27 1 李俊强 ◎记者 陈芳 李雁争 如何平衡短期收益考核与产业长期投入，是李俊强常被问及的问题。"我们的定位不是纯粹的财务投资 者，而是产业投资方。"他解释道，国资监管部门针对不同产业特性制定差异化考核标准，对航空航天 这类长周期产业，考核重点更侧重产业带动效应、技术突破成果与就业贡献，而非短期财务回报。这种 考核机制的灵活性，为镇江高新创投的"耐心投资"提供了保障。以航材股份为例，公司作为战略投资方 参与其上市配售，虽短期收益有限，但通过深度合作，成功将航空发动机关键材料研发技术引入镇江， 带动区域内3家配套企业发展，形成产业集聚效应。"国有资本的使命，是在商业价值与产业价值间找到 平衡点，既要确保资金安全，也要扛起推动产业升级的责任。"他说。 投资逻辑： 做"耐心资本" 聚焦国产替代主线 "航空航天与低空经济是长周期产业，需要资本有坐'冷板凳'的耐心。"谈及国有创投的定位，李俊强给 出了清晰答案。自2010年成立以来，镇江高新创投管理资产规模已达25亿元，其中对航天海鹰的投资跨 度超十年——从企业发起设立时的股东，到陪伴其成长为C919核心供应商，再到助力其布局无人机与 新能源领域，展现出国有资本对产 ...

科技是第一生产力。更好地实现科技与资本的双向融合，可以激活经济增长新引擎、构建高效金融生态、强化国家战略安全。 2025年是 科创板设立6周 年，《清华金融评论》编辑部 特地展开征稿活 动，就 科技与资本双向融合 展开征稿。 科技是第一生产力。更好地实现科技与资本的双向融合，可以激活经济 增长新引擎、构建高效金融生态、强化国家战略安全。2025年是科创板 设立6周年，《清华金融评论》编辑部特地展开征稿活动，就"科技与资 本双向融合"展开征稿。 以"顶天、立地、学术、政策"为原则，以"分析研究经济金融形势、解读评论经济金融政策、建言献策经济金融实践"为内容，旨在为政策制定者提供智囊 服务，为经营决策者提供咨询服务，为教学研 究者搭建交流平台，为广大投资者提供投资建议。围绕以下 12 个 选题展开论述， 您也可以根据自己擅长 的领域进行调整 。欢迎各位专家学者踊跃投稿，期待您的原创佳作。 《清华金融评论》 2025 年第 11 期专题 科技与资本双向融合 7 国有资本耐心属性提升的制度优化 8 人工智能重塑耐心资本全周期管理 9 科创板第五套标准扩容对行业的实际推动 10 前沿领域的资本路径 11 科创板如何解决 ...

1.中央层面 2018年，国务院办公厅发布《关于推广第二批支持创新相关改革举措的通知》（国办发〔2018〕126号），首次以地方立法形式建立推动改革创新的容错 机制，明确政府股权基金投向种子期、初创期企业的容错机制。 2019年，国务院国资委印发《关于做好中央企业违规经营投资责任追究工作体系建设有关事项的通知》，强调探索容错机制落地，落实"三个区分开来"原 则。 2020年，中央深改委审议通过《国企改革三年行动方案（2020—2022年）》，提出制定尽职合规免责事项清单，推动容错机制与合规管理结合。 今年，北京市人民政府办公厅印发《北京市建立未来产业投入增长机制 促进未来产业发展的若干措施》。鼓励支持市区两级政府投资基金、国企基金加 大对未来产业的投入力度，遵循基金投资运作规律，容忍正常投资风险，不简单以单个项目或单一年度盈亏作为考核依据。其中特别明确，改革优化未来 产业投融资考核评价的制度机制，推动建立包容审慎、尽职免责的创新创业生态。 此次的北京新政对容错机制又向前迈出了一步。过去一年，国资探索容错机制在全国各地不断进行实践，鼓励国有资金"敢于投""大胆投"，为耐心资本松 绑。虽然容错政策框架已建立，但实 ...

上市公司耐心资本数据 上市公司耐心资本数据（2007-2025年） 上市公司耐心资本数据（2007-2025年） 上市公司耐心资本数据（2007-2025年） 二、上市公司耐心资本数据的定义与量化革命 耐心资本并非传统财务指标的简单叠加，而是通过关系型债权占比与战略型股权稳定性双维度构建的动 态评估体系。这种创新定义突破了传统资本分析的短期视角，为理解资本的长期价值创造提供了新框 架。 关系型债权占比以长期负债（银行长期贷款、应付债券）占总负债的比例为核心，反映企业通过债务融 资支持战略创新的持续性。例如，深圳某半导体企业长期负债占比达45%，支撑其完成7nm芯片流片。 这种债务结构使其在行业低谷期仍能保持研发投入，避免了因短期资金压力而中断核心技术攻关。 战略型股权稳定性通过机构投资者持股比例与其过去3年持股标准差的比值量化，比值越高表明投资者 战略定力越强。数据显示，被社保基金连续持有超5年的上市公司，其年均ROE达25%，显著高于市场 平均水平。这种稳定性不仅降低了企业股权结构的波动风险，更通过长期资源投入助力企业构建技术壁 垒。 一、上市公司耐心资本数据下载地址 1.先在百度搜索以下图片的内容: 心资 ...

