Core Viewpoint - The 25th China Private Equity Annual Conference emphasizes the importance of developing "patient capital" to build a healthy and resilient venture capital ecosystem in China [1][18]. Group 1: Key Suggestions for Private Equity Investment - The focus should be on "investing early, investing small, and investing in the future," which is essential for the venture capital ecosystem [3][20]. - There should be a gradual optimization of capital sources, aiming for a balanced structure of government capital, various financial capital, and family wealth [3][15]. - The commercial strategies and product designs of venture capital institutions must adapt to the trend of local governments using equity finance and capital attraction as a means to transform land finance [3][32]. Group 2: Emphasis on Post-Investment Management - Venture capital institutions should prioritize post-investment management and support, adhering to a principle of "30% investment, 70% management" to help companies integrate resources and overcome challenges [3][16]. - The development of S funds and follow-up funds is crucial for creating a sustainable innovation investment ecosystem [4][33]. - A balanced support for various industries is necessary to avoid excessive concentration and ensure that innovation across all sectors is nurtured [4][33]. Group 3: Market Dynamics and Trends - A healthy secondary market is vital for supporting IPOs and mergers and acquisitions of innovative companies, as the prosperity of the primary market relies on good valuations and smooth exit channels in the secondary market [4][17]. - The current investment landscape should not overly worry about market polarization resulting from expansion, as this is considered a normal phenomenon [4][17]. - The historical contribution of venture capital to China's GDP growth, which has increased over 13 times since 1999, highlights its significant role in establishing a complete industrial chain [8][25]. Group 4: Global Perspective on Investment Strategies - There are two main development paths for countries: innovation-driven investment strategies that support small and disruptive innovations, and traditional investment strategies that rely on established financing channels [6][24]. - China's adherence to an innovation-driven investment strategy has led to significant achievements in technology and industry, positioning it favorably in the global market [6][23]. - The focus on addressing "bottleneck" issues in supply chains and promoting digital transformation is essential for future investment returns [10][11].

Core Viewpoint - The article emphasizes the importance of long-term capital support for the development of new quality productivity in China, which is driven by technological innovation and modernization [1][2]. Group 1: Long-term Capital and Technological Innovation - Long-term capital is crucial for the transformation of scientific and technological achievements, as it supports continuous investment in basic research and enterprise R&D activities [2][4]. - The lack of stable long-term investment can disrupt innovation processes and hinder the conversion of technological achievements into practical applications [2][5]. Group 2: Policy Framework and Government Initiatives - The Chinese government encourages the development of angel investment, venture capital, and private equity to enhance the role of patient capital in supporting modern industrial systems [3]. - Recent policies have been introduced to create a more comprehensive institutional framework for long-term capital, including guidelines for government investment funds and mechanisms to facilitate financing for technology enterprises [3][4]. Group 3: Current Investment Trends and Data - In 2024, China's R&D expenditure reached 36,326.8 billion yuan, with an intensity of 2.69%, consistently exceeding the average level of EU countries [4]. - The loan balance for technology-based small and medium-sized enterprises reached 3.46 trillion yuan by June 2025, reflecting a year-on-year growth of 22.9% [4]. Group 4: Challenges and Recommendations - There is a mismatch between long-term investment and the needs of new quality productivity, with issues such as a preference for short-term projects and uneven capital allocation across sectors [5][6]. - Recommendations include optimizing the investment environment, expanding patient capital, and innovating financial products to enhance support for technological innovation [5][6].

