大家好，我是佩妮。 快过年了，最近和一位老朋友聚，他也是十几年老投资人了，这两年自己独立出来做了个基金，准备募下一期。 他笑着说，你可以当素材写一篇： 非主流屌丝投资人，是如何在现在这个市场下生存的。 本来是戏言，嘿，没想到我真写了吧？ 我有一次和另一个老朋友见面，吓了一跳，因为他胖了二十斤。一问，原来是去年拿了某地政府基金很多钱，跑了很多趟。 我就非常不擅长这个，可是他们都非常擅长。 如果做一级市场的人精，想要刻意讨好一个人，他们能在短时间成为你最好的朋友。今天你们刚认识，三个月之后就可以一起去家庭旅游了。 核心就是 花时间 ，以及他认为值得在你身上花时间。（但是当你不值得他花这个时间了之后，也是非常冷酷而决绝。） 怪不得说 VC渣男多呢…… （但是放心，我不会给你们定位到是谁的机会的 。） 他第一期基金，规模不超过 2 亿 RMB，所投方向是个相对比较长期热门的方向。现在投得差不多了，也有 DPI（退出的钱），大概率不会 亏。 团队很小，前中后台加起来不超过 5 个人。 募资很难 ，他感叹。 "我现在已经大概清楚我的 能力上限 了，以我的学历背景、过往履历，我能拿到的钱就是这么多。熟悉的政府和上市公司占一 ...

2025年，中国创投业走出了持续两年的低谷，以"募投管退"全链条回暖的态势重拾向上动能。 这一年，资金端与项目端亮点频出，市场暖意渐浓叠加政策精准发力，退出端的向好预期持续升温，投 资人的体感愈发向好、信心稳步提振、布局节奏也明显加快。年终岁末，创投人依旧马不停蹄的身影， 预示着新一年行业的满血回归，在新一轮技术变革的浪潮与政策红利的持续释放下，中国创投业这一驱 动创新的巨大齿轮，正再度加速转动，奔赴新程。2026年即将来临之际，本报携手证券时报·全国创投 协会联盟各成员单位，共同评选出创投行业十大新闻，以飨读者。 国办一号文重磅发布，配套细则落地护航 1月7日，国务院办公厅印发《关于促进政府投资基金高质量发展的指导意见》，明确从严控新设基金、 优化出资比例及返投政策等关键方向，推动政府投资基金实现从规模扩张向质量提升的战略转型。为切 实落实该文件精神，今年7月，国家发改委面向社会公开征求《政府投资基金布局规划和投向工作指 引》与《加强政府投资基金投向指导评价管理办法》意见：前者聚焦基金投资方向与核心目的，作出系 统性规范与引导；后者构建科学全面的评价指标体系，并明确评价结果应用路径，为全国政府投资基金 形成 ...

2025年全球IPO市场暖意渐显，但热度尚未传导至A股上市公司的一级市场布局中，当年A股上市公司 参与设立产业基金的事件数量仍与去年的低谷期持平。 但是上市公司下设的CVC（企业风险投资基金），却逆势成为LP最青睐的GP选择。投中信息CEO杨晓 磊接受记者采访时表示，CVC模式具有突出的产业赋能能力，在当下募资环境下，CVC模式下限较 高、流动性较好的特点是其更受瞩目核心原因。 热情未现抬升 CVC瞩目度提升 虽然上市公司整体参与一级市场的热情还比较低迷，但值得注意的是，不少上市公司参与的CVC是这 几年LP们最喜欢的基金类型。据投中嘉川CVSource数据统计，目前A股上市公司下设CVC机构的比例 大概为7.53%，主要集中在行业中的龙头企业。 近两年，投中信息持续发布的LP关注度票选榜单显示，CVC的名字在整个榜单中的比重远高于CVC在 整个市场中的比重，各地甚至成立了CVC的引导基金，引导CVC和本地的产业合作，更快的做产业导 入。 杨晓磊分析称，CVC的下限高，产业认知比较深厚，能撬动的产业链上下游能力强，能给被投企业带 来一些产业资源，导致被投企业的增长比较好，收益下限就会高一点。另一方面，过往的财 ...

宋总，我们做lp出资给你，你们不尽快推项目投项目，却拿基金的钱买理财，合适么？ 咋了？推项目投项目不得需要时间么？我又不可能一次性把钱都投完。我现在买点理财，取得的收益也 算投资收益的，不好么？你没看某家刚上市的公司，募资80亿，拿75亿买理财，有什么问题么？ 宋总，你们能投钙钛矿吗？ 咋了？你们投的钙钛矿项目，融不到下一轮了？ 宋总，你们能做lp吗？ 咋了？你们又募不到资了？ 宋总，你看看这个项目有没有兴趣？ 咋了？你转行做fa啦？还是专职做投后了？ 宋总，咱们今天下午3点见，可否？ 咋了？你要聊完就可以直接下班回家了？ 宋总，你们已投企业里，有没有还不错的，而且在融资窗口期的？我们很快，2个月就可以打款。 咋了？你们基金快到期了？还没投完？但是不想把钱还给lp？ 宋总，我们今年主要是追投我们的已投企业。 咋了？你们返投要完不成了？ 宋总，你有没有什么软件，能查询某个市的某个区，有哪些硬科技而且早期的项目？ 咋了？你们拿了那个区的钱，有返投，但是你们想偷懒，不招引，直接投已经在当地的？ 宋总，你们在推进的项目里，有没有XX市的？能不能也让我们投一点？ 咋了？你们返投比例大于1：1了？没谈下来更友好的反投比例 ...

