Group 1 - The core viewpoint of the article highlights the establishment of the "Guo Chuang Guangdong-Hong Kong-Macao Fund," which is a significant national-level venture capital fund aimed at supporting the construction of an international science and technology innovation center in the Guangdong-Hong Kong-Macao Greater Bay Area, with a target scale of 50.45 billion yuan [2][3]. - The fund is a collaboration between the National Development and Reform Commission and the Ministry of Finance, marking the largest and highest-level national-level guiding fund that Nanshan District has participated in to date [2][3]. - The fund's focus will be on hard technology and strategic emerging industries, providing long-term and stable capital support for seed and early-stage technology enterprises, aligning with Nanshan's innovation and entrepreneurship policy framework [4]. Group 2 - The establishment of the fund is expected to enhance the integration of venture capital and innovation in Nanshan, creating a venture capital and investment gathering area that attracts more quality investment institutions [5]. - This initiative aims to build a unique venture capital ecosystem in Nanshan, characterized by early-stage, small-scale, and technology-focused investments, thereby strengthening the region's strategic competitiveness [5]. - The fund management platform, Yuhong Financial Holdings, is committed to attracting more social capital, quality entrepreneurial projects, technology, and talent to Nanshan, while also focusing on equity investment and entrepreneurship incubation [5].

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]

今天 上午（ 1 2 月 2 6 日 ） ，国家创业投资引导基金启动仪式在国家发展改革委召开。 据悉， 国家创业投资引导基金 （以下简称国家创投引导基金） 坚持做早期基金、耐心基金、 廉洁基金、标杆基金， 在 启动仪式 上 ， 3只区域基金与首批4 9个子基金以及2 7个项目代表 正式签约 。 签约的基金包括亦庄芯创、水木创投、创新工场、联想之星、基石资本、英诺天 使等，签约项目包括加速进化、图灵量子、芯屏半导体等。 母基金研究中心从国家发展改革委专题新闻发布会上获悉，国家创业投资引导基金坚持做耐心 基金，引导基金设置20年存续期，其中10年投资期、10年退出期。坚持做市场化基金，建立 政府管政策管投向、委托专业团队市场化运作的管理模式。 政府层面不直接参与日常运作管 理，不设地域返投要求 ；市场层面通过竞争择优，选出若干家具有丰富投资经验和运营能力的 管理机构，负责基金"募投管退"全过程，切实提高资金使用效率，确保每一笔投资都用在"刀 刃"上。引导基金将与已设立的各类政府投资基金、市场化基金错位发展，不搞重复投资、不 与市场争利，重在解决创投行业长期资本（20年存续期）短缺的问题。 母基金研究中心关注到，国 ...

Group 1 - The Hubei Social Security Science and Technology Innovation Fund was officially signed in Wuhan, with a first phase scale of 20 billion yuan, focusing on industries such as optoelectronic information, automotive manufacturing, life health, and high-end equipment [2] - The fund aims to support the transformation and upgrading of traditional industries, the cultivation of emerging industries, and the forward-looking layout of future industries, contributing to the establishment of a nationally influential technology innovation hub in Hubei [2] - Recent developments include the establishment of multiple social security science and technology innovation funds across various provinces, including Jiangsu with a scale of 50 billion yuan and Fujian with a scale of 20 billion yuan [4] Group 2 - The fourth Davos Global Mother Fund Summit will be held in January 2026, focusing on multilateral dialogue within the global mother fund industry [6] - The summit will gather over a hundred influential figures from the global mother fund and investment industry to discuss the future development of the sector [6] - The event is anticipated to be a significant occasion for global investment discussions, with preparations underway for participants to secure necessary travel arrangements [6][8]

Group 1 - The core viewpoint of the article emphasizes the strengthening of early-stage, small-scale, long-term, and hard technology investments in the equity investment industry, with a focus on nurturing technological innovation through patient capital [2] - The mother fund industry is evolving into a 3.0 version, transitioning from a "rough" development model to a more refined approach, establishing clusters of guiding funds and emphasizing collaboration among provincial and municipal guiding funds [2] - The 2025 China Mother Fund 50 Forum is set to take place on December 28, 2025, in Beijing, aiming to gather over 300 representatives from mainstream mother funds and top investment institutions to discuss industry development [2] Group 2 - This year's forum will focus on the development of the equity investment industry, particularly the mother fund sector, featuring multiple keynote speeches and roundtable discussions to explore opportunities and challenges faced by the industry [2] - The forum aims to provide a comprehensive analysis of industry trends and LP investment strategies, facilitating communication and collaboration to promote innovation and the development of emerging industries [2]

