9月5-6日， 「2025母基金年度论坛暨第六届鹭江创投论坛」 在厦门国际会议中心酒店圆满举办。本届论坛由母基金周刊（FOFWEEKLY）主 办、建发集团与金圆集团战略指导，论坛以"科创时代的中国力量"为核心议题，设置了两天主论坛、两场平行论坛和多场闭门交流会 以及 香港投资 专场。 《艾问iAsk》创始人、全国三八红旗手艾诚担任本次论坛主持人。来自政府引导基金、市场化母基金、金融机构、产业资本、 知名GP、CVC、企业 家以及香港政府及投资界代表，共计一千余位重要嘉宾齐聚厦门 ，共同围绕全球经济发展与科技变革背景下，中国资本助力科技创新与培育新质生 产力等关键议题展开深入交流，凝聚共识，为推动创投生态健康发展注入新动力。 金圆集团党委书记、董事长李云祥在论坛开幕环节致辞。 母基金周刊创始合伙人、CEO张予豪在致辞中表示：本届论坛以"中国力量"为主题，旨在凝聚行业独特优势，助力国家战略实施与复兴进程，并对 论坛各支持方致以感谢。 全国社保基金理事会原副理事长陈文辉发表《抓住时代机遇，推动创投基金高质量发展》的主旨演讲。陈文辉指出，需以政策为引导、以耐心资本为 支撑，推动创投基金服务科技创新与产业升级，助力经济 ...

Core Viewpoint - The year 2025 is anticipated to be a "new birth" year for the equity investment industry, marking a critical point in the structural recovery of the market [1]. Group 1: Market Dynamics - The Chinese hard technology sector is experiencing a rapid transformation in global competitiveness and asset value, driven by policy benefits and technological breakthroughs, which are central to the recovery of the primary market [2]. - Since the beginning of the year, there has been a significant rebound in the activity of the venture capital industry, with new opportunities emerging in the M&A market [2]. - Emerging sectors such as artificial intelligence, robotics, and low-altitude economy are at the forefront of investment, igniting confidence in the primary market [2]. Group 2: Investment Strategies - Investment institutions face a profound restructuring of the industrial environment and competitive landscape due to the rise of a new generation of technological revolutions globally [2]. - Finding new development paradigms within previously successful paths is a core issue for investment institutions, alongside the necessity for clearer investment strategies and efficient exit capabilities [2]. - The soft power of investment institutions is becoming a crucial element in adapting to market changes and building new competitive advantages [2]. Group 3: Rankings and Recognition - The "2025 Soft Power Ranking of Investment Institutions" was officially released on September 6 [3]. - The rankings include various categories such as LP (Limited Partners), GP (General Partners), and others, highlighting the most active and influential players in the investment landscape [5][59].

Core Viewpoint - The investment community is increasingly focused on Xiamen, driven by its continuous investment in the venture capital ecosystem, institutional innovation, and an improved business environment, attracting both general partners (GPs) and limited partners (LPs) [6][10]. Group 1: Investment Environment - Xiamen has become a key destination for investors, with a notable increase in the number of active LPs and a friendly fundraising environment for GPs [7][10]. - The region's LPs are among the few willing to invest in the consumer sector, and there is a significant "linkage effect" among Xiamen's LP community [7][10]. - Xiamen's fund registration scale and LP activity have been steadily increasing, making it a preferred choice for many GPs [7][10]. Group 2: Economic Transformation - Historically reliant on manufacturing and tourism, Xiamen is now emerging in strategic new industries such as renewable energy, hard technology, digital economy, and high-end manufacturing [9]. - The successful mass production of the world's first 587Ah energy storage battery by Xiamen's Haichen Storage marks a significant milestone in the energy storage industry [9]. - Xiamen leads the province with 99 companies recognized as "unicorns," "future unicorns," or "gazelles," highlighting its innovation capabilities [9]. Group 3: Policy Support - The Fujian provincial government has implemented measures to enhance capital market services for technology enterprises, including a 10 billion yuan provincial merger fund and a 10 billion yuan provincial S fund to support quality tech companies [10][11]. - The government is also focusing on optimizing the management of venture capital funds and promoting market-oriented approaches to improve the efficiency of fiscal fund allocation [11]. - Xiamen's "拨改投" policy and cross-strait integration funds have been identified as key drivers of its fundraising success [12]. Group 4: Upcoming Events - The "2025 Mother Fund Annual Forum and the Sixth Lujing Venture Capital Forum" is set to convene, bringing together various stakeholders to explore the multiplier effect of combining long-term capital, industrial capital, and innovative capital [15].

