B[The construction of the "long-term money and long-term investment" market ecology continues to advance, and medium- and long-term funds are structurally increased in the third quarter] October 28th, data showed that as of press time on October 27th, the disclosure rate of A-share third quarter reports was approximately 41.76%. Judging from the data of the current three quarterly reports, the characteristics of medium and long-term capital structural increase are outstanding: the number of new and increased holdings of social security funds exceeds the number of reductions; basic pension insurance funds have bucked the trend and deployed electronic sectors; corporate annuities, which are in the transition period of long-term assessment and rectification, have maintained a very low turnover rate and their overall positions have tended to be stable; public funds have appeared in the list of the top ten circulating shareholders of 1,590 stocks, of which 141 have increased their holdings and 22 have newly entered. What is even more noteworthy is that currently, benefiting from the continued advancement of policy-side reforms, long-term money entry channels are accelerating beyond the single transaction model of the secondary market, extending to diversified paths such as private placement, strategic placement, public REITs (real estate investment trust funds), and pension products. (Securities Daily) B[The "Implementation Plan for Financial Support in the Construction of Beijing (Beijing-Tianjin-Hebei) International Science and Technology Innovation Center" was released] On October 21, the "Implementation Plan for Financial Support in the Construction of Beijing (Beijing-Tianjin-Hebei) International Science and Technology Innovation Center" was officially released. It consists of 15 articles in six aspects and provides strong support for creating a highland for the coordinated development of science and technology and finance in Beijing-Tianjin-Hebei and achieving high-level scientific and technological independence and self-reliance. The "Implementation Plan" proposes to expand medium and long-term funding source channels. Financial asset investment companies (AICs) are encouraged to strengthen cooperation with relevant departments and state-owned enterprises in the three places, and support AICs in focusing on key industrial areas and increasing service efforts. Guide insurance companies to expand investment in science and technology innovation in the Beijing-Tianjin-Hebei region and improve the level of investment projects. Improve the due diligence and fault-tolerance mechanisms for government investment funds and state-owned venture capital institutions, and promote early investment, small investment, long-term investment, and investment in hard technology. Support chain owners, large technology companies and listed companies to carry out corporate venture capital (CVC) around key industrial chains in the Beijing-Tianjin-Hebei region.
In addition, the "Implementation Plan" also proposes to promote credit products such as "Technology R&D Loan" and "Technology Achievements Transformation Loan", improve the technology insurance system, and at the same time lay out multi-level capital markets such as science and technology bonds, Beijing Stock Exchange, and REITs, taking into account institutional opening to the outside world.
The "Implementation Plan" clarifies that by 2030, a science and technology financial service system will be formed that matches Beijing's original innovation source function and is connected with the coordinated development needs of Beijing, Tianjin and Hebei. The financial guarantee for major scientific and technological tasks and key core technology research has become more powerful, the financing convenience of scientific and technological enterprises and the financing availability of small and medium-sized enterprises in the upstream and downstream of the industrial chain have been effectively improved, and the effectiveness of financial support for industrial collaborative innovation in the Beijing-Tianjin-Hebei region has been significantly improved. The reform and innovation of science and technology finance have formed a batch of experiences and practices that can be replicated and promoted. By 2035, the diversification, adaptability, synergy and internationalization of science and technology finance supply will reach a new level, and the comprehensive service capabilities of science and technology finance will reach the world's leading level, providing solid support for the construction of a technologically powerful country. B[Supply accelerates asset expansion, and the long-term allocation value of public REITs gradually becomes apparent] October 19th: Recently, the public REITs market can be summarized into two main lines: First, the secondary market of public REITs has gradually recovered from deep adjustment; second, the supply side has accelerated expansion and multiple breakthroughs in asset types. After experiencing a sharp retracement this year, the secondary market rebounded in mid-to-late September, and the market gradually recovered and stabilized; the pace of registration and issuance in the primary market hit a record high for the same period in history, and asset types continued to extend to commercial real estate, coal-fired power generation, and rent-guaranteed housing in second- and third-tier cities. At this point in time, institutional discussions on the allocation value of low valuation + high dividends have obviously heated up, and the long-term allocation value of public REITs has become prominent. B[On the first trading day after the National Day holiday, 20 funds will start subscriptions together] October 6th, October 8th is the first trading day after the holiday, and 20 funds will start subscriptions, forming the first small issuance peak in October. The 20 products include 7 passive index funds, 5 partial stock hybrid funds, 3 bond funds, 3 enhanced index funds, and 1 FOF fund and 1 REITs each. Investment themes cover GEM batteries, photovoltaics, artificial intelligence and other directions. In terms of investment themes, the technology growth direction is the most concentrated, involving many subdivisions such as chip design for the Science and Technology Innovation Board, artificial intelligence for science and technology entrepreneurship, software development, and robotics. Dividends and value styles are heating up at the same time, and new index products such as Yinhua CSI All Index Dividend Quality ETF, GF CSI Dividend Low Volatility ETF, and ABC China Securities Value 100 have been launched one after another. (China Securities Journal) B[Wang Xin, Director of the Research Bureau of the People's Bank of China: The water consumption caused by the development of artificial intelligence deserves great attention] On September 15th, at the 2026 Annual Meeting of the Green Finance International Institute of the Central University of Finance and Economics with the theme of "Digital Intelligence Empowering Green Financial Innovation", Wang Xin, Director of the Research Bureau of the People's Bank of China, said, "Artificial intelligence plays an important role in the application of sustainable financial standards, information disclosure, risk monitoring and assessment and energy It has been increasingly widely used in capacity building and other aspects, playing an important role in improving the efficiency and accuracy of financial support for green and low-carbon development. At the same time, the rapid development of artificial intelligence has brought about continued growth in the demand for computing power, which is also accompanied by significant energy and water consumption. In particular, the large-scale water use of computing power centers and its potential impact on the water resources carrying capacity of local areas deserve great attention. "
Wang Xin suggested that in response to water resources issues in the development of artificial intelligence and computing power, corresponding measures can be taken from the aspects of computing power development itself, green finance, and sustainable finance: First, strengthen water resource measurement monitoring, data verification, and information disclosure; second, promote water-saving technology and improve the resource efficiency evaluation mechanism of green data centers; third, better play the role of water prices in resource allocation; fourth, give full play to the role of green finance to support the coordinated development of artificial intelligence and water resources. In terms of financial products, green asset securitization, infrastructure REITs and other related financial instruments can be explored to better support the construction of green and efficient computing infrastructure.
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