中经记者 索寒雪 北京报道 "缺少耐心资本"，正成为制约科技企业发展的重要因素。多位业内人士指出，科技企业在技术研发进入 关键阶段时，最担忧的并非技术本身，而是"短线资金"过早退出，进而导致资金链断裂、前期投入付诸 东流。 近日，《中国经营报》记者从全国社会保障基金理事会相关人士处获悉，全国社会保障基金理事会曾对 多家固态电池企业开展过调研与考察。 基于这一现实考量，上述企业选择了"迂回路线"：先从技术成熟度更高、对现有生产线和产业链改造要 求相对较低的半固态电池切入市场。"通过半固态电池实现商业化，保持市场竞争力，同时积累现金流 和资本实力，等条件成熟后，再向固态电池领域全面进军。"该人士表示。 从技术角度看，固态电池是指以固态电解质替代传统液态电解质的电池形态。由于结构上的根本性变 化，固态电池在能量密度、安全性、循环寿命以及工作温度适应性等关键指标上，被普遍认为具有显著 优势，被视为下一代动力电池的重要发展方向。 "缺少耐心资本，其实是当前不少中国科技企业面临的共性问题。"上述人士指出，从资金属性看，真正 具备长期性和稳定性的资本，主要来自养老金、长期寿险资金等。"对于加快构建现代化产业体系而 言，长期 ...

Core Viewpoint - China's economy is transitioning from an investment and export-driven model to one focused on innovation and consumption, with structural challenges in consumption that need to be addressed to support stable medium-speed growth [3][48]. Group 1: Economic Recovery and Consumption Challenges - The post-pandemic recovery of China's economy has shown signs of improvement, but it faces pressure from insufficient demand, primarily due to low consumption rather than low investment [4][49]. - Key issues in consumption include a lack of service consumption, particularly in education, healthcare, housing, and social security, with rural residents, especially migrant workers, facing the largest consumption gaps [4][5][49]. - The long-standing urban-rural dual structure is a significant barrier, necessitating structural reforms centered on people and equitable development rights [4][5]. Group 2: Structural Consumption Deficiencies - China's consumption rate is significantly lower than the global average, with final consumption and household consumption as percentages of GDP at 54.1% and 38.3%, respectively, both below global averages by 17.7 and 16.6 percentage points [8][11]. - The low consumption rate is attributed to insufficient growth in service consumption, which is critical for addressing structural deficiencies in the economy [11][12]. Group 3: Income Disparities and Savings Rates - High savings rates in China, which are above the average for middle and high-income countries, are linked to low consumption levels, with a savings rate of 46% and total savings of approximately 55.2 trillion yuan [12][14]. - The disparity in income distribution, particularly the low dividends received by residents from enterprises, contributes to high savings and low consumption [13][14]. Group 4: Pension System and Consumption Potential - The pension system in China has significant gaps, with the average pension for rural residents being only 222 yuan per month, which is insufficient to meet basic living standards [17][21]. - The low pension levels directly affect the consumption capacity of approximately 1.7 billion pensioners and indirectly impact the consumption expectations of 3.7 billion contributors to the pension system [21][22]. Group 5: Proposed Reforms and Expected Outcomes - A proposed reform involves reallocating state-owned capital to enhance the pension fund, aiming to raise the average pension for rural residents to 1,000 yuan per month within five years, which is expected to stimulate consumption and economic growth [36][37]. - The reform is anticipated to create a significant increase in pension income, potentially adding 5.2 trillion yuan to pension income and generating an additional 8.3 trillion yuan in demand, contributing to GDP growth by 0.3 to 0.5 percentage points annually [43][44].

北京商报讯（记者 马换换）12月18日，在"《财经》年会2026：预测与战略·年度对话暨2025全球财富管 理论坛"上，中信证券首席经济学家明明谈及资本市场时表示，今年资本市场估值在抬升，背后是长期 耐心资本的投入。 明明在会上指出，今年资本市场一系列改革措施对投资者回报和市场生态建设起到了积极作用。比如更 加强调资本市场融资和投资功能的并重，而不是单一强调融资功能；此外，引导一些中长期资金进入资 本市场，比如保险资金的监管，要求保险资金长期投入资本市场，整个资本市场的估值在抬升，背后就 是长期耐心资本的投入。 ...

每经北京12月6日电（记者张宏）中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布会在北京召开。发表主旨演讲时，全国社会保障基金理 事会原副理事长陈文辉指出，我国金融体系规模庞大、资金充裕，但缺乏资本金。2018年"资管新规"后，只有养老金和长期寿险能够作为真正的长期耐心资 本。 他表示，虽然我国GDP多年名列世界第二，但是养老金资产规模和占GDP的比例与欧美国家相比还有很大差距，这一问题需要高度关注。稳步扩大养老金资 产规模并建立资产型养老金体系、大力发展高效养老财富管理市场十分必要，而且是缓解养老压力的重中之重。 北京大学风险管理与保险学系主任、北京大学中国保险与社会保障研究中心主任郑伟指出，发展养老金融第二支柱、第三支柱要做好政府当期让利和未来增 压的权衡取舍。即通过当期税收优惠、政策支持，损失一部分税收，撬动更多企业、家庭、个人的资源和政府一起构筑应对人口老龄化的经济安全网，通过 当期让利为未来减负。 郑伟认为，发展第二支柱企业年金还要权衡"表象公平"与企业自主决策之间的关系。企业年金覆盖面窄的重要原因是对诸如全员覆盖、缴费标准等方面的要 求过多，令企业存在后顾之忧，担心被所谓的"手铐"铐 ...

Core Viewpoint - The accumulation of pension funds relies heavily on investment, which will significantly advance the construction of a modern industrial system [1] Group 1: Pension Fund and Investment - The growth of long-term patient capital is crucial for the development of the modern industrial system [1] - Patient capital will positively impact the development of the entire science and technology innovation industry and enhance pension funds [1] Group 2: Financial Tools and Sustainable Development - It is essential to leverage various financial tools to achieve sustainable development in pension finance [1] - Promoting the development of the science and technology innovation industry is a vital pathway for financial functions [1] - The sustainability of the financial industry is linked to the successful commercialization of science and technology, which also provides significant returns [1] Group 3: Equity Investment Funds - Among various financial tools, equity investment funds are the most significant for the commercialization of science and technology, despite their smaller scale [1]

Core Viewpoint - The integration of technology, industry, and finance is essential for technology companies to grow, generate solid profits, and maintain stable cash flows, attracting long-term patient capital [1] Group 1: Technology and Industry Integration - Connecting technology, industry, and finance can help technology companies become stronger and more profitable [1] - Long-term patient capital is crucial for the growth of technology firms, as it focuses on sustainable returns [1] Group 2: Market Dynamics - A market filled with long-term patient capital can reduce volatility caused by short-term speculation, leading to a stable environment conducive to innovation [1] - The capital market can continuously empower the long-term development of the country's new productive forces, providing ongoing momentum [1]