Group 1 - The Zhengzhou Guochuang Zhanxin Industry Investment Mother Fund Management Partnership has been established with a capital contribution of 5 billion RMB, focusing on private equity investment, investment management, asset management, and venture capital activities [1] - The fund is co-funded by Henan Guochuang Mixed Reform Fund Management Co., Ltd. and Zhengzhou Industrial Investment Group Co., Ltd. [1]

Core Viewpoint - A new wave of mergers and acquisitions (M&A) is emerging, driven by policy guidance, market development, and regional industrial needs, establishing M&A as a crucial link between capital and industry [4][7]. Group 1: Historical Context of M&A Funds - M&A funds originated in the 1950s in the U.S. and became a highly specialized financial entity by the 1970s, focusing on leveraged buyouts to address financial challenges faced by companies [5][6]. - The influence of the U.S. financial market led to the introduction of M&A funds in China by the end of the 20th century [6]. Group 2: Specific Roles of M&A - M&A serves four main functions: accelerating local industrial chain integration, assisting listed companies in transformation, optimizing resource allocation in the stock market, and providing exit channels for original investors [7]. Group 3: Domestic M&A Policies and Regulatory Review - The evolution of domestic M&A policies has seen several phases, from initial exploration (1998-2010) to a new cycle emphasizing professionalization and encouraging substantial industrial mergers [9][10]. - Recent policies like the "New National Nine Articles" and "M&A Six Articles" have shifted the focus towards encouraging M&A, particularly in sectors like semiconductors and biomedicine [9][10]. Group 4: Comparison of Domestic and Overseas M&A Fund Models - Domestic M&A funds have developed a unique operational model that combines international practices with China's specific economic environment and regulatory framework [11][24]. - The "PE + listed company" model exemplifies how domestic funds operate, focusing on strategic collaboration and asset transition [14][15]. Group 5: Recent Trends in New M&A Funds - The number of newly established M&A funds has significantly increased, indicating a structural adjustment in China's equity investment market [25][27]. - New funds are primarily concentrated in strategic sectors such as advanced manufacturing, healthcare, and artificial intelligence, reflecting a commitment to national industrial policies [30][31]. Group 6: Conclusion - The development of domestic M&A funds is entering a new phase centered on deep service to industries, aiming to facilitate local industrial chain integration and assist listed companies in achieving strategic transformations [33].

导读 本周， 德化落地一支20亿母基金，布局本地重点产业。此外， 广东、浙江、河南 等 地均有母基金宣布遴选GP，母基金重点布局未来 制造、 高端 装备、生物医药、新材料 等领域 。 值得关注的是，本周 成都高新区打造总规模超过3500亿元产业基金集群。此外， 杭州、上海均有基金增资加码。其中， 上海浦东引领区投资中心 出资额由50亿增至200亿，增幅达300%。 基金设立层面，四川、湖北等地均有基金宣布设立或落 地，基金主要聚焦人工智能、低空经济 、航空航天、新能源 等领域 。四川50亿 攀枝花钒钛 产业发展基金主攻钒钛新材料，山东10亿 鲁信工融新动能人工智能创投基金 瞄准AI赛道。此外，总规模 17亿元的兴蜀启航低空经济股权基金布局 低空领域。 值得关注的是，本周，国家发改委联合多部门发布《关于加强政府投资基金布局规划和投向指导的工作办法（试行）》，对政府投资基金布局和投向 作出系统规范。 德化20亿产业引导母基金落地 近日，《德化县产业引导母基金设立及管理办法》审议通过，标志着总规模20亿元的产业引导母基金正式落地实施。母基金总规模从5亿元扩容至 20亿元，以参股子基金为主，重点设立创业投资、科技创新 ...

