证券代码：603986 证券简称：兆易创新 公告编号：2026-016 兆易创新科技集团股份有限公司关于参与投资私募股权投资基金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 ● 本次交易已经公司第五届董事会第九次会议审议通过，本次交易未达到股东会审议标准。 ● 相关风险提示： 1.基金尚处于筹划设立阶段，合伙协议尚未签署，后续能否顺利完成签署存在不确定性。 2.基金尚未完成工商注册登记，且需进行中国证券投资基金业协会的备案等相关程序后方可从事相关投 资活动，实施情况和进度存在不确定性。 3.基金具有投资周期长、流动性较低等特点，投资过程中可能受到政策法规、经济环境、市场变化、投 资标的经营管理等诸多因素的影响，可能存在因行业环境发生重大变化或决策失误等原因，导致投资收 益不及预期或不能及时有效退出的风险。敬请各位投资者理性投资，注意投资风险。 一、合作情况概述 （一）合作的基本概况 重要内容提示： ● 与私募基金合作投资的基本情况：兆易创新科技集团股份有限公司（以下简称"兆易创新"或"公司"） 拟作为有限合伙人以自有 ...

[Table_Page] 行业专题研究|多元金融 2026 年 3 月 2 日 证券研究报告 [Table_Title] 多元金融行业 私募股权专题研究三：投资项目复盘 | [Tabl 分析师： | 陈福 | 分析师： | 李怡华 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260517050001 | | SAC 执证号：S0260525070001 | | | SFC CE.no: BOB667 | | | | | 0755-82535901 | | 021-38003811 | | | chenfu@gf.com.cn | | liyihua@gf.com.cn | | | 请注意，李怡华并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： | ] [Table_Report ： 相关研究 | | | --- | --- | | 多元金融行业:数字人民币专题报告：发展逻辑与空间展望 | 2026-01-11 | | 多元金融行业:八论港交所：降息周期与弱美元化的复盘与机 ...

Group 1: Overview of Private Equity and Venture Capital - Private equity (PE) and venture capital (VC) investments are divided into four stages: fundraising, project investment, post-investment management, and exit [2][7] - PE funds primarily invest in private equity of non-listed companies, while VC funds focus on equity investments in early-stage companies with growth potential [4][5] Group 2: Fundraising Stage - Since 2022, the number of registered private equity and venture capital fund managers in China has decreased, with a total of 11,567 managers as of November 2025, down by 516 from the end of 2024 [2][7] - The number of fund registrations has shown a recovery in 2025, with 1,456 private equity funds registered, totaling 135.25 billion yuan, and 2,780 venture capital funds registered, totaling 124.81 billion yuan [2][8] Group 3: Project Investment Stage - In 2025, the number of investment cases in China's VC/PE market reached 11,015, a year-on-year increase of 30.6%, with an investment scale of 1,339.68 billion yuan, up 23.43% [2] - The average investment amount was 12.2 million yuan, driven by improved macroeconomic expectations and supportive government policies in technology innovation and industrial upgrades [2] Group 4: Exit Stage - From 2022 to 2024, the number of exit cases in the equity investment market decreased, with 2,029 exits recorded in the first three quarters of 2025, a year-on-year decline of 29.2% [2] - IPOs remain the primary exit method, accounting for 49.4% of exits, while mergers and acquisitions have seen a significant increase of 84.3% year-on-year, indicating a growing importance as an exit strategy [2]

Group 1 - The core viewpoint of the articles highlights the increasing involvement of insurance companies in private equity funds, driven by long-term capital investment policies and the need for asset allocation [1][4] - Tianjin Lanqin, a newly established private equity partnership, has a registered capital of 8.601 billion yuan and includes several major insurance firms as partners, indicating a strong collaborative effort in the private equity space [2][3] - The trend of insurance capital participating in private equity is not new, with previous collaborations such as the establishment of Beijing Baoshichengyuan Equity Investment Partnership, which raised 13 billion yuan, showcasing the benefits of risk sharing and increased investment capacity [3] Group 2 - The push for insurance capital to engage in private equity is supported by recent policy changes that encourage investment in equity assets, aiming to enhance the role of insurance funds in supporting the real economy [4] - Insurance funds are characterized as long-term institutional investors, and their collaboration with private equity funds can leverage professional investment capabilities while enhancing returns on insurance capital [4][5] - Future strategies for insurance capital in private equity will evolve to include secondary market transactions, cross-border investments, and ESG integration, aiming for a balance between high returns, risk diversification, and liquidity [5]

