将投中网设为"星标⭐"，第一时间收获最新推送 来源丨 投中网 这两年，通过政府主导的产业投资案例越发出圈，也形成了各地独特的模式，如＂合肥模式＂、＂深圳模式＂，＂杭州模式＂等。 其实作为科研、产业、政策响应前沿的首都北京，也早已形成了"耐心资本北京模式"。 在中关村新一轮先行先试改革任务中，北京率先提出了"引导社保基金、保险资金等开展对科技创新领域的长期投资"。 2023 年 7 月，全国社会保障 基金理事会与北京市进一步深化合作，设立了社保基金中关村自主创新专项基金（君联资本担任管理人），首期规模 50 亿元，专项基金期限超过 10 年，全力支持北京科创企业自主创新，为其提供长期稳定的资金支持。 2023 年 -2024 年，北京市设立总规模 1000 亿元的八支市级政府投资基金，采取 Co-GP 的管理模式，遴选国内市场化专业化投资机构开展深度合 作，依托 " 资本 + 政策 " 的配套措施，助力资本与产业深度融合。 这种"政府顶层设计 + 市场化专业化运营管理 + 链主企业及产业集群带动 " 的创新探索，结合北京首都的独特优势，正在加速形成"耐心资本北京模 式"。在这类耐心资本的支持下，目前北京已跑出了 ...

不止于财务回报。 作者 I 杨继云 报道 I 投资界PEdaily 创投圈依然记得那一幕：2 02 3年7月，全国社保基金与北京市携手推出第一支专项基金——社保基金中关村自主创新专项基金，首期规 模50亿元，全部由社保基金独立出资，君联资本担任管理人。 即便是君联资本，这样一家二十多年来扎根本土的头部市场化投资机构，面对这只并不寻常的专项基金，运营起来仍然"有压力"。除 财务增值外，还要完成核心领域内科技创新的国家战略任务，做好区域协同……带着使命感，君联资本团队开始了一场新的探索。 如今运行19个月后，君联资本总裁李家庆稍稍松了一口气。在与投资界的交流中，他首次对外披露一份阶段性"成绩单"：目前专项基 金整体投资进度达6 0%，已投16个项目， 累计联动投资总额超过240亿。 更重要的是，这只定位长期——投资周期超过1 0年的专项基金，在捕捉前沿自主创新技术的同时，也跑出了耐心资本"北京模式"。放 在当下，这一幕无疑极具借鉴意义。 如何管好社保的钱？ 中关村专项基金19个月成绩 在同行的印象中，这两年社保基金中关村自主创新专项基金成为了创投圈一支活跃的新生力量，随之是一份清晰的阶段性成绩： 当前投资进度已达 ...

为深入贯彻落实党的二十届三中全会、中央经济工作会议和民营企业座谈会精神，进一步全面 深化资本市场改革，更好服务科技创新和民营经济高质量发展，近日证监会党委书记、主席吴 清在北京召开专题座谈会， 与集成电路、新能源汽车、智能制造、新材料、商业航天、网络经 济等不同领域的民营科技企业代表深入交流 ，充分听取意见建议。证监会党委委员、副主席李 超参加座谈。 欢迎有意参与者扫描下方二维码咨询申报 （请备注姓名+机构名称，以便通过验证） 。 全球母基金协会将于2025年4月9日在阿联酋举办的首届中阿投资峰会上， 重磅发布2024全 球最佳投资机构榜单、2024全球最佳投资环境城市榜单 。 来 源 / 证 监 会发 布 座谈中，大家一致认为，党中央高度重视和关心民营经济发展，习近平总书记在民营企业座谈 会上的重要讲话，进一步统一了各方思想，有力提振了民营企业发展信心。大家表示，随着 新"国九条"及"科创板八条"、"并购六条"、资本市场做好金融"五篇大文章"等"1+N"政策体 系持续落地见效，投资和融资更加协调的市场生态正在加快形成，各方预期明显改善。资本市 场作为支持科技创新和促进民营经济发展壮大的重要平台，在推动新质生 ...

