导读： 汽车龙头企业携手进军股权市场，以LP身份开始新的布局。 作者｜FOFWEEKLY 临近年末，一级市场的忙碌节奏却丝毫未减，反而透出一股与时节相反的"升温"感。 投资人的日程表被切割成密集的片段：不是在尽调的路上，便是在行业峰会的现场交换名片；飞行 里程与会议纪要同步增长，这份奔波里透着一种久违的、基于忙碌的踏实。 回望数据端，机构LP出资活跃度一路上升，为行业注入切实的暖意。与此同时，伴随着政策与科 技浪潮催生出新的机遇，不仅吸引了一批曾淡出视野的"老LP们"悄然回流，更 点燃了新资金的兴 趣。 日前，一级市场又迎来多家新LP，这次是多家汽车龙头企业携手进入。 据悉该只基金的落地，是沈汽集团以"1+2+N"产业布局为指引，实施"产业发展+资本运作"双轮驱 动战略的具体措施和关键一环。 一个尤为值得关注的亮点是， 该基金是宝马集团在中国参与设立的首只、也是目前唯一一只私募 股权投资基金。 体现了宝马"在中国、为中国"的理念，以及对中国市场的坚定信心，也是宝马集 团与沈汽集团合作领域的进一步拓展。 近年来，汽车巨头做LP的案例不胜枚举，除了本土汽车品牌外，外资汽车巨头也纷纷加入行列。 2024年，保时捷联 ...

陕西省政府投资引导基金（创投类）尽职免责办法（试行） 01总则 符合政策和发展战略引导方向的种子、天使类单个直投项目亏损率应不得超过100%（含）。 02 尽职免责条件 第五条[应尽职责] 管理机构和相关人员严格遵守法律法规、政策规定以及章程协议约定，按照规定的权限和程序进行决策，应履行以下基本职责， 作为免责的前提条件： 第一条[政策依据]为营造鼓励创新、宽容失败、积极履职、敢于担当的良好氛围，加快培育耐心资本、长期资本，推动陕西省政府投资引导基金（以 下简称"引导基金"）更好服务全省创新驱动发展，根据《国务院办公厅关于促进政府投资基金高质量发展的指导意见》（国办发〔2025〕1号）等 文件精神，结合陕西省实际，制定本办法。 第二条[适用范围]本办法适用于引导基金架构下创投类基金和科创基金（含陕西省科技创新母基金）的管理机构和相关人员，在符合法律法规和有关 政策规定要求、程序规范，履职尽责的前提下，基金或所投项目发生亏损时可免除或减轻相关责任。 第三条[基本原则]尽职免责遵循以下原则： （一） 依法依规，履职尽责。以依法依规、遵守契约为先决条件，以合规履职、勤勉尽责为核心标准，以及时补救、力挽损失为辅助因素 ...

Core Insights - Hubei Cultural Tourism Group and Jingmen State-owned Assets signed a cooperation agreement to establish the "Hubei Aerospace and Intelligent Industry Investment Fund" with a total scale of 1 billion yuan [1] - The fund will focus on attracting and nurturing "chain master" type hard technology low-altitude industry targets, leveraging Hubei Cultural Tourism Group's rich low-altitude application scenarios and real demands [1] Summary by Sections - **Investment Fund Establishment** - The fund is jointly established by Hubei Cultural Tourism Capital, Jingmen State-owned Enterprises, and other partners, with Hubei Cultural Tourism Capital and Shanghai Dening Capital serving as dual General Partners [1] - **Focus Areas** - The fund aims to create a closed-loop and ecological construction of the industry chain by focusing on low-altitude industry targets [1]