一、投资概述 深圳科士达科技股份有限公司（以下简称"公司"）与时石私募基金管理（嘉兴）有限公司、宁波汇鑫富 企业管理有限公司、广东申菱环境系统股份有限公司共同投资嘉兴沐桐股权投资合伙企业（有限合伙） （以下简称"合伙企业"或"基金"）。公司作为有限合伙人以自有资金出资5,000万元人民币，对该合伙 企业不产生重大影响。具体内容详见公司于2026年1月8日于巨潮资讯网上披露的《关于与专业投资机构 共同投资的公告》（公告编号：2026-001）。 二、进展情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002518 证券简称：科士达 公告编号：2026-008 深圳科士达科技股份有限公司 关于与专业投资机构共同投资的基金备案完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 根据基金相关规划，在运作过程中将根据实际情况引入新的合伙人加入，以夯实资金实力与项目资源获 取能力。截止目前，基金总规模从原20,010万元增加至25,010万元，新增的有限合伙人双登集团股份有 限公司与本公司无关联关系。公司作为有限合伙人，在基金中的5,000万元投 ...

天眼查信息显示，天津兰沁股权投资合伙企业（有限合伙）（以下简称"天津兰沁"）于近日成立，泰康 人寿等多家险企现身其合伙人行列。《每日经济新闻》记者注意到，2025年以来，险资参与出资私募股 权基金动作频频，中国人保等头部险企均有新项目面世。 有业内人士表示，在政策持续鼓励"长钱长投"的背景下，险资正加速通过布局私募股权基金等方式，深 度参与国家战略性新兴产业以及与保险主业相协同的产业。据悉，私募基金的投资方向主要是投前期股 权和一级市场，可以发挥保险资金特别是寿险资金的长期资本和耐心资本的特色。 在中长期资金入市的背景下，保险公司通过私募基金布局的动作不断。 记者注意到，这已不是险资首次组团"干大事"。2025年5月，人保资本、中意资产、中诚资本共同出资 设立北京保实诚源股权投资合伙企业（有限合伙），出资额达到130.01亿元。 "'组团'可以让单个项目失败的风险损失减小，同时可投资金总量也更大，容错空间更强，整体长期投 资收益率也可以更高一些。"上述业内人士对记者表示，中小公司可投在私募基金这个领域的资金量太 小了，合作能实现多方共赢。 业内：险资参与私募股权基金策略有望迭代优化 而险资加大私募股权基金布局 ...

每经记者｜袁园 每经编辑｜黄博文 在中长期资金入市的背景下，保险公司通过私募基金布局的动作不断。 天眼查信息显示，天津兰沁股权投资合伙企业（有限合伙）（以下简称"天津兰沁"）于近日成立，泰康 人寿等多家险企现身其合伙人行列。《每日经济新闻》记者注意到，2025年以来，险资参与出资私募股 权基金动作频频，中国人保等头部险企均有新项目面世。 有业内人士表示，在政策持续鼓励"长钱长投"的背景下，险资正加速通过布局私募股权基金等方式，深 度参与国家战略性新兴产业以及与保险主业相协同的产业。据悉，私募基金的投资方向主要是投前期股 权和一级市场，可以发挥保险资金特别是寿险资金的长期资本和耐心资本的特色。 天眼查公开信息显示，天津兰沁的注册资本为86.01亿元，注册地在天津，执行事务合伙人为高和明德 （北京）企业管理服务有限公司。从经营范围看，天津兰沁的经营范围为以私募基金从事股权投资、投 资管理、资产管理等活动，但须在中国证券投资基金业协会完成登记备案后方可从事经营活动，而且不 得投资《外商投资准入负面清单》中禁止外商投资的领域。 需要指出的是，天津兰沁背后的合伙人队伍十分"豪华"，除了高和明德（北京）企业管理服务有限公 ...