Group 1 - The China Securities Regulatory Commission (CSRC) held a meeting to discuss support for private technology enterprises, emphasizing the importance of deepening capital market reforms and enhancing the inclusiveness and adaptability of the market [1][3] - The meeting was the second of its kind in March, following a previous session focused on financial support for the high-quality development of private enterprises [1][2] - CSRC Chairman Wu Qing expressed hope that private entrepreneurs would leverage the capital market for transformation and contribute to high-quality economic development [4] Group 2 - The government work report highlighted the commitment to support the development of private enterprises and protect their legal rights, while also addressing issues like overdue payments to businesses [3] - Private entrepreneurs have expressed urgent demands for reforms in stock issuance, refinancing, and merger and acquisition systems to enhance investment efficiency [3] - There is a call for improved mechanisms for identifying and supporting technology companies, as well as facilitating the return of overseas-listed tech firms to optimize the structure of listed companies [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to deepening capital market reforms to better support technological innovation and the high-quality development of private enterprises, as emphasized in recent meetings and policies [1][2][3]. Group 1: Meeting Insights - The meeting highlighted the importance of private enterprises in the national economy and their role in driving technological innovation, with a unified sentiment among participants regarding the government's support for private economic development [2][3]. - The implementation of new policies, including the "National Nine Articles," "Science and Technology Innovation Board Eight Articles," and "Mergers and Acquisitions Six Articles," is expected to create a more coordinated investment and financing ecosystem, improving market expectations [2]. Group 2: Recommendations for Reform - Specific suggestions were made to reform and optimize stock issuance, refinancing, and merger and acquisition systems to enhance inclusivity and adaptability, thereby improving investment and financing efficiency [2]. - There is a call to improve mechanisms for identifying and supporting technology companies, particularly those that are not yet profitable, to facilitate their IPO processes [2]. - The meeting also discussed the need to support overseas-listed technology companies in returning to the domestic market, optimizing the structure of listed companies, and enriching high-quality investment targets [2]. Group 3: CSRC's Commitment - The CSRC emphasized its commitment to supporting the development of private enterprises as a key aspect of serving the real economy and fostering high-quality listed companies [3]. - The CSRC plans to enhance the transparency and predictability of market rules while developing a multi-tiered market service system to support high-quality private enterprises [3]. - The meeting encouraged private technology companies to maintain confidence and actively leverage capital markets for transformation and growth, contributing to high-quality economic development and modernization [3].

共促"北京模式"，以耐心资本培育新动能 党的二十届三中全会《决定》明确提出，鼓励和规范发展天使投资、风险投资、私募股 权投资，更好发挥政府投资基金作用，发展耐心资本。耐心资本作为专注于长期价值投 资 、 能 够 承 受 短 期 波 动 并 支 持 战 略 性 创 新 的 资 本 形 态 ， 在 推 动 科 技 创 新 、 促 进 产 业 升 级、服务国家科创战略等方面扮演着重要角色。 当前，耐心资本的生态体系已初步构建。一批有耐心、重创新的资本沉下心来，围绕重 大科技成果转化、高精尖产业孵化、科技服务平台构建及创新载体建设等方向重点投资 布局，初步形成了耐心资本供给网络，为北京国际科创中心建设持续提供动力。 春 天 的 北 京 生 机 盎 然 。 2 0 25 年 3 月 30 日 ， 由 北 京 国 有 资 本 运 营 管 理 有 限 公 司 （ 以 下 简 称"北京国管"）、中关村发展集团主办，君联资本承办的2025年中关村论坛——"耐心 资本服务新质生产力"平行论坛在中关村国际科技创新中心成功举办。 北京市人民政府副秘书长丁章春到会并致辞，全国社会保障基金理事会股权资产部主任 王智斌出席活动。北京市有关 ...

将投中网设为"星标⭐"，第一时间收获最新推送 共促"北京模式"，以耐心资本培育新动能 党的二十届三中全会《决定》明确提出，鼓励和规范发展天使投资、风险投资、私募股权投资，更好 发挥政府投资基金作用，发展耐心资本。耐心资本作为专注于长期价值投资、能够承受短期波动并支 持战略性创新的资本形态，在推动科技创新、促进产业升级、服务国家科创战略等方面扮演着重要角 色。 耐心资本"北京模式"正在加速形成。 来源丨投中网 春天的北京生机盎然。2025年3月30日，由北京国有资本运营管理有限公司（以下简称"北京国 管"）、中关村发展集团主办，君联资本承办的2025年中关村论坛——"耐心资本服务新质生产 力"平行论坛在中关村国际科技创新中心成功举办。 北京市人民政府副秘书长丁章春到会并致辞，全国社会保障基金理事会股权资产部主任王智斌出席活 动。北京市有关部门领导及海淀区相关领导参加。 中关村论坛是中国面向全球科技创新交流合作的国家级平台。 作为2025年会期间金融创投主题的核 心论坛之一，耐心资本服务新质生产力论坛集中展示了近两年来耐心资本"北京模式"的创新探索， 集中发布了一批重大投资成果，首发启动了"耐心资本+"服务伙伴计 ...

