Core Viewpoint - The article discusses the evolving landscape of AI investment, highlighting the potential for a productivity revolution driven by AI and the unique opportunities within China's AI and biopharmaceutical sectors as the global market undergoes significant changes [3][4][8]. Group 1: AI Investment Landscape - AI is expected to drive a productivity revolution, but the timeline for this transformation remains uncertain, as historical precedents suggest that such revolutions take longer than anticipated [8][10]. - The current AI wave is unprecedented due to macroeconomic factors, including significant liquidity injections by global central banks during the COVID-19 pandemic, which have led to inflated asset prices [15][18]. - The investment logic in the AI sector is evolving through three stages: focusing on technology itself, exploring imaginative applications, and finally, investing in practical, revenue-generating applications [28][31][36]. Group 2: China's Position in AI - China has experienced a critical shift in its position within the AI wave, with the potential to catch up and even surpass the U.S. in certain applications as the technology matures and becomes more widely adopted [68][69]. - The Chinese AI industry is characterized by a strong focus on practical applications, leveraging existing infrastructure and user habits to drive rapid adoption and innovation [68]. - The article emphasizes that China's structural advantages in AI hardware and software development, combined with a robust manufacturing base, position it well for future growth in the global market [64][66]. Group 3: Biopharmaceutical Opportunities - The biopharmaceutical sector in China is witnessing a transformative moment, with a significant increase in the value of licensing deals, indicating a growing global presence [70][71]. - Future developments in China's biopharmaceutical industry will focus on improving research efficiency, enhancing the ability to discover new drugs, and exploring scientific breakthroughs that could lead to significant advancements [72].

Core Viewpoint - Suzhou has emerged as a vibrant hub for IPOs in 2023, with a total of 16 new companies listed domestically and internationally, leading the nation in new A-share listings [2] Group 1: IPO Achievements - In November 2023, Suzhou celebrated a "three-day three consecutive launches" with the listings of Fengbei Bio on the Shanghai Stock Exchange, Wangshan Wangshui on the Hong Kong Stock Exchange, and Zhongcheng Consulting on the Beijing Stock Exchange [2] - Suzhou has added 16 new listed companies this year, including 9 new domestic A-share companies, ranking first in the country [2] - The total number of listed companies in Suzhou has reached 281, with 227 being domestic A-share companies, placing it fifth nationwide [2] Group 2: Investment Fund Developments - From January 1, 2023, to December 28, 2025, Suzhou has registered 795 new funds with a total registered capital exceeding 350 billion, averaging over 20 new funds each month [3] - A significant fund, the Jiangsu Social Security Science and Technology Innovation Fund, was established with a total scale of 1 trillion, focusing on strategic emerging industries and high-quality development [3] - The first phase of the Jiangsu Social Security Science and Technology Innovation Fund is set at 500 billion, primarily managed by Suzhou's government [3] Group 3: Fund Management and Structure - Suzhou Innovation Investment Group has managed funds exceeding 3000 billion, covering various stages of enterprise growth from incubation to maturity [4][5] - The fund matrix includes a combination of mother funds, direct investment, and sub-funds, effectively supporting the entire lifecycle of enterprises [5] - Suzhou has established a collaborative investment matrix that includes angel funds, specialized industry funds, and market-oriented funds [5] Group 4: National and Provincial Collaborations - Suzhou has partnered with national entities to establish funds totaling 645 billion, focusing on industrial upgrades and strategic emerging industries [6] - The city has also collaborated with Jiangsu's provincial funds to create a second batch of 240 billion for the Suzhou Strategic Emerging Fund, which has seen rapid investment progress [6] - Suzhou's approach to fund establishment emphasizes a unified innovation framework across the city, enhancing the effectiveness of capital deployment [6] Group 5: The "Suzhou Model" - The "Suzhou Model" is characterized by its comprehensive support for enterprises at different stages, from early-stage investments to growth and maturity phases [7] - Suzhou has become a prominent city in the venture capital and private equity landscape, known for its clear planning in nurturing industries [7] - The city has developed a unique investment ecosystem that effectively combines capital and projects, making it one of the best cities for investment in China [7] Group 6: Future Trends in Fund Development - The domestic guiding fund industry is evolving into a 3.0 version, focusing on establishing fund clusters and enhancing collaboration among various levels of government [8] - Regions that establish fund clusters are expected to expand by 2025, with government-led funds acting as catalysts for industrial transformation and technological innovation [8]

