中试阶段的生存法则，应该从技术驱动转向场景驱动，从单打独斗转向协同共担。只有政府、企业、资 本形成合力，才能真正跨越创新"死亡谷"。 文｜朱耘 ID | BMR2004 2026年是"十五五"规划开局之年，高水平科技自立自强被提到了前所未有的高度，新材料作为"工业的 粮食"，站在了时代的风口。新材料产品如何产业化，如何让耐心资本看懂这个"慢变量"的行业，关乎 中国新材料产业的未来。 为此，中经传媒智库与《商学院》杂志于近期举办了一场名为"新材料×AI：范式之变"高端闭门会。中 科美安联合创始人孙爱民，北京深云智合科技有限公司创始人、CEO刘宇宙，新材料项目孵化投资人、 北京化工大学新材料校友会和中国科学院新材料校友联合会（筹）秘书长、两家世界500强公司材料研 究院前院长胡广君博士，中国社会企业与影响力投资论坛总裁、向光未来总裁马翔宇，围绕新材料产业 化的核心难题展开了深度对话。 01 打破传统产学研逻辑 "国内有一个很大的误区，大家老讲科技成果转化，我觉得应该倒过来，做研发第一步就应该找需求， 而不是先有技术再去找市场。"胡广君开门见山，这一观点也得到了与会嘉宾的共鸣。胡广君在杜邦、 华润、盛虹等大型外企、 ...

Core Viewpoint - Shenzhen aims to establish a diversified, relay-style technology finance service system that aligns with the entire lifecycle of enterprises, targeting the creation of over 10,000 innovation and investment funds with a total scale exceeding 10 trillion yuan, referred to as the "Double Ten Thousand Fund" framework [2][3]. Group 1: Fund Development and Structure - Shenzhen has developed a distinctive "Shenzhen State-owned Capital Model," with over 500 funds and a total scale exceeding 7 trillion yuan by the end of 2024, with over 90% of funds directed towards strategic emerging industries and future industries [3]. - The city focuses on a "20+8" full industry chain, ensuring that at least 40% of investments are directed towards seed, angel, and A-round projects, while B and C-round projects receive no less than 20% [3]. - The maximum duration for innovation and entrepreneurship funds has been extended to 15 years, with differentiated assessment indicators and exemption lists established to encourage long-term investments [3][4]. Group 2: Policy Innovations and Risk Tolerance - Shenzhen has introduced a "tolerance for failure" policy in technology innovation, allowing for a more supportive environment for startups and investors [4][5]. - The city has implemented a strategic seed fund and angel fund with a total scale of 500 million yuan, allowing for a 100% loss on individual projects, showcasing a high tolerance for risk [5]. - The "Action Plan" for promoting high-quality development in venture capital emphasizes nurturing both "patient capital" and "bold capital," encouraging long-term investments while also supporting high-risk, frontier technology ventures [6][7]. Group 3: Fundraising and Investment Strategies - The "Action Plan" aims to achieve a "Double Ten Thousand" structure by 2026, with over 10 trillion yuan in industry funds and more than 10,000 registered equity and venture capital funds [6][7]. - Shenzhen plans to establish three new mother funds to enhance collaboration and complement existing fund structures, addressing the current market's challenges [7]. - The city is exploring ways to lower the requirements for return investments from sub-funds, particularly for early-stage funds, which could serve as a model for national guidelines [7][10]. Group 4: Collective Economy and Local Initiatives - Shenzhen has initiated equity investment funds involving collective economic entities, with significant contributions from local cooperative companies, demonstrating a unique approach to mobilizing community resources [9][10]. - The establishment of funds by local cooperative companies has provided new avenues for alleviating fundraising challenges in the venture capital industry [9][10]. - The city has been proactive in addressing key issues faced by the venture capital sector, implementing practical measures to optimize the investment environment [10][11].

