明确了服务重点，还要着力提升服务的质量和效果。从业界实践经验看，可充分挖掘大数据、人工智能等前 沿科技的发展潜力与应用场景，用数字技术赋能金融服务，将企业的"软信息"转化为能够被金融机构识别 的"硬信息"，不断拓展金融服务的广度与深度。 数字技术赋能金融服务有八大路径。近日，国家金融监督管理总局发布《银行业保险业数字金融高质量发展 实施方案》（以下简称《方案》），明确了数字金融服务的8个重点领域。"建立科创企业大数据集，为企业 识别画像，提高信贷审批效率。"金融监管总局有关司局负责人表示，利用工业互联网和产业知识图谱，提升 对制造业企业数据的采集分析能力；运用技术手段识别环境风险，优化绿色金融服务模式；整合物流、税务 等多维数据优化授信模型，建设小微金融线上综合服务平台；在民生服务领域开发有针对性的数字金融产 品，提高医疗、养老等领域的金融服务能力；加强数字平台系统建设与数据对接，增强"三农"金融服务能 力；支持落实国家重大区域发展战略，因地制宜提供数字化金融服务；支持贸易数字化，积极参与航运贸易 数字化建设，加强贸易数据信息应用。 为统筹发展与安全，《方案》还对金融机构有效激发数据要素潜能提出了一系列要求， ...

以"全"赋能，打造全维度金融供给矩阵。一是服务低空企业全生命周期。鼓励银行、保险机构研究覆盖 低空经济研发、制造、运行、运营、低空保障等全生命周期的针对性金融产品。支持私募股权创投机构 发挥市场化创新发现功能，加强对低空经济领域"硬科技"项目的早期孵化与持续培育。二是贯穿低空全 产业链条。针对链主企业、优质企业，鼓励银行机构完善相关服务，支持符合条件的企业到境内外资本 市场相关板块挂牌上市，鼓励用好资本市场并购和并购贷款试点政策，整合产业链资源。三是赋能低空 全应用场景。聚焦低空经济重大应用场景创新示范项目和创新试验区建设需求，围绕低空空域管理、应 急救援、医疗救助、城市治理、空中交通、低空文旅、农林植保、物流运输等多元应用场景，鼓励丰富 特色信贷产品和低空经济保险产品体系，支持金融租赁公司运用厂商租赁模式，为低空经济企业终端用 户提供一站式融资租赁服务。 以"新"助新，打造专业化金融服务体系。一是包容性监管在低空领域的新探索。在前期科技支行包容监 管基础上，进一步探索差异化监管激励，对符合低空金融"十二条"所鼓励的低空经济领域的有益金融探 索，注重中长期评价，对阶段性风险给予适当监管容忍；对服务低空经济成效 ...

《证券日报》记者从业内人士处获悉，近日，中国证券投资基金业协会通过邮件及AMBERS系统站内 信方式向私募股权创投基金管理人发送了《关于私募股权创投基金投资条款的提示》（以下简称《提 示》），呼吁私募股权创投基金设置股权回购条款时应科学合理，退出目标综合多元；鼓励基金管理人 与回购义务人从长计议，妥善解决利益分歧，支持实体企业发展壮大。 此外，《提示》在明确股权回购条款应科学合理设置的基础上，进一步强调了其运用过程中应有的"温 度"与"智慧"。《提示》鼓励触发股权回购条件后，私募股权创投基金管理人应"加强与投资者、回购义 务人等相关方沟通"，并"对宏观经济、产业环境和行业政策等外部因素的影响进行充分评估"。 此前，中国证监会主席吴清在《〈中共中央关于制定国民经济和社会发展第十五个五年规划的建议〉辅 导读本》中发表署名文章，将"促进私募股权和创投基金'募投管退'循环畅通，加力培育壮大耐心资 本、长期资本和战略资本"，列为"十五五"时期提高资本市场制度包容性、适应性的重点任务举措之 一。上述《提示》正是对这一任务的细化落实，旨在引导私募股权创投基金行业更理性、更长远地运用 股权回购工具。 妥善解决利益分歧 近年来 ...

