对接需求请扫码 国家中小企业发展基金是经国务院批准设立的国家级股权投资基金，核心定位在于充分发挥中央财 政资金的杠杆作用与乘数效应，广泛吸引社会资本参与，有力支持实体经济发展、助推创新创业浪 潮。 来 源 ： 蒙西正和集团 国家中小企业发展基金第七批子基金——东方嘉富（鄂尔多斯）中小企业创业投资合伙企业（有限 合伙）正式落户鄂尔多斯，首关规模达16亿元，这是内蒙古自治区落地的首支国家级子基金。 东方嘉富（鄂尔多斯）中小企业创业投资合伙企业（有限合伙）的出资架构颇具特色，除国家中小 企业发展基金有限公司外，还汇聚了浙江省国资、内蒙古国资、鄂尔多斯市国资、蒙西正和集团等 多方力量，成功实现基金设立层面的"央地合作+跨省联动"模式。该基金将紧扣国家重大战略部 署，聚焦新质生产力培育，重点投向具备核心技术或存在国产替代需求的先进制造、信息技术及生 命健康等战略领域中小企业，为其发展注入资本动能。 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 - The core viewpoint of the article highlights a structural recovery in the primary market driven by policy incentives and market vitality since 2025, with a notable increase in merger and acquisition transactions and a surge in Hong Kong IPOs in the first half of the year, providing new exit channels [1] - The fundraising data is also showing a rebound trend, although Limited Partners (LPs) are raising their expectations regarding General Partners (GPs) in terms of project control, performance certainty, and clarity of exit paths [1][4] - FOFWEEKLY has compiled a report titled "Fund Exit and Performance Benchmark Research," which systematically reviews the evolution of exit methods and analyzes the changing demands and preferences of LPs based on in-depth industry observations [1][4] Group 2 - The research discusses the changes in the scale and methods of exits for Private Equity (PE) and Venture Capital (VC) funds in recent years, breaking down performance metrics of hundreds of PE and VC funds across various dimensions such as year, scale, and industry to form industry benchmarks [4] - The online event will focus on the current state of the primary market and case studies, as well as the changes and challenges faced by state-owned LPs and financial LPs, along with their evolving demands [5][9]

Core Viewpoint - The article highlights the ongoing anxiety regarding the "disappearance" of social LPs in the fundraising market, while emphasizing the active participation of industrial capital, particularly from private enterprises in Zhejiang, in the investment landscape [2][5][20]. Summary by Sections Social LPs and Market Challenges - The fundraising market is currently facing a significant challenge with a shortage of social LPs, as many have chosen to withdraw or adopt a wait-and-see approach due to market volatility [5][12]. - This situation has led to a scarcity of market-driven funds, impacting the venture capital industry [5]. Active Participation of Private Enterprises - Despite the apparent quietness in the market, a number of private enterprises are actively engaging in investment activities [6]. - For instance, Xiangpiaopiao Food Co., Ltd. announced a commitment of 100 million yuan to become an LP in a venture capital partnership, indicating a strategic move to enhance its competitive strength [9][10]. Investment Preferences and Strategies - The fund in which Xiangpiaopiao is investing has a clear focus on the "big consumption" sector, with over 80% of its funds allocated to this core area, targeting growth and mature companies while also considering early-stage consumer enterprises [11]. - The motivations for consumer goods companies to act as LPs include seeking a second growth curve beyond their main business and strategically positioning themselves in emerging sectors [11][16]. Zhejiang's Active LP Landscape - In June alone, listed companies in Zhejiang contributed over 1 billion yuan as LPs, leading the nation in terms of investment scale [16]. - Companies such as Proya, Huadong, and Redick are among those actively participating, with a focus on sectors like new materials and daily consumer goods [16]. Financial Health and Investment Behavior - Consumer goods companies typically possess strong cash flows, which allows them to invest strategically without directly entering new fields [17]. - The investment behavior of Zhejiang's private enterprises is characterized by a clear industrial synergy logic, focusing on selecting GPs with deep industry resources and understanding [17]. Evolving Investment Landscape - The investment strategies and criteria for selecting GPs are evolving in response to the changing dynamics of the primary market [18]. - There is a growing expectation for GPs to adapt and provide high-quality direct investment projects to meet the upgraded demands of LPs [18]. Future Outlook - The article concludes that despite existing challenges, the venture capital industry is experiencing a transformation driven by policy support and technological changes, with a positive outlook for 2025 as a potential new starting point for China's venture capital landscape [20].

