12月26日，第十四届全国人大代表、清华大学国家金融研究院院长田轩在"2025证券市场年会"上表示， 更好支持科技创新，需要一个与之相匹配的资本市场，即更加"包容"的创投市场，以及"不太积极"的二 级市场。 党的二十届四中全会和"十五五"规划建议对未来五年发展作出规划。田轩认为，"十五五"我国有七大发 展目标，总结成两个关键词就是实体经济和科技创新，要大力发展实体经济，加快高水平科技自立自 强，都需要资本市场的支持。 就科技创新而言，田轩表示，科技创新具有周期长、不确定性大、失败率高的特点，因此需要包容的创 投环境。首先，要对人包容。超级创业者往往具备一些"非常规"的特质，如孤僻、疯狂等，社会需要包 容这些特质，才能充分发挥其长处和创新能力，才能更好地去支持科技创新。其次是对事包容。与国外 成熟市场相比，我国的创投基金存续期较短，这导致投资偏向中后期项目，而非"投早、投小、投长 期、投硬科技"，需要鼓励养老金、社保基金等"耐心资本"进入创投市场，并提供更长的投资期限。 "我们研究发现，创投基金对失败的包容度越高，被投企业上市以后，创新的数量和质量就更好。"田轩 说。 同时，田轩认为，支持科技创新还需要"不太积 ...

感谢证券日报的邀请，各位嘉宾，大家上午好！我的报告题目叫"我们需要什么样的资本市场"，现在大家可能很关心的是刚刚结束的党的二十届四中全会， 我们对未来五年"十五五"作出了规划。与"十四五"规划相比，可以看到很多连续的传承，也有一些新的判断，比如说原来更多强调的是经济总量的增长，现 在更多强调的是质量的发展，原来我们看的是总量，现在更多看的是结构。原来可能更多强调的是发展，现在更多关注安全。 未来五年，我们有七个重大的发展目标，我总结起来就是两个关键词，一个叫实体经济，一个叫科技创新，就是我们要大力发展实体经济，我们要保证科技 的自立自强，这个和资本市场的支持都高度相关。所以今天的主题是我们需要什么样的资本市场去支持科技创新，去发展实体经济。 因为时间关系，我就谈两个主要的观点。第一，我们更加包容的创投市场、一级市场；第二，我们需要"不太积极的二级市场"。 什么叫更加包容的创投市场？大家知道所有的科技创新、风险，包括像创业投资都起到非常重要的作用，虽然从1998年当时民建中央提出的政协一号提案， 中国风险投资真正开始起来到现在已经30多年，但其实风险投资、创业投资一直都是一个小众的行业，并没有得到很大的关注，直 ...

Core Viewpoint - The importance of protecting private enterprises in a market economy is emphasized, as they are crucial for driving technological innovation [1][2]. Group 1: Technological Innovation - Enterprises are the main entities responsible for driving technological innovation, with private enterprises being the most significant [1][2]. - Academic research indicates that countries with better investment protection see higher investments in R&D, greater efficiency in corporate investments, and higher valuations for invested companies [1][2]. - A more tolerant approach towards innovators is necessary to stimulate innovation [1][2]. Group 2: Market Environment - To effectively promote technological innovation, a more inclusive primary market and a less aggressive secondary market are needed, along with a sound legal environment [1][2]. - A combination of these elements, supported by financial tools and methods, is essential for fostering economic development through innovation [1][2].

