Core Insights - The investment sentiment in the Chinese venture capital market is generally positive, with many industry leaders expressing optimism about the upcoming years, potentially marking the beginning of a "golden three years" for the sector [6][13][30] - The performance of the Hong Kong stock market, particularly in the biotech sector, has been strong, with some companies seeing stock price increases of 5 to 10 times, which contributes to the overall positive outlook [13][18] - There is a consensus that while opportunities exist in various sectors, including AI and healthcare, caution is warranted due to potential market bubbles, particularly in emerging technologies like robotics [20][25][29] Investment Climate - The overall investment climate is described as "good," with many firms reporting increased investment activity compared to the previous year, with some firms doubling their investment amounts [8][9][12] - Several firms have successfully exited investments through IPOs, indicating a healthy exit environment, with expectations for more IPOs in the near future [10][11][14] - The investment pace has accelerated, with many firms reporting a significant increase in the number of projects funded this year compared to last year [9][12][14] Market Opportunities - Key opportunities identified include advancements in AI, biotechnology, and the globalization of Chinese enterprises, which are seen as long-term growth drivers [17][20][25] - The robotics sector is highlighted as a rapidly growing area, although concerns about potential bubbles exist due to the influx of capital and competition [20][25] - The healthcare sector, particularly innovative pharmaceuticals, is also viewed as a significant opportunity, with many firms focusing on integrating into global supply chains [23][24][30] Challenges and Risks - The venture capital industry faces challenges related to fund duration and the need for extensions, which could impact the stability of the sector if not addressed [6][44] - There are concerns about the valuation discrepancies in the market, particularly in the Hong Kong stock market, where some companies are overvalued compared to their performance [18][19] - The regulatory environment, including IPO approval processes and tax policies, is seen as a barrier to optimizing the investment landscape, necessitating reforms to enhance market efficiency [42][43][44]

Core Insights - The 25th China Private Equity Annual Conference was successfully held in Shenzhen from December 2 to 5, 2025, focusing on the theme "Towards the Future, Empowering New Life" and integrating AI technology elements throughout the event [1] - The private equity market is showing positive trends, with a more diversified fundraising structure and an accelerated focus on hard technology and strategic emerging industries [1][3] - The conference provided a platform for industry leaders and innovators to discuss the future of the private equity sector and its role in driving national innovation strategies [1][3] Group 1: Industry Trends - Over 70% of funds are now directed towards hard technology enterprises, with state-owned funds managing 65% of the market, indicating a shift in investment dynamics [3] - The Chinese technology industry is transitioning from following to leading in various sectors, achieving significant milestones [3] Group 2: Investment Strategies - The conference featured a dialogue among top investment institutions, highlighting differentiated strategies in response to the evolving landscape of private equity [4] - Discussions included the balance between risk and certainty, and the importance of patience in investment decisions [4] Group 3: Key Discussions - The "Investment Trend Forum" addressed critical industry issues, including market cycles, investment timing, and the challenges of exits [5][6] - Insights were shared on the importance of maintaining a healthy capital market to facilitate successful exits [8] Group 4: Focus on Emerging Sectors - Specialized summits on AI, innovative pharmaceuticals, and life sciences provided in-depth discussions on technological advancements and market opportunities [9] - AI investments are shifting from theoretical models to practical applications, with a focus on embodied intelligence and its industrial implications [9] Group 5: Networking and Collaboration - The conference facilitated various networking opportunities, including targeted events and interactive showcases of innovative products, enhancing industry connections [11] - The event concluded with a celebration of achievements in the private equity sector, emphasizing the collaborative efforts in driving economic growth and innovation [12]