Group 1 - The 2026 Zijin Mountain Venture Capital Conference was held in Nanjing, focusing on high-level circulation of technology, industry, and finance, gathering over 500 representatives from various sectors to accelerate fund aggregation and promote industrial development in Nanjing [1][2] - The conference marked a significant milestone with the official release of the "Zijin Mountain International Sci-tech Innovation Fund District" construction plan, aiming to create an international fund district that integrates policy support, capital empowerment, and talent gathering [3][4] - A total fund scale exceeding 70 billion yuan was announced during the conference, including the launch of a 100 billion yuan market-oriented mother fund with a 20-year investment horizon to foster long-term core competitive enterprises [4][5] Group 2 - Two major funds, the Jiangsu Modern Service Industry Innovation Development Fund and the Jiangsu Sci-tech Relay Fund, were unveiled, each with a scale of 10 billion yuan, aimed at driving social capital towards the real economy [5] - The conference emphasized the importance of technology transfer, launching a liaison office to connect capital with research outcomes from 17 key universities in Nanjing, facilitating the transition of scientific achievements to production [6] - The event featured discussions on industry trends and capital guidance, with a focus on nurturing patient capital and enhancing the investment ecosystem in Nanjing [7][8]

Group 1 - The Guangdong government is launching a long-term investment fund with a flexible duration and a recycling investment mechanism, focusing on early-stage, small, long-term investments in hard technology [1] - The direct investment scale in Guangdong continues to lead the nation, with nearly 1,000 direct investments made in the year, covering 887 companies, and achieving 16 IPO projects in 2025 [1] - The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund is expanding its LP team, with a target size of 504.5 billion RMB, managed by Shenzhen Capital Group [1] Group 2 - Guangdong remains the top province for mergers and acquisitions, with 909 new deals in the year, a 10.60% increase year-on-year, accounting for 15.85% of the national total [2] - The province is enhancing financial policies to promote a deep integration of technology, finance, and industry, moving beyond a singular financial perspective [2] - The commercial aerospace sector is experiencing rapid growth, with increased participation from venture capital and industrial capital, breaking the traditional dominance of state-owned enterprises [2] Group 3 - Investment income is primarily driven by CITIC Securities and its subsidiary, Yuexiu Industrial Investment, as Yuexiu Capital diversifies from traditional financial services into new energy and emerging industries [3] - Yuexiu Capital is actively involved in industrial integration, corporate venture capital investments, and capital operations, expanding its investment footprint beyond Guangdong to other provinces [3] Group 4 - Northbound capital is increasingly focusing on technology-related industries and Guangdong-listed companies [4] - Guangzhou's municipal government plans to allocate at least 15% of its annual technology innovation development fund for "supplementary and transformative investments" [4] - The Guangzhou real estate asset management service platform aims to revitalize existing real estate assets through innovative financial tools, attracting social capital for various real estate projects [4]

近年来，在相关政策文件、会议精神中，"科技金融""培育壮大耐心资本"屡被提及。那么，金融机构有 哪些积极的实践？科技金融、耐心资本与科创企业、实体经济有哪些共生密码？金融机构、创投企业如 何诠释"耐心"的内涵？ 《金融时报》记者注意到，2026年的科技金融领域正加速发生着一场关于"耐心"的变革。当"急扩产"撞 上"缺资金"，"高技术研发周期"遇上"资本短期回报诉求"，传统金融模式与硬科技企业的成长节奏错配 这一难题正被耐心资本的"活水"慢慢弥合。 与创新同行的耐心 在快节奏的市场环境中，对于渴求快回报的资本而言，"耐心"本身就与时间密切相关，意味着需要长期 的坚守与等待。而"耐心"与资本二者深度融合在一起的具象化模样会是什么？ 一个关于国产医疗级动态血糖仪领跑市场的故事，或许能让我们直观感受到这份与时间为伴、与创新同 行的耐心。 2025年末的一次山东调研行中，《金融时报》记者见到了如今已在市场上广泛使用的国产医疗级动态血 糖仪。与传统的指尖采血、试纸测量不同，一枚拇指大小的可穿戴设备通过一根细长软针扎入上臂外 侧，在传感器有效期内，可每隔5分钟将血糖数据上传到手机App中。2021年底，这一我国首款获得国 ...

