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" 基金定位清晰， 聚焦算力硬件、AI Infra、AI+垂类应用、具身智能四大核心方向，采用"投资+产业"双轮驱动模式， 旨在破解AI产业发展中的资本 配置、项目落地难题，构建从核心技术研发到规模化应用的完整生态链，成为推动河南AI产业升级的"核心资本力量"。 来源：河南投资集团汇融基金 近日，汇融基金作 为管理人发起设立河南省首支人工智能产业基金，总规模 10 亿 元。在前 期成功布局投资沐曦集成电路、基流科技、云迹科技 等优质项目的基础上，汇融基金乘势而上，领投全球人形机器人领军企业众擎机器人，并将持续聚焦算力、应用、具身智能等方向，为河南打造全国 AI 产业新高地按下"加速键"。 ...

来源：嘉御资本 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" 2025年12月5日， 嘉御资本2025年投资人年会在上海陆家嘴成功举办。大会上，嘉御资本宣布完成多支新基金的募集设立，总规模超过40亿元人 民币。参与基金的主要投资人包括长沙、宁波、天津和长三角地区等高度市场化的引导基金、生态联动的上市公司产业资本和市场领先的人民币母基 金，以及多位基金老投资人的持续支持。 据悉，本次新募集的基金矩阵，全面覆盖了嘉御资本前瞻布局的领域，包括AI基础建设、新消费产业、跨境电商品牌出海、生命科技等多个核心赛 道，旨在系统性地把握中美AI"软硬兼施"、全球供应链重构及新消费范式下的结构性机会，形成协同有力的投资生态体系。 ...

导读： 年末掷金5亿，宁德时代又一重磅布局。 作者｜FOFWEEKLY 而值得关注的是，几乎在同一时间，宁波甬元发布一则新闻宣布：牵手星巴克中国"新伙伴"，头 部基金落子宁波，助力宁波新质生产力加速崛起。 文章中提及甬元投资牵手博裕投资，共同在宁波组建博裕新智新产股权投资基金，该基金与上述提 到的基金系同一只。 而除了宁德时代外，洛阳钼业、伊泰B股等上市公司也相继公告参与出资该基金。 由于博裕资本在消费领域深厚的积累，以及此前对于星巴克收购事件，有相关人士推测，该基金或 与星巴克中国的资本运作存在关联，可能作为其收购主体。这一猜测为此次出资增添了一层产业并 购的想象空间。 2025年，与腾讯、阿里等一度"消失"的超级LP步调相似，宁德时代重新开启了出资模式。 岁末之际，其一出手便是5个亿，参投博裕资本旗下新基金，这一动作不仅是个体战略的延续，也 是2025年底中国创投市场的一个重要信号——市场回暖。 年末掷金5亿 "宁王"年底"扫货"，又大手笔出资了。 2025年底，宁德时代的一则公告，又将这个"超级LP"拉回到聚光灯下。公司宣布使用自有资金5 亿元，参与投资"博裕新智新产（宁波）股权投资合伙企业（有限合伙） ...

该基金的设立，将高效务实助力引导更多长期资本和耐心资本进入创新投资领域，为福建省、福州新区培育壮大新质生产力，加快建设东南沿海重要 现代产业基地，构建福建特色现代化产业体系贡献中行力量。 来源：新福建 12月9日，福建省闽榕中瀛扶摇创业投资资金合伙投资企业（有限合伙）注册设立，为福建省首只全国股权投资试点扩大省级AIC基金，标志着首批 省级AIC基金首只注册落地。该AIC基金由中银金融资产投资有限公司、福建省金融投资有限责任公司、福州新区开发投资集团有限公司、福州国有 资本投资运营集团有限公司、福州市金融控股集团有限公司、福州新区投资控股有限责任公司在福州新区（长乐区）联合出资设立。在注册设立过程 中，得到了省委金融办、省财政厅、省证监局、省金融监管局、省市场监督局、福州新区管委会、福州市委金融办等各级单位的大力支持。 "福建省闽榕中银AIC基金"目标规模20亿元、首期5亿元，注册落地在福州新区（长乐区），由中银资本私募基金管理（北京）有限公司（简称"中 银资本"）担任管理人，将主要投资福建省新一代信息技术、人工智能、光电产业、新材料、新能源、医药健康等领域优质科创企业，并投资符合国 家政策导向且具有核心技术 ...