Core Viewpoint - The article emphasizes the importance of thorough analysis and questioning during the investment decision-making process, highlighting the need for detailed research and understanding of competitive positioning and operational challenges in projects [3][4]. Group 1: Competitive Analysis - The project should identify why domestic competitors are leading and list the top three reasons by weight [6]. - It is essential to outline specific measures the project can take to catch up with competitors and build a team that can support this path [7]. - A detailed analysis of pitfalls encountered by competitors in the field should be conducted, along with strategies to avoid these pitfalls, ranked by importance [8]. Group 2: Technical Capabilities - The project team needs to assess the technological gaps between domestic companies and their overseas counterparts, summarizing the key areas of deficiency [9][10]. - It is crucial to identify specific parameters that domestic companies struggle with and explain why the project has the potential to overcome these challenges [11]. Group 3: Revenue Growth and Client Relationships - The project must clarify its revenue growth sources, whether from increasing market share, existing client expansion, or overall industry growth [12]. - The effectiveness of client penetration should be validated, considering factors like procurement mandates for domestic sourcing [12]. Group 4: Customization and Asset Management - The degree of product customization and its implications for fixed asset investment should be evaluated, including funding sources for these investments [13][14]. - The project should analyze the revenue and profit potential from customized production lines and their operational efficiency [14]. Group 5: Valuation and Investment Strategy - The project team should focus on ensuring that future valuations remain attractive, summarizing key strategies to avoid undervaluation [15][16]. - Four critical aspects for early-stage projects are highlighted: speed of product launch, production ramp-up, operational sustainability, and longevity [17][18]. Group 6: Team Composition and Support - Identifying the core team members essential for project success and strategies to retain them is vital [19]. - The role of the company as a shareholder in providing support and the potential benefits of this support should be clearly defined [19].

中经记者 樊红敏 北京报道 近日，FOFWEEKLY（母基金周刊）在其官方平台发布《LP全景报告（精华版）2025》（以下简 称"《报告》"）。《报告》从LP职能与定位的转变入手，寻找市场的几大重要变化，并以此为切入点 对政策型LP、金融机构LP、产业型LP、财务型LP、公共型LP五种类型的机构LP的出资现状和特点进 行详尽的梳理，以便更好地反映一级市场的资金供给情况。 "2025年前三季度，出资最活跃的金融机构为保险，累计出资规模超过1000亿元，其次是资产管理公司 和银行，三者的大额投资多为与地方政府合作，投向地区重点产业布局与未来产业、存量资产盘活、重 大产业投资项目等领域，投资偏好相对谨慎、投资周期相对较长的金融机构与地方政府的合作开始找到 新的契合点。"《报告》提到。 （编辑：李晖 审核：何莎莎 校对：颜京宁） 根据《报告》，FOFWEEKLY又将金融机构LP拆分为保险、券商、银行（AIC）、信托和AMC（不良 资产管理公司）五小类。2025年，保险机构无论是从出资频次来看，还是从出资规模来看，在上述五大 金融机构中均排在首位。 ...

Core Insights - The emergence of multiple IPOs with valuations exceeding 100 billion yuan in 2025 marks a significant shift in the investment landscape, creating unprecedented high return multiples in the market [2][4][24] - Companies like Moer Thread, Xian Yicai, and Ying Shi Innovation have achieved remarkable market capitalizations, with Moer Thread's first-day surge of 425% leading to a market cap of 280 billion yuan [3][4][12] - The trend indicates a new era for the VC/PE industry in China, where high-value IPOs are becoming more common, potentially reshaping the competitive dynamics among investment firms [4][24][29] Group 1: High-Value IPOs - Moer Thread is the fourth company this year to surpass a market cap of 100 billion yuan, following Xian Yicai and Ying Shi Innovation [4][5][6] - The upcoming IPOs, including companies like Muxi and Yushu, are expected to continue this trend, indicating a production era for 100 billion yuan market cap projects [7][8] - The rapid increase in the number of high-value IPOs is a significant variable that will influence the VC/PE landscape in the coming years [7][24] Group 2: Return Multiples - Xian Yicai's valuation has increased over 70 times since its A-round financing in 2019, showcasing the potential for extraordinary returns in the current market [9][10] - Ying Shi Innovation's valuation has skyrocketed by 4,895 times since its initial financing, highlighting the exceptional growth potential in the sector [10][11] - Moer Thread's early investors have seen returns exceeding 5,600 times their initial investment, demonstrating the lucrative opportunities available in the current investment climate [12][14] Group 3: Market Dynamics - The current market environment is shifting towards a more competitive landscape, where achieving a 100 billion yuan valuation is becoming a benchmark for top-tier investment firms [24][29] - The increasing frequency of high-value IPOs may lead to a re-evaluation of investment strategies among VC/PE firms, as missing out on these opportunities could have significant repercussions [24][29] - The dominance of dollar funds in early-stage investments is evident, as they are more willing to take risks on high-multiple opportunities compared to their RMB counterparts [25][29]

