近日，由山证投资有限责任公司作为基金管理人的山西晋创天使创业投资基金合伙企业（有限合 伙）顺利完成中国证券投资基金业协会备案，正式进入投资运营阶段。 晋创天使基金作为山西天使投资引导母基金、晋创科技创新母基金旗下首只子基金，主要围绕自主 知识产权培育、科技成果转化、核心技术国产替代等方向，重点聚焦山西省新能源、新材料、新一 代信息技术、装备制造等战略新兴领域，大力扶持种子期、初创期科技创新型企业，促进科技与资 本融合，提高科技成果就地转化率，加快形成新质生产力。 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 热文： 今年，上市公司热衷做并购基金 来源：山证投资 对接需求请扫码 ...

本期导读： 2025年国资并购潮起：解码地方资本布局上市公司的战略逻辑与市场效应。 作者丨李蕾 姚亚楠 来源｜每日经济新闻 本期推荐阅读5分钟 2025年以来，资本市场频现国资收购上市公司案例，地方国资正以空前活跃的姿态参与资本市场 资源配置。 广慧并购研究院院长、广慧投资董事长俞铁成对《每日经济新闻》记者感叹道，今年是自己从业以 来最忙的年份之一，"我们接到了很多国资机构的邀请，几乎一两天都会有一个机构负责人，有的 是董事长亲自联系我，明确提出想收购上市公司的诉求"。 同样忙碌的还有国智产投创始合伙人孙万营，今年以来， 国资机构+产业资本联手收购上市公司的 案例愈发增多， 他和团队也在马不停蹄地沟通调研。"双方都非常积极，市场热情也很高。" 就在刚刚过去的5月底，上市公司罗平锌电发布公告称，该公司或迎来云南曲靖国资的入主；几乎 就在同期，十堰国资委拟以11.42亿元入主上市公司科德教育；另外，近期汇纳科技控股权被上海 宝山国资+产业方联手拿下、无锡国资豪掷6.8亿元买下宁波博汇股份等，都在资本市场引发关注与 热议。 地方国资"抢滩"上市公司， 这一现象既承载着产业升级的战略诉求，也暗含着复杂的市场博弈。 从 ...

互联网巨头以LP身份出手了。 作者丨FOFWEEKLY 本期推荐阅读5分钟 本期导读： 这两年，一级 市场上围绕 "找钱难" 的讨论层出不穷。尤其是那些不带招商诉求的市场化资金，更是成 为GP争相追逐的稀缺资源。 从上市公司出资数据来看，整体作为LP的出资数据未见太多起色，曾经活跃的互联网巨头们，近两年在 LP领域近乎销声匿迹。 而值得关注的是， 近日，一则工商信息，打破了这份沉寂， 一家互联网巨头又一次现身了，且是作 为LP的身份出手 。 阿里巴巴又做LP 这一看似普通的新基金成立事件， 实则暗藏深意。 有外界人士猜测：此举或是阿里巴巴在新环境下的核心应对逻辑，被视为其战略调整的 关键落子 。 回顾2025年初至今，阿里巴巴进行了一系列引人瞩目的资产处置：以131亿港元出售高鑫零售（大 润发母公司）控股权予德弘资本，以约74亿元转让银泰商业股权…… 这些动作，在外界看来，正是展现出了阿里巴巴逐步退出非核心资产，聚焦核心业务的战略决心。 而大刀阔斧的"瘦身"为其回笼了超过200亿人民币的资金。 沉寂多年的互联网巨头回来了。 曾几何时，互联网与产业巨头的战略投资部收缩、战投基金解散、非核心资产剥离的消息不绝于 ...

