继今年上半年首批完成发行后，第二批集中运用风险分担工具发行科技创新债券的4家民营股权投 资机构11月24日启动路演活动。这是创新融资机制持续显效、为科技创新架设起更为稳固高效"金桥"的 一个缩影。 值得一提的是，"十四五"期间，科创板、创业板改革纵深推进，北交所设立并高质量建设，新三板 改革持续深化，结构合理、功能互补的多层次股权市场服务科技创新的逻辑也在同步加固。下半年以 来，科创板"1+6"改革持续落地，服务于未盈利企业的科创板科创成长层迎来首批新注册企业上市；深 化创业板改革将启动实施；开市已满4年的北交所，不断强化服务创新型中小企业主阵地的功能定位。 当前，我国金融体系服务科技创新的深层次矛盾依然存在。如为了规避风险，从债券和股权投资人 到银行信贷，均倾向于投向已经成熟的高新技术企业，而急需资金的种子期、初创期企业，往往因为风 险识别难而面临融资困境。此外，在实践中，政府风险补偿基金的缺位，已成为提升科创企业融资可获 得性的核心堵点。由于其规模有限，无法为市场机构提供足够的风险缓冲，致使债券投资人和银行通过 提高利率、设置严苛条款等方式来管理不确定性，这使科创企业的融资成本居高不下。 当前，全球新一轮 ...

Core Viewpoint - The Shanghai Stock Exchange (SSE) has successfully launched 53 high-growth industrial bonds, totaling 37.3 billion yuan, with over 80 non-bank institutions participating, indicating a growing interest in these bonds as a means to enhance investment returns [1] Group 1: Market Context - High-growth industrial bonds emerged last year due to a long-standing disconnect between market financing parties, with a notable decline in investment yields amid falling interest rates, leading to a structural asset shortage [1] - The need for funding among industrial enterprises remains critical, as they face challenges in accessing financing, resulting in high costs and limited channels [1] Group 2: Solutions and Initiatives - SSE aims to create a "high-yield bond" market that aligns with China's bond market investment habits and regulatory requirements, encouraging credit differentiation to facilitate financing for various industrial enterprises [1] - A full-chain service team for high-growth industrial bonds has been established by SSE to assist enterprises with good repayment intentions and credit records in overcoming financing barriers [2] Group 3: Market Perception and Challenges - Many industrial enterprises face difficulties in their initial bond issuance due to a lack of confidence from brokers and investment institutions, leading to challenges in selling bonds [2] - Concerns about the risks associated with high-yield bonds persist among market participants, stemming from previous experiences of credit contraction in the bond market [2] Group 4: Future Developments - SSE's high-growth industrial bond team has created a dynamic project database to provide tailored services and is planning to promote regular issuance of these bonds, aiming for a scale of 100 bonds by the end of the year [3] - The SSE will conduct market-wide training and project collection to enhance the understanding of investment value in industrial enterprises [3]

Group 1 - The essence of "patient capital" is a high risk appetite, as statistics show that 70-80% of venture investments fail, indicating that true patient capital must be willing to invest in risky ventures [2][3] - A thriving capital market is a prerequisite for the existence of patient capital, meaning that market prosperity leads to patient capital rather than the other way around [2][6] - The term "patient capital" may create a narrative trap, as it can be misleading to equate patience with patient capital; true patient capital involves a willingness to take risks rather than merely having a long investment horizon [2][3] Group 2 - Wealthy individuals are the primary source of patient capital, as they inherently possess a higher risk appetite, which contributes to the static wealth effect [4] - Pensions are currently a major source of patient capital in the U.S., but they are not naturally inclined to support high-risk investments due to regulatory restrictions and investment strategies focused on matching liabilities [5][6] - The relationship between patient capital and market prosperity is dynamic; a strong market encourages the formation of patient capital, rather than patient capital driving market growth [6] Group 3 - An ideal fundraising structure for venture capital should be based on both dynamic and static wealth effects, requiring technical support and regulatory adjustments to enhance the overall fundraising environment [7] - Government-backed funds currently account for over half of venture capital fundraising, indicating a need for careful management of government involvement to avoid excessive risk aversion [7] - The establishment of a high-yield bond market that aligns with the high-risk nature of technology innovation could potentially enhance the attractiveness of private equity investments, although the lack of public funding support may hinder this [7]