Core Viewpoint - The article discusses the rapid development and significance of the Science and Technology Innovation Bonds (科创债) in China, highlighting their role as a crucial financing channel for equity investment institutions since their introduction in May 2022. The issuance of these bonds has surged, with a total of 405 bonds issued amounting to approximately 314.2 billion yuan by June 2025, indicating a strong policy support and market response [3][46]. Part 1: Issuance Situation - As of June 15, 2025, a total of 405 Science and Technology Innovation Bonds have been issued, with a cumulative issuance scale of about 314.2 billion yuan, involving 165 issuing enterprises. The issuance has accelerated significantly post-2023, peaking in May and June 2025 with monthly issuances exceeding 23 billion yuan [15][17]. Part 2: Issuer Structure Distribution - The majority of the issued bonds are rated AAA, accounting for 86% of the total, indicating a low-risk profile in the current market. Only 14% are rated AA+ [20][23]. Part 3: Issuer Type Distribution - State-owned enterprises dominate the issuance landscape, comprising 97% of the total, with local state-owned enterprises making up about 87%. The participation of private enterprises remains low at less than 3%, although recent policy changes have encouraged more private institutions to enter the market [26][41]. Part 4: Maturity Distribution - The average maturity of the issued bonds is approximately 4.98 years, with most bonds concentrated in the 3 to 5-year range. There are also 49 bonds with a 10-year maturity, primarily issued by state-owned entities [29][34]. Part 5: Issuance Rate Changes - AAA-rated Science and Technology Innovation Bonds have shown a yield inversion, influenced by factors such as monetary policy, liquidity conditions, and investor behavior. The yield of 5-year AAA-rated bonds has begun to exceed that of ordinary corporate bonds since 2025, reflecting a complex interplay of supply and demand dynamics [35][39]. Part 6: Regional Distribution - The highest issuance volumes are concentrated in Beijing, Guangdong, Jiangsu, Zhejiang, and Sichuan, aligning with regions that are active in equity investment fund contributions. Beijing, as a hub for central enterprises, leads significantly in both issuance volume and number [41][42]. Conclusion - Science and Technology Innovation Bonds have emerged as a vital financing tool for equity investment institutions, with significant growth in issuance and policy support. However, challenges remain, including a high concentration of issuers among state-owned enterprises, mismatched risk and pricing, and an imbalance in maturity structures. Addressing these issues through policy adjustments and market mechanisms will be crucial for the sustainable development of this financing channel [46][47].

导 · 读 本周，江苏、湖南、福建、广东等地母基金密集 落 地，重点布局 新能源、电子信息、人工智能、生物 医药、低空经济 等领域。 具体来看，2024年江苏启动的总规模500亿元的江苏省战略性新兴产业母基金，首批14支战略性新 兴产业专项基金总规模506亿元，覆盖南京、苏州、无锡、常州、南通、徐州、扬州等7个设区 市。其中，南京首批合作设立4支产业专项基金，就包括此次遴选的聚焦战略性新兴产业的软件和 信息服务产业专项基金、新型电力产业专项基金，规模均为60亿元。 2025年，江苏省战略性新兴产业母基金2025年新年第一会在南京举行。会议现场，第二批产业专 项基金成功签约——共计22只，规模408亿元，涵盖南京、苏州、无锡、常州、南通等11个设区市 和4户省属企业。南京先进制造母基金就在其中，规模50亿元。 芜湖组建30亿元科创母基金 芜湖市人民政府近日印发《"芜湖鸠兹科创湾"建设实施方案》（以下简称《建设方案》。 《建设方案》提出了2027年近期建设目标和2035年远期建设目标。根据《建设方案》，到2027 年，"科创湾"品牌全面打响，每年引育高新技术企业、专精特新企业等科创企业超2000家，集聚 各类人才 ...

本期导读： 重庆遴选"金牌投资经理"赋能初创企业，多地加码人才服务推动创投升级。 作者丨李蕾 来源丨每日经济新闻 本期推荐阅读5分钟 近日，重庆市在支持创新创业方面祭出大招。 中共重庆市委金融委员会办公室近日发布了关于遴选"金牌投资经理"人选的通知，显示将针对性遴 选一批长期活跃在科技创新和产业创新一线，具有敏锐市场嗅觉，能通过多元投融资专业服务，帮 助海内外人才在渝创业成长并取得突出实绩的"金牌陪跑人"，进一步完善人才创新创业全周期金融 服务体系。 整体而言，这些条件不仅考察申报者的专业能力，还注重他们在实际工作中的业绩和贡献，试图通 过多维度考核来确保专业与实绩并重。 而在成为"金牌投资经理"之后，入选人不仅可以享受市级人才相关办法支持措施，还可以享受其他 多项支持措施，包括优先被推荐参加人才创新创业赛会路演，根据基金投资方向、风险偏好和收益 预期匹配项目；优先被推荐参加重庆国际人才交流大会、中新金融峰会等有关重要活动和会议；以 及优先被推荐担任金融领域智库成员和申报金融领域有关支持计划等等。 根据通知，"金牌投资经理"要满足多项专业能力条件和工作业绩条件，包括近2年在渝直接主导实 施投融资，投资项目达1 ...

