Core Viewpoint - The article highlights a resurgence of foreign investment in China's primary market, driven by technological breakthroughs and policy incentives, with global private equity giants increasingly establishing RMB funds in China [2][4][12]. Group 1: Foreign Investment Trends - KKR has launched a RMB fund, marking a significant step in its strategic expansion in China, which is more aligned with the local market compared to previous USD funds [5][9]. - Other global private equity firms, such as Warburg Pincus, Hanley Capital, and L Catterton, are also accelerating their investments in China, indicating a broader trend among foreign investors [11]. - The establishment of KKR's RMB fund is seen as a new approach for foreign general partners (GPs) to invest in domestic assets, reflecting a shift in strategy [9][10]. Group 2: Market Sentiment and Future Outlook - After a period of low investment interest, foreign limited partners (LPs) are showing a strong recovery in their willingness to invest in Chinese assets, particularly in sectors like AI and robotics [12][13]. - The year 2025 is anticipated to be a pivotal turning point for foreign investment in China, with many international LPs restarting or initiating new investment plans [11][12]. - The article emphasizes that the evolving global economic landscape is prompting a reassessment of China's market potential, leading to increased confidence and investment from foreign entities [13].

Core Viewpoint - The article highlights a significant shift in the investment landscape, with policies being restructured to alleviate the challenges faced by General Partners (GPs) in fundraising and investment, indicating a national policy breakthrough [2][3]. Summary by Sections Policy Changes in Tianjin - Tianjin has introduced comprehensive measures to support venture capital, increasing the maximum government investment ratio from 50% to 80%, which is a notable breakthrough in the field [6][7]. - The new policies aim to address the entire investment chain, including fundraising, investment, management, and exit strategies, with 24 specific measures targeting these areas [6][8]. Fundraising Initiatives - The government will optimize the investment ratio of government venture capital funds, allowing for a higher contribution from municipal and district finances [7]. - There is an emphasis on attracting long-term capital, such as insurance funds, to invest in venture capital funds, addressing the "fundraising difficulty" issue [7][8]. Investment Support - Incentives will be provided to venture capital institutions to focus on early-stage investments in hard technology, supporting startups in need [8]. - Regular project recommendations will be made to venture capital institutions to alleviate the problem of a lack of investment projects [8]. Management Adjustments - The policies will adjust the performance indicators for government venture capital funds, reducing the focus on return multiples and fund yields to enhance the role of fiscal funds in fostering innovation [8][9]. - A new evaluation mechanism for state-owned venture capital funds will be explored to mitigate the concerns of investment decision-makers regarding post-investment accountability [8][9]. Exit Strategies - The policies will broaden exit channels for venture capital institutions, supporting various methods such as equity buybacks, share transfers, and mergers and acquisitions [9]. - The aim is to create a smooth cycle of capital exit, recovery, and reinvestment [9]. National Trends in Venture Capital - The article notes a nationwide trend of local governments enhancing their venture capital policies, with regions like Sichuan and Wuhan also implementing supportive measures [11][12]. - The overall investment environment is improving, with local government funds expanding and new policies providing comprehensive support for GPs and projects [11][12]. Market Dynamics - The investment market is showing signs of recovery, with increased activity from limited partners (LPs) and a stabilization in investment events and scales [14][15]. - The article indicates that the investment landscape is undergoing significant changes, driven by both policy support and technological advancements [17][18].

Group 1 - The core viewpoint of the article highlights the successful fundraising of 728 million yuan for the Changshi Capital Hard Technology Phase III Fund, showcasing a diverse LP structure that includes local governments, leading financial institutions, and contributions from founders and executives of listed companies in the hard technology sector [1] - The LP composition features notable industry players such as Zhaosheng Microelectronics, Maiwei Co., Shibu Testing, and Blue Ocean Huaten, along with cornerstone investor Ciyuan Capital and various top financial institutions and market-oriented mother funds [1] - The Hard Technology Phase I Fund has invested in a total of 24 projects, with 11 companies having completed their IPOs, including Zhongwei Semiconductor, Suzhou Tianmai, Zhuhai Guanyu, and Darui Electronics, while two more are in the IPO process, achieving a DPI close to 2 times [1] Group 2 - The Hard Technology Phase II Fund has four projects that have entered the IPO application stage, with an additional six companies expected to apply in the next two years, indicating a strong pipeline for future IPOs [1] - The overall IPO hit rate for both phases of the fund exceeds 50%, reflecting the effectiveness of the investment strategy employed by Changshi Capital in the hard technology sector [1]

