6月10日，腾讯音乐公告称，公司与喜马拉雅及若干其他订约方就拟收购喜马拉雅订立并购协 议及计划。 交易交割后，喜马拉雅将成为公司的全资附属公司。 根据腾讯音乐公告，交易交割时，喜马拉雅相关股东及喜马拉雅的雇员持股计划参与者持有的 喜马拉雅权益性证券须予以注销， 以换取12.6亿美元的现金以及腾讯音乐相关股份 。 6月10日，喜马拉雅公告称，此次并购事项将于各项前置条件满足后正式交割，双方后续将共 同推进相关流程。喜马拉雅也将保持现有品牌不变、现有产品独立运营不变、核心管理团队不 变、公司战略发展方向不变。 喜马拉雅 承诺合作伙伴与喜马拉雅签署的各类合同均会如约履 行，每一位客户权益也依法受到保护。 喜马拉雅称积极拥抱AI 图 片 来 源 ： 公 司 公 告 消息发布后，腾讯音乐美股盘前直线飙升，一度涨超11%。美股开盘后，截至 北京时间 22:34，腾讯音乐涨0.32%。6月10日，港股腾讯音乐涨2.43%，收报73.65港元/股。 喜马拉雅将保持现有品牌 据腾讯音乐公告，交易的交割取决于相关监管部门的批准及若干其他交割前提条件。交易交割 时（含其他步骤），喜马拉雅相关股东及喜马拉雅的雇员持股计划参与者持有的 ...

Core Viewpoint - The implementation opinions from Gansu Province emphasize the need for high-quality development of government investment funds, aligning with the national guidelines issued earlier this year, indicating a tightening of new fund establishment across all levels of government [1][2][3]. Summary by Sections Government Investment Fund Management - The Gansu implementation opinions require all levels of financial departments to manage government investment funds uniformly, strictly controlling the establishment of new funds and promoting the optimization and integration of existing funds [1]. - The document reflects a broader trend where many regions are tightening their policies on new government investment funds in response to national directives [1][2]. Impact on Fund Establishment - The enthusiasm for establishing new government investment funds has decreased, influenced by the national guideline that prohibits setting up funds for the purpose of attracting investment [2][3]. - In the first quarter of 2024, the scale of newly initiated mother funds was 238.7 billion, while in the first quarter of this year, it dropped to 146.2 billion, marking a decline of 38.75% [3]. Changes in Investment Strategy - The national guideline has significantly impacted the previously popular "fund attraction" model, leading to a transformation in local government strategies for investment and fund establishment [3][4]. - Many local governments are now focusing on nurturing local industries rather than attracting external projects, indicating a shift in the investment landscape [5]. Future Policy Developments - Multiple regions are revising their government investment fund policies in accordance with the national guidelines, with new policies expected to be released throughout the year [6].

Group 1 - The core viewpoint of the article highlights the acquisition of Honghe Technology by Hefei Ruicheng Private Equity Fund Management Co., which plans to invest 1.575 billion yuan to acquire a 25% stake and gain control of the company, marking the first CVC-led acquisition following the "Six Opinions on Deepening the Reform of Mergers and Acquisitions of Listed Companies" [1] - Hefei Ruicheng will establish a merger fund as the transaction entity, backed by Wuhu Chery Capital Management Co., which is associated with Chery Holdings and Chery Automobile, indicating strong support from quality resources [1] - The focus of Hefei Ruicheng's investment strategy is on strategic emerging industries such as new energy vehicles and intelligent connected vehicles, which could enhance the asset quality and governance of Honghe Technology [1] Group 2 - Honghe Technology is a leading company in the educational smart interactive panel market, currently exhibiting good operational and financial conditions with ample cash flow, but faces limitations in industry growth potential [2] - The introduction of resource-rich industrial capital could assist Honghe Technology in transforming and exploring new growth avenues, potentially leading to significant development for the company [2]

Group 1 - The article discusses the implementation of comprehensive reform pilot programs in Shenzhen, emphasizing the need for innovation and openness in economic development [1][2] - It highlights the importance of integrating financial services with the real economy, particularly through support for technology-driven enterprises and green finance initiatives [1][6] - The document outlines a framework for enhancing collaboration between education, technology, and talent development, aiming to foster high-quality human resources [4][5] Group 2 - The reform proposals include establishing a robust mechanism for financing technology enterprises, including credit systems and intellectual property securitization [1][6] - There is a focus on creating a conducive environment for emerging industries, including artificial intelligence and drone management, to drive economic growth [6][8] - The article emphasizes the need for a more open economic system, facilitating trade and investment, and improving the flow of goods and services [8][9] Group 3 - The document stresses the importance of enhancing governance models to ensure effective implementation of reforms, including legal and regulatory adjustments [10][12] - It calls for a systematic approach to evaluating and promoting successful reform experiences, ensuring that effective practices are replicated [12][13] - The article outlines the necessity of strengthening the leadership role of the Party in guiding the reform processes [12][13]

