大海波涛之上，海燕高声鸣叫，似闪电般矫健飞翔，经风雨弥坚，战狂澜愈勇。 作为最活跃的经济细胞，上市公司是国民经济的"动力源"和"压舱石"。同时，上市公司信息披露透明完 备，也是观察城市发展轨迹的绝佳窗口。 今天是深圳经济特区45岁生日。45年来，深圳培育了一大批优质上市公司，他们敢闯敢试敢创，像翱翔 在海天之间的海燕，搏击风浪，走在时代前列。 ● 本报记者 彭勇 黄灵灵 齐金钊 张韵 压力之下逆势而上 今年4月，一款中国全景相机在美国纽约热销，有人凌晨三点开始排队，只为抢购影石创新的新品，这 让很多美国消费者改变了中国制造"低价内卷"的刻板印象。 影石创新创立于2015年。彼时，全球全景相机市场被日本理光、美国GoPro等巨头垄断。影石创新"硬 磕"AI影像处理、防抖算法等技术，迅速逆袭成全景相机全球销冠。 产品全球市占率第一、年均毛利率超50%、海外市场贡献超70%的营收……短短十年，影石创新用高速 成长演绎出新时代的"深圳速度"。"如果不是在深圳，这一切可能不会发生。"影石创新创始人兼董事长 刘靖康说，公司做智能硬件创新，离不开深圳超强的产业链和人才链。 今年6月，影石创新登陆科创板，目前市值突破1100 ...

2025年，全球经济格局与产业生态正经历着深刻而复杂的变化。技术革命的浪潮奔涌向前，资本市场的逻辑悄然重塑，粗放式增长的时代已然落幕。一个 更加注重深度、协同与长期价值的"精耕时代"正拉开序幕。 过去十年，我们见证了中国商业世界波澜壮阔的范式转移。我们始终坚信，在所有的喧嚣与不确定性之中，存在着一股真正能够穿越周期、重构价值链条 的长期主义力量。 进入2025年，这股力量的轮廓变得前所未有地清晰。 未来商业的中流砥柱，必然属于那些愿意并能够深耕垂直场景、构建技术壁垒、实现生态协同的精耕者。他们不再满足于单点技术的突破，而是致力于将 技术价值通过垂直场景和生态协同，实现规模化的商业变现。 在此背景下，36氪将于2025年9月10日至11日，在中国厦门隆重举办以"精耕时代，潮涌嘉禾"为主题的产业未来大会。 本次大会将汇聚政府、资本与产业三方的顶尖智慧，聚焦人工智能、低空经济、先进制造、新能源与大消费五大核心赛道，共同擘画中国产业发展的未来 蓝图。 我们希望搭建一个平台，让真正的产业建设者们齐聚一堂，共同探讨在新的历史周期下，如何紧握产业发展的脉搏，推动资本从规模扩张真正转向效能革 命。 "耐心资本"与"产业协同" ...

Group 1 - The core concept of resident financial personality is the stable tendency of individuals as micro-financial entities in their financial behaviors, influenced by factors such as age, income level, and education [1] - Optimizing resident financial personality is crucial for enhancing adaptability in financial activities and promoting the internal formation of patient capital, which is characterized by a long-term investment return focus and resilience to investment risks and short-term market fluctuations [1] - Patient capital is essential for fostering technological innovation, supporting strategic emerging industries, upgrading traditional industries, and improving infrastructure investment, thereby enhancing national competitiveness [2][3][4] Group 2 - Patient capital plays a significant role in improving financial structure and competitiveness by providing long-term investment that traditional banking systems may not adequately support [5] - Investment in education and healthcare by patient capital can enhance human capital competitiveness, which is foundational for national competitiveness [6][7] - The support of patient capital in national defense technology research and equipment upgrades is vital for strengthening national defense competitiveness [8] Group 3 - Optimizing resident financial personality aids investors in pursuing long-term value returns and reduces the influence of market noise on investment decisions [9] - It also helps investors endure the risks associated with innovation and make independent investment decisions based on their financial knowledge and experience [10] - Furthermore, an optimized financial personality allows investors to better tolerate short-term market value fluctuations, fostering a long-term investment mindset [11] Group 4 - There are challenges in optimizing resident financial personality, including mismatches in time preference and risk perception among investors [12][13] - Deficiencies in financial literacy among investors can lead to poor investment decisions and increased susceptibility to market volatility [14] - Existing incentive distortions in financial markets can reinforce short-term profit-seeking behaviors, complicating the cultivation of patient capital [15] Group 5 - Strategies for optimizing resident financial personality include enhancing financial literacy through education and community training programs [15][16] - Financial institutions should innovate financial products and services tailored to different age groups and educational backgrounds to better serve clients [16] - Technological advancements can facilitate the optimization of financial personality by providing tools for risk assessment and investment management [17][18] - Institutional adjustments, such as improving the design of financial support systems and extending performance evaluation periods for fund managers, can further promote the growth of patient capital [19]