Core Insights - The first Shenzhen Longhua District Industrial-Financial Integration High-Quality Development Conference was held on December 9, announcing significant financial cooperation achievements, including the establishment of a low-altitude economy industry fund, Pre-REITs fund, and two AIC funds, along with a comprehensive credit line of 100 billion yuan [1][2] Group 1: Financial Initiatives - Longhua District launched a cluster of industrial funds totaling over 10 billion yuan, notably the Shen Capital Jianxin Longhua AIC Fund and the Shen Dan Agricultural Bank Longhua AIC Fund, each with a scale of 2 billion yuan, focusing on the "20+8" industrial cluster and the "1+2+3" industrial system in Shenzhen, targeting sectors like digital economy, new energy, high-end medical devices, integrated circuits, and artificial intelligence [1] - The Shen Dan Agricultural Bank Longhua AIC Fund signed its first batch of intended investment projects at the conference, achieving efficient operation with immediate announcements, including companies like Angpai Technology, Guihua Intelligent, and Jingtai Da, which focus on high-end manufacturing sectors such as liquid cooling, precision laser equipment, and automated testing devices [1] Group 2: Strategic Goals - Longhua District aims to continue deepening industrial-financial collaboration and enhancing digital empowerment to support the growth of more technology startups into industry giants, promoting a high-quality development path that integrates industry and finance [2]

Core Insights - The Chinese consumer entertainment industry is projected to grow steadily in 2024, driven by policies and technology, with an industry scale exceeding 19 trillion yuan [4] - Investment in the sector is expected to rebound significantly in the second half of 2024, with AI and IP economy emerging as the most favored areas for capital [4] - The industry is witnessing two major trends: deep integration of culture with commerce, travel, and sports, and cultural export primarily through digital products [4] Financing Overview - A total of 440 financing events were recorded in the consumer entertainment sector, with 263 in seed to Pre-A rounds, 138 in A rounds, and 34 in B-C rounds [6] - Early-stage financing (seed to A rounds) dominates the investment landscape, accounting for nearly 90% of events, indicating a strong early-stage focus in the sector [6] - The structure highlights high competition and difficulty in breaking through, with few projects successfully reaching the capital market [6] Regional Analysis - Financing in the consumer entertainment sector is concentrated in first-tier cities and densely populated areas, with Guangdong leading at 88 events, followed by Shanghai (53), Beijing (48), and Zhejiang (42) [9] - The regional distribution shows a dual trend of "core polarization and characteristic diffusion," with major regions like the Yangtze River Delta and Pearl River Delta leading in innovation [9] Project Segmentation - The consumer entertainment industry primarily relies on three core segments: e-commerce retail, life services, and entertainment consumption, providing diverse products and services to end-users [10] - E-commerce retail accounted for 168 events, entertainment tourism for 128, life services for 112, and smart applications for 32 [11] Consumer Demand Trends - Demand in the consumer entertainment sector is increasingly dualistic, with consumers seeking both rational value (cost-effectiveness and quality) and emotional experiences (identity recognition and therapeutic value) [13] - Future trends are expected to focus on technology empowerment (AI, AR), age-segmented services, and the integration of virtual and physical experiences [13] GP Selection Process - The first screening identified 24 GP firms from 641 investment institutions that are relevant to the consumer entertainment sector [16] - The majority of GPs in the consumer entertainment field were established between 2013 and 2015, coinciding with the rise of mobile internet and new business models [18][19] - Most GPs are primarily backed by private capital, with a focus on domestic investments [20] Investment Stage Focus - The selected GPs predominantly focus on early-stage investments, with a significant emphasis on seed and A rounds [28] - Analysis of investment stages shows that GPs are primarily engaged in early-stage projects, indicating a preference for early market entry [28] Performance Metrics - Key performance indicators for GPs include lead investment rates, independent investment rates, and the number of IPOs, which reflect their project success and market influence [30][32] - Investment activity is measured by the frequency of engagements, with higher activity indicating greater market influence [34] Conclusion - The report aims to assist LPs in understanding the active GPs in the consumer entertainment sector and to provide a comparative analysis of their capabilities [43] - Continuous updates and data analysis are planned to refine the report and identify emerging investment opportunities [44]

