股权投资入早春 三把“尺”丈量硬科技

Core Viewpoint - The primary viewpoint is that the primary market is experiencing a significant recovery compared to the previous year, indicating a transition from a "winter" phase to an "early spring" phase for equity investment [1]. Group 1: Market Recovery - The primary market has shown signs of recovery since the implementation of supportive policies on September 24 last year, leading to increased activity in the secondary market [2]. - The company has seen a substantial increase in new fund registrations, exceeding 6 billion yuan in 2025, which is a significant rise compared to the previous year [1]. - The company anticipates investing in over 15 projects this year, reflecting a more active investment approach compared to last year [1]. Group 2: Exit Channels - There are positive signals in exit channels, with an increase in projects exiting through capital market restructuring and mergers and acquisitions, despite a slower IPO pace [2]. - The overall sentiment in the equity investment market is warming, although the market has not yet fully recovered, with long-term and patient capital still not significantly entering [2]. Group 3: Focus on Hard Technology - Hard technology and innovation sectors are identified as the most strategically significant areas requiring long-term capital support [2]. - The company has focused on sectors such as advanced manufacturing, high-end equipment, semiconductors, integrated circuits, new energy, and new materials over the past five years, with plans to continue investing in quantum technology, artificial intelligence, embodied intelligence, biomedicine, hydrogen energy, and nuclear fusion in the next five years [2]. Group 4: Investment Criteria - The company employs a "three measures" system for investing in hard technology, which includes evaluating the technology's potential, the team's capabilities, and the financial and commercialization foundation of the enterprise [3]. - The first measure assesses the technology's ceiling and moat, ensuring it has sufficient advancement and application potential to support an IPO or merger [3]. - The second measure focuses on the team's technical background and innovation capabilities, as the team is considered the most significant variable in investment success [3]. - The third measure evaluates the financial health and stability of cash flow, with revenue and profit being critical indicators of market validation [3]. Group 5: Integration and Future Strategy - Following the merger of Guolian Minsheng Securities, the company has entered a new development phase, managing over 30 billion yuan and having invested in over 120 projects [4]. - The integration is characterized by three types of synergies: regional, sectoral, and systemic, with a focus on deepening investments in key innovation cities and sectors [4][5]. - The company aims to build a private equity platform that aligns with industry leaders, emphasizing a strategy centered on client trust, industry-driven initiatives, and technological innovation over the next three to five years [5].