Core Viewpoint - The trend of extending the duration of government-guided funds is emerging in 2025, which may significantly impact the venture capital industry by fostering patient capital and altering the fundraising, investment, and exit ecosystem [2][3][9]. Group 1: Extension of Fund Duration - Historically, RMB venture capital funds had a lifespan of no more than 10 years, often only 7-8 years, limiting their ability to support technology projects through their growth phases [2]. - In 2025, many newly established guiding funds in regions like Beijing, Shanghai, Jiangsu, and Guangdong have durations exceeding 10 years, with some reaching up to 20 years [2][3]. - Existing guiding funds are also modifying management rules to extend their durations, with some second-phase funds extending their terms compared to the first phase [2][3]. Group 2: Impact on Sub-Funds - The extension of the main fund's duration is being reflected in sub-funds, with many sub-funds also seeing their durations extended by 2-3 years [3][4]. - However, the actual operational time for sub-funds remains limited due to the investment period typically set at 5 years, leading to a practical exit period of only a few years [4][6]. - The balance between fund duration and the need for timely exits remains a concern, as overly long durations could lead to complacency among sub-funds [4]. Group 3: Investment Strategies and LP Requirements - Despite the extended duration of main funds, the investment periods for sub-funds have not changed significantly, with most set at 3-4 years [6]. - Limited Partners (LPs) are increasingly demanding strict DPI (Distributions to Paid-In) requirements, emphasizing the need for quicker returns on investments [6][7]. - The focus on a balanced portfolio that includes both quick-return and long-term projects is becoming more pronounced in the industry [6]. Group 4: Industry Sentiment and Future Challenges - The extension of fund durations is viewed positively, fostering a more patient investment mindset within the industry [9][10]. - However, the challenge of ensuring successful exits remains critical, as unresolved exit issues could lead to a backlog of projects [9][10]. - The natural conflict between long-term fund durations and the short-term focus of local officials may pose ongoing challenges for the effective management of these funds [9].

一直以来，人民币创投基金的存续期通常不超过10年，多数仅有7—8年，导致很多基金不得不在企业尚 未迎来爆发式增长便退出市场。大部分人民币基金很难长期、完整支持一个科技项目。 这一难题在2025年迎来转机。证券时报记者观察到，包括北京、上海、江苏、广东等省市新设的多只引 导基金存续期均在10年以上，有的甚至长达20年。部分地区原有的引导基金也修改规则延长存续期，引 导基金的二期基金也较一期基金延长了期限。存续期延长给母基金和子基金的退出留出更多空间，创 投"募投管退"将更从容。 地方政府引导基金纷纷延期 去年年底，深圳市福田引导基金宣布支持延长在管子基金存续期2年，推动各子基金按照合伙协议约定 程序执行延长存续期操作，在国内引导基金行业开"先河"。进入2025年，越来越多的省市引导基金开始 主动延长期限。据记者不完全统计，截至目前，包括湖北、江苏、上海、广东、北京等省市，已纷纷推 出"长续航版"引导基金，以实际行动积极培育耐心资本。 母基金主动延长存续期，是否已经传导至子基金层面？深圳一创投机构负责人对记者表示："我们近期 准备设立一只基金，期限为10年，比前一只基金长了约3年。"对于这个基金期限，国资有限合伙 ...

Core Viewpoint - The extension of the duration of RMB venture capital funds is expected to positively impact the industry by allowing for longer-term investments and exits, fostering a more patient capital environment [1][5]. Group 1: Fund Duration Extension - Historically, RMB venture capital funds had a lifespan of no more than 10 years, with many lasting only 7-8 years, limiting their ability to support technology projects until they reached significant growth [1]. - As of 2025, many newly established guiding funds in regions like Beijing, Shanghai, Jiangsu, and Guangdong have durations exceeding 10 years, with some extending up to 20 years [1]. - Shenzhen's Futian guiding fund has set a precedent by extending the duration of its managed sub-funds by 2 years, prompting other regions to follow suit [1][2]. Group 2: Impact on Sub-Funds - New sub-funds are being established with longer durations, typically around 10 years, which is an increase of approximately 3 years compared to previous funds [2]. - Despite the extension of mother fund durations to 15-20 years, the actual operational time for sub-funds remains around 10-12 years due to the investment period constraints [2][3]. - The investment period for sub-funds is generally set at 3-4 years, and this has not changed significantly despite the overall extension of fund durations [3][4]. Group 3: Industry Sentiment and Future Outlook - The extension of fund durations is seen as a positive signal, enhancing confidence in long-term investments and the development of patient capital within the venture capital ecosystem [5]. - Government guiding funds are expected to play a crucial role in fostering patient capital, as the shift towards longer fund durations helps alleviate short-term pressures [5]. - Some regions are exploring more flexible operational models for mother funds, such as eliminating the distinction between investment and exit periods, which could further enhance investment efficiency [5].

