Core Viewpoint - The establishment of the Shanghai Futeng Huming Private Equity Fund marks a significant step in Shanghai's investment in the biomedical industry, indicating the opening of a new value investment window in this sector [2][3]. Group 1: Fund Establishment and Collaboration - The fund, initiated by Shanghai Guotou and Sanming Investment Group, has completed a fundraising of 410 million yuan and made its first investment in Xihua Testing [2]. - This initiative represents a deepening collaboration between Shanghai and Sanming, leveraging Sanming's innovative experience in medical reform and Shanghai's resource advantages to create a new ecosystem for cross-regional healthcare investment [3]. Group 2: Investment Focus and Strategy - Futeng Capital has already invested in several innovative companies in the healthcare sector, including leading firms in brain-computer interfaces and gene therapy, covering various fields such as innovative drugs and high-end medical devices [4]. - The fund will focus on growth and mature stage projects with clear clinical needs and commercialization potential, employing strategies like "old shares + capital increase," "mergers and acquisitions," and "cross-border expansion" to empower companies [4]. Group 3: First Investment and Global Reach - The fund's first investment was in Xihua Testing, a global drug research and development outsourcing service provider, which will enhance its technical platform and expand international business [5]. - This investment is part of a "three-level linkage" mechanism that emphasizes the role of capital in driving industry collaboration and aims to elevate China's medical research service's influence in the global value chain [5]. Group 4: Future Development and Ecosystem Building - The fund will leverage Shanghai Guotou's advantages in policy alignment, industry resources, and long-term capital to support portfolio companies in their international development paths [7]. - There are plans to attract more strategic partners to build an open and sustainable investment landscape in the healthcare sector, contributing to the high-quality development of the biomedical industry in Shanghai and nationwide [7].

来源：四川省投资基金业协会 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 从投资方向上看，主要聚焦文旅数据资产形成技术（应用于景区、酒店、文博场馆等场景的数字孪 生、数据确权/交易、视觉技术、云计算、大数据等技术）、创新文旅产品（XR相关内容制作及硬 件设备、沉浸式交互技术、文旅机器人、IP经济、数字水印等）、高转化率营销渠道/运营服务商 （OTA新型平台、POI运营服务商等）、文旅融合业态（康养旅游、研学旅游、旅游演艺等）、特 色文旅服务（旅游列车、游轮等）。 据公告要求，该基金主要通过与社会资本成立子基金投资项目，投资单一子基金比例不超过基金规 模40%，投资阶段为初创期至扩张期，无返投要求。 近日，四川省文旅新质生产力产业基金面向社会公开遴选基金管理机构，有关事项如下： 文旅新质生产力产业基金（一期）由四川省旅投集团所属全资二级公司旅投银创按照"市场化运 作、规范化决策、专业化管理"的方式发起设立，基金规模1.2亿元，存续期7年（5年投资期、2年 退出期），属于股权投 ...

近日，宿迁市产业集聚发展基金与宿迁市智能制造战新产业（300832）母基金在中国证券投资基 金业协会成功完成备案，标志着两支总规模达65亿元的市级产业母基金正式进入投资运作阶段。 此次完成备案的两支基金具体情况如下： 一、宿迁市产业集聚发展基金规模为50亿元，存续期15年。该基金由市产发集团联合县（区）国 有资本发起设立，旨在围绕宿迁"619"产业体系，形成投资合力，推动重大产业项目落地。 二、宿迁市智能制造战新产业母基金规模为15亿元，存续期同为15年。该基金由市产发集团联合 洋河股份（002304）及市交通集团、市水务集团、市文旅集团共同发起。基金将重点投向机器 人、人工智能、智能装备、数据产业和低空产业等智能制造领域，为打造长三角数智制造新基地提 供资本支持。 下一步，市产发集团将充分发挥母基金的撬动效应，广泛吸引各类资本聚集，加速构建全生命周期 基金矩阵，聚力打造区域长期资本高地，为宿迁现代化产业体系建设与经济高质量发展注入新动 能。 来源：宿迁产发集团 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP ...

