即将召开的对接会，将设置园区推介和项目路演、资本与企业对接洽谈等环节，不仅有园区代 表、优秀企业代表、行业专家学者出席，更吸引了 超百家母基金和直投基金机构代表齐聚福 州，所在机构基金管理规模超 2万亿元，其中包括8家国家级母基金 ，将共同探讨投资福建、 引金入闽，以及基金赋能园区发展，旨在充分发挥金融资本服务实体经济高质量发展、助力产 业链延链补链强链的支撑作用。 敬请期待本次会议！ i Ack 27 福建省资本与产业对接会 国计同 近年来，福建依托产业基础和区位优势，聚焦新一代信息技术、高端装备、新材料、新能源、 生物与新医药、节能环保、海洋高新七大重点领域，加快发展壮大战略性新兴产业，加快培育 形成新质生产力，福建战略性新兴产业不断壮大，创新能力显著增强，为打造具有福建特色的 现代化产业体系奠定基础。 在基金方面，自 2 0 2 4年11月《福建省促进政府引导基金高质量发展行动方案》发布以来，福 建连续推出《关于促进基金服务专精特新中小企业高质量发展若干措施》《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》等一系列重磅政策，提出要在5年内构建3 0 0亿 元功能类基金群和1 0 0 0亿元 ...

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 6 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、这支百亿省级战略新兴产业母基金招 GP 01 这 支百亿省级战略新兴产业母基金招GP 为深入贯彻落实习近平总书记对福建工作的重要讲话重要指示批示精神，认真落实福建省委省 政府工作部署及《福建省促进政府引导基金高质量发展行动方案》（闽政办〔 2 0 2 4 〕 3 4 号 ） 《福建省"十四五"战略性新兴产业发展专项规划》等有关文件要求，强化金融资源支持福建省 战略性新兴产业发展体系建设，提高产业核心竞争力和可持续发展能力，福建省金融投资有限 责任公司（以下简称福建金投）发起设立福建省战略性新兴产业基金（以下简称基金），现面 向全国公开遴选基金管理机构，有关事项 ...

Core Viewpoint - The establishment of the Zhejiang Social Security Science and Technology Innovation Fund marks a significant step in supporting innovation-driven development and enhancing patient capital in the region [4][5]. Group 1: Fund Establishment and Objectives - The Zhejiang Social Security Science and Technology Innovation Fund has a first-phase scale of 500 billion yuan, aimed at leveraging social capital for key areas in science and technology innovation [4]. - The fund is a collaboration between the Zhejiang provincial government, the National Social Security Fund Council, and Agricultural Bank of China, reflecting a strong partnership between industry and finance [4][5]. - The fund's establishment is seen as a model for the equity investment industry, promoting the growth of patient capital and encouraging more social capital to support technological innovation [4]. Group 2: Active Fund Initiatives in Zhejiang - In 2023, Zhejiang has been active in establishing new funds, including three major 100 billion yuan funds announced on August 22, focusing on technology innovation, state-owned enterprise restructuring, and high-quality development of listed companies [5][6]. - Each of the three funds has specific focuses: the Technology Innovation Fund targets early to mid-stage hard tech projects, the State-Owned Enterprise Fund aims to optimize state capital layout, and the High-Quality Development Fund supports IPOs and mergers [6]. Group 3: Comprehensive Fund Strategy - The "4+1" special fund model introduced in 2023 aims to create a comprehensive capital support chain covering the entire lifecycle of enterprises, from startup to maturity [12][13]. - The model includes four major industry clusters and a specialized fund for "specialized, refined, unique, and innovative" enterprises, with a total scale of 725 billion yuan across 17 special funds [13]. Group 4: Policy and Management Innovations - Zhejiang has implemented a pioneering investment operation guideline to encourage responsible risk-taking among fund managers, addressing issues of reluctance to invest [15][16]. - The recent "Implementation Opinions" from the provincial government emphasize market-oriented operations and provide measures for underperforming funds, enhancing the regulatory framework for government investment funds [16][17]. Group 5: Future Prospects - The establishment of the Zhejiang Social Security Science and Technology Innovation Fund and the active fund initiatives in the province are expected to lead to a more standardized, market-oriented, and professional development of mother funds in Zhejiang [17].

