（原标题：证券时报社党委书记、社长兼总编辑程国慧： 持续发挥创投 科技创新"引擎"作用） 证券时报记者 卓泳 7月25日，证券时报社党委书记、社长兼总编辑程国慧在第十三届创业投资大会暨全国创投协会联盟走进光明科学城活动上发表致辞，深入剖析当 前创投行业的发展态势与未来方向。 程国慧回顾，去年第十二届创业投资大会在上海张江举办时，创投行业正经历全流程堵点带来的阵痛。而如今，市场已逐步走出低谷，呈现显著 回暖迹象。募资端，今年上半年机构LP认缴出资额同比大幅提升50%，终结了2020年以来的连续下滑趋势；投资端，整体投融资规模降幅从去年 同期的50%收窄至5%，显现探底信号；退出端，2025年上半年131家中企在A股、港股和美股上市，其中56%获VC/PE支持，港股IPO表现亮眼， 并购、回购等多元化退出方式日益成熟。 在数据背后，行业生态正发生深刻变革。一方面，优质项目在创投机构的长期培育下持续涌现，DeepSeek、宇树科技、影石创新等企业的崛起， 彰显了中国科技品牌的国际竞争力；另一方面，"创投十七条""国办一号文"等政策密集出台，推动银行、险资、社保等长线资金入场，为行业注 入源头活水。 当前创投行业局部 ...

Group 1 - The core viewpoint is that the venture capital industry in China is emerging from a downturn, showcasing three major trends: the implementation of specific policies to promote venture capital development, the expansion of long-term funding for early-stage investments, and the diversification of exit channels for venture capital investments [1][2][3] Group 2 - The first trend highlights the unprecedented intensity and innovation of policies aimed at fostering a supportive environment for venture capital and technology [1] - The second trend involves the establishment of a trillion-level venture capital guidance fund, which aims to alleviate long-standing fundraising challenges by encouraging various financial institutions to participate in venture capital [1][2] - The third trend indicates that exit channels for venture capital are becoming more accessible, with an increase in quality company listings and a growing market for mergers and acquisitions, thereby enhancing the overall asset management cycle within the venture capital sector [1][2] Group 3 - The venture capital industry is facing challenges related to investment capability and post-investment management, which have been overshadowed by fundraising and exit difficulties [2] - There is a pressing need for market-driven optimization and restructuring within the industry to enhance the quality and effectiveness of venture capital entities [2][3] Group 4 - The upcoming "15th Five-Year Plan" is expected to prioritize the integration of technological innovation and industrial development, with venture capital playing a crucial role in supporting high-quality development [3] - Recommendations include attracting more social capital into venture investments, improving tax policies, and enhancing the overall quality and competitiveness of domestic venture capital brands [3]

Group 1 - The core viewpoint of the report indicates that Shanghai, Shenzhen, and Beijing are leading the Chinese venture capital market in both vitality and innovation indices for 2024 [1][2] - The report highlights a significant gap between the top three cities and the subsequent ones, showcasing a "head-led, tiered differentiation" pattern in venture capital vitality [2] - In terms of fundraising, investment, and exit indices, Beijing ranks first in fundraising due to its concentration of top financial institutions and national funding platforms [2] Group 2 - In the innovation index, Beijing maintains a clear lead, supported by national laboratories, central enterprise R&D headquarters, and top universities [2] - The semiconductor integrated circuit sector ranks among the top three in most major cities, indicating a strong capital aggregation effect [3] - The healthcare sector, particularly biopharmaceuticals and medical devices, remains highly active across multiple cities, reflecting sustained interest in the medical health field [3]

Group 1: Market Trends - The fundraising market is in a recovery phase, with a projected decline of 20.8% in 2024, narrowing to 2.9% in Q1 2025, indicating a gradual restoration of market confidence [2] - Patient capital is becoming a significant trend, with long-term funds like banks and insurance companies accelerating their entry into the venture capital space, exemplified by the establishment of 9 financial asset investment companies (AIC) with a total scale of 150 billion yuan [2][3] - The shift in the role of state-owned guiding funds from "招商思维" (investment attraction mindset) to "产业构建思维" (industry construction mindset) is notable, focusing on matching industrial elements rather than short-term metrics [2] Group 2: Exit Strategies - Innovation in exit strategies is crucial, with a focus on balancing DPI (Distributions to Paid-In) and IRR (Internal Rate of Return) as a core challenge for venture capital institutions [3] - The adoption of diverse exit channels is showing initial success, with S funds becoming a significant part of investment strategies, providing a new exit route for general partners (GPs) [3] - The current IPO market in Hong Kong is viewed as a "first aid channel" rather than a "golden channel," with differing opinions on its long-term stability [4] Group 3: Industry Collaboration - Emphasizing long-termism and value investing is seen as essential for overcoming industry challenges, with a focus on high IRR to support overall fund DPI [5] - Full-chain collaboration is becoming a key strategy for many state-owned enterprises, leveraging mother funds to attract social capital and focusing on critical nodes in the industrial chain [5] - Suggestions for future industry development include structural problem-solving, embracing change while maintaining core principles, and deepening engagement in hard technology sectors [5]