Core Viewpoint - The article discusses the implementation of new regulations aimed at enhancing the long-term stability and performance of state-owned commercial insurance companies in China, emphasizing the importance of effective asset-liability management and investment strategies to support economic development [1][3]. Group 1: Regulatory Changes - The assessment method for the "net asset return rate" has been adjusted from a combination of "3-year cycle indicator + current year indicator" to "current year indicator + 3-year cycle indicator + 5-year cycle indicator," with respective weights of 30%, 50%, and 20% [2]. - The evaluation of the "capital preservation and appreciation rate" has also shifted from a current year indicator to a combination of current year, 3-year cycle, and 5-year cycle indicators, maintaining the same weight distribution [2]. Group 2: Asset-Liability Management - State-owned commercial insurance companies are required to enhance their asset-liability management, focusing on matching the structure, cost-benefit, and cash flow of assets and liabilities [3]. - Companies should optimize asset allocation and determine appropriate equity investment ratios to balance investment returns and risks, aiming for stable growth in owners' equity and preservation of state financial capital [3]. Group 3: Investment Strategy - Emphasis is placed on prudent management, long-term investment, value investment, and stable investment practices, alongside the development of internal long-term assessment mechanisms [3]. - Companies are encouraged to identify high-quality investment targets that offer stable returns, manageable risks, and potential for appreciation, thereby enhancing long-term stable returns [3]. - There is a call for improved investment management capabilities, including strict adherence to internal investment management systems and comprehensive risk assessment processes [3].

本期导读： 一边是社交媒体上的"悲情连载"，一边是政策与数据端的反弹。 作者丨FOFWEEKLY 本期推荐阅读5分钟 "都2025年了，XHS上还在流传着去年的故事。" 前几天，有朋友转发了 一条自媒体平台上的爆款笔记，附言道："现在行业都流行写小说了 么？" 点开内容，是一篇虚构的投资、募资故事， 文笔流畅，多条评论直指"真实"。 而实际上， 聚焦于"周例会""裁员""招聘"的黑色幽默笔记，这两年并不少见，甚至堪称十分流 行。 一边是越来越多的从业者涌现社交平台上分享笔记，而另一边则是政策与数据端的反弹，行业的 分化更加明显了。 流量时代的"创投伤痛文学" 社交平台上的"悲情连载"多了起来。 有人发布周会笔记，用黑色幽默揭开了行业的"皇帝新衣"； 另有离场宣言，甚至不忘拉踩一 番；也有人发布 日常流水账展现忙碌状态； 行业变迁记录、招聘信息、项目源寻求等内容也不 少。 而今年，从业者在社交平台上的声量似乎持续递增， 除常规动态分享外，一种新型的风向悄然 流行——行业"小说体"。 比如某篇关于《投资机构周例会，不同级别员工的演技大赏》相关内容，文中描绘的场景引发从 业共鸣。 这条笔记引发近百条同行评论，多数评 ...

Core Viewpoint - Zhongke Chuangxing focuses on early-stage investment in "hard technology," with a new fund raising 2.617 billion yuan, primarily targeting early-stage projects in the "AI+" sector to drive a new wave of technological revolution [1][2][5]. Fund Overview - The Zhongke Chuangxing Pioneer Venture Capital Fund has completed its first round of fundraising at 2.617 billion yuan, with 70% allocated to early-stage hard technology projects and 30% to growth-stage projects [3][4]. - The fund is registered in Shanghai Pudong and has an 8-year duration, aiming to close fundraising by the end of this year [3][4]. Investment Focus - The fund will invest in hard technology projects across five key sectors: material, energy, information, life, and space, with a strong emphasis on artificial intelligence [3][7]. - Zhongke Chuangxing has a history of investing in various technology sectors since its establishment in 2013, with a total fund management scale of 13.8 billion yuan and over 530 investments in hard technology companies [6][9]. Ecosystem Development - The company aims to build a collaborative ecosystem for hard technology innovation, focusing on "advanced incubation" and "deep incubation" strategies to support original innovation and technology application [4][10]. - Partnerships with various limited partners and organizations are established to enhance capital and technology integration [3][4]. Technological Trends - The new technological revolution is characterized by rapid advancements in AI, requiring significant computational power and innovative energy solutions, such as controlled nuclear fusion [6][7]. - Zhongke Chuangxing emphasizes the importance of interdisciplinary collaboration to address challenges in AI development, particularly in energy consumption and computational demands [6][7]. High-Quality Incubation - The Shanghai high-quality incubator focuses on early-stage technology applications and future technology cultivation, having already made significant progress with several projects entering incubation phases [10]. - The incubator aims to support the commercialization of cutting-edge technologies, such as two-dimensional semiconductor integrated circuits [10].