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" 湖北水利发展集团有限公司相关负责人表示，设立湖北水利发展基金是该集团履行好省级水利基础设施投建管运主体职责，加快建成"荆楚安澜"安 全韧性现代水网，大力发展绿色水经济的重要举措，是我省深化水利投融资改革和重构政府引导基金体系的重要成果。下一步，基金将专注主业投 资，携手各方构建共享共赢的水利发展合作生态，为湖北加快建成中部地区崛起重要战略支点注入水利动能。 来源：湖北日报 每日｜荐读 12月6日，湖北水利发展基金发布暨签约仪式在武汉举行。发布现场，出资人及管理人签署了基金协议，并与黄石市、十堰市、仙桃市、枣阳市签署 了项目投资意向协议。副省长黎东辉出席活动。 湖北水利发展基金是由省财政出资，湖北水利发展集团有限公司作为主发起人设立，规模100亿元。基金按照"政府引导、市场运作、专业管理、严 控风险"的原则运行，主要投向水利基础设施、涉水资产资源收购、水生态水环境治理、水利技术研发应用和涉水产业链上下游经营项目。 ...

Core Viewpoint - The Shenzhen Guangming Science and Technology Innovation Fund has officially launched, focusing on early-stage investments, particularly in angel and seed rounds, with a total expected scale of 1 billion yuan [1]. Group 1: Fund Overview - The Shenzhen Guangming Science and Technology Innovation Fund is part of a series of funds established through collaboration between the Bank of China and the Ministry of Science and Technology [1]. - The fund aims to support the construction of a high-tech innovation hub in Shenzhen and increase investment in scientific research [1]. Group 2: Investment Strategy - The fund primarily invests in sub-funds that specialize in early-stage investments, allowing for investments in projects at the angel and seed stages, even when companies are still in their initial phases [1]. - Each sub-fund may invest between 1 million to 2 million yuan in various projects, leading to a high number of investments despite the smaller size of each sub-fund [1]. Group 3: Selection Process - The fund collaborates with Shenzhen city and Guangming District to select sub-funds, acting as a limited partner to encourage these sub-funds to invest in promising companies with growth potential [1].

Core Insights - The establishment of Jiangsu's first AIC industry fund, "Wuxi Zhongying Xichuang Dingqi Fuyao New Industry Equity Investment Partnership (Limited Partnership)," aims to inject financial momentum into the development of new productive forces in the region [1] - The fund has a total scale of 1 billion yuan and focuses on low-altitude economy, commercial aerospace, and related sectors such as design, manufacturing, equipment, materials, and system integration [1] - This initiative represents a significant collaboration between government, banks, and enterprises, enhancing the connection between financial resources and local industrial needs [1] Summary by Sections - **Fund Establishment**: The fund was successfully registered in Wuxi, Jiangsu, on December 5, 2025, as a collaborative effort involving multiple financial institutions [1] - **Policy Context**: The fund's creation aligns with the recent expansion of the pilot program for financial asset investment companies in Jiangsu, which aims to boost local economic development [1] - **Investment Focus**: The fund will specifically target industries related to low-altitude economy and commercial aerospace, aiming to support the growth of high-quality enterprises in these sectors [1] - **Strategic Importance**: The fund is expected to facilitate investment attraction and nurture a robust industrial ecosystem in the region, thereby accelerating technology transfer and capacity expansion [1]

以下文章来源于超募研究所 ，作者FOFWEEKLY 超募研究所 . 结合公域&私域数据以及实操咨询业务，为私募股权行业从业者（FOF、LP、GP、企业等）提供专业、垂直类研究内容。 导读： 市 场已 告别低谷，波动性复苏成为新常态。在顶层战略引导下，耐心资本正加速涌入，构筑 市场新生态。 作 者｜ FOF WEEKLY 从基金备案数据来看，10月新备案私募 股 权、创投基金共计394只， 环比下降29.3%、同比增长55.1% ，其中私募股权投资基金127只，创业投资基金 267只。 本次回调呈现出鲜明的结构性特征，凸显出不同资本属性的战略定力： 产业型LP尤其是拥有国 资背景的 非上市产业集团，出资节奏相对平稳，成为市场重要的 "压舱石" ，其投资紧密围绕主业升级与硬科技赛道进行战略布 局。 虽然阶段性回落，但趋势整体向好， 在"十五五"规划顶层设计指引下 ，各级政府引导基金围绕区域产业特色进行精准部署，驱动资本流向与国家战略高 度协同的重点领域。 金融机构LP出资内部分化， 银行系AIC逆势发力 ，成为金融机构中的主导力量，而传统银行、保险等机构的出资整体仍偏谨慎。 财务型LP活跃度同步下降，显示出在当前 ...

