创投月报 | 7月募投齐升：中科创星新基金首关超26亿 MiniMax、智谱AI估值进入300亿区间

Core Insights - The private equity and venture capital fund managers registered in July 2025 saw a significant increase, with 16 new registrations, marking a 77.8% rise compared to June and reaching four times the number from July 2024 [1] - The domestic primary equity investment market recorded 552 financing events in July, reflecting a year-on-year growth of 5.1% and a month-on-month increase of 11.7%, with a total disclosed financing amount of approximately 717.56 billion yuan, a 142.0% increase from July 2024 [3] - The largest private equity financing in 2025 occurred with the State Grid's subsidiary, "Guo Wang Xin Yuan," raising 365 billion yuan, accounting for 50.9% of the total disclosed financing in July [3] Fundraising Trends - The number of early-stage financing events (seed, angel, Pre-A, and A rounds) totaled 363, representing 65.8% of all financing events, slightly higher than June 2025 [6] - A round financing events remained the most frequent, accounting for 32.8% of the total, with a slight decrease of 1.4% month-on-month but a 3.5% increase year-on-year [6] - Strategic financing rounds led in disclosed financing amount at 484.93 billion yuan, significantly higher than A rounds [6] Sector Analysis - Advanced manufacturing led with 108 financing events, with approximately 52.8% of the companies being in the integrated circuit sector [11] - The artificial intelligence sector continued to show strong performance, with 95 companies receiving financing and a total disclosed amount of 99.75 billion yuan [11] - The financing amount in the advanced manufacturing sector was approximately 1.12 times that of July 2024, despite a decrease compared to June 2025 [13] Regional Insights - Jiangsu province maintained its leading position with 111 financing events, while the total financing amount reached 408.44 billion yuan, boosted by the 365 billion yuan raised by "Guo Wang Xin Yuan" [16] - The financing amount in Jiangsu saw significant increases of 91.4% and 84.8% compared to July 2024 and June 2025, respectively [18] Active Institutions - The most active investment institutions included Qiji Chuangtan, Yida Capital, and Xichuang Investment, with state-owned institutions making up about 80% of those with five or more investment events [19] - Notable fundraising institutions included Zhongke Chuangxing, which raised 26.17 billion yuan for a hard technology venture capital fund focused on early-stage projects in the "AI+" field [22] Large Financing Events - In July, there were seven financing events exceeding 1 billion yuan, totaling 487.07 billion yuan, which accounted for approximately 67.9% of the total disclosed financing [27] - "MiniMax," one of the "AI big model six little dragons," completed a new round of financing of nearly 3 billion USD, with a post-investment valuation exceeding 40 billion USD [27] - "Zhipu AI" secured a strategic investment of 1 billion yuan, continuing its trend of multiple financing rounds within a short period [27]