本期导读： 当前中国一级市场的投资逻辑较多年前发生了显著变化，传统风投的逻辑逐渐失效， 迫切需要创 新与重塑。 作者丨 吴晓鹏 本期推荐阅读5分钟 投资人数量众多且同质化严重，一个项目往往引来十几家甚至几十家机构争抢，信息化和AI时代 的当下，一级市场的标的企业基本信息公开化已直追二级市场。 投资机构在决策过程中，过度依赖短期市场热点和政策导向，在热门赛道如 AI、商业航天、低空 经济、新材料等领域扎堆， 缺乏差异化的能力竞争，进而催生投资机构 "同质化泡沫"。 以 AI 领域为例，近年来大量投资机构涌入，短短几年间投资金额高达数千亿元，但许多项目缺乏 核心技术和可持续商业模式，仅仅是为了迎合市场热点而仓促上马。据IT桔子数据统计，2024 年 AI领域新增创业公司超过5000家，其中超过70%的项目在商业模式上高度相似，主要集中在应用 层的简单开发， 同质化竞争导致资源浪费严重，行业整体泡沫加剧。 1.3 资金"很多"，但行业适配资金极度匮乏。 中国的一级市场股权投资行业正站在变革的十字路口。15万亿资产的行业，从业者孜孜以求，监 管者寄予厚望，但却无法回避行业的募投管退正面临着前所未有的挑战， 传统发展模 ...

Core Viewpoint - Qingchuan Private Equity Fund Management (Wuxi) Co., Ltd. has successfully established a new fund named Wuxi Jingshuihu Heguang No.1 Venture Capital Partnership (Limited Partnership), marking another step in expanding its fund product matrix and responding to the needs of financial investors [1] Group 1 - The new fund, Heguang No.1, is the first FOF fund established by Jingshuihu Chuangtou based on the demands and risk preferences of financial investors, utilizing a purely market-oriented fundraising, investment, and management strategy [1] - Heguang No.1 achieved a high re-investment rate and fundraising efficiency, primarily attracting high-net-worth entrepreneurs and financial investors who have previously engaged with Jingshuihu Chuangtou [1] - The fund operates as a "blind pool" without specific reserve projects or targeted investments, providing maximum freedom for the investment team to explore early-stage investment opportunities over a ten-year fund duration, as opposed to the conventional seven-year term [1]

Group 1 - The core viewpoint of the article highlights Ctrip's strategic initiatives aimed at enhancing innovation and service standards in the tourism industry [1] Group 2 - Ctrip announced the establishment of a 1 billion yuan tourism innovation fund to support breakthrough and innovative developments in the tourism sector [1] - The company has formed strategic partnerships with several international hotel groups from Thailand, Malaysia, and Indonesia to improve regional hotel service standards through joint marketing and service upgrades [1] - Ctrip is collaborating with 10 domestic destinations and 5 overseas travel agencies to create a "two-way service hub" in response to the national strategy to promote inbound tourism [1]

Core Insights - The article highlights the increasing trend of mother funds and angel funds in various regions of China, focusing on sectors such as advanced manufacturing, new materials, artificial intelligence, digital economy, and green low-carbon initiatives [1][25] - Sichuan province has introduced significant new policies aiming for a fund management scale of 400 billion yuan by 2030, with innovative mechanisms to encourage investment [1][25] Group 1: Mother Fund Initiatives - Chengdu High-tech Zone plans to establish a 10 billion yuan angel mother fund over five years, targeting early-stage investments in hard technology [3][4] - The Chongqing Beibei mother fund has a total scale of 2 billion yuan, focusing on advanced manufacturing and emerging industries [7][8] - The Hubei Xiaoting Fund aims to support strategic emerging industries with a total scale of 203 million yuan, utilizing a combination of sub-funds and direct investments [9][11] Group 2: New Fund Launches - Kaide Investment has launched its first onshore mother fund in China with a total commitment of 5 billion yuan, focusing on quality assets in major cities [5][6] - The Lhasa Industrial Strong City Mother Fund has been established with a total scale of 1.5 billion yuan, aimed at promoting industrial upgrades and regional development [13][14] - The Xi'an New Materials Industry Fund has a total scale of 10 billion yuan, focusing on enhancing the new materials industry cluster [18][19] Group 3: Policy Developments - Sichuan's new policies include allowing fund contributions not tied to the fund's registered location and increasing the loss tolerance for government-guided funds [25][26] - The State Council has released new measures to support venture capital and industry investment, emphasizing the importance of equity investment institutions in early-stage technology [26][27] Group 4: Debt Issuance for Innovation - China Petroleum Capital issued 900 million yuan in technology innovation bonds, marking a significant interest from investors [29] - Lushin Investment successfully issued 500 million yuan in technology innovation bonds, focusing on strategic emerging industries [30][32]

