Zheng Quan Shi Bao·2025-12-26 18:37Core Insights - The emergence of high-tech "unicorn" companies like Moore Threads and Muxi Co. has created wealth effects for primary market investors, with listed companies increasingly participating in industrial investment funds as a significant investment force [1] - The trend shows a shift from unrelated "follow-the-trend" investments to a focus on hard technology sectors closely related to the companies' main businesses, with Corporate Venture Capital (CVC) models gaining popularity [1][4] Group 1: Investment Trends - In 2023, 341 events of listed companies participating in setting up industrial funds were recorded, remaining stable compared to the previous year, with a notable focus on hard technology fields such as "new materials," "new energy," "artificial intelligence," "semiconductors," and "intelligent manufacturing" [2] - The IPO numbers in advanced manufacturing, electronic information, and healthcare sectors have been significant, with 43, 34, and 33 companies listed respectively from January to November 2025 [3] Group 2: Corporate Venture Capital (CVC) Dynamics - Approximately 410 A-share listed companies have established CVC institutions, accounting for about 7.5% of the total, which is comparable to the less than 10% in the U.S. [7] - CVCs are favored by limited partners (LPs) due to their strategic depth and ability to integrate investments with corporate business logic, enhancing the likelihood of successful investments [5][6] Group 3: Market Impact and Future Directions - The establishment of CVCs is reshaping the primary market, with companies like Huagong Technology leveraging CVCs to drive dual engines of product and capital management, focusing on strengthening and supplementing industrial chains [8][9] - The evolving fundraising environment is pushing CVCs to adapt, with a shift towards partnerships with state-owned assets, reflecting a trend where CVCs are becoming preferred partners for local strategic goals [9]