Group 1 - The primary market is characterized by high entry barriers and significant potential returns, often yielding thousands of times the initial investment, making it essential for capital accumulation [1][3][4] - The semi-primary market and bond market differ fundamentally from the primary market, with the bond market focusing on liquidity to address immediate financial needs and support future growth [1][3][4] - The secondary market is driven by substantial liquidity, where individual investors have limited influence, and success depends on who controls the market dynamics [4][5] Group 2 - Investors and capital managers must engage broadly and continuously improve their skills to navigate various market dynamics effectively [2][5] - Value investing emphasizes specialization and deep engagement in a specific area to create exceptional value [2][5] - The rise of new productive forces, particularly in new materials and technologies, presents significant opportunities for investors in all market segments [2][5]

Core Viewpoint - The South Finance Forum 2025 emphasizes the need for a more inclusive venture capital market and a less aggressive secondary market to support technological innovation and achieve high-level self-reliance in technology [1][5]. Group 1: Venture Capital Market - A more inclusive venture capital market is necessary, which should be accommodating to the unique traits of "super unicorn" entrepreneurs, who often possess unconventional characteristics that drive innovation [3][7]. - The current venture capital market in China lacks "patient capital," with fund lifespans averaging 5-7 years compared to the 10-12 years typical in the U.S., limiting investments in early-stage projects [8][9]. - The composition of Limited Partners (LPs) in China has shifted from individual investors to state-owned entities, which, despite being patient capital, exhibit risk-averse behavior due to concerns over state asset preservation [4][9]. Group 2: Secondary Market - The secondary market in China needs to be less aggressive, requiring strong anti-takeover provisions, reduced stock liquidity, and a focus on long-term institutional investors [4][9]. - There should be fewer analysts tracking stocks and less frequent information disclosure to create a more stable investment environment [9]. - A combination of a more inclusive venture capital market and a less aggressive secondary market is essential for leveraging technology and financial power to support innovation [4][9].

Core Viewpoint - The South Finance Forum 2025 emphasizes the need for a more inclusive venture capital market and a less aggressive secondary market to support technological innovation and achieve high-level self-reliance in technology [1][5]. Group 1: Venture Capital Market - A more inclusive venture capital market is necessary, which should be open to diverse entrepreneurs, including those with unconventional traits that drive innovation [3][7]. - The characteristics of "super unicorn" entrepreneurs often include traits that are typically seen as negative, such as being eccentric or difficult to work with, which are essential for groundbreaking innovation [3][7]. - The current venture capital market in China lacks "patient capital," with fund lifespans averaging 5-7 years compared to the 10-12 years typical in the U.S., limiting investments in early-stage projects [8][9]. Group 2: Limited Partners (LPs) - The composition of LPs in China has shifted from individual investors to state-owned entities, which, while inherently patient, are often risk-averse due to concerns over state asset preservation [4][9]. - The risk-averse nature of state-backed venture capital institutions leads to insufficient support for early-stage investments, hindering technological innovation [4][9]. Group 3: Secondary Market - A less aggressive secondary market is needed, characterized by strong anti-takeover provisions, limited stock liquidity, a focus on long-term institutional investors, fewer analysts tracking stocks, and less frequent information disclosure [4][9]. - The combination of a more inclusive venture capital market and a less aggressive secondary market is essential for leveraging technology and finance to support innovation and achieve technological self-reliance [4][9].

2025 年 12 月 05 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 207 期 观点精粹: 最新报告摘要 一级市场项目进展顺利，产业园区板块承压--资产配置报告 FY2026H1 营收稳健增长，看好旺季销售表现--波司登/服装家纺(03998/213502) 点评报告（港股美股） 证券研究报告 1、最新报告摘要 1.1、一级市场项目进展顺利，产业园区板块承压--资产配置报告 分析师：林加力 S0350524100005 分析师：许潇琦 S0350525080004 联系人：刘子路 S0350125080017 投资要点： 一级市场六单项目状态更新：截至 2025 年 11 月 30 日，年内公募 REITs 市场已成功发行 19 单产品，较去年 同期（截至 2024 年 11 月 30 日）减少 5 单，其中 11 月新成立 1 单。根据交易所最新披露信息，近三个月处 于已申报状态的 REITs 产品有 2 单、已受理状态 2 单、交易所已反馈意见 5 单、已通过审核 4 单。本月 ...

