2 0 2 5年7月3 1日， 水木资本董事长、中国国际科技促进会母基金分会会长、母基金研究中心创 始人唐劲草 与 瑞士驻华大使白瑞谊（ Jür g Bur r i）先生 在京会面 ，双方就即将 举办 的第 四届达沃斯全球母基金峰会事宜进行了交流。 据悉， 2 0 2 6年1月2 1日，第四届达沃斯全球母基金峰会将于瑞士达沃斯举办，本届峰会由全球 母基金协会主办，母基金研究中心承办 ， 峰会行程安排将于 2 0 2 6年1月1 9日持续至2 0 2 6年1 月2 3日。本届峰会将邀请百余位全球母基金与基金行业的重量级人物共聚一堂，共同商议跨越 经济周期的奥秘，展望全球母基金行业发展的未来。 唐劲草会长向瑞士驻华大使白瑞谊（ Jür g Bur r i）先生介绍了第四届达沃斯全球母基金峰会 的 筹备 情况 ，包括会议议题、邀请 情况 及合作 情况 ，强调希望进一步深化 中国 与瑞士方 面的 交流，推动双方在技术和资本方面的深度交流与合作 。同时，唐劲草会长也对瑞士驻华 大使馆提供的 有关 瑞士科技公司信息共享的支持表达了感谢。 瑞士驻华大使白瑞谊（ J ü rg Bu rri）先生及相关负责人充分肯定峰会的重要 ...

本周资讯涉及的母基金管理规模达 1 5 4 0 亿元，主要分布在 上海、广东、江苏、浙江、福建、 云南、山西、陕西、湖北 等地区，投资 生物医药、未来新兴产业、半导体等 。以下是内容提 要和具体资讯。 【内容提要】 中国母基金行业一周资讯（ 7 . 2 6 - 8 . 1） 【资讯解读】 1、全国：1 0 0亿，这支国家级母基金二期设立 2、上海： 上海三大先导产业母基金第三批子基金遴选启动 3、浙江： 浙江省科创母基金（三期） 招 GP 4、福建： 福建省科创接力 S基金 招 GP 5、湖北： 湖北省人形机器人产业投资母基金 设立 6、湖北： 咸宁区域母基金 设立 7、云南： 云南滇中新区产业引导基金正式成立 8、山西： 两只省级政府投资母基金 落地 9、河南： 河南省股权投资基金登记成立 1 0、浙江： 东方产融新设母基金完成产品备案 11、陕西： 陕西省科技创新母基金登记成立 1 2、浙江： 宁波市天使投资引导基金拟出资 1 3、江苏： 苏州高端装备产业专项母基金拟投子基金 1 4、 江苏 ： 扬州战新专项母基金首支子基金落地 1 5、广东：广州开发区设5 0亿科创母基金 01 全国： 100亿，这支国 ...

Core Insights - The total number of newly registered private equity and venture capital funds reached 1,165 in Q2 2025, marking a year-on-year increase of 38.2% and a quarter-on-quarter increase of 20.3% [2][4] - The cumulative contribution from Limited Partners (LPs) reached 427 billion RMB, with state-owned capital dominating at 231.72 billion RMB, accounting for 54.26% of the total [9][10] Fund Overview - In Q2 2025, there were 416 newly registered private equity funds and 749 venture capital funds, with venture capital funds maintaining a dominant position [2] - The registration of funds was concentrated in Zhejiang, Jiangsu, and Guangdong provinces, indicating strong GP activity and industrial attraction in the Yangtze River Delta and Greater Bay Area [2] LP Contribution Trends - The frequency of LP contributions showed slight fluctuations in Q2 2025, with a general downward trend observed [4] - A total of 2,651 contributions were made by institutions with a contribution ratio of 1% or more, with government-guided funds and state-owned capital continuing to dominate the LP market, accounting for 52.7% of contributions [6][9] LP Contribution Distribution - The cumulative contribution from institutions with a contribution ratio of 1% or more reached 427 billion RMB, with state-owned capital leading at 231.72 billion RMB [9] - Financial institutions contributed 74.61 billion RMB, representing 17.47% of the total, while government-guided funds contributed 71.46 billion RMB, accounting for 16.73% [9][10] Active LP Analysis - State-owned capital maintained a strong position in Q2 2025, with a cumulative contribution of 231.72 billion RMB, reflecting its significant scale and stability [16] - Government-guided funds demonstrated a stable contribution pattern, with a total of 71.46 billion RMB, showcasing their role in leveraging small amounts of capital for larger investments [18] - Financial institutions contributed 74.61 billion RMB, focusing on large single contributions, indicating their professional asset allocation capabilities [19] - Private capital's participation remained low, with a total contribution of 23.89 billion RMB, highlighting the need for mechanisms to stimulate greater involvement [20]

