Core Viewpoint - The article emphasizes the transition to a "precision farming era" in the global economic landscape, highlighting the importance of long-term value creation and ecological collaboration in business practices [3][4]. Group 1: Event Overview - The 2025 36Kr Industry Future Conference will be held in Xiamen from September 10 to 11, focusing on five core sectors: artificial intelligence, low-altitude economy, advanced manufacturing, new energy, and consumer goods [5][11]. - The conference aims to gather top minds from government, capital, and industry to collaboratively outline the future of China's industrial development [5][11]. Group 2: Market Dynamics - The Chinese venture capital market has shown remarkable resilience over the past year, with hard technology and advanced manufacturing emerging as dominant themes [7]. - The role of capital is shifting from mere supply to ecosystem builders, with "patient capital" becoming a cornerstone for driving industrial innovation [7][8]. Group 3: Capital and Collaboration - Local state-owned assets and government-guided funds are leading the charge in transforming capital's role from financial return to creating a sustainable ecosystem for innovative enterprises [8]. - The 2025 venture capital market is entering a new cycle characterized by "hard technology + scene landing + patient capital," necessitating a meticulous approach to grasp industrial development trends [8]. Group 4: Conference Activities - The conference will feature a "9.8-mile run" event designed to connect participants with Xiamen's scenic landmarks, symbolizing the integration of "patient capital and long-term companionship" [12]. - The agenda will focus on how government, capital, and industry can collaborate to address pain points and bottlenecks in industrial development [12]. Group 5: Symbolism and Call to Action - "Jiahe," the ancient name for Xiamen, symbolizes hope, resilience, and harvest, reflecting the need for meticulous efforts in the current market environment [13]. - The conference serves as a declaration and call to action for industry builders, capital enablers, and policy guides to witness and shape a brighter future for China's industry [13].

Core Viewpoint - Multiple local government guidance funds are extending their duration to meet the investment needs of technological innovation, with many extending to over 10 years, and some even reaching 15-20 years [1][2]. Group 1: Government Fund Initiatives - Shanghai has established a future industry fund with a total scale of 10 billion yuan, featuring a 15-year duration that can be extended by 3 years [3][4]. - Guangdong's second phase of the semiconductor and integrated circuit industry equity investment fund has a duration of 17 years, with an initial capital of 11 billion yuan [5]. - Shenzhen is also extending the duration of its guiding funds, with a new 2 billion yuan technology innovation seed fund extending its duration from 5-10 years to 15 years [6]. Group 2: Policy Implications - The extension of fund durations aims to address the "mismatch" between capital cycles and industry cycles, particularly for long-cycle industries like hard technology [9]. - The shift in fund duration reflects a correction in the ecosystem of RMB funds, which previously had short durations due to the liquidity demands of early-stage investors [10]. - The adjustment in government fund assessment logic will focus more on long-term industry value rather than short-term returns, indicating a shift towards nurturing industry development [11]. Group 3: Economic Context - Government funds are positioned to provide counter-cyclical adjustments during economic transitions, stabilizing industry expectations when market capital is hesitant [12]. - The effectiveness of these initiatives will depend on the gradual improvement of supporting mechanisms and will require time for evaluation [13].

Group 1 - The event "Cape of Good Hope Science Salon" focused on the application of artificial intelligence and robotics in space exploration, highlighting potential uses such as space debris collection and satellite maintenance [1][3] - The event attracted over 20 young scholars from prestigious UK universities and representatives from Chinese research institutions, emphasizing international collaboration in technology transfer [1][3] - The development of artificial intelligence is accelerating the "AI-ization" of various sectors, with expectations of driving economic growth and the need for patient capital in China's tech investment landscape [3] Group 2 - Shanghai is positioning itself as a hub for artificial intelligence development and is actively promoting patient capital through initiatives like the launch of three major guiding industry mother funds totaling 100 billion yuan [3] - The Future Industry Fund in Shanghai, announced earlier this year, aims to support the transformation of technological achievements from "0 to 1" and is designed as a counter-cyclical patient capital with a 15-year investment period [3]

Group 1 - The core viewpoint of the article emphasizes the launch of the "Patience Capital National Tour and Industry-Finance Connection Special Action" aimed at fostering a new financial production relationship and enhancing the "technology-industry-finance" cycle [1][4] - The strategic transformation of Asset Investment Companies (AIC) is highlighted, shifting from risk prevention to long-term investments in hard technology, focusing on nurturing new productive forces through professional empowerment [2][3] - Zhang Minghe, Chairman of Jianxin Investment, stated that the company has achieved nearly 500 billion yuan in equity business and over 60% of its investments in the technology sector in the past three years, emphasizing its commitment to supporting key areas of the modern industrial system [3] Group 2 - Jianxin Investment, as a wholly-owned subsidiary of China Construction Bank, aims to provide comprehensive financial services for technology enterprises, including equity, debt, and various innovative financial products, with investment periods typically ranging from 5 to 10 years [3] - The article calls for collaborative efforts to create a favorable policy environment and enhance the comprehensive advantages of AICs, encouraging government support in strategic national projects and technology routes [4] - The launch event was co-hosted by several financial asset investment companies, emphasizing the theme of "Equity Investment Synergy and Industry-Finance Win-Win" [4]