Group 1 - The A-share refinancing market is characterized by a coexistence of "warmth and caution," driven by policy guidance and market choices, with state-owned banks actively engaging in refinancing to support the real economy [1] - Companies are responding to the national strategy of innovation-driven development by expanding capacity and increasing R&D through refinancing, which is essential for industrial upgrading and technological breakthroughs [1] - In the first seven months of the year, the proportion of non-profitable companies among those implementing private placements has increased, indicating a shift towards higher-quality targets in the refinancing market [1] Group 2 - Despite the easing of refinancing audits, over a hundred companies have terminated their refinancing projects this year, with more than 20 voluntarily withdrawing their applications [2] - The withdrawal of refinancing applications is often due to strategic adjustments and changes in financial conditions, alongside strict regulatory oversight of the financing environment [2] - There is typically a time lag in the long-term value release of companies post-refinancing, particularly in high-investment sectors like technology and pharmaceuticals, which require a longer-term perspective from strategic investors [2]

Core Viewpoint - Hong Kong Investment Management Company (referred to as "HKIMC") aims to facilitate Hong Kong's industrial upgrade and transformation by leveraging international long-term capital and focusing on key sectors such as hard technology, life sciences, and green technology [1][3]. Group 1: Company Overview - HKIMC was established in October 2022, with a management scale of 62 billion HKD, and has invested in over 100 companies, with 5 to 10 planning for IPOs in Hong Kong [2]. - The company is fully owned by the Hong Kong Special Administrative Region government, which has provided substantial funding through various investment portfolios [2]. Group 2: Investment Philosophy - The investment logic of HKIMC emphasizes selecting the right sectors, quality teams, and companies that address market pain points [3]. - The focus on hard technology, life sciences, and green technology aligns with the national strategy of "new quality productivity" and addresses Hong Kong's industrial shortcomings [3]. Group 3: Collaboration and Partnerships - HKIMC has announced partnerships with several venture capital firms to create specialized funds and investment platforms aimed at supporting global Chinese tech entrepreneurs and accelerating the application of research outcomes [6]. - The company has achieved a significant capital leverage effect, where every 1 HKD of government funding attracts 4 HKD of market long-term capital [6]. Group 4: Social Value and Financial Returns - HKIMC requires its portfolio companies to achieve a balance between financial returns and social value, encapsulated in the principle of "usable, affordable, and effective" [4]. - The collaborative approach emphasizes mutual respect and win-win outcomes, which are deemed essential in the current complex international environment [7].

Core Viewpoint - The article emphasizes the importance of cultivating patient capital to support the high-quality development of the real economy, particularly in the context of technological innovation and industrial transformation in China [1][3]. Group 1: Characteristics of Patient Capital - Patient capital is characterized by long-term investment behavior, a higher risk tolerance for short-term market fluctuations, and a focus on deep integration with specific fields [1][2]. - This type of capital can create "patient dividends" and achieve "patient premiums" by not pursuing quick profits, thus enabling more substantial long-term investment returns [2]. Group 2: Current Trends in Technological Innovation - Recent advancements in technology, driven by information and energy sectors, indicate a significant growth trend in China's technological and industrial innovation, with notable companies emerging in various high-tech fields [3]. - The 2024 Central Economic Work Conference has called for the expansion of patient capital and greater efforts to attract social capital for venture investments [3]. Group 3: Challenges and Opportunities - Despite achievements, there remains a gap in China's overall technological innovation capabilities compared to developed countries, particularly in original and disruptive innovations, highlighting the urgency to develop patient capital [4]. - Strategies to cultivate patient capital should involve a multi-faceted approach across funding, institutional, and market levels to empower innovative enterprises [4]. Group 4: Funding and Institutional Support - Emphasis on directing long-term capital from sovereign wealth funds, social security funds, and other similar entities towards technological innovation is crucial for creating a supportive investment environment [4]. - Supporting the development of institutional investors specialized in various high-tech fields can enhance market participation and reduce speculative behavior among retail investors [4][5]. Group 5: Market Environment - Improving the long-term mechanisms of the capital market and creating a favorable environment for long-term investments is essential [5]. - Strengthening the regulatory framework and enhancing transparency in information disclosure will help establish stable market expectations and protect investors' rights [5].