Core Viewpoint - The China Securities Investment Fund Industry Association has issued a notice urging private equity and venture capital funds to set reasonable equity buyback clauses, encouraging long-term discussions to resolve conflicts of interest and support the growth of real enterprises [1][7]. Group 1: Industry Development - The private equity and venture capital fund industry in China has been steadily developing, acting as a representative of patient capital and contributing positively to high-quality economic development through its roles as incubators, accelerators, and promoters of technological innovation [2][9]. - The application rate of equity buyback clauses in domestic primary market investment activities has exceeded 90%, indicating their widespread use to address uncertainties and information asymmetries between investors and companies [2][9]. Group 2: Challenges and Issues - The issue of equity buybacks has become a focal point in the market, with many startups facing financial and developmental pressures due to triggered buybacks, leading to difficulties for private equity funds in exiting their investments [3][10]. - The inability of companies to go public in the short term can lead to aggressive claims for buyback rights, potentially resulting in insolvency or bankruptcy for the companies involved, which ultimately harms fund investors [3][10]. Group 3: Regulatory Guidance - The notice emphasizes that private equity and venture capital funds must set scientifically reasonable buyback clauses and avoid using buyback arrangements for illegal lending or other non-equity investment activities [3][10]. - Fund managers are encouraged to adopt a long-term investment and value investment philosophy, enhancing their capabilities in value discovery, active management, and valuation pricing [3][10]. Group 4: Recommendations for Stakeholders - The notice encourages fund managers to communicate effectively with investors and other stakeholders when buyback conditions are triggered, assessing external factors such as macroeconomic conditions and industry policies [4][11]. - It suggests that fund managers should consider flexible measures, such as extending buyback deadlines or adjusting buyback targets, to help companies navigate difficulties and support their growth [4][11]. Group 5: Building a Healthy Ecosystem - To restore balance and compatibility in equity buyback clauses, collaboration among all market participants in terms of concepts, rules, and actions is essential [5][12]. - Fund managers must balance diligence and flexibility, ensuring that any measures taken to assist companies are communicated transparently to investors to avoid potential liabilities [5][12][13].

Core Viewpoint - The article emphasizes the need for private equity and venture capital funds to adopt a long-term investment approach and to negotiate amicably with startups regarding buyback agreements, especially in light of recent challenges faced by both startups and funds due to buyback triggers [1][2]. Summary by Sections Regulatory Guidance - The China Securities Investment Fund Industry Association issued a notice urging venture capital institutions to engage in friendly negotiations with startups to resolve conflicts of interest and support their growth [1]. - The notice highlights the importance of setting reasonable buyback terms and avoiding practices that deviate from the nature of equity investment [2]. Buyback Agreement Trends - There has been a significant increase in the proportion of equity buybacks as a means for private equity funds to exit investments, reflecting a growing trend in the industry [2]. - In the first ten months of 2025, there were 1,745 buyback events, a 17.46% decrease from 2,114 events in the same period of 2024, with institutional sellers participating in 79.94% of these events, up from 58.61% in 2024 [3]. Flexible Buyback Terms - Some venture capital firms are exploring more flexible buyback terms, such as a "two-year assessment" mechanism, where failure to meet targets for two consecutive years may lead to valuation adjustments, and a buyback trigger after four years of non-compliance [3]. - New models have emerged, including the replacement of original buyback obligations through equity in newly established companies by founders, which has gained recognition from state-owned limited partners [3]. Legal and Industry Developments - Recent legal clarifications from the Supreme People's Court address frequent disputes over buyback agreements, specifying types of buybacks, litigation procedures, and new provisions for auctioning shares [3]. - The industry is encouraged to find a balance between risk control and innovation, which is seen as a critical challenge for future development [4].