各地母基金出资比例正在突破。 5月2 3日，荆州市重磅发布《关于设立2 0亿元母基金加快现代化产业体系建设的实施方案》， 此次增设的2 0亿产业引导母基金将通过设立分母基金、市场化子基金、直投基金、专项子基金 等模式，力争三年内打造不低于2 0 0亿元的政府投资基金集群。 据悉，此次增设的 2 0亿母基金出资分母基金比例最高可达4 0%、出资产业投资类子基金比例 最高可达3 0%、 出资人才创新子基金和科技创新子基金比例最高可达 9 9% 。直投基金和专项 子基金将重点支持战略新兴产业和未来产业领域优质项目和高新企业的培育，直投基金投资比 例最高可达被投企业总股本的 2 0%，专项子基金投资比例最高可达被投企业总股本的4 0%。 "出资人才创新子基金和科技创新子基金比例最高可达9 9%"，这在业内属于"天花板"级别的单 一出资比例。 近日，多地母基金都在提高出资比例。 天津《关于调整完善天津市海河产业基金管理规定有关事项的通知》指出， 引导基金对并购母 基金出资比例最高可达 5 0％，对券商类并购母基金出资比例最高可达7 0％ ， 引导带动社会资 本参与标的项目投资，使引导基金在项目端出资比例不超过 5 0％ ...

Core Viewpoint - Hefei has established itself as a leading venture capital city through government-led industrial investments, evolving from a focus on infrastructure to becoming an ecosystem builder for industries, particularly in the context of the Fengxi County's development [1][3][17]. Group 1: Transformation of State-owned Capital Platforms - Hefei's state-owned capital platforms have transitioned from "urban infrastructure service providers" to "industrial ecosystem builders," showcasing a successful model of government-led investment [1][3]. - The Fengxi Industrial City Group has transformed into a comprehensive operator for industrial development, integrating capital into the county's key industries, including new energy and smart vehicles [3][6]. - The group has successfully launched local enterprises like Kobalt on the Beijing Stock Exchange, demonstrating the vitality of Hefei's venture capital gene in county-level economies [1][3]. Group 2: Financial Innovations and Achievements - The Fengxi Industrial City Group recently achieved a "Double AAA" credit rating, facilitating a shift from land-based finance to equity-based finance for local governments [4][6]. - The group issued a non-public bond of 1 billion yuan with a record-low interest rate of 2.1%, marking a significant achievement in the capital market [4][6]. - As of June 2025, the group has established 33 cooperative funds with a total scale of nearly 400 billion yuan, leveraging state-owned capital to attract over five times the amount in social capital [6][12]. Group 3: Investment Strategies and Ecosystem Development - The Fengxi Industrial City Group employs a "1+3+X" fund matrix strategy to effectively allocate limited capital towards industries aligned with local strengths [6][7]. - The group focuses on a comprehensive service model that includes project selection, equity/fund investment, and operational support, creating a full-cycle service capability [7][8]. - The investment logic emphasizes a "point-to-surface" approach, fostering a chain reaction in the local economy through strategic investments in key projects [8][10]. Group 4: Talent and Infrastructure Development - The group integrates talent services with industrial development, establishing partnerships with local universities to attract high-level talent and promote research outcomes [15][16]. - It has created a talent housing initiative, providing over 1,226 rental apartments to support talent retention and local employment [15][16]. - The group has developed 38 industrial parks covering approximately 2.3 million square meters, enhancing the local infrastructure to support industrial growth [14][16]. Group 5: Future Outlook and Strategic Insights - The Fengxi Industrial City Group ranks 44th in total revenue and 38th in total assets among county-level state-owned platforms, highlighting its strong potential for growth [16]. - Key strategic insights include maintaining a focus on local industrial strengths, innovating mechanisms for market-oriented assessments, and embedding projects within the industrial chain to maximize collaborative value [16][17]. - The group's approach serves as a replicable model for county-level economic transformation, emphasizing the importance of a collaborative ecosystem involving government, industry, and community [17].

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][13]. - The National SME Development Fund Co., Ltd. has completed the signing and establishment of its seventh batch of sub-funds, focusing on advanced manufacturing, information technology, and new energy materials, with a total scale of 26.17 billion yuan for one fund [2][3]. - The "Shenzhen Capital Group" was recognized as an excellent case by the State-owned Assets Supervision and Administration Commission (SASAC), highlighting its focus on core business and innovation in risk investment [6][4]. Group 2 - The first S fund in Yancheng has been successfully established, focusing on technology and healthcare sectors, and aims to support the growth of quality enterprises through a "project + sub-fund" investment approach [7]. - Everbright Holdings successfully issued 30 billion yuan in panda medium-term notes with a record low coupon rate of 2.09%, indicating strong market demand and investor confidence [8]. - Changjiang Industrial Group and Silk Road Fund are collaborating on overseas industrial cooperation, aiming to enhance China's capital influence in global markets [9][10]. Group 3 - Shanghai Fosun Group and Fujian Jin Investment are engaging in business exchanges to support the healthy development of the private economy, focusing on asset revitalization and fund investment [11].

