常军胜：资本角色发生深刻变革

Core Viewpoint - The capital role is undergoing profound changes, shifting from "arbitrage thinking" focused on financial returns to "empowerment thinking" that deeply integrates into industrial upgrades [4][8]. Group 1: Market Dynamics - The primary market is experiencing structural changes, leading to a transformation in the role of capital [5][8]. - There is a misconception that fundraising is difficult; in reality, it stems from mismatched risk expectations between investors and the market [7][8]. - The decline in investment returns in traditional industries and the high inherent risks in innovative high-tech enterprises contribute to the challenges in fundraising [7][8]. Group 2: Investment Strategies - Investment in new productive forces requires long-term commitment, with a focus on supporting companies over a decade [4][9]. - Private equity institutions should identify potential growth sectors and actively develop merger and acquisition funds, even in traditional industries [9][10]. - The investment cycle often spans a complete economic cycle, necessitating strategic positioning during downturns to acquire undervalued assets [9][10]. Group 3: Policy and Regulatory Environment - There is a call for improved market conditions and policy support to foster a healthier development environment for private equity institutions [12][13]. - Optimizing the business environment and breaking down regional protectionism are essential for enhancing market connectivity and transparency [12][13]. - Encouraging long-term and patient capital, including government funds and private investments, is crucial for the growth of private equity [13].