Core Viewpoint - The article emphasizes that China is entering a significant phase of AI innovation, with 2025 being a pivotal year for domestic AI advancements and global recognition of Chinese technology [2][3][4]. Group 1: AI Development Trends - The focus of AI development is shifting from "parameter scale competition" to "inference efficiency competition," indicating a new phase in AI model evolution [12][13]. - The demand for computing power is becoming differentiated, with varying needs across pre-training, post-training, and inference stages [15][16]. - The cost of AI model training is expected to decrease significantly, with predictions that AI costs could drop to one-tenth of previous years [21]. Group 2: Human-like Robots - The human-like robot industry is approaching a milestone for mass production, with 2025 anticipated as a key year for this transition [40][41]. - The report outlines a development path for human-like robots, from industrial applications to household services [42]. - A significant reduction in the cost of human-like robots could disrupt the global labor market, with potential pricing around $20,000 [46][47]. Group 3: AI in Life Sciences - The AI pharmaceutical market is projected to grow significantly, with a compound annual growth rate of 31.2% from 2024 to 2029 [52]. - AI is transforming various medical applications, enhancing efficiency and accuracy in diagnostics and treatment [60]. - The integration of AI in health management is creating a comprehensive health ecosystem, improving preventive care and chronic disease management [61]. Group 4: Quantum Computing - Quantum computing is recognized for its potential to surpass classical computing capabilities, with significant advancements already made [64][66]. - The report predicts a "quantum storm" by 2030, driven by ongoing technological breakthroughs and policy support [68][69]. Group 5: Future Technology Predictions - The report outlines ten predictions for future technology trends, including the rise of open-source models, autonomous learning algorithms, and the integration of AI across various sectors [70][72]. - The emphasis is on China's unique advantages in technology development, including a complete supply chain, rapid policy-market coordination, and large-scale application scenarios [75][78]. - The article concludes with a strong belief in China's capability to lead in AI innovation and application, fostering a new era of technological advancement [81][82].

Core Insights - The article highlights significant developments in the commercial space sector, focusing on SpaceX's advancements and contracts, as well as other companies' activities in the industry [2][3]. SpaceX Developments - NASA awarded SpaceX a modification to its NASA Launch Services II (NLS II) contract, incorporating the Starship into its existing Falcon 9 and Falcon Heavy launch services [4][6]. - The NLS II contract provides a wide range of commercial launch services for NASA's planetary, Earth observation, exploration, and scientific satellites, with a performance period extending to December 2032 [6]. - This contract modification not only secures stable government business for SpaceX but also reinforces its leadership position in the aerospace industry [7]. - SpaceX is actively developing its next-generation facilities at Starbase in Texas to support the Starship's development and launch [8]. - The company plans to develop Starbase into a new registered city, "Starbase City," to support Starship manufacturing and attract top engineering talent [10]. - SpaceX has successfully launched 27 Starlink satellites using the Falcon 9 rocket, expanding its satellite constellation to over 8,100 satellites [11][13]. International Expansion - Vietnam and India have approved SpaceX to provide Starlink satellite internet services, with Vietnam allowing a pilot program until the end of 2030 [14][16]. - The approval in India marks a significant step for Starlink's operations in the country, enabling high-speed internet services for users [16]. New Contracts and Collaborations - Airbus won a contract worth £150 million (approximately 1.41 billion yuan) for the ExoMars lander platform, marking a significant advancement in European space exploration [17][19]. - French startup MaiaSpace signed its first commercial launch contract to provide multiple launch services for Exotrail, with operations expected to begin in 2027 [20][22]. - Constellation Technologies & Operations (CTO) partnered with TDF to advance VLEO 5G services, planning to deploy 1,500 small satellites by 2029 [23][25]. Technological Innovations - Miles Space is testing a new water-fueled plasma thruster, which has shown potential for safe and efficient propulsion in space [33][35]. - Maxar Intelligence launched the "Raptor" drone navigation system, which provides precise navigation without GPS signals [36][38]. - Star Catcher Industries successfully completed ground tests for its space energy transmission service, demonstrating the ability to wirelessly transmit solar energy over 100 meters [39][41]. Funding and Investments - Pangea Aerospace completed a €23 million (approximately $25 million) Series A funding round to accelerate growth in the European propulsion system market [55][57]. - Spanish satellite company Sateliot secured €14 million (approximately $15 million) to expand its LEO satellite constellation, aiming for a total of 250 satellites [58][60].

Group 1 - Shanghai has launched a state-owned capital merger and acquisition fund matrix with a total scale exceeding 50 billion yuan, focusing on optimizing the layout of state-owned economy and structural adjustments in key industries [1][2] - The fund will target high-quality mergers and acquisitions in emerging industries and traditional industry upgrades, aiming to create leading enterprises in key sectors [1][3] - The Shanghai State-owned Assets Supervision and Administration Commission (SASAC) plans to expand the investment breadth and depth of the fund, indicating that the 50 billion yuan is just a starting point for future acquisitions [1][2] Group 2 - The fund will focus on strategic emerging industries, digital and green transformation of traditional industries, and will look for quality targets in integrated circuits, biomedicine, high-end equipment, civil aviation, commercial aerospace, and cultural tourism consumption [2][4] - By 2027, the goal is to cultivate around 10 internationally competitive listed companies in key industries, achieving a merger and acquisition transaction scale of 300 billion yuan and activating total assets exceeding 2 trillion yuan [2][9] Group 3 - The establishment of the fund is seen as a critical path to cultivate globally competitive leading enterprises through strategic mergers and resource integration [4][5] - The Shanghai biopharmaceutical fund aims to support leading enterprises in the sector, facilitating industry chain integration and addressing asset layout needs [7] Group 4 - The fund's development faces challenges such as long holding periods, fundraising pressures, and concerns from target company founders regarding state-owned fund-led acquisitions [8][9] - The Shanghai SASAC is working on optimizing asset evaluation management and improving the approval efficiency for key projects to enhance the fund's performance evaluation mechanisms [8][9]