鲸准发布2025年11月募资月报，一级市场募资规模超2279亿元

Core Insights - The report indicates a significant recovery in fundraising activities in the primary market for November, with a total fundraising scale of approximately 182.08 billion yuan, marking a nearly 40% month-on-month increase [1][9] - The report highlights that Zhejiang Province leads the nation in fundraising scale and number of funds, with a total of 662.18 billion yuan raised and 101 funds registered [4][9] - Key investment areas identified include hard technology sectors such as smart hardware, artificial intelligence, robotics, semiconductors, and new materials, which have become focal points for institutional investment [7][9] Fundraising Activity - In November, a total of 422 new funds were registered, with a total scale of approximately 2279.92 billion yuan, reflecting a month-on-month growth of 38.87% [2] - The number and scale of venture capital funds saw year-on-year increases of 43.68% and 41.42%, respectively [2] Regional Distribution - Zhejiang Province's fundraising scale of 662.18 billion yuan and the number of funds at 101 positions it as the national leader, showcasing significant industrial foundation and policy synergy [4] - Sichuan Province also performed notably, with a venture capital fund scale reaching 182.08 billion yuan, indicating strong local state-owned capital support for regional industrial development [4] Investment Focus - The report emphasizes that investment institutions are increasingly focusing on early-stage projects in hard technology sectors, with notable activity from firms like ZhiChuang Venture Capital, which registered a 100 billion yuan fund targeting smart hardware and AI [8] - Daohe Investment and Zhejiang Chuangtou are also highlighted for their active fund registrations in electronics, semiconductors, and advanced manufacturing [8] Market Dynamics - The active performance of the fundraising market in November is attributed to a combination of policy guidance, capital preferences, and regional strategies [9] - National policies continue to support hard technology and the real economy, with many leading funds backed by state-owned capital, reflecting the guiding role of policy-driven funds [9] - The recovery in capital willingness to invest in early and growth-stage projects indicates improved market expectations and a partial restoration of risk appetite [9] Conclusion - The report reveals positive signals in the primary market as it approaches year-end, with a fundraising landscape characterized by state-owned capital leadership, a focus on hard technology, and distinct regional characteristics, providing insights for entrepreneurs and market participants regarding potential funding sources and investment trends for 2026 [10]