（来源：经济参考报） 新春伊始，科创潮涌。在安徽合肥科大硅谷，硬科技企业合肥科诗特技术有限公司（以下简称"科诗 特"）节后开工即冲刺，以昂扬姿态实现新春"加速跑"，成为当地以全链条科创生态赋能高质量发展的 生动缩影。 走进由科大硅谷引导基金投资的科诗特技术实验室，红灯笼点缀的工作台旁，科诗特总经理梅领亮正和 团队并肩忙碌，专注测试分析水导激光设备加工件的各项指标参数；在生产车间内，各台设备平稳开 动，员工们全神贯注，操作熟练。据介绍，开工首日，该公司员工到岗率已快速恢复至约80%，为顺利 实现一季度"开门红"、保障全年订单交付打下了坚实基础。 "我们现在正在研究的这项技术，能以极细水流引导激光实现超精密冷加工，广泛应用于泛半导体、航 空航天、医疗器械等领域。"梅领亮介绍，这项技术如今已成为多个国家重大工程核心部件的加工"利 器"，打破了国外在该领域的技术封锁。 "科大硅谷是创业安徽行动的核心载体之一。"科大硅谷服务平台（安徽）有限公司董事长吴海龙介绍， 依托自身优势资源，科大硅谷从加速成果转化、强化项目落地、优化服务保障等方面发力，打造出更具 活力、更趋完善的创新创业生态。 一组组数据，见证着科大硅谷科创生态 ...

香港特区政府财政司司长陈茂波2月25日在立法会发表2026至2027财政年度政府财政预算案。陈茂波表 示，港投公司全面营运至今，累计投资超过190个项目，主要包括硬科技、生命科技、 新能源及绿色科 技等范畴，其中10间企业已在港上市，另有超过20间正筹备今年上市。考虑到港投公司620亿港元的起 始资金已大致分配，我们会适时注资，进一步推动创科发展和产业群聚。 ...

他提到，港投公司每1港元的投资成功带动超过8港元的长期资本跟投，高效汇聚国际市场的耐心资本力 量，合力推动前沿科技加速发展和应用创新。考虑到港投公司620亿港元的起始资金已大致分配，港府 会适时注资，进一步推动创科发展和产业群聚。 来源：观点地产网 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网 香港报道：2月25日，香港财政司司长陈茂波在立法会发表新一份《财政预算案》。 陈茂波指，港投公司全面营运至今，累计投资超过190个项目，主要包括硬科技、生命科技、新能源及 绿色科技等范畴，其中十间企业已在港上市，另有超过20间正筹备今年上市。 陈茂波指，成立港投公司既为财政储备争取中长期投资回报，亦可牵引更多前沿科企及耐心资本汇聚香 港，促进"政、产、学、研、投"跨界别深度合作，加速构建香港创新科技生态圈和重点策略产业链的发 展，提升竞争力和促进经济多元发展。 ...

其二，从"生活符号"到"新质生产力"的产业升级之变。 回望来路，彩电是消费升级的标志，"大哥大"是移动通信起步的见证，互联网则开启了信息时代的大 门。每一代登上春晚的科技产品，都是中国产业升级的历史注脚。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ■ 邢 萌 2026年央视马年春晚，站在舞台中央的人形机器人既能大秀舞姿，又能舞枪弄棒，动作行云流水，一夜 之间刷屏全网。这一刻，春晚不再只是辞旧迎新的文化晚会，更成为见证中国科技进步的闪亮秀场。 回望历年春晚，这条科技演进的脉络清晰可见：从20世纪80年代的彩电、90年代的"大哥大"，到21世纪 初的网络直播，再到近两年的人形机器人——每一届春晚，都成为前沿科技成果的重要展示窗口。 这场跨越四十多年"科技秀"的背后，涌动着的是科技创新、产业升级与资本赋能的澎湃合力，呈现出三 大维度变革： 其一，从"道具"到"主角"的舞台角色之变。 早年间，彩电、"大哥大"等科技产品多以道具身份亮相舞台；如今，人形机器人已成为真正的表演参与 者——从静态陈列到动态交互，从背景板走向舞台C位。这种从"物"到"角"的转变，折射出中国科技已 具备极强的舞台 ...