为全面助力山西制造业高质量发展，推动产业链能级跃升，加速培育新质生产力，构建具有山西特色的现代化产业体系，经省政府批准，按照"政府 引导、市场运作、科学决策、防范风险"的原则，设立山西省制造业振兴升级基金（以下简称"振兴升级母基金"），吸引带动更多社会资本，重点围 绕"能源转型、产业升级、适度多元发展"转型主攻方向，支持山西省科技创新和产业发展。现面向市场公开遴选振兴升级母基金管理机构。 本次遴选按照"公平公开、综合评价、优中择优"的原则，面向社会公开遴选在高端装备制造、新材料及煤化工、生物医药、新能源、信息及数字产 业等行业领域，具备丰富产业资源、优秀投资能力和资金募集能力，且能够有效促进产业集聚的基金管理机构。 振兴升级母基金规模不低于100.01亿元。其中，由山西省财政厅注资山西金融投资控股集团有限公司（以下简称"山西金控"）以有限合伙人身份认 缴出资50亿元，部分省属企业以有限合伙人身份合计认缴出资50亿元，分5年实缴，每年实缴20%，视项目推进情况，资金分步到位。通过母子基 金的运作模式，实现振兴升级母子基金合计规模不低于180亿元。 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 ...

Group 1 - The core viewpoint of the article highlights the successful final closing of the Zhongke Chuangxing Pioneer Venture Capital Fund, which has reached a total scale of 4.08 billion yuan [1] - The new limited partners (LPs) include a diverse range of institutions such as Taibao Capital Changhang Mother Fund, Haidian District Zhongguancun Science City Technology Growth Fund, Ant Group, and others, indicating a multi-faceted collaboration structure [1] - The fund has made 46 investments in less than six months, focusing on sectors like AI chips, quantum technology, and gene editing, showcasing a strong emphasis on early-stage investments [1] Group 2 - The fund's investment strategy is characterized by "investing early and investing small," with over 90% of the initial projects being in the early technology development stage [1] - A significant portion of the projects, 32 out of 46, directly originates from research institutions and universities, effectively activating intellectual resources [1]

12月11日，国内领先的具身大脑公司星源智机器人再传捷报，宣布完成超亿元人民币天使+轮融资。本轮融资由赛富基金与凯联资本领投，三七互 娱、科实资本、乐聚智能等知名财务机构与产业投资方跟投，老股东元生创投、元禾原点持续加注。本轮募集资金将用于具身大脑专业版 RoboBrain Pro的研发、垂直行业解决方案的拓展以及高端人才的引进等。 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" 时隔两个月再获资本重磅加持，这匹具身智能领域的黑马已经在技术、产品、市场及团队四大核心维度上实现了范式级跃迁。本轮融资的顺利完成， 不仅印证了资本市场对其技术路径与商业前景的认可，更为下一阶段的加速发展注入了强劲动能。 来源：星源智 ...

Group 1 - The Chenghua Industrial Revitalization Fund (Phase II) has successfully completed its registration with a total fund size of 6 billion yuan and a duration of 10 years [1] - The fund is managed by Chenghua Science and Technology Investment Company, a state-owned enterprise, with contributions from several local companies [1] - The investment focus includes key industries such as artificial intelligence, electronic information, smart energy, and cultural innovation, targeting specific sectors like robotics, smart devices, digital communication, RF microwave, and low-altitude economy [1] Group 2 - The fund aims to strengthen the real economy in Chenghua District and develop new productive forces, injecting continuous capital into the construction of a modern industrial system [1]

Core Insights - The Shaanxi Zhanxin Industry Development Fund, managed by Western Advantage Capital, has been officially established with a total scale of 2 billion yuan, marking it as the largest equity investment fund in Shaanxi Province since the AIC equity investment pilot program [1] - This fund is a collaborative effort involving Western Capital, Chang'an Huitong, and ICBC Investment, creating a diversified ecosystem that integrates provincial state-owned capital operation platforms, local professional investment institutions, and national financial institutions [1] - The fund focuses on the "8+9+N" industrial development pattern of Shaanxi Province, targeting eight strategic emerging industries including new materials, hydrogen energy, new power, semiconductors and integrated circuits, new energy vehicles, intelligent complete equipment, energy conservation and environmental protection, and aerospace [1] Summary by Sections - **Fund Establishment**: The fund has a registered capital of 2 billion yuan, making it the largest of its kind in the region [1] - **Collaborative Structure**: The fund is a result of a partnership between multiple entities, enhancing its operational capabilities through a multi-faceted approach [1] - **Investment Focus**: The fund aims to invest in high-quality technology companies with independent intellectual property rights and potential for hard technology transformation, particularly in key sectors identified by the provincial development strategy [1]