证券时报记者 刘敬元 作为典型的耐心资本，保险资金又奉上新案例。 近期，上市公司电投产融（000958）有序推进资产重组。值得注意的是，中国人寿作为此次置入资产 ——电投核能的股东，也将成为上市公司电投产融的股东并对其"举牌"。3月18日，中国人寿在公司官 网和保险业协会官网均公告了相关举牌信息。 早在2018年，中国人寿就对电投核能增资80亿元，彼时归属另类投资项目。如今，随着电投核能"装 入"上市公司，中国人寿将成为上市公司股东，这笔另类投资也将转为股票投资，从而实现流动性提升 与资金增值。 电投产融资产重组 近日，国家电投集团产融控股股份有限公司（简称"电投产融"）披露重组报告书（草案），并对股东权 益变动作出提示性公告。 根据公告，电投产融拟通过资产置换和发行股份方式，购买国电投核能有限公司（简称"电投核能"） 100%股权，同时置出国家电投集团资本控股有限公司（简称"资本控股"）100%股权，并募集配套资 金。 公开信息显示，2018年12月4日，中国人寿保险（集团）公司与国家电力投资集团在北京签署中电核债 转股增资协议，中国人寿出资80亿元对国家电力投资集团下属公司中电投核电有限公司进行增资。增资 ...

"最强地级市"今年在股权投资发展方面再出大招。 据悉， 今年以来，苏州正在由苏创投牵头筹建的各类专项产业基金、人才基金等总规模近千亿 元 ，其中首批基金规模7 0 0亿元。 1 0 0亿元生物医药产业基金，5 0亿新能源产业基金，是对苏州优势产业的再加码；1 0 0亿元人 工智能产业基金、1 0 0亿元具身机器人产业基金，是对今年苏创投围绕人工智能领域拟新设系 列相关产业基金的整合；5 0亿元空地网联基金则包括2 0亿元智能座驾基金、2 0亿元低空经济基 金和1 0亿元空地互联基金，主要聚焦空地互联、低空经济，以及智能网联汽车与低空经济融合 发展等领域。 战新强链并购基金，则是以整合为手段，推动上市公司、龙头企业优中做强。根据筹设计划， 基金总规模1 0 0亿元，首期规模2 0亿元，实际投资时可放大资金杠杆，撬动保险资金、银行资 金、私募基金等共同参与交易标的，预计形成首期1 5 0亿的并购标的。 1 0 0亿元人才基金，5 0亿元链主企业基金，5 0亿元涵盖未来产业天使基金、高校成果转化基 金、概念验证基金等在内的早期投资基金群，则是希望为产业谋一个"从0到N"的全新可能。同 时，苏创投也在积极推进旗下天使 ...

解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 以下文章来源于解码LP ，作者王露 期盼活水 。 作者 I 王露 报道 I 投资界-解码LP 罕见大手笔。 投资界-解码LP获悉，近日 工商银行科技创新基金 正式启动—— 该基金总规模800亿元，定位耐心资本，以股为主，股债贷保联动，将持续加大对硬科 技、民营经济的支持，为实体经济注入股权投资力量。 廖林表示，刚刚闭幕的全国两会对民营企业发展作出重要部署，对金融服务民企提出了 新要求。工商银行将以"十年树木"的定力，积极践行领军银行使命，加强与政府、商协 会、企业等各方协同，把源头活水送上门、把精准服务送上门、把创新动能送上门、把 全球资源送上门。 梳理下来，工商银行自去年以来频繁出现在一级市场—— 20 24年8月，规模1 50亿元的北京国能工融强链股权投资基金（有限合伙）、7 5亿元的工 融金投绿能（北京）股权投资合伙企业（有限合伙）、35亿元的新疆工融双碳股权投资 合伙企业（有限合伙）相继成立，工银投资为最大LP，合计为三支基金出资达215亿 元，基金管理人也均为工银资本。 不可忽略的还有AIC业务。去年AIC股权投资试点范围政策出台后，工 ...