Core Viewpoint - The Shanghai Jiao Tong University Future Industry Fund Phase II has been officially launched with an expected scale of 1 billion yuan, focusing on accelerating the transformation of scientific achievements from the laboratory to the market through capital empowerment [1][3]. Group 1: Fund Launch and Objectives - The Shanghai Jiao Tong University Future Industry Fund Phase II aims to address the "last mile" challenge in the transformation of scientific achievements by utilizing "patient capital" to connect with "high-value" foundational research results [3]. - The first phase of the fund successfully attracted nearly 1.8 billion yuan in social capital and invested in 54 "Jiao Tong" affiliated enterprises, enhancing the efficiency of transformation through a market-oriented selection mechanism [3]. - The new phase of the fund will further guide capital to focus on the Jiao Tong innovation ecosystem, supporting the creation of the "Zero Bay Innovation Ecosystem" [3]. Group 2: Collaborative Initiatives - The "Zero Bay Technology Innovation Fund," co-initiated by Shanghai Jiao Tong University and Shanghai Guotou Company, has invested in 10 high-quality projects led by top scholars since its operation began in December 2024, covering cutting-edge fields such as integrated circuits and biomedicine [4]. - The fund has a revenue feedback mechanism where part of the investment returns will support the university's research and talent cultivation, creating a sustainable innovation loop [4]. Group 3: Trends in University-led Funds - The establishment of the Shanghai Jiao Tong University Future Industry Fund Phase II represents an innovative exploration in the industry, indicating that universities are increasingly participating in the private equity investment sector as limited partners (LPs) [5]. - More universities are establishing their own funds, with notable examples including South China University of Technology's 3 billion yuan fund and Wuhan University of Technology's 1 billion yuan fund, focusing on hard technology and healthcare sectors [5]. - The trend shows that universities are not only acting as venture capitalists but also as LPs, emphasizing long-term investment strategies and collaboration with general partners (GPs) that have strong industry advantages [5]. Group 4: International Comparisons and Future Prospects - Internationally, university endowment funds are significant long-term LPs in the PE/VC industry, with many renowned venture capital firms having a substantial portion of their LPs from university endowments [8]. - The development of domestic university funds is still in its early stages compared to established international counterparts, but there are pioneering institutions like Tsinghua University leading the way [8]. - The future expectation is for more domestic university funds to emerge, enriching the LP landscape in the private equity investment industry and providing more market-oriented long-term capital [11].

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 discussions among leading figures in the global fund of funds industry [2][25]. Group 1: Attendance Confirmation - Seven prominent European institutions have confirmed their attendance at the summit, including Postfinance Venture, LGT Bank, Redalpine Ventures, H Capital Ventures, and EMCORE Asset Management AG [3][6][8][13][19]. - Christian Renner from Postfinance confirmed participation, highlighting Postfinance's significant role in Switzerland's financial landscape with total assets of approximately CHF 102 billion and a net profit of around CHF 164 million for 2023 [4][5]. - Christian Friede from LGT Bank confirmed attendance, emphasizing LGT's focus on wealth management and sustainable investment solutions for high-net-worth individuals and institutions globally [6][7]. Group 2: Summit Highlights - The summit will feature over 100 leading figures from global funds and venture capital cities, discussing strategies for navigating economic cycles and exploring future directions for the fund industry [25][26]. - The Global FOF Association will release the "2025 World's Best FOF Investment Institutions List" during the summit, continuing its tradition of recognizing top investment institutions for six consecutive years [27][28]. - The event will provide a unique opportunity for participants to engage with leading global LPs, discussing investment logic and needs, particularly in the context of RMB and USD funds [29][31]. Group 3: Special Activities - Participants will experience scenic train rides in the Alps and engage in special forums, enhancing networking opportunities in a picturesque setting [33][36]. - The summit aims to foster dialogue between Chinese GPs and international LPs, with previous summits resulting in over USD 1 billion raised by domestic GPs [29][31].

Core Viewpoint - The establishment of the Guangdong Strategic Emerging Industry Investment Guidance Fund, with a registered capital of 500 billion RMB, signifies a substantial commitment to fostering venture capital and private equity investments in strategic emerging industries in Guangdong Province [1][4]. Group 1: Fund Establishment and Initial Investments - The Guangdong Strategic Emerging Industry Investment Guidance Fund was established with a registered capital of 500 billion RMB and is fully owned by the Guangdong Provincial Finance Department [1][2]. - Within four days of its establishment, the fund committed 40 billion RMB to invest in the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund [1][2]. Group 2: Government Initiatives and Support - The Guangdong Provincial Finance Department plans to create a trillion-level provincial government investment guidance fund system, aiming to attract various social capital to invest in strategic emerging industries [1][4]. - The "Guidance Fund - Mother Fund - Sub-Fund" three-tier system is designed to enhance the overall investment ecosystem and support the development of venture capital in the province [4][5]. Group 3: Recent Policy Developments - In May 2025, the Guangdong Provincial Government issued an action plan to promote high-quality development in venture capital, focusing on nurturing high-quality investment institutions and improving the investment environment [5][6]. - The plan includes establishing a comprehensive industrial fund system with a total scale exceeding 1 trillion RMB, with provincial funds exceeding 100 billion RMB [6]. Group 4: Innovative Fund Structures - The establishment of regional mother funds and inter-provincial collaborative development mother funds is a notable innovation, promoting synergy and resource integration across regions [9]. - The Guangdong province has initiated a regular selection process for sub-fund management institutions, which is relatively rare and beneficial for the venture capital market [7][9]. Group 5: Focus on Technology and Innovation - The Guangdong government emphasizes early, small, long-term, and hard technology investments, aiming to stimulate innovation and entrepreneurship [10][12]. - The introduction of differentiated performance evaluation and risk tolerance mechanisms for government guidance funds is expected to encourage higher-risk investments in promising projects [12].