Core Viewpoint - The Foshan New Momentum Industry Fund aims to promote high-quality development in Foshan by investing in strategic emerging industries, with a total scale of 20 billion yuan and an initial scale of 4 billion yuan [1][2]. Group 1: Fund Overview - The Foshan New Momentum Industry Fund was established in April 2025, with a total scale of 20 billion yuan and an initial scale of 4 billion yuan, managed by Foshan Financial Investment Holding Co., Ltd [1]. - The fund focuses on investing in strategic emerging industries such as new power equipment, computing infrastructure, artificial intelligence, smart robotics, semiconductor chips, new energy, new materials, new storage, new displays, healthcare, and low-altitude economy [1][2]. Group 2: Investment Strategy - The fund's mission is to establish a professional investment system that attracts more "patient capital" and "strategic capital" to Foshan, supporting the transformation of traditional industries and the development of emerging industries [1]. - Each cooperative sub-fund should have a scale that matches its management institution's investment capability, with a minimum of 100 million yuan [2]. - The cumulative investment in Foshan by cooperative sub-funds must not be less than 100% of the actual paid-in scale of the cooperative sub-fund [2]. Group 3: Fund Management and Approval - The cumulative contribution ratio of the New Momentum Industry Fund in any single sub-fund should not exceed 30% of the total subscribed capital of that sub-fund, requiring approval from the fund's decision-making committee if exceeded [2]. - The fund will make contributions after other social investors have completed their contributions [2].

Core Viewpoint - The meeting between China Merchants Capital and Qatar Investment Promotion Agency aims to enhance industrial cooperation and project implementation, focusing on investment opportunities in various sectors such as smart technology, green technology, and life sciences [1][2]. Group 1: Meeting Overview - The second meeting took place in Shenzhen, attended by executives from both organizations, including the CEO of China Merchants Capital and the CEO of Qatar Investment Promotion Agency [1]. - The discussions were based on the outcomes of the first meeting, emphasizing deeper exchanges on industrial cooperation and project execution [1]. Group 2: Investment Focus - Both parties agreed to accelerate the implementation of industrial projects and explore the establishment of a joint industrial fund to support Chinese enterprises' long-term development in Qatar and surrounding regions [2]. - China Merchants Capital has invested in numerous leading companies across various sectors and has experience in establishing industrial funds in collaboration with local governments [2]. Group 3: Strategic Alignment - The CEO of China Merchants Capital expressed confidence in advancing investment and industrial cooperation, highlighting the alignment of Qatar's agricultural modernization and food security initiatives with their investment focus [2]. - Qatar is positioned as a logistics and trade hub in the Middle East, presenting significant market potential for China Merchants Capital and related enterprises to explore project opportunities [2].

Group 1 - The core viewpoint of the article highlights the successful closing of the fifth phase of the advanced manufacturing theme fund by架桥资本, with a notable old LP repurchase rate of 66% [1] - 中金资本 has increased its investment to 25% in this round, continuing its support for the third consecutive time, while 东莞产投母基金 has also increased its investment after leading the previous four phases [2] - The fund maintains a "deep focus" strategy, targeting three main areas: high-end equipment and core components, artificial intelligence, and providing comprehensive support for value creation post-investment [4][5] Group 2 - The fund aims to identify "hidden champions" with breakthrough capabilities in "bottleneck" technologies to promote domestic substitution [4] - The investment strategy includes structured layouts in core components of robotics, AI infrastructure, and transformative AI applications and data [4] - Financial institutions such as 国泰海通, 中信建投, and 浙商资本 are also supporting the fund, indicating a diverse and rational decision-making LP structure [3]

Core Viewpoint - Private equity investment has provided tangible returns for the insurance industry, demonstrating long-term stability and sustainable investment yields despite market challenges [3][4]. Group 1: Overall Industry Data - As of June 2024, the total assets and funds utilized by the insurance industry grew by 9.2% and 8.7% respectively compared to the beginning of the year, providing ample cash flow for capital market investments [9]. - The proportion of equity investments by life and property insurance companies reached 21.4%, an increase of 0.6 percentage points year-on-year, indicating a stable source of funds for expanding equity asset allocation [9]. - The investment in private equity funds by insurance capital saw a growth of 6.1% in committed amounts, 3.8% in paid amounts, and 3% in investment balances, reflecting a steady growth trend [10]. Group 2: Investment Performance - Over 75% of insurance institutions that exited projects achieved returns exceeding 5%, with approximately 55% of institutions seeing returns between 5% and 10%, and over 20% achieving returns above 10% [10]. - The financial investment yield and comprehensive investment yield increased by 1.2 and 3.99 percentage points respectively, with the comprehensive investment yield reaching 5.3%, the highest in five years [10]. Group 3: Strategic Insights - The insurance sector has effectively adapted to the low-interest-rate environment by expanding equity investments and alternative investments, which has proven to be an effective strategy [14]. - The insurance capital has capitalized on the stock market's growth, with the Shanghai Composite Index rising over 1000 points since September 2023, leading to significant investment returns [14]. - Recent supportive policies from the government have encouraged long-term capital to enter the market, enhancing the quality of capital market development [14][15]. Group 4: Future Directions - The insurance industry needs to continue adhering to a long-term investment philosophy, emphasizing value and responsible investment to maintain competitive advantages [21]. - There is a need for ongoing innovation in long-term investment mechanisms, including the establishment of specialized subsidiaries for various investment needs [21]. - Expanding investment areas beyond equity to include real estate, infrastructure, and alternative assets is essential for diversifying portfolios [21].