科技是第一生产力。更好地实现科技与资本的双向融合，可以激活经济 增长新引擎、构建高效金融生态、强化国家战略安全。2025年是科创板 科技是第一生产力。更好地实现科技与资本的双向融合，可以激活经济增长新引擎、构建高效金融生态、强化 国家战略安全。 2025年是 科创板设立6周年，《清华金融评论》编辑部 特地展开征稿活 动，就 科技与资本双 向融合 展开征稿。 以"顶天、立地、学术、政策"为原则，以"分析研究经济金融形势、解读评论经济金融政策、建言献策经济金融 实践"为内容，旨在为政策制定者提供智囊服务，为经营决策者提供咨询服务，为教学研 究者搭建交流平台， 为广大投资者提供投资建议。围绕以下 12 个 选题展开论述， 您也可以根据自己擅长的领域进行调整 。欢迎各 位专家学者踊跃投稿，期待您的原创佳作。 征稿方向 1 原创首发 未在任何平台发表 2 字数建议 1 科创板取得的成就与未来发展方向 《清华金融评论》 2025 年第 11 期专题 科技与资本双向融合 设立6周年，《清华金融评论》编辑部特地展开征稿活动，就"科技与资 本双向融合"展开征稿。 2 科创板新政对科创企业融资环境的影响与前景 3 注册制深化下耐 ...

Core Viewpoints - The China Securities Regulatory Commission (CSRC) emphasizes the importance of private equity and venture capital funds in supporting technological innovation, highlighting their role as key drivers for capital formation and industry resource integration [2][3] - The concept of "patient capital" is gaining traction, which refers to capital that can provide long-term support and is tolerant of risks and failures, essential for the long cycles and high uncertainty associated with technological innovation [4][6] Group 1: Regulatory Insights - Zhao Shanzhong from the CSRC stated that over 90% of companies listed on the Sci-Tech Innovation Board and more than half of those on the ChiNext have received capital support from private equity and venture capital funds since the implementation of the registration system reform [2] - The CSRC is actively promoting the optimization of the private equity and venture capital industry ecosystem, aiming to streamline the entire fundraising, investment, management, and exit process [2][3] Group 2: Industry Challenges - The current financial supply is characterized by short-term funding and low risk tolerance, which is inadequate for the long-term capital needs of technological innovation [3] - The investment themes have shifted towards hard technology, necessitating a longer investment horizon and a more patient approach from venture capital firms [4][5] Group 3: Policy Support - Recent government policies, including the "17 Measures for Promoting High-Quality Development of Venture Capital," aim to enhance the policy environment and management systems for venture capital [7] - The government is encouraging the development of patient capital and the participation of social capital in venture investments, with significant funding expected to be mobilized [7] Group 4: Future Outlook - The establishment of national venture capital guiding funds is anticipated to attract nearly 1 trillion yuan in local and social capital [7] - The venture capital industry is expected to respond positively to central government calls for increased investment in early-stage, small-scale, long-term, and hard technology ventures [6][7]

Group 1 - The core viewpoint of the article emphasizes the importance of "patient capital" in driving urban renewal projects in China, particularly as the country shifts from "incremental expansion" to "stock optimization" in urban development [1][22] - Urban renewal projects face challenges such as large investment scales, long recovery periods, and high uncertainty, which traditional short-term capital often avoids, leading to funding shortages [1][22] - Patient capital is characterized by a long-term investment horizon, focusing on sustainable development and long-term value growth rather than short-term profits [2][3] Group 2 - The policy background for the development of patient capital includes various government initiatives aimed at encouraging long-term investments, particularly in urban renewal [2][17] - Patient capital provides stable funding for urban renewal projects, alleviating financial pressures and ensuring projects can progress without interruption [4][10] - The introduction of patient capital encourages a transformation in market participants from "developers" to "renewal operators," focusing on long-term community needs and project sustainability [5][6] Group 3 - Innovative financing models are being developed through patient capital, integrating government funds and social capital to create diverse funding sources for urban renewal projects [7][10] - The Xi'an Urban Renewal Guidance Fund serves as a case study, showcasing a structured approach to mobilizing resources for urban renewal, with a total scale of 10 billion yuan [8][10] - The fund's exit mechanisms include generating returns through project operations and potential public REITs issuance, providing a pathway for investors to recoup their investments [15][16] Group 4 - Challenges facing patient capital in urban renewal include an incomplete policy support system, inadequate project revenue mechanisms, and a shortage of specialized talent [17][19][21] - Recommendations for improvement include establishing a comprehensive policy framework, diversifying revenue channels for projects, and enhancing professional training for talent in urban renewal and patient capital management [20][21][22]