Market Analysis - Earning profits in the secondary market now requires both talent and hard work [1] - High-intensity cryptocurrency trading, research, and analysis are essential, even without active buying [1] - The era of easy gains from casually investing in cryptocurrencies based on recommendations is over [1] - Extreme luck is needed to select a profitable coin and successfully sell it during narrow windows [1] - Market conditions will improve, but will not return to previous levels of ease and profitability [1]

Core Insights - The trend of companies undergoing multiple rounds of financing without advancing to higher rounds is becoming increasingly common in the Chinese venture capital market, particularly in the A+ and B+ rounds [4][10][12]. Financing Trends - Zero Gravity Aircraft Industry (Hefei) Co., Ltd. recently completed an A++++ round of financing, raising nearly 300 million yuan, marking a total of approximately 700 million yuan raised over three rounds in two months [1]. - In 2025, 571 companies received "+ round" investments totaling about 40.43 billion yuan, with at least 19 companies securing multiple "+ round" investments [8]. - A+ round financing events have significantly increased, with 331 occurrences in the first half of this year, a 35% year-on-year increase, representing 8.84% of total investment events [9]. Industry Characteristics - Companies in high-tech sectors such as artificial intelligence, semiconductors, aerospace, and medical devices are predominantly found in the "+ round" financing category, which is characterized by high technical difficulty and long development cycles [10][12]. - The extended financing cycles and the prevalence of "+" rounds are attributed to companies not achieving significant valuation increases due to either insufficient technological advancement or lack of commercial orders [12][14]. Investor Behavior - Investors are becoming more cautious, with varying decision-making processes based on their backgrounds, which can lead to missed financing opportunities [13]. - The performance of the secondary market significantly influences the primary market, with a sluggish secondary market causing investors to reduce their commitments to the primary market [13]. Market Dynamics - The recent surge in IPOs has provided a much-needed exit window for VC/PE firms, boosting investor confidence and facilitating smoother transitions from A rounds to B and C rounds [16][17]. - The AI sector is experiencing a valuation shift, with companies that were previously stuck in A+++ rounds now qualifying for B and C rounds due to heightened market interest and recognition of their technological value [17].

Group 1 - The core viewpoint of the article highlights the trends in the credit bond market, including issuance volume, types of bonds, and interest rates [4][5][6] Group 2 - In the primary market, a total of 501 credit bonds were issued, with a total issuance scale of 584.5 billion yuan, reflecting a week-on-week increase of 0.79% [4] - Among the types of bonds issued, industrial bonds accounted for 45.28% of the total issuance, with 200 bonds issued and a scale of 264.68 billion yuan, marking a 30.71% increase week-on-week [4] - Local government bonds (城投债) made up 27.36% of the total issuance, with 253 bonds issued and a scale of 159.94 billion yuan, increasing by 13.21% week-on-week [4] - Financial bonds saw a decrease of 32.29%, with 48 bonds issued and a scale of 159.88 billion yuan, representing 27.35% of the total issuance [4] - The average issuance term for credit bonds was 2.71 years, with industrial bonds averaging 2.22 years and financial bonds averaging 1.88 years [4] - The overall average coupon rate for credit bonds was 2.33%, with industrial bonds at 2.19% and financial bonds at 1.91% [4] Group 3 - In the secondary market, the credit spread for AAA-rated industries saw the largest increase in the machinery sector, rising by 9 basis points, while the media sector experienced a decrease of 3.1 basis points [5] - For AA+ rated industries, the steel sector had the largest increase in credit spread, up by 44.2 basis points, while the chemical sector saw a decrease of 1 basis point [5] - The total trading volume of credit bonds reached 1617.515 billion yuan, reflecting a week-on-week increase of 10.61% [6] - The top three types of credit bonds by trading volume were commercial bank bonds, corporate bonds, and medium-term notes, with trading volumes of 487.807 billion yuan, 496.120 billion yuan, and 323.965 billion yuan respectively [6]