Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes maintaining market stability as the primary regulatory task, focusing on risk prevention in bond defaults and private equity funds to create a favorable environment for high-quality capital market development [1] Group 1: Regulatory Focus - The CSRC held an expanded meeting to study and implement specific measures for capital market development based on Xi Jinping's financial discourse during his tenure in Fujian [1] - The meeting highlighted the importance of establishing a normalized mechanism for market stability [1] Group 2: Risk Management - The CSRC aims to prevent risks in areas such as bond defaults and private equity funds in a smooth and orderly manner [1] - Continuous optimization of capital market mechanisms for equity and debt financing, as well as mergers and acquisitions, is a priority [1] Group 3: Support for Innovation - The regulatory body seeks to promote the efficient aggregation of resources towards sectors with the highest potential, thereby better supporting the integration of technological and industrial innovation [1]

Group 1 - The event held on June 26 in Xi'an focused on the integration of commercial aerospace technology innovation and industrial innovation, aiming to inject new momentum into the high-quality development of the regional economy [1] - More than ten western provinces and regions signed the "Initiative for Empowering Industrial Innovation Development through Intellectual Property" to promote collaborative innovation and deepen the integration of intellectual property with industrial development [1] - The event featured the release of "Double Five-Star" matching patents in the commercial aerospace sector and included expert discussions on industry development trends and patent conversion [1] Group 2 - Six universities, including Xi'an Jiaotong University and Northwestern Polytechnical University, signed patent conversion project agreements with enterprises, totaling over 50 million yuan [2] - The "Qin Zhi Dai" cooperative bank signed credit agreements with four service enterprises, with a total credit amount of 35 million yuan [2] - The National Intellectual Property Operation (Shaanxi) Advanced Technology Transformation Platform plans to deepen cross-regional cooperation in patent conversion among western provinces, leveraging the "Lingxi Plan" to build an integrated service platform for technology and industrial innovation [2]

Group 1 - The core viewpoint emphasizes the need for cultivating patient capital to bridge the funding gap and cycle mismatch in the integration of technological and industrial innovation [1][2] - The China Securities Regulatory Commission (CSRC) chairman highlighted the importance of long-term capital in supporting the sustainable growth of technology enterprises [1][4] - Private equity funds play a crucial role in nurturing patient capital, as they align with the growth patterns of technology innovation and cover the financing needs throughout the lifecycle of tech companies [1][2] Group 2 - Recent data shows that private equity and venture capital funds have invested in 90% of companies listed on the Sci-Tech Innovation Board and over half of those on the Growth Enterprise Market [2] - As of April 2025, there are nearly 20,000 private fund managers managing over 140,000 funds with a total scale of 20 trillion yuan [2] - The CSRC plans to focus on enhancing the fundraising, investment, management, and exit processes of private equity funds to attract more long-term capital [2][3] Group 3 - The development of technology innovation indices can provide a safety net and value anchor for patient capital by accurately selecting technology assets with long-term growth potential [3] - The introduction of public funds with technology attributes can transform fragmented and short-term market funds into long-term capital supporting technological innovation [3] - Since the launch of the "Eight Measures for the Sci-Tech Innovation Board," multiple technology innovation indices have been released, significantly contributing to attracting incremental capital into the market [3][4] Group 4 - The continuous nurturing of patient capital is essential for the growth of technology and industrial innovation, with expectations for improved policy environments and diversified funding sources [4] - The capital market is anticipated to accelerate the cultivation of patient and long-term capital to support the growth of technology enterprises and the rise of emerging industries [4]

Core Viewpoint - The integration of technological innovation and industrial innovation is essential for driving economic growth, and the capital market plays a pivotal role in this process [1][3][5]. Group 1: Capital Market's Role - The capital market must enhance its hub function to better support the integration of technological and industrial innovation [3][4]. - Continuous reform of the capital market is necessary to create a resilient and dynamic ecosystem that facilitates a virtuous cycle among technology, capital, and industry [1][5]. Group 2: Innovation Ecosystem - Building a more efficient innovation ecosystem centered around the capital market is crucial for accelerating the integration of technological and industrial innovation [5][6]. - Key areas for improvement include refining capital market regulations, fostering long-term capital, and establishing a collaborative innovation ecosystem [5][6][7]. Group 3: Resource Allocation - There is a need to guide various resources towards innovation fields through tax incentives and financial subsidies [7][8]. - Enhancing the market efficiency of core elements such as technology, data, talent, and capital is vital for stimulating innovation [7][9]. Group 4: Chain Integration - Effective integration of the innovation chain, industrial chain, funding chain, and talent chain is essential for achieving high-quality development [9]. - Promoting collaboration among enterprises, academia, and research institutions is necessary to facilitate the transformation of scientific achievements into practical applications [9].

作 者丨柳宁馨 编 辑丨李博 视 频丨柳润瑛 实习生余星惠 今年以来，De e pSe e k等杭州"六小龙"备受关注，引发各地城市对自身产业创新发展的反思浪 潮，形成了产业创新发展的"杭州效应"。 "杭州效应"背后，一是外界纷纷关注杭州为何能诞生如此多的科创企业，二是跳出杭州看， 着力推动科技创新与产业创新融合发展，成为当前城市发展的一大趋势。 2 1世纪经济报道记者近期走访杭州余杭、滨江、拱墅、钱塘、富阳等产业强区发现，杭州在 全国较早开启招才引智体系化工作，又回归市场逻辑，让科创企业在适宜的产业生态中迅速 壮大。经过优势产业迭代，杭州科创产业集聚区的作用日渐明显，良性循环的产业生态又吸 引更多科创企业加入。 杭州高新区（滨江）在全省最早推出高层次人才创业支持政策" 5 0 5 0计划"，每年引进人才超4 万，人才总量超5 0万。目前，杭州高新区（滨江）已经是浙江省数字经济第一区、浙江省上 市 公 司 第 一 区 ， 2 0 2 4 年 全 区 实 现 GDP2 8 8 7 亿 元 ， 已 累 计 培 育 上 市 公 司 7 4 家 ， 拥 有 专 精 特 新"小巨人"企业1 0 0家，国高企超过2 8 ...