Core Insights - The establishment of the National Venture Capital Association Alliance Think Tank (referred to as "Venture Capital Think Tank") aims to enhance the development of the venture capital industry in China, driven by increasing attention from central and local governments towards venture capital as a key engine for high-quality economic development [1][2] Group 1 - The National Venture Capital Association Alliance was officially launched on June 9, 2023, with the participation of various regional venture capital associations, aiming to promote information exchange, business cooperation, resource sharing, research, experience sharing, policy coordination, and industry self-discipline [1][2] - The Venture Capital Think Tank consists of 29 initial members from leading venture capital institutions, third-party data, legal and accounting service providers, and academic experts, providing diverse professional support for the industry [2] - The Think Tank plans to enhance its service efficiency through various initiatives, including thematic seminars, think tank reports, news planning, industry indices, data products, and activity forums [2] Group 2 - Securities Times, as a mainstream financial media outlet, has been actively monitoring the development of the venture capital industry and aims to facilitate healthy growth by connecting over 5,000 listed companies and addressing the barriers between primary and secondary market cooperation [2] - The Think Tank is positioned to drive high-quality development in the venture capital industry, serving as an "ideological engine" and "decision-making advisor" to provide forward-looking research and decision-making suggestions [2]

Group 1 - The venture capital industry in China is emerging from a downturn, showcasing three major trends: the implementation of specific policies to promote venture capital, the expansion of long-term funding for early-stage investments, and the diversification of exit channels for equity investments [1] - The government has established a trillion-level venture capital guidance fund to enhance the scale of long-term capital for venture investments, addressing previous fundraising challenges [1] - There is a notable increase in the speed of quality companies going public and a rise in the merger and acquisition market, which is facilitating a positive cycle of capital entry and exit in the venture capital sector [1] Group 2 - Despite alleviating fundraising and exit difficulties, the venture capital industry faces challenges such as weak project investment capabilities and inadequate post-investment management, leading to a situation of "large but not strong" [2] - There is an urgent need for market-driven optimization and restructuring within the industry to enhance the quality of venture capital management and services [2] Group 3 - The upcoming "15th Five-Year Plan" will prioritize the integration of technological innovation and industrial innovation, with a focus on transforming scientific achievements into productive forces [3] - The venture capital sector is expected to play a crucial role in supporting high-quality development, with initiatives aimed at attracting social capital and improving tax policies for venture investments [3] - There is a call for local venture capital associations and institutions to conduct in-depth research on significant issues affecting the industry's development over the next five years [3]

Core Insights - The venture capital industry is showing signs of recovery, with significant improvements in fundraising and investment activities compared to previous years [1][2] - The industry is undergoing profound changes, with a focus on nurturing high-quality projects and adapting to new policies that encourage long-term investments [1][2] Fundraising - In the first half of this year, the amount pledged by institutional LPs increased by 50% year-on-year, ending a continuous decline since 2020 [1] - The overall scale of investment and financing saw a reduction in decline from 50% in the same period last year to just 5% [1] Investment - A total of 131 Chinese companies went public in A-shares, Hong Kong, and US markets in the first half of 2025, with 56% receiving support from VC/PE [1] - The Hong Kong IPO market has shown strong performance, and diverse exit strategies such as mergers and acquisitions are becoming more mature [1] Industry Transformation - The emergence of high-quality projects like DeepSeek, Yushu Technology, and Yingshi Innovation highlights the international competitiveness of Chinese technology brands [1] - Policies such as "Venture Capital Seventeen Articles" and "State Council No. 1 Document" are being introduced to attract long-term capital from banks, insurance funds, and social security [1] Value Creation - The venture capital industry is encouraged to adopt a long-term perspective, moving beyond short-term financial models to discover and nurture value [2][3] - There is a call for venture capital firms to extend their value beyond mere funding, acting as long-term partners to startups and enhancing post-investment support [2] Ecosystem Development - The industry is urged to foster an open and inclusive innovation ecosystem, collaborating with research institutions, industry resources, and local governments to support the growth of innovative technologies [3] - The focus is on creating a vibrant and resilient technological innovation ecosystem that supports the entire lifecycle of innovative enterprises [3]

