党的二十届三中全会将"发展耐心资本"作为健全因地制宜发展新质生产力体制机制的重要内容。近年 来，嘉兴市围绕科创金融改革，以制度创新为核心，系统优化国有投资基金运行机制，着力营造"大 胆"投资前沿项目、"耐心"陪伴企业成长的良好生态，为培育新质生产力、推动经济高质量发展注入强 劲动能。截至2025年6月末，全市国有投资基金总规模达1006.83亿元，其中，国有资本实际出资201.32 亿元，投资项目达3025个，有力支撑国鸿氢能、立讯精密（002475）、汉朔科技（301275）等科创企业 招引落地、深耕发展。 一、健全制度保障，激活"大胆投"的内生动能 一是夯实法治保障基础。在全国率先开展科创金融地方立法，出台《嘉兴市科创金融促进条例》，以法 律形式明确对国有投资基金实施分类考核,综合评价整体运营效果,不简单以单个项目或者单一年度盈亏 作为评价依据，要求建立以尽职合规责任豁免为核心的容错机制，制定科创类引导基金运作管理尽职免 责办法,明确尽职免责认定情形和流程，从源头上打消"不敢投""不愿投"的顾虑。 二是提升基金运作质效。优化市政府投资基金运作机制，打破原基金管理办法存续期规定，延长科创母 基金存续期至15 ...

Core Viewpoint - The implementation opinions issued by nine departments, including the Ministry of Industry and Information Technology, aim to accelerate the transformation and industrialization of scientific and technological achievements, supporting the integration of technological innovation and industrial innovation [1] Group 1: Development of Technology Service Industry - The technology service industry is defined as an emerging industry that provides intellectual services using modern scientific knowledge and technology, characterized by high talent density, high technological content, and significant added value [1] - The scale of the technology service industry in China has been growing rapidly, with the revenue of large-scale technology service enterprises increasing at an average annual rate of 12.3% from 2019 to 2023 [1] - In 2024, the national technical contract transaction volume is expected to reach 6.8 trillion yuan, marking an 11.2% year-on-year growth and achieving the target set in the "14th Five-Year Plan" ahead of schedule [1] Group 2: Challenges Faced by Technology Enterprises - Technology enterprises often face high risks and high growth characteristics, with a predominant asset composition of intangible assets such as intellectual property and patents, making financing more challenging [2] - The lack of traditional collateral like factories and land leads to limited financing channels and higher costs for technology enterprises [2] - The government has introduced a series of targeted policies to support financing for technology enterprises, including special support policies for credit and bonds [2] Group 3: Role of Financing Guarantees - Financing guarantees serve as a crucial support for technology enterprises, helping them secure loans from banks that typically have strict requirements due to risk control considerations [3] - The "Kua Yue Loan" initiative by the People's Bank of China in Shenzhen has injected over 600 million yuan into more than 20 small and micro enterprises, with over 55% of support coming from key industries [4] - Financing guarantees enhance the credit rating of bonds issued by lower-rated enterprises, thereby reducing financing costs and increasing investor confidence [4][5] Group 4: Future Opportunities for Financing Guarantee Institutions - Financing guarantee institutions are expected to develop new opportunities by creating dynamic evaluation models that include indicators such as R&D investment intensity and patent reserves [5] - The "guarantee + co-investment" model is suggested to address the lack of collateral for venture capital institutions while sharing the growth benefits of enterprises [5]