Core Insights - The 25th China Private Equity Annual Conference was successfully held in Shenzhen from December 2 to 5, 2025, focusing on the theme "Towards the Future, Empowering New Life" and integrating AI technology elements throughout the event [1] - The private equity market is showing a positive trend, with over 70% of funds directed towards hard technology companies, while state-owned funds manage 65% of the market, indicating a shift in investment dynamics [3][4] - The conference featured various forums and discussions aimed at fostering high-quality development in the venture capital industry and aligning with national innovation-driven development strategies [1][11] Group 1: Industry Trends and Opportunities - The conference highlighted the ongoing transition of China's technology industry from following to leading in various sectors, with significant achievements noted in recent years [3] - Key discussions included the importance of identifying investment opportunities in emerging fields such as AI, innovative pharmaceuticals, and nuclear fusion, which are expected to yield substantial potential and wealth [3] - The event showcased a dual approach to investment strategies, with one group focusing on frontier technologies and disruptive innovations, while another concentrated on traditional industries and structural opportunities [4] Group 2: Investment Strategies and Challenges - A roundtable discussion addressed the challenges of exits in the industry, emphasizing the need for a healthy capital market to facilitate successful exits [7] - Insights were shared on the importance of maintaining reasonable valuations and cash flow to support leverage and dividends, ensuring the preservation of equity value [7] - The conference also explored the strategic considerations for overseas investments, highlighting the risks associated with different market choices and the necessity for thorough research before entering new markets [7] Group 3: Focused Discussions on Emerging Sectors - Specialized summits on AI and innovative pharmaceuticals provided a platform for in-depth discussions on technological advancements and market expansion [8] - The AI summit emphasized the shift in investment logic from model competition to practical applications, with a focus on embodied intelligence and its opportunities in China [8] - The innovative pharmaceuticals summit discussed the potential for original innovations in drug development and the integration of AI in healthcare, projecting significant future investment themes [8] Group 4: Networking and Collaboration - The conference facilitated various networking opportunities, including the "X-Day" roadshow for showcasing tech innovation projects and the launch of the "Nanshan Sci-Tech Investment Partner Program" [10] - Activities such as the investment community's friendly badminton match and interactive exhibits created an engaging atmosphere for industry professionals to connect [10] - The event concluded with a strong emphasis on the role of venture capital in driving industrial upgrades and high-quality economic development, reinforcing the commitment to innovation [11]

Core Insights - The annual China Private Equity Annual Conference will be held from December 2-5, 2025, in Shenzhen, focusing on observing China's technological innovation [2][18] - The chairman of Qianhai Ark Asset Management shared insights on the strategic role of venture capital and the development trends in China's venture capital landscape [2][19] Group 1: National Strategic Demand - Innovation is a core development strategy for every country, with two main paths: innovation investment-driven strategy and traditional investment-driven strategy [3][20] - Countries like the US, Israel, and China exemplify the innovation investment-driven strategy, which supports small enterprises and disruptive technologies, leading to significant capital inflow into the tech innovation sector [3][20] - In contrast, countries like Japan and Russia follow a traditional investment-driven strategy, relying on conventional financing channels and often missing out on technological advancements [4][20] Group 2: Impact of Venture Capital on China's Economy - Since the emergence of venture capital in 1999, China's GDP has grown over 13 times, with venture capital contributing more than 43% to this growth [5][21] - Venture capital has played a crucial role in nurturing high-quality enterprises, with over 90% of companies listed on the Sci-Tech Innovation Board and over 50% on the ChiNext Board being supported by venture capital [5][22] - The sector has significantly contributed to the development of key industries, including semiconductors, renewable energy, communication, transportation technology, artificial intelligence, and biomedicine [6][22] Group 3: Five Key Investment Directions - The first direction is the "short board" process, focusing on technological breakthroughs to ensure supply chain security and autonomy, with over 2 billion yuan invested in semiconductor companies [7][24] - The second direction is the digitalization process, which aims to transform traditional industries using digital technology, with significant investments in projects like 聚玻网 and autonomous driving [7][24] - The third direction is the carbon neutrality process, which has evolved from being finance-driven to policy-driven and now demand-driven, with investments in emerging technologies [7][25] - The fourth direction is the health sector, shifting from symptomatic treatment to root cause resolution, with predictions that China will lead in biopharmaceuticals in the next 7-8 years [7][26] - The fifth direction is consumer upgrade, emphasizing the importance of consumer sectors in economic growth and the need for investment support [7][26] Group 4: Recommendations for Future Development - The industry should focus on "early, small, and future" investments, promoting "patient capital" as a fundamental requirement for a healthy venture capital ecosystem [11][28] - There is a need to optimize the capital source structure in the venture capital industry, aiming for a balanced approach involving government capital, financial capital, and family wealth [12][29] - Emphasis should be placed on post-investment management and support, moving away from solely chasing "blockbuster" investments [12][30] - The development of S funds and follow-up funds is crucial for creating a sustainable innovation investment ecosystem [12][30] - A balanced support for various industries is essential to avoid over-concentration and to foster innovation across sectors [12][31]

