耐心资本与硬科技投资：工银投资的战略与实践

Core Viewpoint - Technological innovation is the core driving force for high-quality development in the context of profound changes in the global economic landscape, with ICBC Investment actively exploring new paths for hard technology investment based on patient capital [1] Group 1: Patient Capital Principles - To embody patient capital, four principles must be adhered to: long-term investment, value investment, risk investment, and strategic investment [2] - Long-term investment requires strong fundraising capabilities to support long-term plans despite potential short-term returns being negligible [2] - Value investment emphasizes tolerance for short-term projects lacking dividends or cash flow, while ensuring overall profitability and self-development remain unaffected [2] - Risk investment necessitates maintaining operational stability despite potential failures in individual projects, ensuring sufficient risk resilience [2] - Strategic investment involves participating in corporate governance to empower invested enterprises, requiring high levels of comprehensive service capability [2] Group 2: Unique Advantages of Bank-affiliated AICs - Bank-affiliated AICs possess five unique advantages in hard technology investment compared to traditional VC/PE [3] - They uphold the responsibilities of state-owned banks, demonstrating strong policy implementation capabilities [3] - They leverage parent bank platforms to enhance equity financing accessibility and share customer, channel, and brand resources [3] - They provide comprehensive financial services through a new model of investment-loan linkage, covering various financial products throughout the enterprise lifecycle [3] - They inherit a prudent risk culture from banks, establishing a solid foundation for long-term stable operations [3] - They have smooth capital replenishment and funding channels, enabling long-term financial support for the real economy [3] Group 3: Investment Practices in Hard Technology - ICBC Investment focuses on three main aspects when selecting investment targets: the region of the enterprise, the industry, and the enterprise's own capabilities [4] - It targets key regional strategic layouts and innovation centers, providing long-term capital support for high-quality transformation [4] - It emphasizes industries related to national strategic security and competitiveness, focusing on emerging and future industries with high growth potential [4] - It evaluates enterprises based on six core competitive dimensions, ensuring alignment with government support and industry recognition [4] Group 4: Role of Financial Capital in Emerging Industries - Financial capital plays a unique role in the growth of emerging industries through three main functions [5] - It acts as a counter-cyclical regulator, maintaining rational investment during industry overheating and supporting core competitive enterprises during downturns [5] - It provides comprehensive services tailored to the changing financial needs of tech enterprises at different development stages [5] - It actively participates in corporate governance, ensuring balanced interests among stakeholders and promoting effective decision-making [5] Group 5: Contribution to Technological Innovation Ecosystem - Through the practice of patient capital, ICBC Investment not only provides stable funding support for hard technology enterprises but also contributes to the construction of a technological innovation ecosystem, injecting new momentum into high-quality development [6]