Core Insights - Qiji Investment has successfully completed the first closing of its second RMB fund, raising 900 million RMB, which lays a foundation for future investments in the healthcare sector [1] - The firm aims to focus on global cutting-edge technology-driven healthcare and life sciences, targeting globally competitive innovative results for investment [1] - Qiji Investment emphasizes high-quality investment opportunities in biopharmaceuticals, medical devices, and in vitro diagnostics, addressing unmet patient needs and creating collaborative value [1] Summary by Sections - **Fundraising Achievement** - Qiji Investment's second RMB fund has raised 900 million RMB in its first closing, marking a significant milestone for the firm [1] - **Investment Strategy** - The company continues to build a "sharpshooter" level investment team and a precise investment system as part of its strategic focus [1] - The second fund will maintain a deep focus on innovative healthcare technologies and life sciences, aiming to lead industry value creation through differentiated strategies [1] - **Sector Focus** - Qiji Investment is particularly interested in biopharmaceuticals, medical devices, and in vitro diagnostics, concentrating on segments with significant advantages and unmet patient needs [1] - The firm is committed to empowering portfolio companies and advancing medical innovation to create societal value [1]

Core Viewpoint - The establishment of the Dongguan Industrial Chain Development Mother Fund, with a total scale of 5 billion yuan, aims to support projects in key sectors such as artificial intelligence, semiconductor, and high-end manufacturing, promoting industrial transformation in Dongguan [1]. Group 1 - The fund is initiated by CITIC Private Equity Fund Management Co., Ltd. in collaboration with Dongguan Investment Holding Group Co., Ltd. and other local entities [1]. - The total scale of the fund is set at 5 billion yuan, with an initial phase of 1.5 billion yuan [1]. - The fund will focus on investing in high-quality sub-funds and direct investment projects across the country, specifically targeting sectors like AI, electronic information, and new materials [1].

Core Viewpoint -招商致远资本 is seeking to select fund management institutions for its industry chain sub-funds, focusing on investments in the port and shipping logistics sectors, particularly in new productive forces [1] Group 1: Investment Focus - The industry chain sub-funds will primarily invest in areas such as port and shipping transportation, waterway logistics, and other sectors related to new productive forces [1] - Key investment areas include energy integration, green ships, high-end port and shipping equipment, intelligent manufacturing, low-carbon logistics, computing power, and transportation capacity [1]

Core Viewpoint - The primary focus of the article is the significant recovery in the primary market fundraising environment towards the end of 2025, contrasting sharply with the previous two years of stagnation, driven by renewed investor confidence and interest in emerging technologies like AI and robotics [3][7]. Fundraising Heat Resurgence - The fundraising landscape has notably improved in the second half of 2025, with numerous institutions announcing new fund closures and substantial fundraising achievements, indicating a revitalized primary market [3][5]. - In the past month alone, nearly 10 institutions have announced the establishment or closure of new funds, including several dollar-denominated funds [4]. Market Dynamics and Trends - The fundraising difficulties that plagued the market since 2022 have eased, with both RMB and dollar funds experiencing challenges, including layoffs and salary cuts among some dollar institutions [6]. - The resurgence in the primary market is attributed to the booming secondary market, particularly in Hong Kong, and the increasing liquidity and potential returns seen by Limited Partners (LPs) [7]. Fundraising Developments - Recent fundraising announcements include: - Qi Ji Investment's second RMB fund achieving a first close of 900 million RMB [8]. - Zhongke Chuangxing's total fund size reaching 4.08 billion RMB [8]. - Source Code Capital's new growth fund raising a total of 600 million USD [8]. - The successful fundraising of dual-currency funds by institutions like Source Code Capital signals a positive market sentiment after a prolonged period of inactivity [8]. Talent Demand and Recruitment Trends - There is a significant increase in demand for investment and fundraising roles, with a notable scarcity of qualified candidates, leading to accelerated hiring processes [9]. - Institutions are maintaining high standards for talent, favoring candidates from top universities with strong technical backgrounds, reflecting the competitive nature of the current fundraising environment [9]. Structural Recovery Insights - The recovery in the primary market is characterized as structural rather than uniform, with a clear preference among LPs for investments in "future industries," leading to higher barriers for fundraising for non-specialized institutions [12]. - The first three quarters of 2025 saw a 9% year-on-year increase in LP commitments, totaling approximately 1.24 trillion RMB, alongside a 15.18% increase in the number of newly registered funds [11]. Investment Focus and Market Realities - The investment direction of newly established funds shows a concentrated trend towards cutting-edge technologies, particularly AI and robotics, which are seen as key areas for LP investment [12]. - The fundraising environment remains competitive, with GP firms needing to demonstrate strong performance and service capabilities to secure funding [13]. Conclusion on Market Evolution - The primary market is transitioning from a narrative of winter to a new phase characterized by structural differentiation and higher demands, particularly focused on strategic emerging industries [15]. - The current fundraising signals the beginning of a new cycle in the primary market, with opportunities emerging alongside the challenges of increased competition and selective investment [15].

