Core Viewpoint - The article emphasizes the significant impact of smart manufacturing on traditional manufacturing, highlighting its role as a driving force for industrial transformation and the increasing investment interest from domestic and international VC/PE institutions in this sector [3][7]. Financing Overview - In 2024, the smart manufacturing industry experienced a total of 314 financing events, with 2 in seed to Pre-A rounds, 179 in A rounds, 110 in B-C rounds, and 23 in D-Pre-IPO rounds. The industry is entering a phase where "hard power" competition is crucial, focusing on capacity efficiency, supply chain management, and profitability [7]. Regional Analysis - Financing events were concentrated in specific regions: Jiangsu (74), Guangdong (72), Zhejiang (42), Shanghai (41), and Beijing (34). The Yangtze River Delta accounted for 53% of the total, while the Pearl River Delta and Beijing-Tianjin-Hebei regions accounted for 24% and 13%, respectively. This reflects a distribution pattern of "East strong, West weak" in China's smart manufacturing landscape [9]. Project Segmentation - The smart manufacturing sector saw 142 financing events in smart equipment, 136 in intelligent production, 31 in communication technology and smart software, and 5 in energy-saving technology. Investment is primarily directed towards smart equipment and intelligent production lines to enhance manufacturing capacity and facilitate continuous product innovation [10]. GP Selection Process - The first screening identified 30 GP institutions from 2,025 investment firms involved in smart manufacturing, focusing on those with significant investment activity in the sector. The second screening further narrowed it down to 16 institutions that are highly specialized in smart manufacturing [14][20]. GP Background - Most GPs in the smart manufacturing sector are privately funded, with 21 being fully privately funded, 5 from industrial backgrounds, 3 mixed, and 1 from a research institution. This indicates a strong presence of private capital in the industry [18][19]. Investment Focus - The investment focus is primarily on the growth stage, with GPs concentrating on B-C rounds. Analysis of the past three years shows that these GPs are predominantly engaged in growth-stage investments [24]. Performance Metrics - Key performance indicators for GPs include lead investment rates, independent investment rates, follow-up rates, and IPO counts. These metrics are essential for assessing the investment capabilities and success rates of GPs in the smart manufacturing sector [26][28][34]. Conclusion - The report aims to assist LPs in understanding the active GPs in the smart manufacturing industry, enabling them to identify capable investment institutions and compare their positions within the sector. It also provides insights for GPs to evaluate their standing relative to peers [38].

知壹投资于2023年7月完成对沪上阿姨B轮投资，坚定看好沪上阿姨在新茶饮行业的巨大潜力。知 壹团队与沪上阿姨管理团队相识已久，沪上阿姨创始人单卫钧表示："沪上阿姨的发展离不开消费 者的信赖、加盟商的同行，也要感恩知壹投资以专业的战略眼光与资本运作，为沪上阿姨品牌破局 市场、升级发展注入强劲动能。上市是里程碑，更是新征程的号角，未来我们将继续与投资方携 手，探索更多发展可能，让世界爱上东方摩登茶滋味。 知壹投资联合创始人、董事总经理王也表示："恭喜沪上阿姨登陆港交所！在现制茶饮行业的竞争 红海中，知壹团队很荣幸见证了沪上阿姨始终保持'做一杯好饮品'的不变初心，在近十二年的发展 历程中，持续拥抱变化，主动寻求变化，从上海街边的一间茶饮铺发展至今日拥有近万家门店的国 民口碑茶饮连锁品牌。沪上阿姨管理团队摒弃行业浮躁，坚持产品创新，走难而正确的道路的决心 与魄力逐步转化为企业高速发展的硕果。我们有幸见证并陪伴企业的高速成长，未来也将继续支持 公司的高质量发展，相信沪上阿姨将不断夯实产品与服务能力，优化消费者体验，拓宽增长边界， 在中国乃至全球市场，为更多消费者提供那一杯好饮品。" 在资本助力下，沪上阿姨有望持续夯实产 ...

Core Viewpoint - The Guizhou Ecological City Development Fund is initiating a public selection process for sub-fund management institutions to enhance financial and social capital support for the city's ecological development initiatives, aligning with the "Ecological City" strategy [1][2]. Group 1: Fund Overview - The fund has a total investment amount of 2 billion 1 million yuan (approximately 20.01 billion yuan) and focuses on new urbanization construction, including integrated urban-rural development, characteristic towns, property services, talent support, and low-altitude economy [2]. - Investment areas also include green and low-carbon ecological construction, covering urban water environment management, hazardous waste treatment, clean energy, and green transformation projects in transportation and construction sectors [2]. - The fund aims to support urban cultural and tourism industry development, including projects related to red tourism, cultural parks, and enterprises with urban development characteristics [2]. Group 2: Investment Guidelines - The Guizhou Ecological City Development Fund will invest no more than 50% of the sub-fund's subscribed scale and no more than 20% of the mother fund's subscribed scale for each sub-fund [2]. - The combined subscribed capital from the sub-fund manager and its affiliates should not be less than 1% of the sub-fund's subscribed scale [2]. - Sub-funds are expected to reinvest at least 1.2 times the amount contributed by the mother fund into enterprises in Guizhou [2]. - Investment performance requirements may be relaxed for those with prior successful projects in Guizhou or significant contributions to the local industry [2].

