深圳市：聚焦人工智能、新能源、生物医药等“20+8”产业及重点领域，持续完善长期资本投早、投小、投长期、投硬科技的支持政策

Core Viewpoint - The Shenzhen Municipal Bureau of Local Financial Supervision and the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission jointly issued the "Shenzhen Action Plan for Leveraging Capital Markets to Build an Industrial Financial Center (2025-2026)" focusing on nurturing patient capital to support the development of new productive forces [1] Group 1 - The plan emphasizes the cultivation and expansion of patient capital to serve the development of new productive forces [1] - It targets key industries and sectors, particularly artificial intelligence, new energy, and biomedicine, under the "20+8" industrial framework [1] - The initiative aims to continuously improve support policies for long-term investments, particularly in hard technology [1] Group 2 - The plan encourages the standardized development of angel investment, venture capital, and private equity investment [1] - It promotes state-owned and government investment funds to become more responsible long-term, patient, and bold capital [1] - The initiative seeks to guide multi-level social financial capital to establish long-cycle performance assessments, incentive constraints, and error-tolerance mechanisms [1] Group 3 - The plan advocates for diverse entities to participate in venture capital and supports "chain master" enterprises in conducting corporate venture capital (CVC) [1] - It aims to improve multi-exit mechanisms and actively carry out pilot projects for the transfer of private equity and venture capital shares [1] - The initiative supports government funds and social capital in establishing merger funds and private equity secondary market funds to promote a virtuous cycle of "technology-industry-finance" [1]