以下文章来源于超募研究所 ，作者FOFWEEKLY 超募研究所 . 结合实操业务及公域&私域数据，为私募股权行业从业者（FOF、LP、GP等）提供专业性、垂直类研 究内容输出。 导读： 私募股权市场回暖迹象愈发清晰了。 8月份， 政策型 LP活跃度与规模双回升，其中总出资规模环比增长8%，活跃度较 7 月增长 26%。 值得关注的是，财务型LP、金融机构LP活跃度均有提升。根据统计， 金融机构LP出资规模环比 增长36%。 财务型LP 出资活跃度环比上升7%， 规模环比增长 119%，其中外资布局亮眼。 作者丨FOWEEKLY 区域层面，浙江出资规模超越江苏登顶，得益于 QFLP 规则优化及湖州南浔百亿母基金等大额基 金密集落地，资金紧扣地方发展战略并联动头部机构，精准聚焦战略产业。 LP 类型结构 政策型 LP 主导市场，上市公司逆势扩张 根据出资的机构LP类型分布，出资占比最高的是政策型，占比42.34%；其次为产业型，出资占比 36.43%，财务型出资占比16.85%，金融机构出资占比3.94%，公共型出资占比0.44%。 （一）政策型 LP 主导市场，结构性分化显著 2025 年 8 月政策型 LP活 ...

出资金额比例：创新发展基金对单支子基金出资额不高于1亿元且出资比例不超过子基金目标认缴规模的20%。 医疗健康基金投资方向为：基金重点围绕医疗服务、医疗器械、生物医药、智慧医疗等医疗大健康相关产业领域进行投资。 投资重点：投向医疗大健康相关产业领域的项目不得低于子基金规模的75%。 出资金额比例：创新发展基金对单支子基金出资额不高于1亿元且出资比例不超过子基金目标认缴规模的20%。 日前，余杭国投集团发布关于公开征集杭州余杭创新发展产业基金子基金管理机构的公告。 据悉，杭州余杭创新发展产业基金注册地位于杭州市余杭区，注册规模30亿元，为杭州余杭国有资本投资运营集团有限公司全资子公司，由杭州余 杭国有资本投资运营集团有限公司下属杭州余杭金控股权投资管理有限公司（以下简称"金控股权"）担任基金管理人，重点投向新材料、新能源、集 成电路、人工智能、智能网联以及脑机接口、低空经济、具身智能等未来产业。 据公告，此次将组建1支未来产业基金和1支 医疗健康基金，基金注册地为杭州市余杭区。 未来产业基金 投资方向为：基金主要围绕"1+3+X"未来产业体系进行投资，重点支持大模型、人工智能、低空经济、机器人、算力、脑机接口等 ...

Group 1 - The core viewpoint of the article highlights the achievements in the financial sector during the "14th Five-Year Plan" period, emphasizing the importance of risk management and regulatory measures taken by the China Securities Regulatory Commission (CSRC) [1] - The CSRC has maintained a low bond default rate of around 1%, indicating effective risk control in the trading market [1] - Approximately 7,000 zombie institutions have been cleared out as part of the private fund risk rectification efforts, demonstrating a significant reduction in potential risks from "pseudo-private funds" [1] Group 2 - The closure of problematic financial institutions, including 27 gold exchanges that were deemed unnecessary, has been successfully completed, contributing to a more stable financial environment [1] - The comprehensive cleanup of over a hundred identified "pseudo-gold exchanges" further underscores the commitment to maintaining market integrity and protecting investors [1]

时隔近一年，金融管理部门"一把手"再次出席同场新闻发布会。 9月22日下午3时，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，中国人民银行行长潘功胜，金融监管总局局长李云泽，中 国证监会主席吴清，中国人民银行副行长、国家外汇局局长朱鹤新介绍"十四五"时期金融业发展成就，并答记者问。 发布会上，金融管理部门"一把手"在答记者问中释放了不少重磅信息，发布会要点梳理如下。 央行行长潘功胜： 今日发布会不涉及短期政策调整 我国银行业总资产位居世界第一 潘功胜介绍，"十四五"期间，我国金融事业取得新的重大成就。 截至今年6月末，我国银行业总资产近470万亿元，位居世界第一；股票、债券市场规模位居世界第二；外汇储备规模连续20年位居世界第一。同 时，我国在绿色金融、普惠金融、数字金融等方面走在世界前列，基本建成多渠道、广覆盖、安全高效的人民币跨境支付清算网络，移动支付处于国 际领先水平。 "十四五"期间科技型中小企业贷款年均增速超20% 潘功胜介绍，"十四五"期间，我国金融服务实体经济质效大幅提升，科技型中小企业贷款、普惠小微贷款、绿色贷款年均增速均超过20%。 今日发布会主要介绍"十四五"时期金融 ...

