Core Viewpoint - China Bank has announced a special fund pool of 600 billion yuan to support technology enterprises, including 100 billion yuan for equity investment and 500 billion yuan for credit funds, with initial trials in five cities [1][3]. Group 1: Financial Support and Investment Strategy - The financial support from China Bank will encompass a comprehensive range of services including equity, loans, and investment banking, tailored to the operational rhythm of enterprises, supporting their growth from small to large throughout their lifecycle [3]. - The establishment of a 100 billion yuan equity investment fund by China Bank is seen as a positive exploratory signal, likely to encourage more bank-related funds to enter the equity investment sector and support technological innovation [3]. - In recent years, China Bank has made significant investments in the equity investment sector, including the establishment of a 300 billion yuan science and technology innovation mother fund in 2024, which was later expanded to over 500 billion yuan in March 2025 [3]. Group 2: Role of Banks in Private Equity Investment - Bank funds are becoming increasingly important participants in China's private equity investment limited partner (LP) sector, with banks being the largest financial institutions in China and their asset management market being the largest in terms of scale and investor coverage [4]. - Although bank funding for equity funds has been limited, policy changes have removed barriers and encouraged banks to collaborate with qualified securities and venture capital funds [4][5]. - The 2021 policy documents emphasized the need for banks to increase support for technological innovation and venture capital, indicating significant potential for growth in this area [5]. Group 3: Financial Asset Investment Companies (AIC) - The pilot program for financial asset investment companies (AIC) has expanded to 18 cities, with signed amounts exceeding 3.5 trillion yuan, indicating a growing trend in bank-led equity investment [5][6]. - Currently, most AIC funds have not participated as LPs in private equity funds but have acted as direct investment fund managers, which has increased competition for private fund managers in fundraising [6]. - The establishment of AIC mother funds, such as the 70 billion yuan fund launched in Shenzhen, marks a significant step in attracting bank funds for strategic emerging industry investments [7]. Group 4: Industry Development and Recognition - The Mother Fund Research Center has released the 2025 annual list to encourage excellence in the private equity mother fund and fund industry, promoting healthy development in the equity investment sector [8].

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, promoting the flow of social capital towards innovative and entrepreneurial enterprises [1][19]. - The Fujian (Xiamen) Social Security Science and Technology Innovation Fund has been officially launched with an initial scale of 20 billion, focusing on key sectors such as artificial intelligence, high-end manufacturing, and new energy [3][4]. - The fund will adopt a "dual-layer, joint management" structure to align with national industrial policies and local development strategies, aiming to leverage more social capital for technological innovation [5]. Group 2 - Guotai Haitong's first S Fund has been successfully established with a scale of 300 million, focusing on strategic emerging industries and providing diversified investment products [6]. - The fund will utilize various investment models to actively engage in the primary market, enhancing the company's product line and expanding its business scope [6]. - The establishment of the fund represents a significant step in revitalizing existing assets and providing innovative investment options for investors [6]. Group 3 - Tai Blue New Energy has completed a B+ round financing of over 400 million, which will accelerate the industrialization of solid-state battery products and enhance R&D investment [9][10]. - The company aims to leverage its breakthroughs in solid-state battery technology to meet the growing demand in various markets, including electric vehicles and energy storage [9][10]. - The global solid-state battery market is projected to reach 116.3 billion by 2030, with significant growth expected in the Chinese market [10]. Group 4 - The second phase of the Wujiang District Talent Special Fund has been officially registered with a scale of 1 billion, aimed at supporting technological innovation and talent development in strategic emerging industries [11][12]. - The fund will focus on sectors such as artificial intelligence, semiconductors, and intelligent manufacturing, aligning with local industrial development strategies [11][12]. Group 5 - Yuexiu Industrial Fund has made a strategic investment in Guangzhou Baiyunshan Hanfang Modern Pharmaceutical Co., focusing on the modernization of traditional Chinese medicine [15][16]. - The investment aligns with the fund's strategy to support biopharmaceutical industry development and enhance the integration of resources in the sector [15][16]. Group 6 - Beijing Tiangong Biao Quantum Technology Co., Ltd. has completed an A round of financing, which will be used to advance the development of high-end atomic force microscopes and accelerate domestic replacement processes [18]. - The company focuses on key technology breakthroughs and has achieved 100% localization of core components, positioning itself as a leader in the field [18].