一、福建省省级政府投资基金有限公司 简介 福建省省级政府投资基金有限公司（以下简称"省级母基金"）是经福建省政府批准、省财政厅 牵头组建的福建省省级政府投资基金投资平台，注册资本100亿元，由福建金投全资子公司福 建省金投私募基金管理有限公司（以下简称"福建金投基金"）负责管理。 二、子基金基本要求 为贯彻国办一号文"鼓励发展私募股权二级市场基金（S基金）"有关精神，认真落实省委省政 府工作部署和《关于进一步推动资本市场服务科技型企业高质量发展的若干措施》（闽政办 〔2025〕9号）等有关文件要求，持续实施"引金入闽"工程，为优质科技型企业接续赋能， 福建省金融投资有限责任公司（以下简称"福建金投"）拟投资设立福建省科创接力S基金（以 下简称"子基金"），现面向全国公开遴选子基金管理机构，有关事项公告如下： （二）设立规模 （一）基金名称 福建省科创接力S基金。设立名称中须包含"福建省""科创接力"等相关字样，具体名称以工商 核定为准。 （六）社会效益引导要求 1.子基金投资于福建省内的资金原则上不低于福建省各级政府出资额的1倍。 2.鼓励子基金投资管理团队常驻省内，子基金管理机构若采用管理机构与普通合伙人分 ...

2 0 2 5年，盈港资本于江苏分别设立数字产业基金、机器人基金、AI基金。分别聚焦数字经济、 机器人产业链、AI应用，围绕地方政府产业战略与技术企业落地需求，进一步完善"基金+生态 +区域"协同发展平台。 坚持以多元化金融产品，多地域策略分散， 实现金融服务实体经济， 科技赋能民生的思路。 此外，盈港资本于 2 0 2 5年6月，参与智能驾驶企业「天瞳威视」D轮融资，联合国资产业基金 与头部芯片企业，助推其软硬一体化智驾系统加速落地；与此同时，领投低空经济企业富林 岚， 助力企业持续投入研发，提升技术以承接更大吨位机型的旋翼系统需求，建立飞行实验室 等， 加速我国高端航空装备自主可控进程。 盈港资本成立以来，人民币及美元累计（含已退出）管理规模超 8 0亿元。投资领域覆盖机器 人、AI、智能驾驶、低空经济、半导体、互联网及医疗科技。 被投企业包括普渡机器人、加 速进化、柏惠维康、 天瞳威视、曹操出行、富林岚、加特兰、格兰菲、安德医智、Qb o i d、博 辉瑞进、贝迪新材等硬科技领军企业，以及早期包括药明康德、贝壳、腾讯音娱、蚂蚁金服在 内的知名互联网及医疗科技公司。 在盈港覆盖的赛道中，人形机器人公司「加 ...

