Core Viewpoint - The article commemorates the life and contributions of Mr. Wang Shouren, a pivotal figure in China's venture capital industry, who passed away at the age of 84. His legacy includes significant advancements in the establishment and development of venture capital in Shenzhen and China as a whole [1][13]. Group 1: Early Life and Education - Mr. Wang was born in 1942 in Changzhi, Shanxi, and graduated from university in 1967. He obtained a master's degree in economics from Renmin University of China in 1982, which laid a solid foundation for his future endeavors in venture capital [3]. - In 1984, he moved to Shenzhen to participate in the establishment of the Shenzhen University Economic Special Zone Research Institute, marking the beginning of his long-term association with the city [3]. Group 2: Contributions to Venture Capital - In 1999, Mr. Wang played a crucial role in the establishment of Shenzhen Innovation Technology Investment Co., Ltd. (Shenzhen Venture Capital), which was a significant milestone in China's venture capital history [4][5]. - He was instrumental in the founding of the Shenzhen Venture Capital Association in October 2000, which has become one of the most active and influential self-regulatory organizations in the industry, managing over 7,500 funds with a total scale of 1.5 trillion yuan [6]. Group 3: Advocacy for Capital Market Development - Mr. Wang advocated for the establishment of a multi-tiered capital market, emphasizing that a robust exit mechanism is essential for the sustainability of the venture capital industry. His efforts contributed to the eventual launch of the Growth Enterprise Market in 2009, which provided critical exit channels for venture capital investments [8][9]. Group 4: Industry Research and Cultural Development - He was recognized as a "preacher" of the venture capital industry, actively participating in the formulation of regulations and policies, including the first local venture capital regulations in China. His work helped eliminate many institutional barriers for the rapid development of the industry [10]. - Mr. Wang authored over 200 research reports and papers, contributing significantly to the theoretical and practical understanding of venture capital in China [10]. Group 5: Legacy and Influence - In his later years, Mr. Wang remained engaged with the industry, mentoring young entrepreneurs and emphasizing the importance of passing on good values and investment philosophies to the next generation [11]. - His life exemplified continuous creation and exploration, with his contributions to the venture capital industry being remembered as a source of inspiration for future practitioners [13].

图片来源：深圳市创业投资同业公会 每经编辑｜金冥羽 2月25日，据深圳市创业投资同业公会（以下简称深圳创投公会）消息，2026年2月24日，原深圳市创业投资同业公会常务副会长兼秘书长、中国投资协会 创业专业委员会副会长兼高级顾问王守仁先生，因病医治无效，在深圳逝世，享年84岁。 深圳创投公会评价，王守仁一生与中国改革开放和深圳特区建设紧密相连。他是深圳创投业"大管家"、中国创投行业"布道者"，并获评清科"中国股权投 资市场二十年杰出贡献奖"。他参与筹建中国领先的创投机构深圳市创新科技投资有限公司，是深圳市创业投资同业公会成立的主要参与者，并呼吁设立 创业板市场。他凭借深厚经济学功底、敏锐市场洞察力和无私奉献精神，为中国创投行业的规范与发展作出自己的贡献。 王守仁1942年出生于山西长治。1967年大学本科毕业后，曾在山西省政府部门工作；1982年获中国人民大学经济学硕士学位。 1984年，深圳经济特区的建设热火朝天，王守仁怀揣对改革开放前沿阵地的向往南下深圳，参与深圳大学经济特区研究所的筹建，并担任所长助理，成为 深圳经济发展与学术研究早期探索者之一。 1999年，是中国创投史上具有里程碑意义的一年。这一年， ...

Core Viewpoint - The passing of Wang Shouren, a significant figure in the venture capital industry in Shenzhen, is a great loss, as he played a crucial role in the development and promotion of the industry in China [2][3] Group 1: Contributions to the Venture Capital Industry - Wang Shouren was a passionate advocate for the venture capital industry, emphasizing its role as a vital capital force for innovation and social development [2] - He was instrumental in the establishment of the Shenzhen Venture Capital Association, which has become one of the earliest and most influential self-regulatory organizations in the domestic venture capital sector [3] - Under his leadership, Shenzhen has become a major hub for venture capital in China, with over 1,600 venture capital institutions and more than 7,500 funds managing a total of 1.5 trillion yuan [3] Group 2: Advocacy for Capital Market Development - Wang Shouren believed that a multi-tiered capital market is essential for the sustainability of the venture capital industry, advocating for the establishment of an exit mechanism [5] - His efforts culminated in the launch of the ChiNext board in October 2009, which provided significant capital support for the development of high-tech industries in China [6] Group 3: Regulatory and Theoretical Contributions - He contributed to the formulation of key regulations and policies for the venture capital industry, including the first local venture capital regulations and the first national venture capital law [6] - Wang Shouren authored over 200 research reports and papers, contributing to the theoretical foundation of the venture capital industry in China [6][7] Group 4: Industry Education and Community Building - He organized numerous forums and training sessions to enhance the understanding and capabilities within the venture capital community, fostering a collaborative environment [7] - Wang Shouren was recognized as a "preacher" of Shenzhen's venture capital, promoting the idea that venture capitalists should nurture their investments like raising children, emphasizing the importance of support and value creation [7]