□ 本报记者鹿琳 "江苏是所有创投机构的必争之地。"2月9日，在南京市建邺区开幕的2026紫金山创投大会上，毅达资本 创始合伙人、董事长应文禄这样形容江苏在创投领域的地位。 本次大会以"资本新枢纽.产业新生态"为主题，吸引了500余位来自政府、监管机构、交易所、投资界、 产业界、高校及科研院所的代表齐聚一堂，共同探讨资本赋能科创发展新趋势。 开局"十五五"，这场高规格的创投大会，既是省、市深入贯彻落实党的二十届四中全会关于"推动科技 创新和产业创新深度融合"决策部署的体现，也生动呈现南京扎实推进具有全球影响力的产业科技创新 中心主承载区建设的担当作为。 实力彰显—— 我省股权投资案例数全国居首 江苏在创投领域的吸引力，在本届大会上得到充分印证。大会现场揭牌、发布和签约基金总规模超700 亿元，并涌现出多个"百亿级"项目。 数字可鉴资本对江苏的青睐。根据清科集团创始人、董事长倪正东现场发布的《2025中国股权投资市场 发展报告》，在2025年中国股权投资市场投资地区分布中，江苏投资案例数居全国首位，投资金额超千 亿元。城市创投活跃度排名同样亮眼，苏州、南京、无锡投资案例数携手闯入全国前十，使得江苏成为 全国入围 ...

他解释道，因为国家资金更关注国有资产的保值和增值，所以容错率相对会低一些。项目投资成功当然 没问题，但如果投失败了——市场化创投基金觉得这是正常现象，因为"风险投资"这个名字里就带"风 险"，它天生就是高风险的。它的商业模式就是投十个项目里，有一个明星项目能赚几十倍、上百倍， 就能把前面大量试错失败的成本覆盖掉，最后还能取得不错的回报。但国资背景不同，它涉及国有资产 保值增值的问题。 "你投十个项目，哪怕九个都成功，只要有一个失败，就可能被认为涉及国有资产流失。甚至还会有人 追问：当初为什么投这个项目？是不是存在利益输送？所以很多政府背景的基金在实际操作中就不太 敢'投早、投小、投长、投硬'，避险倾向会很强，最后往往只能去投中后期、现金流更稳、看得更清楚 的项目。这就和中央的要求背道而驰了"，田轩说。 在此基础上，田轩认为，下一步改革的一个重点就是优化国资背景基金的评价机制和考核机制。比如， 把考核周期拉长，不要一年一年审。风险投资基金在美国的存续期通常是10到12年，不应该在前几年就 一年一年盯着看成本收益。因为真正的"早、小"，的初创科技企业在前几年大概率是亏损的；一年一年 地审核，就会天然不利于这些政府 ...

中国科技创新亮点引发世人瞩目，但前行的脚步仍未停歇。 "十五五"时期经济社会发展的七大主要目标的第二条，就是要大幅提高科技自立自强水平。那么，我们 的金融体系准备好了吗？对科技创新，尤其是在"十五五"规划中提出的原始创新和关键核心技术攻关 上，在企业已经成为创新主体的今天，我们的投融资系统支持力度如何，还需要在哪些方面做出改进？ 【问诊2026中国经济】第五篇，我们邀请了北京大学博雅特聘教授、第十四届全国人大代表田轩来为我 们分析。他在科技金融方面深耕二十多年，又作为全国人大代表，经常深入一线调研，对于创新生态环 境的建设、创业企业的痛点，以及一级市场创投企业、二级资本市场如何扶持企业从0-1，或者从1-100 的创新，都有深入的观察。 以下是这次交流的实录整理。 1月底，田轩在北京与我们交流金融如何支持创新发展 观察者网 【对话/观察者网 高艳平 整理/潘天行】 中国金融体系支持创新的三大优势与四大不足 观察者网："十五五"规划第二条就明确提出"加强高水平科技自立自强，引领发展新质生产力"，去年年 底的中央经济工作会议也将"创新驱动"列为2026年经济工作的重点任务。新质生产力的核心是科技创新 与产业升级。 ...

