Core Insights - The report by China Life Asset Management Company addresses how to effectively invest as patient capital, highlighting the growing focus on insurance funds' long-term equity investments [1][2]. Group 1: Global Patient Capital Overview - As of the end of 2023, global patient capital reached a total asset size of $110 trillion, with a rising trend [2]. - Pensions account for 54.4% of this capital, amounting to $59.7 trillion, providing stable funding to capital markets [2]. - Insurance funds represent 32.5% of the total, with a size of $35.7 trillion, despite a decline from 2022 [2]. Group 2: Domestic Pension Investment Landscape - China's secondary market shows significant potential for expanding patient capital, with insurance companies' investment balance reaching 33.26 trillion yuan, and equity investments accounting for 21% [3]. - The basic pension fund's investment scale was 1.86 trillion yuan at the end of 2023, projected to grow to 2.3 trillion yuan in 2024, but the equity allocation remains significantly below international averages [3]. - The overall investment in stocks by insurance funds is 2.43 trillion yuan, representing 3.13% of the A-share market capitalization [3]. Group 3: Value of Patient Capital - Patient capital provides continuous funding support to enterprises, reducing market volatility through stable strategies and low turnover rates [4]. - It focuses on long-term returns, showing low sensitivity to market fluctuations and high risk tolerance [4]. - The investment philosophy emphasizes uncovering intrinsic asset value, prioritizing stable long-term returns over short-term price movements [4]. Group 4: Operational Logic of Patient Capital - The operational logic relies on stable liabilities from long-term institutional investors, ensuring continuous capital supply [6]. - It requires investors to have a value investment mindset and risk tolerance, supporting companies throughout their lifecycle [6]. - A diversified investment tool matrix is essential, utilizing various financial instruments to optimize resource allocation and promote sustainable economic development [6]. Group 5: Patient Capital Allocation Strategy - The strategy combines active and passive approaches to enhance investment returns and mitigate risks [7]. - Focus on high-dividend assets with stable fundamentals and clear business models, such as telecommunications and utilities [8]. - Attention to opportunities arising from technological and industrial revolutions, utilizing various investment vehicles [8]. - Consideration of index investment opportunities through Smart Beta indices and industry-themed ETFs to enhance long-term returns [8][9]. - Diversification into international markets through ETFs in U.S. and Hong Kong stocks, as well as commodities, to reduce the impact of single market volatility [9].

将投中网设为"星标⭐"，第一时间收获最新推送 创投行业已经"熬"了几年了，机会到了。 整理丨 喜乐 来源丨 投中网 2025 年 1 月 7 日，国务院办公厅发布《关于促进政府投资基金高质量发展的指导意见》（简称国办 1 号文），在行业中引发了极大的热议。 对此， 2025 年 4 月 16-18 日，由投中信息、投中网共同主办的第 19 届中国投资年会 · 年度峰会在中关村国际创新中心召开现场中，全国社会保 障基金理事会原副理事长陈文辉，就"抓住时代机遇，推动创投基金高质量发展——兼论国办 1 号文对行业的影响"为主题，对国办 1 号文进行了详细 解读。 陈文辉表示，国办 1 号文的发布对政府投资基金的定位更加精准化，推动了政府投资基金管理机制的优化，推动了政府投资基金的市场化运作，推动了 股权投资市场退出机制的优化，同时政府投资基金的积极参与应是对社会资本的调动效应，而不是挤出效应。 以下是演讲实录，由投中网编辑整理： 各位来宾大家上午好！很高兴应投中的邀请来参加这样一次盛会。 目前最热门的一个话题是美国发起的关税战。在分析美国关税战对中国的影响时，我听到频率最高可能也是分量最重的一个词是 " 熬 " 。 ...