Group 1 - The core viewpoint emphasizes the need for high-level technological self-reliance and innovation as a foundation for China's modernization, highlighting the importance of long-term capital in fostering new productive forces [1][2][3] - New productive forces are characterized by technological breakthroughs, innovative allocation of production factors, and deep industrial transformation, with a significant increase in total factor productivity as a key indicator [1][2] - The government is actively promoting the development of angel investment, venture capital, and private equity to enhance the role of patient capital in supporting modernization and new productive forces [3] Group 2 - In 2024, China's R&D expenditure reached 36,326.8 billion yuan, with an intensity of 2.69%, consistently exceeding the average level of EU countries [4] - The annual growth rate of R&D expenditure during the first four years of the 14th Five-Year Plan was 10.5%, ranking among the top of major global economies [4] - By mid-2025, loans to technology-based SMEs reached 3.46 trillion yuan, with a year-on-year growth of 22.9%, outpacing other loan categories [4] Group 3 - Despite progress, there remains a mismatch between long-term investment and the needs of new productive forces, with issues such as a preference for short-term investments and uneven capital allocation across sectors [5][6] - Recommendations include optimizing the investment environment, expanding patient capital, and innovating financial products to enhance long-term capital support for technological innovation [5][6] - Specific measures proposed include improving tax incentives for investment in technology transfer and mid-term trials, and encouraging state-owned capital to invest in innovation and strategic emerging industries [6]

Core Viewpoint - The China Securities Investment Fund Industry Association has issued a notice encouraging private equity and venture capital funds to set reasonable equity buyback terms, aiming to support the long-term development of real enterprises and address conflicts of interest [1][2]. Group 1: Regulatory Guidance - The notice emphasizes the need for private equity and venture capital funds to establish scientifically sound and reasonable buyback terms, avoiding misuse of buyback arrangements for non-compliant activities [3][4]. - It encourages fund managers to adopt a long-term investment philosophy and enhance their capabilities in value discovery and active management [3][4]. Group 2: Market Context - The application rate of equity buyback clauses in domestic primary market investment activities has exceeded 90%, serving as a risk buffer for private equity funds while incentivizing founders to focus on long-term value creation [2][3]. - The buyback issue has become a significant concern, with many startups facing financial pressure due to triggered buybacks, complicating exit strategies for private equity funds [3][4]. Group 3: Recommendations for Stakeholders - Fund managers are encouraged to communicate effectively with investors and stakeholders when buyback conditions are triggered, considering external factors such as macroeconomic conditions and industry policies [4][5]. - It is suggested that fund managers may negotiate adjustments to buyback terms, such as extending buyback periods or lowering buyback rates, to resolve conflicts amicably and support the growth of real enterprises [4][5]. Group 4: Long-term Vision - The notice aims to reshape the perception of the private equity industry and promote a healthy ecosystem for patient capital, emphasizing the importance of collaboration among fund managers, investors, and entrepreneurs [5][6]. - The core of equity investment lies in sharing risks and rewards, necessitating a commitment from all parties to foster trust and focus on long-term growth [6].

"十五五"即将开篇之际，在培育壮大新兴产业和未来产业的进程中，37万亿保险资金如何扮演好"耐心资本"角色，仍是时代命题。 第十九届深圳国际金融博览会暨2025中国金融机构年会日前在深圳举行。" 2025中国保险业资产负债管理年会 "分论坛上，主题为"壮大耐心资本，赋能新质生产 力"的圆桌讨论环节中，四位保险资管高管展开交流，分享了不同业务条线的实践和思考。 参与圆桌的四位高管包括新华资产总裁陈一江，太保资产副总经理、董事会秘书赵峰，中意资产总经理助理陈伍斌，中邮资管首席风险管理执行官张超。 长期投资试点是"上下结合"的成果，意义重大 主持人：自去年鸿鹄基金入市以来，保险资金长期投资试点改革在资本市场受到高度关注，今年试点规模进一步扩围到2220亿元。请参与试点的几位高管介绍一 下，公司开展长期投资试点的主要投资策略和进展，怎么看这一试点的意义和效果？ 陈一江： 保险资金长期投资试点是由中国人寿和新华保险作为首批试点机构开启的。2022年在监管部门指导下，我们两家一起研究长期投资试点，我本人也参与论 证，我们理解这个试点是"上下结合"的成果。 险资具有大体量、长周期、成本相对刚性的特点，保险公司有长期资金配置的 ...