从近一年来的市场表现来看，险资作为耐心资本的主力之一，正悄然影响着市场风格。 一是引导价值投资，优化资源配置。据中国保险行业协会披露，截至2025年7月20日，保险公司共举牌 20次，不仅超过2023年全年举牌数，也追平了2024年全年举牌数。从投资标的所处行业来看，银行股被 举牌次数最多，此外还涉及公用事业、能源、交通运输、科技等行业。这是对价值投资理念最有力的背 书，有利于引导资金流向经营稳健、注重分红的优质企业，优化了市场的资源配置效率，鼓励上市公司 专注主业、提升回报股东能力。 二是提供巨量长期资金，稳定市场预期。据估算，险资每年至少将为A股新增几千亿元规模的长期资 金。这为市场注入了宝贵的长期流动性来源，增强了市场韧性。尤其在市场情绪低迷或遭遇外部冲击 时，险资的稳定持仓和潜在的低位增持能力，是名副其实的"压舱石"。 不久前，香港联交所股权披露显示，中国平安于8月11日举牌中国太保。举牌后中国平安持有5.04%的 中国太保H股。国家金融监督管理总局公布的最新数据显示，截至二季度末，保险公司和保险资产管理 公司总资产39.2万亿元，较年初增加3.3万亿元，增长9.2%。保险资金支持资本市场发展有了更充 ...

● 本报记者 昝秀丽 近段时间，多地推出"长续航版"引导基金，延长政府引导基金存续期。 市场人士认为，地方政府引导基金存续期限出现延长趋势，这将更加精准适配科创企业投资需求。耐心 资本、长钱生态的形成有望为投资周期长、技术壁垒高的未来产业发展筑牢根基。 业内人士认为，地方政府引导基金存续期延长的动力来自国家层面政策的推动。 国家发展改革委日前会同有关方面起草的《政府投资基金投向指导评价管理办法（公开征求意见稿）》 提出，对于存续期年数超过10年的基金给予加分。 陈雳认为，这是国家层面将耐心资本理念制度化的战略体现，将助力更好发挥政府引导基金在服务国家 战略、推动产业升级、促进创新创业等方面的积极作用，吸引带动更多社会资本支持现代化产业体系建 设和培育发展新质生产力。 存续期延长成趋势 中国证券报记者梳理发现，近期，不少地方推出相关政策，延长政府引导基金存续期。 安徽省科技厅近日发布的《安徽省天使母基金群高质量运营指引（征求意见稿）》提出，优化母基金运 营周期，对于运营绩效优秀的母基金，经审批后可延长至20年。 陕西省发布的《陕西省科技创新母基金管理办法（试行）》明确，科创母基金存续期20年；子基金存续 期不超 ...