Group 1 - The core viewpoint of the article is the establishment of a new equity investment fund by Guoyuan Securities' wholly-owned subsidiaries, focusing on the quantum industry and high-tech enterprises [1] - The fund, named Anhui Guoyuan Quantum Star Dynamic Equity Investment Partnership (tentative), has a planned scale of 207.2 million yuan [1] - Guoyuan Equity Investment Co., Ltd. plans to contribute no more than 34 million yuan, while Guoyuan Innovation Investment Co., Ltd. intends to contribute no more than 41 million yuan [1] Group 2 - The fund will be managed by Guoyuan Equity as the fund manager, with Guoyuan Equity and Guoyuan Fund serving as the executive partners [1]

鹰潭工控产业投资股权基金（有限合伙）（暂定名，以登记机关核准为准，以下简称工控产业基 金）为FOF基金，采用"母基金+子基金+直投"模式运作，组织形式为有限合伙制。基金总规模2 亿元，重点投向铜基新材料、电子信息物联网、智能眼镜、精密制造、食品大健康等重点产业和鹰 潭市本土优势产业领域。结合基金管理人的资源储备，促进本地区重点产业聚集，加速本地区特色 产业发展，做大做强产业规模，推进产业结构转型升级。 来源：鹰潭国资 每日｜荐读 近日，鹰潭市工业控股集团有限公司（以下简称"市工控集团"）拟发起设立鹰潭工控产业投资股 权基金（有限合伙），并面向社会公开遴选基金管理人，现将具体情况公告如下： 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" ...

Group 1 - The registered capital of Shanghai Lingang New Area Private Equity Fund Management Co., Ltd. has increased from approximately 8.24 billion RMB to about 8.36 billion RMB [1] - The company was established in December 2015 and is wholly owned by Shanghai Lingang New Area Investment Holding (Group) Co., Ltd. [1] - The business scope of the company includes industrial investment, investment management, investment consulting, venture capital, private equity fund management, and venture capital fund management [1]

以下文章来源于虎嗅APP ，作者董必政 虎嗅APP . 从思考，到创造 导读： 港股IPO热闹非凡。 作者｜董必政 来源 ｜虎嗅APP 2026年的开年大戏，不在大银幕，而在港交所的锣声里。 仅仅过去不到半个月，港股IPO市场就热闹非凡。1月2日，"港股GPU第一股"壁仞科技首日暴涨 94.59%。 紧接着，1月8日，精锋医疗-B、天数智芯、智谱华章三家硬科技企业同日挂牌。1月9日，瑞博生 物、MiniMax接力登场。就在这短短几天内，GPU、大模型、生物科技在港股纷纷上市。 甚至连那久违的"千倍认购"神话，都随着智谱和MiniMax的招股重现江湖。 真正让这些企业夜不能寐的，是账上的现金流。 AI又是一场极度"烧钱"的行业。而资本市场不仅是交易所，更是AI企业的弹药库。 翻开招股书，我们可以发现2025年上半年，壁仞亏损16亿，智谱亏损23.6亿，天数智芯亏损6.1 亿。 以智谱为例，这家大模型企业每个月的研发支出高达2.66亿元。而截至上市前，其账面现金仅剩 25.5亿元。如果不上市输血，这笔钱只能撑9个月。 天数智芯更夸张，其研发费率高达139%，也就是每挣1块钱，就要花1.4元去搞研发。 那为何又是港 ...

Core Viewpoint - The article discusses the strategic cooperation agreement signed between the Panzhihua Municipal Government and Sichuan Industrial Revitalization Fund Investment Group, focusing on the establishment of a Vanadium-Titanium Industry Development Fund to promote high-quality development and common prosperity in Panzhihua [1]. Group 1: Strategic Cooperation - The Panzhihua Municipal Government and Sichuan Industrial Revitalization Fund Investment Group signed two key agreements aimed at deepening cooperation in various fields including funds, technology innovation, industry, projects, and talent [1]. - The agreements include the establishment of a Vanadium-Titanium Industry Development Fund, which will support the development of local advantageous industries and contribute to the construction of a common prosperity pilot zone [1]. Group 2: Fund Details - The total scale of the Vanadium-Titanium Industry Development Fund is set at 5 billion yuan [1]. - The fund will focus on key industries in Panzhihua, including vanadium-titanium new materials, clean energy, and hydrogen equipment, aiming to strengthen and extend the industrial chain [1]. Group 3: Innovation and Development - The fund aims to explore innovative operational models and business expansions in areas such as fund management, resource development, and project construction [1]. - There is a strong emphasis on integrating technological innovation with industrial innovation to accelerate the high-end development of advantageous industries, the modernization of traditional industries, and the scaling of emerging industries [1].