Group 1 - The article discusses the establishment of the Jiangsu Yancheng Green Low-Carbon Industry Special Mother Fund, with a total scale of 2 billion yuan, aimed at promoting the development of strategic emerging industries in Jiangsu Province [1] - The fund will primarily invest in green low-carbon industries, including new energy, smart energy, new energy vehicles, and environmental protection [1] - The sub-fund scale is set at no less than 500 million yuan, with a minimum of 1 billion yuan for the southern Jiangsu region, and government contributions not exceeding 50% of the total [1]

Core Viewpoint - The introduction of the "senior professional institutional investor" system will reshape the pricing logic of technology companies, shifting the investment model from "Pre-IPO arbitrage" to full-cycle value companionship [2][3]. Group 1: Introduction of New Regulations - On July 13, the Shanghai Stock Exchange officially piloted the introduction of the senior professional institutional investor system for companies meeting the fifth listing standard of the Sci-Tech Innovation Board [3]. - The new guidelines clarify the definition of "senior professional institutional investors," primarily targeting VC/PE institutions, which is expected to benefit leading venture capital firms [3][5]. Group 2: Eligibility Criteria for Institutions - Eligible institutions include private equity and venture capital fund managers registered with the Asset Management Association of China, government investment funds, and core enterprises with key technologies and their investment arms [5][6]. - Over 170 investment institutions meet the requirement of having invested in at least five companies listed on the Sci-Tech Innovation Board in the past five years, while nearly 80 institutions have invested in over ten companies listed on major domestic and foreign exchanges [6]. Group 3: Impact on Pricing and Market Dynamics - The new system aims to reduce the influence of investment banks on IPO pricing, addressing the prevalent "three highs" issues (high valuation, high expectations, and high risk) [8]. - The introduction of senior professional institutional investors is expected to enhance the market-based inquiry system, promoting a "buyer pricing, buyer responsibility" approach, which will improve pricing efficiency and resource allocation in the capital market [8]. Group 4: Shift in Investment Strategy - The introduction of the senior professional institutional investor system is seen as a recognition of the investment capabilities of venture capital institutions, particularly benefiting leading firms [10]. - The new guidelines require that investment institutions hold at least 3% of shares or invest no less than 500 million yuan, indicating a shift from "Pre-IPO arbitrage" to a full-cycle companionship investment model, which raises the bar for investment institutions' professional judgment and fund matching [11].

Core Viewpoint - The Beijing Jingguochuang Cultural Technology Industry Fund aims to integrate cultural and technological resources to promote innovation and economic development in Beijing, particularly in the Shijingshan district [1][2]. Group 1: Fund Establishment and Objectives - The fund is established by Beijing Guoguan, Shijingshan District, Capital Cultural Technology Group, and Wentou Holdings, representing a significant cultural technology industry initiative [1]. - It focuses on the integration of "city-district linkage + industry-finance combination" to invest in cutting-edge cultural technology fields [1]. - The fund aims to address the industrial transformation needs of the Shijingshan area, promoting the implementation of "technology + culture" project clusters [1]. Group 2: Future Plans and Strategies - The fund will explore a "patient capital + policy dividends + market-oriented operation" model to support high-quality project implementation and create industrial cluster effects [2]. - It seeks to leverage government guidance, attract social capital, and utilize market operations to facilitate the transformation and upgrading of Beijing's industrial structure [2]. - The fund aims to activate the cultural innovation and technological resource potential in Beijing, contributing to the city's goal of becoming a national cultural center [2].

Core Viewpoint - The collaboration between China Chengtong and Jiangsu Provincial Government aims to establish a 10 billion yuan Chengtong Science and Technology Innovation (Jiangsu) Fund, enhancing the integration of state capital with local economy and research resources [1] Group 1 - The signing ceremony included agreements from China Chengtong, Jiangsu Provincial Strategic Emerging Industry Mother Fund, Nanjing Venture Capital Group, and Jiangbei New Area High-Quality Mother Fund to initiate the Chengtong Science and Technology Innovation (Jiangsu) Fund [1] - The fund will leverage Jiangsu's strengths in strategic emerging industries such as new materials, advanced manufacturing, new generation information technology, and new energy to guide capital towards innovation sources [1] - The Chengtong Science and Technology Innovation (Jiangsu) Fund will work in synergy with the previously established 10 billion yuan venture capital mother fund in Beijing, creating a "mother fund + direct investment fund" collaborative effect [1] Group 2 - The Chengtong Su Shi Materials Achievement Transformation Fund aims to promote the transformation and industrialization of scientific and technological achievements in the new materials field [1] - This fund will closely collaborate with the Suzhou Laboratory, which is responsible for major technological breakthroughs in materials, to accelerate the transition of technology from the laboratory to the market [1] - The initiative is expected to facilitate the conversion of significant scientific research tasks into major industrialization projects [1]