2月2日，广东省财政厅、广东省委金融办、广东省发展改革委联合发布《财政金融协同惠企利 民一揽子政策指引》（以下简称"文件"）， 其中第一章首次详细披露了千亿广东省战略性新兴 产业投资引导基金的情况。 据悉，广东省战略性新兴产业投资引导基金 总规模 1 0 0 0亿元、首期规模5 0 0亿元 的（以下简 称引导基金），作为省级政府投资基金统一出资和管理平台，通过搭建 " 引导基金 —母基金 —子基金 "三级架构，预计未来撬动社会资本形成 超万亿元级基金集群 。 引导基金公司委托广东粤财基金管理有限公司负责引导基金运营管理，省发展改革委作为业务 主管部门，省财政厅作为出资人。 政府部门不干预基金投资决策 ，保留对引导基金违规违约 等投资行为的否决权。 母基金研究中心关注到，这支引导基金有三大创新点，我们分析解读如下： ——这可谓是一个创举，开了国内引导基金不设固定存续期的先河，是建设耐心资本的生动实 践。 而广东省战略性新兴产业投资引导基金更是不设固定存续期，起到了重要的示范作用。未来， 我们也期待着更多国资能够成为长期资本、耐心资本。 ——我们认为，千亿级广东省战略性新兴产业投资引导基金的相关运作架构与体系的设 ...

Core Viewpoint - The article emphasizes the critical role of state-owned mother funds in guiding social capital towards the real economy and technological innovation, highlighting the need for clearer regulations regarding the "double 5 1%" standard for fund management and investment structures [1][4]. Group 1: Regulatory Framework - The current regulations do not clearly define the "double 5 1%" standard, leading to misclassification of funds as "over three layers of nesting," which hampers project advancement [1][4]. - The Private Investment Fund Supervision and Administration Regulations specify that private funds investing primarily in other private funds do not count towards investment layers, providing a regulatory basis for the exemption of mother funds from certain nesting requirements [2][3]. Group 2: Industry Challenges - The existing structure of state-owned mother funds often faces obstacles during the registration process due to unclear standards for recognizing state-owned components, particularly in cases of indirect holdings [4][6]. - Many private fund managers have encountered difficulties in fund registration due to the lack of clarity in the regulations, which has led to project delays despite agreements being in place [4][6]. Group 3: Recommendations for Improvement - It is necessary to clarify the "double 5 1% penetration calculation" for state-owned mother funds to facilitate smoother registration processes and enhance the efficiency of state capital allocation [5][8]. - The article suggests that the criteria for recognizing mother funds should include a clear definition of the penetration calculation method, ensuring that both direct and indirect state-owned contributions are accounted for [9]. Group 4: Practical Implementation - The proposed standards for exemption from nesting layers should be based on a clear and verifiable penetration calculation, which can be supported by market tools for transparency [7][10]. - The article advocates for a structured approach to nesting layer calculations, ensuring that the overall nesting does not exceed two layers, thus aligning with existing regulatory frameworks [10].

Group 1 - The establishment of the "China International Science and Technology Promotion Association Mother Fund Branch" aims to promote the development of technology finance and industrialization, leveraging government resources to guide social capital towards innovative enterprises and the real economy [1][27]. - The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund, with a scale exceeding 50 billion, is seeking General Partners (GPs) to manage sub-funds, adhering to market-oriented and professional operational principles [2][3]. - The Jiangyin State-owned Enterprise Market-oriented Mother Fund has been officially established with a scale of 1.801 billion, focusing on strategic emerging industries and future industries to support local economic transformation and upgrading [7][8]. Group 2 - Dongguan's Science and Technology Achievement Transformation Fund has completed a seed round investment in Puno Kang Biotechnology Co., focusing on the pet healthcare sector, which is experiencing rapid growth due to increasing pet ownership and health awareness [9][10]. - The strategic cooperation agreement between Henan Embodied Intelligence Company and Yushu Technology aims to enhance the integration of embodied intelligence technology and industry, establishing an innovation center in Henan [13][15]. - The National New Fund led a Series B financing round exceeding 100 million for Shanghai Runping Electronic Materials, which specializes in CMP polishing materials for semiconductor manufacturing, highlighting the importance of domestic production in the semiconductor industry [16][18]. Group 3 - The Yuexiu Industrial Fund has invested in Zhejiang Humanoid Robotics, recognizing its comprehensive R&D capabilities and manufacturing strengths, aiming to support the development of humanoid robots in various applications [21][22]. - The successful "Soo-Hong Cross-border Investment and Financing Cooperation Matchmaking Conference" facilitated connections between Jiangsu enterprises and Hong Kong's capital market, promoting cross-border financing opportunities [25][26].

