安徽创新馆。 新华社图 屠光绍 左 丁 傅 尧 中科院合肥物质科学研究院聚变堆主机关键系统综合研究设施的八分之一真空室及总体安装系统主体 平台 。新华社图 埃夫特智能机器人股份有限公司的焊接机器人。 新华社图 上海交大上海高级金融学院创院理事长屠光绍： 发挥长三角区域优势 打造科技金融协同发展高地 ◎记者 祁豆豆 "全球经历了从工业资本到金融资本再到科技资本的变革，随着资本越来越向科技领域集聚，科技资本 越来越成为影响科技发展乃至经济发展的重要牵引力。"12月7日，上海交大上海高级金融学院创院理事 长屠光绍在2025上证（巢湖）上市公司高质量发展大会上表示，当前科技与金融正在加速实现"双向奔 赴"，安徽作为长三角的重要地区，应依托长三角区域优势，在打造长三角科技金融协同发展高地中发 挥重要作用。 资本持续向科技领域集聚 屠光绍认为，资本对经济社会发展发挥着非常重要的作用，从工业资本到金融资本，资本随着经济社会 发展特征不断演化，如今逐渐演化为新的形态，即科技资本。越来越多资本持续向科技领域集聚，极大 推动了科技发展、新质生产力发展。 屠光绍通过中外比较的角度，从七个维度分析了资本持续向科技领域集聚的现象： 从 ...

记者丨崔文静 编辑丨张伟贤 在12月5日至6日举行的南方财经论坛2025年年会上，清华大学国家金融研究院院长、清华大 学五道口金融学院副院长田轩发表主题演讲，为中国资本市场如何支撑高水平科技自立自强提 出清晰路径。 前端包容： 以"耐心资本"滋养从0到1的创新火种 田轩强调，金融支持科技创新的首要环节，在于打造一个真正包容的创业投资市场，其核心是 引入并壮大"耐心资本"。 他回顾了中国创投行业自1998年以来的发展，指出尽管长期处于相对小众的地位，但近年 来"耐心资本"的概念在中央多项重要政策文件中被反复强调，凸显了创投对于培育新质生产力 的源头性作用。 包容性的基石在于对"人"的深刻理解与接纳。田轩引用了一项针对二十余位超级独角兽创业者 的学术研究，将这些改变行业的创新者特质分为三类： 代表普遍优点的绿色特质，如年轻、进取、有想象力；代表中性特点的黄色特质，如出身平 凡、习惯性持反对意见、极为节俭；以及通常被视为缺点的红色特质，如行为疯狂、性格孤 僻、不守常规、难以相处。 田轩分析认为，从0到1的颠覆性创新本质是"无中生有"，这必然要求创业者具备超越常人的特 立独行甚至离经叛道的思维与性格，方能冲破既有框架 ...

2025 年 10 月 VC/PE 市场数据报告 数据来源：投中嘉川 CVSource 报告时间：2025.11 2025 李洋洋 数据分析师 yangyang.li@chinaventure.com. | | 核心发现 2 | | | --- | --- | --- | | 李洋洋 | | | | 数据分析师 | 募资表现 2 | | | yangyang.li@chinaventure.com. | | | | cn | 新设基金数量 2 | | | | 基金新设地区情况 3 | | | | 基金新设及完成募资情况 | 4 | | 报告口径 | 投资表现 6 | | | 本报告图表数据来源均为  | | | | 投中嘉川 CVSource | 投资频次及投资规模 | 6 | | 新成立基金：于统计期限内，  | 热点地区投资交易数量及规模 | 7 | | 新注册成立的基金 | 热点行业投资热度 7 | | | 完成募集基金：于统计期限  | 投资轮次 9 | | | 内，宣布募集完成的基金 | 投资交易规模细分量级 | 9 | | 融资规模：统计市场公开披露  | | | | | 投资交易重点案例 ...

具体来说，他解释到，"更加包容的创投市场"指首先要对人来包容。他提到，研究表示，超级独角兽的 创业者身上有大概十几个特质，除去优点之外，都带有一般意义上的缺点，比如疯狂的、孤僻的、不好 相处的、多余的、冷漠的，甚至自私的。核心逻辑是因为创业创新做的是从0到1，无中生有的事情，不 可能像正常人一样循规蹈矩。这些超级创业者必须是特立独行，离经叛道，才会有各种各样的奇思妙想 不断地涌现出来，这是超级创业者身上的特质。 他以马斯克为例，"他私生活极其不检点，各种行为非常怪异乖张。但是这些特质让他能够有各种各样 的奇思妙想，以及眼花缭乱各种各样的科技创新。所以要想去支持科技创新，要实现高水平的科技自立 自强，我们需要对超级创业者包容，需要有一个创投的市场。" 由南方财经全媒体集团主办、21世纪数字传媒主要承办的"南方财经论坛2025年会"于12月5-6日在广州 南方财经大厦举办，主题为"共识的力量——创新涌动，中国资产重估"。清华大学国家金融研究院院 长、清华大学五道口金融学院副院长田轩出席并演讲。 推动科技创新，需要什么样的资本市场，需要怎么样的金融去支持？对此，田轩提出：第一、需要更加 包容的创投市场；第二、需要" ...