近日，博瑔资本旗下第三只投资私募股权基金二手份额的主基金（"博瑔S基金三期"）完成终关募 集并实现首次分配。 博瑔S基金三期于2024年6月完成备案，是博瑔资本成立以来发行的第三只私募股权二手份额主基 金。博瑔S基金一期、博瑔S基金二期两只基金分别成立于2022年、2023年，成立至今已实现多次 分配。 来源：博瑔资本 对接需求请扫码 热文： 今年，上市公司热衷做并购基金 每日｜荐读 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 ...

芜湖市人民政府近日印发《"芜湖鸠兹科创湾"建设实施方案》（以下简称《建设方案》。 《建设方案》提出了2027年近期建设目标和2035年远期建设目标。根据《建设方案》，到2027 年，"科创湾"品牌全面打响，每年引育高新技术企业、专精特新企业等科创企业超2000家，集聚 各类人才超50000人，基金规模超1000亿元，芜湖成为长三角具有重要影响力的产业创新中心。到 2035 年，"科创湾"发展格局全面形成，城市功能品质更加优越更具韧性，近悦远来的创新生态充 分彰显，创新源泉充分涌流，创新成果加速转化，辐射带动城市创新层级全面跃升，成为全国一流 的"四链"融合试验区和新质生产力示范区。 《建设方案》提到，"鸠兹科创湾"坚持创新人才集聚区、科创企业培育区、"四链"融合试验区和新 质生产力示范区四大定位，在未来产业培育上坚持有所为有所不为，聚焦新能源汽车和智能网联汽 车、机器人等新兴产业及低空经济、合成生物等未来产业，推动技术创新、模式创新、产业创新， 提升自主创新能力，以高水平科技自立自强培育和发展新质生产力。 为鼓励投早、投小、投长期、投硬科技、投未来产业，发挥母基金以投促引，以投促产，推动科创 资源的全面集聚， ...

Core Insights - The year 2025 is anticipated to be a "new beginning" for the equity investment industry, marking a critical point in structural recovery driven by policy benefits and technological breakthroughs [1] - Chinese hard technology companies are rapidly reshaping their global competitiveness and asset value, becoming the core driving force behind the recovery of the primary market [1] - The venture capital industry has seen a significant rebound in activity since the beginning of the year, with new opportunities emerging in the M&A market, particularly in cutting-edge sectors like artificial intelligence, robotics, and low-altitude economy [1] - Investment institutions face a profound restructuring of the industrial environment and competitive landscape, necessitating the identification of new development paradigms and clearer investment strategies [1] Group 1: Soft Power Evaluation - FOFWEEKLY has initiated a survey for the "2025 Investment Institution Soft Power Ranking," focusing on value-creating entities capable of continuous evolution within the new economic cycle [3] - The evaluation model adheres to the principles of transparency and combines quantitative and qualitative assessments, aiming to establish a localized private equity value assessment framework [3] - The updated soft power evaluation system emphasizes four key dimensions: value creation, market influence, service empowerment, and social responsibility [4][5] Group 2: Evaluation Dimensions - Value creation focuses on the diligence of investment institutions' core teams, risk management, and past performance, assessing performance, risk control mechanisms, and enterprise value enhancement [4] - Market influence evaluates the attention, influence, and appeal of investment institutions within the market, considering fundraising efficiency, investment effectiveness, and brand management [5] - Service empowerment assesses the ability of investment institutions to provide services and empower LPs and portfolio companies, focusing on investor services, government relations, post-investment empowerment, and post-investment teams [5] - Social responsibility evaluates the sustainability of investment impacts on the environment and society, particularly in areas like carbon neutrality, rural revitalization, and ESG practices [5] Group 3: Evaluation Process - The evaluation process includes a survey period from June 3 to July 31, followed by a ranking selection in August, with the final list to be published in early September [4]

同时，香港特区政府财政司司长陈茂波通过视频致辞，他表示，香港作为国际金融中心，不仅需要 金融资本的深度支撑，更需要科技创新的强力驱动，"香港高才创业投资基金"的成立，正是香港高 质量发展的重要体现。 对于基金的未来发展，陈茂波提出两点期望：一是愿基金充分发挥风险投资的功能，坚持"投早、 投小、投长期、投硬科技"的原则，更好地支持香港初创企业的发展；二是发挥基金的专业网络， 为香港汇聚全球顶尖的科创人才和初创企业。 尚海龙在致辞中指出，每个月约有8000名高才来港，但他们越来越难寻找到中位数5万港元月薪的 工作。为此，高才通人才服务协会成立香港高才创业投资基金管理有限公司，为来港人才提供创业 支援。 尚海龙表示，基金的成立不仅仅是一项金融举措，更是一个推动香港高质量发展的创新实践。"我 们希望通过这个基金，让更多的高才精英能在香港找到实现梦想的舞台，并通过资本与技术的融 合，助力香港在新质经济领域走在全球前列。" 如今，高才通人才服务协会牵头设立新基金算是配套措施之一。尚海龙透露，目前基金首批3亿港 元资金已经确认，将会聚焦支持生物科技、人工智能、金融科技、高端制造业以及web3等活动， 期待特区政府能尽快批出 ...

