2021年，资本热潮退去之际，"红枫计划"基金逆势起航；2024年，5.05亿元湖南省大学生创业投资基金震撼国资创投圈。在创投市场起伏不定、整体收缩的 背景下，这两支基金的相继亮相，不仅彰显了独特的战略眼光，更勾勒出湖南科创金融的创新路径。 背后的"操盘手"——湖南麓山科技投资有限公司，作为湖南本土国有创投机构，始终坚守"投早、投小、投科技"的核心策略，在早期投资这片被喻为"盐碱 地"的领域精耕细作。截至目前，已投资300余个早期科创项目，构建起"早期发现-系统培育-持续赋能"的完整投资生态，为项目注入长期资本动力，推动区 域科创金融实现从单一项目投资到创新生态建设的范式变革，用实际行动诠释着国有创投的格局与担当。 -流投资团队 打造- 培育- 流科创企业 构馆- 流科创生态 创造一 -流投资业绩 ◎科创基金: 大学生创新创业基金 种子孵化基金 天使接力基金 湖南麓山科技投资有限公司 副总经理 同场 ◎科创投资: 投早 投小 投长期 投硬科技 ◎科创服务: 融资对接 技术对接 创业赛事 创业培训 湖南麓山科技投资有限公司致力于为科技成果转化、大学生创新创业项 "孵化+投资+服务"全方位服务,构建了以"种子期+ ...

21世纪经济报道记者 申俊涵 赵娜 广州报道 12月5日，第15届21世纪创新资本年会在广州·南方财经大厦成功举办。本届年会以"重构价值投资"为主题，由南方财经全媒体集 团指导、21世纪经济报道主办、21世纪创投研究院提供首席智库支持，活动还得到中宏保险的特别支持。 专家把脉政策方向与趋势 2025年收官在即，回望这一年，虽然外部环境仍面临不确定性，中国股权投资行业仍然交出一份回暖复苏的靓丽答卷。 21世纪经济报道执行总编辑陈晨星在致辞中表示，过去一年，中国股权投资市场在静默中积蓄力量、在变革中探寻新路。从 DeepSeek的惊艳表现到宇树科技全球领跑，一轮由硬科技驱动的创新浪潮正以前所未有的力量，重塑产业格局，也重构着全球 创投的价值图谱。 她指出，二级市场的回暖，不仅为行业打开了IPO退出的希望之窗，更让"募投管退"的良性循环有了更坚实的落脚点。与此同 时，一场由产业龙头、投资机构与地方政府共同主导的并购整合大戏已然启幕。 今年是"十四五"收官之年，同时，"十五五"规划蓝图即将展开，政策风雷激荡，资本航向正在重新校准。湖南大学股权与创业 投资研究院院长、清华大学全球私募股权研究院首席专家刘健钧，带来题为《 ...

Core Insights - The Chinese private equity investment industry has shown signs of recovery in 2025, despite external uncertainties, with significant contributions from national funds and social security funds [1] - Technological innovations in China, such as DeepSeek's large model and humanoid robots, are reshaping the global venture capital landscape and prompting a reevaluation of Chinese asset values [1] - The increase in IPOs and diverse exit channels has created a favorable environment for private equity investments, leading to a wave of mergers and acquisitions driven by policy, industry, and capital [1] Industry Developments - National-level funds and social security funds are accelerating their entry into the market, providing essential capital for the industry [1] - The emergence of a "carrier-level" national venture capital guidance fund is anticipated, alongside the establishment of science and technology innovation funds across various regions [1] - The trend of investing in early-stage, small, and technology-focused ventures has become a consensus within the industry [4][5] Market Trends - The recovery of the secondary market has opened up opportunities for private equity IPO exits, allowing institutions to realize cash returns [1] - A new wave of mergers and acquisitions is emerging, characterized by cross-border resource integration and the entry of large-scale acquisition funds [1] - The upcoming "15th Innovation Capital Annual Conference" will focus on reconstructing value investment and adapting to the new market environment [2][4] Future Outlook - The investment landscape is expected to continue evolving, with a focus on technology transfer and innovation [4][5] - The industry is preparing for a new round of differentiation as it adapts to the changing environment [2] - The conference aims to share insights and experiences to inspire innovative thinking and strengthen confidence in navigating the investment cycle [7][8]