Core Viewpoint - 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, thereby fostering the healthy development of the investment industry, particularly the mother fund sector [1]. Group 1: Fund Establishments and Investments - A mother fund successfully issued a science and technology innovation bond with a scale of 500 million yuan and a term of 3 years, showcasing strong investor confidence with a subscription multiple of 2.58 times [4][5]. - The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund was established in Shenzhen with a target scale of 5.045 billion yuan, focusing on early-stage investments in strategic emerging industries [8][6]. - The Dongguan Science and Technology Transformation Fund completed a seed round investment in Aisimo Intelligent Materials, aimed at addressing high-end material challenges in semiconductor manufacturing and other precision industries [10][11]. - The Guotai Haitong Jiangcheng Shengu Fund was established with an initial scale of 200 million yuan, focusing on investments in the semiconductor industry [14][15]. - The Guoxin Fund invested in Qingyun New Materials, which specializes in flash-spinning materials, achieving significant technological breakthroughs and independence from foreign technology [18][19]. Group 2: Investment Performance and Future Plans - Changjiang Investment plans to invest in 8 "first stocks" by 2025, with 15 quality enterprises already listed, demonstrating strong investment incubation capabilities across various strategic emerging sectors [22][20]. - Suzhou Angel Mother Fund's investment in marine robotics company Shihang Intelligent has attracted significant attention, indicating the fund's strong investment vision and the company's potential in the marine economy [26][27].

对股权投资行业而言， 2 0 2 5 年是行业继续深化调整的一年，机遇与挑战并存。 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）。 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。 新形势下，股权投资行业正在开启新格局。 在此背景之下， 母基金研究中心（ www. china -f o f. c om，下同）根据已有的数据支撑与研究 分析，正式发布2 0 2 5 年度榜单 ，以此鼓励私募股权母基金与基金行业的优秀机构与人才，促 进股权投资行业的健康发展。 母基金研究中心提醒：榜单力求最大限度的公平公正，且仅作为参考，并不构成投资者的投资 依据；投资者在做投资决策时，应该谨慎判断和识别风险。 母基金研究中心 2 0 2 5 年度榜单闪亮如下： 2025 最佳国家级母员会 | ...

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。 图 为 母基金研究中心创始人、水木资本董事长 唐 劲 草 论坛伊始，主办方母基金研究中心创始人、水木资本董事长唐劲草致欢迎辞，对与会嘉宾表示 热烈欢迎。唐劲草表示，当前正处于中国股权投资行业 "机制重塑"的关键元年，从规模扩张转 向深度变革，从追求短期回报转向培育长期耐心资本，期待通过论坛的深入探讨，凝聚共识， 推动构建更加健康、更具韧性、更可持续的行业生态，让资本更有信心、更有温度地服务于新 质生产力的发展与国家战略大局。 在主题演讲环节，多位权威嘉宾分享了前沿洞察与政策解读： 中国保险投资基金董事长贾飙发表了题为《凡益之道 与时偕行 ——保险资金股权投资的历 史、现状与政策创新》的演讲。他系统梳理了保险资金股权投资从"有限放开"到"精准监管"的 政策演进历程，并指出其凭借"体量大、期 ...