将投中网设为"星标⭐"，第一时间收获最新推送 大胆资本和耐心资本的本质是社会信用，资本市场是社会信用的更高等级的形式。 整理丨 陶辉东 来源丨 投中网 中国创投的退出有多难？ 基石资本董事长张维用他们对全亿健康的控股投资举例，生动展现了这一点。从 2016 年开始，基石资本通过五年整合，让全亿健康成为一家年销售额 达 60 亿元、门店逾 2000 家的连锁药房企业。但一算账发现，如果要想实现 A 股上市并减持退出，至少需要 17 年的时间。最终，基石资本选择把 它卖给了某国际知名私募巨头。"他们的基金周期是 12 年，而我的基金周期是' 5+2 '。" 中国创投面临的是"上市难"与"减持难"的双重难题。这样的现状，对于耐心资本和大胆资本的形成非常不利。张维指出，对上市和减持的严防死守，削 弱了创业的财富效应，因为投资的本质是为了增值，如果不能增值为什么投资？创业者如果不能卖股票又为什么要创业呢？ 历史上的股权分置改革，释放了大量的流通股，股市迎来一个牛市。张维认为，核心是实行真正的注册制，同时实行严格的退市制度，进一步打击造假 和违规信批，从而使资本市场实现动态平衡。 更进一步，张维认为大胆资本和耐心资本的本 ...

作者：MD 在对谈中，龚虹嘉分享了他对于耐心资本、长期主义和成功的天使投资的思考。龚虹嘉谈及 "杭州六 小龙"为何在杭州出现时表示：" 江浙确实活跃着一批专业知识不一定丰富，但是对某一些事物的理 解有自己的独特理解 、 口袋里有一些钱的老板。 " " 老板不能太大了，太大的老板看不上这些事情， 大多数情况是这些老板在 各 种 场合接触，也不懂 就漫不经心地投了一笔，太懂了就投不了这些事情 —— 一想我认识的院士教授干你这个多了，我凭 什么投你 ？一句话，就不投了。 "龚虹嘉说，" 有时候 天使投资 的成功 需要漫不经心。 " 公开信息显示，龚虹嘉于 2001年以245万元投资海康威视（002415.SZ），持股49%，经历多次减持 后，据海康威视2024年第三季度财报显示，龚虹嘉持有海康威视10.42%，持股部分对应市值约270亿 元。 以下为对谈中龚虹嘉的发言（有删节） 谈天使投资的长期主义 长期主义与科技创新的关系，技术的发展是一波一波的， 很多天使投资 都是在社会技术迭代、技术 转型过程中 ，涌现出 我们眼中认为的一些机会。 一波技术过去了你当时看好的项目 ， 没有成功的 概率也是蛮大的 。 这个时候天 ...

文 | 银行螺丝钉 （转载请注明出处） 产的牛熊市周期就更长了，平均15-20年 一轮。 成为日股最大的净买入方，也是最大的日 本指数基金投资方。 在坚持投资了十几年之后，日本央行也坚 特到了日股上涨,获利颇丰。 FJ | 川八丁目 | 阿拉 | 阿伯 | 阿拉 | 阿拉 | 这些机构的特点，是资金量非常庞大，甚 至自己就可以成为影响市场的主力。 那么，有哪些投资者，有希望成为耐心资 本呢? （1） 国家队 例如2024年1月市场下跌,当时中央汇金 为首的、俗称"国家队"的机构，在短短 几个月里，买入数千亿的沪深300等指数 基金，对稳定市场起到了巨大的作用。 类似的，还有日本央行。 从2012年开始，每年定投买入几千亿日元 的日股指数基金。 ·养老金需要支付每年的养老费用; •保险机构每年需要做理赔; 投资周期通常也比较长。 ·高校捐赠基金需要支付高校的科研费用。 所以这类机构比较喜欢长期持有有定期现 金流的资产。 并且喜欢通过指数基金等方式，来分散配 置股票资产。 (2) 养老金、保险机构、高校捐赠基金 这类机构的特点，是有比较长期的资金, 以及每年定期的现金流支出。 例如有利息的债券、高分红的红利股、有 ...

