1 0月9日深夜，九颂基金通过微信公众号发布公告，公司实际控制人、执行董事管金生先生因 突发疾病抢救无效，不幸于2 0 2 5年1 0月7日与世长辞。 业内将管金生与原君安证券的张国庆、原申银证券的阚治东，并称为中国证券市场的 " 中国证 券教父 " 。 1 9 9 2年1 2月，上海证券交易所（上证所）率先在中国启动国债期货交易。1 9 9 5年，因" 3 2 7 "国 债期货重大违规操作事件，国债期货于同年5月暂停交易。管金生也因该事件从万国证券辞 职，1 9 9 7年被判处有期徒刑1 7年。1 9 9 6年7月，申银与万国合并为申银万国证券公司。 2 0 1 5年6月，管金生在参加某论坛时直面" 3 2 7 "国债风波，他表示："我这一生吃亏，吃很大的 亏，就是没有放下自己内心的骄傲和清高。我如果当初可以克服自我，做自己不愿意做的事 情，不断的向交易所上级部门、再上一级部门奔走呼号，说不定真的能改变现实，能够扭转乾 坤。"管金生称，互联网时代改变了信息不对称，类似" 3 2 7 "国债风波的历史悲剧现在完全可以 避免。 2 0 1 6年， 6 9岁的管金生再次创业——成立上海九颂山河股权投资基金管理有限 ...

Group 1 - The establishment of the Central Enterprise War New Industry Development Private Equity Fund Management Co., Ltd. with a registered capital of 100 million RMB focuses on private equity and venture capital fund management services [2][3] - The fund targets the "9+6" strategic new industry direction set by the State-owned Assets Supervision and Administration Commission (SASAC) and has a total scale of 50 billion RMB [2] - The company is jointly held by subsidiaries of China National New Group, China Mobile Communications Group, and Sinopec Group Capital [3] Group 2 - The 29th World Investment Conference and the 8th Sharjah Investment Forum will be held from October 21 to 23, 2025, in Sharjah, UAE [6] - The inaugural World Investment Conference Financing Forum will take place during the aforementioned events, aimed at promoting emerging industries and attracting foreign investment [8] - The 2025 Mother Fund Research Center's special list will be unveiled at the upcoming Davos Global Mother Fund Summit [9]

Core Viewpoint - The establishment of the Zhongjin Hebei Development Equity Investment Fund marks a significant development in the mother fund industry, with a capital contribution of 32 billion RMB, indicating a shift towards market-oriented operations and professional management in the sector [1][3][4]. Group 1: Fund Establishment Details - The Zhongjin Hebei Development Equity Investment Fund is a limited partnership with a total capital of 32 billion RMB, primarily focused on private equity investment, investment management, and asset management [1][2]. - The fund is managed by Zhongjin Capital Operation Co., Ltd., and its partners include Hebei Iron and Steel Group Co., Ltd. and Hebei Iron and Steel Group Investment Holdings Co., Ltd. [1][2]. Group 2: Market Trends and Changes - The mother fund industry is experiencing a transformation towards market-oriented decision-making, emphasizing the selection of capable management teams and improving operational efficiency [3][4]. - In 2025, the number and scale of newly established mother funds have significantly decreased, with only 32 funds launched in the first half of the year, totaling 1.97 billion RMB, representing a 22% and 62% decline in quantity and scale compared to the same period in 2024 [4][5]. Group 3: Future Outlook - The establishment of the Zhongjin Hebei fund is seen as a rare opportunity for revitalizing the mother fund sector, which has faced a slowdown in new fund launches [4][5]. - The industry is shifting focus from quantity expansion to quality improvement, with an emphasis on long-term orientation and resource allocation efficiency [5][6].

