1 2月3 0日，四川社保科创基金签约仪式在成都举行。四川省委书记、省人大常委会主任王晓 晖，四川省委副书记、省长施小琳，会见全国社保基金会党组书记、理事长刘昆和中国建设银 行党委书记、董事长张金良，并共同为四川社保科创基金揭牌。 签约仪式上，全国社保基金会副理事长赵军与建信投资公司、四川科创集团、四川振兴投资公 司、成都产投集团有关负责人共同签署四川社保科创基金合伙协议。 根据协议， 四川社保科创基金首期规模 2 0 0亿元 。 基金将立足四川、面向成渝地区双城经济 圈、辐射全国重点区域，重点围绕四川优势产业和战略性新兴产业等领域布局，支持企业开展 关键核心技术攻关、科技成果转化及产业化。 母基金研究中心关注到，近期，多支社保科创基金接连落地： 1 0月2 7日下午，浙江社保科创基金签约仪式在杭州举行，标志着社保科创基金正式落地 浙江。据悉，浙江社保科创基金由浙江省、全国社会保障基金理事会、中国农业银行共同 组建，基金首期规模5 0 0亿元， 通过下设母基金、并购基金、直投基金等分策略基金 ， 投向人工智能、新一代信息技术、高端装备、新材料、生物医药等重点产业。 作为长期资本，社保基金的入场有利于引导更多社 ...

Core Viewpoint - Shaanxi Province has introduced sixteen measures to deepen capital market reforms to support high-quality development in the region [1] Group 1: Financing and Capital Market Utilization - Encouragement for listed companies to utilize diverse financing tools in the capital market, including rights issues, bond issuance, and securitization products for refinancing [1] - Support for listed companies to effectively conduct mergers and acquisitions, establishing a project matching mechanism for M&A [1] Group 2: Investment and Fund Establishment - Efforts to establish a social security science and technology innovation fund in Shaanxi and actively seek national venture capital guidance funds to operate in the province [1] - Introduction and cultivation of patient capital from banking institutions, promoting the expansion of equity investment pilot programs for financial asset investment companies (AIC) across the province [1] - Establishment of a mechanism for insurance capital to enter Shaanxi, supporting insurance funds in setting up private equity venture capital funds [1] - Creation of a monitoring and statistical system for patient capital [1]

Core Insights - The establishment of social security science and technology innovation funds in Jiangsu and Zhejiang provinces, each with a scale of 50 billion yuan, marks a significant step in the national-level "patient capital" strategy for deepening investment in the science and technology sector [1][4]. Group 1: Fund Structure and Management - Jiangsu's fund utilizes a "mother fund + direct investment" dual-layer structure, with the Suzhou Innovation Investment Group as the general partner (GP), reflecting the city's industrial advantages in high-end manufacturing and biomedicine [2][3]. - Zhejiang's fund adopts a "1+6" mother-son fund (FOF) matrix structure, aiming to establish six sub-funds by the end of 2025, focusing on strategic emerging industries and future industries [2][3]. Group 2: Investment Focus and Strategy - The Jiangsu fund targets strategic emerging industries such as artificial intelligence, integrated circuits, and biomanufacturing, while the Zhejiang fund emphasizes new quality productivity, covering strategic new industries and major projects [3][6]. - The investment strategies of both funds are tailored to local industrial characteristics, showcasing a flexible and market-oriented approach to fund management [2][3]. Group 3: Central-Local-Financial Collaboration - The funds exemplify a "central + local + financial" collaboration model, aligning with national guidelines for enhancing coordination between national and local funds [4][5]. - National social security funds act as a core supply of "patient capital," providing long-term funding support and strategic direction, while local governments and financial institutions contribute resources and project support [5][6]. Group 4: Implications for Economic Development - The establishment of these funds is expected to create a replicable model of national-level "patient capital" supporting local development, potentially influencing similar initiatives across the country [5][6]. - This collaboration is anticipated to accelerate the formation of a closed loop of "strategic guidance - capital empowerment - industrial upgrading," providing robust support for building a modern industrial system and fostering new quality productivity [6].

Core Insights - The Jiangsu Social Security Science and Technology Innovation Fund was officially signed in Nanjing on October 31, with an initial scale of 50 billion yuan, established by the National Social Security Fund Council in collaboration with the Jiangsu provincial government, Suzhou municipal government, and ICBC Investment [1][2] - The fund aims to support technological innovation and industrial upgrading, focusing on strategic emerging industries such as artificial intelligence, integrated circuits, biomanufacturing, new energy, high-end equipment, and new materials [2][3] - The fund adopts a "mother fund + direct investment" model to integrate resources and professional operations, with Suzhou Innovation Investment Group Co., Ltd. as the fund manager [2][3] Fund Structure and Management - The Jiangsu Social Security Science and Technology Innovation Fund will invest throughout the entire lifecycle of enterprises, targeting high-growth potential projects that enhance regional industrial chain resilience [2] - The establishment of the fund is part of a broader trend, with similar funds being set up in Zhejiang and discussions ongoing in Anhui [1][6] - The fund's management structure includes a partnership with local governments and financial institutions, emphasizing collaboration and resource sharing [4][6] Regional Economic Context - Suzhou, as a significant manufacturing base, has shown strong industrial growth, with a 4% year-on-year increase in industrial output from January to August, and high-tech industries accounting for 56.7% of the total industrial output [3] - The region is home to the highest number of national-level technology enterprise incubators and ranks highly in the number of listed companies and potential unicorns [3] Policy and Strategic Alignment - The establishment of social security innovation funds aligns with national policies encouraging long-term capital investment in technology and innovation sectors [4][5] - Recent policy frameworks have been introduced to facilitate the entry of social security funds into venture capital, enhancing their role in supporting high-quality economic development [4][5] - The National Social Security Fund Council is actively promoting a collaborative model between central and local governments to foster innovation and investment in key industries [7]