周鹏指出，不少国资 GP这些年来也投出了比较好的业绩，专业度并不差。并且，和国资GP合 作，一方面国资GP在合规等方面让LP相对更放心，和国资LP的话语体系方面也会比较搭，另 一方面，在现在的市场环境下，国资GP有着独特的优势，不仅是募资有背书更容易成功，从投 资和赋能来说，在资源、产业政策与项目渠道方面都有优势。 有国资 LP出资子基金的限制更多了。 "今年新变化：出资子基金不仅是出资比例、单笔额度的限制， 我们整个机构层面出资的子基 金个数也做了限制 。 "华东地区某国资LP投资总监赵燕（化名）告诉母基金研究中心。 赵燕表示，身边也有国资同行在今年出了类似的规定。 "集团对能投的基金个数做限制，满了 之后，只能看有没有已设的子基金能够尽快退出或清理存量关掉，给新设的腾额度。" 不仅是出资方面的限制要求，对于出资偏好， 现在，部分 LP出资有了"隐形门槛"。 " 我们现在基本只和国资 GP合作，这已经成为了默认 。 "某LP机构投资总监周鹏（化名）告 诉母基金研究中心。 当 前 ， 募 资 问 题 确 实 已 成 为 GP 生 存 的 关 键 。 一 直 募 不 到 资 ， 会 被 注 销 管 理 人 资 ...

Core Viewpoint - The article emphasizes the importance of maintaining stability while seeking progress in China's economic work for the second half of the year, highlighting the need for continuous and flexible policy implementation to boost consumption and ensure economic recovery [1][3]. Summary by Sections Economic Situation and Policy Direction - The Central Committee of the Communist Party of China (CPC) held a meeting to discuss the current economic situation and plans for the second half of the year, with a focus on stabilizing employment, enterprises, markets, and expectations [1][2]. - The meeting included representatives from various democratic parties and organizations, who expressed support for the CPC's analysis of the economic situation and provided suggestions for promoting technological and industrial innovation, enhancing service consumption, and improving social security for flexible employment groups [2][3]. Challenges and Strategic Focus - Despite the positive developments in the first half of the year, challenges and risks remain in the economic landscape. The CPC emphasizes the need for a proactive approach to macroeconomic policies, focusing on expanding domestic demand and deepening reforms [3][4]. - The CPC aims to consolidate the economic recovery momentum by leveraging development opportunities and addressing potential risks in key sectors [3]. Collaborative Efforts and Future Directions - The CPC acknowledges the contributions of various democratic parties and organizations in providing insights and suggestions for economic development, reflecting a spirit of cooperation under CPC leadership [4][5]. - The CPC encourages these organizations to unify their understanding of the economic situation and to promote high-quality development by utilizing their resources and expertise effectively [5].

Core Viewpoint - The National Development and Reform Commission (NDRC) has solicited public opinions on the "Guidelines for the Layout Planning and Investment Direction of Government Investment Funds" and the "Measures for Strengthening the Guidance and Evaluation Management of Government Investment Fund Investment Direction," which are significant for the government investment fund industry [1][2][3]. Summary by Sections Guidelines - The guidelines emphasize strengthening the planning and investment direction of government investment funds, highlighting government guidance and policy positioning to prevent homogeneous competition and crowding out of social capital [1][2]. - It encourages national funds to strengthen collaboration with local funds, particularly in cutting-edge technology fields and key links in the industrial chain, leveraging local resources through joint establishment of sub-funds or contributions to local funds [1][2]. Investment Direction - Establishing government investment funds should align with the requirements of building a unified national market and should not aim at attracting investment. It encourages lowering or eliminating the return investment ratio [2][11]. - Investment directions must comply with national macro-control requirements, avoiding investments in industries with structural contradictions and preventing blind following in emerging industries [2][3]. Evaluation Measures - The measures propose a comprehensive evaluation index system that combines quantitative and qualitative assessments, covering the entire process of fund operation management [2][3]. - Evaluation indicators include policy orientation compliance, investment layout optimization, and policy execution capability [2][3]. Industry Transformation - The government investment fund industry is transitioning from a "coarse" development model to a more refined approach, focusing on establishing clusters of guiding funds and enhancing collaboration at provincial and municipal levels [12][13]. - The emergence of specialized fund clusters targeting specific sectors indicates a trend towards more segmented and professional investment strategies [14]. Regulatory Context - The recent emphasis on not establishing government investment funds for the purpose of attracting investment aligns with the broader regulatory framework aimed at standardizing local investment attraction practices [5][10]. - The decline in average return investment ratios over the past six years reflects a shift in industry practices, with many funds now requiring lower return multiples [11].