来源丨 投中网 过去两年中，耐心资本成为了热词。在复杂多变的国内外经济环境中，培育壮大耐心资本被视为推进中国科技创新、全面提升经济增长质量的关键举 措。 当技术迭代周期从 " 十年一代 " 压缩为 " 三年一变 " ，当新兴赛道的生命周期不断缩短，资本如何在坚守长期主义的同时实现认知迭代与决策进化？ 如何在不确定性中构建动态耐心，在范式转移中完成自我重塑？ 将投中网设为"星标⭐"，第一时间收获最新推送 长期和复利资本是耐心投资的基石。 整理丨 王满华 4 月 16-18 日，在由投中信息、投中网共同主办的"第 19 届中国投资年会 · 年度峰会"上，澳银资本创始合伙人、董事长熊钢发表了题为"自我改 变，才能做到真正的耐心资本"的演讲。 熊钢认为，投资机构现在要做的事情就是要从受托管理型 GP 到风险投资型 GP 做转变。在他看来，不管是追求规模还是追求收益，如果基金的账面 IRR 缺乏现金流和 DPI 退出做支撑，就如同有价无市的房产，没人会买单。 同时他提到，长期和复利资本是耐心投资的基石，在选择合作伙伴时，澳银资本更倾向于与创新高地且具有合理收益杠杆的国有资本合作。不过他也提 醒机构，国有资本真正的核心原 ...

Core Viewpoint - The Zhejiang Provincial Finance Department has released a draft opinion aimed at promoting the high-quality development of government investment funds, establishing a more standardized and efficient management system to support the modernization of the industrial system and major strategic implementations in Zhejiang Province [1][3]. Group 1: Overall Requirements - The initiative is guided by Xi Jinping's thoughts and aims to support the transformation of traditional industries, foster emerging industries, and build future industries, focusing on major industrial strategies such as the "415X" industrial cluster and the "315" technological innovation system [4]. - The government investment funds will emphasize sustainable development, effective market operation, and the combination of government guidance and market efficiency [4][5]. - The management of government investment funds will be categorized by function and administrative level, ensuring a unified planning of investment directions at the provincial level [4][8]. Group 2: Fund Function and Management - Government investment funds will focus on major strategies and weak links where the market cannot fully play its role, attracting more social capital to support the construction of a modern industrial system [6]. - The funds will be divided into industrial investment funds and venture capital funds, with the former focusing on key projects and the latter on future industries such as artificial intelligence and biotechnology [6][7]. - A differentiated management mechanism will be established, allowing for longer fund durations and higher government contribution ratios for venture capital funds [7]. Group 3: Coordination and Planning - The establishment of funds will require thorough evaluation and adherence to approval procedures, with a focus on regional coordination and the prevention of redundant fund establishment in the same industry [8][9]. - A strategic guidance committee will be formed to oversee the operation and management of government investment funds, promoting a collaborative investment mechanism for major strategic projects [8][9]. - The government will compile a list of key investment areas for the funds, adjusting it dynamically based on regional industrial capacity utilization [9]. Group 4: Decision-Making and Performance Evaluation - A scientific and standardized fund operation management and investment decision-making mechanism will be established, ensuring that government departments respect the operational autonomy of fund managers [10]. - A performance evaluation mechanism will be implemented, focusing on the comprehensive achievement of policy goals and allowing for normal investment risks [10][11]. - The government will encourage the establishment of various funds to broaden exit channels and improve the capabilities of regional equity markets [11]. Group 5: Risk Management and Organizational Support - The initiative emphasizes the importance of organizational leadership and inter-departmental collaboration to ensure effective management of government investment funds [11]. - A risk prevention system will be established to protect investors' rights and prevent illegal financing practices by local governments [11]. - The implementation of this opinion is set to take effect from a specified date in 2025, highlighting the commitment to enhancing the role of government investment in supporting high-quality economic and social development [12].

