China Galaxy Securities: Seven departments target new industrialization, financial vitality anchors new quality productive forces.

Guotai Junan Securities stated that the People's Bank of China and six other departments issued the "Guiding Opinions on Financial Support for the Development of New Industrialization": by 2027, the financial system supporting the high-end, intelligent, and green development of the manufacturing industry will be basically mature, with more diverse products, and various financial instruments such as loans, bonds, stocks, and insurance will be more closely linked under the premise of effectively preventing cross-sector financial risks, and service adaptability will be effectively enhanced. The policy highlights six key points: first, it highlights the theme positioning of "new industrialization" and systematically proposes a financial support path for the first time; second, it clarifies the synergy of the five major financial instruments of investment, loans, bonds, stocks, and insurance, forming a systematic policy framework; third, it focuses on the difficulties of "medium and long-term financing for the manufacturing industry" and promotes the dual drive of policy finance and market-oriented mechanisms; fourth, it highlights the deep linkage between the capital market and industrial upgrading, emphasizing the use of various levels of capital market tools such as mergers and acquisitions, IPOs, and REITs; fifth, it focuses on key industries and regions, which is of guiding significance for the grounding of new industrialization; sixth, it strengthens both regulation and risk prevention and control, emphasizing a bottom line thinking in risk prevention.