Core Viewpoint - The article discusses the implementation opinions for strengthening and optimizing the "3+N" Hangzhou industrial fund cluster to promote high-quality development of Hangzhou's characteristic modern industrial clusters, focusing on the "296X" advanced manufacturing cluster as the backbone [2][3]. Group 1: Fund Cluster Overview - The "3+N" Hangzhou industrial fund cluster consists of three government investment funds: Hangzhou Science and Technology Innovation Fund, Hangzhou Innovation Fund, and Hangzhou M&A Fund, along with N city-owned enterprise investment funds [4]. - The Hangzhou Science and Technology Innovation Fund focuses on early-stage, small, long-term investments in hard technology, supporting talent entrepreneurship, innovation in SMEs, and the transformation of scientific achievements [4]. - The Hangzhou Innovation Fund aims to support traditional industry upgrades, the cultivation of emerging industries, and the expansion of future industries through large-scale investments [4]. - The Hangzhou M&A Fund is designed to support financial investments, financial technology investments, and industrial mergers and acquisitions, with a focus on supplementing, strengthening, and expanding industrial chains [4]. Group 2: Strategic Goals and Principles - The goal is to scale the "3+N" Hangzhou industrial fund cluster to over 500 billion yuan during the 14th Five-Year Plan period, focusing on strategic areas and weak links in the market [3]. - The implementation will adhere to principles of government guidance, market operation, scientific decision-making, and risk prevention, promoting market-oriented, legal, and professional fund operations [3]. - There will be an emphasis on investment collaboration among different types of funds to prevent homogenization and the crowding out of social capital [3].

Core Viewpoint - Guangzhou has officially introduced measures to promote the innovation and development of the intelligent unmanned systems industry, marking a significant step in establishing a modern industrial system focused on future industries [2] Group 1: Industry Foundation and Application - Guangzhou has a solid industrial foundation and has made significant progress in the development of intelligent unmanned systems across land, sea, and air [3] - The city has rich application scenarios, including the first cross-city e-commerce low-altitude logistics route and extensive testing roads for intelligent connected vehicles covering approximately 2,600 kilometers [3] - The establishment of the first fully automated terminal in the Greater Bay Area has reduced the total workforce by about 70% [3] Group 2: Innovation Platforms and Enterprises - Collaborative efforts have led to the development of advanced underwater robots and the establishment of a comprehensive testing ground for unmanned systems [4] - A concentration of innovative companies in the unmanned systems sector has emerged, including major players in drones, autonomous vehicles, and unmanned factories [5] - EHang has become the world's first profitable eVTOL company, with a delivery volume of 216 units [5] Group 3: Policy Highlights - The measures represent the first dedicated policy for the intelligent unmanned systems industry in China, outlining support for technology development, innovation platforms, and application scenarios [6] - The policy aims to create a comprehensive support system for the industry, focusing on future mobility and manufacturing [6] Group 4: Scene Construction and Enterprise Cultivation - Guangzhou plans to build a "super test field" for intelligent unmanned systems, focusing on application scenarios in Nansha and Panyu [9] - The city aims to cultivate a vibrant ecosystem for technology-driven SMEs and attract leading companies in the unmanned systems field [10] Group 5: Optimizing the Industrial Ecosystem - The city is committed to creating a "tropical rainforest" style innovation environment, emphasizing long-term financing and sandbox regulatory mechanisms [11] - The introduction of specific regulations for artificial intelligence is expected to enhance market vitality and foster a competitive advantage in the global future industry landscape [11]

Group 1 - The Wuhan Wuchuang Future Intelligent Investment Fund, with a total scale of 1 billion yuan, has been officially registered [1] - The fund is initiated by Wuchuang Investment, Wuhan Fund, and Changzheng Capital, with contributions from Wuhan Innovation Investment Group, Wuhan Industrial Development Fund, and Hubei Human-Robot Industry Investment Fund [1] - The first phase of the fund has a scale of 200 million yuan, managed by Wuchuang Capital, and it is the first municipal-level artificial intelligence industry fund in Wuhan [1] - The fund will focus on investments in cutting-edge technology fields such as artificial intelligence and humanoid robots [1]

导读： 新加坡LP牵手上海国资。 作者丨 FOFWEEKLY 今年以来，外资LP对中国一级市场的投资热情逐渐回归，与2023年至2024年的相对沉寂形成鲜 明对比，募资、人才、机构布局等多维度均释放出积极信号。 近期，又有外资悄然出手，与上海国资牵手，引发市场广泛关注。 新加坡 LP出手 外资与上海国资展开合作。 11月23日，上海科创基金与新加坡丰隆星河在沪签订QFLP合作暨上海科创三期基金投资意向协 议。丰隆星河拟通过设立5亿元规模的QFLP（合格境外有限合伙人）基金，投资上海科创三期基 金，为上海乃至中国的科创生态注入了新的国际活力与资本动力。 而此次，通过QFLP渠道引入境外长期资本，将有效拓宽上海科创企业的融资渠道，尤其为那些处 于成长期、技术门槛高、研发周期长的硬科技企业提供更为稳定和耐心的资金支持。同时，类似丰 隆星河这种海外企业的国际投资视野与产业资源，将有助于被投企业对接全球市场、技术和人才， 提升国际化运营能力。这种"资本+产业"的双重赋能，将加速科技成果的转化与产业化，推动上海 在人工智能、生物医药、集成电路、绿色低碳等关键领域形成更具竞争力的产业集群。 市场人士认为，在全球经济形势复杂 ...