Core Viewpoint - The current primary market in China is transitioning from "scale expansion" to "mechanism restructuring," emphasizing the need for institutional innovation to facilitate capital flow towards new productive forces [1] Group 1: Market Dynamics - In 2025, the Chinese primary market shows a divergence between "statistical data recovery" and "micro individual coldness," with over 30% year-on-year growth in newly registered funds in Q2 and Q3, yet over 80% of new registrations are concentrated in leading institutions and large state-owned platforms [2][3] - The industry is undergoing a paradigm shift affecting the entire fundraising, investment, management, and exit chain, with 1,118 private fund managers either voluntarily or involuntarily deregistering from January to November 2025, indicating accelerated clearance of "zombie institutions" [2][3] - The funding landscape is characterized by a "structural siege," where state-owned general partners (GPs) dominate fundraising, leading to increased competition for private fund managers and a trend where limited partners (LPs) prefer to invest only in state-owned GPs [3] Group 2: Capital Patience and Confidence - The solution to the industry's challenges lies in systematic, top-level design for "mechanism restructuring," focusing on addressing the issues of capital "patience" and "confidence" [4] - The year 2025 marks the beginning of "super long duration" funds, with 53% of newly established guiding funds allowing sub-funds to have a duration of over 10 years, reflecting a shift from "quick returns" to respecting industrial laws [5] - A "high tolerance for loss" policy is being explored, allowing up to 80% investment loss tolerance for seed or future industry projects, marking a significant shift in assessment criteria from "single project evaluation" to "lifecycle evaluation" [6] Group 3: Exit Strategies and Liquidity - The traditional reliance on IPOs for exits is shifting, with over 90% of Chinese venture capital funds previously depending on IPOs, while in 2025, secondary transactions and mergers and acquisitions are becoming primary exit strategies [11] - The total transaction volume of domestic secondary funds reached 1,078 billion yuan in 2024, with a 46% year-on-year increase, and the first half of 2025 has already surpassed the total number of transactions in 2024 [11] - Flexible exit strategies, such as installment buybacks and debt restructuring, are being adopted to mitigate cash flow risks for startups, reflecting a deeper understanding of the high-risk, long-cycle nature of new productive forces [12] Group 4: Future Investment Landscape - In 2026, the investment focus is expected to shift towards "new productive forces," with low-altitude economy, embodied intelligence, and AI+ industries becoming core asset allocations [15] - The unique value of private GPs needs to be re-evaluated, as they possess advantages in early project discovery and flexible investment strategies, which are crucial for amplifying the effectiveness of state-owned guiding funds [16] - The current period is a critical juncture for China's equity investment mechanism, transitioning from difficult transformation to confidence restoration, with a consensus on long-duration funds, tolerance for failure, and flexible exits [17]

第四届达沃斯全球母基金峰会即将盛大启幕 投资聚焦：赋能科技创新与产业升级 基金将重点围绕硬科技领域开展投资，聚焦战略性新兴产业和未来产业，通过"子基金+直 投"模式，为种子期、初创期科技企业提供长期、稳定的资本支持，与南山区"六个一"行动方 案等创新创业政策体系同频共振。这一布局与南山区的产业方向高度契合，有望加速区内创新 型企业突破关键技术、实现成果转化，为区域发展新质生产力注入强劲动能。 生态构建：打造风投创投集聚区 以本次合作为契机，南山区将进一步吸引更多优质创投机构汇聚南山，扩大南山科创投资"伙 伴圈"。通过打造具有南山特色的风投创投集聚区，形成资本集聚效应，进一步构建"投早、投 小、投科技"的创投生态，为南山打造国际风投创投核心承载区提供战略保障。 此次基金的设立，不仅是资本层面的重要布局，更是南山融入国家创新体系、增强区域战略竞 争力的关键一步。下一步，南山区将围绕基金实施"多联动、多服务"等系列举措，进一步放大 基金带动效应，为南山区、深圳及粤港澳大湾区高质量发展提供更强金融支撑。 汇通金控公司作为南山区引导基金管理平台，始终立足于区委区政府的发展战略，肩负着撬动 更多社会资本、优质创业项目、技 ...