岁序更替，骏启新程。值此2026新春之际，谨代表钛信资本，向所有创业者、投资人 及行业同仁致以新年问候！回望2025，投资行业在调整中企稳，在坚守中突破，钛信 资本秉持"精品重度、聚焦龙头"的投资理念，迎来了深耕硬科技赛道的收获期：英诺 赛科（02577.HK）、西安奕材（688783）成功上市，盛合晶微科创板IPO获受理， 道通智能启动IPO辅导，以扎实的业绩印证了深度价值投资的确定性。 展望2026，钛信资本将继续锚定全球性技术领先的龙头企业，聚焦硬核科技核心赛 道，深化"境内+境外"双轮驱动布局，以深度研究构建认知壁垒，用极致克制把握稀 缺投资机会，与更多优质龙头企业携手，穿越产业周期，共创长期价值。 al PARTE 骏 马 启 新 · 创 赢２０２６ 证券时报。全国创投协会联盟 National Alliance of Venture Capital Associations 業 候旭記 錶信愛本合伙 END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 美股V型反弹！Meta计划部署数百万颗英伟达芯片！美联储，降息大消息 ...

李炜认为，优化考核机制、构建符合创新规律的"长期陪跑"模式，已成为推动深圳硬科技产业高质量发 展的紧迫任务。然而，当前国资投资考核机制仍普遍沿用以"净利润""上市时限"等短期财务指标为核心 的对赌与退出模式，与硬科技企业长周期、高投入、慢回报的发展规律不符。 摄影：南都记者 赵炎雄（除署名外） 深圳市国资在支持科技创新、培育硬科技企业方面发挥了重要作用。今年深圳市两会期间，市人大代 表、深圳市爱普特微电子有限公司董事长李炜，就优化深圳市国资投资考核机制、支持硬科技企业长期 发展提出相关建议。 尤其在当前经济环境下，上市渠道收窄、市场融资趋冷，部分企业因无法如期达成对赌条款而面临国资 要求股权回购的沉重压力，不仅制约企业持续研发与长期发展，也影响了国资资本的战略支撑效能。 为此，李炜建议，加快优化投资考核与退出机制，以更好发挥深圳市国资在培育硬科技企业、支撑科技 创新方面的战略功能。一是研究制定《深圳市国有资本投资硬科技企业考核与退出指引》，取消对硬科 技企业投资协议中关于"净利润增长率""上市时限"的强制性对赌条款，建立以专利质量、生态构建、技 术里程碑等为核心的长周期考核指标体系。二是优化国资投资退出机制， ...

成长期企业融资困局待解 "C轮死"魔咒背后存四大症结 "以前总说'C轮死'，没想到这么多年过去，这个魔咒还是没被打破。"近期一位投资人的 感慨，戳中了成长期创业企业的集体痛点。 在创投市场，如今已呈现哑铃式融资格局：早期项目靠技术故事吸引资本，成熟期企业 凭稳定业绩冲击IPO，而成长期企业却卡在一个"中间地带"：既没了早期估值的吸引力， 又还没具备成熟期的流动性与"造血"能力，融资难成为横在它们面前的一道鸿沟。这道 鸿沟为何迟迟难以填平？有何破局之道？值得整个行业静下心来深思。 B轮成了"融资坎" "去年我们看了约200个成长期项目，没有一个能达到我们的投资安全边际，最终一个都 没法出手。"融创投资创始合伙人赵俊峰无奈说道。在他看来，所谓的"投资安全边际"， 即企业拥有正向经营现金流，而非账面上不断累积的应收账款与大量存货，不然就不是 高质量增长的表现。 华南一券商资深投行人士解枫（化名）对此有同感："我接触过不少这类卡在中间的企 业。比如一家做非侵入式脑机接口的公司，产品性能已达标，但偏偏卡在商业化落地很 难推进，没有医疗渠道和经销商资源，量产又需要大额预付资金，资金压力陡增。结果 就是B轮之后，早期投资人 ...

Group 1 - The 2026 Enterprise Innovation and Venture Capital Annual Conference focused on key topics such as AI reshaping industries, hard technology investment cycles, and new global rules, aiming to identify growth logic and collaboration opportunities in an uncertain market environment [2] - Li Chunbo, Chairman of Citic Lyon, shared insights on the resilience of the Hong Kong stock market, indicating that 2025 will be a turning point for asset valuation and perception in China, with a shift towards tech-driven enterprises like chips and AI [2] - The report on CVC development in China for 2025 highlighted a significant drop in new fund registrations, with over one-third of new funds registered in Zhejiang, Guangdong, and Shandong, and Lenovo Capital leading in investment events [4] Group 2 - The first roundtable discussion on "AI Investment New Landscape" emphasized a shift in AI investment logic from chasing star teams to focusing on product-market fit and commercialization capabilities, predicting 2026 as a year of explosive AI application growth [6] - The second roundtable on "How AI Reshapes Automotive Intelligence" discussed the importance of high-quality real-world data and safety validation in overcoming technological gaps, with B-end closed scenarios already demonstrating viable business models [8] - The third roundtable on "How Hard Technology Venture Capital Can Be 'Friends of Time'" stressed the need for capital to provide comprehensive industry empowerment beyond funding, to help navigate the challenges from lab to mass production [10] Group 3 - The fourth roundtable on "2026, the Triple Concerto of Globalization: Rules, Markets, Technology" highlighted the evolution of Chinese enterprises' overseas strategies from product export to ecosystem and supply chain expansion, with Southeast Asia being a primary market due to geographical and cultural advantages [12] - The conference facilitated discussions on breaking industry barriers and achieving consensus on cross-border collaboration and ecosystem building, aiming to inject strong momentum into the technology innovation industry for 2026 [14] - The upgrade of the Corporate Venture Capital Alliance to the Corporate Innovation Venture Capital Alliance in 2024 aims to enhance the synergy between large enterprises' internal investments and innovations, accelerating the application of innovations [15]

