2025年12月25日，盛世投资成功完成国内首支S基金接续重组基金（即S基金的S）设立。据悉，本只S基金接续重组基金规模超6亿元，共获得14 家国资与险资等长期资本作为LP出资，实现基金超募。 据悉，这只基金是国内首支通过从S基金已投资产中系统筛选优质资产、重新进行组合配置而实现的接续重组基金。基金通过"重组配置"模式，不仅 实现了原有份额的平滑退出，也为LP构建了清晰可控的资产组合。 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" 本期基金获得国资和险资LP青睐，其中险资出资规模占比超40%，也成为首个引入险资参与的S基金接续交易模式。 来源：盛世投资 ...

Core Viewpoint - The article highlights the establishment and funding of various mother funds across China, focusing on sectors such as biotechnology, artificial intelligence, transportation infrastructure, and energy resources, indicating a strong push towards innovation and investment in emerging industries [2][3]. Group 1: National and Regional Funds - The national-level venture capital guidance fund has launched three regional sub-funds in Beijing, Shanghai, and Shenzhen, with a focus on artificial intelligence, quantum technology, and hydrogen energy storage, aiming to establish over 600 sub-funds to support emerging industries [4]. - The Guangdong-Hong Kong-Macao Greater Bay Area venture capital guidance fund has been established in Shenzhen with a target size of 504.5 billion yuan, focusing on early-stage technology companies in strategic emerging industries [11]. - The Jiangsu social security science and technology innovation fund has been approved with an initial scale of 500 billion yuan, targeting advanced manufacturing, artificial intelligence, and biomedicine among other sectors [15]. Group 2: Local Initiatives and Specific Funds - The Chengdu High-tech Zone has launched a 30 billion yuan venture capital fund, focusing on transportation, clean energy, and artificial intelligence, leveraging local industry strengths [10]. - The Henan angel investment fund has been successfully registered with an initial scale of 10 billion yuan, aimed at supporting technology transformation and innovation ecosystems [7]. - The Hubei social security science and technology innovation fund has signed agreements with a scale of 200 billion yuan, focusing on optoelectronics, automotive manufacturing, and health sectors [14]. Group 3: Specialized Funds and Sector Focus - The 320 billion yuan Hebei development equity investment fund has been established, focusing on high-end materials, new energy, and advanced manufacturing [6]. - The 8 billion yuan early-stage funds by Honghui have been launched, targeting biomedicine and smart medical equipment sectors [18]. - The establishment of the 20 billion yuan commercial aerospace socialized special fund aims to support high-growth startups in the aerospace sector [20].

导读： 3只区域基金已与49只子基金和27个直投项目签订投资意向。 作者｜FOFWEEKLY 2025年12月26日上午，备受瞩目的国家创业投资引导基金启动仪式在国家发展改革委召开。 国家创业投资引导基金有限公司董事长霍福鹏在会上表示，今年以来，在国家发展改革委、财政部 联合推动下，在相关部门的大力支持下，引导基金筹备组与有关地方政府、央国企、金融机构等方 面密集磋商，经过一系列紧密的部署谋划，目前，国家创业投资引导基金已完成工商注册和管理制 度建设。引导基金设置"基金公司—区域基金—子基金"3层架构。 其中，区域基金是落实国家战略意图的重要载体，是实现国家资金放大、开展投资业务的功能主 体，也是推动基金承上启下运转、保障平稳高效运行的关键环节。本周一，京津冀创业投资引导基 金、长三角创业投资引导基金、粤港澳大湾区创业投资引导基金均已完成工商注册，未来三只区域 基金总规模均将超过500亿元。其中， 京津冀创业投资引导基金，由中投公司下属中金资本作为 管理团队。 京津冀区域基金将充分调动中央金融企业的积极性，做好科技金融大文章，银行、保 险、证券也将重点参与。 长三角创业投资引导基金，由国投集团下属国投创合作为 ...

