上市公司参设产业基金需“投得准”“用得好”

Core Insights - In 2025, A-share listed companies showed unprecedented enthusiasm for establishing industrial merger and acquisition funds, with a total of 365 funds set up and an estimated fundraising cap of 299.69 billion yuan [1] Group 1: Financial Structure Optimization - Improving financial structure and asset return rates is crucial for creating long-term investment value for investors and is a key aspect of market valuation management [2] - Utilizing self-owned funds to invest in industrial funds is a practical choice to enhance capital efficiency and solidify valuation fundamentals in a low-interest-rate environment [2] - The unique operational model of industrial funds provides new pathways for listed companies to optimize financial efficiency, allowing for smoother performance fluctuations and enhanced current profitability [2] Group 2: Collaboration with Local State-owned Assets - Collaborating with local state-owned assets through a "small investment, large leverage" model helps to diversify investment risks and improve post-investment management and resource integration capabilities [3] - Most listed companies participate as limited partners (LPs), contributing between 10% to 40% of the fund, which helps mitigate risks associated with long industry cultivation cycles and low liquidity [3] - This collaboration allows listed companies to leverage their business advantages and share resources with local governments, enhancing the stability and growth potential of emerging projects [3] Group 3: Strengthening Supply Chain through Fund Incubation - Listed companies are increasingly focusing on specific investment areas, moving away from speculative behaviors, with sectors like renewable energy and biotechnology becoming investment hotspots [4] - The establishment of industrial merger and acquisition funds serves as a strategic front for listed companies to acquire core technologies and resources within their supply chains [4] - Examples include Huachuang Yuxin's establishment of a fund for digital economy development and Zhangjiang Hi-Tech's participation in an integrated circuit fund to strengthen the supply chain [4] Group 4: Broader Economic Impact - The value of industrial funds extends beyond individual company development, playing a significant role in driving industrial upgrades and economic transformation [5] - Listed companies, as core forces in the capital market and pillars of industrial development, must ensure precise investments and effective utilization to synchronize their growth with industrial progress and economic transformation [5]