Core Viewpoint - The article discusses the "Action Plan for Promoting High-Quality Development of Service Outsourcing," which aims to enhance service outsourcing as a new engine for service trade innovation and a highlight of open economic cooperation in China [1]. Group 1: Key Tasks of the Action Plan - The Action Plan outlines six key tasks: enhancing platform carriers, leading innovation, cultivating main entities, expanding markets, developing industry standards, and training talent [1]. - The goal is to leverage service outsourcing to stabilize employment, foreign trade, and optimize economic structure [1]. Group 2: Future Goals - By 2030, the plan aims to cultivate a number of internationally competitive leading service outsourcing enterprises and establish clusters with strong innovation capabilities and distinct advantages [1]. - The development levels of digitalization, intelligence, greening, and integration in service outsourcing are expected to improve significantly, with a notable increase in employment [1]. - Service outsourcing is positioned as a crucial component for enhancing service trade innovation and advancing digital trade development [1].

Core Viewpoint - The true success of Wuxi Xinshang Capital lies not in a few star project exits, but in cultivating industry forces that can withstand cycles and compete globally [2][12]. Group 1: Company Strategy and Vision - Wuxi Xinshang Capital aims to strengthen local innovation ecosystems through patient capital, nurturing future enterprises that can compete globally while achieving good financial returns on state-owned assets [3]. - The company has adopted a strategy of "investing early and investing small," with 41 out of 91 direct investment projects being specialized and innovative enterprises, including 18 national-level "little giant" companies [5][10]. Group 2: Market Position and Performance - Despite a downturn in the Chinese private equity market from 2024 to mid-2025, Wuxi Xinshang Capital reported growth, with 37 portfolio companies securing new rounds of financing and 16 entering the IPO process [8]. - The company has successfully supported the development of "Che Lian Tian Xia," a company focused on smart cockpit technology, by providing significant funding and facilitating its growth in the automotive sector [9]. Group 3: Financial Instruments and Innovations - Wuxi Xinshang Capital issued its first phase of sci-tech bonds in July 2023, raising 500 million yuan with a subscription multiple of 2.43 and a record low interest rate of 2.24% for similar bonds in Jiangsu Province [6]. Group 4: Ecosystem Development - The company has developed a unique business structure termed "one axis and three pillars," which includes direct equity investment, fund of funds (FOF) business, investment banking services, and industrial services, creating a vibrant ecosystem [10][11]. - Wuxi Xinshang Capital emphasizes a "陪跑" (accompanying) strategy throughout the entire lifecycle of enterprises, investing at various stages from angel rounds to pre-IPO, fostering a positive cycle of growth and cash flow generation [10].

