一套组合拳下来，农行为重大项目量身定制的服务方案迅速出台，明确了服务路径与方法。 杭州湾跨海铁路大桥示意图 高效服务，畅通项目建设的资金血脉 在农行宁波慈溪分行公司业务部，副经理骆滢栩的电脑屏幕上，清晰地显示着通苏嘉甬高铁项目的资金流转 网络。 通苏嘉甬高铁的战略地位非同一般。作为长三角城际铁路网的骨干线路，它不仅是浙江省"交通强省"的十大 千亿工程之 ...

绿色是高质量发展的底色。绿色领域的项目建设，往往需要大量的资金投入，兴业银行绍兴分行不断创 新绿色金融产品服务，积极探索银团贷款模式，为当地经济社会发展绿色转型注入强劲动力。 绿色发展，久久为功。未来，兴业银行绍兴分行将继续深耕绿色金融赛道，提升金融服务质效，进一步 拓展绿色金融服务深度和广度，助力绍兴绿色经济高质量发展。 在兴业银行绍兴分行的大力支持下，一笔3亿元的银团贷款如同"及时雨"，专项用于公司新能源光伏电 池片智能制造项目（一期）建设。这笔资金，推动企业迅速打造电池片全自动智能生产线，不仅显著提 升电池产能，更让企业进军太阳能电池行业的步伐更加坚定。 浙江某科技企业是一家专注光伏电池片研发与制造的新能源企业。2024年3月，公司与某光能巨头签订 电池片供货协议，计划2024—2026年交付13亿片相关产品。为保证供货需求，公司急需扩展产品线，进 一步提升产能。然而，建设一条新能源光伏项目产线，急需充沛的启动资金。 ...

Core Viewpoint - The news highlights the significant financial support provided by the National Development Bank (国开行) to facilitate high-quality development in Qingdao, focusing on infrastructure projects, modern industrial systems, and marine economy initiatives. Infrastructure Development - The Qingdao Jiaozhou Bay Second Undersea Tunnel, spanning 17.48 kilometers, has achieved a breakthrough of 3,000 meters in its south line main tunnel construction, addressing the saturation of existing transport links and enhancing connectivity between Qingdao's urban and Huangdao districts [2][3] - The National Development Bank has tailored financing solutions for the tunnel project, providing a total of 2.032 billion yuan in loans to support its construction [2] Marine Economy - The development of a modern marine fishery production park is underway, focusing on the Atlantic salmon industry, which will utilize a land-sea relay model for sustainable aquaculture [4] - The National Development Bank has provided 90 million yuan in new policy financial tools to support the capital needs of this project, facilitating its launch [5] Cultural and Historical Preservation - The Qingdao International Cruise Port area is undergoing transformation to enhance the integration of old and new urban areas, with a focus on preserving historical culture while promoting modern tourism [8] - A total of 310 million yuan in loans and new policy financial tools have been allocated to support the development of the cruise port area [8] Water Resource Management - The completion of the main construction of the Guanlu Reservoir, with a total capacity of 211 million cubic meters, aims to address Qingdao's water scarcity issues and improve water supply security [10][11] - The National Development Bank has issued 3.28 billion yuan in medium to long-term loans and 915 million yuan from the infrastructure investment fund to support the reservoir's construction [11] Future Financial Support - The National Development Bank plans to continue its financial support for Qingdao's innovative industrial systems and marine economy, focusing on key areas such as ecological protection and high-quality development [12]

Core Insights - The U.S. private credit industry has surged to a size of $3 trillion, evolving from a niche financing channel to a complex "high-risk" public debt market [1] - The private credit market is expected to grow to $5 trillion by 2029, with its scale now comparable to that of the public high-yield bond market [1] - The boundaries between direct lending and traditional syndicated loans are blurring, allowing large corporations to seamlessly switch between public and private markets for funding [1] Group 1: Market Growth and Trends - The private credit market has expanded from $2 trillion in 2020 to approximately $3 trillion by early 2025, with projections indicating a rise to $5 trillion by 2029 [1] - The average transaction size in the private market has increased from $75 million to several hundred million dollars, indicating a significant shift in market dynamics [4] - The convergence of private credit with public market debt types is evident, with nearly all debt types available in public markets now having private market counterparts [3] Group 2: Risks and Concerns - The rapid expansion of private credit is accompanied by significant risk signals, including aggressive underwriting practices and the potential for increased default risks [2][6] - The competition for limited large transactions is leading to relaxed underwriting standards, raising concerns about overall credit quality [6] - Structural vulnerabilities exist, such as liquidity mismatches and concentration risks, as investors may unintentionally double down on the same large borrowers [7] Group 3: Market Dynamics - The shift towards private credit is driven by banks withdrawing from certain loan types, increased borrower demand for customized capital, and investors seeking higher yields [4] - The private credit market has filled gaps left by the public debt market during periods of volatility, particularly during the Federal Reserve's aggressive rate hikes [4] - The integration of private credit into traditional financing structures is evident in sectors like commercial real estate, where financing solutions now blend various sources [3]