Core Viewpoint - The China Securities Investment Fund Industry Association has issued a notice urging private equity and venture capital funds to set reasonable equity buyback clauses, encouraging long-term discussions to resolve conflicts of interest and support the growth of real enterprises [1][7]. Group 1: Industry Development - The private equity and venture capital fund industry in China has been steadily developing, acting as a representative of patient capital and contributing positively to high-quality economic development through its roles as incubators, accelerators, and promoters of technological innovation [2][9]. - The application rate of equity buyback clauses in domestic primary market investment activities has exceeded 90%, indicating their widespread use to address uncertainties and information asymmetries between investors and companies [2][9]. Group 2: Challenges and Issues - The issue of equity buybacks has become a focal point in the market, with many startups facing financial and developmental pressures due to triggered buybacks, leading to difficulties for private equity funds in exiting their investments [3][10]. - The inability of companies to go public in the short term can lead to aggressive claims for buyback rights, potentially resulting in insolvency or bankruptcy for the companies involved, which ultimately harms fund investors [3][10]. Group 3: Regulatory Guidance - The notice emphasizes that private equity and venture capital funds must set scientifically reasonable buyback clauses and avoid using buyback arrangements for illegal lending or other non-equity investment activities [3][10]. - Fund managers are encouraged to adopt a long-term investment and value investment philosophy, enhancing their capabilities in value discovery, active management, and valuation pricing [3][10]. Group 4: Recommendations for Stakeholders - The notice encourages fund managers to communicate effectively with investors and other stakeholders when buyback conditions are triggered, assessing external factors such as macroeconomic conditions and industry policies [4][11]. - It suggests that fund managers should consider flexible measures, such as extending buyback deadlines or adjusting buyback targets, to help companies navigate difficulties and support their growth [4][11]. Group 5: Building a Healthy Ecosystem - To restore balance and compatibility in equity buyback clauses, collaboration among all market participants in terms of concepts, rules, and actions is essential [5][12]. - Fund managers must balance diligence and flexibility, ensuring that any measures taken to assist companies are communicated transparently to investors to avoid potential liabilities [5][12][13].

Group 1 - The core theme of the discussion at the 21st Century Financial Annual Conference focused on the integration of technology and finance, emphasizing that innovation requires deep financial participation alongside technological breakthroughs and industrial development [1] - The emergence of new industries such as intelligent manufacturing, commercial aerospace, and biomedicine necessitates not only technological advancements but also financial capital to support growth [1] - Hebei Bank proposed a solution to the challenges faced by technology-based enterprises, particularly startups, by moving away from a single product service model to a comprehensive credit product matrix that includes both online and offline services, with loans disbursed in as fast as 30 minutes [1] Group 2 - Zhongguancun Bank has developed a full-cycle product system addressing the financing difficulties faced by startups, particularly those with light assets, by offering a "1+N" product service model that spans from seed to mature stages [2] - The concept of "patient capital" is becoming increasingly important in the full-cycle service ecosystem for technology enterprises, with a shift from financial investment to industrial capital involvement [2] - Galaxy Aerospace shared insights on financing paths for hard technology companies, highlighting the reliance on venture capital in the initial stages and the gradual adoption of diversified financial tools, including equity financing and local industry funds, as the company matures [2]

Core Viewpoint - The China Securities Investment Fund Industry Association has issued a notice urging private equity and venture capital funds to set reasonable equity buyback terms, emphasizing the need for long-term planning and resolution of conflicts of interest to support the growth of real enterprises [1][2]. Group 1: Industry Development - The private equity and venture capital industry in China has been steadily developing, acting as a representative of patient capital and contributing positively to high-quality economic development through its roles as incubators, accelerators, and promoters of technological innovation [2]. - The application rate of equity buyback clauses in domestic primary market investment activities has exceeded 90%, serving as a risk buffer for private equity funds while incentivizing founders to focus on long-term value creation [2][3]. Group 2: Challenges and Issues - The issue of equity buybacks has become a focal point in the market, with some startup technology companies facing financial and developmental pressures due to triggered buybacks, leading to difficulties in exit strategies for private equity funds [3]. - The notice highlights that the buyback issue is a significant challenge for private equity funds, as enforcing buyback rights can lead to insolvency or bankruptcy for companies unable to meet these obligations [3][4]. Group 3: Guidelines and Recommendations - The notice requires private equity funds to set equity buyback terms that are scientifically reasonable and to avoid using buyback arrangements for non-private fund investment activities [3][4]. - It encourages fund managers to communicate effectively with investors and stakeholders when buyback conditions are triggered, and to assess external factors such as macroeconomic conditions and industry policies [4]. - Fund managers are advised to negotiate amicably with buyback obligors, potentially adjusting buyback targets, extending buyback periods, or lowering buyback rates to resolve conflicts and support the growth of real enterprises [4][5]. Group 4: Balancing Responsibilities - Fund managers must balance diligence and flexibility, ensuring that any measures taken to provide relief to companies are communicated transparently to investors to avoid potential legal or regulatory repercussions [5]. - Companies and their controlling shareholders should focus on improving core business operations and maintaining transparency to rebuild trust and restore buyback capabilities [6].

