他解释道，因为国家资金更关注国有资产的保值和增值，所以容错率相对会低一些。项目投资成功当然 没问题，但如果投失败了——市场化创投基金觉得这是正常现象，因为"风险投资"这个名字里就带"风 险"，它天生就是高风险的。它的商业模式就是投十个项目里，有一个明星项目能赚几十倍、上百倍， 就能把前面大量试错失败的成本覆盖掉，最后还能取得不错的回报。但国资背景不同，它涉及国有资产 保值增值的问题。 "你投十个项目，哪怕九个都成功，只要有一个失败，就可能被认为涉及国有资产流失。甚至还会有人 追问：当初为什么投这个项目？是不是存在利益输送？所以很多政府背景的基金在实际操作中就不太 敢'投早、投小、投长、投硬'，避险倾向会很强，最后往往只能去投中后期、现金流更稳、看得更清楚 的项目。这就和中央的要求背道而驰了"，田轩说。 在此基础上，田轩认为，下一步改革的一个重点就是优化国资背景基金的评价机制和考核机制。比如， 把考核周期拉长，不要一年一年审。风险投资基金在美国的存续期通常是10到12年，不应该在前几年就 一年一年盯着看成本收益。因为真正的"早、小"，的初创科技企业在前几年大概率是亏损的；一年一年 地审核，就会天然不利于这些政府 ...

Core Viewpoint - The current structural adjustment in China's primary market signifies a paradigm shift rather than a cyclical fluctuation, marking the official arrival of the VC/PE 2.0 era in China [3][4][28] Group 1: Investment Strategies - Investment strategies are shifting from "investing in trends" to "investing in hard tech," emphasizing the need to understand the integration of technology and business [4][28] - Leading firms are adopting a strategy of "investing early, new, hard, big, difficult, and long," focusing on long-term technological barriers and projects with extended commercialization cycles [7][8] - The importance of balancing short-term returns with long-term value is highlighted, especially in uncertain technological landscapes [6][8] Group 2: Ecosystem Development - Firms are forming deep partnerships with universities and research institutions to build a technology innovation ecosystem, focusing on the transformation of scientific research into commercial projects [9][10] - There is a strong emphasis on supporting key industries and enhancing domestic capabilities, particularly in critical technology sectors [9][10] Group 3: Global Perspective - Investment institutions are increasingly adopting a global perspective, linking with international innovation resources to facilitate cross-border technology transfer [9][10] - The focus on supply chain security has become paramount, particularly in sectors deemed critical for national interests, such as semiconductor manufacturing and AI infrastructure [13][14] Group 4: Micro-Level Opportunities - The ability to identify micro-level investment opportunities is crucial, with a focus on the entrepreneurial spirit and structural opportunities within the market [12][13] - The investment approach emphasizes a global view of supply chain dynamics, particularly in enhancing supply chain efficiency and security [13][14] Group 5: Innovation and Technology - The investment landscape is characterized by a transition from certainty to uncertainty, necessitating a comprehensive understanding of technology trends and potential applications [17][18] - The strategy involves a "three-tiered value configuration" to balance risks across different stages of investment, ensuring a holistic approach to emerging technologies [17][18] Group 6: Firm-Specific Strategies - Each firm is developing unique strategies based on their institutional strengths and market insights, focusing on high-growth potential founders and sectors [20][21] - The emphasis is on deep engagement with portfolio companies, providing support beyond financial investment to help navigate early-stage challenges [21][22] Group 7: Adaptation to Market Changes - Firms are adapting to market changes by maintaining a balance between persistence in core beliefs and responsiveness to global shifts in technology and market dynamics [24][25] - The need for efficiency in operations is underscored, with a focus on enhancing productivity across various sectors, including technology and investment institutions [23][24]