Core Viewpoint - The speech commemorates the significant contributions of the Chinese people in the fight against fascism and their sacrifices for world peace and human civilization [4][10]. Group 1: Historical Context - The Chinese people made immense sacrifices during the Anti-Japanese War to save human civilization and protect world peace [4]. - The speech emphasizes the importance of remembering history to prevent the repetition of past tragedies [5][6]. Group 2: National Defense and Military Role - The Chinese People's Liberation Army is portrayed as a trustworthy force for the party and the people, committed to national sovereignty and territorial integrity [12][13]. - The military is urged to accelerate the construction of a world-class army to support the great rejuvenation of the Chinese nation and contribute to global peace and development [13]. Group 3: International Cooperation - The speech calls for collaboration with other nations to build a community with a shared future for mankind, highlighting China's commitment to peace and progress [10][11].

Core Viewpoint - The "2025 Mother Fund Annual Forum and the 6th Lujing Venture Capital Forum" will be held in Xiamen on September 5-6, 2025, focusing on leveraging mother funds to activate the multiplier effect of "long-term capital + industrial capital + innovative capital" to drive high-quality development in China and lead global industrial transformation [1]. Organizers and Event Details - The forum is organized by FOFWEEKLY, with strategic guidance from Jianfa Group and Jinyuan Group [3]. - The event will take place at the Xiamen International Conference Center Hotel on September 5-6, 2025 [3]. Main Forum Agenda (September 5) - The forum will feature a series of keynote speeches and roundtable discussions aimed at exploring the responsibilities and opportunities for Chinese innovation and investment [7][10]. - Keynote speakers include prominent figures such as Chen Wenhui, former Vice Chairman of the National Social Security Fund Council, and Dan Junbao, Chairman of China International Capital Corporation [9][10]. Keynote Speeches and Roundtable Discussions - Topics will cover high-quality development of venture capital funds, evolution of private equity and mother funds in China, and the advantages of long-term capital in promoting equity investment [9][10]. - Roundtable discussions will address the responsibilities of China's scientific and technological innovation, the relationship between domestic and international investments, and the challenges faced by "patient capital" and "bold capital" [10][12]. Additional Sessions - The second day will include discussions on the investment landscape in Hong Kong, the evolution of mother funds, and the impact of AI on entrepreneurship [15][18]. - The forum will also feature a signing ceremony for strategic cooperation between mainland and Hong Kong entities [15]. Networking Opportunities - The event will provide networking opportunities through lunch sessions and dedicated meetings for LPs and GPs [17][22]. - A parallel forum on angel investment will explore innovative paths in the new era of investment [22]. Conclusion - The forum aims to gather insights and foster collaboration among industry leaders to enhance the investment ecosystem in China and beyond, emphasizing the importance of innovation and strategic partnerships [1][3].

论坛： 「2025母基金年度论坛暨第六届鹭江创投论坛」携手香港，嘉宾阵容发布 荐读： 事关政府投资基金，国家发改委公开征求意见 热文： 上海国资，买了一家上市公司 报告： LP出资热度回升，创投市场走出 "寒冬"｜月度LP观察 对接需求请扫码 每日｜荐读 斗象科技近日宣布完成新一轮2亿元桥梁战略轮融资，由钟鼎资本独家投资。斗象科技CEO谢忱表示，本轮融资将进一步加大公司在AI安全技术与平 台安全智能方向的研发投入，稳步推进长期战略布局，并为后续更大规模的资本计划和IPO进程奠定基础。 ...

Core Viewpoint - The article discusses the significant increase in mergers and acquisitions (M&A) activity in the primary market, driven by policy incentives and the upgrading of industrial demands, with listed companies actively participating in the establishment of industrial M&A funds [4][11]. Group 1: M&A Activity and Trends - The primary market has seen a notable rise in M&A activities this year, with large transactions becoming more frequent and listed companies increasingly involved in setting up industrial M&A funds [3][11]. - As of May 21, 110 listed companies in the A-share market have announced their participation in establishing industrial M&A funds, with a total expected fundraising scale exceeding 128 billion yuan [11]. - The establishment of a 70 billion yuan photovoltaic M&A fund led by industry leaders aims to promote vertical integration within the photovoltaic industry [11]. Group 2: Company-Specific Developments - Shanghai Weihong Electronic Technology Co., Ltd. announced its plan to invest up to 100 million yuan as a limited partner in a private equity fund focused on the smart manufacturing industry [7]. - Weihong's investment strategy emphasizes leveraging professional investment teams to accelerate the implementation of its development strategy while minimizing investment risks [8]. - Weihong reported a revenue of 260 million yuan for the first half of 2025, reflecting a year-on-year growth of 9.51%, with a net profit attributable to shareholders of 29.25 million yuan [8]. Group 3: Strategic Shifts in M&A - The current wave of M&A by listed companies is characterized by a shift from "buying scale" to "buying technology," focusing on acquiring core technologies and entering new markets [12][13]. - The demand for M&A is particularly strong in the hard technology sector, where companies are increasingly opting for investment and acquisition to secure technological advancements [13]. - Policy relaxation has activated the transaction side of the market, with state-owned and industrial capital rapidly entering the M&A space [13]. Group 4: Future Outlook - The M&A market is expected to become a crucial exit channel in the primary market, driven by ongoing policy support and increasing industrial upgrade demands [16][17]. - The convergence of policy, industry, and capital is propelling the Chinese M&A market towards a new peak, indicating a robust future for M&A activities [18].