来源：广西投资集团 7月18日，由自治区工业和信息化厅、广投集团联合发起设立的广西兴桂新型工业化创业投资基金 （以下简称广西工业创投基金）完成工商注册，总规模50亿元，首期规模20亿元，是广西首只聚 焦工业领域的创投类母基金。 广西引导基金公司和广投集团旗下专业的基金投资管理平台和市场化股权投资实施主体广投资本作 为有限合伙人，广投鼎新基金公司作为普通合伙人和基金管理人共同出资设立广西工业创投基金， 着力投早、投小、投硬科技。 基金采用"1+N"母子基金模式，聚焦科技创新和新质生产力培育，投向工业领域初创期和成长期科 技型企业，重点支持新一代信息技术、新能源汽车、新能源及储能、生物医药、新材料等新兴产业 培育壮大，及人工智能、生命科学等未来产业前瞻布局。 据悉，下一步，广投集团将深入贯彻落实自治区党委、政府工作部署，积极发挥国有资本投资公司 的功能作用，坚持市场化运作好广西工业创投基金，探索创新国有资本服务地方经济新模式，吸引 更多社会资本参与创业投资，带动优质产业项目落户广西，不断壮大长期资本、耐心资本，推动科 技创新与产业创新深度融合，助力广西工业高质量发展。 对接需求请扫码 每日｜荐读 榜单： 「202 ...

来源：漳州市国资委 日前，由漳龙集团权属企业漳州漳龙创业投资基金管理有限公司（以下简称"漳龙基金公司"）管理 的漳州市长泰区创新股权投资合伙企业（有限合伙）（以下简称"长泰区产业母基金"）成功设立， 并在中国证券投资基金业协会完成备案，基金规模5亿元。 长泰区产业母基金是长泰区围绕区域重点产业发展设立的首支产业母基金，该基金由漳龙基金公司 携手长泰区属国有企业福建开泰国有资本运营有限公司发起设立，基金将采用"母子基金联动+市 场化运作"双轨机制，结合地方产业需求设立多支综合型子基金或专项基金，通过基金"以投带 招"的模式，围绕赋能长泰区"3+N"产业体系，结合产业协同化、聚集化、规模化，主要投向长泰 区电子信息、智能制造、新材料等主导产业链项目，漳龙基金管理团队将与长泰区政府及国企一 道，建立"畅通、便捷、精准、高效"的基金与项目对接机制，进一步加速长泰区主导产业链上下游 协同发展，推动区域经济健康可持续发展。 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」报名启动：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 每日｜荐 ...

Core Insights - The article highlights the recent establishment of various funds across multiple regions in China, focusing on sectors such as biotechnology, artificial intelligence, new energy, and advanced manufacturing [1][2][3][6][20]. Fund Establishments - Jiangsu Province has launched a green low-carbon industry fund with a scale of 2 billion yuan, targeting investments in green technologies and smart energy [2]. - Yunnan Province has registered a 5 billion yuan advanced manufacturing equity investment fund, aimed at transforming traditional industries and fostering emerging sectors [3]. - A new 10 billion yuan direct investment fund is being set up in Xiamen to support local SMEs in strategic emerging industries [5]. - Jiangsu's strategic emerging industry mother fund has surpassed 100 billion yuan in total scale, with 41 specialized funds established [6]. - A 10 billion yuan AI-focused fund has been announced in Ma'anshan, emphasizing investments in the AI industry [7]. - Cangzhou is initiating a 1 billion yuan green chemical industry fund to support the development of a high-end, green, and intelligent chemical industry [8][9]. - The national-level sub-fund in Ordos has a scale of 1.6 billion yuan, focusing on advanced manufacturing and information technology [10]. Policy Changes - The Ministry of Finance has introduced new regulations to optimize the long-term assessment mechanism for state-owned commercial insurance companies, shifting the focus to multi-period indicators to enhance the role of insurance funds in supporting the real economy [40][41][42].