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 何漪）12月3日，第二十五届中国股权投资年度大会正式召开。会上，毅达 资本董事长应文禄表示，回顾2025年，在全球供应链、创新链与资本链加速重构的大背景下，一级市场 投资逐步活跃，二级市场迎来科技引领的结构性行情，科技资产价值得到重估；同时，支持科技创新的 资金愈发充沛，首批民营创投科创债成功落地，为产业创新注入了强劲的金融活水。 如何判断优秀企业？应文禄进一步谈到，必须坚持企业家画像，研究企业家是否完成了从"技术偏科 生"到"全面领航者"的蜕变，是否具备全球化格局、精细化管理能力及强大的供应链整合能力。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 何漪）12月3日，第二十五届中国股权投资年度大会正式召开。会上，毅达 资本董事长应文禄表示，回顾2025年，在全球供应链、创新链与资本链加速重构的大背景下，一级市场 投资逐步活跃，二级市场迎来科技引领的结构性行情，科技资产价值得到重估；同时，支持科技创新的 资金愈发充沛，首批民营创投科创债成功落地，为产业创新注入了强劲的金融活水。 如何判断优秀企业？应文禄进一步谈到，必须坚持企业家画像，研究企业家 ...

Core Insights - The primary sentiment in the primary market has shifted from pessimism to optimism, with increased activity in both investment and fundraising [1][3][10] - There is a notable resurgence of institutional Limited Partners (LPs), particularly from traditional industries, indicating a new influx of capital into the market [1][5][12] Investment Activity - Investment institutions are experiencing a significant increase in demand, with some VC firms projecting their total investment projects for the end of the year to reach three times that of the previous year [4][11] - The number of new registered funds has risen by 15.18% year-on-year, with a total of 3,434 new funds recorded [11] Fundraising Trends - The fundraising environment has improved, with multiple RMB funds closing and several dollar institutions announcing new fundraising activities, contributing to overall market confidence [4][10] - Institutional LPs have committed approximately 1.24 trillion yuan in the first three quarters of 2025, reflecting a 9% year-on-year increase [11] Emergence of New Capital - Traditional companies, such as Tianjin Guifaxiang, have begun to participate as LPs, with reported investments totaling nearly 1 billion yuan this year [1][5] - A growing number of consumer companies with strong cash flows are forming a "Consumer LP Army," actively investing in the primary market [7][9] Market Dynamics - The market is witnessing a structural change, moving from a focus on scale to prioritizing quality and cash returns, as evidenced by the return of previously cautious LPs and the entry of new industrial capital [12] - The overall investment sentiment is improving, with industry leaders expressing positive expectations for the market's future [11][12]

Core Insights - The primary market is experiencing a warming trend, contrasting with the previous years' pessimism, leading to increased activity in both investment and fundraising [3][4][8] - There is a notable return of institutional Limited Partners (LPs), particularly from traditional industries, indicating a shift in market dynamics [4][10] - Companies like Tianjin Guifaxiang, a traditional food enterprise, are actively participating as LPs, investing nearly 1 billion RMB this year, reflecting a strategic move to seek new growth avenues [5][10] Investment Activity - The recruitment market has become vibrant, with a significant increase in demand for investment and fundraising roles, contrasting sharply with the previous year's contraction [9] - Venture Capital (VC) firms are reporting a tripling of total investment projects by the end of the year compared to the previous year, indicating a robust recovery in investment activity [9] - The fundraising environment is also improving, with multiple new funds being announced, enhancing overall market confidence [9][20] New Capital Influx - A distinct trend is emerging where cash-rich companies from the consumer sector are forming a substantial "Consumer LP Army," actively investing in the primary market [12][14] - Notable examples include Nanji E-commerce, which is establishing a new investment partnership with a commitment of up to 50 million RMB, showcasing the growing involvement of consumer brands in private equity [13][14] - This influx of traditional industry capital is characterized by stable cash flows and a clear intent for asset allocation, making them attractive partners for General Partners (GPs) [14] Market Recovery Indicators - The private equity market in China is showing signs of recovery, with LP commitments reaching approximately 1.24 trillion RMB in the first three quarters of 2025, a 9% year-on-year increase [18] - The number of newly registered funds has also risen by 15.18%, indicating a revitalization in fundraising efforts [18] - Positive signals from industry leaders suggest a consensus on the warming trend in the venture capital sector, with increasing participation from both GPs and LPs [20][21] Future Outlook - The market is expected to undergo a structural transformation, moving from a focus on scale to prioritizing quality and cash returns, as evidenced by the return of previously cautious LPs and the entry of new capital [23] - The ongoing support from policy environments and the emergence of new technological sectors are likely to attract more players into the market, fostering a positive investment climate [20][23]