Core Viewpoint - The article discusses the establishment of a new 500 million RMB industrial merger fund by He Yuan Biotechnology, highlighting the growing trend of merger funds in the Chinese market and the supportive policies driving this growth [2][3][8]. Group 1: Fund Establishment - He Yuan Biotechnology announced its plan to co-establish the He Yuan Hongsheng Industrial Investment Fund with Shanghai Hongsheng Junhao Equity Investment Fund Management Co., Ltd. and other partners, with a total fund size of 500 million RMB [5]. - He Yuan Biotechnology will contribute up to 100 million RMB as a limited partner (LP), accounting for 20% of the fund, while the general partners will contribute 5 million RMB, representing 1% [5]. - The fund's duration is set for 8 years, with the first 4 years designated for investment and the latter 4 years for exit [5]. Group 2: Investment Focus - The fund will focus on the cell and gene therapy (CGT) industry chain and related upstream and downstream fields, aiming to provide systematic and efficient tools for industrial integration [6]. - He Yuan Biotechnology aims to leverage Hongsheng Junhao's resources and advantages in equity investment to create a "dedicated strategic platform" around its industrial ecosystem [6]. Group 3: Market Trends - The establishment of this fund reflects a broader trend in the merger fund industry, which has seen significant growth since 2025, driven by supportive policies such as the "New National Nine Articles" and "Merger Six Articles" [8]. - In 2025, 305 listed companies participated in the establishment of 321 industrial merger funds, with a total fundraising scale of approximately 297.51 billion RMB, showing a notable increase from 2024 [8]. - The merger and acquisition (M&A) market is experiencing a surge, with significant transactions across various sectors, including consumer goods, manufacturing, resources, and biomedicine [9]. Group 4: Policy Support - The Chinese government is enhancing support for the merger fund sector, with plans to establish a national-level merger fund and promote innovation and entrepreneurship [10]. - New merger funds are increasingly concentrated in strategic sectors such as advanced manufacturing, healthcare, artificial intelligence, automotive, new materials, and semiconductors, indicating their role in implementing national industrial policies [10]. - In 2025, the transaction volume of China's M&A market exceeded 400 billion USD, marking a 47% year-on-year increase, with expectations for continued activity in high-tech and new energy sectors in 2026 [10].

导读 本周， 江苏、湖北、北京 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、先进制造 、生物医药等领域。 值得关注的是，规模达671亿元的江苏省战新母基金第四批产业专项基金正式启动。 基金设立层面，广东、陕西、湖北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 、新材料等领域 。其中，上海嘉定8亿元未来产 业 基金布局未来前沿领域，湖北10亿元联投数产基金聚焦数字经济方向，湖北咸宁5亿元产业发展基金锚定生物医药赛道。 值得关注的是，本周各地基金出资节奏密集，广东、福建、四川等地集中推进母基金GP遴选工作。 其中，粤港澳基金在国家创新创业基金体系中率 先完成出资，成为本轮布局中的标志性动作。 671亿元！江苏省战新母基金第四批产业专项基金启动 江苏省战 略性新兴产业母基金（以下简称"省战新母基金"）出资组建的第四批产业专项基金组建方案近日通过公司董事会决策，正式启动。据悉， 本批基金共4只、规模671亿元。 第一，国家级基金合作基金1只，规模551亿元 长三角创业投资引导基金，初始规模551亿元。该基金是国家创业投资引导基金首批设立的3只区域基金之一，也是其在长三角区域布局的关键落 子。 ...

近日，广东遂溪发展集团有限公司面向社会公开遴选遂溪产业发展基金（以下简称"母基金"）管 理人。 为改革国有资本支持产业发展方式，引导社会资本在遂溪县设立不同领域的产业投资子基 金。根据《遂溪产业发展基金设立方案》精神，遂溪发展集团有限公司（以下简称：遂发集团）出 资设立并按市场化方式运作。产业基金以"母基金"身份，主要通过参股设立"子基金"、直接股权投 资等方式，引导国内外资本聚集遂溪，现面向社会公开遴选遂溪产业发展基金（以下简称"母基 金"）管理人，公告如下： 来源：遂溪发展集团有限公司 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 公告指出：母基金为广东遂溪产业投资合伙企业（有限合伙）（暂定名，以工商登记名称为准）， 基金总规模为3亿元人民币，首期规模1亿元人民币。母基金存续期限最长不超过10年，其中投资 期最长不超过7年，具体由母基金管理人和基金投决委结合实际情况确定。 投资方式包括通过出资产业子基金进行间接投资及直接投资，直接投资项目金额原则上不超过产业 专项母基金 ...