"金芙蓉基金既为长期、高风险创新项目提供稳定资金，更引导创投资本变耐心资本。"在9月26日召开 的湖南省金芙蓉投资基金推介暨2025湖南天使投资大会上，清华大学教育基金会秘书长袁桅表示。 "筑巢"培育耐心资本 金芙蓉基金"1+5+N"体系生机勃发 ◎记者 夏子航 "这一年里，湖南省金芙蓉投资基金（下称'金芙蓉基金'）'1+5+N'体系已经初步搭建起来了。目前，省 政府已经批复22只子基金计划，其中产业类18只、科创类2只、基础设施类2只，目标规模合计达340亿 元。"湖南省财政厅党组成员、副厅长欧涛向上海证券报记者表示，依靠基金投资，湖南聚焦关键核心 技术和延链补链强链，为一批优质企业的成长注入了新动能。 2024年9月，为健全因地制宜发展新质生产力体制机制，更好发挥政府投资基金作用，发展耐心资本， 湖南省委、省政府决定组建金芙蓉基金。如今，在各方的有序推进下，金芙蓉基金已步入加力提速的关 键阶段。 "1+5+N"体系昂扬生长 据照规划，金芙蓉基金按"1+5+N"架构组成："1"指总基金，即金芙蓉基金；"5"指五大母基金，即产业 引导、科技创新、基础设施、社会发展和其他五类基金；"N"指围绕上述重点领域方向， ...

Core Insights - The article highlights the remarkable investment success of Chengdu state-owned enterprises in Haiguang Information, achieving a capital return of 100 billion yuan from an initial investment of less than 1 billion yuan within a decade [1][5]. Investment Strategy - Chengdu state-owned capital adopted a new paradigm by using equity binding instead of one-way subsidies, aiming to cultivate "chain leaders" and develop the entire semiconductor industry chain [2][8]. - The investment in Haiguang Information was driven by a strategic focus on industry development rather than short-term financial gains, reflecting a long-term commitment to the semiconductor sector [8][9]. Market Position - Haiguang Information, along with other semiconductor companies, has established a strong industrial chain in China, covering chip design, wafer manufacturing, and supercomputing server production [3][10]. - The merger between Haiguang Information and Zhongke Shuguang marked a significant milestone in the Chinese semiconductor industry, creating a giant with a combined market value approaching 806.3 billion yuan [3][4]. Financial Performance - Chengdu state-owned enterprises have seen a capital return rate exceeding 100 times on their investment in Haiguang Information, with the current market value of their holdings around 106.1 billion yuan [5][11]. - The investment in Haiguang Information began in 2016, with Chengdu state-owned capital investing approximately 406.25 million yuan to become the largest shareholder [6][11]. Long-term Commitment - The article emphasizes the importance of "patient capital" in the semiconductor industry, which is characterized by long investment cycles and a focus on technological breakthroughs rather than immediate financial returns [4][10]. - Chengdu state-owned enterprises have demonstrated a willingness to forgo short-term profits, focusing instead on long-term contributions to the industry, employment generation, and technological advancements [10][11].

Core Insights - The article highlights the advancements and strategic positioning of Shandong Renyongde Industrial Technology Co., Ltd. in the precision fluid control market, emphasizing its role as a "hidden champion" in high-end manufacturing [1][3]. Group 1: Company Overview - Renyongde specializes in precision fluid control technology, which is crucial for high-end equipment in sectors such as semiconductors, biomedicine, and aerospace [1]. - The company was founded by Luo Yong, who aims to establish a Chinese brand in the precision fluid control sector, traditionally dominated by foreign firms [3]. Group 2: Innovation and Development - The company has undergone a six-year journey of continuous R&D, resulting in breakthroughs across four dimensions: structural design, core materials, control algorithms, and detection systems [5]. - Renyongde's products now match international leaders in performance, offering unique advantages in repeatability and consistency, while also being cost-effective [5]. Group 3: Market Positioning and Strategy - Renyongde has established a stable product line, including gas pressure flow controllers and electronic pressure sensors, successfully achieving domestic substitution in fields like mass spectrometry and biocultivation [6]. - The company is actively targeting the semiconductor market, developing flow controllers for photolithography and aerospace applications, aiming to replace imported products [8].