Group 1 - The core viewpoint of the article highlights the successful completion of the first closing of the Dongfang Jiafu National SME Development Sub-Fund, which has a total scale of 2 billion yuan, raising 1.6 billion yuan and commencing investment operations [1] - The fund primarily targets small and medium-sized enterprises in advanced manufacturing and new materials, frontier technology, and life health sectors [1] - The investment operations officially started in the fourth quarter of 2025, with projects already invested in strategic emerging industries such as AI edge chips, AI agents, core components of robots, and next-generation semiconductor equipment [1]

导读 本周山东、浙江、江苏、湖南 等 地均有母基金宣布落地或出资，母基金重点布局人工智能、生物医药、新材料、新能源等领域 。 值得关注的是，本周四川 社保科创基金签约仪式在成都举行，基金规模 200亿元， 重点围绕四川优势产业和战略性新兴产业等领域布局。此外， 中 国诚通第二只百亿创投基金完成设立。 基金设立层面，浙江、云南、陕西等地均有基金宣布设立或落 地，基金主要聚焦人工智能、半导体 、新能源、生物医药、 农业科技 等赛道 。 西安 50亿元半导体产业链发展基金主攻前沿制造领域， 云南20亿农业创业投资基金 瞄准农业科技赛道。此外，总规模10亿元的台州市合成生物产业基金 布局生物医药方向 。 中国诚通第二只百亿创投基金完成设立 30亿，崂山中泰科创产业母基金完成注册 20亿，睢宁县产业母基金完成备案 12月24日，徐州国润产业投资基金（有限合伙）（以下简称"睢宁县产业母基金"或"基金"）成功在中国证券投资基金业协会完成备案，标志着该基 金正式设立并迈入到实质性运作阶段。 睢宁县产业母基金是国盛集团权属企业徐州国盛富瑞资产管理有限公司管理的县域级产业母基金，由睢宁县产业投资集团有限公司发起设立。基金规 模2 ...

Core Viewpoint - The article highlights the recovery of the primary market, driven by significant capital inflows and supportive policies, particularly in the venture capital sector [2][3]. Group 1: New Capital Inflows - The establishment of the Chengtong Science and Technology Innovation Jiangsu Fund, with a total scale of 10 billion yuan, marks a significant addition to the market, following the Beijing fund [5]. - The fund aims to support technological innovation and industrial development, focusing on early-stage investments in hard technology sectors [6]. - The Chengtong Science and Technology Innovation Fund (Beijing) has already set a precedent, with a total scale of 30 billion yuan planned for a central enterprise venture capital fund by the end of 2024 [5][6]. Group 2: Market Recovery Indicators - The venture capital industry is showing signs of recovery, with a notable increase in fundraising, investments, and exits across various segments [8]. - In November 2025, the activity level of institutional LPs increased by 14.7% month-on-month and 31.8% year-on-year, indicating a positive trend in fundraising [8]. - The number of new private equity and venture capital funds registered in November 2025 reached 404, reflecting a 2.5% month-on-month and 29.5% year-on-year increase [8]. Group 3: Investment and Exit Trends - In 2025, there were 6,462 financing events in the domestic primary market, a year-on-year increase of 7.25%, marking the first rebound in four years [9]. - The number of Chinese companies listed domestically and internationally reached 247, with a 26.7% year-on-year increase, and the total financing amount was approximately 326.63 billion yuan, up 126.4% year-on-year [9]. Group 4: Structural Changes in Venture Capital - Local venture capital reforms are deepening, with many government-guided funds adopting longer durations of 15 to 20 years, reshaping the "long money" ecosystem [10]. - The decision-making speed of local state-owned LPs has improved significantly, with a trend towards cross-regional and cross-level joint investments becoming mainstream [10]. - The next few years are expected to be a critical window for national-level fund contributions, potentially addressing 20% to 30% of the market funding gap [10]. Group 5: Future Outlook - The primary market is anticipated to continue its recovery into 2026, supported by ongoing policy benefits and the further backing of state-owned "patient capital" [12]. - The healthy development of the IPO market and the continuous opening of exit channels are expected to foster a more sustainable venture capital ecosystem [12].

