戴建业强调，基金不以追求短期财报收益为首要目标，而是坚持"耐心资本"的理念，通过长期性及系统 性布局，全力推动重点产业提质升级。(完) 据介绍，为使基金能有效"发挥引领作用，共促产业多元"，特区政府经综合考虑，初步计划以财政储备 历年滚存的收益向基金注资110亿澳门元，联同首批社会资本设立基金，预期基金规模为200亿澳门元。 基金投资范围包括新兴产业、转型升级产业、科技成果转化项目及初创科技企业；聚焦国家战略、产业 升级、科技创新、民生保障等重点领域；符合澳门"一中心、一平台、一基地"的发展定位，并充分发挥 澳门独特优势的领域；支持澳门特区与横琴粤澳深度合作区、粤港澳大湾区联动发展的投资项目，以及 其他符合特区政府政策导向的投资项目等。 中新社澳门2月27日电 (记者 郑嘉伟)澳门特区政府27日公布，澳门计划于年内设立"政府引导基金"(下 称"基金")，以财政储备历年滚存收益向基金注资，期望发挥引领作用，汇集和引导社会资本参与投资 重点产业和项目。 澳门特区政府经济财政司司长戴建业当天在新闻发布会上表示，设立"政府引导基金"的目的是引导不同 类型的社会资本，投向澳门重点发展的新兴产业和未来产业，以扎实推动经济 ...

开年的创投圈，好消息接连不断，从募资端到退出端，暖意正在持续蔓延。 今天（26日），又一振奋消息来了，510亿央企母基金基金出手了，为市场带来耐心活水。 510亿巨舰启航 2月26日，国新基金公开发布央企战略性新兴产业发展基金有限责任公司（以下简称"战新基金"）子基 金管理机构遴选公告。 公告中指出，为深入贯彻党的二十大、二十届历次全会精神，认真落实国务院国资委关于发展战略性新 兴产业和未来产业相关工作要求，大力推动战略性新兴产业和未来产业发展提质增效，加大力度投早、 投小、投长期、投硬科技，服务构建高水平创新生态，根据基金管理人工作安排，现面向社会公开遴选 央企战略性新兴产业发展基金有限责任公司（以下简称战新基金）子基金管理机构。 把视野拉宽一些就会发现，过去一年至今，以央企、国家队、社保基金为代表的"耐心资本"，正呈现出 前所未有的活跃度。 2025年5月，由国务院国资委指导、中国诚通牵头组建的诚通科创投资基金在北京完成工商登记。这只 规划总规模300亿元、首期100亿元的基金，由中国诚通联合中国石化、中国航油及海淀区政府共同设 立，重点布局新材料、先进制造、新一代信息技术三大核心领域。基金期限同样设计为 ...

证券时报记者 孙璐璐 近年来，作为金融"五篇大文章"之首，科技金融在政策支持下快速发展，仅相关贷款余额就连续多年保持双位数 增长；截至2025年11月末，我国科技贷款余额高达44.8万亿元，同比增长11.5%。证券、担保、创投、保险等其他 金融领域也在加码赋能科技创新，科技金融不再是单一金融领域的"单打独斗"，各类政策"攥指成拳"，服务科技创 新的金融生态圈不断壮大。 金融支持性政策推出的背后，既有来自对金融、科技行业痛点的回应，也离不开两会代表委员躬身调研一线，推 动完善政策组合拳。2024年，全国人大常委会将"大力发展科技金融，推动高水平科技自立自强"列为重点督办建 议，由人民银行承办。人民银行协助全国人大财经委相关负责人赴广东调研，共同研究优化金融服务赋能科技创 新、培育科创金融生态体系的举措。 在充分调研并采纳代表政策建议的基础上，央行会同科技部等部门在当年先后出台《关于扎实做好科技金融大文 章的工作方案》《关于做好重点地区科技金融服务的通知》（下称《通知》）。其中，《通知》聚焦加快推进重 点地区率先构建适应科技创新的科技金融体制，探索投贷联动、并购贷款、科技保险等科技金融新业务模式，建 立科技金融数 ...