一直以来，中国女性以巾帼不让须眉的气势在商界舞台迅速崛起，女性投资人更是 "她力量"崛 起的代表和标杆，是赋能"她时代"浪潮里的中流砥柱。 心有猛虎，细嗅蔷薇。在私募股权投资行业里，女性投资人将这两种至高境界完美地融合到了 一起。她们心有猛虎，横刀立马下、开辟投资疆场，不惧工作中的艰难险阻；她们细嗅蔷薇， 举手投足间、洞察行业先机，不忘生活中的油盐酱醋。 女性投资人也有得天独厚的优势，更能凭借敏锐的眼光和与生俱来的同理心，深度发掘项目的 投资价值，切准投资趋势。 为了赞扬女性在中国股权投资领域做出的重要贡献和取得的巨大成就， 母基金研究中心（ www. china -f o f. c om，下同）正式开启 2 0 2 6 优秀女性投资人榜单评选 。母基金研究中心将 根据已有的数据支撑与研究分析，于 3月 6 日发布 2 0 2 6 优秀女性投资人榜单，以此鼓励私募 股权母基金与基金行业的优秀女性投资人，促进股权投资行业的健康发展。 奖项包括： 欢迎有意参评者扫描下方二维码，联系母基金研究中心助理获取参评回执申报 （ 请 备 注 姓 名 +机构名称，以便通过验证） 。 2 0 2 6 最佳女性母基金投资人 TO ...

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 venture capitalists [1][17]. Group 1: Summit Details - The summit will feature over 100 leading figures from global funds and venture capital cities, discussing strategies to navigate economic cycles and exploring new directions for the future development of the fund industry [17][18]. - The Global FOF Association will release the "2025 World's Best FOF Investment Institutions List," continuing its tradition of recognizing top investment institutions for six consecutive years [19][20]. Group 2: Notable Attendees - Notable attendees confirmed include senior executives from renowned global funds such as HarbourVest, UBS, and the 48 Group, indicating strong interest and participation from the investment community [12][14][13]. - Seven prominent European institutions have also confirmed their attendance, including Postfinance Venture, LGT Bank, and MMDP AG, showcasing a diverse representation from the investment sector [15][16]. Group 3: Opportunities for Engagement - The summit presents a unique opportunity for participants to engage with leading global LPs, discussing investment logic and strategies with foreign LPs from Europe, the United States, and the Middle East [21][24]. - Previous summits have seen Chinese GPs raise over $1 billion, highlighting the event's significance in fostering international investment relationships and enhancing the visibility of Chinese voices in the global investment landscape [21][30]. Group 4: Special Activities - Participants will experience scenic activities, including a train ride in the Alps and a special "Genting Forum" at a restaurant in Davos, adding a unique cultural element to the summit [26][28].

