申万宏源杨成长：以培育耐心资本为核心的政府投行招商模式

Core Viewpoint - The article emphasizes the importance of enhancing the evaluation mechanism for local funds and improving the tolerance for investment losses to better leverage government funds in supporting foundational research, common technology breakthroughs, and future industry development [1][3]. Group 1: Government Fund Utilization - Local governments are increasingly establishing industrial and guiding funds to attract emerging industries and quality enterprises through equity investment and project recruitment [3]. - The effective interaction between local equity investment and attracting investment is still limited, necessitating further exploration of the government investment banking model [3]. - Key factors for developing the government investment banking model include enhancing the risk investment role of government funds and introducing market-oriented professional management institutions to attract more market funds [3][4]. Group 2: Major Project and Industry Chain Development - Government funds should play a leading role in promoting major projects and industry chain development, focusing on core and weak links within the industry chain [4]. - Local governments need to identify key industries for support and prioritize funding for leading enterprises and critical projects, especially in areas where social capital is hesitant to invest [4][5]. Group 3: Traditional and Emerging Industry Coordination - There is a need for a comprehensive industrial development philosophy that promotes the transformation of traditional industries while also fostering emerging and future industries [5][6]. - Investments should not only target new and early-stage projects but also enhance traditional industries through technological upgrades and digital transformation [5][6]. Group 4: Hefei's Experience in Government Investment Banking - Hefei has adopted a government investment banking approach to attract strategic emerging industries, resulting in a cluster effect by linking capital with industry [7][8]. - The city has established a risk tolerance and accountability mechanism to encourage investment, allowing for a loss tolerance of 15% to 50% for different fund types [8]. - Hefei's "Creative Investment City" initiative aims to shift from government-led investment to attracting proactive capital, linking over 200 funds with a total scale of 400 billion yuan [9].