Core Insights - The Deyang Investment Control Industrial Investment Guidance Fund has been officially registered with the Asset Management Association of China, marking its readiness for operation and aiming to inject new financial momentum into Deyang's industrial development [2] - The fund will establish a "1+2+N" fund cluster structure, focusing on strengthening and optimizing the "3+1" leading industries and the "8 chains and 9 clusters" sub-sectors, promoting traditional industry upgrades and the rise of emerging industries through equity investment [2] - The establishment of the industrial guidance fund coincides with Deyang's efforts to advance the construction of a modern industrial system, leveraging its geographical advantages, efficient transportation, and strong manufacturing base [2] Fund Structure and Focus - The fund's structure is designed to leverage Deyang's industrial comparative advantages, with a focus on key industries and sub-sectors that align with the city's development goals [2] - The fund aims to provide comprehensive services, including policy consultation and coordination for enterprises, to continuously optimize the business environment and support the growth of companies in Deyang [2] Strategic Importance - The Deyang government emphasizes that "capital is the blood of industry, and innovation is the engine of development," indicating the strategic importance of the fund in driving high-quality development in the region [2] - The launch of the industrial guidance fund is seen as a new chapter in Deyang's development, aiming to empower and create win-win opportunities for the future [2]

Core Viewpoint - The establishment of the Zhejiang Province Industrial Structure Adjustment Fund, with a scale of 3 billion yuan, aims to enhance the modernization of the industrial system in Zhejiang Province and promote the optimization and upgrading of the industrial structure [1][2]. Group 1 - The fund will inject strong momentum into the construction of a modern industrial system in Zhejiang, facilitating the optimization of state-owned capital layout and promoting industrial transformation and upgrading [1][2]. - The investment scope of the fund includes strategic emerging industries such as new generation information technology, artificial intelligence and the Internet of Things, new energy vehicle industry chain, new materials, and life health [1]. - The fund aligns with Zhejiang's key industrial development directions, including the "415X" manufacturing cluster and the "315" innovation system, providing precise capital support for industrial development [1][2]. Group 2 - The fund's launch is significant for the industrial development of Xiaoshan Economic and Technological Development Zone and the entire Zhejiang Province, promoting the upgrade and structural adjustment of industries [2]. - It will facilitate the transformation of traditional industries towards high-end, intelligent, and green development, while nurturing emerging industrial clusters to enhance industrial added value and core competitiveness [2]. - The fund will also assist in optimizing the layout of state-owned capital, guiding it towards strategic emerging industries and key areas, thereby improving the efficiency of capital allocation and operational effectiveness [2].

Core Viewpoint - The fundamental rules of the primary market are undergoing significant changes, with mergers and acquisitions (M&A) becoming a core competency that general partners (GPs) must master to achieve value reconstruction in industries rather than merely capital arbitrage [2][4]. Group 1: Evolution of Private Equity Investment - The U.S. private equity market has evolved through a clear trajectory characterized by "a century of evolution and four stages of leap," starting from the late 19th century with industrial investments [6]. - The development of the U.S. M&A market has synchronized with private equity, showcasing five distinct waves that have reshaped the industrial landscape [7][8]. - The current phase of private equity in the U.S. is driven by technological innovation, particularly in emerging fields like AI and digital transformation [6][8]. Group 2: China's Private Equity Investment Phases - The 1.0 era (2000-2015) was marked by internet-driven model innovation, where investment opportunities were abundant, and the requirements for investment institutions were relatively low [10]. - The 2.0 era (2015-2025) signifies a shift towards technology innovation, with hard technology becoming a focal point for investment, supported by national policies [11][12]. - The 3.0 era (2025-2035) indicates a trend towards industry consolidation through M&A, driven by increasing exit pressures and government encouragement, with M&A activity in China seeing over 50% year-on-year growth in the first half of 2025 [13]. Group 3: Strategic Focus of Haisheng Capital - Haisheng Capital has recognized structural changes in the industry and elevated M&A to a core strategic level, leveraging its unique advantages accumulated in the hard technology sector [15]. - The firm has built a mature ecosystem in key hard technology areas, enabling it to provide substantial resources and support to acquired companies [16]. - The success of M&A is attributed not only to selecting the right targets but also to effective management post-acquisition, with a team that possesses deep industry backgrounds [18]. Group 4: Timing and Focus in Investment - Haisheng Capital has demonstrated a keen ability to identify investment opportunities at critical market junctures, allowing it to capitalize on undervalued companies during cyclical fluctuations [19]. - The firm maintains a clear strategic focus on advanced technology, green technology, and life sciences, ensuring that it targets sectors with long-term value [20]. - The overarching philosophy of Haisheng Capital emphasizes that M&A is not merely about capital gains but is a vital engine for optimizing and upgrading industrial structures [20][21].