面对创投环境与行业格局的快速演变，本次大会聚焦前沿趋势，通过举办系列论坛及多样交流活动，成 为趋势的风向标、观点的交锋地，更是资源高效链接的枢纽，致力于凝聚行业共识，深化产业协同，进 一步推动创投行业的高质量发展。 清科集团创始人、董事长，清科控股董事长兼CEO倪正东代表主办方发表致辞，他回顾了中国创投行业 25年的发展历程，指出行业正逐渐融入国家创新体系，未来将大有可为。他结合清科研究数据指出，国 资渐渐成为中国创投的主力军。"到今年，国资LP比例进一步上升达到了55%，国资控股比例也从15年 前的27%增长到今年的81%，此外今年国资参股基金也占到了8%。也就是说，当前中国股权投资市场， 国资体系已经快占到了90%。" 倪正东表示，这意味着，中国股权投资市场资金结构已经发生历史性转变，从全民参与变成了由国资主 导。而更大的一个变化是，按照中基协统计的存续基金管理人数据，国资背景管理人数量占比35.3%， 其所管理的基金规模占比64.5%。换言之，35%的国资机构管理了行业内超六成的钱。 前海方舟资产管理有限公司董事长、前海母基金首席执行合伙人靳海涛在演讲中表示，针对投资基金的 核心需求，提出了应围绕五大进 ...

Core Insights - The 25th China Private Equity Annual Conference has been upgraded to "Qingke·Nanshan Venture Week," aiming to create a top-tier industry event that integrates trend insights, opinion exchanges, and resource connections [1] - The venture capital industry is undergoing profound changes and restructuring, with the conference focusing on cutting-edge trends to foster industry consensus and deepen collaboration between industry and capital [1][3] Group 1 - The founder and CEO of Qingke Group, Ni Zhengdong, reflected on the 25-year development journey of China's venture capital industry, emphasizing its integration into the national innovation system and its role in promoting technological self-reliance [3] - A keynote speech by Jin Haitao, Chairman of Qianhai Ark Asset Management, provided insights into the strategic value of venture investment and a forward-looking perspective on the future development trends of China's venture capital market [5] - The "Influence Dialogue" segment featured discussions among leaders from twelve major industry institutions, exploring different paths and strategies for future industry development [5] Group 2 - The "Nanshan Sci-Tech Investment Partner Program" was launched, aiming to enhance the innovation ecosystem in Nanshan District by integrating early-stage investment, venture capital, and foundational investment [6] - A strategic cooperation agreement was signed to address the challenges of technology transfer, involving early-stage investment institutions and several universities to inject capital into source innovation [8] - The conference included specialized summits on AI, innovative pharmaceuticals, and life sciences, along with an exhibition showcasing over twenty cutting-edge sci-tech projects, creating a vibrant atmosphere for industry exchange [9]

