主论坛的圆桌对话环节以 "从政策高地到产业高地——资本助力海南高质量发展"为主题，由母 基金研究中心创始人、水木资本董事长唐劲草主持，联合中国文化产业投资母基金总经理于春 玲、高特佳投资集团副总经理于建林、ACIF阿中产业基金中国区董事总经理尹慕言、中保投 资有限责任公司副总裁陈子昊、阿联酋2 0 3 1愿景全球战略伙伴中心副总裁郭晓鹏、啟赋资本创 始人傅哲宽等嘉宾，围绕海南省如何吸引长期资本、耐心资本，以及海南省在从政策高地向产 业高地转型的过程中资本应扮演怎样的角色，资本如何与政策形成良性互动，共同推动海南成 为全球投资和产业创新的高地等问题展开了探讨。 01 海南吸引长期资本的条件与重点产业布局 海南自贸港封关运作，凭借国家战略加持、政策红利持续释放、区位优势独特凸显等多重利 好，正迅速成为国内外资本集聚的热土。各位嘉宾结合所在机构的行业布局与实践经验，围绕 海南吸引长期资本的核心条件、重点产业赛道选择、资本角色定位及政策协同路径等话题展开 深度探讨，为海南从政策高地向产业创新与产业高地转型提供了多元思路与实践参考。 陈子昊认为，海南吸引长期资本、耐心资本的条件已全面成熟：一方面，政策红利覆盖范围 广、 ...

12月28日，"金融投资联盟"（以下简称"联盟"）在中国财富管理50人论坛2025年会暨国研平台第三 届"AI+金融"峰会上正式宣布成立。联盟由中国财富管理50人论坛学术指导，国民财富发展研究合作平 台（国研平台）联合金融资产投资公司（AIC）、保险投资机构、国家大基金、地方引导基金、头部股 权投资基金等多元投资主体共同发起设立，旨在通过会议活动机制，搭建金融与产业对接沟通桥梁，共 同探索如何发展壮大长期资本、耐心资本，服务于科技创新和产业发展，构建"科技+资本+产业"投资 生态。（新京报） ...

Core Viewpoint - The article discusses the opportunities and challenges faced by hard technology companies in the context of the new technological revolution and industrial transformation, emphasizing the importance of capital market support for technological innovation and the collaborative efforts needed among various stakeholders [1][5]. Group 1: Hard Technology Development - Hard technology is seen as a core engine for cultivating new productive forces, benefiting from policy support and capital market innovations during the "14th Five-Year Plan" period [1]. - The capital market is increasingly supportive of technology innovation, with policies aimed at enhancing inclusivity and adaptability, allowing for more flexible mergers and acquisitions [5][6]. - Companies like Srei New Materials and Hai Tian Rui Sheng are actively exploring opportunities in high-growth sectors such as aerospace, medical imaging, and AI, leveraging their technological capabilities to drive industry upgrades [9][10]. Group 2: Investment Strategies - Investment institutions are focusing on long-term capital and risk-sharing mechanisms to build a healthy ecosystem for hard technology, emphasizing the importance of patience and collaboration [3][4]. - The investment strategy involves targeting sectors with long-term growth potential, such as GPUs, while balancing investments between early-stage and mature projects to ensure both short-term returns and long-term value [11][15]. - The selection of investment projects is based on criteria such as product strength, market penetration, and the quality of management teams, with a focus on sustainable growth rather than short-term gains [12][16]. Group 3: Challenges and Solutions - Companies face challenges such as varying technology iteration speeds, stringent customer certification standards, and competition from international high-end material firms [13][14]. - To address these challenges, companies are developing comprehensive systems for commercial culture, collaborative research, and operational adaptability to align with current political and economic trends [14][15]. - The need for high-quality data and compliance in international operations is highlighted, with a focus on deep collaboration with industry experts to ensure the creation of valuable data sets [10][15].