李强强调，科技成果转化需要良好环境作支撑，要坚持有效市场和有为政府相结合，完善支持 政策和市场服务，形成高效协同、富有活力的成果转化体系。要完善激励机制，遵循科技成果 转化规律，推进职务科技成果赋权和资产单列管理改革，更好激发各方面的积极性。要加大资 金支持，进一步拓宽思路， 更多运用市场力量，吸引社会资本加大投入 ，鼓励金融机构创新 金融产品和服务方式， 发展多层次资本市场，提供多元化融资渠道 。要加强公共服务，规划 引导支持建设一批科技公共服务平台，为科技成果供需双方提供全方位服务。 ( 新华社 ) 母基金研究中心（ www. china -f o f. c om，下同）正式开启2 0 2 5专项榜单评选 。母基金研究中 心将根据已有的数据支撑与研究分析，于 7月发布2 0 2 5专项榜单，以此鼓励私募股权母基金与 基金行业的优秀机构与人才，促进股权投资行业的健康发展。 6 月 9 日，国务院以 " 深化科技成果转化机制改革，推动科技创新和产业创新融合发展 " 为 主题，进行第十四次专题学习。国务院总理李强在主持学习时强调，要深入学习贯彻习近平总 书记重要指示精神和党中央有关决策部署，通过多方面协同发力， ...

母基金研究中心据公开信息统计， 2 0 2 5年5月1日至5月3 1日资讯涉及的募资动态共1 5起，折 合人民币规模合计超过3 0 0 亿元。以下是内容提要与具体资讯。 【内容提要】 01 礼来亚洲基金成功设立第七期生物医药基金 凯易代表领先生物医药风险投资公司礼来亚洲基金（ LAV）完成其第七期美元生命科学基金礼 来亚洲第七期基金（LAV Fu n d VII, L.P.）的募集。该基金以封顶金额最终交割，获得来自全 球各地的各类机构投资者的踊跃认购，包括主权财富基金、养老金、捐赠基金、大家族办公 室、大型企业和母基金。 02 东南大学无锡校友科创转化基金发布 1 . 礼来亚洲基金成功设立第七期生物医药基金 2 . 东南大学无锡校友科创转化基金发布 3 . 静水湖创投首期 FOF基金完成募集设立 4 . 鲁信创投首批登陆债市 "科技板"成功发行5亿元科技创新债券 5 . 中国石化资本成功发行 9亿元科创债 6 . 元禾控股发行科技创新债券 7 . 东方富海科创债落地 8 . 光源创新前沿孵化基金完成首期募资 9 . 祥峰二期天使基金募集收官 重点关注早期科技项目 1 0 . 嘉御资本落子天津 11 . 毅达 ...

Core Viewpoint - The article discusses the challenges faced by mid-career investors in the primary market, highlighting a sense of confusion and anxiety among them due to the current market conditions and their career progression [1][2]. Group 1: Mid-Career Challenges - Many mid-career investors feel stuck, unable to advance to partner levels or secure core resources, leading to a sense of being "stuck in the middle" [2][3]. - The competitive advantage of younger employees in terms of energy and cost is noted, with mid-level investors facing pressure to either achieve results or risk being optimized out of their positions [2][3]. - The trend of mid-career investors exploring side jobs, such as selling insurance, has emerged as a response to financial pressures and job insecurity [2][3]. Group 2: Career Transitions - There is an increasing trend of investors transitioning to roles within the companies they previously invested in, which is seen as a smoother career shift due to existing relationships and familiarity with the business [4][5]. - Some investors are diversifying into completely different fields, such as becoming fitness or ski instructors, reflecting a broader search for new opportunities [5][6]. - The shift to roles in financial advisory (FA) or consulting is also noted, as some investors seek more stable opportunities amid a challenging investment environment [5][6]. Group 3: Embracing New Opportunities - A growing number of investors are turning to self-media and content creation as a side venture, leveraging their expertise to generate income through knowledge sharing and online courses [6][7]. - The rise of self-media among investors is seen as a way to expand their networks and share resources, with various monetization strategies being employed, including knowledge payment and advertising [6][7]. - The article emphasizes the importance of adaptability and continuous self-improvement for mid-career investors to remain relevant in a changing market landscape [7].