Group 1 - Five financial asset investment companies have established and registered AIC equity investment funds in Tianjin [1] - The companies include ICBC Investment, Agricultural Bank Investment, Bank of China Investment, CCB Investment, and Bank of Communications Investment [1] - This development indicates a growing trend in the establishment of investment funds in the region [1]

Core Viewpoint - Technological innovation is the core driving force for high-quality development in the context of profound changes in the global economic landscape, with ICBC Investment actively exploring new paths for hard technology investment based on patient capital [1] Group 1: Patient Capital Principles - To embody patient capital, four principles must be adhered to: long-term investment, value investment, risk investment, and strategic investment [2] - Long-term investment requires strong fundraising capabilities to support long-term plans despite potential short-term returns being negligible [2] - Value investment emphasizes tolerance for short-term projects lacking dividends or cash flow, while ensuring overall profitability and self-development remain unaffected [2] - Risk investment necessitates maintaining operational stability despite potential failures in individual projects, ensuring sufficient risk resilience [2] - Strategic investment involves participating in corporate governance to empower invested enterprises, requiring high levels of comprehensive service capability [2] Group 2: Unique Advantages of Bank-affiliated AICs - Bank-affiliated AICs possess five unique advantages in hard technology investment compared to traditional VC/PE [3] - They uphold the responsibilities of state-owned banks, demonstrating strong policy implementation capabilities [3] - They leverage parent bank platforms to enhance equity financing accessibility and share customer, channel, and brand resources [3] - They provide comprehensive financial services through a new model of investment-loan linkage, covering various financial products throughout the enterprise lifecycle [3] - They inherit a prudent risk culture from banks, establishing a solid foundation for long-term stable operations [3] - They have smooth capital replenishment and funding channels, enabling long-term financial support for the real economy [3] Group 3: Investment Practices in Hard Technology - ICBC Investment focuses on three main aspects when selecting investment targets: the region of the enterprise, the industry, and the enterprise's own capabilities [4] - It targets key regional strategic layouts and innovation centers, providing long-term capital support for high-quality transformation [4] - It emphasizes industries related to national strategic security and competitiveness, focusing on emerging and future industries with high growth potential [4] - It evaluates enterprises based on six core competitive dimensions, ensuring alignment with government support and industry recognition [4] Group 4: Role of Financial Capital in Emerging Industries - Financial capital plays a unique role in the growth of emerging industries through three main functions [5] - It acts as a counter-cyclical regulator, maintaining rational investment during industry overheating and supporting core competitive enterprises during downturns [5] - It provides comprehensive services tailored to the changing financial needs of tech enterprises at different development stages [5] - It actively participates in corporate governance, ensuring balanced interests among stakeholders and promoting effective decision-making [5] Group 5: Contribution to Technological Innovation Ecosystem - Through the practice of patient capital, ICBC Investment not only provides stable funding support for hard technology enterprises but also contributes to the construction of a technological innovation ecosystem, injecting new momentum into high-quality development [6]

【导读】工银投资董事长冯军伏：要成为耐心资本，至少要做到四个坚持 中国基金报记者尹振茂孙晓辉 国有资本正在成为推动新质生产力发展的耐心资本，国有大行金融资产投资公司（AIC）中的工银投资 即典型代表。 要成为耐心资本，至少要做到四个坚持： 作为中国工商银行设立的AIC，工银投资围绕服务国家科技强国战略，发挥专业投资能力，以耐心资本 活水浇灌科创沃土。 "作为全国首批试点的AIC，工银投资强化逆周期投资，探索创新业务模式，优化金融服务，为科创企 业和民营企业提供精准、稳定、持续的资本助力。"工银投资董事长冯军伏称。 在冯军伏看来，科技创新不仅是一场资本的耐力赛，更是一场产业变革的接力赛；资本不仅提供资金支 持，更塑造着科技创新生态。 那么，耐心资本青睐什么样的标的企业？未来3~5年硬科技领域的最大机遇在哪里？与传统VC/PE相 比，银行系AIC在硬科技领域有哪些独特优势？如何通过投贷联动或产融结合模式，解决科技企业"长 周期、高风险"的融资痛点？ 3月30日下午，在参加2025中关村论坛年会之"硬科技投资与发展论坛"期间，冯军伏接受了中国基金报 等媒体的采访。 冯军伏表示，要成为耐心资本，至少要做到四个坚持，即 ...

