今年，港股 IPO市场的持续升温，让VC/PE迎来期待已久的退出窗口期。 11月2 7日，安永发布2 0 2 5年《中国内地和香港IPO市场回顾及展望》报告。报告显示，2 0 2 5 年中国内地和香港IPO活动在全球呈现增长态势，A股和香港市场全年IPO数量和筹资额占全球 总量的1 6%和3 3%。其中，A股市场整体稳中有进，港交所以全年3 6 0亿美元融资额跃居全球交 易所榜首。 报告介绍， 2 0 2 5年港股IPO市场迎来强势复苏，IPO筹资额时隔四年再度突破2 0 0 0亿港元，重 回近五年第二高峰。大型IPO项目上市成为推动港股崛起的关键因素，其中来自内地的A+H及 A拆H企业贡献突出，全年预计超过2 0家A股公司在港首发上市，合计募资超过1 7 0 0亿港元。 " 曾几何时，投资人对上市退出的地点是有 '鄙视链'的，并不看好企业去港股上市。但风水轮 流转，今年以来港股破发率大大降低，消费、科技赛道的企业在港股市场都比较热，表现不 错，所以现在很多投资人都在催着被投企业去港股上市。"北京某VC机构投资总监对母基金研 究中心表示。 今年，新消费公司在港股市场大放异彩，被称作 "港股三朵金花"的蜜雪冰城 ...

Core Viewpoint - The fourth Davos Global FOF Summit will take place in Davos, Switzerland from January 19 to January 23, 2026, hosted by the Global FOF Association, aiming to facilitate multilateral dialogue among global fund leaders and explore future development directions for the fund industry and venture capital cities [1][13][14]. Group 1: Summit Details - The summit will feature over 100 leading figures from global funds and venture capital cities, discussing the secrets of navigating economic cycles and exploring new directions for the future development of the fund industry [13][14]. - The Global FOF Association will release the "2025 World's Best FOF Investment Institutions List" during the summit, continuing its tradition of recognizing top investment institutions for six consecutive years [15][16]. Group 2: Notable Attendees - Jack Perry, Chairman of the 48 Group, has confirmed his attendance and will deliver a speech at the summit, emphasizing the historical trade relations between the UK and China [2][5][6]. - Senior executives from renowned global funds, including Scott Voss from HarbourVest and Arwed Christensen from UBS, have also confirmed their participation [11][12]. Group 3: Industry Impact - The summit is anticipated to provide a rare opportunity for dialogue with leading global LPs, allowing participants to discuss investment logic and engage with both domestic and international RMB/USD LPs [17][20]. - Previous Davos Global FOF Summits have seen Chinese GPs raise over $1 billion, highlighting the significant fundraising potential and interest in the private equity sector [17][20]. Group 4: Unique Experiences - Participants will enjoy scenic experiences, including a train ride in the Alps and a special "Genting Forum" at a restaurant in Davos, enhancing the networking opportunities in a unique setting [22][24].

Group 1 - The 2025 China-Europe Robotics Industry Cooperation Conference was held in Shenzhen, focusing on promoting collaboration and investment in the robotics sector between China and Europe [1][3] - Shenzhen's Vice Mayor emphasized the city's robust robotics ecosystem and invited European companies and research institutions to deepen cooperation [3] - The Deputy Director of the Investment Promotion Bureau highlighted the strengths of both Europe and China in robotics, advocating for a collaborative approach to build a new ecosystem for industrial innovation [3] Group 2 - Wang Peng, a speaker at the conference, discussed the importance of data as the "core fuel" for AI development, emphasizing the need for high-quality, large-scale data [5] - He pointed out the necessity of global data governance for cross-border data flow in robotics, proposing a unified governance model to facilitate data circulation and reduce compliance costs for multinational companies [6] - Wang proposed exploring collaborative paths for China-Europe robotics training factory cooperation, suggesting a "dual compliance" review mechanism for global data cooperation [6]