Core Insights - The 25th China Private Equity Annual Conference highlighted five key processes for venture capital funds to focus on, which are expected to yield good investment returns [1][3] Group 1: Five Key Processes - The first process is the "short board" process, aimed at addressing critical supply chain issues to ensure safety and self-control [1][3] - The second process is the digital transformation process, which involves using digital technology to reform traditional industries and alter work and life scenarios [1][3] - The third process is the carbon neutrality process, emphasizing the importance of transitioning energy structures [1][3] - The fourth process is the "big health" process, where significant changes in China's biomedicine sector, particularly in gene and cell innovation, are attracting investment [1][3] - The fifth process is the consumption upgrade process, which supports economic growth and enhances the quality of life, with consumption enterprises continuously evolving and deserving capital market support [1][3] Group 2: Market Outlook and Recommendations - The first recommendation is to "invest early, invest small, invest in the future," promoting the development of "patient capital" [2][4] - The second recommendation suggests optimizing the sources of capital for private equity investments [2][4] - The third recommendation indicates that private equity finance and capital attraction are becoming important means for local governments to transition from land finance, necessitating changes in commercial strategies and product designs of venture capital institutions [2][4] - The fourth recommendation emphasizes the need for venture capital institutions to focus more on post-investment management and services, adhering to a "30% investment, 70% management" principle [2][4] - The fifth recommendation calls for the development of S funds and follow-up funds from central to local levels to create a sustainable innovation investment ecosystem [2][4] - The sixth recommendation advocates for a diverse approach, where venture capital funds and capital markets support balanced development across various industries [2][4] - The seventh recommendation stresses the importance of maintaining a healthy secondary market, supporting IPOs of innovative enterprises and participating in mergers and acquisitions [2][4]

当资本的涓流汇聚成河，当投资的眼光穿越周期，我们便看到了"基金的力量"。2025年第5期《金融 史》以这一主题为核心，进行了一场跨越时空的深度梳理。它不再简单地将基金视为金融工具，而是将 其解读为一种融合了历史智慧、制度信任与未来愿景的文明载体，为我们理解现代金融生态提供了纵深 感与前瞻性并存的宏大视角。 本期的基石，建立在清晰的历史脉络之上。从1868年全球首只契约型基金的诞生，到美国创投七十年的 风雨历程，再到中国基金业从"珠信基金"的蹒跚学步到今天成为全球资本市场的重要力量，第5期《金 融史》系统性地勾勒出基金演进的"全球航线图"。尤为值得一提的是对苏州基金博物馆的详实介绍，它 不仅是这段历史的保存者，更是积极的讲述者。其六大展厅通过"声、光、电、影、物"等手段，将抽象 的金融概念转化为可感知的历史现场，真正践行了"金融启蒙"的使命，让基金从专业殿堂走进了公众认 知。 如果说历史是骨架，那么深刻的观念则是本期内容的灵魂，多位金融界大家的观点在理论层面为基金发 展提供了深刻指引。王巍理事长一针见血地指出，基金的核心在于"信托、理财与价值观"的三位一体。 这一论述将基金从纯粹的技术层面提升至价值层面，强调了 ...