Core Viewpoint - The establishment of the Zhengzhou Economic Development Zone's first industrial venture capital mother fund, with a total scale of 5 billion yuan in the first phase and a total scale of 50 billion yuan, aims to enhance the financial ecosystem and economic competitiveness of the region [1]. Group 1 - The Zhengzhou Economic Development Zone's mother fund is named Zhengzhou Economic Development Fu Yu Strategic New Venture Capital Mother Fund Partnership (Limited Partnership) [1]. - The fund has a duration of 10 years, consisting of a 7-year investment period and a 3-year exit period [1]. - The investment strategy includes "direct investment + establishment of sub-funds," focusing on sectors such as new energy, intelligent connected vehicles, high-end intelligent equipment manufacturing, biomedicine, smart logistics, next-generation information technology, international trade, new consumption, and new materials [1]. Group 2 - The successful registration of the fund marks a new chapter in "fund attraction" for the Zhengzhou Economic Development Zone [1]. - This initiative is expected to further improve the financial ecosystem of the development zone and enhance its economic competitiveness and risk resistance [1]. - The fund aims to lay a solid foundation for the high-quality development of the economic zone [1].

以下文章来源于数星星的星哥 ，作者singsing2020 数星星的星哥 . 前医药投资人，曾经的新能源投资人，现在看AI的小王 对于一级投资人来说，这个'新五套'的潜在投资机会有哪些呢？ 其实政策也指出了，就是下面的"6"。 本期导读： 科创板'新五套'标准重启，人工智能、商业航天、低空经济迎来IPO新机遇。 来源丨数星星的星哥 本期推荐阅读5分钟 一大早，就被"1+6"的新闻刷屏了。 很多同行惊呼，一级市场又要好起来了！ 这里星哥就简单聊两句，分析下政策背后的意图和潜在的投资机会。 具体来 看，"1"指的是在科创板设置 科创成长层 ， 重启科创板第五套标准 ，以便更加精准服务 技术有较大突破、持续研发投入大、商业前景广阔 的优质科创企业，在强化信息披露、加强投资 者适当性管理方面作出安排。 星哥认为：这里重启的第五套标准（我们姑且叫'新五套'）和之前的五套标准（我们叫'老五套'） 应该会有很大的区别。 这里需要注意的第一个是这个" 科创成长层" ：这个成长层针对的应该是后面定义的 技术有较大突 破、持续研发投入大、商业前景广阔的一批企业 ，而这些企业可能处于收入规模较小，盈利能力 偏弱，或者还未盈利的状态 ...

Core Viewpoint - Jiangsu Province is establishing a specialized mother fund for the integrated circuit industry to promote the development of strategic emerging industries and enhance production capabilities [1] Group 1: Fund Overview - The mother fund has a total scale of 5 billion yuan, focusing on investments in specialized equipment and materials for integrated circuits, high-end general chip R&D and design, silicon photonic chips, quantum chips, third-generation semiconductors, high-end power semiconductors, and EDA [1] - The fund aims to support the "1650" industrial system and the "51010" strategic emerging industry cluster in Jiangsu Province, as well as the 13 emerging industry fields outlined in the action plan for building a globally influential industrial technology innovation center [1] Group 2: Investment Strategy - The investment strategy emphasizes early-stage, small-scale, and technology-driven investments to strengthen and extend the industrial chain [1] - The fund will directly invest in enterprises within Wuxi City, with incentives for companies that grow into national-level specialized and innovative small giants during the fund's duration, offering a return of 150% of the investment amount [1] - If the invested companies go public on domestic or foreign stock exchanges during the fund's duration, the return will be 200% of the investment amount [1]

IPO迎利好！ 来源丨上证报、证监会发布 本期推荐阅读5分钟 据上证报：中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》 为深入贯彻党的二十届三中全会精神，认真落实中央金融工作会议、中央经济工作会议和《国务 院关于加强监管防范风险推动资本市场高质量发展的若干意见》部署要求，深化资本市场投融资 综合改革，增强科创板制度包容性、适应性，更好服务科技创新和新质生产力发展，中国证监会 制定了《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（以下简称《科创板意 见》）。 《科创板意见》在持续抓好"科创板八条"落地实施的基础上，以设置专门层次为抓手，重启未盈 利企业适用科创板第五套标准上市，推出一揽子更具包容性、适应性的制度改革，着力打通支持 优质科技型企业发展的堵点难点，同时进一步加强投资者合法权益保护。一方面，设置科创板科 创成长层，在科创成长层的定位、企业入层和调出条件、强化信息披露和风险揭示、增加投资者 适当性管理等方面明确具体要求。另一方面，围绕增强优质科技型企业的制度包容性适应性，推 出6项改革举措，主要包括：一是对于适用科创板第五套上市标准的企业，试点引入资深专业机 构投资 ...

