The policy continues to improve while the mechanisms are constantly optimized, and patient capital is doubling down on deeply cultivating the hard technology sector.

On the 12th, China Securities Journal published an article titled "Policies Continue to Improve, Mechanisms Constantly Optimize: Patient Capital Intensifies Its Focus on the Hard Tech Sector." The article states that recently, patient capital has accelerated its layout in future industries such as quantum technology and embodied intelligence, with a clear trend towards "early investment, small investment, long-term investment, and hard technology." Market participants expect that with the continuous improvement of the "1+N+X" policy system in the private equity fund sector and the ongoing optimization of long-term investment assessments and tolerance mechanisms, patient capital will further facilitate the positive cycle among "technology, industry, and finance," providing sustained momentum for hard-tech companies to navigate cycles and achieve breakthroughs in industrialization.