Group 1 - The Chaoyang Science and Technology Innovation Fund has announced the selection of a management institution for the Chaoyang Aerospace Industry Sub-Fund to foster new productive forces and implement a "business + technology" dual-drive strategy [1] - The sub-fund aims to accelerate the development of the "3+X" industrial cluster, supporting high-quality economic development and collaborative innovation [1] - The focus of the aerospace sub-fund will be on equity investments in key areas of the aerospace industry, including the development and manufacturing of critical components for commercial space, satellite communications, satellite networks, in-orbit satellite services, satellite data applications, and anti-drone systems [1]

12月12日，由福布斯中国推出的"2025福布斯中国家族办公室系列评选"结果正式发布，母基金周刊（FOFWEEKLY）创始合伙人、CEO，杉域资 本合伙人张予豪荣登"行业影响力人物TOP10"榜单。 今年，FOFWEEKLY与溢倡资本达成战略合作，在张予豪看来，其核心在于构建一座"双向赋能"的跨境桥梁，不仅是为了汇聚项目流与资金流，更 深层的战略意图在于，促进内地与香港在产业认知、投资范式与创新资本层面的深度融合，服务于中国创新力量的全球化布局。 此次合作也将为FOFWEEKLY带来更多独特的优势：一方面，能更直接地触达与国际接轨的成熟资本网络与规范体系；另一方面，能将内地的科创 活力与产业纵深，更精准地对接给寻求长期价值的资本。这强化我们作为"连接器"与"专业服务者"的行业角色。 谈及香港市场，张予豪表示：香港的家族办公室及"老钱"们对内地一级市场的看法正在发生深刻而积极的改变。过去其配置重心多在境外，而今年 随着港股市场活力提升，部分资金已通过基石投资等方式率先参与。他进一步强调，以AI、机器人、航空航天、芯片半导体、新材料、先进制造、医 疗大健康为代表的战略新兴产业， 正成为连接"财富增长"与"国家战略 ...

来源：丰台国资 每日｜荐读 12月10日，北京市丰台区首支自管政府投资母基金"北京丰泉产业引导股权投资基金合伙企业（有限合伙）"完成工商登记注册，规模50亿元，全部 由区级政府性资金出资。 据悉，该基金采取"母-子基金"形式设立百亿级"1+2+N"政府产业投资基金矩阵，母基金出资设立1支产业培育子基金，增强区内存量优质成长型企 业发展韧性与区域粘性；设立1支产业合作子基金(群)，吸引全国优质产业资本和金融资本聚集；设立N支产业引导子基金，按照"一产业一基金"原 则针对细分赛道精准布局。通过"政府顶层设计+市场化专业运作+产业集群带动"，着力打造长期资本、耐心资本高地，充分释放金融赋能实体经济 效能。预计2026年一季度完成基金业协会备案。 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" ...

Group 1 - The article highlights the establishment and funding of various mother funds across regions such as Hubei, Jiangsu, and Fujian, focusing on sectors like artificial intelligence, water conservancy development, and manufacturing upgrades [2][3] - Hong Kong Investment Management Company has completed the selection of asset management firms, collaborating with 10 institutions to enhance investment strategies [7][8] - Several new funds have been launched in cities like Shanghai, Wuxi, and Fuzhou, primarily targeting artificial intelligence, low-altitude economy, commercial aerospace, biomedicine, and smart energy sectors [3][9] Group 2 - The Shenzhen Guangming Science and Technology Mother Fund has been launched with a scale of 1 billion yuan, focusing on early-stage investments in sub-funds [4] - Shanxi Province has initiated a manufacturing revitalization fund with a minimum scale of 10 billion yuan, aimed at supporting high-quality development in the manufacturing sector [5][6] - The establishment of a 100 billion yuan water conservancy development fund in Hubei aims to enhance water infrastructure and ecological management [10] Group 3 - The first AI fund in Henan has been established with a total scale of 1 billion yuan, focusing on computing power and embodied intelligence [11] - Fujian's first AIC fund has been registered with a target scale of 2 billion yuan, investing in sectors like new generation information technology and biomedicine [12][13] - The Shaanxi New Industry Development Fund has been set up with a scale of 2 billion yuan, focusing on strategic emerging industries such as new materials and hydrogen energy [14] Group 4 - Chengdu's second phase of the Chenghua Industrial Revitalization Fund has been registered with a scale of 6 billion yuan, targeting industries like artificial intelligence and smart energy [19] - Jia Yu Capital has successfully established multiple new funds with a total scale exceeding 4 billion yuan, focusing on AI infrastructure and life sciences [20] - The Zhongke Chuangxing Pioneer Venture Capital Fund has completed its final closing with a total scale of 4.08 billion yuan, investing in various high-tech fields [23]