基金采用 "直接投资+子基金投资"模式，具有政府引导、长期支持、宽容失败等特点，基金期 限长达1 5年，还可根据情况申请延长3年。 9月2 8日，上海未来产业基金宣布，其近日顺利完成扩募，规模由1 0 0亿元增至1 5 0亿元，并已 实缴到位8 0亿元。 1 2月9日，上海未来产业基金发布公示，拟参与投资5只子基金：上海琏瑆创业投资合伙企业 （有限合伙）、上海创新工场创业投资合伙企业（有限合伙）（暂定名）、苏州砺思星河创业 投资合伙企业（有限合伙）、上海元禾璞华未来种子创业投资合伙企业（有限合伙）、上海思 源探索创业投资合伙企业（有限合伙）。 母基金研究中心关注到，这支母基金在今年颇为活跃， 这已经是今年以来的第四批子基金公 示，不到一年的时间，这支母基金已经出资 2 3只子基金 ， 这在全国范围内非常具有代表性， 在一级市场募资难持续寒冷的当下，为行业带来了难得的募资活水，有利于提振行业信心，起 到示范性带动作用。 我们了解到，作为上海市政府设立的投资母基金，上海未来产业基金坚持 "投早投小、投硬科 技"战略，成为联合社会资本共同投资、孵化前沿科技的耐心资本和战略资本。未来产业基金 关注的六大未来产业：未来 ...

1 2月5日，《人民日报》刊发中国证监会主席吴清的署名文章，题为《提高资本市场制度的包 容性适应性（学习贯彻党的二十届四中全会精神）》。 值得关注的是，我们发现，文章中多处对私募股权和创投基金提出明确肯定与支持： 母基金研究中心认为，吴清此次发声肯定了私募股权创投基金的重要作用，并释放出畅通募投 管退全链条机制的利好信号。 我们关注到，今年以来，证监会十分关注私募股权投资行业的发展： 1 0月2 7日，2 0 2 5金融街 论坛年会在北京金融街开幕，吴清在演讲中强调，新产业、新业态往往需要更大规模的耐心资 本投入和更灵活、更包容的融资环境，以利于更好支持创新资本形成和创新动能培育。这也肯 定了私募股权创投基金作为创新资本的重要作用。 6月1 8日，在2 0 2 5陆家嘴论坛上，中国证监会主席吴清发表主题演讲，吴清表示，当前，适应 创新规律的资本形成机制不完善。与科技创新"十年磨一剑"的坚守相比， 我们的金融供给仍存 在资金短期化、风险容忍度低等问题，长期资本、耐心资本远远不够 。 吴清指出，更大力度培育壮大耐心资本、长期资本。聚焦私募基金 "募投管退"各环节卡点堵 点，精准发力、畅通循环。积极推动社保基金、保 ...

Core Viewpoint - The article emphasizes the importance of long-term capital support for the development of new quality productivity in China, which is driven by technological innovation and modernization [1][2]. Group 1: Long-term Capital and Technological Innovation - Long-term capital is crucial for the transformation of scientific and technological achievements, as it supports continuous investment in basic research and enterprise R&D activities [2][4]. - The lack of stable long-term investment can disrupt innovation processes and hinder the conversion of technological achievements into practical applications [2][5]. Group 2: Policy Framework and Government Initiatives - The Chinese government encourages the development of angel investment, venture capital, and private equity to enhance the role of patient capital in supporting modern industrial systems [3]. - Recent policies have been introduced to create a more comprehensive institutional framework for long-term capital, including guidelines for government investment funds and mechanisms to facilitate financing for technology enterprises [3][4]. Group 3: Current Investment Trends and Data - In 2024, China's R&D expenditure reached 36,326.8 billion yuan, with an intensity of 2.69%, consistently exceeding the average level of EU countries [4]. - The loan balance for technology-based small and medium-sized enterprises reached 3.46 trillion yuan by June 2025, reflecting a year-on-year growth of 22.9% [4]. Group 4: Challenges and Recommendations - There is a mismatch between long-term investment and the needs of new quality productivity, with issues such as a preference for short-term projects and uneven capital allocation across sectors [5][6]. - Recommendations include optimizing the investment environment, expanding patient capital, and innovating financial products to enhance support for technological innovation [5][6].

