Core Viewpoint - In May, the number of funding institutions decreased, and the number of funding transactions slightly declined, indicating a slight drop in market activity compared to the previous month. However, financial institutions' participation in funding is entering a phase of explosive growth due to policy support [3][5][34]. Group 1: Funding Activity Overview - In May, the number of newly registered private equity and venture capital funds totaled 339, a month-on-month decrease of 18.71%, but a year-on-year increase of 36.69% [5]. - The activity of institutional LPs decreased by 18% compared to April, but increased by 58% year-on-year [3][5]. - Policy-type LPs accounted for the highest funding share at 40.41%, followed by industrial-type at 33.98%, financial-type at 20.04%, and financial institutions at 5.25% [7]. Group 2: Policy-Type LPs and Market Dynamics - Policy-type LPs saw a significant month-on-month decline of 26.8% in funding, becoming the category with the largest drop [9]. - Local governments are concentrating their funding efforts, with notable examples including Beijing's government investment platforms making only two investments in May, totaling 102 billion [9]. - The Sichuan Revitalization Science and Technology Innovation Fund completed a GP-led secondary transaction, indicating active asset management among policy-type LPs [10][11]. Group 3: Financial Institutions' Funding Growth - Financial institutions' funding activity increased by 4% month-on-month in May, with a total funding scale exceeding 25.2 billion, marking a 77% increase from the previous month [14]. - Recent policy adjustments have allowed insurance funds to increase their equity asset allocation, leading to a significant rise in private equity investments [15]. - Insurance capital is increasingly focusing on sectors such as healthcare, semiconductors, and new energy, with notable investments in the Shanghai Lilan Fund totaling 950 million [15][16]. Group 4: Regional Funding Trends - Jiangsu province continues to lead in funding activity, with several strategic emerging industry funds registered in May, totaling 7 billion [22]. - Beijing emerged as the region with the largest funding scale in May, driven by significant contributions from financial institutions [25]. - The establishment of various funds in Jiangsu aligns with local industrial strategies, aiming to enhance competitiveness in key sectors [24].

Core Viewpoint - The article discusses the establishment of the "1+1" industrial fund system in Zhancheng District, Foshan, aimed at fostering new productive forces and enhancing the competitiveness of the urban center through a combination of government and state-owned enterprise funds [1][2]. Summary by Sections Industrial Fund System - The "1+1" industrial fund system consists of the Foshan Zhancheng Industrial Innovation Development Investment Fund (Qihang Fund) and the Foshan Zhancheng Linghang Equity Investment Fund (Linghang Fund), designed to leverage government investment and the flexibility of state-owned enterprise funds [1][2]. - The goal is to establish an industrial fund system with a total scale of no less than 8 billion yuan within 8 years, utilizing a market-oriented approach combined with policy guidance [1]. Qihang Fund - The Qihang Fund is a government investment fund with a total scale of 2 billion yuan, initially contributing 250 million yuan, focusing on advanced manufacturing, modern services, industrial transformation mergers and acquisitions, and technological innovation [1][2]. - It aims to accelerate the local high-level technological entrepreneurship and innovation ecosystem by investing early and in small amounts in technology [1]. Linghang Fund - The Linghang Fund is a state-owned enterprise fund with a total scale of 3 billion yuan, with an initial contribution of 1 billion yuan, focusing on direct investments and supporting traditional industries' transformation and enhancement [2][3]. - It aims to cultivate and strengthen emerging urban industries and invest in key links of local industrial chains [2]. Advantages of Zhancheng - Zhancheng has expanded its industrial space significantly, with plans to complete 10 million square meters of high-quality industrial space this year, and has prepared over 3,149 acres of industrial land [3]. - The district benefits from comprehensive advantages, including integrated urban functions and lower costs for innovation elements, which help attract and retain talent [3]. - The industrial fund focuses on four centers: urban manufacturing, industrial services, commercial consumption, and Lingnan culture, aiming to create a balanced and vibrant modern industrial system [3]. Collaborative Efforts - Several banks and securities firms have signed cooperation agreements with Zhancheng to support the fund system and address financing challenges for innovative enterprises [4]. - The district plans to implement a "four-way linkage" strategy to create a unique industrial ecosystem, enhancing collaboration among various stakeholders [4].

