每经热评︱地方国资进阶、市场化巨头退守 创投市场探路“效率与使命共生”

Group 1 - Since 2025, China's primary market venture capital landscape has undergone significant restructuring, with domestic financing transactions reaching 3,743 in the first half of the year, a 16% year-on-year increase [1] - Local state-owned capital institutions have emerged as dominant players, occupying a substantial share of the active investment landscape, while market-oriented giants like Hillhouse Capital and Sequoia China have taken a backseat [1] - The rise of local state-owned capital in the venture capital sector reflects a new ecosystem shaped by policy guidance and market dynamics [1] Group 2 - The explosive growth of local state-owned capital is driven by a deepened understanding of "capital attraction" logic, with a focus on equity investment rather than traditional fiscal subsidies [2] - For instance, Hefei Innovation Investment has a 43% independent investment rate in advanced manufacturing, indicating a willingness to take on early project risks [2] - The collaboration model between market-oriented institutions and state-owned capital is maturing, with a mixed model of "state capital investment + market-oriented GP" expected to become a mainstream approach [2] Group 3 - The evaluation standards in the primary market are changing under the dominance of local state-owned capital, as these institutions pursue both financial returns and industrial cultivation missions [2] - The traditional assessment system centered on IRR (Internal Rate of Return) is being reshaped to accommodate these dual objectives [2] - Potential risks include blind investment trends in popular sectors due to administrative intervention, which could lead to resource misallocation and repeated low-level construction [3] Group 4 - The rise of local state-owned capital does not negate market logic but enriches capital forms under national strategic guidance [3] - The adjustments of market-oriented institutions are not a sign of decline but rather an adaptive evolution within the new ecosystem [3] - The Chinese venture capital market may evolve towards a new path of "efficiency and mission co-existence," reflecting the best interpretation of capital serving the real economy during the high-quality development phase [3]