Core Viewpoint - The year 2025 is seen as a pivotal year for the restructuring of China's equity investment mechanism, marking a transition from difficult transformation to a return of confidence in the industry [2] Group 1: Policy Developments - The State Council issued the "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds," marking a significant policy for the mother fund industry with 25 specific measures [3] - The document encourages venture capital funds to adopt a mother-child fund structure and allows for increased government contribution ratios and relaxed conditions for fund establishment [3][4] - It emphasizes the need for a unified national market and encourages the cancellation of registration restrictions for government investment funds, aiming to boost market investment confidence [4] Group 2: Investment Trends - The concept of "patient capital" has deepened, with many newly established mother funds and direct investment funds having a lifespan of 15 to 20 years, reflecting a shift towards longer investment horizons [5][6] - Local governments have increased their tolerance for losses, with some regions allowing for a loss tolerance rate of up to 80%, indicating a more flexible approach to investment failures [6] Group 3: New Financing Avenues - The introduction of "technology bonds" in March 2025 has opened a new fundraising channel for equity investment institutions, with over 40 institutions issuing bonds totaling over 20 billion yuan [7][8] - However, the debt nature of technology bonds adds financial pressure on investment institutions, which traditionally rely on a "light asset" model [8] Group 4: Fund Establishments - The National Venture Capital Guidance Fund was launched in December 2025, with a 20-year lifespan aimed at early-stage investments and market-oriented operations [9][10] - Multiple social security technology funds have been established across various regions, with significant initial capital aimed at supporting key industries [12][13] Group 5: Market Dynamics - The mother fund industry has shifted towards a more pragmatic approach, with no new billion-level mother funds established in 2025, focusing instead on a "fund group" model for better resource allocation [14] - The AIC funds have seen significant growth, with total signed amounts exceeding 3.8 trillion yuan, although they have not contributed as LPs to private equity funds [15][16] Group 6: Exit Strategies - The Hong Kong IPO market has rebounded, providing a favorable exit window for VC/PE firms, with IPO fundraising surpassing 200 billion HKD [17][18] - A trend towards "flexible exit" mechanisms is emerging, allowing for more adaptable strategies in managing investment returns [21][22]

主论坛的圆桌对话环节以 "从政策高地到产业高地——资本助力海南高质量发展"为主题，由母 基金研究中心创始人、水木资本董事长唐劲草主持，联合中国文化产业投资母基金总经理于春 玲、高特佳投资集团副总经理于建林、ACIF阿中产业基金中国区董事总经理尹慕言、中保投 资有限责任公司副总裁陈子昊、阿联酋2 0 3 1愿景全球战略伙伴中心副总裁郭晓鹏、啟赋资本创 始人傅哲宽等嘉宾，围绕海南省如何吸引长期资本、耐心资本，以及海南省在从政策高地向产 业高地转型的过程中资本应扮演怎样的角色，资本如何与政策形成良性互动，共同推动海南成 为全球投资和产业创新的高地等问题展开了探讨。 01 海南吸引长期资本的条件与重点产业布局 海南自贸港封关运作，凭借国家战略加持、政策红利持续释放、区位优势独特凸显等多重利 好，正迅速成为国内外资本集聚的热土。各位嘉宾结合所在机构的行业布局与实践经验，围绕 海南吸引长期资本的核心条件、重点产业赛道选择、资本角色定位及政策协同路径等话题展开 深度探讨，为海南从政策高地向产业创新与产业高地转型提供了多元思路与实践参考。 陈子昊认为，海南吸引长期资本、耐心资本的条件已全面成熟：一方面，政策红利覆盖范围 广、 ...

2025年12月25日， 盛世投资成功完成国内首支S基金接续重组基金（即S基金的S）设立。 本期S基金接续重组基金规模超6亿元，共获得14家国资与险资等长期资本作为LP出资，实现 基金超募 。这是国内首支通过从S基金已投资产中系统筛选优质资产、重新进行组合配置而实 现的接续重组基金，也是盛世投资在S基金领域持续深耕与创新的重要成果。 本期S基金接续重组基金通过"重组配置"模式，不仅实现了原有份额的平滑退出，也为LP构建 了清晰可控的资产组合。"S的S"基金模式交易结构复杂，在市场中并无先例可循，展现了盛 世投资S基金的优质资产获取能力、专业估值定价能力、资产组合配置能力、强大复杂交易能 力、主动管理退出能力以及高效决策机制。 在资产组合配置上，盛世投资S基金团队主动进行资产端与资金端匹配，通过系统化资产筛选 与组合，兼顾短期回报与长期成长性，实现DPI与账面浮盈的均衡，为LP量身定制满足其需求 的互补型资产配置。同时，面对多元化诉求，团队通过专业、灵活、复杂、合规的创新交易架 构设计，实现对优质资产的主动管理、价值延续与创新退出，不仅为优秀GP及优质项目提供 更长期陪伴，也为S基金管理人探索出创新性的退出路径 ...

