鲸准12月募资月报：江浙领跑，4786亿涌向科创与产业

Core Insights - The primary focus of the article is the significant surge in fundraising activities in the primary market during December 2025, driven by policy support and capital concentration, leading to record-breaking fundraising amounts and a favorable market structure [1][9][13]. Fundraising Overview - December 2025 saw a total of 726 new registered funds with a combined scale of approximately 4786.52 billion yuan, marking a month-on-month increase of 148.29% [14][25]. - The number of new registered venture capital funds reached 453, with a scale of about 645.65 billion yuan, while private equity funds accounted for 273 new registrations totaling approximately 4140.86 billion yuan [15][18]. Regional Dynamics - Jiangsu and Zhejiang provinces led the fundraising activities, with Jiangsu achieving a fundraising scale of 1283.17 billion yuan, while Zhejiang registered 162 new funds, the highest in the country [9][10][34]. - The top five provinces accounted for approximately 74% of the total fundraising scale, indicating a concentration of capital in these regions [10][11]. Institutional Focus - State-owned funds emerged as the primary contributors to large-scale fundraising, with significant funds like the Suzhou Guofa Venture Capital and the Central Enterprise Strategic Emerging Industry Fund leading the way [11][12]. - Investment focus has shifted towards high-value sectors, particularly strategic emerging industries and technology-driven fields, with venture capital funds concentrating on electronic information and healthcare sectors [11][12]. Year-on-Year and Month-on-Month Comparisons - Year-on-year, the scale of private equity funds surged by 133.95%, while venture capital funds saw a 24.45% increase in number but a 37.05% decrease in scale, reflecting a trend towards more targeted investments in quality early-stage projects [12][21]. - Month-on-month, the number of new registered funds increased by 72.04%, with private equity funds experiencing a remarkable 198.15% growth in scale [25][26]. Fund Management Insights - Key institutions such as Suzhou Guofa Venture Capital and Chengdu Sci-Tech Investment Group have been highlighted for their active investment in sectors like manufacturing and electronic information, with substantial fundraising activities reported [8][9][65][69]. - The article emphasizes the importance of monitoring these institutions for potential investment opportunities, particularly in the context of their historical investment performance and sector focus [4][5][7].