Core Viewpoint - The article emphasizes the importance of cultivating patient capital to support the high-quality development of the real economy, particularly in the context of technological innovation and industrial transformation in China [1][3]. Group 1: Characteristics of Patient Capital - Patient capital is characterized by long-term investment behavior, a higher risk tolerance for short-term market fluctuations, and a focus on deep integration with the real economy [1][2]. - This type of capital can create "patience dividends" and achieve "patience premiums" by not pursuing quick profits, thus enabling more substantial long-term investment returns [2]. Group 2: Current Trends in Technological Innovation - Recent advancements in technology, driven by information and energy technologies, indicate a significant growth trend in China's technological and industrial innovation, with notable companies emerging in various high-tech sectors [3]. - The 2024 Central Economic Work Conference has called for the expansion of patient capital and greater efforts to attract social capital for venture investments, particularly in innovative enterprises [3]. Group 3: Challenges and Opportunities - Despite progress, China's overall technological innovation capabilities and industrial sophistication still lag behind developed countries, particularly in original and disruptive innovation, highlighting the urgency to develop patient capital [4]. - The cultivation of patient capital should involve a multi-faceted approach, targeting funding sources, institutional development, and market mechanisms to empower innovative enterprises [4]. Group 4: Funding and Institutional Development - On the funding side, there is a focus on directing long-term capital from sovereign wealth funds, social security funds, insurance funds, and other sources into technological innovation [4]. - Institutional support is needed to develop market-oriented investment institutions specializing in frontier technologies and industries, increasing the proportion of institutional investors in the stock market [4]. Group 5: Market Environment - The article advocates for improving the long-term mechanisms of the capital market to create a favorable environment for long-term investments, including enhancing information disclosure and increasing penalties for securities violations [5].

Group 1: Public Suggestions for the 14th Five-Year Plan - The public suggestion collection for the 14th Five-Year Plan in Beijing has received a significant number of practical and forward-looking opinions, with over 91% focusing on areas such as livelihood security, urban governance, technological innovation, ecological environment protection, and coordinated urban-rural development [1] - Among the contributors, over 77% are employees, technical professionals, and managers from enterprises, indicating a strong willingness from the public to participate in the suggestion process [1] Group 2: Development of Humanoid Robots - Humanoid robots are emerging as a new competitive field in global technology, with the potential to become disruptive products following computers, smartphones, and new energy vehicles [2] - There is a recognized bottleneck in Beijing's humanoid robot industry, characterized by strong research and development but insufficient industrialization [2] - Recommendations include establishing a "Medical Robot Innovation Development Special Fund" to create a rapid channel for clinical needs, technical breakthroughs, and product validation, aiming to lead in the formulation of 2-3 international standards during the 14th Five-Year Plan [2] Group 3: Optimization of State-Owned Enterprise Investment Models - The decline in investment enthusiasm from foreign and private institutions creates an opportunity for state-owned enterprises (SOEs) to fill the gap in funding for innovative and emerging enterprises [3] - Challenges for SOEs include the high uncertainty in the development prospects of new-type enterprises compared to traditional sectors, leading to potential losses or investment failures [3] - Suggestions include relaxing assessment requirements for SOEs involved in technology innovation and venture capital to encourage long-term investment in innovative companies [3][4] Group 4: Global Technology Cooperation Hub - The Daxing International Hydrogen Energy Demonstration Zone has established an international cooperation network by connecting with hydrogen energy resources from 13 countries and signing strategic cooperation agreements [5] - Beijing has made significant progress in international technology cooperation, gradually forming a comprehensive policy system for such collaborations [5] Group 5: Enhancing International Technology Cooperation - There is a need for improvement in strategic depth, emerging field layout, and cooperation mechanism construction in Beijing's international technology cooperation efforts [6] - Challenges include differing data standards, privacy ethics, and intellectual property regulations across countries, which hinder effective international collaboration [6] - Recommendations for enhancing cooperation include optimizing networks, activating innovation ecosystems, and improving talent mobility to build a global technology cooperation hub [6][7]