Core Viewpoint - The article pays tribute to Mr. Wang Shouren, a significant figure in China's venture capital industry, highlighting his contributions to the development and regulation of the sector, as well as his role in establishing key institutions and frameworks that have shaped the industry in China [4][15]. Group 1: Early Life and Education - Wang Shouren was born in 1942 in Changzhi, Shanxi, and graduated from university in 1967, later obtaining a master's degree in economics from Renmin University of China in 1982, which laid a solid foundation for his future in venture capital [5]. - In 1984, he moved to Shenzhen to participate in the establishment of the Economic Special Zone Research Institute at Shenzhen University, marking the beginning of his deep connection with the city [6]. Group 2: Founding of Shenzhen Venture Capital - In 1999, Wang played a crucial role in the establishment of Shenzhen Innovation Technology Investment Co., Ltd. (Shenzhen Venture Capital), serving as the head of the research and planning department [7]. - He viewed the first China International High-tech Achievements Fair as a significant platform for investment and financing, influencing its development trajectory [7]. Group 3: Establishment of Industry Association - In October 2000, during the second High-tech Fair, the Shenzhen Venture Capital Association was officially established, with Wang serving as Secretary-General and later as Executive Vice President, overseeing daily operations and industry services [8]. - Under his leadership, the association became one of the earliest and most influential local self-regulatory organizations in the venture capital industry, with over 1,600 venture capital institutions and more than 7,500 funds managed, totaling 1.5 trillion yuan [8]. Group 4: Advocacy for the Creation of the Growth Enterprise Market - Wang advocated for the establishment of a multi-tiered capital market, believing it to be essential for the sustainability of the venture capital industry [10]. - Despite skepticism following the burst of the dot-com bubble, he and his colleagues persisted in their efforts, leading to the launch of the Growth Enterprise Market on October 23, 2009, which provided crucial exit channels for venture capital [10]. Group 5: Industry Research and Cultural Development - Wang emphasized the importance of theoretical research and cultural development in the venture capital industry, contributing to the formulation of key regulations and policies, including the first local venture capital regulations in Shenzhen [11]. - He authored over 200 research reports and papers, and his work in editing "Venture Capital in China" filled a significant gap in the industry’s theoretical and practical knowledge [12]. Group 6: Later Life and Legacy - In his later years, despite health challenges, Wang remained actively involved in the venture capital community, mentoring young entrepreneurs and promoting positive values and investment philosophies [13]. - His optimistic and resilient character earned him widespread respect, and his passing is felt deeply by colleagues who worked alongside him [13]. Group 7: Lasting Impact - Wang's life was marked by continuous creation and exploration, witnessing the evolution of China's venture capital industry over more than two decades [15][16]. - His contributions to the establishment of key institutions and frameworks will be remembered as a significant part of the industry's history, inspiring future generations to continue his legacy [16].

Market Overview - On November 24, the A-share market experienced a slight upward trend after an initial decline, with the Shanghai Composite Index finding support around 3816 points[2] - The Shanghai Composite Index closed at 3836.77 points, up 0.05%, while the Shenzhen Component Index rose by 0.37% to 12585.08 points[7] - Total trading volume for both markets was 17,406 billion yuan, slightly lower than the previous trading day but above the three-year average[3] Sector Performance - Industries such as shipbuilding, cultural media, aerospace, and software development showed strong performance, while energy metals, insurance, and fertilizer sectors lagged[3] - Over 80% of stocks in the two markets rose, with significant inflows into shipbuilding, aerospace, and internet services[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 15.77 times and 46.14 times, respectively, indicating they are above the median levels of the past three years[3] - The current market conditions suggest a suitable environment for medium to long-term investments[3] Future Outlook - The market is expected to consolidate around the 4000-point level, with a continued rebalancing of market styles between cyclical and technology sectors[3] - Investors are advised to maintain reasonable positions and avoid excessive trading, while closely monitoring macroeconomic data and policy changes[3] Risks - Potential risks include unexpected overseas economic downturns, domestic policy changes, and macroeconomic disturbances that could impact the recovery process[4]

Group 1 - The ChiNext Growth Index fell by 1.8%, the ChiNext Index by 2.0%, and the ChiNext Mid-Cap 200 Index by 2.2% at the close [1] - The ChiNext ETF (159915) saw a net subscription of 39 million units throughout the day, accumulating over 1.2 billion yuan in the previous three trading days [1] - Huajin Securities indicated that factors causing recent adjustments in A-shares may gradually diminish, with market sentiment indicators not fully adjusted but industry rotation largely completed [1] Group 2 - The ChiNext Growth ETF managed by E Fund tracks the ChiNext Growth Index, which consists of 50 stocks characterized by growth style, high performance growth, good profit expectations, and strong liquidity [4] - The information technology sector accounts for over 40% of the overall performance of representative mid-cap companies in the ChiNext market [3] - The combined weight of the telecommunications, power equipment, electronics, non-bank financials, and pharmaceutical sectors in the ChiNext Growth Index is nearly 80% [4]