Core Insights - The Chinese government is implementing four pilot programs to provide technology companies with more long-term and patient capital [1] - The first pilot program involves the equity trial of financial asset investment companies, which has expanded from Shanghai to 18 cities and provinces nationwide, with signed intention amounts exceeding 380 billion yuan [1] - The fourth pilot program focuses on creating a comprehensive financial ecosystem for intellectual property, addressing challenges related to intellectual property registration, evaluation, and disposal [1] - As of the end of Q1 this year, the loan balance of banks to high-tech enterprises reached 17.7 trillion yuan, reflecting a year-on-year growth of 20%, significantly outpacing the average growth rate of other loans [1]