Core Insights - The private equity market is transitioning from a phase of adjustment to a sustained recovery, with institutional LPs showing increased willingness to invest, providing stability to the market [5][34] - The investment landscape is characterized by structural differentiation among various types of LPs, with industry capital leading in frequency but preferring moderate-sized investments [7][9] Investment Activity Overview - In November, institutional LP investment activity increased, with a month-on-month growth of 14.7% and a year-on-year growth of 31.8% [5] - A total of 404 new private equity and venture capital funds were registered in November, marking a 2.5% increase from October and a 29.5% increase year-on-year [5] LP Type Structure - Industry LPs accounted for 36.69% of investment activity, followed closely by policy LPs at 35.94%, financial LPs at 22.16%, and financial institutions at 4.66% [9] Industry LP Characteristics - Industry LPs are characterized by high-frequency, moderate-sized investments aimed at deepening industry chain and technology layouts [10][12] - Notable examples include Shentong Express collaborating with China Life to establish a logistics investment fund exceeding 1.7 billion yuan [12] - Industry LPs are increasingly participating in market-driven GP-led funds to secure strategic equity positions in key technologies and supply chains [13][15] Policy LP Characteristics - Policy LPs are focusing on long-term capital deployment aligned with national industrial development strategies, with significant funds being directed towards technology innovation and emerging industries [16][18] - The establishment of a 51 billion yuan central enterprise strategic emerging industry fund highlights the government's role in guiding capital towards strategic sectors [18] Financial Institution Activity - Financial institutions showed a 25% increase in investment activity month-on-month, with a 66% increase in investment scale [21] - The establishment of bank-affiliated AICs in the Greater Bay Area indicates a strategic focus on long-term capital investment in industry clusters [21][22] Financial LP Characteristics - Financial LPs exhibited a cautious approach despite a 22% increase in investment activity, preferring projects with rational valuations and clear exit paths [23][24] - The involvement of foreign long-term capital through QFLP mechanisms signifies a growing trend of international investment in local funds [24] Regional Investment Trends - The Yangtze River Delta remains the core area for investment activity, with Jiangsu, Zhejiang, and Guangdong leading in investment frequency [27][29] - Beijing experienced a significant increase in investment scale due to the establishment of large-scale funds, reflecting the impact of policy-driven capital [29][30] Conclusion - The investment landscape is evolving towards structural recovery, with industry capital maintaining a high frequency of investments while policy funds provide directional guidance through large-scale mother funds [34][35]

导读： 创投行业全链条回暖。 作者｜李蕾 来源 ｜每日经济新闻 寒冬退去，暖意渐浓。 2025年，中国创投行业终于走出持续两年的低谷，以"募投管退"全链条回暖的姿态向上回升，行业活力显著修复。政策红利持续释放与退出渠道优化 扩容，为市场注入信心，头部机构的情绪与动作率先回暖。 2025年，顶级市场化VC的投资节奏明显加快，出手频率和金额较上年均有显著提升， 头部机构参投主体数量同比增加16.69% ，资金向优质项目集 中的趋势愈发清晰。从人工智能、半导体到商业航天、生物医药，硬科技赛道成为资本布局的核心主线，创新资产的价值重估正在上演。 资金流向何处，未来就在何方。《每日经济新闻》将 聚焦8家头部市场化VC ，拆解它们在行业回暖周期中的布局逻辑与核心押注的重要项目，从而解 码中国创投行业新一轮发展周期的核心动能。 红杉中国：持续布局硬科技+生物医药，AI成绝对核心 首先来看市场化VC的"老大哥"红杉中国。 今年其实是红杉中国出手持续回暖的第二年。根据记者不完全统计，今年该机构的投资事件数量达到近30次，虽然和前几年的高峰时期不可同日而 语，但与去年、前年同期相比有明显增长。 而从投资金额上来看， 涉及的投资事 ...

来源：川观新闻 每日｜荐读 论坛： 新一批敲钟人，已在路上 荐读： 重新发现香港：科创时代的新蓝图 榜单： 全国首只AIC产业母基金来了 热文： 投资人"忙疯了" 12月30日，四川社保科创基金签约仪式在成都举行。全国社保基金会副理事长赵军与建信投资公司、四川科创集团、四川振兴投资公司、成都产投 集团有关负责人共同签署四川社保科创基金合伙协议。 四川社保科创基金首期规模200亿元。基金将立足四川、面向成渝地区双城经济圈、辐射全国重点区域，重点围绕四川优势产业和战略性新兴产业等 领域布局，支持企业开展关键核心技术攻关、科技成果转化及产业化，助力构建科技、产业、金融良性互促的良好生态，为加快建设更高水平科技强 省、着力打造西部地区创新高地贡献力量。 ...

