Core Viewpoint - The transformation of technological achievements into industrial applications requires overcoming barriers such as risk aversion and lack of cross-disciplinary understanding, as emphasized by Ma Weihua at the 2025 Tsinghua Wudaokou Global Financial Forum [1] Group 1: Importance of Government Guidance - Government-guided funds play a crucial role in addressing the funding gaps in the technology innovation chain, particularly in early-stage investments that are often overlooked by traditional investors [1] - The conversion rate of technological achievements in China has reached 35% in 2024, but there remains a significant gap compared to developed countries [1] Group 2: Challenges in Financing High-Tech Enterprises - There is a disconnect in the innovation and industrial chains, primarily due to the scarcity of early-stage venture capital and angel investments, which are critical for high-risk high-tech projects [2] - The current financing model, dominated by indirect financing, emphasizes debt over equity, making it difficult for high-tech companies to meet collateral requirements, resulting in a funding satisfaction rate of less than 30% [2] Group 3: Recommendations for Improvement - A multi-layered and multi-faceted financing structure is recommended to support technological innovation, including the establishment of risk tolerance mechanisms [3] - Recent policies, such as the introduction of science and technology innovation bonds and the establishment of financial asset investment companies, have significantly increased financing channels for high-tech enterprises [3] - Government-guided funds should play a leading role in organizing and coordinating resources, managing risks, and facilitating the marketization of technological achievements [3]