Core Insights - The 2026 Zijin Mountain Venture Capital Conference was held in Nanjing, focusing on the theme "New Capital Hub, New Industrial Ecology" to accelerate fund aggregation and promote industrial development in Jiangsu Province [1][9] - The conference gathered over 500 representatives from various sectors, including government, regulatory bodies, and investment institutions, to discuss the future of venture capital and its integration with industry [2] Group 1: Conference Highlights - The conference featured speeches from key government officials and industry leaders, outlining national venture capital policies and the strategic development of the Yangtze River Delta region [2] - Major venture capital firms, including Qingsong Fund and Dahua Capital, participated in discussions on capital empowerment for technological innovation and the construction of the Zijin Mountain International Science and Technology Fund District [2][3] Group 2: Fund Development - A total of over 70 billion yuan in funds were announced during the conference, including a 10 billion yuan market-oriented mother fund aimed at fostering long-term capital supply and supporting high-quality enterprises [4][5] - The conference also saw the launch of several specialized funds, including a 10 billion yuan modern service industry innovation fund and a 10 billion yuan science and technology relay fund, designed to attract social capital to the real economy [5] Group 3: Ecosystem and Collaboration - The establishment of the Zijin Mountain International Science and Technology Fund District is a significant milestone for Nanjing's financial development, aiming to create a comprehensive ecosystem that integrates policy support, capital empowerment, and talent aggregation [3][6] - The conference emphasized the importance of collaboration between universities and local governments to accelerate the transformation of scientific research into practical applications, with initiatives to connect capital with university research outcomes [6] Group 4: Future Directions - The conference set a vision for the venture capital industry to act as a "multiplier" for innovation and a foundation for China's technological advancement, with discussions on nurturing patient capital and enhancing the investment ecosystem [7][8] - Future initiatives will focus on deepening the integration of innovation chains, industrial chains, capital chains, and talent chains to build a collaborative and thriving innovation ecosystem in Nanjing [9]

登录新浪财经APP 搜索【信披】查看更多考评等级 评价机制能否发挥预期作用的关键在于执行细节能否跟上，能否在数据、核验和动态调整上形成稳定机制。 内容来源 | 上海证券报 2026年1月，国家发展改革委印发《政府投资基金投向评价管理办法（试行）》（下称《办法》）。该文件表面看是一套"投向评价"规则，实质上是一项 基金治理制度：它用一套可核查、可比较的年度评价体系，把政府投资基金的政策定位重新拉回"服务国家战略"的轨道，并把地方竞争中的一些惯性做法 转化为可计量的制度成本。 如果仅把《办法》理解为"新增一张评分表"，容易忽略它的核心意图：过去政府投资基金领域的主要矛盾，并不在于"缺资金"，而在于"资金如何形成有 效供给"。在规模扩张、地方招商、短期回报与合规问责交织之下，不少基金出现了目标错配、区域分割、资金沉淀和同质化投资等结构性问题。《办 法》通过"指挥棒"的方式，对这些问题逐一给出制度化回应。 先前的结构性问题：基金"多" 与基金"有效"之间有落差 过去一段时间，政府投资基金快速扩容，成为地方产业政策和资本运作的重要工具。但在实践中，基金常常同时背负多重目标：既要完成资金募集和出资 进度，又要承担招商引资 ...