Core Viewpoint - The South Finance Forum 2025 emphasizes the need for a more inclusive venture capital market and a less aggressive secondary market to support technological innovation and achieve high-level self-reliance in technology [1][5]. Group 1: Venture Capital Market - A more inclusive venture capital market is necessary, which should be accommodating to the unique traits of "super unicorn" entrepreneurs, who often possess unconventional characteristics that drive innovation [3][7]. - The current venture capital market in China lacks "patient capital," with fund lifespans averaging 5-7 years compared to the 10-12 years typical in the U.S., limiting investments in early-stage projects [8][9]. - The composition of Limited Partners (LPs) in China has shifted from individual investors to state-owned entities, which, despite being patient capital, exhibit risk-averse behavior due to concerns over state asset preservation [4][9]. Group 2: Secondary Market - The secondary market in China needs to be less aggressive, requiring strong anti-takeover provisions, reduced stock liquidity, and a focus on long-term institutional investors [4][9]. - There should be fewer analysts tracking stocks and less frequent information disclosure to create a more stable investment environment [9]. - A combination of a more inclusive venture capital market and a less aggressive secondary market is essential for leveraging technology and financial power to support innovation [4][9].

专题：南方财经论坛2025年会 由南方财经全媒体集团主办、21世纪数字传媒主要承办的"南方财经论坛2025年会"于12月5-6日在广州 南方财经大厦举办，主题为"共识的力量——创新涌动，中国资产重估"。清华大学国家金融研究院院 长、清华大学五道口金融学院副院长田轩出席并演讲。 推动科技创新，需要什么样的资本市场，需要怎么样的金融去支持？对此，田轩提出：第一、需要更加 包容的创投市场；第二、需要"不太积极"的二级市场。 具体来说，他解释到，"更加包容的创投市场"指首先要对人来包容。他提到，研究表示，超级独角兽的 创业者身上有大概十几个特质，除去优点之外，都带有一般意义上的缺点，比如疯狂的、孤僻的、不好 相处的、多余的、冷漠的，甚至自私的。核心逻辑是因为创业创新做的是从0到1，无中生有的事情，不 可能像正常人一样循规蹈矩。这些超级创业者必须是特立独行，离经叛道，才会有各种各样的奇思妙想 不断地涌现出来，这是超级创业者身上的特质。 他以马斯克为例，"他私生活极其不检点，各种行为非常怪异乖张。但是这些特质让他能够有各种各样 的奇思妙想，以及眼花缭乱各种各样的科技创新。所以要想去支持科技创新，要实现高水平的科技自立 自 ...

Core Viewpoint - The South Finance Forum 2025 emphasizes the need for a more inclusive venture capital market and a less aggressive secondary market to support technological innovation and achieve high-level self-reliance in technology [1][5]. Group 1: Venture Capital Market - A more inclusive venture capital market is necessary, which should be open to diverse entrepreneurs, including those with unconventional traits that drive innovation [3][7]. - The characteristics of "super unicorn" entrepreneurs often include traits that are typically seen as negative, such as being eccentric or difficult to work with, which are essential for groundbreaking innovation [3][7]. - The current venture capital market in China lacks "patient capital," with fund lifespans averaging 5-7 years compared to the 10-12 years typical in the U.S., limiting investments in early-stage projects [8][9]. Group 2: Limited Partners (LPs) - The composition of LPs in China has shifted from individual investors to state-owned entities, which, while inherently patient, are often risk-averse due to concerns over state asset preservation [4][9]. - The risk-averse nature of state-backed venture capital institutions leads to insufficient support for early-stage investments, hindering technological innovation [4][9]. Group 3: Secondary Market - A less aggressive secondary market is needed, characterized by strong anti-takeover provisions, limited stock liquidity, a focus on long-term institutional investors, fewer analysts tracking stocks, and less frequent information disclosure [4][9]. - The combination of a more inclusive venture capital market and a less aggressive secondary market is essential for leveraging technology and finance to support innovation and achieve technological self-reliance [4][9].