又见"允许单个项目出现100%亏损"。我们认为，广州的政策不仅规定了容亏率，更难能可贵 的是容亏不仅有针对单个项目的，也有针对财政资金整体层面的：财政资金整体投资损失80% （含）以内的，对相关人员不予追责。 近日，《广州市科技成果转化"补改投"试点工作办法（试行）》（下称《工作办法》）发布。 值得关注的是，《工作办法》明确规定，鼓励坚持"宽容失败"的原则，不以"补改投"资金损益 作为主管部门和相关人员考核依据或责任认定依据。广州市科技局、市财政局、受托管理机构 等参照"三个区分开来"的原则，对"敢于担当、踏实做事、不谋私利"的相关主管部门和相关人 员予以免责。 在具体比例上，《工作办法》明确规定， 财政 资金遵循投资运作规律，容忍正常投资风险， 不以单个项目或单一年度盈亏作为考 核依据，允许单个项目出现100%亏损。财政资金整体投 资损失80%（含）以内的，对相关人员不予追责 ，在投资损失容忍率以上的，启动免责工作 程序。 在容亏方面，我们关注到，最近， 能容亏100%的地方国资越来越多了： 可见，基金内单个项目最高允许100%亏损，有望成为越来越多地区国资的容亏机制建设的参 考。这可谓是全国"天花板"级别 ...

Core Viewpoint - The article emphasizes the importance of venture capital and private equity in supporting technological innovation, as highlighted by Xi Jinping's article in the "Qiushi" magazine, which outlines the path for China's financial development and the construction of a financial powerhouse [2]. Group 1: Investment Trends - Private equity funds have been crucial in providing financial support for technological innovation, with 90% of companies listed on the Sci-Tech Innovation Board and the Beijing Stock Exchange being backed by venture capital [3]. - The current trend in the industry is to focus on early-stage, small-scale, long-term investments in hard technology, which has become a mainstream consensus among mother funds and venture capital [3]. Group 2: Early and Small Investments - Angel mother funds have entered a period of rapid growth, with over 30 established in China, totaling more than 800 billion yuan. Many of these funds have a high degree of marketization, with over half allowing a maximum investment ratio of 40% in sub-funds [4]. - Local angel mother funds are increasingly building and improving error tolerance mechanisms, which support early-stage investment institutions and encourage a shift in investment stages [4]. Group 3: Long-term Investment - Many newly established mother funds and direct investment funds now have a duration of 15 to 20 years, showing a growing patience for the investment period of sub-funds, with 53% of new guiding funds allowing sub-fund durations of over 10 years [4]. Group 4: Patient Capital - The concept of "patient capital" has gained consensus in the private equity industry, characterized by long-term support and a high tolerance for risk and failure, which is essential for adapting to the long and uncertain cycles of technological innovation [5]. - Compared to previous investment themes focused on internet and consumer sectors, the current focus is on hard technology, necessitating a longer investment horizon for returns [5]. Group 5: Policy Support - Since 2024, the policy environment for the private equity industry has seen significant improvements, with the government increasingly supporting venture capital through various measures, including the "17 policies for promoting high-quality development of venture capital" [6]. - The government has emphasized the importance of developing angel investment, venture capital, and private equity, aiming to attract more social capital into venture investments [6]. Group 6: Future Outlook - The establishment of the National Venture Capital Guiding Fund, with a registered capital of 10 billion yuan, aims to promote patient capital and long-term investments in the venture capital sector [7]. - The article anticipates that the private equity industry will continue to respond to central government calls by enhancing early, small, long-term, and hard technology investments, thereby playing a crucial role in fostering technological innovation in China [7].

