每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 为深入贯彻落实四川省委十二届三次全会关于"重构政府产业基金引导体系，打造千亿级母子基金 集群"的决策部署，充分发挥政府产业引导基金杠杆放大效应，广泛吸引社会资本投资实体经济， 助力四川现代化产业体系加快构建，根据四川省成果转化投资引导基金合伙企业（有限合伙）（以 下简称"成果转化基金"）工作安排，现面向社会公开预征集第四批子基金管理机构。 据悉，成果转化基金总规模50亿元，聚焦前沿科技和未来产业，坚持"投早、投小、投硬科技"。 成果转化基金不低于70%用于设立子基金，对单一子基金出资不超过40%，子基金应注册在四川省 内。 来源：中信建投资本 ...

Group 1 - The core idea of the article is the establishment of the Nanjing Jiangning Smart Equity Investment Partnership (Limited Partnership) with a fund size of 10 billion yuan to promote the development and transformation of key industries in Jiangning District [1] - The fund is managed by Nanjing Tianyin Venture Capital Management Co., Ltd. and aims to attract sub-fund management institutions through a public solicitation process [1] - Investment focus areas include new power, next-generation information technology, new energy (intelligent connected) vehicles, high-end intelligent equipment, aerospace, biomedicine, and new medical devices [1] Group 2 - The fund's duration is set to not exceed 10 years, with an investment period of no more than 5 years, subject to negotiation for specific cases [1]

Core Viewpoint - Hengxu Capital has successfully completed the first closing of its fourth flagship fund, raising over 2 billion RMB, with a planned final closing size of 3.5 billion RMB, marking the first significant RMB fundraising of the year [1] Group 1 - The fourth flagship fund of Hengxu Capital received continued support from major shareholder SAIC Group, with financial institutions such as Guotai Junan and Haitong also reinvesting, alongside strong backing from multiple local governments in the Yangtze River Delta [1] - The fund attracted participation from several listed companies and industrial groups, further solidifying the LP structure that includes industry players, financial institutions, and local governments [1] - The fund has introduced a new structural approach by splitting into two funds based in Changzhou and Ningbo, aimed at more precisely addressing the differentiated needs of various LPs [1] Group 2 - Hengxu Capital's partner Liu Zhibin stated that the split is not merely a division but a strategy to better respond to the diverse demands of different LPs, creating a dual-fund model that meets varied preferences while systematically covering the entire investment cycle of innovative enterprises [1]

作者丨FOFWEEKLY 导读： 上市公司持续表现活跃。 向64支基金,出资笔数共计74笔,已披露金额的出资额合计98.81亿元,平均单笔出资额 1. 34亿元。 12月参与出资基金的平均规模相较11月大幅增加,呈上升趋势。 PART II. 上市公司LP出资分布 70 70.00 60 60 00 50 50.00 40 40:00 30 30.00 20 20.00 10 10.00 0.00 0 1月 6月 7月 2月 3月 4月 -5月 8月 9月 10月 11月 12月 2025年 出资规模(亿元)非国资 出资规模(亿元) 国资 出资次数 国资 出资次数 非国资 国资与非国资出资情况 12月份，上交所、深交所共有71家上市公司(含子公司)对私募股权基金进行了出资，共投向64支基金，出资笔数共计74笔，已披露金额的出资额合计 98.81亿元，平均单笔出资额1.34亿元。 从上市公司出资次数的分布上看，最多上市公司出资的地区为广东，其次是浙江。从规模分布上看，本月北京的上市公司出资规模最大，出资规模超过 10亿。 上市公司出资详情如下： 12月,国资出手16次,出资规模为37. 28亿元,非国资出手58 ...

来源：无锡金融发布 1月21日，"交融科产（无锡）创业投资合伙企业（有限合伙）"顺利完成基金业协会备案（备案 编码：SBPD28），成为无锡首只完成备案的AIC基金。该基金由交通银行无锡分行联动交银投资 （交银资本）和高新区科产集团发起组建，总规模为1亿元，由交银资本担任管理人。 据悉，基金将立足高新区、辐射无锡，以"股权投资+产业赋能"为双轮驱动，重点投向战略性新兴 产业及未来产业领域，助力区域构建现代化产业体系，为地方高质量发展与新质生产力培育注入持 续、稳健的金融活水。 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" ...