Group 1 - The article emphasizes the importance of developing equity financing to support high-quality enterprises in the consumption industry chain through methods such as public offerings and "New Third Board" listings [1] - It encourages social capital to increase investments in key areas of service consumption, utilizing "long-term capital" and "patient capital" to meet the financing needs of long-cycle consumption industries [1] - The article highlights the role of private equity and venture capital funds in increasing equity investments in seed and early-stage enterprises [1] Group 2 - Local governments are encouraged to use investment funds in a market-oriented manner to participate in key consumption projects such as health care and cultural tourism, as well as in new consumption areas like digital and green sectors [1] - The establishment of a 500 billion yuan service consumption and elderly re-loan fund is mentioned, which will provide financial support for loans in key service consumption areas [1] - Financial institutions are required to develop implementation details by September 2025 and establish a joint monitoring mechanism among six departments to regularly assess policy effectiveness [1]

Core Viewpoint - The article discusses the characteristics and advantages of district and county-level guiding funds in China, highlighting their role in local economic development and industry support, while also addressing the challenges they face in terms of funding and professional capacity [3][9]. Group 1: Overview of District and County-Level Guiding Funds - As of May 2025, there are a total of 828 district-level guiding funds in China, with a cumulative registered capital of approximately 2.34 trillion yuan [15]. - The establishment of district-level guiding funds peaked in 2017 and 2024, with a subsequent decline due to stricter regulations on new fund setups [16][18]. - The recent trend shows a decrease in newly established district-level guiding funds, influenced by policy requirements and local fiscal pressures [18][22]. Group 2: Characteristics of District and County-Level Guiding Funds - District-level guiding funds typically have smaller scales, often in the range of hundreds of millions to a few billion yuan, with diverse funding sources including local government and state-owned enterprises [10]. - The return investment requirements for these funds are more flexible compared to higher-level funds, allowing for a broader range of recognition methods for return investments [10][12]. - These funds balance short-term benefits with long-term development, often investing in high-tech enterprises while also nurturing emerging industries through incubation strategies [10][12]. Group 3: Advantages of District and County-Level Guiding Funds - They provide precise support for local industry needs, aligning investments with regional economic characteristics [12]. - Decision-making efficiency is high due to shorter decision chains, allowing for rapid adjustments to investment strategies [13]. - The funds exhibit policy flexibility and innovative incentive mechanisms, such as tiered profit-sharing based on return investment completion [13]. - There is a strong emphasis on local collaboration, integrating local resources and establishing a localized operational model [13]. Group 4: Recent Trends and Industry Focus - The average return investment multiple for district-level guiding funds has been around 1.68 times, with a notable decline to 1.45 times in 2022, indicating a shift towards prioritizing quality over quantity in investments [26]. - Recent district-level guiding funds have shown a preference for advanced manufacturing, artificial intelligence, and digital economy sectors, reflecting a trend towards technology-driven industries [27]. Group 5: Active Fund Listings - A list of newly established district-level guiding funds includes various funds from regions such as Tianjin, Hebei, and Guangdong, with registered capital ranging from 3 million to 100 million yuan [32][33].

眉山未来产业基金正式启动，基金规模为5亿元，由眉山市产业引导基金、四川省科技创新投资集团和彭 山区共同发起设立，主要投资低空经济、新型储能、生物制造等前沿产业领域。当前，眉山市依托交通 区位优势、优越的空域条件、丰富的旅游资源，成功跻身四川省低空经济试点城市。 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 此次未来基金的设立，正是锚定低空经济赛道，抢抓低空经济产业密集创新和高速增长的战略机遇，基 金将聚焦空域试点、低空制造业和人才培养三大领域，助力低空经济产业项目在眉落地生根，打造西南 地区低空制造协同配套高地，加快提升我市低空经济竞争力。 未来，眉山产投私募基金公司将进一步发挥基金撬动作用，引导更多社会资本支持眉山战略性新兴行业 和未来产业发展，持续培育壮大新兴产业和加快布局未来产业，推动低空经济等未来产业在眉山实现技 术突破、应用场景拓展和产业集群发展。 来源：眉山投资控股集团 对接需求请扫码 每日｜荐读 ...

来源：湖北宏泰集团 对接需求请扫码 每日｜荐读 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 近日，总规模15亿元的湖北省绿新领航基金正式启动运行。这是湖北宏泰集团贯彻落实国家"双 碳"战略。在省委省政府高位推动及省财政厅大力支持下，绿色基金矩阵建设取得的又一重要实质 性进展。 绿新领航基金由湖北宏泰集团牵头发起组建，宏泰基金公司具体实施，基金总规模15亿元，重点 聚焦节能环保、资源能源循环利用、新能源等绿色低碳领域。基金引入国家绿色发展基金、国家战 略性新兴产业基金两支国家级资本，同时汇集湖北宏泰集团、武汉产业发展基金、首义科创母基金 省市区三级政府出资平台深度参与，形成"国家级资本+地方国资"同向发力的投资格局。该基金为 湖北首例省、市、区三级国资及财政联动注资，并同时引入两支国家级母基金出资赋能的基金载 体，开创了"中央-省-市-区"四级资本深度联动的新范式。 宏泰集团以资本服务实体经济为宗旨，深耕绿色金融、科技金融，瞄准绿色低碳等战略性新兴产 业、未来产业， ...

