广州：财政资金投资，单项目允许容亏100%

Core Viewpoint - Guangzhou is implementing a new model for technology achievement transformation called "补改投" (subsidy to investment), which allows for a maximum loss tolerance of 100% to encourage investment in early-stage technology projects [6][9]. Group 1: Policy Overview - The "补改投" pilot program aims to address the financing challenges in the initial stages of technology transformation by optimizing fiscal funding methods and encouraging diverse social capital participation [4][6]. - The program introduces two new models: "invest first, equity later" for early-stage projects and converting cash awards from innovation competitions into equity investments [7][8]. Group 2: Mechanism and Highlights - The program establishes a full-chain management process from project selection to post-investment management, including a "liability exemption and loss tolerance mechanism" to ensure the safety and cyclical use of fiscal funds [8][9]. - Key highlights include innovative mechanisms for market selection and government investment, ecological collaboration to leverage social capital, and a governance system that promotes early and small investments in hard technology [8][9]. Group 3: Regional Context and Support - The Guangdong province is leading in creating a "patient capital" ecosystem, with a comprehensive action plan to promote high-quality venture capital development [11]. - The establishment of significant funds, such as the Guangdong Strategic Emerging Industry Investment Guidance Fund with a registered capital of 50 billion yuan, reflects strong policy support and a robust industrial foundation [12]. Group 4: National Trends - Nationally, there is a shift towards "patient capital," with various regions implementing mechanisms that allow for high loss tolerance in government-guided funds, fostering a long-term investment environment [15][16]. - The transformation of state-owned capital from mere funding sources to long-term partners in the investment process is crucial for supporting hard technology and innovation [18].