Group 1 - The core viewpoint of the article is the establishment of the Xia Chuang Ling Ban Artificial Intelligence Investment Fund, which has a total scale of 1 billion yuan, focusing on the entire AI industry chain [1] - The fund is jointly initiated by Jiangxia Ke Investment and Wuchuang Investment in collaboration with Rokid, targeting key areas such as new materials and optical displays, particularly in smart glasses [1] - The investment strategy aims to create a complete investment loop characterized by "terminal traction - data empowerment - scene landing," emphasizing vertical application scenarios like industrial inspection and digital cultural tourism [1]

来源：天眼查 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 近日，陕西低空航飞产业基金合伙企业（有限合伙）成立，出资额3亿元人民币， 执行事务合伙人 为和翎同行（西安）私募基金有限公司。 经营范围包含创业投资（限投资未上市企业）。股权数 据显示，该企业由 陕西省政府投资引导基金合伙企业（有限合伙）、渭南市工业倍增发展基金 （有限合伙）、和翎同行（西安）私募基金有限公司、西安和翎航装投资合伙企业（有限合伙）共 同出资。 ...

Core Viewpoint - The current investment environment is characterized by high enthusiasm and urgency among investors, leading to a simplified investment process focused on relationships and quick decisions [5][6][7]. Group 1: Market Conditions - The equity investment market is described as a "sauna," with high temperatures and intense competition among investors [5]. - There is a significant rush for investment quotas, particularly in sectors like commercial aerospace and quantum computing, where valuations have rapidly increased [5][6]. - The market is experiencing a revival, with investors eager to recover lost time and profits from the previous years [6]. Group 2: Investment Trends - The hottest sectors currently include new energy and semiconductors, with specific subfields like lithium batteries and hydrogen energy attracting substantial investment [10]. - Valuations in these sectors have skyrocketed, with companies achieving valuations of billions despite relatively low revenues [10]. - However, there are concerns about overvaluation and potential market corrections, particularly in the lithium battery sector, which has seen a significant decline in interest and investment [11]. Group 3: Future Outlook - The article suggests that only leading companies in future technology sectors may qualify for IPOs on the STAR Market, while others might have to seek listings in Hong Kong [12]. - There is a cautionary note regarding the sustainability of the current investment enthusiasm, emphasizing the need for investors to be discerning and avoid following trends blindly [12][15]. - The best investment opportunities may arise during market downturns, where undervalued companies can be identified [13][15].

近日，广西国元产业高质量发展投资基金（以下简称"广西国元产业基金"）面向全国征集优质子 基金管理机构开展合作。 广西国元产业基金由广西壮族自治区产业园区改革发展办公室（以下简称"自治区园区办"）作为 主管单位，广西投资引导基金有限责任公司（以下简称"广西引导基金"）作为主要出资方，国元 股权投资有限公司（以下简称"国元股权"）作为基金管理人共同发起设立。 母基金规模20亿元，存续期限12年，其中投资期7年，退出期5年。据悉，基金聚焦人工智能、半 导体、生物医药、新能源及新能源汽车、高端装备制造等具有前沿性的战略性新兴产业项目，重点 支持长三角等地意向投资广西企业落地相关地市及产业园区。同时，对符合产业发展方向的创新科 技类、成长型企业按照"投早投小"原则加速培育，投资比例不超过基金规模的30%。 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 来源：国元股权投资有限公司 每日｜荐读 热文： 谁押中了沐曦股份？ ...

Core Viewpoint - Guangzhou is implementing a new model for technology achievement transformation called "补改投" (subsidy to investment), which allows for a maximum loss tolerance of 100% to encourage investment in early-stage technology projects [6][9]. Group 1: Policy Overview - The "补改投" pilot program aims to address the financing challenges in the initial stages of technology transformation by optimizing fiscal funding methods and encouraging diverse social capital participation [4][6]. - The program introduces two new models: "invest first, equity later" for early-stage projects and converting cash awards from innovation competitions into equity investments [7][8]. Group 2: Mechanism and Highlights - The program establishes a full-chain management process from project selection to post-investment management, including a "liability exemption and loss tolerance mechanism" to ensure the safety and cyclical use of fiscal funds [8][9]. - Key highlights include innovative mechanisms for market selection and government investment, ecological collaboration to leverage social capital, and a governance system that promotes early and small investments in hard technology [8][9]. Group 3: Regional Context and Support - The Guangdong province is leading in creating a "patient capital" ecosystem, with a comprehensive action plan to promote high-quality venture capital development [11]. - The establishment of significant funds, such as the Guangdong Strategic Emerging Industry Investment Guidance Fund with a registered capital of 50 billion yuan, reflects strong policy support and a robust industrial foundation [12]. Group 4: National Trends - Nationally, there is a shift towards "patient capital," with various regions implementing mechanisms that allow for high loss tolerance in government-guided funds, fostering a long-term investment environment [15][16]. - The transformation of state-owned capital from mere funding sources to long-term partners in the investment process is crucial for supporting hard technology and innovation [18].