刘健钧：以“十五五”规划建议为指引 股权与创投基金迎重要发展机遇

Group 1: Core Insights - The core viewpoint presented by Liu Jianjun at the "2025 Sci-Tech Investment Conference" is that China's equity and venture capital funds are poised for significant development opportunities under the guidance of the "14th Five-Year Plan" [1][2]. Group 2: Investment Opportunities - The investment opportunities can be categorized into two main areas: "4+5" industrial investment opportunities, which include four major fields and five special industries [1]. - The four major fields for investment include optimizing traditional industries, nurturing emerging and future industries, promoting high-quality development in the service sector, and constructing a modern infrastructure system, particularly focusing on new-type infrastructure [1]. - The five special industries focus on emerging sectors such as modern agriculture, health care, green transformation, national security, and military industry [1]. Group 3: Investment Environment - Liu Jianjun emphasizes the importance of creating a stable macroeconomic environment, a healthy capital market environment, and a stable macro tax environment to foster the development of equity and venture capital funds [2]. - The role of government investment funds is highlighted as crucial in guiding and stimulating investment, alongside innovative regulatory approaches to develop venture capital [2]. Group 4: Policy Environment - The current macroeconomic adjustments require not only proactive fiscal policies but also potentially active monetary policies to stabilize growth, employment, and expectations [2]. - Liu Jianjun suggests that the capital market should balance both financing and investment functions to promote sustainable development [2]. Group 5: Taxation and Structural Policies - Liu Jianjun indicates that during the "14th Five-Year Plan" period, a stable macro tax environment is expected to be established, focusing on enhancing fiscal sustainability and refining tax policies related to income and capital [3]. - There is a potential for introducing structural preferential policies in the venture capital fund sector, which should be tailored to China's specific conditions and informed by international experiences [3].