Securities companies have invested more than 20 billion yuan in scientific and technological innovation in the past three years, and the China Securities Association has issued a document suggesting to expand the development space.

Under the fermentation of the narrative of "sci-tech innovation securities firms", the industry value of securities companies' alternative investment subsidiaries has attracted more and more market attention. Recently, the latest issue of the internal publication "Conductor" of China Securities Association published an article titled "Research on the High-Quality Development of Securities Companies' Alternative Investment Subsidiaries". The article points out that alternative subsidiaries have grown into important subsidiaries with "hundred billion-level" hematopoietic capacity, and in the past three years, more than 50 alternative subsidiaries have directly invested over 20 billion yuan in non-listed and non-listed technology enterprises. In response to the existing development bottlenecks in the industry, the article proposes various measures such as the replacement of "sci-tech innovation bonds" and pilot relaxation of the "invest first, protect later" restrictions.