Core Viewpoint - The recent national two sessions and private enterprise symposium signal a strong push for the integration of technological and industrial innovation, highlighting the promising future of the private economy and the significant role of private enterprises and entrepreneurs in this development [1]. Group 1: Financial Support for Technological Enterprises - Zhejiang Zheshang Bank has served over 30,000 technology-based enterprises, primarily private companies, with a financing balance exceeding 360 billion yuan by the end of 2024, reflecting its commitment to empowering talent and driving technological development [1][4]. - The bank has introduced a "Talent Bank" brand since 2016, focusing on high-level talents and offering various loan products tailored to their needs, resulting in a financing balance of 34.5 billion yuan for nearly 4,000 high-level talents [4][8]. - The bank's innovative financial support model includes a "multi-party risk-sharing model" in collaboration with guarantee companies, which has enabled rapid credit approvals for technology enterprises facing traditional lending challenges [3]. Group 2: Case Studies of Successful Financial Partnerships - Zhejiang Danyan Technology Group, which specializes in unmanned rapid mobility platforms, received a credit line of 1 million yuan from Zhejiang Zheshang Bank during its early stages, facilitating its research and development breakthroughs [3]. - Hangzhou Qifei Intelligent Technology Co., Ltd., which produces drones for agricultural and emergency applications, benefited from the bank's quick response to its funding needs, alleviating short-term supply chain pressures [4]. - Blue Arrow Aerospace, a private rocket manufacturer, received a 50 million yuan loan for a 10-year term to support its factory repurchase plan, demonstrating the bank's role in accelerating the company's growth and technological advancements [5][7]. Group 3: Comprehensive Financial Ecosystem - Zhejiang Zheshang Bank is building a multi-dimensional financial advisory ecosystem to meet the diverse financial needs of technology enterprises at different stages of development, providing comprehensive financial services [8]. - The bank has successfully assisted over 100 enterprises in achieving A-share listings in the past three years, showcasing its effectiveness in supporting high-quality development [8]. - The bank's approach emphasizes "patient capital," focusing on long-term support for technology-based SMEs and industry leaders, thereby fostering a robust industrial backbone [5][8].

作为业内最早开展科技企业股权直投的理财公司之一，信银理财采取多维策略"驰援"科创企业发 展。依托中信集团产融结合优势和母行客户网络，信银理财通过专业化投资团队，推动细分行业研究， 以股权投资和资本市场业务为抓手，强化对优质企业的筛选和甄别，促进科技金融业务和专精特新"小 巨人"的项目储备，目前多个项目已经结出成果。 在选择股权投资项目时，重点考量的因素包括宏观环境情况、所在细分行业情况、企业的资源禀赋 及风险状况、协同发展赋能和投资成本等。具体需要判断企业在未来较长期限内能够符合经济和金融政 策，考核被投企业的估值合理性，还需考察企业科技属性成色、前景预期、行业壁垒、竞争态势和企业 的团队人员、技术实力、股东支持，以及财务稳健性、融资能力、专利技术、法律合规等。这些都离不 开信银理财"耐心"的研究和"潜心"的研究。 从"精准滴灌"到"生态共建" 服务企业全生命周期投融资需求 面对科技型企业"轻资产、高风险、长周期"的特性，信银理财科学构建了"精准滴灌"与"生态共 建"的发展模式，服务企业全生命周期的投融资需求。 在方向选择上，信银理财会优先聚焦当前国家经济发展的核心领域，帮助破解企业融资难题。在先 进制造业方 ...