Core Viewpoint - The article highlights the increasing attractiveness of Hong Kong's capital market and innovation ecosystem for venture capital institutions, driven by a surge in IPO activities and supportive government policies [4][6][7]. Group 1: Hong Kong's Capital Market Revival - Hong Kong's capital market has seen a significant recovery since September of the previous year, with trading volume, turnover rate, and the scale of listed companies all experiencing substantial growth [6]. - In the first half of this year, the financing amount in Hong Kong exceeded 100 billion HKD, representing a 700% year-on-year increase, with over 200 companies in the pipeline for listing, more than doubling from the previous year [7]. - The shift in attitude towards Hong Kong listings reflects a broader acceptance among enterprises and investment institutions, positioning Hong Kong as a key location for companies with global ambitions [7][8]. Group 2: Early-Stage Investment Ecosystem - The early-stage investment ecosystem in Hong Kong is rapidly improving, with the government planning to establish a 10 billion HKD "Innovation and Technology Industry Guidance Fund" to attract investments in strategic emerging industries [12][13]. - The Hong Kong Investment Corporation, known as "Hong Kong's Temasek," is actively guiding market funds to attract innovation enterprises to settle in Hong Kong [12]. - The government has invested over 200 billion HKD to promote innovation and technology, with initiatives to attract high-end talent and support for innovative enterprises [13]. Group 3: Venture Capital Institutions Expanding to Hong Kong - Many mainland venture capital institutions are establishing offices in Hong Kong to seek internationalization, with firms like Foton International and Chenyi Fund leading the way [16][17]. - The establishment of offices in Hong Kong allows these institutions to better support their portfolio companies in going public and expanding internationally [16][18]. - The strategic location of Hong Kong as a bridge for mainland RMB institutions to expand globally is emphasized, with a focus on capturing opportunities in the burgeoning tech sector [18].

Group 1 - The Hubei province has established a data industry fund with a total scale of 10 billion yuan, marking a significant investment in the data sector [1] - The fund, initiated by Hubei Big Data Group and related institutions, has an initial scale of 2 billion yuan and will focus on key areas such as big data, data element circulation, data security, green computing power, industrial internet, and artificial intelligence [1] - The establishment of the fund aims to enhance the data industry ecosystem in Hubei by strengthening and supplementing the data industry chain [1] Group 2 - In June, the Hubei Provincial State-owned Assets Supervision and Administration Commission collaborated with six provincial enterprises to establish Hubei Big Data Group [1] - The group will concentrate on sectors such as government affairs, manufacturing, transportation, healthcare, and education, with a focus on developing industry-specific AI models [1] - The initiative also aims to promote the integration of humanoid robots with brain-computer interfaces and intelligent large models [1]

Core Viewpoint - The Henan Provincial Equity Investment Fund is publicly selecting sub-fund management institutions to support major industrial development plans in the province, focusing on traditional industry upgrades and emerging industries [2] Group 1: Fund Establishment and Management - The fund was established in July 2023 with a registered capital of 1 billion RMB, managed by Henan Zhongjin Huirong Private Fund Management Co., Ltd. [2] - Sub-fund management institutions must be registered in Henan and have a stable management team of at least 5 core personnel, with at least 2 residing in Henan [3] - The fund's investment in a single sub-fund is generally limited to 20% of the sub-fund's total subscription amount, with a cumulative investment cap of 100 million RMB [3] - For sub-funds registered in Henan, the investment limit can be increased to 40% of the total subscription amount, with a cap of 200 million RMB [3] Group 2: Co-investment and Funding - The total financial contribution from provincial, municipal, and county (district) governments to a sub-fund should not exceed 50% of the sub-fund's total subscription amount [4] Group 3: Management Institution Requirements - Sub-fund management institutions must have a minimum paid-in capital of 10 million RMB and complete registration with the Asset Management Association of China [5] - The management team must consist of at least 5 professional investment personnel, with at least 3 having over 5 years of relevant experience and a minimum of 3 years of collaboration [6] - The institution or its key members must have managed venture capital and equity investment funds with a total paid-in scale of no less than 1 billion RMB, and have at least 5 successful investment cases with returns exceeding 50% [7] - The management institution must have a sound investment decision-making process, comprehensive risk control mechanisms, and robust financial management systems [8] - The institution must raise funds from qualified investors as per regulations, with at least 50% of the proposed sub-fund's total scale already raised [9] - The institution must commit to a minimum of 1% of the sub-fund's scale as its own investment [10]

