华民投常务副总裁陈飞：将上市公司作为主要投资方向

Group 1 - The core viewpoint is that state-owned funds differ significantly from market-oriented and dollar funds in their investment targets, with a focus on listed companies as a primary investment direction [1] - The investment strategy emphasizes exploring key targets related to the industrial expansion of listed companies, their second growth curve, and potential M&A targets, as listed companies serve as a natural exit channel for state-owned funds [1] - The government encourages investments that align with local leading industries, primarily in the hard technology sector, making listed companies the optimal choice for state-owned funds seeking to invest in leading enterprises within this sector [1] Group 2 - Huamin Investment has co-initiated a high-quality development fund for listed companies with state-owned enterprises, focusing on investments in controlling subsidiaries and potential M&A targets, with buyback guarantees from listed companies or their actual controllers [2] - Local governments and Huamin Investment have jointly established a mother fund for leading industries of listed companies, where Huamin Investment selects quality listed companies to collaborate on establishing sub-funds, aiming to achieve financial returns while facilitating industrial implementation [2]