Core Viewpoint - Shenzhen has introduced a new guideline to promote tolerance for failure in the technology innovation sector, aiming to create a supportive environment for innovation and investment [1][3][4]. Group 1: Guidelines and Implementation - The Shenzhen Municipal Science and Technology Innovation Bureau released the "Guidelines for Tolerance of Failure in the Field of Technological Innovation" which outlines the guiding principles and basic conditions for recognizing responsible performance [1][2]. - The guidelines specify that various fiscal special funds' administrative departments are responsible for implementing the tolerance for failure and responsible performance recognition work, detailing five diligence conditions and nine exemption scenarios [2]. Group 2: Capital Strategies - Shenzhen has proposed the concept of "Bold Capital" to encourage investment in high-risk frontier technology fields, promoting a culture of "daring to try and make mistakes" [4][5]. - The South District of Shenzhen has established a strategic direct investment seed fund and angel fund with a total scale of 500 million yuan, allowing for a 100% loss on individual projects [5]. - The Futian District has introduced a risk tolerance policy for government investment funds, permitting up to 80% loss on certain projects, with some projects allowed to incur a 100% loss [6]. Group 3: National Trends - Other regions, such as Wuhan and Sichuan, are also adopting similar tolerance mechanisms for investment losses, indicating a growing trend among local governments to accept full losses in venture capital [7][8]. - The national government has emphasized the need for a sound tolerance mechanism for government investment funds, encouraging a supportive environment for innovation and risk-taking [10][11]. Group 4: Fund Development and Performance - Shenzhen aims to establish a "double ten thousand" structure by 2026, targeting a trillion-level "20+8" industry fund group and over 10,000 registered equity investment and venture capital funds [11][12]. - The city plans to create three new mother funds to enhance its existing fund system, focusing on cross-border cooperation and specialized investment [12][15]. - Shenzhen's national leadership in venture capital is reflected in its comprehensive fund ecosystem, which includes over 500 funds with a total scale exceeding 700 billion yuan, primarily directed towards strategic emerging industries [15][20]. Group 5: Innovative Measures - Shenzhen has introduced a risk compensation scheme for technology innovation seed funds, integrating insurance to mitigate risks associated with project failures [19]. - The city has also established local standards for venture capital and innovation ecosystems, showcasing its commitment to fostering a robust investment environment [17][18].

Group 1 - The establishment of the "China International Science and Technology Promotion Association Mother Fund Branch" aims to enhance the role of mother funds in China's capital market and promote the healthy development of the investment industry, particularly the mother fund sector [1] - The total scale of the newly established merger fund and S fund in a province is 10 billion RMB, with the goal of supporting enterprise mergers and acquisitions [4][5] - The "Zhongjin Yaosheng Mother Fund" is seeking quality sub-fund management institutions, with a total scale of 5 billion RMB, focusing on strategic emerging industries [6][7] Group 2 - The "Changjiang Industry Group" has established a specialized automotive fund with a total scale of 5 billion RMB, aimed at supporting the development of specialized vehicles and components [9] - The "Henan Investment Group" and the National Local Center signed an agreement to build the first heterogeneous humanoid robot training ground in Central China, enhancing regional innovation capabilities [10][14] - "Wanhua Hongyuan" and "Zhongji Capital" are collaborating to promote the implementation of an equipment manufacturing industry fund in Xi'an, focusing on regional industrial development [15][20] Group 3 - The "Hami Municipal Government" delegation visited "Yuzhi Holdings Group" to discuss deepening industrial cooperation, showcasing the group's achievements in technology innovation and capital operation [22][25] - "Xu Jiayi" led a team to the "Guian Guokong Intelligent Computing Park" to explore cooperation paths, emphasizing the potential of the intelligent computing industry in the region [27][30] - The upcoming "Fourth Davos Global Mother Fund Summit" and the "Sixth China Mother Fund Summit" are set to take place, highlighting the growing importance of mother funds in the investment landscape [31]