社保基金曾考察固态电池 企业因缺“长钱”先造“半固态”攒资本

Core Viewpoint - The lack of patient capital is becoming a significant constraint on the development of technology companies, particularly in the context of critical stages of technological research and development [2] Group 1: Industry Challenges - Technology companies are more concerned about the premature exit of short-term capital than the technology itself during critical R&D phases, which can lead to funding chain disruptions and wasted investments [2] - The commercialization of solid-state batteries requires a systematic restructuring of the entire industry chain and ecosystem, which may take ten to twenty years to achieve [2][3] - Companies fear that investors may demand early exits before solid-state batteries are fully developed, jeopardizing their survival [2] Group 2: Market Strategy - To navigate these challenges, companies are opting for a "detour" strategy by initially entering the market with semi-solid batteries, which have higher technological maturity and lower requirements for existing production lines [3] - This approach allows companies to maintain market competitiveness, accumulate cash flow, and strengthen capital before fully advancing into the solid-state battery sector [3] Group 3: Capital Landscape - The lack of patient capital is a common issue faced by many Chinese technology companies, with long-term and stable capital primarily coming from pension funds and long-term life insurance funds [3] - In the primary market, both venture capital (VC) and private equity (PE) investments often require long cycles from project incubation to eventual exit, with some projects taking over ten years [4] - The current investment structure of many institutions struggles to support such lengthy investment cycles [4] Group 4: Policy Developments - The situation is expected to improve with the launch of the National Venture Capital Guidance Fund, which aims to mobilize social capital and provide stable funding for technology companies [4] - The fund will have a twenty-year lifespan, with ten years allocated for investment and another ten for exit, designed to offer more sustainable financial support for technology innovation [4]