Core Viewpoint - State-owned capital is accelerating investments in strategic emerging industries and technological innovation, with a target of 2.5 trillion yuan in investments by 2025, accounting for 41.8% of total investments [1] Group 1: Investment Scale and Focus - By 2025, central enterprises are expected to complete strategic emerging industry investments of 2.5 trillion yuan, with current venture capital fund sizes nearing 100 billion yuan [1] - As of December 2025, the fund system of China Chengtong is projected to reach 710 billion yuan, with over 170 billion yuan invested in strategic emerging industries [2] - The National Investment Group has invested over 200 billion yuan in strategic emerging industries, managing 61 funds with a total subscription scale of 345.1 billion yuan [3] Group 2: Investment Strategy and Mechanisms - The investment strategy focuses on high-end chips, artificial intelligence, and other key areas, utilizing a "early, small, and long-term" investment approach to address market investment gaps [3] - Local state-owned capital funds are actively integrating into regional economic development, with specific plans to support hard technology sectors like semiconductors and AI [4] - Various cities are optimizing investment environments and establishing error-tolerance mechanisms to support early-stage investments in hard technology [5] Group 3: Regulatory and Structural Enhancements - The State-owned Assets Supervision and Administration Commission has introduced measures to enhance compliance and accountability in investment operations, including a compliance exemption clause [6] - Experts suggest that state-owned capital funds should strengthen regional coordination to avoid redundant investments and improve resource allocation efficiency [6] - Recommendations include embedding error-tolerance into performance evaluations and allowing for individual project losses within an overall profitable framework [6]

Group 1 - The core viewpoint is that the development logic of listed companies has shifted from scale expansion and short-term arbitrage to value creation and long-term win-win scenarios, with a focus on technology-driven new productive forces [1] - Capital is increasingly concentrating on high-quality innovative enterprises, with shareholder returns deeply linked to corporate value [1] - Companies are accelerating their global industrial chain layout as part of this new development logic [1] Group 2 - The China Securities Regulatory Commission (CSRC) emphasizes the need to promote the growth of listed companies' value and governance, focusing on building an ecosystem that matches high-quality development [2] - Key aspects of institutional construction include creating a system that supports superior companies while limiting weaker ones, promoting high-level circulation of capital, technology, and industry [2] - The issuance system should shift from "approvability" to "investability" to enhance the alignment between listed companies and new productive forces [2] Group 3 - The focus should be on three areas for high-quality development: deepening the registration system reform, constructing a "long money long investment" ecosystem, and solidifying corporate governance and return foundations [3] - The issuance side should emphasize information quality and sustainable operational capabilities to allow truly competitive companies to enter the market [3] - Long-term capital should be cultivated to stabilize market pricing and encourage companies to prioritize shareholder returns through mechanisms like dividends and buybacks [3]

本报记者 吴晓璐 2026年地方两会如火如荼。资本市场作为服务实体经济、支持科技创新的重要平台，成为地方政府工作报告重点部署领 域。 从企业上市培育到上市公司质量提升，从REITs扩容到耐心资本壮大……地方政府结合本地特色，积极主动运用资本市场 工具，推动资本向科技创新等关键领域集聚，推动资本市场枢纽功能持续升级，为地方经济高质量发展注入强劲动能。 与往年相比，今年地方政府工作报告对资本市场的安排呈现多方面变化。中国银河证券首席经济学家章俊表示，首先，发 展导向转向价值驱动，更加突出高质量上市、并购重组和市值管理，通过优化资源配置提升上市公司长期投资回报能力；其 次，资本配置逻辑由分散支持转向产业聚焦，紧扣区域比较优势，将金融资源有序引导至战略性新兴产业，推动资本与产业深 度耦合；最后，政策重心由短期融资支持升级为长期赋能体系，壮大耐心资本，引导资金投早、投小、投长期、投硬科技，推 动资本由"输血工具"转型为"成长引擎"。整体来看，各地正通过制度重构与机制优化，推动资本市场从"服务融资"迈向"服务发 展"的新阶段。 企业上市"质量优先" 在各地政府工作报告对资本市场的部署中，"上市"始终占据核心位置。地方政府 ...