Group 1 - The core viewpoint of the article is the public selection process for the general partner of the Taizhou M&A Mother Fund, which has a total scale of 5 billion yuan and an initial partnership size of 1.01 billion yuan [2] - The fund aims to provide professional empowerment in the M&A field, with a total of 2 general partners, each contributing 5 million yuan [2] - The fund is managed by Taizhou Jin控 Fund Management Co., a subsidiary of the Taizhou Science and Technology Innovation Group, which was established to support major industries and strategic emerging industries [2] Group 2 - Taizhou Science and Technology Innovation Group was formed by the merger of Taizhou Jin Investment Group and Taizhou Talent Group, with a registered capital of 6 billion yuan and total assets exceeding 20 billion yuan [2] - The group focuses on serving the development of major industries and strategic emerging industries, aiming to become a leading science and technology investment enterprise in Taizhou [2]

编者按： 2025年9月6日， 「2025母基金年度论坛暨第六届鹭江创投论坛」 ——香港投资专场在厦门国际会议中心酒店圆满举办。来自香港政府及 投资界代表，以及政府引导基金、市场化母基金、金融机构、产业资本、知名GP、CVC、企业家，共计一千余位重要嘉宾齐聚厦门。 在香港投资专场现场，香港贸易发展局中国内地总代表钟永喜，璟承联合家族办公室主席刘畅，香港证券商协会永远名誉会长、实德环球集团副主席 陈柏楠，年利达律师事务所 Linklaters LLP 合伙人李家栋，星界资本创始管理合伙人、香港联交所上市委员会成员方远，胜利证券投资总监、胜利 私募证券投资基金总经理李宁，溢倡（上海）管理有限公司董事长曹志欣，竞天公诚律所合伙人王鑫主持，晨壹基金合伙人章童，老鹰基金创始合伙 人、天使联合汇主席刘小鹰，腾云香港科创集群加速器总经理耿春亚，海盈金控主席黄瑞，博原资本合伙人丁浩，孚腾资本孚腾国际（香港）总经理 张森森等多位嘉宾共同围绕全球经济发展与科技变革背景下，中国资本助力科技创新与培育新质生产力等关键议题展开深入交流，探讨香港资本市场 的崛起逻辑、不断改革的创新制度及未来发展面临的最大挑战等话题。 母基金周刊(FOF ...

9月5-6日， 「2025母基金年度论坛暨第六届鹭江创投论坛」 在厦门国际会议中心酒店圆满举办。本届论坛由母基金周刊（FOFWEEKLY）主 办、建发集团与金圆集团战略指导，论坛以"科创时代的中国力量"为核心议题，设置了两天主论坛、两场平行论坛和多场闭门交流会 以及 香港投资 专场。 《艾问iAsk》创始人、全国三八红旗手艾诚担任本次论坛主持人。来自政府引导基金、市场化母基金、金融机构、产业资本、 知名GP、CVC、企业 家以及香港政府及投资界代表，共计一千余位重要嘉宾齐聚厦门 ，共同围绕全球经济发展与科技变革背景下，中国资本助力科技创新与培育新质生 产力等关键议题展开深入交流，凝聚共识，为推动创投生态健康发展注入新动力。 金圆集团党委书记、董事长李云祥在论坛开幕环节致辞。 母基金周刊创始合伙人、CEO张予豪在致辞中表示：本届论坛以"中国力量"为主题，旨在凝聚行业独特优势，助力国家战略实施与复兴进程，并对 论坛各支持方致以感谢。 全国社保基金理事会原副理事长陈文辉发表《抓住时代机遇，推动创投基金高质量发展》的主旨演讲。陈文辉指出，需以政策为引导、以耐心资本为 支撑，推动创投基金服务科技创新与产业升级，助力经济 ...