导读 本周广东、北京、浙江、湖南等地均有母基金 宣布落地或招GP，母基金重点布局 新能源、新材料、新一代电子信息、生物医药、智能装备等 领 域。 基金设立层面，苏州、 广州、深圳、随州、珠海、上海 等地均有基金宣布设立或落地，基金主要聚焦 人工智能、新能源、新材料、应急装备、智能 制造与高端装备、低空经济 等领域。 广东南控一号产业投资基金招GP 日前，广东南控一号产业投资合伙企业（有限合伙）子基金遴选公告公布：为积极推动佛山市南海区产业转型升级和战略新兴产业集群再造，广东南 控一号产业投资合伙企业（有限合伙）（以下简称南控母基金）计划面向全国优秀机构，开设常年申报通道、定期申报通道等，公开招募、遴选子基 金管理机构。现就本次开放常年申报（即定向申请、随报随审）通道有关事项公告如下： 据悉，南控母基金由广东南海控股集团有限公司（以下简称南控集团）及其属下私募基金管理公司广东南控创业投资基金管理有限公司（以下简称南 控基金公司）联合设立，并由南控基金公司进行管理。南控母基金总规模20亿元，按市场化方式运营，将重点通过布局子基金，加速南控集团产业 优化，助推南海区"三高四新六集群"产业布局。 公告指出：子基金投资 ...

三是提升资本市场服务科技创新的能力。健全资本市场"绿色通道"机制，为突破关键核心技术的科技领军企业上市融资、并购重组、债券发行等提供 便利；推出了科创板改革"1+6"措施，进一步增强对科技创新的包容性和适应性。正式推出债券市场"科技板"，为科技型企业提供更长期、更低利率 的融资渠道，目前已经有288家主体发行了超6000亿元的科技创新债券。 国新办18日举行"高质量完成'十四五'规划"系列主题新闻发布会。科技部副部长邱勇在会上介绍了"十四五"期间我国科技金融方面取得的成效。 "科技离不开金融的大力支持。做好科技金融这篇大文章是党的二十届三中全会部署的重大改革任务，要完成这项任务，既是金融部门的事，也是科 技部门的事。"据邱勇介绍， "十四五"期间，科技部和金融管理部门、金融机构密切合作，会同中国人民银行等七部委联合印发了《加快构建科技金 融体制 有力支撑高水平科技自立自强的若干政策举措》，形成了科技金融高质量发展的一套政策"组合拳"，推动科技金融工作实现了"破题"。 邱勇介绍说，围绕这些政策的实施和落地，科技部开展了多方面的工作： 一是引导创业投资"投早、投小、投长期、投硬科技"。加快组建国家创业投资引导基金 ...

Core Viewpoint - The current structural adjustment in China's primary market signifies a paradigm shift rather than a cyclical fluctuation, marking the official arrival of the VC/PE 2.0 era in China [3][4][28] Group 1: Investment Strategies - Investment strategies are shifting from "investing in trends" to "investing in hard tech," emphasizing the need to understand the integration of technology and business [4][28] - Leading firms are adopting a strategy of "investing early, new, hard, big, difficult, and long," focusing on long-term technological barriers and projects with extended commercialization cycles [7][8] - The importance of balancing short-term returns with long-term value is highlighted, especially in uncertain technological landscapes [6][8] Group 2: Ecosystem Development - Firms are forming deep partnerships with universities and research institutions to build a technology innovation ecosystem, focusing on the transformation of scientific research into commercial projects [9][10] - There is a strong emphasis on supporting key industries and enhancing domestic capabilities, particularly in critical technology sectors [9][10] Group 3: Global Perspective - Investment institutions are increasingly adopting a global perspective, linking with international innovation resources to facilitate cross-border technology transfer [9][10] - The focus on supply chain security has become paramount, particularly in sectors deemed critical for national interests, such as semiconductor manufacturing and AI infrastructure [13][14] Group 4: Micro-Level Opportunities - The ability to identify micro-level investment opportunities is crucial, with a focus on the entrepreneurial spirit and structural opportunities within the market [12][13] - The investment approach emphasizes a global view of supply chain dynamics, particularly in enhancing supply chain efficiency and security [13][14] Group 5: Innovation and Technology - The investment landscape is characterized by a transition from certainty to uncertainty, necessitating a comprehensive understanding of technology trends and potential applications [17][18] - The strategy involves a "three-tiered value configuration" to balance risks across different stages of investment, ensuring a holistic approach to emerging technologies [17][18] Group 6: Firm-Specific Strategies - Each firm is developing unique strategies based on their institutional strengths and market insights, focusing on high-growth potential founders and sectors [20][21] - The emphasis is on deep engagement with portfolio companies, providing support beyond financial investment to help navigate early-stage challenges [21][22] Group 7: Adaptation to Market Changes - Firms are adapting to market changes by maintaining a balance between persistence in core beliefs and responsiveness to global shifts in technology and market dynamics [24][25] - The need for efficiency in operations is underscored, with a focus on enhancing productivity across various sectors, including technology and investment institutions [23][24]