以下文章来源于超募研究所 ，作者杉域资本 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。 本期导读： AI大模型、高算力芯片与多传感器融合技术的突破，加速了智能驾驶商业化落地。 作者丨杉域资本 本期推荐阅读5分钟 在全球碳中和进程加速与能源结构转型的背景下，中国新能源汽车产业迎来历史性发展窗口。地缘政治博弈推动能源安全与产业链自主可控上升至国家 战略高度，国内新能源汽车正大举进军国际市场并在科技与服务方面领先众多知名品牌。AI大模型、高算力芯片与多传感器融合技术的突破，加速了 智能驾驶商业化落地。资本市场深度聚焦，VC/PE机构重仓布局具备技术壁垒与生态整合能力的头部企业。 本报告覆盖新能源汽车全产业链，涵盖三 电系统（电机、电控、电池）、核心部件与关键技术、整车制造与平台化集成、充换电网络及续航服务、智能网联与车载软件等领域，系统解析产业生 态与投资价值坐标。 2025年新能源汽车行业融资概况 从融资轮次来看， 新能源汽车行业加速整合，头部优势凸显 新能源汽车行业融资事件366起。其中种子-Pre-A轮221起，A轮90起，B-C轮 ...

Core Viewpoint - The Hubei Provincial Government Investment Guidance Fund has released guidelines for the application of co-investment funds and the selection of management institutions to effectively guide social capital into innovation and entrepreneurship, supporting the province's economic transformation and high-quality development [1] Group 1: Types of Funds - Key areas for fund establishment include: - Robotics and Artificial Intelligence Fund with a total scale of 10 billion, focusing on AI chips, intelligent software, and other core technologies [2] - Life and Health Industry Fund with a total scale of 10 billion, aimed at innovative drug development and biomedicine [2] - Agricultural Industry Development Fund with a scale of 10 billion, targeting modern seed industry and agricultural microbiology [2] - Modern Chemical Industry Fund with a scale of 3-5 billion, focusing on fine chemicals and new chemical materials [2] - Commercial Aerospace Development Fund with a scale of 2 billion, supporting rocket satellite development and space infrastructure [3] - Service Trade Fund, aiming to establish a sub-fund for digital trade and technology services [3] - Other emerging and future industries, focusing on new energy, quantum technology, and new materials [3] Group 2: Regional Funds - The strategy emphasizes regional collaboration, guiding the establishment of funds in cities like Xiangyang, Yichang, and Xianning, focusing on local industry characteristics and resources [4] Group 3: Market-oriented Funds - The initiative aims to attract national social security funds and national-level funds, establishing AIC funds in collaboration with state-owned banks and platforms [6] - The focus is on leveraging existing industry mother funds to attract external venture capital institutions to invest in Hubei [6]

Core Viewpoint - The Jiangsu Wuxi Biopharmaceutical Industry Special Fund aims to promote the development of strategic emerging industries in Jiangsu Province, with a total scale of 4 billion yuan [1]. Group 1: Fund Structure and Investment Strategy - The fund is established in collaboration with Wuxi City to support the integration and development of strategic emerging industry clusters [1]. - Investment methods include setting up sub-funds or direct project investments, with direct investments generally not exceeding 30% of the actual investment amount of the special fund [1]. - The special fund's contribution to sub-funds will not exceed 30% of the sub-fund's total size, and investments in individual direct projects will not exceed 20% of the total paid-in capital of the special fund [1]. Group 2: Investment Focus Areas - The fund primarily invests in pharmaceuticals (including innovative drugs, high-end raw materials, traditional Chinese medicine, cell gene therapy, synthetic biology, etc.), medical devices (including in vitro diagnostic reagents and supporting instruments), and supportive medical industries (including research instruments, synthetic biology, CXO, new medical infrastructure, MAH platform companies, etc.) [2]. - Additional focus areas include consumer healthcare and improving national health quality (including health management, medical aesthetics, special medical foods, and functional foods), as well as AI in pharmaceuticals [2].