Core Viewpoint - The Shanghai government aims for a GDP growth of around 5% for the year, with a focus on developing future industries and enhancing the modern industrial system [1][2][3] Economic Goals - The expected GDP growth for Shanghai in 2026 is also around 5%, with a target GDP of 5.67 trillion yuan by 2025, reflecting a growth of 5.4% [2] - Local general public budget revenue is projected to reach 850 billion yuan, with a growth of 1.5% [2] - The report sets a goal for R&D expenditure to be approximately 4.6% of the city's GDP, with an urban unemployment rate targeted to remain within 5% [2] Industry Development - The report emphasizes the cultivation of future industries such as brain-computer interfaces and fourth-generation semiconductors [3] - Implementation of the "Artificial Intelligence +" initiative is highlighted, focusing on enhancing computing power infrastructure and promoting the use of new intelligent terminals and models [3] - The construction of high-level innovation communities and the development of specialized industrial parks are prioritized [3] Investment and Infrastructure - A total of 255 billion yuan is planned for major engineering investments this year, including the construction of various metro lines and significant infrastructure projects [4] - The report outlines the initiation of several key transportation projects, including the extension of existing metro lines and the construction of new railways [4] Financial Reforms - The report calls for deepening financial system reforms and enhancing the construction of the Sci-Tech Innovation Board [5] - It aims to improve the connectivity of bond markets and explore the establishment of an offshore financial system [5] - There is a focus on fostering long-term and patient capital, enhancing the integration of finance and industry, and supporting sectors such as technology innovation and green development [5] Social Services - The report includes plans to reform elderly care services, with the addition of 2,000 cognitive care beds and 200 community-based elderly service stations [5] - It emphasizes the need for diverse services in community elderly care, including meal assistance and medical support [5]

2月3日，上海市第十六届人大四次会议开幕，上海市市长龚正作《政府工作报告》。 龚正表示，综合各方面因素，建议今年全市经济社会发展的主要预期目标包括：全市生产总值增长5% 左右。报告显示，上海市2025年生产总值达到5.67万亿元、增长5.4%，好于预期。 要点概览： 2026年主要预期目标包括上海市生产总值增长5%左右 大力培育发展脑机接口、第四代半导体等未来产业 深入实施"人工智能+"行动 加快构建现代化产业体系 2026年全年要完成重大工程投资2550亿元 更大力度培育壮大长期资本、耐心资本 深化养老服务改革 今年上海GDP增长目标5%左右 报告显示，2025年，上海市经济社会发展稳中有进、进中提质，经济持续回升向好。2025年，上海市生 产总值达到5.67万亿元、增长5.4%，好于预期。地方一般公共预算收入达到8500亿元、增长1.5%。 龚正表示，综合各方面因素，建议今年全市经济社会发展的主要预期目标包括：全市生产总值增长5% 左右，地方一般公共预算收入增长2%，全社会研发经费支出相当于全市生产总值的比例达到4.6%左 右，城镇调查失业率5%以内，居民人均可支配收入增长与经济增长保持基本同步，居民消费 ...

资本市场再融资的重要配套规则迎来系统性修订。 1月30日，证监会就《关于修改〈证券期货法律适用意见第18号〉的决定（征求意见稿）》（以下简称 《法律适用意见》）向社会公开征求意见。此次修订的核心，是为引入"耐心资本"开辟制度通道，推动 上市公司再融资的战略投资者制度从原则性规定走向精细化、可操作的新阶段。 根据《法律适用意见》，其首次将全国社保基金、基本养老保险基金、 企业年金、职业年金、 商业保 险资金、公募基金、社保基金、银行理财等中长期机构投资者明确定义为"资本投资者"，与传统的"产 业投资者"并列，成为合格的战略投资者。 最为关键的变化是确立了5%的持股比例门槛，这意味着战略投资者不能再进行象征性的小额投资。 5%的比例绝非偶然，它往往直接关联到提名董事、参与公司治理的实质性权力，迫使投资者从"财务旁 观者"转向"治理参与者"。 同时，《法律适用意见》构筑了严密的监管防线，明确禁止通过代持、融券、衍生品交易等方式规避持 股期限、变相减持，彻底封堵"假战略、真套利"的操作空间。 此外，本次修订致力于构建一个贯穿事前、事中、事后的长效闭环监管体系。它要求战略合作的具体安 排、资源导入承诺必须白纸黑字写入协 ...

Core Viewpoint - The new regulation proposed by the China Securities Regulatory Commission aims to expand the types of strategic investors and promote the deep integration of "patient capital" with listed companies, shifting capital investors from "financial investment" to "value creation" [1][7]. Group 1: Expansion of Strategic Investors - The new regulation significantly broadens the definition of strategic investors to include various institutional investors such as national social security funds, basic pension insurance funds, corporate (occupational) annuities, commercial insurance funds, public funds, and bank wealth management [2][8]. - Capital investors are required to hold at least 5% of a listed company's shares and must introduce strategic resources or significantly improve the company's governance and internal controls [2][8]. Group 2: Role Transformation of Capital Investors - Institutional investors are encouraged to evolve from merely being secondary market traders or financial investors to becoming deep value discoverers and active shareholders [3][9]. - Public funds are urged to break free from short-term performance metrics and explore long-term locked products focused on improving corporate governance [3][9]. - Social security and insurance funds, which naturally possess long-term attributes, will have their advantages further enhanced, necessitating more proactive post-investment management [3][9]. Group 3: Macro Perspective on Capital Market Ecosystem - The rule revision is seen as a crucial step in restructuring the Chinese capital market ecosystem, enhancing the effectiveness of corporate governance and focusing on long-term sustainable development rather than short-term stock price fluctuations [4][10]. - A market supported by more "patient capital" will reflect the intrinsic value and long-term prospects of enterprises, improving the overall asset supply efficiency and investment attractiveness of the capital market [4][10]. - The relationship between listed companies and capital investors is expected to shift from transactional to partnership-oriented, with "patient capital" becoming a more frequent presence in the shareholder structure of quality listed companies [4][10]. Group 4: Future Implications for Capital Market - As capital market reforms progress, "patient capital" characterized by long-term holding and value creation is anticipated to become a key force influencing corporate governance [5][11]. - This transition requires capital investors to develop deep industry insights and governance capabilities, while listed companies must adopt a more open and collaborative mindset to effectively utilize these "capital + strategy" investors [5][11]. - Establishing pathways to convert "patient capital" into active strategic investors is essential for channeling financial resources into the real economy, ultimately fostering a more resilient and efficient high-quality development ecosystem in the Chinese capital market [5][11].