Core Viewpoint - TCL Technology Group Co., Ltd. is establishing a private equity investment fund focused on the ultra-high-definition display industry, aiming to enhance the development and technological advancement of the display industry chain in Shenzhen [1][2]. Group 1 - The fund will be named Shenzhen Jiutian Zhicheng Ultra High Definition Display Industry Private Equity Investment Fund Partnership (Limited Partnership) and will have a total subscription amount of 2 billion RMB [1]. - TCL will contribute 600 million RMB as a limited partner, while Shenzhen Guidance Fund and Guangming District Guidance Fund will contribute 980 million RMB and 400 million RMB, respectively [1]. - The fund will be managed by Ningbo Jiutian Matrix Investment Management Co., Ltd., focusing on the ultra-high-definition display sector [1]. Group 2 - TCL continues to focus on the development of semiconductor displays, new energy photovoltaics, and semiconductor materials [2]. - The investment aims to strengthen the layout and exploration of cutting-edge technologies in the upstream and downstream sectors through professional management and market-oriented operations [2]. - The funding for this investment will come from the company's own funds and will not significantly impact its normal production and operational activities [2].

Group 1 - The Zhejiang Provincial Low-altitude Economic Industry Fund, with a total target scale of 3 billion yuan and an initial phase of 1 billion yuan, has been successfully registered [1] - The fund is initiated by Zhejiang Airport Capital Holding Co., Ltd., in collaboration with several state-owned enterprises and local government entities [1] - The fund aims to support innovative enterprises in the low-altitude economy sector, providing capital resources to help Zhejiang secure a leading position in the development of low-altitude economy during the 14th Five-Year Plan [1] Group 2 - The fund integrates capital and industrial resources from provincial, municipal, and district levels, creating a collaborative capital network [1] - It leverages the "ten thousand acres and one hundred billion" platform of the aerospace industry to focus on investment in low-altitude economic related fields [1]

Group 1 - Multiple mother funds have been established in regions such as Zhejiang, Jiangsu, Hunan, and Shenzhen, focusing on emerging industries like new energy, integrated circuits, new materials, and green environmental protection [2][3][5] - The Jiangsu Xuzhou Emerging Industry Special Mother Fund has been officially registered with a total scale of 3 billion yuan, targeting key areas such as new energy and advanced materials [5][6] - The Hunan Jin Furong Industry Guidance Fund is selecting management institutions for its new materials sub-fund, aiming to support high-quality development in the new materials sector [7][8] Group 2 - Zhejiang Province has launched three major fund clusters, including the "Technology Innovation New Quality Productivity Fund," with a total scale of 30 billion yuan, focusing on strategic emerging industries [9][10][11] - Shenzhen has seen the establishment of two venture capital funds initiated by collective economic organizations, focusing on artificial intelligence and strategic emerging industries [12] - The Guoxin Venture Capital Fund has been established in Hangzhou with a capital of 10 billion yuan, focusing on venture investments [13] Group 3 - The Guangdong Provincial Industry Development Investment Fund has been established with a scale of 10 billion yuan, focusing on sectors such as intelligent manufacturing and digital economy [15] - The Sichuan Province Achievement Transformation Guidance Fund has signed a cooperation agreement with Fuchuang Capital to promote technology transfer and industrial landing [16] - The first seed fund in Henan Province has been established with a scale of 200 million yuan, aimed at supporting early-stage technology enterprises [17] Group 4 - The Foshan Science and Technology Innovation Fund has been established with an initial amount of 40 million yuan, focusing on technology transfer and early-stage investments [18][19] - Fengnian Capital's high-end manufacturing Phase III fund has completed its first closing at 1 billion yuan, with a target final scale of 2.5 billion yuan [20] - Tencent has partnered with insurance companies to establish a new fund with a registered capital of 22.43 billion yuan, focusing on private equity investments [21] Group 5 - Zhaoyan New Drug has announced plans to establish a seed fund in Shenzhen, focusing on strategic emerging industries and high-end medical devices [22] - The Anhui Provincial Industry Development Investment Company has been established to support the development of strategic emerging industries [23]