为 吸 引 更 多 社 会 资 本 聚 焦 淮 安 市 产 业 发 展 ， 充 分 发 挥 政 府 投 资 基 金 对 全 市 重 点 产 业 的 支 持 作 用，推动有较强成长性、竞争力的企业在我市落户，现面向全国公开征集淮安市产业投资基金 （有限合伙）（以下简称"市产业基金"）子基金管理机构，并将有关事项公告如下： 一、淮安市产业投资基金概况 （一）组织形式 有限合伙制。 （二）注册地址 江苏省淮安市。 （一）注册地要求 子基金原则上应当注册在淮安市内，并按中国证券投资基金业协会要求备案。 （二）存续期限 子基金的存续期原则上不超过8年，分为投资期和退出期，其中投资期原则上不超过5年。 （三）管理费 管理费计提比例不超过1.5%/年，投资期以基金实缴金额为计提基数，退出期以未退出原始 投资成本为计提基数，延长期、清算期不收取管理费，基金管理费的计提与基金绩效评价结 果挂钩，子基金每年实际计提管理费金额为当年应计提金额的80%，剩余的20%中，每年 应 计 提 金 额 的 10% 与 当 年 考 核 评 价 结 果 挂 钩 ， 当 年 考 核 评 价 等 级 为 差 的 不 予 计 提 ； 另 外 10%在 ...

Group 1 - The core theme of the article revolves around the organizational evolution within Huaxing Capital, highlighted during its 2026 annual meeting, indicating a potential shift in leadership dynamics and strategic direction [4][6]. - The event featured key presentations, including a remote speech by Chairman Xu Yanqing and a central address by Bao Fan, marking his return to a prominent role, while CEO Wang Lihang's absence from public speaking suggests a change in his influence [5][6]. - Huaxing Capital's stock has been on a downward trend, with a cumulative decline of 5.70% over the past five days and 11.78% over the past twenty days, closing at 3.97 HKD, down 3.4% on the day of the meeting [6]. Group 2 - The fourth Davos Global FOF Summit was successfully held on January 21, 2026, where the Global FOF Association released the list of the world's best investment institutions for 2025 [8][10]. - The event included an awards ceremony recognizing top investment institutions, emphasizing the importance of global investment strategies and collaborations [12][13].

围绕 "战略资本"超越财务回报的产业使命，嘉宾们分享了各自机构通过资本纽带与生态网络带 动社会资本、服务国家战略的具体实践。 国新基金联席首席投资官廖俊霞介绍，基金投资作为中国国新开展国有资本运营的重要抓手， 以落实国家战略为导向，以服务央企为本位，支持央企科技创新、改革发展。经过 1 0余 年的 探索发展逐步形成了以国新基金管理公司为统一管理平台，涵盖国风投基金、央企战新基金、 国新创投基金等基金在内的，系列化布局、差异化定位、协同化发展、市场化运作的基金布 局。通过基金 方式 实现了国有资本 的 7倍放大效应， 其绝大部分投资 集中于战新领域。 2 0 2 5年1 2月2 8日，2 0 2 5第七届中国母基金5 0人论坛在京召开。本届论坛由母基金研究中心 （www. c h i n a -f o f. c om）主办，汇聚了来自政府部门、行业协会、国内主流母基金、保险资 管、银行AIC、知名投资机构、产业集团及学术界的3 0 0余位代表，为中国母基金行业建言献 策。 在国家级母基金圆桌论坛 "如何当好一级市场的长期资本、耐心资本和战略资本"中，国科创投 董事长、总经理刘克峰担任主持人，与嘉宾国新基金联席首 ...