Core Viewpoint - The China Securities Investment Fund Industry Association has issued a new guideline regarding the buyback clauses in private equity venture capital funds, emphasizing the need for friendly negotiations between venture capital institutions and startups to resolve conflicts of interest and support the growth of enterprises [1][2]. Group 1: Regulatory Guidance - The guideline encourages private equity venture capital fund managers to adopt a long-term investment and value investment philosophy, enhancing their capabilities in value discovery, active management, and valuation pricing [1][2]. - It highlights the importance of setting scientifically reasonable buyback clauses and avoiding any arrangements that deviate from the nature of equity investment [2]. Group 2: Market Trends - There has been a significant increase in the proportion of equity buybacks as an exit strategy for venture capital funds, reflecting the growing challenges faced by startups in triggering buyback conditions [2][3]. - In the first ten months of 2025, there were 1,745 buyback events, a 17.46% decrease from 2,114 events in the same period of 2024, with institutional sellers participating in 79.94% of these events, up from 58.61% in 2024 [3]. Group 3: Innovative Practices - Some venture capital institutions are exploring more flexible buyback clauses, such as a "two-year assessment" mechanism, where valuation adjustments are made if performance targets are not met for two consecutive years [3]. - New models have emerged, such as using equity from newly established companies by founders to replace original buyback obligations, which has gained recognition from state-owned limited partners [3]. Group 4: Legal Framework - Recent legal clarifications from the Supreme People's Court address frequent disputes over buyback agreements, specifying types of buybacks, standardizing litigation procedures, and introducing provisions for auctioning shares [3][4]. - The industry is urged to find a balance between risk control and innovation tolerance, which will be a central theme for future development [4].

Group 1 - As of Q3 2025, the number of A-share listed companies in Shenzhen reached 424, with a total market value exceeding 11 trillion yuan, ranking second nationwide [1][5] - In the first three quarters of 2025, Shenzhen listed companies reported operating income of 5.20 trillion yuan and net profit of 457.8 billion yuan, representing year-on-year growth of 7.36% and 3.98% respectively, with revenue growth surpassing the national average [1][5] - The manufacturing sector contributed 50.73% to the revenue of listed companies, highlighting the strong foundation of the manufacturing industry in Shenzhen [5] Group 2 - Shenzhen's private equity and venture capital fund size reached nearly 1.37 trillion yuan, investing in approximately 13,800 small and medium-sized enterprises and over 11,000 high-tech companies [1][4] - The capital market in Shenzhen has facilitated over 4 billion yuan in equity financing and more than 2.4 trillion yuan in bond financing, showcasing its robust support for the real economy [1][3] Group 3 - The structure of Shenzhen's listed companies is characterized by a high proportion of high-tech enterprises, with about 80% of newly listed companies being from the Sci-Tech Innovation Board and the Growth Enterprise Market [2] - Private enterprises contribute over 90% of employment in Shenzhen, emphasizing the dominant role of the private economy [2] Group 4 - Shenzhen's capital market has seen significant growth in the number of companies listed on the ChiNext and Sci-Tech Innovation Boards, totaling 213, the highest among major cities in China [3] - The bond market in Shenzhen has also experienced steady growth, with companies raising over 2.4 trillion yuan through bonds since 2021 [3][6] Group 5 - The financial institutions in Shenzhen have shown strong performance, with 24 securities companies achieving over 100 billion yuan in operating income and over 45 billion yuan in net profit in the first three quarters of 2025, leading the nation [5][6] - The asset management scale of 31 public fund management companies in Shenzhen reached 12.3 trillion yuan, ranking second nationwide [6] Group 6 - Looking ahead to the 15th Five-Year Plan, Shenzhen aims to enhance its capital market by focusing on high-quality innovation capital, leading enterprises, and a healthy market ecosystem [7][8] - The strategy includes fostering mergers and acquisitions to consolidate industry resources and improve the quality and efficiency of listed companies [8]