以下文章来源于解码LP ，作者杨继云 解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 耐心资本。 作者 I 杨继云 报道 I 投资界-解码LP 这一幕意义非凡。 3月6日，国家发展改革委主任郑栅洁在全国两会经济主题记者会上透露，国家正在推动 设立"航母级"的国家创业投资引导基金， 存续期达2 0年 ，较一般的股权投资基金更 长。 投资界-解码LP获悉，几乎同一时间，贵阳市政府发布《贵阳市天使投资引导基金管理办 法》，详尽地规定天使投资引导基金的设立、投资、管理、退出以及容错机制等内容。 最令创投圈印象深刻的是—— 该天使投资引导基金的存续期为20年 ，进一步打破此前7 - 10年的惯例。 践行耐心资本的一幕幕正在各地上演。 引导基金开启20年存续期 贵阳天使投资引导基金（简称"天使基金"）由贵阳市科委牵头，为推动科技创新、支持 早期初创企业发展而设立，于201 9年正式开展投资运作。 此次发布的《管理办法》显示，天使基金采用直接项目投资和参股子基金两种方式进行 投资。在投资决策架构上，采取董事会下设 投资决策委员会 的形式，其成员主要是以投 资管理机构推荐和外部专家为主——这将大大提高引导基金 ...

Financial Policy Insights - The government report emphasizes the implementation of a moderately loose monetary policy, highlighting the dual function of monetary policy tools in terms of both quantity and structure [3] - Structural monetary policy tools will receive more attention, with a focus on promoting healthy development in the real estate and stock markets, as well as supporting technology innovation, green development, and small and micro enterprises [3][4] - The central bank is expected to expand the operational limits of macro-prudential and financial stability tools, with a combined total likely to exceed 300 billion [4] Capital Market Outlook - The report maintains a GDP growth target of 5% and lowers the CPI growth target to 2%, indicating a heightened focus on price stability [6] - Key themes include boosting consumption and expanding domestic demand, with significant mentions of sectors like biomanufacturing, quantum technology, and AI, which are expected to drive future industrial development [6] - The report suggests that the capital market environment will continue to improve, driven by government support for the real estate and stock markets [6] Insurance Sector Developments - The report mentions "insurance" seven times, with a focus on accelerating the establishment of a long-term care insurance system and enhancing the third pillar of pension insurance [8] - The government aims to create a national framework for long-term care insurance, ensuring fairness and sustainability in the system [8] Investment and Financing Strategies - The report calls for deepening capital market reforms and promoting long-term capital inflows, which is seen as crucial for maintaining market stability [10] - There is an emphasis on optimizing the structure of listed companies and encouraging the return of leading firms in emerging industries to the A-share market [10] Venture Capital Support - The report highlights the need for enhanced policy support for venture capital and the growth of patient capital, indicating the government's commitment to fostering innovation [12] - The focus is on attracting long-term, low-cost funding into the venture capital sector to address the challenges of long cycles in technology innovation [13]

Core Viewpoint - The expansion of the pilot program for long-term stock investments by insurance funds is expected to provide substantial mid-to-long-term capital to the market and strengthen the institutional investor base [2][3]. Summary by Sections Pilot Program Expansion - The National Financial Regulatory Administration has approved an additional 600 billion yuan for long-term investment reform trials, bringing the total approved amount for the year to 1,120 billion yuan [3]. - Five insurance companies, including China Life and New China Life, are involved in this latest approval, which aims to enhance the long-term investment capabilities of insurance funds [3]. Fund Performance and Strategy - The "Honghu Fund," established by China Life and New China Life, focuses on investing in key industries and high-quality listed companies, achieving a balance of effectiveness, safety, and liquidity [4]. - The fund has been operational for over a year and has shown promising returns, with a continued positive outlook on stock market investments [4]. Mechanism Flexibility - The second batch of pilot programs allows for more flexible mechanisms, enabling single or joint establishment of private equity funds by insurance companies [5]. - This flexibility is seen as a response to policy guidance and is beneficial for equity investments [5]. Long-term Investment Impact - The pilot program is expected to optimize the structure of listed companies by attracting investments towards those with competitive advantages and good governance, while less favorable companies may gradually exit the market [9]. - The long-term investment approach is anticipated to reduce market volatility, leading to a healthier and more stable market environment [9]. Demonstration Effect - The successful implementation of the Honghu Fund serves as a model for insurance institutions to establish private equity funds, supporting the sustained and stable development of the capital market [10].