Part 01: Talent, Career, and Investment - When hiring or evaluating entrepreneurs, it is essential to have a growth perspective, focusing on their potential for future success rather than past achievements [5] - The core competitiveness of a company should be transferable to individuals, who must also be able to adapt their skills to new environments. It is crucial to identify individuals who can continue to shine over the next decade [5][6] - Investors' taste and cognitive ceilings are often determined by their exposure to the best entrepreneurs in the industry, emphasizing the importance of learning from top talent [5] - Talent often appears in clusters, and value distribution follows a power law [6] - Different industries and careers can be categorized into structures such as Winner-takes-all, Power law, and Fragmented, which influences investment strategies [7] - The best careers are those that are compounding, scalable, and capitalizable, as exemplified by Warren Buffett [7] - Individuals in their upward phase are typically more self-driven and easier to manage, while those in a defensive mindset after peak performance may struggle with new business challenges [7] - AI models provide insights into the importance of practical experience in generating cognitive models and maintaining focus on critical tasks [8][9] - Investors should balance the fear of missing out with the urgency of decision-making, understanding market sentiments and consensus [10][11] - The value of institutions often surpasses that of individuals in the financial services industry, with long-term career value tied to institutional growth [14] Part 02: Cultivation and Growth - Learning to breathe correctly can enhance calmness and awareness of one's body, emphasizing the importance of physical well-being [16] - Recognizing personal peak times can significantly impact mood and efficiency throughout the day [22] - The greatest recognition often comes from the strongest competitors, highlighting the importance of self-acknowledgment over external validation [25] - The core of each individual's model consists of faith, ability, and personality, with the need for continuous calibration in the AI era [26] - Choosing what not to pursue can be more critical than knowing what to pursue, as the motivations behind actions can differ significantly [27] Part 03: Life and the World - Understanding one's self-awareness over time is crucial, as is identifying absolute and relative value advantages in a changing world [39] - The concept of friendship is framed as mutual support for personal growth, emphasizing the relational aspect of success [42] - The quality of time spent and the ability to annotate experiences significantly influence personal development and cognitive models [47] - Major life decisions regarding where to live, career choices, and relationships greatly impact overall life quality [49] - The timing and rhythm of life are essential, with success often linked to how well one resonates with the pulse of the times [52]

如今许多风投公司似乎眼中只有人工智能（AI），但奈克萨斯风险投资公司（Nexus Venture Partners） 却在其 7 亿美元新基金的布局上刻意分散重心。 该公司将同时支持人工智能初创企业，并物色聚焦印度市场的初创公司，覆盖消费、金融科技及数字基 础设施领域。 人工智能已吸纳了全球大部分风险资本，这家拥有 20 年历史的风投公司也将人工智能视为具有决定性 意义的技术变革。但该公司认为，扎堆涌入单一过热领域本身存在风险。而印度数字经济恰好能提供平 衡：这一市场正不断扩张，人工智能的应用率持续上升，且机遇类型更为多元。 奈克萨斯风险投资公司美国区另一位管理合伙人阿比舍克・夏尔马（Abhishek Sharma）向 TechCrunch 透露，该公司的核心投资阶段仍集中在企业创立期至种子轮及 A 轮，初始投资金额通常低至几十万美 元，或在 100 万美元左右。 奈克萨斯的投资团队共有 8 名成员，公司最初以 1 亿美元基金起步，自 2023 年推出第七期基金以来， 始终将单只基金规模控制在 7 亿美元。该公司通常每 2.5 至 3 年募集一次资金。巴塔查尔吉表示，第八 期基金维持这一规模的原因在于，公司认 ...

Core Viewpoint - The European Commission has announced a new policy framework aimed at enhancing the EU's economic security and resilience in response to increasing external economic threats, marking a shift from a passive to a more proactive approach in economic policy [1][4]. Group 1: Key Initiatives - The flagship proposal under this new framework is the "RESourceEU" plan, which aims to reduce Europe's dependence on external sources for critical raw materials and semiconductors [1][5]. - The EU will focus on six priority areas, including reducing strategic dependence on key goods and services, attracting safer investments, supporting critical industrial sectors, ensuring leadership in key technologies, protecting sensitive information, and maintaining the stability of critical infrastructure [4][6]. - The EU plans to utilize existing policy tools more strategically and may introduce new policies, including the "Security Bill," "Industrial Acceleration Bill," and "Chip 2.0 Bill," among others [4][5]. Group 2: Economic Projections and Challenges - The EU's economic growth is projected to be 1.4% in 2025, an improvement from earlier estimates, but major economies like Germany, France, and Italy are expected to experience sluggish growth [6]. - The European Commission acknowledges the need for decisive action to stimulate internal growth, such as simplifying regulations and promoting innovation [6]. - There are internal challenges to the EU's policy shift, including complex coordination mechanisms and difficulties in fostering a mature venture capital environment [2][6].