Group 1 - The national action themed "Equity Investment Synergy: Win-Win through Industry-Finance Integration" was launched in Beijing, focusing on expanding the pilot scope of Asset Investment Companies (AIC) to 18 cities and their provinces, accelerating the layout of state-owned bank AIC institutions to enhance technology finance [1][2] - AIC is becoming a core force in the financial "national team" that supports the entire lifecycle of technology innovation enterprises, leveraging long-term capital supply, industry collaboration, and risk control advantages [1][4] - As of June, AIC institutions have made significant investments in strategic emerging industries, with total investment in the technology sector exceeding 1.7 trillion yuan [2][4] Group 2 - Agricultural Bank's AIC, focusing on technology innovation, has invested in 93 projects totaling 20.3 billion yuan, establishing 12 equity investment funds with a total subscription scale of 11.3 billion yuan [3] - Bank of China’s AIC has achieved full coverage of reserve funds in 18 pilot cities, with an intention to cooperate exceeding 50 billion yuan and has completed the establishment of 16 funds [3] - AIC institutions are exploring diversified technology financial services, integrating equity investment with market-oriented debt-to-equity swaps to provide stable capital supply for technology innovation [6][7] Group 3 - AIC has unique advantages in long-term capital, industry collaboration, professional capabilities, and risk management, positioning itself as a key player in providing patient capital [4][5] - The investment strategy includes supporting both traditional industries' transformation and nurturing strategic emerging industries, with a focus on early-stage enterprises through initiatives like the "New Seed Plan" [7][8] - As of June, the total investment in technology enterprises by a specific AIC reached nearly 120 billion yuan, with around 50 private equity funds initiated, effectively amplifying financial support for technological innovation [7]

Core Viewpoint - The launch of the "National Action for Patience Capital" aims to link various resources and promote a virtuous cycle of "technology-industry-finance" to support the construction of a Chinese-style technology finance system [1][9]. Group 1: AIC's Role and Expansion - The National Financial Supervision Administration has expanded the AIC's equity investment scope to 18 pilot cities, indicating a significant increase in trial regions within six months [2]. - AIC is becoming a benchmark for investment and financing, forming a new breakthrough in cultivating new productive forces [2]. - AIC institutions are leveraging their advantages in long-term capital, industry collaboration, professional capabilities, and risk management to provide stable patient capital [5][6]. Group 2: Investment Achievements - ICBC's investment arm has achieved a cumulative market-oriented debt-to-equity swap scale exceeding 400 billion yuan and a private equity fund management scale of over 250 billion yuan [3]. - Agricultural Bank's investment company has invested in 93 projects totaling 20.3 billion yuan, focusing on key national strategies and hard technology fields [4]. - Construction Bank's investment has reached nearly 500 billion yuan in equity business, with over 60% of investments in the technology sector in the past three years [5][8]. Group 3: Future Directions and Strategies - AIC is exploring diversified technology financial services and enhancing its role as patient capital by integrating various financial products [7]. - The focus is on supporting both traditional industries' transformation and the growth of strategic emerging industries [7]. - The action aims to create a collaborative innovation network and facilitate efficient connections between patience capital and industry [9].

Core Insights - The article highlights the development of the Chengxi Science and Technology Innovation Corridor, which has successfully attracted a significant number of high-tech enterprises and financial institutions, creating a robust ecosystem for innovation and investment [5][10]. Group 1: Ecosystem Development - The Chengxi Science and Technology Innovation Corridor has gathered 144 (quasi) unicorn companies, accounting for over 35% of the city's total, and more than 4,000 national high-tech enterprises, representing over 25% of the city [5]. - The corridor has established a technology finance service alliance with 80 member units, including banks, securities firms, and insurance companies, aimed at creating a comprehensive financial service ecosystem for tech enterprises [6][7]. Group 2: Financial Services and Products - The alliance focuses on providing tailored financial products to address the unique needs of tech startups, such as the "Hug Seed Loan," which has provided a total of 2.8 billion yuan in loans to 239 key nurturing "new seed enterprises" over two years [10][15]. - Innovative insurance products, like the first biopharmaceutical research equipment insurance in the province, have been introduced to mitigate risks for high-tech companies [9]. Group 3: Government and Capital Interaction - The government plays a crucial role in facilitating capital flow by establishing funds and providing financial support, with an annual allocation of 1.9 billion yuan for innovation development [12][14]. - A "proactive credit" mechanism has been initiated, allowing banks to assess and grant credit to tech enterprises without direct interaction, enhancing the likelihood of loan approvals for small businesses [15]. Group 4: Challenges and Solutions - Many tech startups face challenges in securing long-term and patient capital, particularly those in sectors with longer return cycles [12]. - The corridor is actively addressing these challenges through various initiatives, including the introduction of a "guarantee service" for talent projects, which has facilitated 1.9 billion yuan in financing [11].