Group 1 - The event on October 22, 2025, marked the release of the "Shaanxi Fund Yearbook (2025)" and a conference on the high-quality development of government investment funds, attended by over 200 representatives from government departments, industry institutions, and academia [1] - The conference was organized by the Shaanxi Securities Investment Fund Association and received guidance from various governmental bodies, including the Shaanxi Provincial Financial Committee and the China Securities Regulatory Commission Shaanxi Bureau [1] Group 2 - A keynote report by Wang Shuang, Secretary-General of the China International Technology Promotion Association's Fund of Funds Branch, discussed the new framework for high-quality development of government investment funds, based on the recently released "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds" [3] - The 2025 State Council document fills regulatory gaps in top-level design and provides a solid foundation for the standardization and professional operation of government investment funds, with measures such as relaxed contribution ratios and return investment requirements, removal of registration restrictions, optimized exit mechanisms, and the establishment of error tolerance mechanisms [3]

Core Viewpoint - The 2025 Financial Street Forum emphasizes the theme of "global financial development under innovation, transformation, and reshaping," highlighting the need for a new financial service model that integrates direct and indirect financing, and supports long-term capital investment in hard technology [1][2]. Group 1: Regulatory Insights - The head of the Financial Regulatory Bureau, Li Yunzhe, advocates for a new financial service model that balances various financing aspects, including direct and indirect financing, and aligns financing terms with industrial development [1]. - China Securities Regulatory Commission (CSRC) Chairman Wu Qing's speech provides significant benefits for the VC/PE sector, particularly in enhancing exit channels for private equity investments [2][3]. Group 2: Private Equity and Venture Capital - Wu Qing's remarks address the critical exit challenges faced by the private equity industry, especially as funds established during the 2015-2016 "Double Innovation" wave approach their exit phase [3]. - The emphasis on new industries and business models necessitates larger and more flexible capital investments, affirming the vital role of private equity funds in supporting innovation [5]. Group 3: Long-term and Patient Capital - The concept of "patient capital" is highlighted as essential for supporting long-term investments in technology innovation, which often involves high risks and long cycles [6][7]. - The need for a robust mechanism to encourage innovation and tolerate failures is crucial for developing patient capital, which is necessary for the success of early-stage investments in technology [7]. Group 4: Policy Support and Industry Development - Since 2024, there has been a notable increase in policy support for the venture capital industry, with various government measures aimed at enhancing the investment environment and encouraging long-term capital participation [9]. - The government has outlined several initiatives to promote venture capital, including the establishment of a national venture capital guidance fund expected to attract significant social capital [9]. Group 5: Future Outlook - The ongoing reforms and supportive policies are expected to further enhance the venture capital landscape, fostering a cycle of early, small, long-term, and hard technology investments [8][9]. - The upcoming capital and industry matchmaking event in Fujian aims to leverage financial resources to support technological and industrial innovation, aligning with national modernization goals [10].

Core Insights - The 29th World Investment Conference and the 8th Sharjah Investment Forum were held in Sharjah, UAE, marking the 30th anniversary of the World Association of Investment Promotion Agencies (WAIPA) [2][3] - The theme of the conference was "Changing Our World: Investing in a Resilient and Sustainable Future," attracting over 10,000 participants from 142 countries [6] Group 1 - The World Investment Conference serves as a global forum for stakeholders to shape international investment flows and address emerging challenges and opportunities since its establishment in 1996 [5] - The Sharjah Investment Forum is a leading investment conference in the MENA region, organized by the Sharjah FDI Office, focusing on sustainable investment and development [6] - The event featured over 160 thematic sessions and 120 bilateral meetings, with 130 speakers sharing insights on topics such as green investment, digital economy, global value chains, and cross-border cooperation [6] Group 2 - Liu Mingyu, a partner at Huashan Capital, highlighted the transformative impact of artificial intelligence on the consumer world during an interview at the event [7] - Yang Xuefei participated in a roundtable discussion on the investment impact of private equity funds, focusing on strategic potential and enhancing cooperation between regional and international funds [9]

2 0 2 5年9月2 6日，" 2 0 2 5中国母基金会议——新周期·新策略·新机遇"在苏州吴江成功举办。本 次活动由母基金研究中心（www. c h i n a -f o f. c om，下同）主办，苏州市吴江东方国有资本投资 经营有限公司承办，来自政府部门、行业协会、国内主流母基金、保险资管及一流投资机构等 单位代表共2 0 0余人齐聚一堂，为中国母基金行业建言献策。 会上， 如是金融研究院院长、中国民营经济研究会副会长管清友发表了题为《 "极化"时代的 经济形势和产业机遇》的演讲。母基金研究中心整理出演讲全文，供行业内人士参考交流。以 下是演讲全文： 我将近期观察到的内外形势变化和经济运行特点向各位汇报，从多个维度分析当前经济运行的 特征，探讨其中蕴含的风险与机遇。以下通过几个关键词展开论述。 01 观势： 百年变局，大争之势已至 基于近期欧洲考察的体会，我深感中国制造业的强大竞争力，也注意到欧洲合作伙伴的复杂心 态。面对大争之势，我们需要深入思考，但总体而言，中国现有的综合实力 ——无论是经济、 贸易还是军事层面——都足以应对挑战。作为专业人士，我们各自对经济问题都有独到见解， 以上思考仅供各位参 ...