Core Insights - The approval of the second phase of the National SME Development Fund aims to attract more social capital to support the growth of early-stage SMEs, marking a significant expansion of a national-level mother fund [2][5] - SMEs are crucial for innovation, with 75.3% of effective invention patents in 2024 coming from independent R&D by SMEs, highlighting their role as a key source of innovation [3] - The current landscape shows over 600,000 technology and innovation-oriented SMEs and 14,000 specialized and innovative SMEs, with "little giant" enterprises contributing 13.7% of profits despite only representing 3.5% of the total number of industrial SMEs [3] Challenges and Opportunities - Social capital is often hesitant to invest in SMEs due to their high-risk nature, information asymmetry, and structural issues such as inadequate exit mechanisms and a shortage of professional investment talent [4] - To effectively support early-stage SMEs, the focus should be on early and small investments, targeting critical phases from technology development to market validation [4] - Investment should prioritize hard technology sectors aligned with national strategic directions, including new-generation information technology, high-end equipment manufacturing, artificial intelligence, and biomedicine [4] Policy Recommendations - Implement differentiated regulatory measures for institutions investing in early-stage and technology-driven SMEs, optimizing performance assessment mechanisms for government investment funds [4] - Leverage the mother fund's effect while developing various capital market tools such as angel investment, venture capital, and private equity to enhance patient capital [4] - Continuous optimization of the policy environment and market mechanisms is essential to ensure that capital effectively supports the growth of innovative SMEs, contributing to high-quality economic development in China [5]

Core Viewpoint - Inno Angel Fund is undergoing a significant transformation by splitting into two independent brands: Inno Angel Fund and Inno Sci-Tech Fund, each with dedicated teams focusing on early-stage technology investments [3][5][7]. Group 1: Transformation and Strategy - The transformation has been in the making for six years, with a strategic shift towards technology investments due to higher returns observed in tech projects [5][7]. - Inno Sci-Tech Fund was established in 2019 with an initial scale of 360 million RMB, focusing exclusively on technology investments, contrasting with the previous broad investment scope [5][11]. - The new structure will allow for larger investment amounts, with the target scale for the third phase of the Sci-Tech Fund set at 1.5 billion RMB [8][11]. Group 2: Investment Approach - The Inno Angel Fund will continue its early investment strategy with a new "111 mechanism," allowing for more efficient support to entrepreneurs [8]. - The Sci-Tech Fund will focus on new-generation information technology and intelligent manufacturing, with 70% of investments directed towards early-stage projects [8][11]. - The emphasis on larger investments is driven by the increasing valuations of early-stage projects, particularly in the hard tech sector, where initial valuations can reach several hundred million RMB [7][8]. Group 3: Market Context and Challenges - The early-stage investment landscape is becoming increasingly competitive, with many institutions moving towards early investments, leading to higher entry barriers [14][15]. - The shift in investment strategy is also a response to the challenges faced by smaller angel investment firms in a tightening market [14]. - The need for larger fund sizes is recognized as essential for survival in the evolving investment environment [14]. Group 4: Future Outlook - Inno aims to support companies through to their IPOs, with expectations of over ten companies applying for IPOs in the next two years [12]. - The focus on key innovations within the industry is seen as crucial for identifying potential billion-dollar enterprises [11][12]. - The company is committed to evolving its investment standards to include a thorough analysis of both projects and teams, ensuring better returns [15].

Core Insights - The 38th Global Financial Centre Index (GFCI38) indicates that Qingdao ranks 35th globally, with a stable score and a significant rise to 24th in financial technology, highlighting the potential of "technology empowering finance" in Qingdao [1] Group 1: Financial Development Strategies - Liu Guohong from the Shenzhen Comprehensive Development Research Institute emphasized the importance of Qingdao's financial center developing unique, specialized, and differentiated characteristics [1] - Xiao Geng from the Chinese University of Hong Kong (Shenzhen) proposed the "Qingdao-Hong Kong linkage" model, leveraging asset tokenization and blockchain financing to attract global investment in Qingdao's marine assets [1] - Dong Shaopeng from the Renmin University of China suggested creating a "capital ecosystem" to optimize the listing process and integrate marine industries with the digital ocean economy [1] Group 2: Investment and Policy Recommendations - Lan Feiteng, Chairman of Shenzhen Haishi Private Equity Venture Capital Fund Management Co., recommended that Qingdao adopt the Shenzhen model to enhance government-led investments in early-stage, small, and technology-driven projects [2] - Yu Jixin, former Managing Director of Guosen Securities, advocated for "listing upgrades" and emphasized the need for government support in nurturing specialized and innovative enterprises [2] - Liu Shangxi, former President of the Chinese Academy of Fiscal Sciences, discussed the importance of fiscal and financial collaboration for the internationalization of the RMB, suggesting local governments issue offshore RMB bonds to attract global investors [2]

Core Viewpoint - The 2025 Wuhan Science and Technology Innovation Investment Ecology Conference aims to enhance the city's innovation capabilities and promote high-level technological self-reliance through the "Spark Seedling Plan" and efficient capital-industry connections [1]. Event Agenda - The event will take place on September 28, 2025, in Wuhan, featuring a series of activities including guest sign-in, speeches, policy interpretations, and the launch of the "Spark Seedling Plan" [5][6]. - Key sessions include discussions on early investment market trends, patient capital, and empowering future innovations through smart services [5]. Participating Organizations - The conference is organized by various governmental and financial institutions, including the Wuhan Municipal Finance Bureau and the Wuhan Industry Investment Holding Group [10][11]. - The event will also feature a range of innovative companies showcasing their technologies, such as DaMeng Data and Tianyuan Biology, among others [7][8].

