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 ...

Core Insights - The establishment of bank-affiliated Asset Investment Companies (AICs) is aimed at addressing the issues of "lack of long-term capital" and "insufficient resources" in the industry, directing financial capital towards technology enterprises to support innovation and new industry development [1][8] Group 1: AIC Establishment and Operations - The recent opening of 招银投资 (Zhaoyin Investment) by 招商银行 (China Merchants Bank) marks a significant step in the acceleration of AICs, with a registered capital of 150 billion yuan [3][4] - Other banks, such as 兴业银行 (Industrial Bank) and 中信银行 (CITIC Bank), have also established their AICs, with registered capitals of 100 billion yuan each [4][3] - AICs are expected to play a crucial role in the technology finance market, providing stable capital support for technology enterprises [2][8] Group 2: Business Models and Funding Sources - 招银投资's business models include debt-to-equity swaps, equity-for-debt exchanges, asset management product issuance, and private equity fund establishment [3][4] - Funding sources for AICs include registered capital, targeted reserve requirement funds from the People's Bank of China, interbank borrowing, and issuance of private asset management products [3][4] Group 3: Market Dynamics and Trends - The AIC market is evolving from being dominated by state-owned banks to a more diversified landscape with the entry of joint-stock banks, which is expected to reshape competition [10] - AICs are increasingly seen as a new force in supporting technology enterprises, with significant capital being mobilized across various regions [7][8] - The investment focus of AICs is primarily on sectors such as semiconductors, new energy, biomedicine, intelligent manufacturing, and artificial intelligence [7][8] Group 4: Challenges and Future Outlook - The AIC model in China is still in its early stages and faces challenges such as immature market investment mechanisms, limited exit channels, and the need for improved research and risk management capabilities [12] - There is a growing emphasis on integrating "patient capital" with traditional banking capabilities to better serve technology innovation [10][12]

要真正发挥政府基金的引导效应，要完善对地方基金的考核评价机制，提升对地方基金股 权投资亏损的包容度，用基金总投资收益替代单个项目投资收益，进一步强化地方基金在支持 基础研发、共性技术突破及未来产业发展上的基石作用。 三要形成完整正确的产业发展理念，协同推进传统产业转型及新兴、未来产业发展。当前多 数地区的产业体系仍以传统产业为主体，传统产业既是就业和税收的重要来源，也是构建现代化 产业体系的基础。在打造现代化产业体系的过程中，地方政府不能片面追求"新"，也要注重传统 产业的高端化、智能化、绿色化改造。地方政府基金不仅要投新、投早、投小，也要加大对技术 改造、设备更新、数字化升级、绿色转型及应用场景打造等关键环节的投资，通过并购重组、混 合所有制改革等方式激发传统产业活力，形成传统、新兴与未来产业协同发展的态势。 二、以政府投行招商模式打造地方产业集群的合肥经验 近年来，合肥以"政府投行"思维开展招商，聚焦集成电路、新能源汽车等战略性新兴产业， 探索出一条以资本赋能产业、以政府投资撬动新兴产业崛起的发展之路，最终形成"引进一个头 部、培育一个产业、激活一域生态"的集群效应。 合肥充分运用政府投行招商模式，实现股 ...

Group 1 - The strategic importance of technology finance is increasingly highlighted, with the central financial work conference in 2023 emphasizing it as a key driver for high-level technological self-reliance and strength [1] - Experts agree that technology finance has evolved beyond simple capital supply to become a core hub for resource integration, risk diversification, and the transformation of technological achievements [2] - The characteristics of technology enterprises, such as being "light asset, lack of collateral, and high risk," present challenges to traditional credit evaluation systems, necessitating the development of financial service models tailored to their needs [3] Group 2 - Financial institutions need to adapt to the development patterns of technology industries to achieve a win-win situation between financial value and industrial value [2] - The discussion highlighted the need for a full-cycle, accompanying financial service ecosystem to address the significant differences in funding and resource demands at various stages of technology enterprise development [3][4] - The concept of "patient capital" is becoming an essential part of the full-cycle service ecosystem, with financial institutions expected to deeply engage in industry scenarios to match the evolving needs of enterprises [4] Group 3 - The integration of financial and technological innovation is driven by the high investment, long cycle, and high-risk characteristics of hard technology industries, necessitating collaborative support from various types of capital [4] - The financing paths for hard technology enterprises often begin with venture capital in the initial stages and evolve to include diversified financial tools, with equity financing remaining a crucial support [5] - Continuous funding, particularly from patient capital, is essential for strategic emerging industries like commercial aerospace and satellite internet, which require sustained investment due to high technical barriers and long infrastructure development cycles [5]