Core Insights - The report indicates that China's technology investment in 2025 is at a "crossroads," showing signs of recovery but still facing significant challenges [1] - The first half of 2025 marks the first positive growth in fundraising, investment, and exit activities in four years, indicating a potential turning point in the market [2] Fundraising and Investment Trends - In the first half of 2025, the number and scale of fundraising funds increased compared to the same period in 2024, marking a recovery in the primary market for equity investment [2] - The exit situation has improved, with a partial recovery in the IPO market for Chinese companies, and the proportion of exits through IPOs and equity transfers has risen [2] - However, challenges remain, including prolonged IPO timelines and significant disparities in approval rates across different sectors in the A-share market [2][3] Investment Challenges - Over 70% of companies funded by venture capital funds established between 2014 and 2017 have not exited, and the number of venture capital fund liquidations has increased for four consecutive years [2] - Key issues include pressure on Limited Partners (LPs) for returns, a shift in General Partners (GPs) from "investment-driven" to "exit-driven" strategies, and a significant focus on popular sectors like AI, semiconductors, and new energy, leading to market saturation [2][3] Emerging Trends - Hard technology is leading the investment narrative, with significant activity in AI and hard tech sectors, where investment events and amounts have seen substantial year-on-year growth [3] - The strategic value premium in these sectors can reach between 20% to 200%, indicating a strong market interest [3] - There is a notable difference in AI investment logic between China and the U.S., potentially leading to a dual-core model in AI investment [3] Institutional Evolution - The capabilities of GPs are evolving from being mere "catchers" of funds to becoming "partners" who understand industries and build ecosystems [3] - The rise of "patient capital" is gaining attention, with market responses gradually aligning with policy initiatives [3] - New institutional forms are emerging, with technology companies investing along the entire industrial chain, driving a reconstruction of venture capital logic [3]

8月2 2日， " 科技创新新质生产力基金 " "国有企业产业结构优化调整基金" "上市公司高质量 发展基金"三大百亿级基金集群 在产业投资生态建设大会上集中发布。三大基金集群由浙江省 国有资本运营有限公司牵头组建，作为浙江唯一的省级国资运营平台，目前首批规模约 1 5 0亿 元的基金已进入协议签署和注册收官阶段。 据悉， 三大基金群各有侧重。 "科技创新新质生产力基金"聚焦浙江省战略性新兴产业和未来 产业，重点投向集成电路、高端装备、新材料、医工医药等领域的早中期硬科技项目，以直投 为主。"国有企业产业结构优化调整基金"旨在优化国有资本布局，重点围绕国有企业主责主 业，推动其加快转型升级、化解过剩产能、培育新动能。"上市公司高质量发展基金"着力稳定 和做强浙江资本市场，通过参与IPO战略配售、支持并购重组等方式，巩固省内上市公司高质 量发展优势。 值得关注的是，三大基金集群均采用市场化机制保障高效运行。 基金来源以市场化方式募资独 立发起 ，在投资管理考核、容错机制、投后管理等环节也全面推行市场化创新模式。浙江省国 资公司董事长姜扬剑表示，三大基金群将共同构建覆盖企业 "初创—成长—成熟—整合"全生命 周期 ...

