Core Viewpoint - The establishment of the Shanghai Qiyuan State-owned Assets Innovation Fund marks a significant step in promoting foundational research and innovation in China, focusing on high-risk and high-value projects to stimulate technological advancements [1][3]. Group 1: Fund Overview - The Qiyuan Public Welfare Foundation is the first public welfare foundation for basic research led by state-owned assets in China, initiated by the Shanghai State-owned Assets Supervision and Administration Commission and 16 municipal state-owned enterprises [1]. - The foundation aims to gather state-owned capital to enhance innovation vitality and support transformative foundational research and its related applications [1]. Group 2: Focus Areas - The foundation will concentrate on four key areas: addressing critical technological challenges, exploring frontier scientific fields, bridging the gap between research and industry, and nurturing young talent [2]. - Specific focus includes supporting innovative projects with disruptive potential, such as quantum technology and brain science, which are characterized by high risk and controversy [2]. Group 3: Collaborative Efforts - The foundation's initiators span various sectors, including finance, manufacturing, energy, and consumer goods, creating a collaborative effect across industries [2]. - Examples of collaboration include the Shanghai International Group designing composite fund products that integrate basic research with industrial investment, and Pacific Insurance providing risk hedging solutions for high-risk research [2]. Group 4: Future Directions - The foundation plans to transform corporate innovation challenges into funding lists and convert public investment into industrial value through various strategies, including industry-academia-research collaboration and resource integration [2]. - The launch of the foundation signifies a milestone in Shanghai's efforts to build a global innovation ecosystem and support technological self-reliance [3].

Core Viewpoint - The establishment of the Shanghai Qiyuan State-owned Assets Innovation Fund marks a significant step in diversifying funding sources for basic research in Shanghai, addressing the current reliance on government funding [1][2]. Group 1: Fund Establishment - The Qiyuan Fund is the first public foundation in China initiated by local state-owned enterprises to support basic research [1]. - The fund will provide financial support through donations for forward-looking and disruptive basic research and its results transformation [1]. Group 2: Current Challenges - Shanghai's basic research funding has seen rapid growth, but it remains heavily reliant on government sources, with 90% coming from fiscal funds, lacking a diversified funding mechanism [2]. - The focus of local enterprises has primarily been on applied research due to the long cycles and high risks associated with basic research [2]. Group 3: Fund Composition - The fund is managed by the Shanghai State-owned Assets Supervision and Administration Commission and involves 16 state-owned enterprises from various sectors, including finance, manufacturing, and energy [3]. - The aim is to leverage state-owned capital to fill the investment gap in basic research and reduce the risk costs associated with technological breakthroughs [3]. Group 4: Target Areas - The fund will focus on four key areas: tackling "bottleneck" technologies, exploring "unmanned" frontiers, connecting the "transformation chain," and supporting young scientists [4][5]. - Specific sectors of interest include integrated circuits, biomedicine, artificial intelligence, quantum technology, and deep-sea exploration [4][5]. Group 5: Collaboration and Future Plans - The fund plans to collaborate with Fudan University and Shanghai Jiao Tong University to enhance support for basic and applied research [5]. - There are intentions to mobilize more social forces to join the technology public welfare initiative, promoting a shift from "single-point breakthroughs" to "ecological co-construction" in Shanghai's tech philanthropy [5].