发展新质生产力，亟待破解一个问题：硬科技创新的长周期、高风险，与追求短期回报的传统金融 供给之间，存在结构性错配。引导资本更具"耐心"，成为从顶层设计到地方实践必须跨越的改革关口。 发展耐心资本，首要破除的是"不敢投"的种种障碍与"责任迷雾"。对于国有资本而言，其根源在 于"国有资产保值增值的当期考核"与"科技创新投资的长周期、高不确定性"之间的制度性冲突。作为落 实国务院办公厅《关于促进政府投资基金高质量发展的指导意见》的配套举措之一，2026年开始实行的 《政府投资基金投向评价管理办法（试行）》明确将"政策符合性指标"权重提至60分，旨在从根本上扭 转"以财务盈亏论英雄"的考核导向。 南京的破题思路，是用清晰规则为"风险"标定刻度，为"责任"划定边界。2026年2月，紫金山创投 大会上，南京发布专项支持政策：该市、区母基金参与出资的概念验证基金、天使基金存续期最长可至 20年，确有必要的可再延长3年。早在2024年，南京市人民政府印发《关于打造南京市"4+N"产业基金 集群聚力推动产业强市发展的实施意见》，明确建立差异化分类绩效考核机制，对功能母基金开展整体 绩效评价，不对单个投资项目的盈亏进行评价，并建 ...

Group 1 - Financial support is crucial for the collaborative development of advanced manufacturing and modern services, creating a positive ecosystem [1] - Shenzhen Innovation Investment Group has managed over 500 billion yuan, investing in over 1,800 companies, with more than 90% in hard technology sectors [1] - The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund has a scale of 50.45 billion yuan, aimed at supporting startups [1] Group 2 - Guangdong leads in capital market tools, holding six "firsts" in the Shenzhen Stock Exchange, including the highest number of new listings and IPO applications [2] - The Shenzhen Stock Exchange plans to enhance support for quality enterprises to go public and promote the growth of large-scale leading companies [2] Group 3 - By 2025, Guangdong's industrial enterprises are projected to exceed 19 trillion yuan in revenue, with high-tech and equipment manufacturing accounting for over 30% and 50% of industrial added value, respectively [3]

站在2026年的开端，我们正置身于中国资本市场一个由规模扩张迈向质量跃升的全新周期。刚刚过去的2025年，我们见证了A股总市值历史性突破100万 亿元大关，并稳步攀升至约123万亿元；见证了上证指数从年初的3300点附近拾级而上，一度冲破4000点，年涨幅接近20%，创下近六年最佳表现；更见 证了市场成交额首次突破400万亿元，日均成交额较2024年放量超过60%，显示出充沛的流动性与高涨的参与热情。 坚定"耐心资本"理念，深耕产业周期 过去一年，粤开证券坚定不移地践行"耐心资本"战略，聚焦于具有关键技术壁垒和商业化潜力的硬科技企业。我们注意到，2025年新上市企业中超过九成 为高新技术企业，其中科创板、创业板为一批尚未盈利的"硬科技"企业敞开了大门，已有50余家此类企业成功上市。这正与我们的投资逻辑高度契合。 作为植根于广州开发区、黄埔区的国资控股券商，我们依托深厚的产业生态优势，前瞻性地布局商业航天、低空经济、生物医药等新质生产力。2025年， 我们投资了小鹏汇天、中科宇航、星河动力、蓝星光域等一批战略性科创企业，以实际行动巩固在硬科技领域的版图。此外，我们的私募股权管理规模突 破百亿元，致力于成为推动国 ...

Core Viewpoint - The article emphasizes the importance of strengthening venture capital institutions and leading technology enterprises as part of China's strategic focus on innovation and technology finance services [5][6]. Group 1: Policy and Strategic Direction - The article highlights a significant deployment for the venture capital industry, indicating a positive signal for growth and support from the government [5]. - It mentions that the Central Economic Work Conference in December 2025 underscored the role of venture capital and private equity in supporting technological innovation [6][9]. - The government has introduced various policies to enhance the venture capital environment, including the "17 Measures for Promoting High-Quality Development of Venture Capital" released in June 2024 [9]. Group 2: Investment Trends and Practices - The current trend in the venture capital industry is characterized by a focus on early-stage, small-scale, long-term investments in hard technology, which has become a mainstream consensus among funds [6][7]. - There has been a notable increase in the establishment of angel funds, with over 30 angel mother funds set up in China, totaling over 800 billion yuan [6][7]. - The concept of "patient capital" is gaining traction, emphasizing the need for long-term support and tolerance for risks and failures in technology innovation investments [8][9]. Group 3: Future Outlook - The article anticipates that the venture capital industry will continue to respond to central government calls by enhancing early, small, long-term, and hard technology investments [10]. - It expresses confidence that the venture capital sector will play a crucial strategic role in fostering new productive forces in China [10].

