Group 1 - Shenzhen Innovation Investment Group (深创投) plays a significant role in the success of various "star enterprises" such as DJI, Yushu, Moore Threads, SenseTime, and Mindray Medical [1] - Shenzhen's guiding fund has supported over 8,000 industrial projects and helped more than 1,800 companies become "specialized, refined, unique, and innovative" enterprises, with nearly 400 companies successfully listed [4][6] - The guiding fund, established in 2015 with a scale of 100 billion RMB, operates under a "government guidance + market operation" model, allowing professional fund management institutions to manage daily operations without government intervention [1][2] Group 2 - Since its inception, the Shenzhen guiding fund has mobilized nearly 500 billion RMB in capital through 13 government investment guiding funds, establishing over 300 sub-funds [2] - The guiding fund focuses on strategic emerging industries and future industry clusters, providing substantial capital support to key segments of the industrial chain and high-quality innovative projects [4][6] - The fund emphasizes collaboration with various stakeholders, including national and provincial funds, to enhance the effectiveness of fund utilization and resource allocation [6][12] Group 3 - The guiding fund's operational principles include "government guidance, market operation, collaborative synergy, risk prevention, and patient tolerance," ensuring a market-oriented and professional approach [5] - The fund has shifted its investment strategy to focus on specific industry clusters, establishing a "20+8" industrial fund group targeting 20 strategic emerging industries and 8 future industry clusters [6][11] - The fund aims to create a multi-dimensional capital ecosystem by linking fiscal funds with social and industrial capital, focusing on "bottleneck" areas and cutting-edge tracks [11][12] Group 4 - The guiding fund has implemented measures to stimulate investment in hard technology early-stage projects, including increasing venture capital supply and optimizing performance evaluation methods [7][8] - The selection criteria for fund managers emphasize experience in equity investment, sound risk control mechanisms, and the ability to provide industry-specific insights and resources [8][9] - Shenzhen aims to build a more internationally competitive venture capital center by innovating policies and constructing a collaborative ecosystem that integrates various funding sources and research institutions [10][11]