Group 1 - The establishment of Changzhou Future Industry Angel Fund marks the completion of the second batch of special funds for Jiangsu Province's strategic emerging industries [1] - The total scale of the fund is 500 million yuan, initiated by Changzhou Investment Group in collaboration with various partners [1] - The fund focuses on key future industry sectors such as synthetic biology, third-generation semiconductors, artificial intelligence, low-altitude economy, and aerospace development [1] Group 2 - The fund aims to leverage long-term, patient, and strategic capital to guide state-owned capital towards emerging and future industries [1] - It is part of the provincial strategic emerging fund cluster, promoting regional economic high-quality development [1]

本期导读： 作者丨FOFWEEKLY 本期推荐阅读5分钟 一级市场新利好！ 中国人民银行行长潘功胜 参加国新办新闻发布会时指出： 债券市场"科技板"相关政策和准备工作 已经基本完成。 这意味着， 创投机构发债募资又有新进展。 募资新路 5月7日，中国人民银行行长潘功胜在参加国新办新闻发布会时表示，前期人民银行会同有关部门 研究推出债券市场"科技板"。 支持金融机构、科技型企业、私募股权投资机构等三类主体发行科 技创新债券。债券市场"科技板"相关政策和准备工作已经基本完成。 目前市场各方响应非常积 极，积极与人民银行与证监会沟通。目前有近500家市场机构计划发行超过3000亿元科技创新债 券，预计后续还会有更多机构参与。 值得关注的是，中国人民银行行长潘功胜在会议期间着重提及私募股权投资机构。 创投机构募资新利好！ 他表示： 这次为了支持股权投资机构在"科技板"发行长期限债券融资，人民银行会同证监会借鉴2018年 设立民营企业债券融资支持工具的经验， 创设科技创新债券风险分担工具。 由人民银行提供低成本再贷 款资金，可购买科技创新债券。同时与地方政府、市场化增信机构等一起，采取多样化的增信措施，共 同参与分担债 ...

并购母基金的设立，补足了产业并购中基金支持的关键一环，进一步完善了覆盖全周期、全产业、 全市域的基金投资矩阵。目前，团队正积极与上市公司、券商投行、链主企业、市场化基金管理人 等深入对接，力争为本地产业升级、重大项目招引和优质企业并购提供强有力的资本支撑。 下一步，产投集团将坚持市场化、专业化管理，大力促进并购母基金与主导产业的联动衔接，发挥 并购重组资源配置功能，助力衢州企业上市"3030"行动，加快推动衢州市资本招商"双千计划"早 日实现。 来源：衢州市国资协会 4月30日，注册规模20亿元的衢州信安广合产业并购股权基金合伙企业（有限合伙）完成工商登 记，标志着衢州市产业发展并购基金正式进入实质化运作。 此次组建的并购母基金由信安资本担任基金管理人，主要围绕衢州市六大标志性产业链及人工智 能、低空经济等新兴产业和未来产业领域投资布局，赋能上市公司、主导产业链及相关产业重点企 业实现高质量发展。 对接需求请扫码 每日｜荐读 热文： 社会LP去哪了 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20 ...

作者丨Eyan 本期推荐阅读5分钟 本期导读： 技术突破和政策红利正共同推动外资LP对中国市场的"再认识"。 在全球经济格局深刻调整的当下，"东升西落"不再仅是中国内部的战略共识，而是逐渐成为全球资 本市场的现实写照。美国对中国发起的关税战不仅未能遏制中国的发展，反而在全球范围内引发了 对美国经济政策的不信任。与此同时，美债收益率的飙升和美股高估值的持续，使得美元资产的信 用风险日益凸显。在这样的背景下，中国以其稳健的经济增长和日益完善的投资环境，成为全球资 本寻求避风港的新选择。外资LP们开始悄然布局中国市场，寻找新的增长点和投资机会。这一趋 势不仅体现了全球资本对中国市场的重新评估，也标志着中国在全球资本流动中的角色正在发生深 刻变化。 外资重新"认识"中国 今年4月以来美国对全球，尤其是中国，发起的关税战引发了广泛的国际抵制。曾被视为"避风 港"的美元资产，如今正面临信任危机。美债收益率飙升、美股高估值泡沫、以及对华关税战的持 续升级，使得投资者开始重新审视美国资产的安全性。与此同时，中国市场以其稳定的政策环境和 科技创新能力，逐渐成为全球资本的避风港。 美国国债市场一直被视为全球最安全的投资标的。然而 ...