Core Insights - The total management scale of the mother fund industry in China reached 132.2 billion yuan, with investments covering sectors such as artificial intelligence, biomedicine, and high-end equipment manufacturing [1]. Fund Manager Recruitment - Zhejiang: A 10 billion yuan mother fund is recruiting general partners (GPs) focused on artificial intelligence and advanced manufacturing [2]. - Jiangsu: The Pizhou New Industry Investment Fund is seeking GPs [2]. - Chongqing: The West (Chongqing) Science City High-tech Startup Investment Fund is recruiting GPs for its semiconductor sub-fund [2]. - Guangdong: The Dongguan Binhai Bay Artificial Intelligence Industry Mother Fund is looking for GPs [2]. - Shanxi: The Yuncheng City Science and Technology Innovation Equity Investment Fund is recruiting GPs [2]. - Beijing: The first self-managed government investment fund in Fengtai District has successfully completed registration [2]. - Sichuan: The Jiaoziman Garden Fund has been established in Jianyang [2]. Mother Fund Establishment - Jiangsu: The second phase of the Nantong Baoyue Lake Science and Technology Innovation Mother Fund has been established with a total scale of 50 billion yuan [15]. - Henan: The Zhengzhou National Innovation New Industry Investment Mother Fund has been established with a capital of 5 billion yuan [16]. - Jiangsu: The Suqian Industrial Cluster Fund and the Intelligent Manufacturing Mother Fund have completed registration [17]. - Beijing: The Fengtai District self-managed government investment fund has been successfully registered [18]. - Sichuan: The Jianyang Jiaoziman Future Industry Development Fund has been established with an initial scale of 10 billion yuan [20]. Fund Policies - Zhejiang: The "Yuhang District Government Investment Fund Management Measures" has been released to enhance the efficiency of fund operations [21]. - The government investment fund aims to support traditional industry upgrades and the cultivation of emerging industries, attracting social capital [23]. LP Contributions - Shanghai: The third batch of fund management institutions for the three leading industries mother fund has been publicly announced [29]. - Jiangsu: The Wuxi Integrated Circuit Mother Fund has established a CVC sub-fund with a scale of 20 billion yuan [33]. - Sichuan: The Fuchuang Results Transformation Fund has been successfully established with a scale of 5 billion yuan [34].

2 0 2 5 年 1 2 月 2 8 日 ， 2 0 2 5 第 七 届 中 国 母 基 金 5 0 人 论 坛 在 京 召 开 。 本 届 论 坛 由 母 基 金 研 究 中 心 （ www. c h i n a -f o f. c om ） 主 办 ， 汇 聚 了 来 自 政 府 部 门 、 行 业 协 会 、 国 内 主 流 母 基 金 、 保 险 资 管、银行AIC、知名投资机构、产业集团及学术界的3 0 0余位代表，为中国母基金行业建言献 策。 在圆桌论坛 "母基金多元化退出渠道的构建与实践"中，上海交易集团金融业务总部总经理陈妍 妍担任主持人，与嘉宾温州国金董事长、总经理蔡耀正，北京高精尖产业发展基金董事长孙志 刚，粤科母基金副总经理林志浪，广州南沙产投基金总经理李雨桐，成都高新区天使母基金委 派代表邓攀，盛世投资董事、盛世资本总经理田辰，华安嘉业总经理助理汤伟，共同探讨了多 元化退出渠道的构建与实践，讨论聚焦快速发展的S基金市场所面临的生态短板，并分析了制 约并购等多元化退出方式大规模发展的主要障碍，同时分享了一些成功的案例与创新模式，为 行业流动性改善提供借鉴。 01 S基金交易感受与生态短 ...