AGRICULTURAL BANK OF CHINA(SH:601288) Shang Hai Zheng Quan Bao·2025-11-04 00:18Core Insights - The establishment of social security science and technology innovation funds in Jiangsu and Zhejiang provinces, each with an initial scale of 50 billion yuan, marks a new phase in the national-level "patient capital" strategy for deepening investment in the science and technology sector [1] Group 1: Fund Establishment and Structure - The Jiangsu social security science and technology innovation fund was launched in Suzhou on October 31, with contributions from the National Social Security Fund, Jiangsu provincial government, Suzhou municipal government, and ICBC Investment [1] - The Zhejiang social security science and technology innovation fund was established on October 27, formed by the Zhejiang provincial government, the National Social Security Fund, and Agricultural Bank of China, aiming to leverage social capital for innovation-driven development [1] - Both funds represent a milestone in the service of new productive forces, showcasing a new paradigm of "strong governance + precise operation" [1] Group 2: Differentiated Operations - The funds are designed to adapt to local industrial characteristics, with Jiangsu focusing on high-end manufacturing and biomedicine, while Zhejiang emphasizes strategic emerging industries and future industries [2][3] - Jiangsu's fund employs a "mother fund + direct investment" dual-layer structure, allowing for rapid adjustments in investment strategies based on local industrial strengths [3] - Zhejiang's fund utilizes a "1+6" mother-son fund matrix, aiming to establish six sub-funds by the end of 2025, each targeting specific sectors [2] Group 3: Central-Local-Financial Collaboration - The establishment of these funds aligns with the national development reform commission's guidelines for enhancing coordination between national and local funds [4] - The collaboration between the National Social Security Fund, local governments, and major financial institutions aims to maximize capital efficiency and address the "last mile" issue in project identification [5] - This model is expected to create a replicable framework for national-level "patient capital" to support local development, potentially influencing nationwide practices [5]