Core Viewpoint - Shenzhen aims to establish a diversified, relay-style technology finance service system that aligns with the entire lifecycle of enterprises, targeting the creation of over 10,000 innovation and industry investment funds with a total scale exceeding 10 trillion yuan, referred to as the "Double Ten Thousand Fund" framework [1][2]. Fund Development - Shenzhen has developed a distinctive "Shenzhen State-owned Capital Model," with over 500 state-owned funds totaling more than 700 billion yuan, focusing on strategic emerging industries and future industries, with over 90% of funds directed towards these sectors [2]. - The city is focusing on the "20+8" full industry chain, ensuring that at least 40% of investments are directed towards seed and angel rounds, and at least 20% towards B and C rounds [2]. Innovation and Risk Tolerance - Shenzhen has introduced a guideline that encourages tolerance for failure in technology innovation, establishing a framework for recognizing responsible performance while allowing for certain exemptions [3]. - The city has launched initiatives allowing for a maximum of 100% loss in specific funds, demonstrating a willingness to embrace high-risk investments [4][5]. Action Plan Highlights - The "Action Plan" aims to cultivate both "patient capital" and "bold capital" to support the "20+8" strategic emerging industries, with a goal of forming a "Double Ten Thousand" structure by the end of 2026 [5][6]. - The plan includes the establishment of three new mother funds to enhance the existing fund ecosystem, addressing various investment needs and promoting collaboration [6]. Investment Mechanisms - Shenzhen is exploring innovative mechanisms for fund management, including relaxing return investment requirements for early-stage funds and encouraging the entry of long-term capital sources such as insurance funds and pension funds [6][9]. - The city has also initiated measures to facilitate the entry of surplus funds from cooperative companies into the venture capital sector, showcasing a unique approach to mobilizing local resources [7]. Overall Impact - Shenzhen's initiatives position it as a leading hub for venture capital and private equity, with a strong legislative framework supporting the growth of the industry since 2003 [10]. - The city is expected to continue attracting private equity funds and innovative projects, enhancing its role in the venture capital landscape and contributing to industrial upgrades [10].

Group 1 - The core event was the 2026 Zijinshan Venture Capital Conference in Nanjing, where various funds were launched, totaling over 700 billion yuan in scale, including the 100 billion yuan Zijinshan International Sci-tech Innovation Fund [1] - The concept of "patient capital" was emphasized, which refers to capital that provides long-term support, tolerates risks, and is adaptable to the long growth cycles and high failure rates of technology innovation [2][3] - The Zijinshan International Sci-tech Innovation Fund has a 20-year duration, setting a significant precedent for long-term investment strategies in the industry [3] Group 2 - The Nanjing government has implemented policies to accelerate the development of new productive forces, aiming to create a fund cluster exceeding 2000 billion yuan, focusing on key industries and talent cultivation [4][5] - The emergence of a "fund matrix" reflects a shift in government strategy from supporting single investment platforms to fostering a collective approach with multiple funds targeting specific industries [5][6] - The trend of establishing large-scale, specialized fund clusters is expected to continue, enhancing regional industrial transformation and upgrading [6]

近年来，党中央、国务院高度重视保险业在金融强国建设中的作用。 2025年10月发布的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》再次强调"加快建设金融强国"，然而，在金融体系内 部，一场关于资产负债表结构的深度调整仍在进行中。 南方财经全媒体记者林汉垚 "至2024年底，我国银行业总资产在全国金融总资产中的占比高达62%，而保险业、养老基金等长期资金重要供给者和直接融资市场重要参与 者在金融资产中的占比仅为25%。"工银安盛人寿党委书记、董事长王都富抛出的这组数据，揭示了当前中国金融结构"过度集中于银行"的失 衡现状。 在新质生产力引领中国式现代化的当下，如何引导社会资金从银行体系有序分流，转化为支持科技创新与产业升级的"耐心资本"？作为"经济 减震器"和"社会稳定器"的保险业，又该如何在新一轮"慢牛"周期中重塑自身的保障价值？ 多位监管领导、行业专家及企业掌舵者在"强化保险保障功能与保险行业发展"研讨会上给出了他们的答案。 亟需推动社会资金转为长期资本 中国金融市场的基本盘正在发生深刻变化。 王都富指出，改革开放四十多年来，在金融政策体制、经济发展模式、金融市场培育程度和居民风险偏好等多元因 ...