母基金研究中心创始人、水木资本董事长唐劲草出席会议，并获任全联并购公会中小企业投融 资专业委员会主任。 唐劲草还担任北京市工商联投融资专委会副主任、北京市侨联金融委员会 的专家委员。 2 0 2 5年11月2 7日下午，全联并购公会六届四次理事会在海南海口隆重举行。本次会议正值全 国上下深入学习贯彻党的二十届四中全会精神、全面完成"十四五"规划目标、谋划"十五五"发 展蓝图的关键时期，是一次承前启后、继往开来的重要会议。会议系统总结了2 0 2 5年度工作成 果，科学研判并购行业发展新形势，审议通过了理事会成员调整、届中增补副会长、专业委员 会设立等重要议案，全面部署了2 0 2 6年重点任务，为公会在新起点上实现高质量发展指明了方 向、凝聚了力量。 唐劲草还受邀参加了知名民营企业助力海南自贸港高质量发展大会与 2 0 2 5第二十二届中国并 购年会 ： 2 0 2 5年11月2 8日上午，由全国工商联、海南省人民政府共同主办的知名民营企业助力海南自 贸港高质量发展大会在海口开幕。全国政协副主席、全国工商联主席高云龙，海南省委书记冯 飞出席大会并致辞。海南省委副书记、省长刘小明作海南自由贸易港投资政策及重点投 ...

Core Viewpoint - The investment market in 2025 shows signs of recovery in terms of new fund registrations and investments, but this is misleading as it primarily involves top-tier institutions and large state-owned funds, indicating a superficial recovery rather than genuine market activity [1][2]. Fundraising and Investment Trends - The number of newly established private equity and venture capital funds increased significantly in 2025, with 1,165 funds registered in Q2 (up 38.2% year-on-year) and 1,300 in Q3 (up 37.42% year-on-year) [1]. - Investment professionals are shifting their focus from project investments to fundraising contributions and exits, reflecting a change in KPI assessments [2]. - Many government-guided funds are now engaging in direct investment rather than funding sub-funds, leading to a decline in the establishment of mother funds [2]. Mother Fund Establishment - In the first half of 2025, only 33 new mother funds were established, a significant drop from the previous year, with government-guided funds decreasing by 66% and market-oriented funds by 50% in total scale [3][4]. - The decline in mother funds is attributed to the loss of their role in attracting investments, which may reduce local governments' enthusiasm for establishing new funds [3]. Market Dynamics and Challenges - The investment environment is characterized by a focus on cost-saving measures, with many small and medium-sized General Partners (GPs) adopting shared office spaces to reduce expenses [5][6]. - There is a notable trend of personnel changes within GPs, with a shift towards hiring individuals with industry backgrounds rather than traditional business education to maximize efficiency and resource utilization [8][9]. - The current market conditions have led to heightened competition, with top-tier institutions consolidating resources, making survival increasingly difficult for smaller GPs [5][7]. Future Outlook - The upcoming China Mother Fund 50 Forum in December 2025 aims to gather key industry players to discuss the future of the mother fund sector [10][12].