Core Viewpoint - The article emphasizes the importance of enhancing the quality and market value management of listed companies, promoting strategic and specialized restructuring, and high-quality mergers and acquisitions to ensure the effective start of the 15th Five-Year Plan [4]. Group 1: Central Enterprises' Performance - In the first eleven months, central enterprises achieved a value-added of 9.5 trillion yuan, representing a year-on-year growth of 1.4% [6]. - The fixed asset investment (excluding real estate) reached 3.3 trillion yuan, with a year-on-year increase of 0.7% [6]. - R&D investment amounted to 890.16 billion yuan, with an R&D intensity of 2.62%, indicating steady improvement in innovation capabilities [7]. Group 2: Strategic Focus for 2026 - The meeting outlined five key tasks for central enterprises in 2026, focusing on improving quality and efficiency, optimizing economic layout, enhancing independent innovation capabilities, deepening state-owned enterprise reforms, and ensuring social stability [9]. - Emphasis was placed on stabilizing operations and improving efficiency by utilizing big data models to capture potential market demands and enhance product and service quality [9]. - The article highlights the importance of strategic and specialized restructuring, with examples of successful integrations such as China Yajiang Group and China Chang'an Automobile [10]. Group 3: Reform and Innovation - The meeting stressed the need to advance reforms to a new level, with a focus on improving the modern enterprise system and enhancing management and operational frameworks [12]. - The article mentions the ongoing deepening of three system reforms, which aim to improve management levels and enhance the contractual management of managerial staff [13]. - Central enterprises are positioned as leaders in innovation-driven development, with plans to enhance the management of research organizations and foster a talent-friendly corporate ecosystem [13].

Group 1 - The Guangdong Provincial Industrial Development Investment Fund has established a 30 billion yuan sub-fund cluster focused on artificial intelligence and robotics, with the first phase consisting of a 10 billion yuan venture capital fund and a 20 billion yuan industrial investment fund [1] - The venture capital fund aims to support early-stage technology innovation applications, while the industrial investment fund focuses on accelerating the industrialization of growing technologies [1] - The fund is registered in Nansha District, Guangzhou, and is managed by Guangdong Yuecai Venture Capital Co., Ltd., with technical support from Cloud Tianli Fei and industrial incubation services from Nansha Kejin Holdings Group [1] Group 2 - The Guangdong Yuecai Industrial and Robotics Investment Fund is registered in Dongguan Binhaiwan New District, with a management team from Guangdong Yuecai Venture Capital Co., Ltd., and includes partnerships with ICBC Investment, Dongguan Industrial Investment Mother Fund, and Binhaiwan Industrial Investment [2] - This fund leverages the technological advantages of companies like OPPO, vivo, and others in the Binhaiwan New District to establish a national AI application pilot base, focusing on the consumer terminal AI sector [2] - The fund aims to invest in the industrialization of new intelligent terminal products and innovative applications in vertical industrial models, creating a model for "four-level finance+" to empower industrial cluster development [2]

驾驭好长期资本的关键，在于构建一套环环相扣的体系。 作者｜邓贞 来源 ｜上海 证券报 导读： 中国经济迈向高质量发展，科技创新是核心驱动力。作为科技创新的助推器。创投领域正面临挑 战：在国家战略引领下，投向科技的长期资本日益充沛，但资本"丰沛"与配置"精准"之间的矛盾 也日渐突出。如何让丰沛的"活水"不至于空泛流转，而是通过专业的体系，精准灌溉每一片亟待 成长的科创"良田"？ 12月，厦门建发新兴产业股权投资有限责任公司（以下简称"建发新兴投资"）出资参与福建（厦 门）科创基金（首期规模200亿）的合作设立，日后也将面对管理更巨量的长期资本"活水"，公 司董事长王文怀的思考更进一步："我们如何建立一套更优的体系，让更多长期资本通过国资LP， 更高效地配置到国家最需要的科创企业中去？" 近日，王文怀在接受上海证券报记者专访时，系统阐述了他的核心框架。他认为，驾驭好长期资本 的关键，在于构建一套环环相扣的体系： 锻造能打硬仗的"特种兵"团队，构建沿"科学—技术— 产品"全链条的资本导航能力，并通过金融工具与生态协同，实现从"引水"到"滴灌"的闭环。 破解人才密码：激励"特种兵"激活资本效能 采访伊始，王文怀将话题 ...

