Group 1 - The core viewpoint emphasizes the importance of nurturing and expanding long-term and patient capital, particularly in the context of private equity funds and their alignment with the development characteristics of technology innovation enterprises [1] - The China Securities Regulatory Commission (CSRC) is advocating for the optimization of long-cycle assessment mechanisms for private equity funds to better support technology innovation [1] - There is a push to support the development of secondary market funds (S funds) and to promote the regularization of fund share transfer business, which aims to enhance the virtuous cycle of fundraising, investment, management, and exit [1] Group 2 - The initiative includes encouraging long-term capital to enter the market and continuously improving the "long money long investment" system [1] - The CSRC aims to establish a fair and reasonable legal relationship between private equity investment funds and technology innovation enterprises, as well as their founding shareholders [1] - The Mother Fund Research Center has officially launched the 2025 special list evaluation to recognize outstanding institutions and talents in the private equity fund industry, promoting healthy development in the sector [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to promote the regularization of fund share transfer business and expand the pilot program for physical stock distribution to investors, focusing on nurturing long-term capital and optimizing private equity fund mechanisms [1] Group 1 - The CSRC emphasizes the importance of cultivating and expanding long-term and patient capital [1] - There is a push to guide private equity funds in optimizing long-cycle assessment mechanisms to better align with the development characteristics of technology innovation enterprises [1] - The development of secondary market funds (S Funds) is supported, along with the transition of fund share transfer from pilot to regular practice [1] Group 2 - The initiative includes expanding the pilot program for physical stock distribution to investors, promoting a healthy cycle of fundraising, investment, management, and exit [1] - Continuous guidance for medium- and long-term capital to enter the market is highlighted, along with the improvement of the "long money, long investment" system [1] - The CSRC aims to adhere to the basic legal principles of equity investment, fostering a fair and reasonable legal relationship between private equity investment funds and technology innovation enterprises and their founding shareholders [1]

Group 1 - The article emphasizes the importance of cultivating long-term and patient capital to stabilize and develop the capital market, highlighting a "1+N" policy system aimed at optimizing market structure and enhancing stability [1][5] - Long-term capital and patient capital are characterized by their focus on long-term value rather than short-term gains, providing stable funding that supports enterprise development and market competitiveness [2][5] - The introduction of long-term and patient capital is expected to mitigate market volatility, promote long-term value investment, and enhance the overall quality and efficiency of the capital market [6][12] Group 2 - Recommendations for fostering patient capital include optimizing state-owned capital investment mechanisms, constructing a multi-tiered capital market, and improving policies for long-term funds to enter the market [7][8][9] - The article discusses the need to address barriers to long-term capital entering the market, such as regulatory restrictions and short performance evaluation periods for institutional investors [13][14] - Different types of long-term capital, including insurance funds, social security funds, and public funds, have unique characteristics and advantages that should be leveraged to support the capital market effectively [15][16]