每年两会期间的政府工作报告无疑是中国未来一年发展的"风向标"。 在今年的政府工作报告中，创投再一次被"力挺"——" 健全创投基金差异化监管制度，强化政 策性金融支持，加快发展创业投资、壮大耐心资本 "。 在去年的政府工作报告中也提到"鼓励发展创业投资、股权投资，优化产业投资基金功能"，这 确立了创业投资、股权投资在我国经济进入高质量发展新阶段重要的历史定位，有利于推动股 权投资行业持续健康发展。而今本次政府工作报告再次强调，这对私募股权投资行业来说，释 放了重要的支持信号与利好。 先来看"健全创投基金差异化监管制度，强化政策性金融支持"。这在政策层面，对创投基金给 予了大力支持，健全差异化监管一直是一级市场的呼声。 我们关注到，2 0 2 4年以来，创投行业的政策环境迎来了重大利好，国家层面对行业的支持力度 不断加大。据我们统计发现，去年以来，股权投资行业频迎支持和鼓励，政策利好不断： 2 0 2 4年6月1 9日，国务院办公厅发布《促进创业投资高质量发展的若干政策措施》，也被 称为" 创投国十七条 "，围绕创业投资"募投管退"全链条，进一步完善政策环境和管理制 度，积极支持创业投资做大做强。 2 0 2 4 ...

作 者丨陈思琦 编 辑丨孙超逸 图 源丨摄图网 3月2日，南方财经全媒体记者获悉，深圳连发三文，旨在进一步优化市场化、法治化、国际 化营商环境。 当日，深圳举行营商环境主题新闻发布会。南方财经全媒体记者在会上获悉，深圳已迭代推 出1 5 0 0余条优化营商环境改革举措，2 0 2 5年《优化市场化营商环境工作方案》《优化法治化 营商环境工作方案》《优化国际化营商环境工作方案》与往年相比，将"促进民营经济健康发 展、高质量发展"置于突出位置，尤其强调做好中小微企业和初创企业服务。 值得一提的是，不少小范围试点政策今年将推广至全市范围。其中，"园区贷"旨在解决中小 微企业融资难题，推动园区运营机构运用入驻企业的房租、水、电、燃气缴纳等多维度数 据，为企业精准画像，量身打造增信服务；"执法监督码"则是为了规范涉企行政执法检查， 治理随意、重复、多头检查等问题。 在这方面，深圳在全省率先建设执法监督码系统，推行"扫码入企"制度。 据深圳市司法局副局长王峻介绍，企业可通过执法监督码获取企业规范经营指引、利企惠企 政策指导、行政执法普法宣传等服务内容，并对行政执法单位入企不扫码、随意检查、重复 检查等行为进行直接投诉。 ...