Group 1 - The core viewpoint emphasizes the need for high-level technological self-reliance and innovation as a foundation for China's modernization, highlighting the importance of long-term capital in fostering new productive forces [1][2][3] - New productive forces are characterized by technological breakthroughs, innovative allocation of production factors, and deep industrial transformation, with a significant increase in total factor productivity as a key indicator [1][2] - The government is actively promoting the development of angel investment, venture capital, and private equity to enhance the role of patient capital in supporting modernization and new productive forces [3] Group 2 - In 2024, China's R&D expenditure reached 36,326.8 billion yuan, with an intensity of 2.69%, consistently exceeding the average level of EU countries [4] - The annual growth rate of R&D expenditure during the first four years of the 14th Five-Year Plan was 10.5%, ranking among the top of major global economies [4] - By mid-2025, loans to technology-based SMEs reached 3.46 trillion yuan, with a year-on-year growth of 22.9%, outpacing other loan categories [4] Group 3 - Despite progress, there remains a mismatch between long-term investment and the needs of new productive forces, with issues such as a preference for short-term investments and uneven capital allocation across sectors [5][6] - Recommendations include optimizing the investment environment, expanding patient capital, and innovating financial products to enhance long-term capital support for technological innovation [5][6] - Specific measures proposed include improving tax incentives for investment in technology transfer and mid-term trials, and encouraging state-owned capital to invest in innovation and strategic emerging industries [6]

Group 1 - The core viewpoint of the article is that the primary private equity market in China has reached a turning point, with optimism for the upcoming years, particularly 2026 [1] - The fundraising, investment, and exit sectors have all shown significant improvement, with new fund establishments and investment amounts increasing by 10% to 20% year-on-year, and exit scales growing by over 100% due to a recovery in the secondary market [2][3] - Long-term capital supply has notably increased, with "patient capital" from social security funds, insurance funds, and Asset Investment Companies (AIC) enhancing market liquidity, as evidenced by 99 AIC funds established since September 2024, totaling 198 billion yuan [3] Group 2 - Despite the increase in state-owned capital contributions, the scale of insurance capital investment has decreased year-on-year, as insurance capital has largely completed its primary market allocations and is adopting a more cautious investment strategy [3] - The performance realization degree in China's venture capital market is higher than that in the United States, with the cash return rate (DPI) reaching 1.0 in the seventh year being considered excellent [4][5] - The operation models of large state-owned funds align well with industry characteristics, making state capital a stable long-term funding source for the venture capital market [5]

Core Viewpoint - The People's Bank of China and 12 departments have issued a plan to enhance financial support for consumption in Beijing, focusing on developing equity financing to address funding challenges across different stages of consumption enterprises [1][2]. Group 1: Financial Support and Equity Financing - The plan aims to facilitate equity financing for quality enterprises in the consumption industry through methods such as public listings and "New Third Board" listings [2][3]. - As of November 19, 18 consumer companies have gone public this year, raising a total of 19.8 billion yuan, with a significant number from the automotive sector, indicating a trend of consumption structure upgrading and technological innovation [2][6]. Group 2: Long-term Capital and Investment - The plan emphasizes the need for long-term and patient capital to support long-cycle consumption industries like cultural tourism and health care, which require stable funding over extended periods [4][5]. - Long-term capital is characterized by a higher risk tolerance and a long-term outlook on returns, which can help companies navigate transformation and development phases [5][6]. Group 3: Comprehensive Financing Support System - The plan establishes a comprehensive equity financing support system for consumer enterprises, covering all stages from seed to maturity, enabling production, channel, and terminal enterprises to expand capacity and enhance brand influence [6][7]. - This system aims to resolve financing bottlenecks and create a positive feedback loop between capital and the consumption market, ultimately strengthening the foundational role of consumption in the economy [7].

Core Viewpoint - The People's Bank of China and 12 other departments have issued a plan to enhance financial support for consumption in Beijing, focusing on developing equity financing to address funding challenges across different stages of consumption enterprises [1][2]. Group 1: Financial Support for Consumption - The plan aims to facilitate equity financing for quality enterprises in the consumption industry through methods such as public listings and "New Third Board" listings [2][4]. - As of November 19, 18 consumer companies have gone public this year, raising a total of 19.8 billion yuan, with a significant number from the automotive sector, indicating a shift towards consumption structure upgrades and technological innovation [2][5]. Group 2: Long-term Capital Support - The plan emphasizes the need for long-term and patient capital to support long-cycle consumption industries like cultural tourism and health care, which require stable funding over extended periods [4][5]. - Experts suggest that optimizing exit channels and improving assessment mechanisms are crucial for attracting long-term investments from insurance funds and pension funds [4][5]. Group 3: Comprehensive Financing System - The initiative establishes a comprehensive equity financing support system for consumer enterprises, covering all stages from seed to maturity, enabling production, channel, and terminal enterprises to enhance their capabilities [5][6]. - This system is expected to stimulate market vitality by increasing the number of quality consumer companies listed, thereby attracting more investors and fostering a positive interaction between capital and the consumption market [5][6].