Core Viewpoint - Shenzhen has introduced a new guideline to promote tolerance for failure in the technology innovation sector, aiming to create a supportive environment for innovation and investment [1][3][4]. Group 1: Guidelines and Implementation - The Shenzhen Municipal Science and Technology Innovation Bureau released the "Guidelines for Tolerance of Failure in the Field of Technological Innovation" which outlines the guiding principles and basic conditions for recognizing responsible performance [1][2]. - The guidelines specify that various fiscal special funds' administrative departments are responsible for implementing the tolerance for failure and responsible performance recognition work, detailing five diligence conditions and nine exemption scenarios [2]. Group 2: Capital Strategies - Shenzhen has proposed the concept of "Bold Capital" to encourage investment in high-risk frontier technology fields, promoting a culture of "daring to try and make mistakes" [4][5]. - The South District of Shenzhen has established a strategic direct investment seed fund and angel fund with a total scale of 500 million yuan, allowing for a 100% loss on individual projects [5]. - The Futian District has introduced a risk tolerance policy for government investment funds, permitting up to 80% loss on certain projects, with some projects allowed to incur a 100% loss [6]. Group 3: National Trends - Other regions, such as Wuhan and Sichuan, are also adopting similar tolerance mechanisms for investment losses, indicating a growing trend among local governments to accept full losses in venture capital [7][8]. - The national government has emphasized the need for a sound tolerance mechanism for government investment funds, encouraging a supportive environment for innovation and risk-taking [10][11]. Group 4: Fund Development and Performance - Shenzhen aims to establish a "double ten thousand" structure by 2026, targeting a trillion-level "20+8" industry fund group and over 10,000 registered equity investment and venture capital funds [11][12]. - The city plans to create three new mother funds to enhance its existing fund system, focusing on cross-border cooperation and specialized investment [12][15]. - Shenzhen's national leadership in venture capital is reflected in its comprehensive fund ecosystem, which includes over 500 funds with a total scale exceeding 700 billion yuan, primarily directed towards strategic emerging industries [15][20]. Group 5: Innovative Measures - Shenzhen has introduced a risk compensation scheme for technology innovation seed funds, integrating insurance to mitigate risks associated with project failures [19]. - The city has also established local standards for venture capital and innovation ecosystems, showcasing its commitment to fostering a robust investment environment [17][18].

3月，深圳市南山区印发《南山区支持创新创业"六个一"行动方案》，其中，在"投早投小投科 技行动"中，提出设立总规模为5亿元的战略直投专项种子基金和天使基金，对经认定的人工智 能、机器人、生物医药、低空经济等南山区重点扶持和发展的战略性新兴产业和未来产业的初 创企业给予领投支持， 基金内单个项目最高允许 1 0 0%亏损 。据悉，该基金将由深圳市南山 战略新兴产业投资有限公司 1 0 0%出资，南山战新投是由深圳市南山区政府设立的国有独资有 限责任公司。 这可谓是全国 "天花板"级别的容亏率，我们认为， 允许 1 0 0%亏损 对整个引导基金和国资母 基金行业的容错免责机制建设来说，是一种积极的引导与带动。科技创新股权投资尤其 "投早 投小"的风险大，出现项目失败也是可能的，但只要管理规范、投资稳健及盈利满意的，则应 宽容少数项目的投资失败。 可见，基金内单个项目最高允许 1 0 0%亏损，有望成为越来越多地区国资的容亏机制建设的参 考。并且，广东省在完善基金考核机制方面，无疑是全国范围内较为先进的地区。 最近，能容亏 1 0 0%的地方国资越来越多了。 4月2 1日，深圳市福田区举行教育科技人才高质量发展推介 ...