Core Insights - The government investment funds are entering a new phase characterized by scientific regulation and improved efficiency [1][3] - Recent guidelines emphasize that the establishment of government investment funds should not focus on attracting investment, encouraging a reduction or elimination of return investment ratios [1][2] Group 1: Policy Changes - The National Development and Reform Commission has solicited public opinions on new guidelines for government investment funds, which align with earlier directives promoting high-quality development [1] - Several provinces and cities, including Guangdong and Shenzhen, have responded to these policies by implementing measures to optimize return investment mechanisms [1][2] Group 2: Challenges in Traditional Models - The return investment requirement has historically been a core conflict between venture capital institutions and local government investment funds, limiting market efficiency and leading to discrepancies between actual outcomes and policy intentions [2] - Traditional return investment models restrict investment institutions to specific regions, potentially missing out on superior projects nationwide, thus reducing capital allocation efficiency [2] Group 3: Regional Disparities - Many local government investment funds focus on strategic emerging industries like AI and renewable energy, which may not align with regional strengths, complicating the identification of quality return investment targets [2][3] - The issue of "return investment difficulty" stems from mismatches between industrial positioning and regional endowments, particularly in underdeveloped areas where suitable projects are scarce [2] Group 4: Innovative Solutions - Regions are actively exploring ways to create a positive cooperation ecosystem with fund managers, such as establishing project pools that meet investment criteria to enhance the quality of return investment projects [3] - Some areas have introduced profit-sharing mechanisms to incentivize private capital participation, exemplified by Shenzhen's angel fund allowing excess returns to be fully passed on to fund managers and investors after recovering initial costs [3] Group 5: Future Outlook - Government investment funds, as a significant source of capital in the primary market, are transitioning towards a more regulated and efficient operational model, which is expected to drive sustainable growth in the venture capital industry [3]

Core Viewpoint - The meeting organized by the Shandong Provincial Development and Reform Commission aims to leverage state capital to promote high-quality development in venture investment in Binzhou City [1] Group 1: Policy and Framework - The meeting discussed the interpretation of the Shandong Provincial venture investment development subsidy fund application policies [1] - Participants exchanged views on the "3+3+N" fund matrix, the collaboration between state-owned enterprises at the municipal and county levels, and the review of subsidy fund applications [1] Group 2: Investment Initiatives - Binzhou City has emphasized the role of state-owned enterprises as demonstrative leaders, organizing annual meetings to promote venture investment [1] - The city has initiated multiple venture capital funds with a total scale exceeding 2 billion yuan, focusing on the "5210N" industrial cluster [1] Group 3: Future Plans - The Binzhou Development and Reform Commission plans to further implement national, provincial, and municipal policies that encourage state-owned enterprises to develop venture investments [1] - There will be efforts to strengthen collaboration with state-owned assets, technology, and finance departments, and to establish a platform for government-investor-enterprise connections [1]

Core Viewpoint - The document outlines measures to enhance the role of financial technology in promoting innovation in Zhejiang Province, with a focus on facilitating cross-border investment and financing [1] Group 1: Cross-Border Investment Facilitation - The proposal aims to increase the convenience of cross-border investment and financing [1] - It emphasizes the utilization of the Qualified Foreign Limited Partner (QFLP) pilot policy to guide foreign venture capital institutions in compliant cross-border investments [1] - By 2027, the scale of QFLP and Qualified Domestic Limited Partner (QDLP) pilot funds is expected to exceed 40 billion yuan [1] Group 2: Support for Research and Technology Enterprises - The initiative supports the "Kehuitong" pilot program, allowing foreign research funds to be directly transferred to foreign-funded non-enterprise research institutions [1] - It promotes the facilitation of cross-border financing for technology-based enterprises, particularly those classified as high-tech, "specialized and innovative," and technology-oriented small and medium-sized enterprises [1] - Eligible companies can independently borrow foreign debts within a limit of up to 10 million USD [1]