Core Insights - The concept of "patient capital" and "bold capital" is essential for serving the technology industry, aiming for high returns through long-term investments and high-risk commitments [1][2] - Government-led funds are becoming increasingly significant in providing long-term capital for private equity investment, with state-owned capital accounting for 44.4% of new RMB fund contributions in 2024 [1][2] - The establishment of a supportive environment for innovation is crucial, which includes loosening assessment mechanisms for guiding funds and normalizing IPOs to create stable exit expectations [2][3] Investment Environment - The orientation of state-owned limited partners (LPs) directly influences the strategies of general partners (GPs), where patient and bold LPs foster similar traits in GPs [2] - Recent regulations have been introduced to encourage a culture of tolerance for failure, which is vital for fostering innovation [2] - The importance of a smooth exit mechanism is emphasized, as it allows for a continuous cycle of fundraising, investment, management, and exit [2][3] IPO and Exit Strategies - IPOs are highlighted as the most significant and highest return exit method for private equity investments, with a total book return of 53.056 billion yuan from 2015 to 2024 [3] - Approximately 10% of investments have achieved IPO listings, with a recovery of 39% of costs through these exits [3] - There is a call for a more inclusive listing mechanism in the A-share market and the development of diverse exit strategies, including mergers and acquisitions and secondary market funds [3] Entrepreneurial Confidence - The confidence of private entrepreneurs is linked to positive expectations regarding policies, legal frameworks, and the business environment [4] - A supportive legal framework and unwavering support for the private economy are deemed essential for investor confidence [4] - The key to a sustained bull market lies in technological advancement and industrial upgrading, which is rooted in supporting private enterprises and nurturing entrepreneurial spirit [4]

将投中网设为"星标⭐"，第一时间收获最新推送 践行"耐心资本"，助力"原始创新"。 整理丨 刘燕秋 来源丨 投中网 "现在国家政策总体上鼓励投早、投小、投科技，以前我们很孤独，现在很多人变成我们的伙伴了。对于需要成长 15 年甚至 17 年的项目，我们支持 前 5-8 年，后面几年也要有人接棒支持，所以也呼吁国家鼓励设立接力基金、再接力基金。大家错开，不要全部投小、投早、投科技，不然大家都堵 在一起。" 4 月 16 日，在"第 19 届中国投资年会·年度峰会"上，联想之星总裁 / 主管合伙人王明耀先生发表题为"助力'原始创新'的机会与挑战"的主题演讲， 呼吁耐心资本形成接力梯队。 以下为现场演讲实录，由投中网进行整理： 各位朋友大家下午好！首先非常感谢投中给予这个平台，让我有机会和大家分享一些体会。从 2021 年开始我就在讲科创相关的主题，那时候我们就比 较清晰地感受到科技创业者的大时代已经到来了。我今天上午也在听各位业内的朋友交流，应该说 我们已经充分进入到了科创的时代。当下，国家政策 支持的力度是空前的，同时，我们这个行业也在被重塑。 刚才提到的分化和重塑，它的格局和以往不一样，或者说我们可以认为，我 ...

将投中网设为"星标⭐"，第一时间收获最新推送 耐心资本，将成为股权投资推动科技创新的一个关键力量。 整理丨 黎曼 来源丨 投中网 从美元到人民币，从民营资本到国有资本，这些一级市场的变化都说明世界变了，行业、产业底层逻辑在变。在这个大背景下， GP 们该如何找到自己 在未来战场的打法，变得至关重要。 以下为 君联资本总裁李家庆的现场演讲实录： 尊敬的各位来宾，大家好，我本次演讲主题为《耐心资本的"北京模式"投资实践》。 去年以来，耐心资本在不同场合被多次提及，它不再只是一个口号，一种理念，而是走深走实，成为股权投资推动科技创新的一个关键力量。今天在场 有各种不同类型的耐心资本，大家共同分享交流、共话北京模式，君联资本作为长期坚持科技创新投资的本土机构，也作为耐心资本——社保基金中关 村自主创新专项基金的管理人，很高兴和大家分享我们的思考与实践。 当前，国际政治、经济格局发生深刻变革。 中国经济发展也正在经历"范式变化"：科技创新成为重要驱动力，重新塑造增长的底层逻辑。 在一级市场发展了 25 年的君联资本总裁李家庆直截了当的指出：我们要认清现实，市场底层逻辑发生了变化，要坚持市场化、专业化的基本立足点。 20 ...