Group 1 - The article discusses the establishment of the Fujian Province Cultural Tourism Digital Creation Sub-Fund, which aims to raise a target scale of 3 billion yuan, with an initial subscription scale of no less than 2 billion yuan [1] - The sub-fund will focus on investments in emerging digital industries related to culture, technology, tourism, consumption, sports, and education, leveraging Fujian's industrial foundation and resource endowment [1] - The investment strategy includes supporting key projects in cultural and related industries, promoting the growth of leading enterprises, and fostering the development of specialized, refined, and innovative companies [1]

Core Viewpoint - The IPO market is experiencing a revival, driven by both A-shares and Hong Kong stocks, providing new exit opportunities for the venture capital industry [2][3]. Summary by Sections IPO Market Recovery - The IPO market, which has been quiet for a long time, is now showing positive signals with recent policy releases. The China Securities Regulatory Commission (CSRC) has announced the restart of the fifth set of standards for unprofitable companies to list on the Sci-Tech Innovation Board [4]. - A joint announcement from six departments supports quality enterprises in the consumption industry to raise funds through listings and other means [4]. Exit Challenges and Trends - The Chinese private equity market has faced increasing pressure, particularly due to tightened IPO policies. In 2024, there were 3,696 exit cases, a 6.3% decrease year-on-year, with IPO cases accounting for 36.1% [7]. - The total subscription scale for private equity funds in 2024 was approximately 14.8 trillion, down 19.57% from the previous year, marking a decline for four consecutive years [7]. Signs of Recovery in 2025 - As of 2025, the primary market shows significant signs of recovery, especially in the IPO sector. By June 2025, 71 companies had been accepted for listing, exceeding 90% of the total for the previous year [8]. - The medical and consumer sectors, previously under pressure, are now seeing new opportunities, with the first company applying under the new fifth set of standards scheduled for review [9]. Hong Kong Market Dynamics - The Hong Kong stock market is experiencing a robust recovery, with total equity financing reaching 2,133.01 billion HKD in 2025, a year-on-year increase of over 300% [12]. - IPO financing in Hong Kong reached 779.88 billion HKD, showing a growth of over 500% compared to the previous year [12]. Future Outlook - The IPO market's positive changes are closely linked to dynamic regulatory adjustments. The focus has shifted towards the quality of listed companies rather than just quantity, laying a foundation for healthy market development in 2025 [15]. - The venture capital industry is expected to see a strategic opportunity period in 2025, driven by policy benefits and technological revolutions, although challenges remain [17].

Core Viewpoint - In May, the number of funding institutions decreased, and the number of funding transactions slightly declined, indicating a slight drop in market activity compared to the previous month. However, financial institutions' participation in funding is entering a phase of explosive growth due to policy support [3][5][34]. Group 1: Funding Activity Overview - In May, the number of newly registered private equity and venture capital funds totaled 339, a month-on-month decrease of 18.71%, but a year-on-year increase of 36.69% [5]. - The activity of institutional LPs decreased by 18% compared to April, but increased by 58% year-on-year [3][5]. - Policy-type LPs accounted for the highest funding share at 40.41%, followed by industrial-type at 33.98%, financial-type at 20.04%, and financial institutions at 5.25% [7]. Group 2: Policy-Type LPs and Market Dynamics - Policy-type LPs saw a significant month-on-month decline of 26.8% in funding, becoming the category with the largest drop [9]. - Local governments are concentrating their funding efforts, with notable examples including Beijing's government investment platforms making only two investments in May, totaling 102 billion [9]. - The Sichuan Revitalization Science and Technology Innovation Fund completed a GP-led secondary transaction, indicating active asset management among policy-type LPs [10][11]. Group 3: Financial Institutions' Funding Growth - Financial institutions' funding activity increased by 4% month-on-month in May, with a total funding scale exceeding 25.2 billion, marking a 77% increase from the previous month [14]. - Recent policy adjustments have allowed insurance funds to increase their equity asset allocation, leading to a significant rise in private equity investments [15]. - Insurance capital is increasingly focusing on sectors such as healthcare, semiconductors, and new energy, with notable investments in the Shanghai Lilan Fund totaling 950 million [15][16]. Group 4: Regional Funding Trends - Jiangsu province continues to lead in funding activity, with several strategic emerging industry funds registered in May, totaling 7 billion [22]. - Beijing emerged as the region with the largest funding scale in May, driven by significant contributions from financial institutions [25]. - The establishment of various funds in Jiangsu aligns with local industrial strategies, aiming to enhance competitiveness in key sectors [24].