Core Insights - The total management scale of the mother fund industry in China reached 132.56 billion RMB, with investments covering sectors such as integrated circuits, green low-carbon technologies, and new energy [1]. Group 1: Fund Establishments and Developments - Hebei province has launched a city-level mother fund with a 15-year duration and removed registration restrictions for general partners (GPs) [4][5]. - A 10 billion RMB dual-carbon mother fund is set to be established in Shaanxi province, focusing on hydrogen energy and green technologies [7][8]. - Zhejiang province has initiated a 500 billion RMB social security science and technology innovation fund, targeting key industries like artificial intelligence and biomedicine [9]. - Tianjin has launched a 20 billion RMB innovation mother fund, aimed at supporting strategic emerging industries [10][11]. - Hangzhou plans to create a 500 billion RMB industrial fund cluster to enhance local industrial development [13]. - Chengdu has established its first AIC fund in Jianyang, focusing on advanced manufacturing and artificial intelligence [14]. - Jiangxi province has set up a 4 billion RMB industrial upgrade fund to support key sectors [15]. - Shanghai's integrated circuit investment fund has increased its capital to 24.06 billion RMB, marking a 66% increase [16]. - A 150 billion RMB industrial fund in Shaoxing has completed its registration, focusing on strategic industry projects [17]. - Beijing's Beigong Investment has increased its registered capital to 10 billion RMB, emphasizing high-tech industry investments [18][19]. - Jiangsu province's Yangzhou Shouxihu Guojin New Industry Investment Fund is seeking GPs to support local industry upgrades [21]. - The Linhai City Talent Science and Technology Innovation Fund in Zhejiang is also looking for GPs to manage its 200 million RMB fund [22]. - The Nantong Baoyuehu Science and Technology Innovation Mother Fund has been established with a total scale of 5 billion RMB [24]. - The Nan'an Venture Capital Fund in Fujian is focused on supporting technology-driven enterprises with a planned scale of 300 million RMB [25]. Group 2: Regulatory and Management Frameworks - The newly revised management measures for the Hebei mother fund have eliminated registration requirements and adjusted investment ratios and durations [6]. - The "Liaoning Provincial Government Investment Fund Management Measures" have been published to enhance the management and operation of provincial investment funds [29][30].

Core Viewpoint - The article discusses the trend of "zero rent" initiatives in various industrial parks across China, driven by significant招商压力 (investment attraction pressure) and the need for innovative招商引资 (investment attraction) strategies in the face of regulatory changes and market challenges [2][3][4]. Group 1: Zero Rent Initiatives - Many industrial parks, including those in major cities like Shenzhen and Beijing, are adopting "zero rent" policies to attract businesses amid high招商压力 [2][3]. - The effectiveness of these initiatives is questioned as many parks remain underutilized, lacking essential support and industry collaboration opportunities for businesses [3]. Group 2: Regulatory Changes - The implementation of the Fair Competition Review Regulation (国令783号) has restricted local governments from providing selective tax incentives and subsidies, pushing for a more standardized approach to招商引资 [3][4]. - The central government has emphasized the need to regulate local招商引资 practices, leading to the dissolution of many招商办 (investment promotion offices) and the establishment of platform companies to facilitate investment [4]. Group 3: Shift in Investment Strategies - The traditional tax incentive and subsidy-based招商引资模式 is being replaced by a "fund招商" model, where government investment funds are increasingly linked to招商 efforts [4][5]. - The "先投后股" (first invest, then take equity) model is emerging as a new tool for promoting technology transfer and investment, allowing for more efficient use of public funds [6]. Group 4: High-Quality Development Focus - Recent government directives stress the importance of high-quality招商引资, discouraging blind investment in emerging industries and promoting a unified national market [7][8]. - The focus is shifting towards nurturing local industries based on regional strengths rather than merely attracting external companies [9]. Group 5: M&A as a New Strategy - The concept of "merger and acquisition招商" is gaining traction, with local state-owned enterprises exploring acquisitions of listed companies to enhance local industry capabilities [10]. - This shift reflects a broader trend towards more structured and transparent招商引资 practices, as highlighted by recent central government meetings [10].