Core Insights - The current private equity market in China is predominantly driven by state-owned limited partners (LPs), which account for 84% of the market, reflecting the government's role in economic development [1][2][5] - The government-led model has become deeply ingrained in local leadership, with officials prioritizing industrial development as a key responsibility [2][5] - The role of government venture capital has been recognized as essential in supporting startups affected by the US-China trade war, indicating a unique "Chinese model" of private equity and venture capital [3][5] Group 1: Market Dynamics - The dominance of state-owned LPs is a manifestation of China's economic development model, which relies heavily on local government initiatives [2][5] - The shift from traditional fiscal support to government-guided funds represents a significant optimization in funding models for industrial development [5][6] - The private equity market in China is characterized by a focus on policy-driven investments rather than purely market-driven decisions [5][6] Group 2: Investment Strategies - The current investment model in China resembles a "quick turnover" approach, similar to real estate, where high valuations are pursued for rapid exits [7][8] - There is a need for a transformation in the investment approach, advocating for reasonable valuations and mechanisms like "earn-out" to align interests between investors and entrepreneurs [8] - The establishment of a dedicated bad asset management company could help address the challenges of exit difficulties in the private equity market [8][9] Group 3: Future Directions - The proposal to create a stock exchange in Macau aims to provide an alternative listing venue for companies that do not meet Hong Kong's stringent requirements, enhancing market accessibility [9][10] - Emphasizing the importance of international capital markets, the need for regulatory flexibility in overseas listings is highlighted to support the growth of private equity [10] - A new framework for observing the private equity and venture capital industry in China is necessary to address the real issues and find effective solutions [10]

Group 1 - The capital market has a unique advantage in supporting technological innovation, providing a solid financial foundation for self-reliance and strength in technology [1] - The next steps for the capital market include further improving the institutional support system covering the entire lifecycle of technology companies, enhancing the multi-tiered market structure, and promoting mergers and acquisitions [1][2] - The China Securities Regulatory Commission (CSRC) has introduced various policies to optimize the service system for technological innovation, including the establishment of new listing standards for emerging technology sectors [2][3] Group 2 - The capital market is continuously advancing high-level openness, supporting technology companies in overseas listings, and utilizing both domestic and international resources [3] - Enhancing institutional inclusiveness is crucial for supporting technological innovation, requiring improvements in regulatory frameworks for listings, trading, mergers, and acquisitions [3][6] - The private equity and venture capital funds have become key drivers for promoting technological innovation, with significant capital allocated to high-tech enterprises [4][5] Group 3 - The capital market has been actively improving merger and acquisition systems and refinancing mechanisms to better support technological innovation [7][8] - The research and development (R&D) investment from listed companies has been increasing, with a notable portion of national R&D funding coming from these companies [8] - The CSRC has implemented measures to enhance equity incentives and employee stock ownership plans, supporting reinvestment in R&D and fostering a virtuous cycle between capital and innovation [8]

Core Viewpoint - The results of the second China Private Equity and Venture Capital Excellence Demonstration Case Selection have been announced, highlighting the strong performance and comprehensive strength of various private equity institutions [1]. Group 1: Comprehensive Strength Demonstration Institutions - The top 50 comprehensive strength demonstration institutions include notable names such as CPE Manfeng, IDG Capital, and Sequoia China [3][4][5]. Group 2: Excellent Private Equity Investment Demonstration Institutions - Recognized excellent private equity investment demonstration institutions include CMC Capital, Haitong Capital, and Gao Tejia Investment [6][7]. Group 3: Excellent Venture Capital Demonstration Institutions - The excellent venture capital demonstration institutions feature firms like Northern Light Venture Capital, Lightspeed China Partners, and Huazao Capital [8][9]. Group 4: Excellent Exit Private Equity Demonstration Institutions - The institutions recognized for excellent exit private equity include CPE Yuanfeng, IDG Capital, and Spring Capital [10][11]. Group 5: AI Industry Investment Demonstration Institutions - Key players in AI industry investment include Qiming Venture Partners, BlueRun Ventures, and Matrix Partners [12]. Group 6: Semiconductor Industry Investment Demonstration Institutions - The semiconductor industry investment demonstration institutions include Yida Capital and Dongfang Fuhai [14]. Group 7: New Energy/New Materials Industry Investment Demonstration Institutions - Institutions recognized in the new energy/new materials sector include Foundation Capital and National Electric Power Industry Fund [16]. Group 8: Healthcare Industry Investment Demonstration Institutions - The healthcare industry investment demonstration institutions feature Qiming Venture Partners, IDG Capital, and Northern Light Venture Capital [18]. Group 9: Consumer Sector Investment Demonstration Institutions - Notable consumer sector investment demonstration institutions include IDG Capital, Qiming Venture Partners, and CPE Yuanfeng [20].