Group 1 - Multiple mother funds have been established or announced in regions such as Guangdong, Hubei, Hunan, Fujian, and Zhejiang, focusing on sectors like artificial intelligence, low-altitude economy, biomedicine, semiconductors, and high-end manufacturing [2] - The Fujian (Xiamen) Social Security Science and Technology Innovation Fund has signed and launched with an initial scale of 20 billion [3][12] - The Guangzhou Angel Mother Fund aims for a target scale of 10 billion, focusing on key technology innovation areas and supporting emerging industries in Guangzhou [4] Group 2 - The Wuhan Hongshan District Government Investment Fund has expanded to 10 billion, emphasizing early-stage investments in hard technology sectors [5][6] - The Changsha Wangcheng Mother Fund has announced the selection of sub-fund management institutions, with a total scale of 5 billion [7][8] - The Ningbo Low-altitude Economy Fund has been established with a total scale of 1 billion, focusing on the low-altitude safety industry chain [11] Group 3 - The Beijing Jingguochuang Smart Computing M&A Fund has been registered with a scale of 30 billion, primarily funded by Beijing Guoguan [13] - The Shanghai Smart Computing Leading Private Fund has been established with a scale of approximately 5.04 billion [14] - Three new quality productivity M&A funds in Fujian have been launched, with a target scale of 2.5 billion [15] Group 4 - The Southern Power Grid Industrial Fund has been established with a total scale of 14 billion, focusing on new power system construction [16][17] - The Guotai Junan Zhongji Xuchuang Industrial Fund has completed registration with an initial scale of 1.5 billion, targeting AI infrastructure and applications [18] - The Zhejiang Intelligent Ship Fund has been established with a total scale of 500 million, aimed at promoting the intelligent transformation of the shipbuilding industry [19] Group 5 - The Hefei Jiantou Zhongying Fuyun Equity Investment Fund has been signed, with a scale of 1 billion, marking the first AIC fund in Anhui [20] - The Shaanxi Lituo Xinxin Technology Innovation Fund has been approved as a QFLP pilot fund with a scale of 185 million [21] - The Suqian Kaichuang Runxin M&A Fund has been registered with a scale of 2 billion, focusing on quality real estate and infrastructure projects [22] Group 6 - The Hohhot Biomedicine Industry High-Quality Development Fund has been established with an initial scale of 500 million, focusing on high-tech achievements in biomedicine [23] - The Fudan University Overseas Investment Fund has been launched with a target scale of 100 million USD, aimed at supporting early-stage projects in various innovative fields [24][26] - The South Pole Electric Commerce Co., Ltd. plans to invest up to 50 million in a new equity investment partnership [27] Group 7 - Four private equity investment institutions have successfully issued a second batch of science and technology innovation bonds, totaling approximately 930 million [28]

Core Viewpoint - The article highlights the emergence of a significant merger and acquisition (M&A) wave in the market, driven by supportive policies and capital influx from local governments and investment funds [4][8][19]. Summary by Sections M&A Market Dynamics - The number and scale of M&A activities among A-share listed companies are on the rise, with various supportive policies and funds being established across regions [5][12]. - Major cities like Beijing and Shanghai are implementing key policies to enhance the M&A landscape, injecting new vitality into the market [9][12]. Policy and Fund Initiatives - On December 3, Shanghai announced support policies for building an M&A aggregation area, offering direct incentives for quality M&A fund managers and interest subsidies for M&A loans, with a maximum single award of 30 million RMB [9]. - A new 30 billion RMB "Beijing Jingguochuang Intelligent Computing M&A Equity Investment Fund" was registered, showcasing state-owned capital's strategic intent to invest in cutting-edge technology sectors [9]. - The Xiamen Industrial M&A Equity Investment Fund was also established with a capital of 2 billion RMB, aimed at supporting local enterprises through capital injection and resource integration [10]. Market Trends and Future Outlook - According to statistics, 1,750 listed companies disclosed 2,168 M&A events in the first 11 months of the year, indicating a significant increase compared to the previous year [13]. - The market is expected to see new highs in both the number and scale of M&A activities by 2025, characterized by mainstream industrial mergers, diversified payment methods, and increased market-driven transactions [13]. - The article notes a shift in the perception of M&A from a backup exit strategy to a key strategic tool for companies [17]. Strategic Importance of M&A - The strategic importance of M&A in the Chinese market is growing due to factors such as economic restructuring, evolving industry competition, and the optimization of corporate governance [15]. - State-owned enterprises are actively seeking M&A opportunities in emerging industries like semiconductors, smart manufacturing, and biomedicine [16]. Conclusion - The article concludes that the M&A wave is just beginning, driven by ongoing policies, industrial demand, and technological advancements, emphasizing the importance of understanding the direction of this trend for market participants [19].