同日收获两家IPO：社保中关村专项基金交出阶段性“成绩单”

Core Viewpoint - The simultaneous listing of AI company Zhipu and surgical robot company Jingfeng Medical on the Hong Kong Stock Exchange marks a significant milestone for the Social Security Fund Zhongguancun Innovation Special Fund and its management by Junlian Capital, highlighting the effectiveness of a long-term capital investment mechanism in supporting technological innovation [2][4][11]. Group 1: Company Listings - Zhipu and Jingfeng Medical both went public on January 8, showcasing the success of Junlian Capital and the Social Security Fund Zhongguancun Innovation Special Fund [1][7]. - Zhipu has developed a self-controlled GLM framework and a full-stack model matrix, addressing the commercialization challenges of large models, which positions it favorably in the global AI competition [4][8]. Group 2: Fund Characteristics - The Social Security Fund Zhongguancun Innovation Special Fund was established with an initial scale of 5 billion RMB, focusing on long-term investments with a duration exceeding 10 years, which is a significant departure from the typical 3+2 or 5+2 fund structures in the market [5][6]. - The fund has a dual mission: to ensure the preservation and appreciation of social security funds while supporting the construction of an international innovation center, thus balancing market rules with long-term technological responsibilities [6][12]. Group 3: Investment Strategy and Impact - As of December 2025, the fund has invested in 19 companies, with nearly 70% being specialized and innovative enterprises, and 45% classified as national-level "little giant" companies [7]. - The fund's investments cover cutting-edge technology fields such as AI chips, surgical robots, brain-computer interfaces, and quantum technology, demonstrating a focus on high-difficulty and long-research-cycle projects [7][10]. - The collaboration between Junlian Capital and the fund has provided stable funding arrangements, allowing companies like Jingfeng Medical to focus on technology development without excessive pressure for short-term returns [10][11]. Group 4: Future Outlook - The recent IPOs serve as a market validation of the collaboration between long-term capital and professional investment institutions, indicating a replicable and scalable operational model for supporting hard-tech enterprises [11][12]. - The "Beijing model" of patient capital emphasizes a focus on innovation and collaboration, aiming to build an integrated innovation ecosystem that supports key technological advancements and drives the development of related enterprises [11][12].