今天（12日），国家发展改革委、财政部、科技部、工业和信息化部联合发布《关于加强政府投 资基金布局规划和投向指导的工作办法》。国家发展改革委相关负责人表示： 这是首次在国家层 面对政府投资基金的布局和投向作出系统规范 。 《工作办法》围绕政府投资基金"投向哪、怎么投、谁来管"三方面，提出14项政策举措。 在优化基金布局方面，要求基金支持重大战略、重点领域和市场难以有效配置资源的薄弱环节，推 动科技创新和产业创新深度融合，着力培育新兴支柱产业，坚持投早、投小、投长期、投硬科技。 《工作办法》明确， 国家级基金要立足全局，围绕基金定位，重点支持国家现代化产业体系建设 和关键核心技术攻关，着力补齐产业短板、突破发展瓶颈。 同时，要求地方基金结合本地产业基础和发展实际选择投资方向，在项目投资中落实全国统一大市 场要求，重点支持产业升级、创新能力提升，以及小微民营企业和科技型企业孵化，引导社会资本 有效参与。 此外，国家发展改革委 同步制定了《政府投资基金投向评价管理办法》 ，按照"正面引导与负面 约束相结合"的思路，建立覆盖基金运营管理全过程、定量与定性相结合的投向评价体系，进一步 强化政策导向和规范管理。 在加强投 ...

Group 1 - Multiple mother funds in regions like Sichuan and Zhejiang have announced investments focusing on advanced manufacturing, high-end equipment, new energy, and new materials [2] - The Fujian Social Security Science and Technology Fund has been registered with a scale of 20 billion yuan, targeting artificial intelligence, high-end manufacturing, and new energy [2] - The Beijing, Shanghai, and Shandong regions have seen the establishment of funds primarily focusing on artificial intelligence, integrated circuits, future manufacturing, life health, and new energy [2] Group 2 - The Hengqin Guiding Fund has increased its total scale from 10 billion to 30 billion yuan, enhancing its effectiveness in promoting the development of new industries [3] - The Hainan Free Trade Port Construction Fund's registered capital has doubled to 20 billion yuan, focusing on tourism, modern services, high-tech industries, and tropical agriculture [4] - The Jiangsu "Artificial Intelligence +" Action Plan Special Fund has been established with a total scale of 5 billion yuan, aimed at supporting AI projects [14] Group 3 - The Inner Jiangsu Industrial Investment Guidance Fund has been established with a total scale of 30 billion yuan, focusing on shale gas, vanadium-titanium, and emerging industries [8] - The Yantai New City Development Venture Capital Fund has been registered with a total scale of 2 billion yuan, targeting digital, service, and green economies [13] - The Shaanxi AIC Equity Investment Fund has been established with a scale of 1 billion yuan, focusing on intelligent manufacturing and high-end manufacturing [17] Group 4 - The Fudan Science and Technology Investment Fund has completed registration with a total scale of 1 billion yuan, focusing on life health, artificial intelligence, and new materials [15][16] - The Beijing Shouyi Zhihui Fund has been established with a scale of 500 million yuan, focusing on private equity investment management [19] - The Oriental Jiafu National SME Development Sub-Fund has completed its first closing at 1.6 billion yuan, targeting advanced manufacturing and life health sectors [20]

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" 作为国内首只通过系统性筛选并重组S基金存量资产设立的接续重组基金，该 基金规模6.155亿 元，穿透底层资产质量优良、市场表现稳健，预期DPI（预期分配倍数）可观，并获得14家险资及 各省市国资机构共同参与，其中险资出资占比超40%。 来源：天津经开区-泰达 近日，经开科创母基金国投子基金以重要有限合伙人（LP）身份，与国内头部S基金管理机构盛世 投资开展战略合作，完成国内首支S基金接续重组基金投资。 ...

以下文章来源于CVC50 ，作者黄蓉 CVC50 . 聚焦CVC未来趋势，通过研究、会议、社群，推动CVC行业发展。 导读： 产业资本强强联合，具身智能赛道再添新基金。 作者丨黄蓉 2025年12月19日，慕华科创与智元创新（上海）科技股份有限公司联合多方产业资本，正式发 布"慕华·智元具身智能产业基金"。 这是继今年9月与高瓴资本联手布局后，智元机器人在产业投资领域的又一重要落子。 据介绍，该基金将聚焦具身智能赛道核心环节，重点布局算法研发、核心零部件、整机制造及场景 应用四大领域。 智谱AI在累计融资超83亿元后，推出"Z计划"并设立15亿元规模的"Z基金"，围绕大模型产业链 进行全链路投资。寒武纪先后与台州国资、涌骅投资合作，设立产业基金及股权投资管理公司，深 耕AI芯片产业链。第四范式旗下范式基金、商汤科技旗下国香资本等CVC平台，均已成为各自赛 道的重要投资力量。此外，百川智能、MiniMax等AI独角兽也纷纷启动对外投资，加速生态布 局。 此次合作并非双方首次牵手。早在2024年9月，慕华科创就作为投资方参与智元机器人A+++++轮 融资，成为其产业资本伙伴。而此次双方角色实现升级，从传统的"投资 ...

1月7日，全球最大消费品投资公司路威凯腾（L Catterton）宣布，与中国高端美妆集团毛戈平集 团达成战略合作。 根据战略合作框架协议，双方将在全球市场扩张、收购及战略投资、资本结构优化、人才引进与治 理方面达成战略合作意向。 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" 此外，双方拟共同组建专注于全球高端美妆领域的股权投资基金，为毛戈平集团的长期发展注入新 动力。 来源：路威凯腾 ...