Core Insights - The conference "渡口——甲子引力X2025科技产业投资大会" highlighted the challenges and transformations in the technology investment sector for 2025, emphasizing a shift from opportunity-driven to value-driven investment logic [2][6] - The market is experiencing a recovery phase, with significant growth in fundraising and exits, marking the first positive growth in four years [6][7] - Seven key trends were identified, including the rise of hard technology, changes in AI investment logic, and the emergence of new institutional forms [7][19] Investment Trends - Trend 1: Hard technology leads the investment narrative, creating "strategic value premiums" [7] - Trend 2: Changes in AI technology stack investment logic, with a focus on robotics, AI applications, and AI chips [7] - Trend 3: Differences in AI investment logic between China and the US, leading to an "AI dual-core model" [7] - Trend 4: International capital reassessing the investment value of China's technology industry [7] - Trend 5: Redefinition of GP capabilities, transitioning from "catchers" to "partners" [7] - Trend 6: Patient capital shifting from policy-driven to market-responsive [7] - Trend 7: Emergence of a new generation of institutional forms, with investment becoming a tool for industry chain integration [7] Market Data - In the first half of 2025, the equity investment market raised 728.3 billion yuan, a 12% year-on-year increase, with 2,172 new funds and 3,389 billion yuan invested across 5,612 cases, marking a recovery [6] - There were 935 exits, with 583 IPOs, representing a nearly 40% year-on-year increase [6] Key Discussions - The conference featured a peak dialogue among top investors discussing market trends, disruptive innovation, and globalization [20][22] - Investors emphasized the importance of technology breakthroughs and the need for long-term commitment in the face of market fluctuations [22][23] Sector-Specific Insights - AI and embodied intelligence are seen as key areas for new opportunities, with a focus on vertical niches and the integration of AI into various applications [24][26] - The healthcare sector is increasingly leveraging AI for drug development and diagnostics, with a strong emphasis on data-driven approaches [48][50] - The semiconductor industry is viewed as critical, with AI driving demand and the need for domestic innovation in chip design and manufacturing [41][43] Awards and Recognition - The conference concluded with the release of the "2024-2025 Annual China Technology Industry Investment Rankings," recognizing outstanding contributions from investment institutions and companies [4][51]

文/冯赛琪 8月21日，君龙人寿上海分公司正式开业。在现场，新浪财经与君龙人寿董事长王文怀进行了深度对 话。 作为一家中小险企，君龙人寿总部位于厦门，是福建省首家且唯一一家两岸合资的人身保险公司，厦门 建发集团与台湾人寿分别持股50%。 在行业普遍面临利率下行压力的大背景下，君龙人寿打造"保险+医疗"与"股权投资赋能"双轮驱动模 式，协同构建起成效显著的抗周期能力。 2025年二季度偿付能力报告显示，君龙人寿2025年上半年投资收益率累计达4.67%，在57家非上市寿险 公司中排名第一。2025年上半年，公司净利润进一步增长至2.2亿元，创下历史最高。 王文怀认为，市场利率不可能维持在相对高的水平，对金融机构负责人来说，这种大趋势的判断非常重 要。因此，如何配置资产使收益大于成本，实现正利差，是保险公司的核心问题。 由于此前在投资机构工作多年，有着丰富的投资行业经验，王文怀表示，要在市场上获得高收益，中小 险企进行股权投资是必做之事，且越早做越好，但不能盲目进行，必须依靠专业化体系。 "对于中小保险公司而言，不承担市场风险就无法获得相应资产配置收益，在当前低利率环境下，仅靠 长周期利率债难以生存。"他指出。 ...

Core Insights - The training program for financial leaders in Shenzhen aims to enhance the quality of financial talent and contribute to the development of a globally influential industrial financial center [2][3]. Group 1: Training Program Overview - The Shenzhen Municipal Financial Office and the Municipal Financial Work Committee organized a training program from August 18 to 21, focusing on high-quality financial development [1]. - The program included 17 specialized lectures and 3 thematic discussions over four days, emphasizing practical and relevant content [3]. - Experts from various financial institutions and universities were invited to share insights on financial empowerment, regulatory compliance, and industry trends [2][3]. Group 2: Key Themes and Discussions - The training emphasized the importance of reform and innovation, compliance in operations, and comprehensive development to enhance competitiveness [4][5]. - Participants engaged in discussions on financial technology, patient capital, and cross-border finance, fostering collaborative learning and idea exchange [4]. - The program aimed to align participants' understanding of macro trends with Shenzhen's financial mission, encouraging a balance between risk management and innovation [4][5]. Group 3: Future Talent Development - Shenzhen is enhancing its multi-level financial talent development system, implementing the "Million Talents Gather in South Guangdong" initiative to attract and cultivate financial professionals [6]. - The city is focused on creating a high-quality, professional financial workforce and establishing a supportive ecosystem for talent to thrive [6].