Core Viewpoint - The S Fund is increasingly recognized as a mainstream exit strategy in the private equity market, providing liquidity and supporting long-term investment strategies in a challenging market environment [1][5][6]. Group 1: S Fund Overview - The S Fund's cumulative trading volume surpassed 100 billion yuan in 2024, reflecting a 46% increase, with 395 transactions covering 374 funds, indicating a strong demand for liquidity in the market [4][6]. - The S Fund is described as the "secondary market of the primary market," playing an irreplaceable role in creating liquidity for the entire equity market [3][6]. - The S Fund is categorized into two types: "transaction-type S Funds," focused on financial returns, and "functional S Funds," established by local state-owned assets to address capital circulation and liquidity issues [7][8]. Group 2: Market Context and Trends - The private equity market is currently facing liquidity challenges, with fund durations ranging from seven to over ten years, making the S Fund's role more critical [3][4]. - The private equity industry in China has seen significant growth, with a total scale exceeding 14 trillion yuan as of July 2025, despite a decline in fundraising and investment activity over the past three years [4][6]. - The market is characterized by a structural adjustment phase, with increasing state-owned capital participation and a focus on early-stage investments in technology [3][6]. Group 3: Investment Logic and Strategy - The investment logic emphasizes finding certainty amid uncertainty, focusing on high-quality assets that have survived the pandemic and demonstrated revenue and profit growth [7]. - The S Fund is not merely an arbitrage tool but is viewed as a means to "mine for gold" within existing assets, supporting their growth and enhancing market liquidity [7][8]. - The operational model of the S Fund allows for the extension of funds or projects, enabling new capital to support projects that have not yet realized their full value [7].

Core Viewpoint - The company reported a stable performance in the first half of 2025, with a revenue of 1.968 billion yuan, a year-on-year increase of 9.45%, and a net profit of 40.7 million yuan, indicating a solid foundation for long-term development through business optimization and resource integration [1] Group 1: New Cultural Tourism Strategy - The company is implementing a "New Cultural Tourism" strategy, integrating culture with technology and tourism, which has enhanced its industry position and resource attraction [2] - The opening of the first station of the Anhua Tea Horse Ancient Road marks a significant expansion in the cultural tourism sector [2] - The company has engaged in strategic investments, including participation in the restructuring of Zhanglv Group, to enhance the provincial cultural tourism industry chain [2] Group 2: Performance of Cultural Tourism Attractions - The company leveraged its Mango IP to attract tourists, with a total of 4.12 million visitors across its attractions in the first half of the year, a 97% increase year-on-year [3] - The Changsha World Window achieved a revenue of 79.11 million yuan, a 16% increase, with a net profit of 9.76 million yuan, up 71.51% [3] - The company is expanding its educational tourism offerings through the "I Am in Mango City" program, integrating media and educational resources [3] Group 3: Asset Management Development - The company has focused on early-stage investments in technology, achieving a revenue of 249 million yuan in the first half of 2025 [4] - It invested in 16 projects totaling 1.125 billion yuan, a 25% increase year-on-year, and has a total fund management scale exceeding 60 billion yuan [4] - The company is expanding its asset management layout with various funds, including a 20 billion yuan cultural technology fund [4] Group 4: Other Business Segments - The gaming business remains robust, with a revenue of 246 million yuan, driven by popular titles on platforms like Douyin [6] - The advertising segment has seen a reduction in losses, with improvements in client structure and a recovery in high-speed rail advertising [6]

Group 1 - The company reported a revenue of 1.968 billion yuan for the first half of 2025, representing a year-on-year growth of 9.45%, with a net profit attributable to shareholders of 40.7 million yuan [1] - The company is optimizing its business structure, deepening resource integration, and enhancing technological empowerment to lay a solid foundation for long-term development [1] Group 2 - Under the "New Cultural Tourism" strategy, the company is integrating "culture + technology" and "culture + tourism" to explore a unique "media + tourism" model, achieving breakthroughs in various areas [2] - The company opened the first station of the Anhua Tea Horse Road, marking an important step in the county-level expansion of its cultural tourism sector [2] - The hotel segment, including the five-star Saint Jue Fei Si Hotel, has been profitable for nine consecutive years, with reported revenue of 60.59 million yuan during the reporting period [2] - The company’s cultural tourism sites received a total of 4.12 million visitors in the first half of the year, reflecting a year-on-year increase of 97% [2] Group 3 - The company achieved a revenue of 249 million yuan in the first half of the year, focusing on long-term investment strategies in various high-tech fields [3] - The company invested in 16 projects with a total investment amount of 1.125 billion yuan, marking a year-on-year increase of 25% [3] - The company’s fundraising efforts have led to the completion of several significant funds, including an 8 billion yuan comprehensive fund and a 2 billion yuan cultural technology fund [3][4] Group 4 - The total scale of the funds managed by the company has exceeded 60 billion yuan, with investments in over 800 enterprises [4] - The company aims to maintain stable growth in its venture capital business while expanding its management scale and improving the quality and quantity of investment projects [4]