Group 1 - The government-guided fund plays a crucial role in technology innovation by addressing the most critical yet underfunded parts of the technology innovation funding chain [1] - The National Technology Achievement Transformation Guidance Fund aims to accelerate the transformation and application of technological achievements, encouraging social forces and local governments to increase investment in this area [3] - The transformation rate of technological achievements in China has increased from 25% in 2010 to 35% currently, but there remains a significant gap compared to developed countries [3] Group 2 - Four main reasons for the existing gap in technology achievement transformation include: a disconnection between the innovation chain and the industrial chain, cognitive biases in financing, misalignment between government goals and market behavior, and a lack of a risk tolerance mechanism [4] - Recent central government policies, such as supporting technology innovation bonds and expanding the pilot scope of financial asset investment companies, have significantly broadened financing channels for high-tech sectors [5] - The government-guided fund should play a pivotal role in organizing and coordinating these funds, establishing a mother fund to mobilize and guide social resources into technology enterprises, and creating risk management mechanisms [5]