Group 1 - The concept of "long-term investment" has gained significant attention in recent years, with policies being developed to support it from top-level design to operational details [1] - Swiss private partnership firm, Pictet, has a long-standing commitment to long-term investment, tracing its history back to 1805, and has evolved into Switzerland's second-largest international financial institution [1] - Alexandre Tavazzi, Chief Investment Officer at Pictet, defines long-term investment as a 10-year horizon, with his team analyzing economic conditions and asset class returns over this period [1] Group 2 - The global economic landscape is undergoing "tectonic shifts," with structural impacts being more critical than cyclical ones in the next decade [4][5] - Negative impacts from U.S. policies include tariffs that effectively tax consumers and a government efficiency initiative that has not yielded expected savings [3] - Positive aspects include regulatory relaxations in the financial sector, allowing banks to operate with lower capital ratios, potentially increasing lending [3] Group 3 - The U.S. economy's stability, security guarantees, and high-return assets are being questioned, with increasing policy uncertainty since the Trump administration [6] - The attractiveness of U.S. assets is declining, particularly as competition from emerging sectors in China grows [7] - The long-term U.S. Treasury yield is viewed negatively due to insufficient compensation for risks, leading to a strategy of shortening duration in bond investments [8] Group 4 - Europe is experiencing significant changes, with Germany planning to abolish its debt brake and invest heavily in military and infrastructure, potentially leading to faster growth in the next decade [9] - The forecast for economic growth over the next decade predicts a U.S. growth rate of 1.8% and a Eurozone growth rate of 1.5%, narrowing the gap between the two regions [10] - Key factors shaping the future include deglobalization, decarbonization, demographic changes, and dominance of fiscal policy, with inflation expected to remain elevated [10]

在中国经济迈向高质量发展的关键阶段，科技创新已成为核心驱动力。而滋养这片"科创森林"的源头活 水，离不开健康、高效的创投生态体系。在这股奔涌的浪潮中，厦门建发新兴产业股权投资有限责任公 司（下称"建发新兴投资"）作为一家国有市场化LP（有限合伙人），以其清晰的定位、专业的运作和 持续的定力，十年间完成了从行业新军到主流参与者的华丽蜕变，走出了一条国有资本支持科创的特色 路径。 在中国经济迈向高质量发展的关键阶段，科技创新已成为核心驱动力。而滋养这片"科创森林"的源头活 水，离不开健康、高效的创投生态体系。在这股奔涌的浪潮中，厦门建发新兴产业股权投资有限责任公 司（下称"建发新兴投资"）作为一家国有市场化LP（有限合伙人），以其清晰的定位、专业的运作和 持续的定力，十年间完成了从行业新军到主流参与者的华丽蜕变，走出了一条国有资本支持科创的特色 路径。 建发新兴投资的成功密码何在？国有LP如何在GP（普通合伙人）与创业者之间架起坚实的桥梁？近 日，上海证券报记者专访了建发新兴投资董事长王文怀，了解其对创投行业生态的深刻理解、产业链协 同的实践路径及对未来趋势的前瞻洞察。 破解国有资本市场化运作难题 "我们始终明确 ...

Core Insights - The article emphasizes the importance of a healthy and efficient venture capital ecosystem in driving technological innovation in China's economy, with Xiamen Jianfa Emerging Industry Equity Investment Co., Ltd. (Jianfa Emerging Investment) highlighted as a key player in this landscape [2][3]. Group 1: Company Overview - Jianfa Emerging Investment has transformed from a newcomer to a mainstream participant in the venture capital industry over the past ten years, supported by state-owned capital [2][3]. - The company has invested in over 70 GP management institutions and more than 120 funds, covering over 2,000 technology innovation projects, with a total investment exceeding 29 billion yuan and generating over 4 billion yuan in net profits [4]. Group 2: Role of LP and GP - The company identifies itself as a Limited Partner (LP), emphasizing its role as a "nurturer" and "enabler" in the venture capital ecosystem, while General Partners (GPs) are seen as the "cultivators" responsible for project discovery and management [3]. - The first five years were crucial for establishing trust and recognition in the market, leading to a solid reputation and positioning for Jianfa Emerging Investment [3]. Group 3: Ecosystem Dynamics - The article describes the technology innovation industry as a vibrant ecosystem, where various participants must work closely together for optimal efficiency [5]. - The current challenge in China's venture capital industry is the relatively underdeveloped "water source" and "reservoir" (LPs), which limits the overall effectiveness of the ecosystem [5][6]. Group 4: Future Directions - The company advocates for the cultivation of "patient capital" and the need for enhanced professionalization among LPs to better manage and allocate resources [6]. - It calls for a more integrated approach between state-owned and market-driven capital to foster innovation and economic development, emphasizing the need for a supportive regulatory environment and diverse capital structures [7][8].