Group 1 - The Hubei provincial government has established a seed fund to provide stronger financial support for startups, led by the Chutian Fengming Fund under the Yangtze River Industry Group [1] - The seed fund aims to transform scientific and technological achievements into practical applications, collaborating with universities and research institutions [1] - The fund will have a total of 10 billion yuan, with an extended duration from 10 to 15 years to support long-term capital investment in seed projects [1] Group 2 - The newly released "Work Plan for Restructuring the Government Guidance Fund System" allows for a single investment project to incur a 100% loss, making Hubei the first province in China to implement such a policy [2] - This policy is expected to enhance innovation in industries by providing more flexibility and reducing the burden on fund management [2] - The plan establishes a mechanism for collaboration between government guidance funds and state-owned funds, promoting a cycle of investment from loss to profit [2]

Core Viewpoint - The establishment of the "Ring Zhengda Innovation Circle" is a key action to implement the integrated strategy of education, technology, and talent, aiming to cultivate new productive forces and support innovation-driven development. The total scale of the newly launched funds is 550 million yuan [1]. Group 1 - The "Ring Zhengda Innovation Circle" aims to enhance organized research and achieve breakthroughs in basic research, platform construction, and results transformation [1]. - Zhengzhou University will focus on "two high and four efforts," promoting high-efficiency operation of innovation funds, high-quality results transformation, high-level innovation ecology, and high-standard talent cultivation [1]. - The initiative seeks to integrate resources and industry connections, facilitating the deep integration of technological and industrial innovation [1]. Group 2 - A "one-stop" management service system for technology achievement transformation was introduced, establishing a comprehensive lifecycle support system for technology transfer at Zhengzhou University [2]. - Eleven major technology transfer projects were signed, covering fields such as biomedicine, new materials, electronic information, and high-tech services, with a total contract amount of 110 million yuan [2]. - Fourteen research teams showcased their innovative results through roadshows, emphasizing technological advancement and market potential, effectively creating a platform for industry cooperation [2].

Core Viewpoint - The article discusses the increasing interest of foreign capital in the Chinese private equity market, highlighting the strategic importance of China in the global capital landscape as firms like Temasek and Earnest Partners establish a presence in the country [2][4]. Group 1: Temasek's Entry - Temasek has established a private equity management firm in China, named True Light Capital, which completed its registration on June 16, 2023 [6]. - True Light Capital, fully owned by Temasek, raised $3.3 billion (approximately 240 billion RMB) for its first fund, focusing on sectors such as life sciences, technology, consumer, and industrial services in Greater China [7]. - The leadership of True Light Capital, led by Xu Ye, who has extensive experience in the Chinese banking sector, reflects a trend of combining international capital with local expertise [8]. Group 2: Earnest Partners' Expansion - On the same day as Temasek's registration, Earnest Partners also registered a private equity fund management company in Beijing, with a registered capital of $2 million [10]. - Earnest Partners has over $30 billion in assets under management and has been active in the Chinese market for over 20 years, focusing on sectors like new infrastructure, AI healthcare, and advanced manufacturing [10]. Group 3: Trends in Foreign Investment - The recent wave of foreign firms establishing private equity management companies in China indicates a renewed interest in the market, driven by policy incentives and technological advancements [11]. - Notable examples include Kai Tak Bank and KKR, which have also set up private equity firms in China, reflecting a broader trend of foreign investment in the region [11]. - The Chinese government has implemented various policies to attract foreign investment, including the removal of restrictions in the manufacturing sector and the introduction of measures to enhance the investment environment [12]. Group 4: Future Outlook - The article suggests that the evolving landscape of foreign investment in China is characterized by a shift from cautious evaluation to increased allocation, as foreign LPs engage more deeply in the private equity market [15]. - The combination of policy support and local technological innovation is expected to further enhance foreign investment in China, as firms recognize the country's economic potential [13][15].

导 · 读 本周，江苏、河南、湖北、山西等地母基金密集 落 地，重点布局 新能源、新材料、人工智能、智能制 造、生物医药、集成电路 等领域。 基金设立层面，本周北京、福建、宁波、天津、吉林等地均有新基金设立，基金主要聚焦在 半导体、新 材料、人工智能、智能制造等领域。 值得关注的是， 中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意 见》，其中明确 将引入资深专业机构投资者制度，面向优质科技型企业试点IPO预先审阅机制， 扩大科创板第五套标准适用范围。 苏州战新基金5支母基金招GP 目前，江苏省战略性新兴产业母基金两批产业专项基金已经签约落地，苏州战新基金矩阵共有7只 基金，其中5只为专项母基金，聚焦高端装备、生物医药、人工智能、低空经济、新能源及智能座 驾。近日，苏州战新基金发布了这5只母基金产业子基金管理机构遴选公告。 截至目前，首批总规模135亿元装备制造、生物医药战新母基金和未来产业天使基金，第二批总规 模105亿元人工智能、低空经济、新型能源及智能座驾战新母基金和苏州高校科技成果转化天使基 金，已全部注册落地，进入投资期。 今年以来战新基金直投项目20个，完成投资5.6亿元。其中 ...