Core Viewpoint - The event "Linking Global Capital, Driving AI and Technological Innovation Overseas" highlighted the growing synergy between mainland China and Hong Kong in the fields of AI and hard technology, emphasizing the importance of strategic cooperation and capital exchange for the future of technological innovation [4][6]. Group 1: Event Overview - The event was successfully held in Hong Kong, gathering over 40 industry investors, family office representatives, and leaders from tech companies to discuss cutting-edge fields like AI and hard technology [3]. - The event served as a platform for strategic cooperation and showcased the mutual desire to enhance capital exchange between mainland China and Hong Kong [6]. Group 2: Key Insights from Speakers - Zhang Yuhao, CEO of FOFWEEKLY, emphasized the vitality of the markets in both regions and the role of venture capital as a crucial link between national strategy and market dynamism, predicting that investment in China's tech innovation will become a mainstream asset allocation in the next 5-10 years [4]. - Li Haoran, a member of the Hong Kong Legislative Council, pointed out that Hong Kong's advantages as an international capital hub and its legal system can facilitate the "bring in" and "go out" strategies for hard tech companies [7]. Group 3: Future Directions - The Hong Kong government has launched initiatives to support mainland enterprises going overseas, integrating policies and resources to provide one-stop support for businesses [7]. - The event marked the initiation of a long-term strategic platform aimed at establishing stable and efficient communication channels between mainland tech companies looking to expand internationally and global capital [7]. Group 4: Investment Opportunities - The event featured discussions on investment logic in hard technology and cross-border capital collaboration, providing attendees with insights into emerging trends [11]. - A project roadshow showcased high-quality projects from AI, hard technology, and biomedicine, attracting significant interest from investment institutions [11].

Core Viewpoint - The article emphasizes the importance of developing "patient capital" to support technological innovation and the transition to a modernized economy in China, as outlined in the Central Committee's decision on deepening reforms [1][2]. Group 1: Definition and Importance of Patient Capital - Patient capital refers to investments that prioritize long-term returns over short-term gains, focusing on projects with significant growth potential and resilience to market fluctuations [1]. - It is primarily sourced from government investment funds, pension funds, and insurance capital, providing stable funding for technological and industrial innovation [1][2]. Group 2: Role of Patient Capital in Technological Innovation - Technological innovation is crucial for developing new productive forces, but it often faces challenges such as high uncertainty and long funding cycles, making patient capital essential for supporting early-stage tech companies [2][3]. - Patient capital not only considers short-term financial returns but also evaluates non-financial indicators like technological innovation capabilities and business models, thus fostering long-term growth [2]. Group 3: Current Developments and Achievements - During the 14th Five-Year Plan period, significant progress has been made in nurturing patient capital, particularly in hard technology sectors, with the National Integrated Circuit Industry Investment Fund II focusing on critical areas like chip manufacturing [3]. - The Shenzhen government fund has mobilized nearly 500 billion yuan to support over 8,000 industrial projects, fostering more than 1,500 specialized enterprises and nearly 600 listed companies [3]. Group 4: Challenges Facing Patient Capital - There is an imbalance in the supply structure of patient capital, with excessive reliance on government funds and insufficient market-driven capital [4]. - The market ecosystem is underdeveloped, with limited exit channels and a lack of professional intermediary services, which dampens investment in high-risk early-stage projects [4]. Group 5: Recommendations for Future Development - To enhance patient capital, it is recommended to increase the investment ratio of pension and insurance funds in early-stage hard technology funds and provide tax incentives [5]. - Improving the market ecosystem through reforms in the Sci-Tech Innovation Board and developing a secondary market for private equity can enhance liquidity and reduce investment risks [5].