Group 1: Insurance and Investment - Insurance capital is increasingly participating in private equity funds, with companies like Tianjin Lanqin Equity Investment Partnership being established and major insurers like Taikang Life involved as partners [1] - Since 2026, leading insurers such as China Life and Xinhua Insurance have launched new projects in private equity, driven by a policy environment encouraging long-term investments [1] - The need for asset-liability matching in a low-interest-rate environment is pushing insurers to seek private equity investments to enhance long-term returns [1] Group 2: Market Trends and Investor Sentiment - Over 60% of private equity firms plan to heavily invest in A-shares as the Spring Festival approaches, with an average estimated position of 75.68% during the holiday [2] - Public funds are increasingly accumulating positions in the consumer sector, with notable fund managers investing significantly in leading pet companies, indicating a rebound in consumer stocks [3] Group 3: Bond Market Developments - The yield on 10-year government bonds has fallen below 1.8%, indicating a return of the bond market's safe-haven attributes amid improved liquidity and insurance capital allocation [4] - The bond market is experiencing a structural recovery, with differing opinions on the potential for further interest rate declines [4] Group 4: Private Equity Growth - The number of private equity firms managing over 10 billion yuan has reached a record high of 122, with 10 new firms entering this category since December 2025 [5] Group 5: Monetary Policy and Financing - The People's Bank of China emphasizes the continued implementation of a moderately loose monetary policy, utilizing various tools to maintain liquidity and favorable financing conditions [6] Group 6: Corporate Financing and Regulations - New refinancing regulations have been introduced to support quality listed companies and enhance the flexibility of financing for technology innovation enterprises [7] - Many listed companies are actively exploring refinancing opportunities to strengthen their core competitiveness [7] Group 7: Local Government Debt Management - Local governments are making significant progress in clearing hidden debts, with at least 34 cities reporting advancements in their debt clearance tasks since 2026 [8] Group 8: IPO Market Improvements - The quality of IPO applications in the A-share market has improved significantly, with stricter regulations leading to better compliance and transparency among applicants [9] Group 9: Robotics Industry Developments - The humanoid robotics sector is accelerating its capital market activities, with several companies initiating IPO processes as the industry transitions from technology validation to commercialization [10] Group 10: Housing Market Policies - Various cities, including Chongqing, are implementing policies to stimulate housing consumption, such as providing subsidies and enhancing loan support for homebuyers [11] Group 11: Telecommunications Infrastructure - The Ministry of Industry and Information Technology has set a timeline for enhancing low-altitude communication networks, with major telecom companies actively preparing for this development [12][13]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、基本情况概述 深圳市卫光生物制品股份有限公司（以下简称公司）于2026年2月5日召开第四届董事会第八次会议，审 议通过了《关于全资子公司参与设立投资基金暨关联交易的议案》，同意全资子公司深圳市卫光生物股 权投资管理有限公司（以下简称卫光投资）与深圳市科发资本私募股权基金管理有限公司、深圳市卫光 创业投资有限公司及深圳市光明区引导基金投资管理有限公司共同出资设立深圳市光明启航新程私募股 权投资基金合伙企业（有限合伙）（以下简称光明启航新程投资基金）。光明启航新程投资基金规模为 人民币5,500万元，其中卫光投资作为有限合伙人以自有资金认缴出资人民币1,650万元，持有合伙企业 30%的合伙份额。 具体内容详见公司于2026年2月6日披露的《关于全资子公司参与设立投资基金暨关联交易的公告》（公 告编号：2026-006）。 二、进展情况 近日，光明启航新程投资基金完成了工商登记手续，取得了深圳市市场监督管理局光明监管局颁发的营 业执照，相关信息如下： 三、备查文件 ...

本期 「投资界 Talk」 对话 和暄资本创始人、CEO项与秋 。这是中国PE界罕见的年轻掌 门人：85后，打理着约15亿美元（约人民币100亿），致力于押注全球一线科技公司。面 对镜头，他娓娓聊起个人PE生涯，也坦然复盘当年如何错过字节跳动。遗憾之外，更多是 自信。 关注 投资界视频号 ，直面浪潮中的理性声音。 停下来，聊点不一样——投资界全新视频栏目 「投资界 Talk」 继续与你相约。在这里， 我们力求呈现投资人和创业者未经修饰的独白。 「 我们从河流走向海洋 」 ...