当下全球经济在经历极度偏离均衡的纷乱后，正逐步走向新均衡。在这样的国际环境下，中国经济展现出强劲的韧性和潜力。前三个季度5.2%的 GDP增速，背后是规模以上高技术制造业增加值9.6%的同比增长，是"人工智能+"行动的加速推进，而这也正是创投行业近年来的重心所在。2025 年，股权投资行业在几年的低迷后，终于迎来全面反弹，行业生机重现。 投资机构（LP与GP）作为市场的主导力量，正面临角色边界日益模糊的新生态。在行业持续演进中，他们必须精准判断、快速适应，不断为投资 者、企业及自身创造价值——这种能力将成为下一经济周期中核心竞争力的关键。而新一代青年领袖，正凭借其独到视角与深刻洞察，推动资本、创 新与产业的深度融合，成为引领行业与社会前进的关键力量。 本次评选针对中国股权投资行业全范围覆盖调研，寻找具有前瞻性、创新性、长期成长和创新发展等综合能力的卓越人物，与FOFWEEKLY共建行 业生态，推动行业可持续发展。 「2025投资行业青年领袖100人」 榜单公布如下： LP青年领袖TOP100 GP青年领袖TOP100 每日｜荐读 论坛： 新一批敲钟人，已在路上 荐读： 重新发现香港：科创时代的新蓝图 榜单： ...

Core Viewpoint - The establishment of the Xuzhou Guorun Industrial Investment Fund marks a significant step in promoting strategic emerging industries in Suining, with a focus on enhancing local enterprises and attracting external projects [1]. Group 1: Fund Overview - The Suining Industrial Mother Fund has been officially established with a total scale of 2 billion yuan [1]. - The fund is managed by Xuzhou Guosheng Furui Asset Management Co., Ltd., a subsidiary of Guosheng Group, and initiated by Suining Industrial Investment Group Co., Ltd. [1]. Group 2: Investment Focus - The fund targets strategic emerging industries, including equipment manufacturing, new materials, new energy, integrated circuits, biomedicine and health, high-end textiles, and e-commerce home furnishings [1]. - The investment strategy is centered around a "direct investment + sub-fund" dual-drive model to support local quality enterprises and attract high-quality external projects [1]. Group 3: Operational Strategy - The fund aims to strengthen the industrial chain by acting as a capital link, facilitating the growth of local enterprises and the landing of external projects in Suining [1]. - The first project of the fund has already completed its investment decision, laying a solid foundation for efficient future operations [1].

超募研究所 . 结合公域&私域数据以及实操咨询业务，为私募股权行业从业者（FOF、LP、GP、企业等）提供专业、垂直类研究内容。 以下文章来源于超募研究所 ，作者Mira 导读： 赚钱效应强势回归。 作者｜ Mira 2025年底，中国科技投资市场被 "中国GPU四小龙" 的集中上市彻底点燃。头部GPU企业集中上市的热潮，不仅刷新了市场对国产高端芯片赛道的估 值认知，更让早期投资的造富效应再度成为焦点。 12月5日，成立仅5年的GPU企业摩尔线程登陆科创板，首日股价 暴涨425% ，收盘价定格在600.5元/股，盘中市值冲破 3200亿元 。 摩尔线程成立仅3个月，沛县乾曜兴科技合伙企业（有限合伙）便果断参与其首轮融资，以仅仅1000万元的投前估值，向摩尔线程投资了190万元。以 首日收盘价测试， 这笔早期布局的投资回报超5300倍 ，沛县乾曜背后的投资人，凭借对硬科技赛道的精准押注，上演了一场堪称教科书级别的早期 投资造富案例。 这样的造富神话并非个例。从12月17日沐曦股份科创板上市首日693%的涨幅，到12月17日壁仞科技通过港交所聆讯，12月19日天数智芯通过港交 所聆讯。至此， "中国GPU四小龙" ...

Group 1 - The core viewpoint of the article is the public selection of fund management institutions for the second phase of the Optoelectronic Information Mother Fund in the Shaoxing area of the Hangzhou-Shaoxing Airport Economic Integration Development Demonstration Zone, with a proposed scale of 5 billion yuan [2] - The fund is structured as a company and is fully funded by the Zhejiang Shaoxing Hangzhou-Shaoxing Airport Demonstration Zone Development Group Co., Ltd. or its subsidiaries [2] - The investment focus of the fund is on the new generation optoelectronic information industry and the integrated service industry, forming a "1+1" industrial system, with investment methods including direct investment or investment in sub-funds [2]