Group 1 - The "2025 Global Data Business Conference Investment Roadshow" was held in Shanghai, featuring 12 award-winning companies from the "Data Element ×" competition, with over 40 investment institutions participating [1] - The event aimed to bridge the gap between innovative companies and capital, promoting the concept of "using competitions to drive application" [1][6] - The need for patient capital that understands industry development was emphasized, particularly in sectors like data-driven industrial equipment and agriculture, where R&D investment is significant and returns take time [2][3] Group 2 - Patient capital is seen as essential for long-term support and collaboration in the innovation process, providing not just funding but also strategic resource alignment [4] - The "Data Element ×" competition serves as a platform for identifying high-growth, innovative projects, contributing to the development of a healthy ecosystem for data industry growth [5][6] - The roadshow aimed to facilitate the transformation of data value and promote a virtuous cycle between technology, industry, and finance [6][7]

编者按："十五五"规划建议强调坚持有效市场和有为政府相结合的原则，充分发挥市场在资源配置中的 决定性作用，更好发挥政府作用，构建统一、开放、竞争、有序的市场体系。金融市场是推动要素资本 化和证券化的重要媒介，"十五五"时期要实现经济高质量发展，还需各地政府在推进全国统一金融大市 场建设的基础上，从各地发展条件和产业结构出发，加快探索具有地方特色的金融服务体系。申万宏源 研究和新华财经共同策划推出《"金融有为"——地方纵横谈》，从地方发展金融市场面临的核心问题出 发，梳理了过往地方金融改革实践中形成的五大发展模式——区域金融中心模式、科技产业金融循环模 式、政府投行招商模式、金融服务新要素模式、地方特色金融服务模式。值此之际，以期为"十五五"时 期地方探索"金融有为"之路提供一些思路参考。 "十五五"规划建议明确提出建设现代化产业体系，巩固壮大实体经济根基。构建健全、高效、富有竞争 力的产业体系，已成为"十五五"时期各地改革发展的首要任务。地方产业体系的发展一方面受制于当地 资源禀赋及产业结构特征，另一方面也与地方政府的主动招引、主动布局紧密相关。近年来，各地为推 进战略性新兴产业发展，在项目招引、产业政策及配 ...

Core Viewpoint - Insurance capital, characterized by its large scale, long duration, and strong stability, is becoming a key target for investment attraction across various regions in China [1][5]. Group 1: Regional Efforts to Attract Insurance Capital - Multiple regions, including Tibet and Shaanxi, have recently implemented policies and organized special activities to attract insurance capital investments [1][5]. - The Tibet Autonomous Region has initiated actions to encourage insurance capital investment, exploring partnerships with state-owned enterprises and large private enterprises [1][5]. - Shaanxi Province hosted an event to promote insurance capital investment, attracting over ten leading domestic insurance institutions [1][5]. Group 2: Characteristics and Benefits of Insurance Capital - Insurance capital is recognized for its large single investments and long investment cycles, providing stable financial support for local economic development [1][6]. - The capital is particularly beneficial for long-term major projects, especially in infrastructure and industrial upgrades, helping alleviate local financing pressures and promoting high-quality economic growth [2][6]. Group 3: Diversification of Investment Methods - The investment approach of insurance capital has evolved from primarily debt and equity to a diversified model that includes stocks, real estate, and private equity funds [3][7]. - A notable example includes the introduction of insurance institutions into a private equity fund in Henan, marking a significant breakthrough in insurance capital investment [3][7]. - Insurance capital is increasingly targeting sectors beyond traditional infrastructure, such as technology and elderly care, with recent projects signed in these areas [3][7]. Group 4: Regulatory Support and Future Trends - The enhancement of insurance capital investment enthusiasm is supported by regulatory policies aimed at promoting high-quality development in the insurance industry [4][8]. - Future investment trends may see insurance capital expanding into areas like technological innovation and green industries, with a focus on risk prevention and long-term benefits [4][8]. - Predictions indicate a shift from traditional debt investments to tools like REITs and industrial funds, aiming to create a closed loop of investment, operation, and exit to improve capital efficiency [9].

Core Viewpoint - The Zhejiang Provincial Committee emphasizes the importance of creating a favorable innovation ecosystem and a first-class business environment in its proposal for the 15th Five-Year Plan for Economic and Social Development [1] Group 1: Innovation Ecosystem - The proposal aims to improve the mechanism for technology innovation investment and develop patient capital [1] - It seeks to establish a market-oriented system for the transformation and application of scientific and technological achievements, including reforms for the entire chain and cycle of achievement transformation [1] - There is a focus on optimizing the industrial ecosystem and promoting collaborative innovation along the industrial chain [1] Group 2: Intellectual Property and Cultural Development - The plan includes high-level construction of a strong intellectual property province, with mechanisms for nurturing, utilizing, and protecting intellectual property [1] - It aims to foster an innovation culture that encourages responsibility, values innovation, and tolerates failure [1] Group 3: Market Reforms and Business Engagement - The proposal accelerates the implementation of comprehensive reforms for market-oriented allocation of factors in Hangzhou, Ningbo, and Wenzhou [1] - It emphasizes the need for regular communication mechanisms with private enterprises and the establishment of a responsive platform for business needs [1]