Core Insights - The global economy is gradually moving towards a new equilibrium after significant disruptions, with China's economy demonstrating strong resilience and potential, evidenced by a GDP growth rate of 5.2% in the first three quarters and a 9.6% year-on-year increase in high-tech manufacturing value added [2] - The private equity investment industry is expected to experience a comprehensive rebound by 2025 after several years of stagnation, revitalizing the sector [2] - Investment institutions (LPs and GPs) are facing a new ecosystem where their roles are increasingly blurred, necessitating precise judgment and rapid adaptation to create value for investors, enterprises, and themselves, which will be a key competitive advantage in the next economic cycle [2] Investment Industry Youth Leaders Selection - The "2025 Investment Industry Youth Leaders 100" selection aims to identify future leaders in the private equity investment sector, focusing on individuals with foresight, innovation, and long-term growth capabilities [4] - The selection process will cover the entire scope of China's private equity investment industry, seeking outstanding individuals who can contribute to sustainable industry development [4] GP Youth Leader Award - The GP Youth Leader award will evaluate candidates based on fundraising, investment, management, and exit performance, considering both hard and soft skills [5] LP Youth Leader Award - The LP Youth Leader award will assess candidates based on management scale, investment funds, and industry influence, focusing on active participation and sustainable development capabilities [7] Selection Criteria - The selection is primarily aimed at practitioners in the private equity investment industry (GP/LP), with a focus on those who apply for the evaluation [9] - Candidates must be under 49 years old, hold senior management positions, and have demonstrated outstanding operational capabilities and significant contributions in the industry [13]

Core Insights - Beijing Gongke Investment has increased its registered capital from 1 billion to 10 billion yuan, marking a significant step in its focus on patient capital and technological innovation following its approval as a pilot enterprise for state-owned capital investment reform [2] - The company has supported over 500 high-tech projects with more than 38 billion yuan in funding, playing a vital role in optimizing and upgrading the industrial structure of Beijing [2] Group 1 - Beijing Gongke Investment is a wholly-owned subsidiary of Beijing State-owned Assets Company, specializing in high-tech industries and aligning its investment strategy with Beijing's industrial development goals [2] - The company has adopted a dual investment approach, transitioning from direct investment to a combination of direct and fund investments, effectively leveraging state capital to attract social capital [3] - The total scale of funds aimed at promoting technological innovation in Beijing's high-tech industries exceeds 40 billion yuan, focusing on key areas such as new generation information technology and integrated circuits [3] Group 2 - The company has made significant investments in leading enterprises in the semiconductor and automotive sectors, including BOE Technology Group and BAIC Group, contributing to the transformation of Beijing's automotive industry [2] - Beijing Gongke Investment is also actively investing in cutting-edge technology fields such as robotics, artificial intelligence, and quantum technology, positioning itself as a core player in the financial sector of Beijing State-owned Assets Company [3]

Core Viewpoint - The investment sentiment in the primary market is recovering significantly, driven by policy benefits and technological breakthroughs, leading to increased willingness of LPs to invest and improved decision-making efficiency [3][15]. Group 1: Investment Trends - By the first three quarters of 2025, institutional LPs' committed investment scale reached approximately 1.24 trillion RMB, a year-on-year increase of 9%, with 3,434 new registered funds, up 15.18% year-on-year [3]. - Investment activity has accelerated, particularly in first-tier regions such as Jiangsu, Zhejiang, and Shanghai, where local government funds are actively promoting early investments [4][7]. - The Shanghai government has seen a significant increase in the pace of fund establishment and decision-making, with major funds like the Shanghai Future Industry Fund rapidly selecting sub-funds and making investment decisions [7][8]. Group 2: Regional Highlights - Beijing and Shanghai are projected to be the regions with the highest investment scale by 2025, while Zhejiang and Jiangsu are noted for their overall investment activity [7]. - Local governments in various regions, including Shanghai and Zhejiang, are establishing differentiated fund systems to enhance investment efficiency and attract social capital [8][9]. Group 3: Changes in Investment Strategy - The average return investment ratio for newly established or revised guiding funds has decreased to 1.15 times, with some regions eliminating return investment requirements altogether, indicating a shift towards more market-oriented operations [12]. - LPs are increasingly focusing on specialized and refined investment strategies, favoring industry-specific GPs, particularly in sectors like AI, robotics, and hard technology [13][14]. - The urgency for LPs to meet year-end investment demands is evident, with many actively seeking quality GPs and engaging in due diligence [13][14].