Core Viewpoint - The article discusses the challenges and opportunities faced by the private equity industry in China as it enters a "stock era," emphasizing the need for innovative strategies to revitalize existing assets and adapt to changing market conditions [2][4]. Group 1: Current Situation and Challenges - The private equity industry in China has developed over 25 years, benefiting from the economic reforms, but now faces a stock game characterized by a dual structure [2][4]. - The industry has accumulated over 14 trillion yuan in assets and 230,000 projects, but fundraising and investment activity have declined in recent years [4]. - Despite market pressures, the secondary market for private equity saw a 46% year-on-year increase in transaction volume in 2024, indicating some recovery [4][5]. Group 2: Solutions and Directions - The S Fund plays a crucial role in the venture capital market by seeking certainty amid uncertainty, especially in managing the 14 trillion yuan of existing assets [5][6]. - The S Fund market is evolving, with state-owned enterprises and financial institutions participating as long-term investors, focusing on asset transactions and exits [6][7]. - The S Fund is categorized into transaction-oriented and function-oriented types, with many provinces establishing state-owned S Funds to activate regional financial resources [7][8]. Group 3: Practices and Exploration - The company has managed 26 billion yuan in assets in Jiangsu and has collaborated with various institutions to enhance post-investment management and develop diverse investment strategies [8]. - Over 15 years, the company has assisted in establishing government-guided fund systems and invested in over 400 sub-funds, totaling more than 60 billion yuan [8]. - The company emphasizes the importance of a robust database and transaction structure design capabilities to excel as an S Fund management institution [8].

中国母基金行业一周资讯（ 1 0 . 1 8 - 1 0 . 2 4 ） 【资讯解读】 本周资讯涉及的母基金管理规模达 4 1 3 . 8 2 亿元，主要分布在上海、天津、 广东、江苏、湖 北、福建、四川、海南、云南 等地区，投资覆盖未来产业、数字文旅 、低空经济等 。以下是 内容提要和具体资讯。 【内容提要】 01 四川： 首期规模超百亿，这支未来产业基金正式落地 1 0月1 7日上午 ， 由成都市发展和改革委员会主办 、 成都产投集团 、 成都交子金控集团承办 的未来产业创投基金工作启动会暨首批项目入库会 ， 在成都市民营经济发展促进中心顺利召 1、四川：首期规模超百亿，这支未来产业基金正式落地 2、福建： 福建省文旅数创基金正式落地 3、广东： 规模 7 0亿元的AIC产业母基金落地 深圳 福田 4、海南：总规模3 5亿，两支科创基金落地 5、广西： 柳工战兴未来基金完成备案 1 0亿元 6、福建： 福建省战略性新兴产业基金 招 GP 7、四川： 四川省资源能源股权投资引导基金 遴选子基金 8、四川： 成都市创业投资引导基金 招 GP 9、湖北： 赤壁市投资引导基金 招 GP 1 0、江苏： 无锡低空经 ...

Group 1 - The 2025 China Fund of Funds Conference was successfully held in Suzhou, focusing on new cycles, strategies, and opportunities in the fund of funds industry [1] - Over 200 representatives from government departments, industry associations, mainstream domestic funds of funds, insurance asset management, and top investment institutions attended the event [1] Group 2 - A roundtable forum discussed the collaboration between national-level funds and local government-guided funds, emphasizing the need for institutional design and resource integration to promote the deep integration of funding, innovation, and industry chains [3][4] - National Development and Reform Commission has solicited public opinions on strengthening the guidance and evaluation management of government investment funds, highlighting the importance of coordinated layout and collaborative interaction between national and local funds [5] Group 3 - Key insights from industry leaders included the necessity for national funds to provide financial support while local funds offer policy support and local resources, creating a "top-down" cooperation model [5] - The collaboration should focus on "same topic, same answer" and "same frequency resonance" to enhance the precision and feasibility of cooperation between national and local funds [6] Group 4 - National-level funds are not only capital providers but also play a crucial role in integrating industry chains and shaping innovation ecosystems [9] - A national fund representative highlighted the importance of value discovery and resource integration, successfully identifying major strategic projects through early-stage investments [9][10] Group 5 - The manufacturing transformation and upgrading fund focuses on key areas such as new materials and information technology, aiming to address weaknesses in the industrial chain [10] - The fund employs a layered coverage approach through direct investments, entrusted investments, and participation in sub-funds to achieve its strategic goals [10] Group 6 - The unique model of Zhongjin Capital includes a dual-driven approach of "mother fund + direct investment fund," enhancing resilience for technology enterprises through comprehensive financial products [11] - The firm connects high-end intellectual resources and builds a diverse fund network to support national strategic goals and promote cross-border industrial and financial collaboration [11] Group 7 - A capital and industry docking conference will be held in Fuzhou to enhance financial support for high-quality economic development and promote the integration of technology and industry [14]