Core Viewpoint - Shenzhen aims to establish a diversified, relay-style technology finance service system that aligns with the entire lifecycle of enterprises, targeting the creation of over 10,000 innovation and industry investment funds with a total scale exceeding 10 trillion yuan, referred to as the "Double Ten Thousand Fund" framework [1][2]. Fund Development - Shenzhen has developed a distinctive "Shenzhen State-owned Capital Model," with over 500 state-owned funds totaling more than 700 billion yuan, focusing on strategic emerging industries and future industries, with over 90% of funds directed towards these sectors [2]. - The city is focusing on the "20+8" full industry chain, ensuring that at least 40% of investments are directed towards seed and angel rounds, and at least 20% towards B and C rounds [2]. Innovation and Risk Tolerance - Shenzhen has introduced a guideline that encourages tolerance for failure in technology innovation, establishing a framework for recognizing responsible performance while allowing for certain exemptions [3]. - The city has launched initiatives allowing for a maximum of 100% loss in specific funds, demonstrating a willingness to embrace high-risk investments [4][5]. Action Plan Highlights - The "Action Plan" aims to cultivate both "patient capital" and "bold capital" to support the "20+8" strategic emerging industries, with a goal of forming a "Double Ten Thousand" structure by the end of 2026 [5][6]. - The plan includes the establishment of three new mother funds to enhance the existing fund ecosystem, addressing various investment needs and promoting collaboration [6]. Investment Mechanisms - Shenzhen is exploring innovative mechanisms for fund management, including relaxing return investment requirements for early-stage funds and encouraging the entry of long-term capital sources such as insurance funds and pension funds [6][9]. - The city has also initiated measures to facilitate the entry of surplus funds from cooperative companies into the venture capital sector, showcasing a unique approach to mobilizing local resources [7]. Overall Impact - Shenzhen's initiatives position it as a leading hub for venture capital and private equity, with a strong legislative framework supporting the growth of the industry since 2003 [10]. - The city is expected to continue attracting private equity funds and innovative projects, enhancing its role in the venture capital landscape and contributing to industrial upgrades [10].

来源：深圳特区报 2月9日，深圳市第七届人民代表大会第七次会议开幕，市长覃伟中代表市政府向大会作政府工作 报告。报告明确了"十五五"时期深圳经济社会发展的主要目标：地区生产总值超过5万亿元。在十 五五"开局之年，深圳提出了5%的GDP预期增速目标，并对全年重点工作作出具体部署。 会上，深圳市市长覃伟中表示，健全与企业全生命周期更相适应的多元化、接力式科技金融服务体 系，壮大耐心资本、长期资本， 加快形成各类创新创业和产业投资基金数量超万家、总规模超万 亿元的"双万基金"格局。 这是深圳两会首次提出"双万基金"格局。 此外，会议还在创新策源、关键核心技术攻关、人才等方面做出谋划，提出加快建设清华大学深圳 国际研究生院（二期）、香港中文大学（深圳）医学院、电子科技大学（深圳）高等研究院等项 目，开展集成电路、工业母机、高端仪器、基础软件、先进材料、生物制造等领域重点产业研发项 目150个以上，今年将推动全社会研发投入增长10%以上，继续组织"百万英才汇南粤"深圳行动 计划，优化实施"孔雀团队"项目，吸引集聚集成电路、人工智能、生物科技、量子科技等重点领 域高层次科技创新人才。 热文： 谁押中了沐曦股份？ 荐读： ...

Core Viewpoint - Shenzhen aims to establish a diversified, relay-style technology finance service system that aligns with the entire lifecycle of enterprises, targeting the creation of over 10,000 innovation and investment funds with a total scale exceeding 10 trillion yuan, referred to as the "Double Ten Thousand Fund" framework [2][3]. Group 1: Fund Development and Structure - Shenzhen has developed a distinctive "Shenzhen State-owned Capital Model," with over 500 funds and a total scale exceeding 7 trillion yuan by the end of 2024, with over 90% of funds directed towards strategic emerging industries and future industries [3]. - The city focuses on a "20+8" full industry chain, ensuring that at least 40% of investments are directed towards seed, angel, and A-round projects, while B and C-round projects receive no less than 20% [3]. - The maximum duration for innovation and entrepreneurship funds has been extended to 15 years, with differentiated assessment indicators and exemption lists established to encourage long-term investments [3][4]. Group 2: Policy Innovations and Risk Tolerance - Shenzhen has introduced a "tolerance for failure" policy in technology innovation, allowing for a more supportive environment for startups and investors [4][5]. - The city has implemented a strategic seed fund and angel fund with a total scale of 500 million yuan, allowing for a 100% loss on individual projects, showcasing a high tolerance for risk [5]. - The "Action Plan" for promoting high-quality development in venture capital emphasizes nurturing both "patient capital" and "bold capital," encouraging long-term investments while also supporting high-risk, frontier technology ventures [6][7]. Group 3: Fundraising and Investment Strategies - The "Action Plan" aims to achieve a "Double Ten Thousand" structure by 2026, with over 10 trillion yuan in industry funds and more than 10,000 registered equity and venture capital funds [6][7]. - Shenzhen plans to establish three new mother funds to enhance collaboration and complement existing fund structures, addressing the current market's challenges [7]. - The city is exploring ways to lower the requirements for return investments from sub-funds, particularly for early-stage funds, which could serve as a model for national guidelines [7][10]. Group 4: Collective Economy and Local Initiatives - Shenzhen has initiated equity investment funds involving collective economic entities, with significant contributions from local cooperative companies, demonstrating a unique approach to mobilizing community resources [9][10]. - The establishment of funds by local cooperative companies has provided new avenues for alleviating fundraising challenges in the venture capital industry [9][10]. - The city has been proactive in addressing key issues faced by the venture capital sector, implementing practical measures to optimize the investment environment [10][11].