Core Viewpoint - The Chinese venture capital market is transitioning from a dual-driven model of RMB and USD funds to a predominantly RMB-driven landscape, raising questions about the future role of USD funds in this new environment [6][8]. Group 1: Market Trends - USD funds have experienced a dramatic decline, with total investment shrinking by over 84% in five years, and their market share dropping from one-third to just 10% [8][12]. - In 2021, USD investments accounted for 35.9% of the market with an investment amount of 532.9 billion yuan, but by 2025, this figure plummeted to 82.7 billion yuan, representing only 10.1% of the market [12][13]. - Conversely, RMB funds have increased their market share from 64.1% to 89.9%, indicating a significant shift in funding dynamics [13]. Group 2: Factors Behind the Decline of USD Funds - The rise of state-owned and industrial capital has become a dominant force in the market, with state-backed investment institutions achieving a direct investment penetration rate of 45% [16]. - The traditional VC growth model has collapsed, leading to a lack of funding in the growth stage, which is critical for USD funds that typically support companies transitioning to overseas listings [18]. - External factors such as regulatory changes and geopolitical risks have hindered traditional exit strategies for USD funds, making their investment outlook increasingly pessimistic [19]. Group 3: Future of USD Funds - USD funds may not completely disappear but will need to shift from being the main players to providing specialized value as secondary players in the market [21]. - Potential niches for USD funds include serving as global enablers for Chinese companies aiming for international expansion, acting as catalysts in cutting-edge technology sectors, and focusing on early-stage investments to discover disruptive innovations [22][23].

荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 2月4日，上海医药集团股份有限公司（以下简称"公司"、"本公司"或"上海医药" ）发布公告， 公司拟通过产权交易所以公开挂牌方式转让所持参股子公司中美上海施贵宝制药有限公司（以下简 称"中美施贵宝"或 "标的公司" ）30%股权，挂牌转让价格（下称"挂牌底价" ）不低于人民币 10.23亿元。 公告指出，百时美施贵宝（中国）投资有限公司拟对外出售其持有的中美施贵宝60%股权，经多 轮竞标与谈判，潜在收购方于2025年6月提交确认性报价，拟以4.8亿美元的等值人民币收购中美 施贵宝的100%股权。其中，上海医药持有30%股权对应价格1.44亿美元。以评估基准日（2025 年9月 30日）中国人民银行发布的人民币对美元汇率中间价7.1055为准，拟定挂牌底价为人民币 102,319.2 万元（需完成相关国有评估管理程序） 此次挂牌底价系参照潜在收购方拟收购中美施贵宝 100%股权的市场化报价，按持股比例折算确 定，高于交易标的的评估值，且最终转让价格以公开挂牌成交结果为准。 来源：上海医药股份有限公司 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： ...

Group 1 - The "Chaoqihang" Angel Guidance Fund in Xiaoshan District, Hangzhou, has a total scale of 1 billion yuan, focusing on early-stage investments in hard technology and primarily targeting technology-based startups and technology achievement transformation projects [1] - The sub-fund scale will not exceed 200 million yuan, with all investors being qualified investors contributing in cash, and the total contribution from various funding platforms in Xiaoshan District will not exceed 40% of the fund's total scale [1] - The investment period is generally not more than 5 years, with a maximum participation period of 12 years, and the investment direction aligns with the "296X" industrial cluster, emphasizing high-tech industries and strategic emerging industries [1] Group 2 - The fund aims to support top expert entrepreneurial projects and innovation teams within Xiaoshan District, as well as technology achievement transformation projects from innovation platforms [1] - The amount of industrial support from sub-funds should be no less than 1.5 times the cumulative actual contributions from various funding platforms in Xiaoshan District [1]

以下文章来源于证券时报 ，作者吴瞬 证券时报 . 《证券时报》是人民日报社主管主办的全国性财经类日报，是证券市场信息披露媒体。 导读： 不担心IPO"堰塞湖"， 香港市场"胃口好，都能吃得下" 作者丨吴瞬 来源丨证券时报 2026年以来，香港资本市场保持强劲势头，IPO递表数量更是连创新高，从2025年末的300余 家，至今年1月底已达到414家，短短1个月猛增近百家。在这一迅猛增长的背景下，香港市场是 否有足够能力承接如此密集的新股供给？会不会出现新股"堰塞湖"？ 对此，香港交易所行政总裁陈翊庭2月4日在出席媒体活动时向证券时报记者表示，当前香港IPO市 场并未出现"堰塞湖"，市场有充裕的资金来吸纳这些上市项目。她戏称， 香港市场"胃口好，都 能吃得下"。 IPO质量是底气所在 香港交易所主席唐家成在同一场合表示， 2025年对香港是"极为出色的一年"： 港交所不仅重夺 全球IPO融资额榜首，更吸引了全球前五大IPO中的三家落户；市场活跃度大幅提升，日均成交额 跃升至约2500亿港元，较前一年翻倍。"这确实是非常了不起的一年。"他总结道。 唐家成进一步表示，更重要的是， 这一良好势头已延续到2026年。 截 ...