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].

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]