良品铺子在公告中表示，本次股权转让前，公司控股股东宁波汉意及其一致行动人良品投资合计持 有上市公司股份总数的38.22%。经交易各方协商一致，拟引入长江国贸成为公司控股股东，其与 公司具备产业协同性，能充分发挥长江国贸在供应链综合服务、国际及国内贸易、现代仓储物流等 方面的先进经验和行业资源优势，为公司转型发展全面赋能，形成公司"一品一链一园"的全链条产 业生态体系，助力公司实现高质量可持续发展。 公 告 显 示 ， 本 次 交 易 总 额 约 10.46 亿 元 ， 宁 波 汉 意 拟 向 长 江 国 贸 协 议 转 让 其 持 有 的 良 品 铺 子 72239880股股份，占上市公司股份总数的18.01%；良品投资拟向长江国贸协议转让其持有的良品 铺子11970120股股份，占上市公司股份总数的2.99%。本次权益变动不触及要约收购。转让双方不 存在关联关系。若本次交易顺利完成，将导致良品铺子控股股东及实际控制人发生变化，公司控股 股东将由宁波汉意变更为长江国贸，实际控制人将由杨红春、杨银芬、张国强、潘继红变更为武汉 市人民政府国有资产监督管理委员会。 对接需求请扫码 每日｜荐读 榜单： 「2025投资 ...

Core Viewpoint - The article discusses the launch of the "Mingyue Lake Collaborative Innovation Action Plan," which aims to enhance innovation capabilities through five major actions, focusing on the integration of technology and industry, and establishing a comprehensive service system for the transformation of scientific and technological achievements [1][2]. Group 1: Innovation Leadership - The plan emphasizes the establishment of high-level innovation platforms, including the Mingyue Lake Laboratory and national-level centers for satellite internet and light metal technology, with a goal of facilitating at least 1,000 successful technology transfers by 2027 [3]. Group 2: Industry Aggregation - The initiative will explore the "Research Institute + Sci-tech Park" model, leveraging leading companies like Chang'an, Seres, and StarNet to cultivate a pyramid-shaped enterprise cluster [4]. Group 3: Financial Empowerment - A comprehensive investment system will be developed, including a "transfer and direct investment + fund" model, with annual allocations of no less than 50 million yuan for special funds and 100 million yuan for direct project investments, aiming for a total fund scale exceeding 100 billion yuan [5]. Group 4: Talent Support - The plan focuses on local key industries, aiming to establish the Mingyue Lake Excellent Engineer Alliance and cultivate at least 1,000 excellent engineers and 3,000 master's and doctoral graduates through industry-education integration by 2027 [6]. Group 5: Service Enhancement - The initiative will create various professional service platforms and host innovation activities, with a target of establishing no less than 100 specialized technical service platforms by 2027 to enhance the "Mingyue Lake" innovation brand [7].

作者丨FOFWEEKLY 本期导读： 值得关注的是，中微公司拟通过子公司出资不超过人民币7.35亿参与半导体基金，成为本月最大 单笔出资之一。 此外，欣旺达又做LP出资给星航资本； 珀莱雅则通过转让基金份额，实现退出。 6月，上市公司参与出资基金的平均规模和出资的平均规模相较5月均有所下降，但出资次数有所 提升。投资集中在信息技术、工业、可选消费等领域。 本期推荐阅读5分钟 对接需求请扫码 *本文仅代表作者个人观点。 上市公司出资详情如下： 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」报名启动：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 ...

Group 1 - Three new investment funds were established in Qingdao, each with a capital contribution of 10 billion RMB, totaling 30 billion RMB [1] - The funds are managed by Qingdao Innovation Investment Co., Ltd., and are focused on investment activities using their own funds [1] - The partners of these funds include Qingdao Financial Group's subsidiary, Qingdao Guiding Fund Investment Co., Ltd., and Qingdao Innovation Investment Co., Ltd. [1]