Core Viewpoint - Wallan Technology successfully listed on the Hong Kong Stock Exchange as the "first domestic GPU stock" with an opening price of 35.70 HKD [2] Group 1: IPO and Market Response - The IPO process saw over 47,600 retail investors participating, resulting in a subscription rate of 2,363 times and total frozen funds reaching 57.96 billion HKD, making it one of the hottest new stocks in the Hong Kong market for 2025 [3] - The cornerstone investment attracted over 100 times subscription, with 23 institutions collectively planning to invest 2.899 billion HKD, including top firms like Qiming Venture Partners and UBS, indicating strong institutional interest [4][5] Group 2: Leadership and Strategy - Zhang Wen, the founder, is recognized for his clear strategic planning and effective execution, which has been crucial in navigating the financing process and ensuring successful fundraising [6] - Wallan Technology raised over 4.7 billion RMB in just 18 months since its establishment, setting a record for domestic chip startups, and has completed eight rounds of financing totaling over 5 billion RMB before its IPO [7] Group 3: Talent Acquisition - The company has built a "star team" in the GPU sector, attracting key figures with extensive experience from major tech companies, enhancing its competitive edge in a nascent market [8] Group 4: Investment Support - Yunhui Capital, a significant investor, recognized the potential of Wallan Technology early on, investing nearly 20 million USD when the company was only three months old, demonstrating confidence in its future [12][14] - The investment logic of Yunhui Capital is based on the belief that the GPU sector is critical for the AI paradigm shift, leading to a comprehensive investment strategy in related chip companies [16] Group 5: Long-term Vision - The ongoing support from Yunhui Capital reflects a commitment to long-term investment in promising projects, with a focus on fewer, high-potential companies rather than spreading investments too thin [22]

Happy New Year! 先 启 华 章 一 起 ଲ 跨 日 年 贺 新 年 丨中 国 年 母基金研究中心 ...

Core Viewpoint - The establishment of various social security science and technology innovation funds across multiple provinces in China, including Sichuan, Zhejiang, and others, aims to support key industries and technological advancements, with a focus on long-term capital and patient investment strategies [3][6][7]. Group 1: Fund Establishment and Scale - The Sichuan Social Security Science and Technology Innovation Fund has an initial scale of 200 billion yuan, focusing on key industries and technological innovation in the Sichuan and Chengdu-Chongqing economic circle [3][4]. - The Zhejiang Social Security Science and Technology Innovation Fund has a larger initial scale of 500 billion yuan, targeting sectors such as artificial intelligence and biomedicine [5]. - The combined initial scale of social security science and technology innovation funds in five regions, including Zhejiang, Jiangsu, Fujian, Hubei, and Sichuan, has reached 1.6 trillion yuan [6]. Group 2: Long-term Investment Strategies - Sichuan's measures emphasize the importance of "patient capital," which is characterized by long-term support and a high tolerance for risk and failure, aligning with the long growth cycles of technology companies [6][9]. - The government aims to attract social capital by implementing a profit-sharing model between government-guided funds and market-oriented funds, with a focus on long-term investment horizons [8][10]. Group 3: Policy and Regulatory Framework - The Sichuan government has set ambitious targets, including a goal of 4 trillion yuan in fund management scale by 2030, and has introduced specific measures to enhance the investment environment for venture capital [8][10]. - Recent national policies encourage the relaxation of restrictions on government investment funds, promoting a more open and pragmatic approach to fund management and investment [10][12]. - The average return ratio requirement for government-guided funds has decreased significantly, with many funds now allowing for lower return expectations, reflecting a shift towards more flexible investment strategies [11][12]. Group 4: Risk Tolerance and Investment Focus - The Sichuan policy allows for a maximum loss tolerance of 100% for individual projects, indicating a willingness to support high-risk, high-reward investments in emerging technologies [13][14]. - The focus on hard technology investments has shifted the venture capital landscape, necessitating a longer investment horizon and a more patient approach from both general partners (GPs) and limited partners (LPs) [9][10].