首先，新规明确了"耐心资本"的运作逻辑远不止财务投资，而是深度融入产业发展的价值共创。本次修订最引人注目的变 化有两点：其一，是战略投资者类型的显著扩大。新规拟将全国社保基金、基本养老保险基金、企业（职业）年金、商业保险 资金、公募基金、银行理财等机构投资者纳入战略投资者范畴，并将其定义为"资本投资者"，与此前以产业协同为核心的"产 业投资者"形成并立双轨，这标志着监管层从制度上对金融资本作为企业"战略稳定器"价值的认可。其二，是设定了清晰的参 与门槛。资本投资者认购上市公司股份原则上不低于5%，并需要为上市公司引入战略性资源，或者显著改善上市公司治理和 内部控制。引导"耐心资本"入场，并赋予其切实的责任与话语权，能从根源上杜绝以往市场中存在的"象征性持股"或"假战略、 真套利"行为，让资本投资者真正参与到上市公司的价值创造过程中。 其次，新规将推动资本投资者转变角色定位，提升资本的耐心和专业性。机构投资者不能再满足于扮演二级市场的交易者 或财务投资者，而要向深度价值发现者与积极股东"进化"。比如，对于公募基金而言，这要求其突破以相对排名和短期业绩为 核心的考核窠臼，探索设立长期锁定、专注于公司治理改善的专项 ...

关注投资家，⭐，您会收到最新推送 根据此前报道，粤港澳基金拥有长达20年的存续期（10年投资期+10年退出期），坚持"投早、投小、 投长期、投硬科技"，重点投向集成电路、人工智能、航空航天、低空经济、生物制造、未来能源等领 域的早期项目和种子期企业，支持企业聚焦前沿领域开展原创性、颠覆性技术攻关。 作者 | FOFWEEKLY 来源 | FOFWEEKLY 千亿级国家队母基金正式进入实质出资阶段。 最新进展 一纸公告，引起行业广泛关注。 1月31日，粤港澳大湾区创业投资引导基金（以下简称"粤港澳基金"）正式面向社会公开遴选子基金管 理机构，这不仅标志着这只聚焦大湾区的区域母基金进入实质运作阶段，同时也是备受关注的国家创业 投资引导基金体系，迎来了首支进入出资阶段的区域性母基金。 自2025年12月26日国家创业投资引导基金高规格启动以来，这艘规模达千亿的"资本航母"将如何落子， 一直是市场关注的焦点。根据规划，引导基金设置"基金公司—区域基金—子基金"3层架构。 其中，京津冀创业投资引导基金、长三角创业投资引导基金、粤港澳大湾区创业投资引导基金均已在去 年年底完成工商注册。 而此次，粤港澳基金则展现出了令人瞩 ...

导读： 国家队母基金"发令枪响"，一级市场迎来结构性活水。 作者丨FOFWEEKLY 千亿级国家队母基金正式进入实质出资阶段。 最新进展 一纸公告，引起行业广泛关注。 1月31日，粤港澳大湾区创业投资引导基金（以下简称"粤港澳基金"）正式面向社会公开遴选子 基金管理机构，这不仅标志着这只聚焦大湾区的区域母基金进入实质运作阶段，同时也是备受关注 的国家创业投资引导基金体系，迎来了首支进入出资阶段的区域性母基金。 耐心资本加速入场 粤港澳基金的快速出资并非个例，而是广东省乃至全国系统性构建"耐心资本"生态体系的一个缩 影。 除了备受关注的粤港澳基金外，广东省引导基金已于去年12月18日完成工商注册，首笔100亿元 注册资本已经实缴到位，下一步将加快推动母基金遴选和资金投放。 据介绍， 省引导基金采用三层架构，第一层在引导基金层面，坚持省级系统谋划和整体推进，强 化产业规划、基金投资和政策要素协同；在母基金和子基金层面，强化央地合作和省市联动，积极 吸引央企资本、金融资本、产业资本、社会资本， 并且也将在全国范围遴选优秀投资机构担任管 理人。 在近期 举行的广东省十四届人大五次会议省直部门专场记者会上 ， 广东省发 ...