“投资者点题 代表委员作答”｜增强包容性适应性 让耐心资本护航科技前行·2026全国两会特别策划

Core Viewpoint - The article emphasizes the importance of long-term capital support for technological innovation and the need for a more inclusive and precise capital market to foster the growth of hard technology enterprises [1]. Group 1: Optimizing Institutional Supply - The capital market must adapt its systems to better serve technological innovation, with a focus on deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to facilitate the growth of hard technology companies [3]. - Suggestions include broadening financing channels for high-tech and capital-intensive advanced manufacturing industries, and easing administrative approvals for refinancing in these sectors [3]. - A shift in evaluation criteria is proposed, moving from a singular focus on profitability to a multi-dimensional approach that includes R&D investment, technological barriers, team capabilities, and market prospects [3]. Group 2: Gathering Patient Capital - The need for "patient capital" that is willing to invest long-term in technology innovation is highlighted, with recommendations to enhance mechanisms for long-term funds to enter the market [5]. - It is suggested to optimize tax policies for venture capital to support original innovation and seed-stage technology enterprises, and to improve exit mechanisms to foster a healthy investment ecosystem [5]. - The article stresses the importance of aligning the investment policies of long-term funds with their long-term return goals, advocating for a more flexible investment ratio for social security and insurance funds [5]. Group 3: Streamlining the Transformation Chain - The article discusses the necessity of transforming scientific and technological achievements into productive forces, proposing that the capital market act as a bridge to strengthen collaboration among industry, academia, and research [7]. - Recommendations include revising the law on promoting the transformation of scientific and technological achievements to alleviate burdens on researchers and institutions [7]. - It is suggested to address bottlenecks in the transformation process through various measures, including the establishment of regional pilot platforms and the cultivation of "technical managers" with diverse expertise [7].