1 0 月 7 日 消 息 ， 多 位IT 从 业 者 证 实 ， 中 国 IT 第 一 代 从 业 者 ， 资 深 天 使 投 资 人 肖 庆 平 昨 日 在 西 藏 因 车 祸 不 幸 离 世 。 肖庆平朋友圈定格在10月5日。 资深公益人邓飞朋友圈悼念。 以下为全文： 肖庆平:1995年,我投了80多万,人生第一笔天使投资 2020年上半年，疫情肆虐，我们工作从线下转到线上，主办了"天使百人 会让大家认识大家"活动,每位天使投资人会员都做了个人成长经历的深度 分享。 10月30日，我们又主办了线下"天使百人会迎新茶会话"，2020 新认证 会员再度线下分享; 肖庆平先生作为常务理事会代表出席, 率先分享。 为此,两相结合,继第一个系列图书《天使百人会成长印记》后,我们正式 启动天使百人会第二个系列图书——《我对中国有信心|天使篇》，推出第 一批7篇文章。这些文章不仅仅是中国天使投资人个人的成长史,更是中国 波澜壮阔伟大时代的变迁史。 肖庆平 先 生 天使百人会发起人 天使百人会种子基金创始管理合伙人 北京掌上通网络股份有限公司董事长 肖庆平先生是天使百人会发起人，以及该基金创始管理合伙人，北京掌上通网络 ...

近年来，企业创投（ CVC）在中国一级市场的参与度持续攀升，不仅成为独角兽企业的重要 推手，也在重塑大企业的创新路径与产业协同逻辑。 创投市场震荡与结构调整的大背景下， CVC悄然成为重构中国科技投资版图的重要力量。过 去，它更多承担企业创新战略的补充角色；如今，则已成为连接资本、技术与生态的关键引 擎，日益成为企业"第二增长曲线"的落点，以及科创生态协同与资源优化的制度性工具。 笔者在2 0 2 5 DEMO WORLD 开放式创新大会（以下简称"大会"）现场了解到，截至目前，中 国存量的5 0 6家独角兽企业中，有3 6 7家曾获得过中国CVC的投资，占比高达7 2 . 5%。刚刚过去 的2 0 2 5年上半年，新晋的6家独角兽企业中，有5家背后都有CVC的身影。 另一方面， CVC已堪称科技创新投资的"金手指" 。以2 0 2 4年为例，中国CVC共参与了1 0 2 7 起投资事件，占全年一级市场总投资事件的1 3 . 8%；而在当年新诞生的2 0家独角兽中，超过一 半（11家）背后都有CVC的身影，命中率高达5 5%。 以联想创投为例，其在管的 2 0 0多家被投企业中，上榜国家和省市级专精特新的有1 ...

以下文章来源于VCA创投社 ，作者星辰 VCA创投社 . 学投资，做投资，塑造新时期实战投资家！ 最近一级市场的状态像是"崴脚" ——政策开始转暖，项目陆续启动，大家表面都在爬，实际上 很多机构根本还没能站起来。 2 0 2 5年刚过半，关于"一级市场回暖了没" "拐点到了吗"的讨论已经在各路朋友圈吵翻天。有的 说"项目越来越多"，有的说"LP已经开始频繁见面了"，也有的说"发科创债是一种被迫的选 择"……像极了你在医院输液，一边看朋友圈有人打卡健身房，一边低头看看自己还吊着水。 今天我们不聊愿景，只聊现实。 来讲讲这个市场为什么崴了、现在脚肿到什么程度，还有 ——真正把它困住的，到底是什么。 01 "假装回暖"这事儿，大家都挺会演 从监管看，政策确实在转向积极。一年多来改革密集出台，鼓励科创、推动注册制、提升过会 率，确实有点 "春天来了"的气息。 "你觉得拐点到了吗？" 结果回答也很分裂。 但一到地面，你就会发现，这场 "回暖"是夹着体温计演的。 创投机构是第一个看出这点的群体。很多 GP从去年开始频繁出差，看项目、找钱、谈合作 ——听上去像是恢复元气，其实很多人不过是在硬扛。"不出差，就感觉自己已经出局 ...