本期导读： 上市公司正掀起并购基金热潮。 作者丨FOFWEEKLY 本期推荐阅读5分钟 这两年，一级市场从业者感受到了莫大的挑战，在募资与退出的双重压力中持续承压，投资热点的 快速轮动也让机构绷紧神经。不过在政策与技术革命的共振下，市场开始出现积极转变——近期上 市公司活跃度回升了。 一方面， 一级市场LP整体出资热情持续提升，而上市公司作为LP的出资活跃度 亦呈上升趋势； 而另一个变化是，今年A股上市公司参设并购基金的积极性同样显著增长。 据同花顺数据显示：截至5月21日，今年A股市场共有110家上市公司发布了参设产业并购基金的相 关公告，这些基金合计预计募集总规模超过1280亿元。 有投资人指出：" 今年是一个很好的政策窗口期， 上市公司热衷于联络各方资本共同发力并购。" 市场回暖 一级市场正迈向结构性修复的新周期， 近期市场回暖的信号愈发清晰。 有投资人感概："明显感到市场又热闹起来。" 数据端显示：2025年4月， 机构LP的出资活跃度环比增长23%，较之去年同期增长38%。 人民币 基金新设数量也出现止跌回升迹象，从体感上来看，各地国资LP出资决策效率明显提升，与此同 时，GP的出差频次也明显升级。 ...

本次天使母基金拟重点征集先进装备、新能源新材料和中韩创新创业园基金，子基金对其选定方向 的项目投资金额原则上应不低于子基金实缴规模的50%。申请机构可以选择以下至多一个需求方向 进行申报。 2025年成都高新区天使母基金合作需求方向（第六批次） 日前，成都高新区天使投资子基金（第六批次）申报指南公布。 据悉，成都高新区计划五年设立百亿元天使母基金。天使母基金是不以盈利为目的的政策性母基 金，主要通过投资各类天使投资基金（以下简称"子基金"），引导社会资本在成都高新区投早投小 投硬科技，招引高层次创新创业项目（人才），大力支持科学家、企业家将科技创新成果商业化、 产业化。天使母基金具有"出资比例高、地域限制少、投资弹性足、返投认定活、激励力度强"五大 优势。成都高投创业投资有限公司（以下简称"高新创投"或"母基金管理人"）承担成都高新区天使 母基金管理工作。 天使母基金除重点考虑与头部机构合作外，还重点关注与中试平台及战略性科技平台进行合作。中 试平台主要指国家、省、市发展改革、经济信息和科技管理相关职能部门认定、发布、备案的高新 区的中试平台、与管委会签订投资协议、共建合作协议等重大合作协议的中试平台，四川省 ...

来源：中共眉山市委眉山市人民政府 眉山产业引导基金发布子基金GP遴选公告：为支持中试成果落地转化和核心技术突破项目，推动 区域科技成果转化与产业化进程，眉山市产业发展投资引导基金拟设立"眉山中试成果转化子基 金"，总规模1亿元。子基金将聚焦锂电、光伏、化工新材料等关键产业方向。 子基金设立结构方面，基金管理人需自筹不低于10%资金，其余由母基金出资，体现"引导+市场 化"机制。基金采用有限合伙制形式，存续期10年，其中投资期4年、退出期4年，可根据项目情况 分别延长两次，每次不超过1年。 对接需求请扫码 每日｜荐读 热文： 社会LP去哪了 公告指出，基金可投标的包括非上市公司股权和可转换债券等，鼓励管理机构以市场化方式进行项 目遴选和投资管理，提升资金使用效率和产业引导效能。 热文： 购基金井喷，巨头们开始"买买买" 报告： 独角兽的"新双轮驱动"：《2025中国CVC影响力报告》发布 报告： 哪些LP在活跃出资？——《LP全景报告2024》发布 ...