Core Insights - The article discusses the rapid development of emerging industries, particularly in artificial intelligence and humanoid robots, and the role of financial capital in supporting the growth of technology companies [2][6] - It highlights the importance of financial asset investment companies (AICs) in promoting equity investment to support technological innovation and the government's emphasis on developing patient capital [1][2] Group 1: Characteristics of Technology Company Growth - Technology companies typically experience five growth stages: emergence, expansion, trough, recovery, and maturity [6] - The growth of these companies is characterized by significant fluctuations, rapid transitions, and multiple development nodes [6][7] Group 2: Role of Financial Capital - Financial capital can play a counter-cyclical role to mitigate the impact of market volatility on technology companies [7] - It can provide comprehensive services tailored to the changing financial needs of technology companies at different stages of development [7][8] - Financial capital can actively participate in corporate governance to ensure balanced interests among stakeholders and promote long-term sustainable development [8] Group 3: Investment Criteria for Financial Institutions - The alignment with national strategic goals is crucial for investment decisions, ensuring that companies contribute to broader economic and social benefits [9][10] - The professional capabilities and dedication of the core team are essential factors in evaluating potential investments [9][10] - A robust corporate governance structure is necessary for effective execution of business plans and risk management [10] - Companies must possess distinctive resources and competitive advantages to thrive in a competitive market [10]

Investment Rating - The report maintains a "Recommended" rating for the insurance sector, indicating a positive outlook for the industry [9]. Core Insights - The recent notification from the National Financial Supervision Administration aims to expand the pilot program for financial asset investment companies (AIC), enhancing their role in supporting technological innovation and the development of private enterprises [4][5]. - The pilot program's scope has been broadened to include provinces where pilot cities are located, allowing for increased investment and participation from social capital, thereby improving fund operation efficiency [6]. - The report highlights the potential for insurance capital to participate in AIC equity investment, which could enhance the value of AIC licenses and support the central government's financial strategies [7]. Summary by Sections Section 1: Policy Developments - The notification issued on March 5, 2025, expands the pilot program for AICs, which were previously limited to specific cities, now allowing operations across entire provinces [4][6]. - The AICs have been instrumental in debt-to-equity swaps, helping companies reduce leverage and mitigate risks [6]. Section 2: Insurance Capital Involvement - The report emphasizes the new model of "insurance capital investment + AIC professional management," which is expected to enhance funding sources for equity investments and support the financing needs of technology enterprises [7]. - Insurance companies such as China Life and Ping An have been approved for long-term equity investment reform trials, with a total amount reaching 600 billion [9]. Section 3: Investment Recommendations - The report suggests that the gradual expansion of AIC equity pilot programs and the relaxation of investment limits will improve management levels and better support high-quality development in the private economy [9]. - It recommends focusing on leading insurance companies with strong investment capabilities, including China Pacific Insurance, New China Life, Sunshine Insurance, China Life, and Ping An [9].

AIC股权投资试点正式扩容！ 3月5日，金融监管总局发布《关于进一步扩大金融资产投资公司股权投资试点的通知》（以下简称《通知》），进一步优化完善试点政策。 证券时报记者留意到，该《通知》不仅进一步扩大了金融资产投资公司（简称"AIC"）的试点范围，还明确支持保险资金参与金融资产投资公司发起的私募股 权投资基金。 据统计，自2024年9月，银行AIC股权投资试点由上海扩大至北京等18个城市以来，18个城市签约实现了全覆盖，签约金额超过3500亿元。 扩大试点区域、增加试点机构 AIC股权投资试点不断扩容，无疑有助于丰富一级市场资金来源、吸引更多优秀的基金管理人入场，从而为市场注入更多活力。 不过，银行系股权投资也面临一些挑战。全国政协委员、民革中央经济委员会副主任何杰近日在接受证券时报记者采访时指出，目前AIC股权投资试点仍存在 三方面问题： 一是，AIC直投风险权重仍达400%(债转股投资仅250%)，且母行并表后风险权重高达1250%，资本消耗大，建议进一步降低风险权重。 二是，民营银行、股份制银行、城商行尚未参与这项试点工作，建议纳入其中。对于这个问题，此次《通知》也明确将进一步"开闸"：支持符合条件的商 ...