Core Viewpoint - Shanghai International Group has launched the Shanghai Science and Technology Innovation Phase III Mother Fund with a target scale of 8 billion yuan, aiming to support the construction of Shanghai as a science and technology innovation center [1] Group 1 - The Shanghai Science and Technology Innovation Fund was established in 2017 as the first market-oriented mother fund in China, focusing on serving the construction of Shanghai's science and technology innovation center [1] - The fund has invested in over 100 sub-funds, with a total management scale of nearly 250 billion yuan, and has a portfolio of nearly 2,500 companies, including 1,400 high-tech enterprises and 513 national-level specialized and innovative "little giant" enterprises [1] - The fund has become a leading benchmark platform for science and technology innovation investment in China, forming a product matrix that includes mother funds, direct investment funds, early-stage hard technology funds, and S funds [1] Group 2 - In the future, the Shanghai Science and Technology Innovation Fund will continue to guide various types of capital to seize opportunities, focusing on early, small, long-term, and hard investments to provide comprehensive support for outstanding science and technology enterprises [2] - The fund aims to enhance Shanghai's capabilities in technological innovation and high-end industry leadership, accelerating the establishment of a globally influential technology innovation hub [2]

Core Viewpoint - The article discusses the Guangdong Provincial Government's measures to stimulate market vitality and accelerate the construction of a modern industrial system, focusing on establishing a robust industrial fund system and promoting investment in key sectors [1][3]. Group 1: Industrial Fund System - The government plans to integrate resources to establish an industrial investment fund and venture capital fund with a total scale exceeding 1 trillion yuan, with provincial funds exceeding 100 billion yuan [1]. - The initiative aims to leverage state capital to attract social capital, creating an effective investment system that includes angel investment, venture capital, private equity investment, corporate mergers and acquisitions, and S funds [1]. - The government intends to actively connect with overseas sovereign funds and internationally renowned investment institutions, facilitating over 100 investment cooperation projects annually [1]. Group 2: Investment in Key Sectors - The measures emphasize the cultivation and development of frontier industries, focusing on sectors such as integrated circuits, artificial intelligence, robotics, autonomous driving, low-altitude economy, biomedicine, quantum technology, commercial aerospace, new energy storage, new energy vehicles, digital economy, and modern marine ranching [5]. - A targeted investment attraction policy will be implemented, including the establishment of a database for leading enterprises and talents in these key sectors [5]. - For particularly significant industrial projects, more precise support policies will be formulated based on the characteristics of the industry [5]. Group 3: Financing Support - The government aims to reduce financing costs for manufacturing and high-tech enterprises by providing interest subsidies on new bank loans for specific purposes, with a total annual subsidy scale of up to 200 billion yuan [5]. - The subsidy will cover loans for building factories, purchasing equipment, technological transformation, and R&D, excluding refinancing and land purchases [5]. - Each eligible enterprise can receive a maximum annual subsidy of 20 million yuan, with the subsidy period for each loan contract not exceeding one year [5].

Group 1 - Multiple regions in China, including Zhejiang, Henan, Yunnan, Jiangsu, and Hubei, have announced the establishment or completion of registration for mother funds focusing on sectors such as artificial intelligence, integrated circuits, semiconductors, new materials, high-end equipment, optoelectronic information, new energy, biomedicine, and medical devices [1][2] - Wuhan has announced a plan to create a 300 billion yuan mother-son fund cluster, with a maximum allowable loss of 100% [2][30] - The Hangzhou Science and Technology Innovation Fund is seeking general partners to establish sub-funds aimed at supporting strategic emerging industries in the city [3][4] Group 2 - The Zhengzhou Aviation Port Emerging Industry Development Equity Investment Fund has officially launched its sub-fund management institution recruitment, with a total scale of 10 billion yuan [5][6] - The Zhejiang provincial government is preparing a 10 billion yuan future industry fund and a 10 billion yuan merger mother fund [6][7] - The Yunnan Province High-Quality Agricultural Equity Investment Fund is seeking sub-fund management institutions to invest in key agricultural sectors [7][8] Group 3 - The Luoyang Angel Fund has completed registration with a total scale of 1 billion yuan, focusing on early-stage enterprises in sectors like artificial intelligence and new materials [9] - The Nantong Baoyuehu Science and Technology Innovation Mother Fund has been established with a total scale of 5 billion yuan, targeting strategic emerging industries [10] - The Jiangsu Province has launched a 10 billion yuan AI industry fund to support the development of an AI ecosystem [29] Group 4 - The Chengdu High-tech Zone has established a fund cluster with a total scale exceeding 320 billion yuan, focusing on various industries including electronic information and healthcare [20][21] - The Long Triangle Digital Cultural Industry Fund has been signed with a total scale of 10 billion yuan, focusing on the digitalization of the cultural industry [22] - The Jilin Province Ginseng Industry Fund has been established with a scale of 1.2 billion yuan, focusing on the ginseng industry chain [27]