Core Viewpoint - Yangzi Investment Group is launching the Nanjing Yangtze River Technology Industry Investment Fund to support industrial development in the Jiangbei New Area, with a total subscription scale of no less than 300 million yuan [1] Group 1: Fund Structure and Operation - The fund is structured as a limited partnership and will operate according to the partnership agreement [1] - The fund has a duration of 10 years, with a 4-year investment period and a 6-year exit period, extendable based on actual conditions [1] - A phased capital contribution system is implemented, with contributions of 30%, 40%, and 30% across different phases, and a 70% investment progress threshold to move to the next phase [1] Group 2: Investment Focus - The fund will focus on the "2+4+N" leading industries in the Jiangbei New Area, with individual project investments capped at 30 million yuan and not exceeding 20% of the total capital contributions [1] - The fund encourages single investments not to exceed 10 million yuan [1] Group 3: Regional Commitment - The fund will fully invest in the Nanjing Jiangbei New Area, with a 100% reinvestment ratio to guide social capital towards high-quality regional development [1]

Core Viewpoint - The article emphasizes the need to support equity investment institutions among the three types of entities issuing technology innovation bonds, highlighting their crucial role in early-stage investments in hard technology [2][4]. Group 1: Policy Measures - The recent joint issuance of the policy measures by seven departments aims to address the challenges in technology finance, focusing on venture capital, monetary credit, and capital markets, with 15 specific measures proposed [2][3]. - The policy encourages the development of private equity secondary market funds (S funds) and supports venture capital and industrial investment in bond financing [2][3]. Group 2: Financial Data - As of March this year, loans to technology-based small and medium-sized enterprises exceeded 3.3 trillion yuan, marking a 24% year-on-year increase, with growth rates above 20% for three consecutive years [4]. - The loan balance for "specialized, refined, characteristic, and innovative" enterprises surpassed 6.3 trillion yuan, with a year-on-year growth of 15.1% [4]. Group 3: Support for Equity Investment Institutions - Equity investment institutions are identified as key players in early-stage investments in hard technology, but they face challenges such as short financing terms and high costs when relying on self-issued bonds [4]. - The article suggests that the establishment of a "technology board" in the bond market could help alleviate these issues by providing longer financing terms and lower costs [4]. Group 4: Insurance and Long-term Capital - The policy encourages insurance companies to develop insurance products that cover the entire lifecycle of technology enterprises, providing risk protection for technology transfer and commercialization [5]. - A pilot program for long-term investment by insurance funds has been initiated, with the first batch of 500 billion yuan and a second batch of 1,120 billion yuan approved, with a third batch of 600 billion yuan expected soon [5]. Group 5: Cross-border Listings - The China Securities Regulatory Commission (CSRC) supports technology enterprises in utilizing both domestic and international capital markets, with 242 domestic companies completing overseas listing filings since the new regulations were implemented [5]. - Among these, 83 are technology enterprises, primarily in sectors such as information technology, new energy, and advanced manufacturing [5].

Core Viewpoint - The establishment of a new materials industry fund with a total scale of 10 billion yuan aims to enhance financial support and promote the development of the new materials sector in the Northwest region of China [1] Group 1 - The new materials industry fund is jointly initiated by the Northwest Nonferrous Metals Research Institute, Xi'an Investment Holding Co., Ltd., and Xi'an Economic and Technological Development Zone Financial Holding Co., Ltd. [1] - The fund has a planned duration of 10 years, consisting of a 7-year investment period and a 3-year exit period [1] - The overall effectiveness of the fund is expected to amplify to a scale of 100 billion yuan by attracting "patient capital" from major banks [1] Group 2 - The fund aims to facilitate mergers and acquisitions of quality projects by several listed companies under the Northwest Nonferrous Metals Research Institute [1] - It is designed to deepen the layout of upstream and downstream industry chain enterprises around the new materials industry demand in the Economic Development Zone [1] - The initiative is expected to achieve a multiplier effect on the output value of the new materials industry [1]