1 2月5日，《人民日报》刊发中国证监会主席吴清的署名文章，题为《提高资本市场制度的包 容性适应性（学习贯彻党的二十届四中全会精神）》。 值得关注的是，我们发现，文章中多处对私募股权和创投基金提出明确肯定与支持： 母基金研究中心认为，吴清此次发声肯定了私募股权创投基金的重要作用，并释放出畅通募投 管退全链条机制的利好信号。 我们关注到，今年以来，证监会十分关注私募股权投资行业的发展： 1 0月2 7日，2 0 2 5金融街 论坛年会在北京金融街开幕，吴清在演讲中强调，新产业、新业态往往需要更大规模的耐心资 本投入和更灵活、更包容的融资环境，以利于更好支持创新资本形成和创新动能培育。这也肯 定了私募股权创投基金作为创新资本的重要作用。 6月1 8日，在2 0 2 5陆家嘴论坛上，中国证监会主席吴清发表主题演讲，吴清表示，当前，适应 创新规律的资本形成机制不完善。与科技创新"十年磨一剑"的坚守相比， 我们的金融供给仍存 在资金短期化、风险容忍度低等问题，长期资本、耐心资本远远不够 。 吴清指出，更大力度培育壮大耐心资本、长期资本。聚焦私募基金 "募投管退"各环节卡点堵 点，精准发力、畅通循环。积极推动社保基金、保 ...

Core Viewpoint - The article discusses the importance of venture capital (VC) in transforming scientific research into tangible economic value, highlighting recent policies in Shaanxi Province aimed at promoting high-quality development of VC [1][4]. Group 1: Venture Capital Overview - Venture capital refers to equity investment activities conducted by specialized firms and angel investors, primarily targeting early-stage technology-oriented small and medium-sized enterprises (SMEs) [2]. - The growth of venture capital supports a healthy cycle between technology, industry, and finance, fostering the development of new productive forces [2]. Group 2: Current Status of Venture Capital in Shaanxi - Shaanxi's venture capital sector has shown significant growth, with 179 registered equity VC fund managers and 702 funds by the end of 2024, totaling a fund size of 1,122 billion [3]. - The effectiveness of these funds is evident, with 2,844 existing investment projects and a total investment amount of 1,531 billion, over 80% of which are in technology-oriented enterprises [3]. - The policy environment for venture capital is improving, with various initiatives aimed at optimizing the industry ecosystem and establishing project matching platforms [3]. Group 3: New Policies and Measures - The newly released "Work Measures" aim to implement the province's innovation-driven development strategy, focusing on nurturing new productive forces and enhancing the policy environment for venture capital [4]. - Key initiatives include expanding funding sources, establishing a mother fund for industrial innovation clusters, and improving the management of government-funded VC [4][6]. - The measures also emphasize the importance of exit channels for venture capital investments and the establishment of a robust evaluation and accountability system for government-funded funds [4][6]. Group 4: Government Investment Fund Initiatives - Since 2019, Shaanxi has established a government investment guidance fund, which has set up 42 sub-funds and invested in 306 projects, amounting to 12.114 billion, leveraging an additional 61.024 billion from other capital [5]. - The provincial finance department is enhancing the management of government investment funds to improve market-oriented operations and competitiveness [6]. Group 5: Regulatory Support for Venture Capital - The Shaanxi Securities Regulatory Bureau highlights the significant role of private equity and venture capital in facilitating the listing of companies, particularly technology-oriented firms [7]. - Recent policies from central authorities aim to broaden funding sources and streamline exit channels for venture capital, promoting a healthy cycle of fundraising, investment, management, and exit [7]. - The expansion of the Financial Asset Investment Company (AIC) equity investment pilot program in Shaanxi is expected to further enhance the capital landscape for venture capital [8].