Group 1 - The 25th China Private Equity Annual Conference highlighted significant changes in the Chinese private equity market, particularly in fundraising and investment regional disparities [1] - In terms of fundraising, the Yangtze River Delta region accounted for 41.5% of the total national fundraising amount, nearly double that of the Beijing-Tianjin-Hebei and Pearl River Delta regions combined [1] - Investment activity in the Beijing-Tianjin-Hebei region has been on the rise for three consecutive years, with this year's investment amount representing 21.5% of the total, while the Yangtze River Delta accounted for 41.4% [1] Group 2 - State-owned enterprises (SOEs) have become a dominant force in China's venture capital, managing a significant portion of market funds, with SOE limited partners (LPs) now comprising 55% of the market [2] - The proportion of funds controlled by SOEs has increased from 27% in 2015 to 81% in 2025, with SOE-backed fund managers managing 64.5% of the total fund size in the industry [2] - The level of exit profitability remains low, with only 22.9% of the approximately 70,000 registered funds successfully exiting projects, and only 35.3% of funds achieving returns exceeding 100% [2]

Core Insights - The 25th China Private Equity Annual Conference, upgraded to "Qingke·Nanshan Venture Week," commenced on December 3, 2025, in Shenzhen, focusing on industry development and future planning [1][8] - The conference aims to address rapid changes in the venture capital environment and industry landscape, serving as a hub for resource linkage and industry consensus [1][8] - Keynote speeches and discussions highlighted the strategic role of venture capital and the differentiated responses of leading institutions to market changes [3][10] Group 1 - The "Nanshan Sci-tech Investment Partner Program" was officially launched, aiming to enhance the innovation ecosystem in Nanshan District by integrating research, technology, and financial support [5][12] - A strategic cooperation agreement was signed to empower early-stage investments and facilitate the transformation of academic achievements, involving several prominent investment firms and universities [7][14] - The conference featured specialized summits on AI and innovative pharmaceuticals, showcasing over twenty cutting-edge tech companies and products, fostering interaction and engagement among participants [16] Group 2 - The event included various activities such as "Investment Carnival" and "Investment Talk," designed to create a deep, accessible, and interconnected industry exchange ecosystem [16] - The dialogue session featured twelve industry leaders discussing future challenges and solutions, categorized into "Exploration Strike Team" and "Value Cultivation Team" [3][10] - The overall atmosphere of the conference was vibrant, with numerous innovative technology products attracting significant attention from attendees [16]

晴雨表。 报道/投资界PEdaily 一年一度创投圈盛会如约而至。2 0 2 5年1 2月2 - 5日，由清科控股（0 1 9 4 5 .HK）、投资 界主办，汇通金控、南山战新投联合主办的第二十五届中国股权投资年度大会在深圳举 行 。 本 届 大 会 集 结 逾 千 位 顶 尖 投 资 人 、 领 军 企 业 家 ， 打 造 兼 具 深 度 洞 察 与 互 动 活 力 的"创·投嘉年华"，致力成为观察中国科技创新的窗口。 开 场 环 节 ， 清 科 集 团 创 始 人 、 董 事 长 ； 清 科 控 股 董 事 长 兼 CEO 倪 正 东 带 来 一 组 全 新 数 据，解读中国创投行业最新景象。告别冬天，创投市场体感明显回暖；数字背后，也反 映着创投行业的拐点到来。此情此景，相信每一位从业者都有一番切身体会。 以下为演讲实录， 经投资界（ID: p e d a i l y 2 0 1 2）编辑： 时间非常快，一晃2 5年。今天在深圳南山，也特别感谢深创投、达晨、同创伟业、东方 富 海 、 基 石 资 本 等 深 圳 老 伙 计 们 的 一 路 陪 伴 。 我 2 0 0 1 年 到 深 圳 ， 那 时 中 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 清科控股有限公司* 呈交日期: 2025年12月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01945 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 500,000,000 | USD | | 0.0001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 備註： * 僅供 ...