来源：浙江省创新投资集团 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 近日，为深入贯彻落实国家发展新质生产力的战略部署，聚焦颠覆式创新、多学科交叉和前沿科技 产业化领域，建立未来产业投入增长机制，浙江省科创未来产业创业投资合伙企业（有限合伙） （以下简称"省未来产业母基金"）面向社会公开征集子基金管理机 构，有关事项公告如下： 据悉，省未来产业母基金管理人为浙江省创新科技私募基金管理有限公司（以下简称"浙创科 技"），执行事务合伙人为浙创科技和农银资本管理有限公司，总规模101.03亿元，主要投向"人 工智能+"及未来制造、未来信息、未来材料、未来能源、未来空间和未来健康等未来产业。采 用"子基金+直投"的运作模式，不少于省未来产业母基金可投金额的80%投向子基金，其余资金可 投向直投项目（含专项基金）。 子基金设立方面，省未来产业母基金可通过新设或向已设立的子基金增资等多种方式参与设立子基 金。 子基金认缴规模原则上不低于2亿元，不超过35亿元，以省未来产业母基金入伙时 ...

Core Viewpoint - Sichuan is accelerating its venture capital landscape with a total fund size of 355.3 billion yuan, driven by policy innovation and capital aggregation [2][3]. Group 1: Fund Size and Investment Focus - As of January 14, 2026, Sichuan has signed 174 funds with a total scale of 355.3 billion yuan, focusing on key industries such as electronic information, healthcare, and artificial intelligence [5]. - The "Chengdu High-tech Zone Industry Fund Investment List" has been released, detailing the 355.3 billion yuan fund cluster and facilitating capital and project information disclosure [6]. Group 2: Policy Framework and Goals - In May 2025, Sichuan announced measures to promote high-quality development in venture capital, aiming for 500 private equity and venture capital management institutions and a fund management scale exceeding 400 billion yuan by 2030 [8]. - The measures include innovative mechanisms such as breaking the restrictions on fund registration and return ratios, and a loss tolerance mechanism for state-owned funds, allowing up to 60% loss tolerance [8]. Group 3: Ecosystem Development - The venture capital ecosystem in Sichuan is being activated, with a rapid increase in the number and scale of funds, including 50 provincial government-guided funds approved by the end of 2025, targeting a total scale of 99.26 billion yuan [9]. - Sichuan is building a comprehensive capital ecosystem covering various sectors, including hard technology and advanced manufacturing, supported by large-scale mother funds and targeted industry funds [11]. Group 4: Capital Deployment and Collaboration - The Sichuan Social Security Science and Technology Innovation Fund, with a total scale of 50 billion yuan, focuses on strategic emerging industries such as artificial intelligence and biomedicine [11]. - Various local funds have been established, such as a 20 billion yuan gas industry fund focusing on hydrogen energy and LNG, and funds for low-altitude economy, enhancing capital support for technology development [13]. Group 5: National Context and Future Outlook - The national venture capital guidance fund has completed strategic layouts in key regions, with a focus on early-stage investments, indicating a broader trend of capital gathering towards technology innovation and advanced manufacturing [14]. - The capital landscape in Sichuan reflects a national trend of recovery in the primary market, with a growing emphasis on patient capital supporting technological innovation [16].