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" 该基金由中关村领创商业航天产业发展联盟联合多家投资机构发起，定位"耐心资本"，重点投向商业航天领域高成长性初创企业及技术创新项目， 尤其聚焦核心元器件、新材料、先进制造工艺等"卡脖子"环节。基金希望通过市场化金融力量，破解商业航天研发周期长、投入规模大的融资瓶 颈，加速产业链补链强链，助力构建自主可控的产业生态体系。 来源：北京日报 12月24日，2025第三届商业航天发展大会暨第四届中关村商业航天大会在京召开。作为大会核心成果之一，国内首只商业航天社会化专项基金 ——"领创商业航天联盟科创基金"正式成立，首期规模20亿元。 ...

Core Viewpoint - CITIC Private Equity Fund Management Co., Ltd., a wholly-owned subsidiary of CITIC Investment Holdings Co., Ltd., has established a mother fund with a total scale of 1.5 billion yuan, focusing on key industries such as artificial intelligence, semiconductor, and high-end manufacturing to promote industrial transformation in Dongguan [1]. Group 1 - The mother fund has a duration of 10 years, with an investment period of 5 years and an exit period of 5 years [1]. - The fund aims to invest in high-quality sub-funds across the country, specifically targeting industries aligned with Dongguan's development priorities [1]. - Each sub-fund is required to have a minimum total subscription scale of 300 million yuan and a maximum duration of 8 years, not exceeding the remaining duration of the mother fund [1]. Group 2 - The investment focus includes sectors such as artificial intelligence, electronic information, semiconductor and integrated circuits, new materials, and high-end manufacturing and robotics [1]. - The initiative is designed to support the landing of quality industries in Dongguan and facilitate the upgrade of its industrial structure [1].

Core Viewpoint - The article highlights the emergence of a new wave of mergers and acquisitions (M&A) driven by technology and industrial integration, with a focus on the recent acquisition of Honghe Technology by Ruicheng Fund, marking a significant milestone in the domestic market for private equity-led acquisitions of listed companies [2][3]. Group 1: M&A Activity and Trends - Honghe Technology, a key player in China's education information technology sector, reported a revenue of 3.525 billion yuan and a net profit of 222 million yuan in 2024 [5]. - The acquisition by Ruicheng Fund, a private equity firm under Chery Group, is the first instance of a private equity management institution initiating a public company acquisition since the introduction of the "M&A Six Guidelines" [3][6]. - The M&A market has seen a significant increase in activity, with 1,750 listed companies disclosing 2,168 M&A events in the first 11 months of the year, representing a notable growth compared to the previous year [9]. Group 2: Policy and Market Dynamics - The article emphasizes that the current M&A wave is supported by favorable policies and a growing demand for industrial integration, with local governments establishing funds and incentives to stimulate M&A activities [9][10]. - Key cities are actively launching initiatives to enhance M&A services, such as the establishment of the "Anhui Gaotou Guotai Haitong Health M&A Fund" and the "Beijing Jingguochuang Zhican M&A Fund" with substantial capital commitments [10][11]. - The dual drivers of policy incentives and industrial demand are pushing the M&A market into a new development phase, characterized by increased transaction frequency and the establishment of specialized M&A funds [9][12]. Group 3: Strategic Implications - Industry insiders note that while the business domains of Chery and Honghe Technology appear disparate, there are significant synergistic values that can be realized through this acquisition [7]. - Corporate venture capital (CVC) is highlighted as a strategic player in the M&A landscape, focusing on long-term industrial value rather than short-term financial returns [7]. - The article concludes that the M&A market is becoming a critical accelerator for listed companies to enhance quality and transition towards new productive forces, with ongoing support from local policies [12][14].

Group 1 - The core viewpoint of the article highlights that Hangzhou Yunshen Technology Co., Ltd. has submitted an IPO counseling record to the Zhejiang Securities Regulatory Bureau, with CITIC Securities as the counseling broker [2] - In early December, the company completed a C round financing exceeding 500 million yuan, led by Zhaoyin International and Huaxia Fund, with participation from strategic investors including China Telecom and China Unicom [2] - Prior to this round of financing, the company had completed a total of 8 financing rounds, raising over 1 billion yuan [2] Group 2 - The CEO of Yunshen, Zhu Qiuguo, stated that the company expects a revenue growth of over 100% year-on-year in 2024, with an anticipated shipment volume reaching 10,000 units in 2025 [2] - The company is gradually increasing its share in the overseas market, and according to data from the China Business Industry Research Institute, Yunshen ranks second in the global quadruped robot market with a sales share of 18.9% in 2024, only behind Yushu Technology [2]