Core Insights - The article discusses the systemic challenges faced by the venture capital industry in China, highlighting the paradox of a seemingly recovering macro environment contrasted with the harsh realities experienced by individual entrepreneurs and investors [12][22]. Group 1: Industry Challenges - The case of an entrepreneur, referred to as Mr. Li, illustrates the personal and professional consequences of unfavorable investment agreements, particularly the "redemption rights" clause that imposes personal liability [8][21]. - There is a significant shift in the operational model of General Partners (GPs) from "raising, investing, managing, and exiting" to "raising, investing, managing, returning," indicating a focus on returning capital rather than generating returns [14][20]. - The management fees for funds have drastically decreased, with some funds now charging between 0.5% to 1.5%, reflecting a challenging fundraising environment [16][18]. Group 2: Structural Issues - The dominance of government-led funds, which account for 81.2% of total Limited Partner (LP) commitments, has fundamentally altered the investment landscape, shifting GPs' focus from maximizing returns for LPs to ensuring the preservation of state assets [20][21]. - The requirement for personal guarantees from founders has become commonplace, with over 80% of domestic venture capital agreements including such clauses, which undermines the principle of shared risk in venture capital [21][22]. - The investment decision-making process has shifted from market-driven logic to government-influenced criteria, emphasizing return on investment in specific regions rather than the inherent value of projects [26][27]. Group 3: Market Adaptation - Dollar funds are struggling to adapt to the new environment, facing challenges in fundraising and communication with local LPs due to language barriers and differing expectations [24]. - Renminbi funds have shifted their focus from traditional investment questions to those centered around return on investment and project viability in specific locations, reflecting a broader change in investment logic [26][27]. - State-owned investment institutions face unique pressures, including mandatory co-investment requirements and the burden of accountability for both losses and gains, complicating their operational landscape [28][29]. Group 4: Systemic Deficiencies - The reliance on management fees rather than performance-based compensation has created a misalignment of incentives, leading GPs to prioritize fundraising over effective investment [30][31]. - The risk-sharing model is skewed, with GPs benefiting from successful investments while founders bear the brunt of failures, creating a high-risk environment for entrepreneurs [31][32]. - The contradiction between the need for certainty in government policies and the inherent uncertainty of innovation hampers the growth of truly innovative enterprises [35][36]. Group 5: Opportunities for Transformation - The current challenges may present opportunities for capable participants to emerge, as the industry shifts back to its core purpose of value creation and supporting innovative companies [38][39]. - The trend of Chinese companies expanding overseas is gaining momentum, with a 25% year-on-year increase in the number of companies going abroad in the first half of 2025, offering new investment avenues [40]. - The rise of AI and other technological advancements presents structural investment opportunities, requiring GPs to possess strong technical and industry insights to identify valuable projects [41][42]. Group 6: Future Directions - The article emphasizes the need for a shift from a focus on financial returns to a commitment to fostering innovation and supporting the growth of promising enterprises [45][46]. - The narrative suggests that the future of the venture capital market will belong to those who can create genuine value and adapt to the evolving landscape, moving away from purely financial motivations [49].