2 0 2 5年1 2月2 7日下午，由中国国际科技促进会母基金分会主办的"促进创业投资发展座谈 会"在北京成功召开。来自政府部门、 行业协会、知名母基金和直投基金机构的代表以及专家 学者共百余人齐聚一堂 ，围绕当前创业投资行业面临的机遇与挑战，进行了一场坦诚、深入、 务实的思想碰撞与交流。 整场座谈会讨论热烈，观点交锋，智慧汇聚。与会嘉宾不仅分析了行业现状 "怎么看"，更着重 探讨了破局前行"怎么办"。会议形成了多项富有启发性的行业共识：推动创业投资高质量发 展，必须坚持服务实体科技创新的根本方向；必须坚持市场化、法治化、专业化的发展原则； 必须着力构建"募、投、管、退"良性循环的生态体系。 主办方中国国际科技促进会母基金分会会长、 水木资本董事长唐劲草 在开场致辞中指出，中 国私募股权行业在经历了波澜壮阔的快速发展后，正站在一个关键的历史节点，坚定地从 "模 式创新"迈入"技术驱动"的深水区，与国家发展"新质生产力"的战略方向同频共振。同时，行 业也共同面对着复杂宏观环境下的诸多挑战，"募投管退"的循环机制仍有待进一步畅通。因 此，本次座谈会的目的在于聚焦真问题、共探可行路，不仅关注宏观趋势，更致力于直击 ...

Core Insights - The 2025 Seventh China Fund of Funds Forum will be held in Beijing, marking the annual gathering of the fund of funds industry, with over 300 representatives from leading domestic fund of funds and investment institutions expected to attend [1] - The forum will address key questions regarding the equity investment market, including how various LPs will position themselves, the characteristics preferred in GPs by fund of funds, and how GPs can evolve during transitional periods [1] - The event will focus on the development of the equity investment industry in China, particularly the fund of funds sector, featuring multiple keynote speeches and roundtable discussions to explore opportunities and challenges faced by the industry [1] Agenda Highlights - The forum will include several roundtable discussions, such as improving government-guided funds, preparing for the 14th Five-Year Plan, and the integration of mother funds with financial and industrial sectors [2][3] - Notable participants in the discussions will include executives from various investment firms and government-backed funds, indicating a diverse representation of perspectives within the industry [3] - The agenda reflects a comprehensive approach to addressing the evolving landscape of investment strategies and market dynamics in China [3]

Core Insights - The total scale of the mother fund management this week reached 143 billion yuan, primarily distributed across regions such as Beijing, Jiangsu, Zhejiang, Guangdong, Sichuan, Yunnan, Shandong, Hubei, Guangxi, and Shanxi, with investments covering aerospace, high-end equipment manufacturing, and biomedicine [2] Fund Manager Recruitment - Guangxi: Guangxi Investment Group is recruiting GP for a fund aimed at transforming traditional industries and developing strategic emerging industry clusters, with an initial investment scale of 300 million yuan [7] - Jiangsu: The Jingjiang Jijiang Industrial Investment Fund is recruiting GP for a fund focused on semiconductors and new materials, with a scale of 2 to 15 million yuan [11] - Shanxi: Shanxi Huayi Investment is seeking GP to establish a fund to promote local industry development [15] Mother Fund Establishment - Henan: The Henan Angel Mother Fund has been successfully registered with an initial scale of 1 billion yuan, focusing on early-stage investments in technology-driven projects [18][19] - Jiangsu: The Jiangsu Social Security Science and Technology Innovation Fund has completed registration with a scale of 500 billion yuan, targeting strategic emerging industries [20] - Guangdong: The Guangdong Strategic Emerging Industry Investment Guidance Fund has been established with a scale of 500 billion yuan [21] - Sichuan: The Chengdu High-tech Zone Shudao Co-creation Fund has been established with a total scale of 3 billion yuan [22] Fund Policies - Sichuan: The government-guided fund and state-owned fund investment loss tolerance rate is set at a maximum of 60%, with potential increases for seed-stage investments [32] - Shandong: Shandong has issued measures to promote the high-quality development of government investment funds, focusing on serving the real economy [34][35] - Yunnan: The interim measures for the management of the Yunnan Advanced Manufacturing Equity Investment Fund have been issued, emphasizing the fund's role in supporting industrial transformation [40] Other Developments - Guangdong: A 100 billion yuan artificial intelligence and robotics industry fund cluster has been launched, with an initial 30 billion yuan in sub-fund registrations [49] - Jiangsu: The Wuxi Biomedical Industry Mother Fund is planning to invest in sub-funds with a total scale of 10.02 billion yuan, focusing on various healthcare sectors [50]