Zhong Guo Zheng Quan Bao·2025-12-15 00:32Core Viewpoint - The primary focus of the articles is the significant recovery of the primary market in 2023, indicating a transition from a "winter" phase to an "early spring" phase for equity investment, with expectations for growth in fund registration and investment scale by 2025 [2][3]. Market Recovery - The primary market has shown signs of recovery since the implementation of supportive policies in September 2022, leading to increased investor activity and optimism [3]. - The company, Guolian Minsheng, reported a new fund registration scale exceeding 6 billion yuan in 2025, a substantial increase compared to the previous year [3]. - The company anticipates investing in over 15 projects this year, reflecting heightened activity compared to last year [3]. Exit Channels - There are positive signals regarding exit channels, with an increase in projects exiting through capital market restructuring and mergers and acquisitions, despite a slower IPO pace in the A-share market [3]. Future Market Conditions - For the primary market to achieve true prosperity, normalization of IPOs, regularization of mergers and acquisitions, and maturity of secondary trading are essential [4]. - The market requires a healthy cycle of fundraising, investment, management, and exit to enter a prosperous phase [4]. Investment Focus - Hard technology remains a key area for long-term capital investment, with a focus on sectors such as advanced manufacturing, high-end equipment, semiconductors, and new energy [5]. - The company plans to continue investing in quantum technology, artificial intelligence, embodied intelligence, biomedicine, hydrogen energy, and nuclear fusion over the next five years [5]. Investment Criteria - The company employs a "three measures" system for evaluating investments in hard technology, focusing on technological potential, team capabilities, and financial health [5]. - The first measure assesses the technology's ceiling, moat, and future application scenarios [5]. - The second measure emphasizes the importance of the team, considering their technical background and innovation capabilities [5]. - The third measure evaluates the financial stability and commercial viability of the business [5]. Long-term Perspective - It is acknowledged that hard technology companies may not be profitable in the early stages due to high R&D costs, but the long-term value of technology is crucial [6]. - The company is open to helping key players in the industry reach the capital market through mergers and acquisitions, even if they cannot independently IPO [6]. Organizational Integration - Following the merger of Guolian Minsheng Securities, the private equity subsidiaries have entered a new development phase, managing over 30 billion yuan and investing in over 120 projects [6]. - The integration aims to create synergies in regional focus, sector collaboration, and organizational structure [6][7]. - The company plans to deepen its presence in innovation-driven cities and enhance its expertise in key sectors [7]. Strategic Direction - The future strategy is summarized in a twelve-character guideline: "customer trust, industry-driven, technology innovation," focusing on serving investors closely aligned with industry and technological advancements [7].