Core Viewpoint - The establishment of provincial state-owned S funds has entered an explosive phase, driven by policy support and competition among local governments to set up these funds, which aim to provide new exit channels for the existing 14 trillion yuan of equity assets [4][14][28]. Group 1: Policy Support and Local Government Actions - The State Council issued guidelines in January 2025 to promote the development of government investment funds, marking the first clear support for S funds at the national level [4][7]. - Following the issuance of the guidelines, various provinces, including Zhejiang, Fujian, and Henan, quickly moved to establish their own S funds, with target sizes of 50 billion yuan each [3][4][11]. - By August 2025, over 10 provincial S funds were either newly established or in preparation, with a total expected scale exceeding 30 billion yuan [14][28]. Group 2: Competition Among Regions - Local governments are engaged in a fierce competition to secure qualifications for regional equity market share transfer trials, which are seen as critical financial infrastructure [5][9]. - The rapid pace of policy issuance reflects the intense competition, with provinces like Zhejiang and Guangdong quickly rolling out supportive measures for S fund development [11][13]. - The competition has led to frequent exchanges among local government delegations visiting leading regions to learn from their experiences [9][10]. Group 3: Challenges in Pricing Mechanisms - A significant challenge for local S funds is the lack of a unified pricing mechanism, leading to delays and complications in transactions [18][21]. - Discrepancies in valuation methods across regions have resulted in increased transaction costs and extended timelines for fund operations [23][24]. - The absence of standardized valuation criteria has created barriers, with local funds often needing to reassess valuations when moving between different regions [22][24]. Group 4: Talent Shortage and Market Dynamics - There is a notable shortage of professionals with expertise in S fund transactions, complicating due diligence processes and increasing reliance on external hires from financial institutions [28][29]. - The market is experiencing a "three reductions" phenomenon, characterized by lower discount rates, declining transaction rates, and insufficient trading continuity, indicating growing divergence in market expectations [24][28]. - Some regions are exploring solutions to enhance pricing transparency and credibility, such as utilizing data from various sources to improve valuation processes [29].

1 0月3日，是中国人民大学8 8周年校庆日。 中国人民大学在抗日烽火中诞生，留下 "革命的先锋队"探寻的足迹；在新中国建设中成长，见 证"万千建国干部"奋斗的英姿；在改革开放大潮中新生，涌现"国民表率、社会栋梁"拼搏的身 影；在新时代新征程中腾飞，奏响"复兴栋梁，强国先锋"的时代强音。 在人大的校友图谱中，每一位校友的奋斗轨迹，都是 "实事求是" 校训的生动注脚。 荣膺《 2 0 2 4胡润百富榜》第7 2位的 刘强东，在 1 9 9 2年以宿迁高考状元身份考入中国人民大 学 ，而 " 7 6颗鸡蛋"和"寒门求学"经历成为他日后创业的精神底色。 "从宿迁到北京，我带的不是行李，是全村的希望。"刘强东曾这样表示，" 7 6个鸡蛋、5 0 0块 钱，这就是我1 8岁去人大报到时的全部家当。"刘强东回忆3 0年前的寒门求学路："这5 0 0块 里，3 0 0块是我暑假搬砖赚的，2 0 0块是村里老人凑的，每一分钱都带着体温。" 刘强东表示： "人大呢，老实说，在这个学校里面度过了，我可以说是人生中最重要的四年。 最早创业也是在人大，可以说是塑造我的价值观最重要的四年。" 2 0 1 4年，刘强东带领京东在 纳斯达 ...

以下文章来源于耐心资本V ，作者一根笔直甜罗素 关注长期、价值、责任投资；降低风险投资；发现稳定性，科技创新，实体经济，新质生产力；促进资 本市场稳定性。 审计的聚光灯下，政府投资基金的 "沉睡"资金令人触目惊心：北方某省7支基金方向不明， 5000万科技成果转 化资金滞留五年未动； 南方某省 14支基金长期"趴窝"，28.85亿元在账 上纹丝不动。其他等地审计报告同样指向定位不清、效率低下——这不仅是地方个案，更是当 下政府投资基金困局的缩影。 当手握重金的 GP们苦于"戴着返投脚镣跳舞"，当政府LP焦虑于"今年必须投出去"的考核压 力，这支撑起中国创投半壁江山（认缴7.7万亿、管理市场七成资金）的巨量资本，正经历一 场深刻的效率拷问。 困局亦是破局之始。从年初国务院 "国办1号文"首次明确分类管理、鼓励松绑返投，到7月发 改委新政剑指"防止同质化"、"不以招商为目的"，一场自上而下的变革浪潮已然涌动。审计报 告揭开的痛点，正成为撬动政府投资基金焕发活力、精准浇灌创新的支点。沉睡的资本巨轮， 能否就此校准航向？ 审计报告如同一把手术刀，精准剖开了政府投资基金的沉疴。河北的审计结果令人咋舌： 7支 基金未明确 ...