Core Viewpoint - The article discusses the implementation opinions released by the Hangzhou State-owned Assets Supervision and Administration Commission, aiming to strengthen and optimize the "3+N" Hangzhou industrial fund cluster to promote high-quality development of modern industrial clusters in Hangzhou, targeting a scale of over 500 billion yuan during the 14th Five-Year Plan period [2][4]. Group 1: Fund Structure and Management - 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 industrial funds established by municipal state-owned enterprises [2]. - The three government investment funds can adopt various investment methods, including industry mother funds, sub-funds, and special sub-funds, which will help alleviate fundraising difficulties in the primary market [3]. - The return investment ratio for the Hangzhou Science and Technology Innovation Fund can be reduced to 1.5 times, while the ratios for the Hangzhou Innovation Fund and Hangzhou M&A Fund can be lowered to 1 time, excluding certain types of funds [3]. Group 2: Management Fees and Performance - Management fees for the three government investment funds are based on fund management scale and operational performance, with rates ranging from 0.4% to 1% depending on performance [4]. - The management fee for industry mother funds cannot exceed 1.5% per year of the paid-in capital, while sub-fund management fees cannot exceed 2% per year [4][5]. - The management fee can be pre-allocated quarterly and confirmed based on performance evaluation results, aligning with market practices [5]. Group 3: Policy Implementation and Industry Impact - The implementation opinions reflect the spirit of the national policy aimed at promoting the high-quality development of government investment funds, optimizing the fundraising environment, and reducing fundraising difficulties [4][6]. - Hangzhou's measures are seen as a significant step towards establishing a robust investment ecosystem, with the city actively inviting high-quality enterprises and top investors nationwide [8]. - The city aims to establish an artificial intelligence industry fund exceeding 100 billion yuan, further emphasizing its commitment to becoming a global leader in AI innovation [8][10]. Group 4: Historical Context and Future Outlook - Hangzhou has a long history of venture capital development, with the establishment of the Zhejiang Science and Technology Venture Capital Co., Ltd. in 1993, making it a pioneer in the mother fund sector [13]. - The city has been proactive in setting up a well-structured fund ecosystem, with clear top-level planning and substantial financial commitment from the government [13][14]. - The article anticipates that the efficient operation of the three government investment mother funds and the establishment of a large-scale AI industry fund will further enhance the transformation of technological achievements in Hangzhou [14].

2 0 2 5年已近尾声，在这一年，股权投资行业频迎政策支持和鼓励，正在成为发展新质生产力中 重要的战略性力量。 欢迎有意者扫描以下二维码，联系咨询母基金研究中心报名盛会，与我们一道，共同探讨中国 母基金行业的发展之道，期待您的光临！ （注：报名需审核，请备注姓名 +机构名称，以便通 过验证。审核通过后，母基金研究中心助理将与您联系，确认参会事宜，如无母基金研究中心 人员联系确认，不视为报名成功） 参会咨询： 今年的政府工作报告中特别提到 "健全创投基金差异化监管制度，强化政策性金融支持，加快 发展创业投资、壮大耐心资本"；而后国办发布的《关于做好金融"五篇大文章"的指导意见》 中，不仅再次明确支持发展股权投资、创业投资、天使投资，也切中行业"痛点"，强调优化私 募股权和创业投资基金"募投管退"制度体系，并在退出渠道畅通方面有所安排（上市、并 购）。 今年的国办一号文，也为政府投资基金的高质量发展指明方向。当前，股权投资行业正在加强 投早、投小、投长期、投硬科技，以耐心资本培育更多企业的科技创新。 各地正在持续打造地方特色母基金模式，母基金发展进一步产业化、矩阵化。从整个母基金行 业来看，当前已经进入 3 . ...

为更好地推动科技金融与科技产业化的发展，对母基金在中国资本市场里所发挥的重要作用进 行系统研究，发挥政府出资产业投资基金等的资源和战略优势，加强政府对社会资本的管理和 引导，促进社会资本流向创新创业型企业和实体经济，推动中国投资行业特别是母基金行业的 健康发展， "中国国际科技促进会母基金分会"（简称"科促会母基金分会"）成立。科促会母基 金分会领导班子所在机构及参会机构共8 7 家，科促会母基金分会于每周二更新相关机构的一 周资讯。 【内容提要】 1 . 这个市， 1 5 0亿母基金正式起航 2 . 武汉大学技术转移中心武汉江夏中试与概念验证平台正式启动 3 . 福建金投首单银行间市场债券成功发行 4 . 国调基金战略投资南网数字，助力新型电力系统和新型能源体系数智化建设 5 . 国新创投基金完成首个项目投资 6 . 中国投资协会李志勇副会长一行到访长江产投公司 7 . 江投基金受邀参加 "金融活水润科创，市场聚力促发展"投融资对接会 01 这个市，150亿母基金正式起航 11月2 4日，由财通资本主动管理的绍兴市产业股权投资基金有限公司（以下简称"绍兴产业基 金"）正式在中国证券投资基金业协会完成备案，标 ...