Core Viewpoint - The development of patient capital is crucial for adapting to the new round of technological revolution and industrial transformation, as well as for nurturing new productive forces [1] Group 1: Patient Capital and Market Development - Patient capital can provide continuous funding support for technological innovation and emerging industries, promoting a virtuous cycle in private equity and venture capital [4] - Suggestions to enhance patient capital include government-led investment funds to guide investments towards strategic emerging industries, reducing administrative interference, and optimizing incentive mechanisms [4][5] - Expanding funding sources by encouraging financial institutions to innovate products and services, and lowering entry barriers for long-term investments from insurance companies and pension funds [4][5] Group 2: Risk Management and Investment Focus - To focus capital on long-term projects, policy guidance and financial support are necessary, including tax incentives and special funds [6] - Establishing a robust risk management and evaluation system for new productive forces, ensuring scientific investment decisions [6][12] - Strengthening collaboration among government, banks, and insurance sectors to enhance market transparency and investor protection [6] Group 3: Government Investment Funds - Government investment funds face challenges such as fundraising difficulties and a lack of market-oriented operations, which affect their effectiveness [12] - Recommendations include relaxing restrictions on financial institutions participating in government funds and enhancing the market-oriented operation mechanism [12][13] - Establishing a dynamic evaluation mechanism to adjust investment strategies and ensure continuous support for new productive forces [11][13] Group 4: Monetary Policy Tools - The central bank's structural monetary policy tools have improved liquidity and market stability, but there is still room for optimization [15] - The establishment of a stabilization fund is deemed necessary to mitigate market volatility, especially in uncertain external environments [16] - The central bank should expand its macro-prudential and financial stability functions, introducing new financial tools to address systemic risks [17] Group 5: Coordination of Fiscal and Monetary Policies - The shift towards a balanced focus on investment and consumption will significantly impact macro fiscal and monetary policy [18] - Fiscal policies will aim to boost domestic demand, particularly consumption, while monetary policies will focus on reducing financing costs [18][19] - Enhanced coordination between fiscal and monetary policies is essential to maximize policy effectiveness and ensure timely execution [19]

Core Viewpoint - The article emphasizes the need for "patient capital" to support early-stage, small, and innovative investments in the capital market, highlighting that the essence of patient capital lies in a higher risk appetite rather than merely long-term investment horizons [1][4][10]. Summary by Sections Patient Capital and Risk Preference - Patient capital is fundamentally characterized by a high risk preference, which is essential for supporting investments that are uncertain and have higher failure rates [4][10]. - The article argues that static and dynamic wealth effects are crucial sources of patient capital, with static wealth effects indicating that wealthier individuals typically have a higher risk appetite due to lower necessity for immediate consumption [4][20]. Static Wealth Effect - The static wealth effect suggests that as wealth accumulates, the marginal utility of wealth decreases, allowing wealthier individuals to take on more risk [20][24]. - Empirical studies indicate a positive correlation between income levels and risk preference, with higher income leading to lower risk aversion [25][26]. Dynamic Wealth Effect - The dynamic wealth effect highlights that the growth of patient capital is contingent upon the sustained prosperity of capital markets rather than the reverse [5][8]. - Historical data from the U.S. shows that longer investment horizons correlate with higher probabilities of positive returns, reinforcing the importance of a thriving stock market for attracting patient capital [5][6]. Role of Wealthy Individuals - Wealthy individuals are identified as a significant source of patient capital, as they can afford to invest in high-risk ventures without jeopardizing their financial stability [20][22]. - The article discusses the historical context of wealthy individuals funding early-stage ventures, illustrating their critical role in the development of the venture capital ecosystem [21][23]. Policy Recommendations - The article advocates for an expansionary redistribution policy, which includes central bank actions to support fiscal deficits and enhance the purchasing power of lower-income groups, thereby stimulating demand and economic growth [7][50]. - It suggests that combining estate taxes with donation incentives can effectively channel funds from wealthy individuals into patient capital, avoiding capital outflows [8][51]. Challenges and Considerations - The article notes that the current negative GDP deflator indicates a confluence of short, medium, and long-term demand deficiencies, necessitating policy interventions to address these issues [7][39]. - It emphasizes the importance of maintaining a favorable economic environment to support the growth of patient capital and mitigate risks associated with inflation and supply constraints [50][52].