Group 1 - The 2025 China 5G + Industrial Internet Conference opened in Wuhan on November 22, with several municipal projects, including the Xinke Industrial Investment Fund, signing agreements [2] - The Xinke Industrial Investment Fund, initiated by Wuhan High-tech Group, has a total scale of 5 billion yuan, aimed at enhancing central-local collaboration and promoting high-quality industrial development in Wuhan [3] - The fund is established in collaboration with China Information Communication Technology Group, Hubei Railway Fund, and Wuhan Fund, leveraging resources from six listed companies under China Information Communication Technology Group to strengthen the industrial chain [3] Group 2 - The investment focus of the fund is on integrated communication network construction, targeting six core industrial sectors: optical communication, mobile communication, optoelectronics and integrated circuits, cybersecurity and special communication, intelligent applications, and data communication [3] - The fund also aims to strategically invest in cutting-edge fields such as artificial intelligence, satellite internet, quantum communication, and sixth-generation mobile communication (6G), contributing to Wuhan's goal of becoming a global center for optical communication [3]

导读 本周 四川、江苏、浙江、山东 等地均有母基金 宣布落地或出资，母基金重点布局 人 工智能、新一代信息技术、半导体、新材料、高端装备、生物 医药 等领域。 基金设立层面，南京、榆林、杭州、成都、德阳 等 地均有基金宣布设立或落地，基金主要聚焦人工智能、数字经济、高端制造、大健康、生物医 药、航空航天、低空经济、新能源、新材料 等领域。 值得关注的是，本周 浙江省社保科创股权投资基金完成备案，标志着全国社会保障基金理事会与地方政府的合作成功落地。此外，杭州润苗基金正 式成立。该基金由杭州市政府直投，首期规模2 0亿元、存续期限长达2 0年，远远长于目前国内政府主导型早期科创基金通常的8至1 0年。 成都千亿未来产业基金集群正式启航 2025年11月21日，成都未来产业基金首批子基金集中签约暨管理人大会在成都市民营经济发展促进中心盛大启幕。作为"投成都"未来产业投资联 盟核心活动之一，本次大会以"到成都・投未来"为主题，汇聚国内顶尖投资机构代表、重点企业及园区负责人等多方嘉宾。活动现场，成都未来产 业基金首批子基金集中签约，规模约65亿元，标志着成都千亿级未来产业基金集群从"政策布局"全面迈向"实体运作"。 ...

Core Viewpoint - The establishment of the 50 billion yuan Zhejiang Social Security Science and Technology Innovation Fund marks a significant milestone in the recovery of the investment market, particularly in the Jiangsu and Zhejiang regions, which are showing remarkable activity in private equity investments [2][5][9]. Group 1: Fund Establishment and Operations - The Zhejiang Social Security Science and Technology Innovation Fund, initiated by the Zhejiang provincial government and the National Social Security Fund, successfully completed its registration in less than 20 days, showcasing the efficiency of the process [3][5][6]. - The fund has a total scale of 50 billion yuan and will invest in key industries such as artificial intelligence, new-generation information technology, high-end equipment, new materials, and biomedicine, aiming to attract more social capital into technological innovation [6][9]. - The fund will create a comprehensive fund system covering the entire chain from "achievement transformation to innovation acceleration to industrial upgrading," adhering to market-oriented, legal, and professional operational principles [6][11]. Group 2: Market Activity and Trends - The private equity investment market in China is showing signs of recovery, with a 9% year-on-year increase in institutional LP commitments, reaching approximately 1.24 trillion yuan in the first three quarters of 2025 [9]. - Zhejiang and Jiangsu are identified as the most active provinces, with cities like Hangzhou, Ningbo, and Jiaxing contributing nearly 70% of the total investments in the region [9][10]. - Hangzhou leads with a 42.5% share of provincial investments, focusing on cloud computing, AI, and gene therapy, while Ningbo and Jiaxing are also emerging as significant investment hubs with their respective industry focuses [10][11]. Group 3: Long-term Investment Strategies - The establishment of the Hangzhou Runmiao Fund, with a scale of 2 billion yuan and a long duration of 20 years, reflects the growing trend of "patient capital" in Zhejiang, which is expected to invest in at least 100 projects annually [11]. - The investment ecosystem in Zhejiang is becoming increasingly vibrant, with multiple mother funds being launched and a competitive landscape for high-quality technology projects [11][13]. - The current innovation wave, centered around hard technology, presents significant opportunities for both general partners (GPs) and entrepreneurs, particularly those with technical backgrounds [13][14].