来源：富浙基金 每日｜荐读 近日，浙江浙资科创专项并购股权投资基金合伙企业（有限合伙）（以下简称"浙江省科创专项并 购母基金"）公开遴选子基金管理机构。有关事项公告如下： 浙江省科创专项并购母基金管理人为浙江富浙私募基金管理有限公司，执行事务合伙人为浙江富浙 私募基金管理有限公司和农银资本管理有限公司。基金注册于浙江省杭州市萧山区，基金投资方向 聚焦新一代信息技术、高端装备、先进制造、新能源、新材料、生物医药等领域。基金总规模为 101.03亿元，其中不低于70%的可投金额投向子基金。 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" ...

来源：云启资本 2026 年 1 月 9 日，MiniMax 正式在香港联交所主板挂牌上市，股票代码 00100.HK。发行价 165 港元，今日开盘价为 235.4 港元，较发行价上涨 42.6%，盘中一度涨超 80%。当日收报 345 港元/股，涨幅 109.09%，市值突破千亿。 从扬帆起航到成功 IPO，MiniMax 仅用四年时间，刷新了全球 AI 企业最快上市纪录！云启作为 MiniMax 首轮融资中唯一一家专注早期的投资机构，在过去四年见证了公司从极具前瞻性的愿景 出发，一步步成长为引领 AI 浪潮的行业领军者。 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" ...

Core Viewpoint - The listing of Beijing Zhiyu Huazhang Technology Co., Ltd. on January 8, 2026, marks it as the "first stock of AI large models" globally, with a market capitalization exceeding 50 billion HKD, highlighting a significant milestone in the AGI industry [4][6]. Company Overview - Zhiyu, as the first company among China's "six small tigers" in AI large models to initiate an IPO, has attracted considerable attention. The company was founded in 2019 and is based in Zhongguancun, Beijing, emerging from Tsinghua University's technology transfer [8][9]. - The company has developed a full-stack model matrix covering language, code, multimodal, and intelligent agents, adapting to over 40 domestic chip types, maintaining technological parity with global leaders [8]. Financing and Investment - Prior to its IPO, Zhiyu completed eight rounds of financing, raising over 8.3 billion CNY, with a pre-IPO valuation of 24.38 billion CNY, supported by a range of prestigious institutional investors [9][11]. - The shareholder structure includes a mix of top VC/PE firms, industry giants, state-owned platforms, and international capital, showcasing a robust capital path typical for AI hard tech enterprises [11][14]. - Major investors include Sequoia China, Qiming Venture Partners, and Tencent Investment, with Meituan holding 4.27% of shares pre-IPO, indicating strong industry collaboration [16]. IPO Details - Zhiyu's global offering consisted of 37.42 million H-shares, with a public offering portion receiving approximately 1164 times oversubscription, reflecting high market interest [8]. - The IPO price was set at 116.20 HKD per share, leading to a market capitalization of over 51.1 billion HKD at listing [8]. Market Impact and Future Challenges - The successful listing of Zhiyu shifts the narrative in the AI large model sector from a focus on technology to the realization of commercial value, serving as a benchmark for the industry [19]. - Despite the successful financing, the company faces challenges in bridging the gap in R&D costs and accelerating the commercialization process post-IPO, which will be critical for its future growth [19].

自2023年8月成立以来，在合作区执委会和引导基金办公室指导下，引导基金始终坚守服务合作 区产业发展和促进澳门经济适度多元发展的初心使命，确保财政资金的高效使用与良性循环 近日，经合作区执委会批准横琴粤澳深度合作区产业投资基金（以下简称"引导基金"）总规模由 100亿提升至300亿。 据悉，本次扩募将进一步提升引导基金，在以投促引、推动合作区"四新"产业发展与中葡经贸中 心建设方面的效能，更好服务澳门经济适度多元发展。 截至2025年12月，基金累计签约34支子基金、24个重点直投项目，投资期内已成功实现讯飞医 疗等3个直投项目上市退出。 来源：横琴在线 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" ...

Core Viewpoint - The establishment of the Zhejiang Science and Technology Innovation M&A Fund marks a significant addition to the market, aiming to inject strong capital momentum into industrial upgrades [3]. Group 1: Fund Establishment and Scale - The Zhejiang Science and Technology Innovation M&A Fund has a target scale of 10.103 billion RMB, primarily funded by the 50 billion RMB Zhejiang Social Security Science and Technology Equity Investment Fund [5]. - The fund completed its registration on December 22, 2025, and its filing on December 31, 2025, indicating a structured approach to capital deployment [5]. Group 2: Strategic Focus and Objectives - The fund will align closely with national industrial directions and provincial government strategies, supporting leading enterprises and listed companies in Zhejiang to strengthen and expand [6]. - The establishment of this fund is part of a broader initiative, with multiple funds being launched to enhance the capital ecosystem in Zhejiang, focusing on traditional industry transformation and the cultivation of emerging industries [6][7]. Group 3: National M&A Market Trends - The launch of the Zhejiang fund reflects a nationwide trend of increasing M&A activity, driven by policy support and capital influx, with various regions establishing their own M&A funds [9]. - Recent developments include the establishment of several significant funds in key cities, such as a 4 billion RMB fund in Beijing and a 30 billion RMB fund focused on intelligent computing [10]. Group 4: Policy Support and Future Outlook - Local governments are actively promoting M&A market development through financial incentives and supportive policies, as seen in cities like Guangzhou and Shenzhen [11]. - The ongoing policy support and the urgent need for industrial upgrades are expected to further energize the M&A market, with a focus on hard technology and industrial chain integration as core themes [12][14].