从政府投资基金看，陈文辉认为，政府投资基金是当前我国创投市场的重要组成部分，"政府投资基金 是中国特色的有效市场与有为政府有机结合的成果，关键要构建好有效市场的实现途径，从而在发挥好 有为政府作用的同时规避过度行政干预等造成的问题。" 此外，企业创投(CVC)对推动科技创新和产业化发展具有重要作用。尤其是，CVC在"募投管退"方面的 特点与前沿科创项目相匹配。在募资方面，陈文辉表示，CVC以自有资金为主，不受募资周期限制， 能够陪伴企业跨越技术商业化的长周期，因而对长期科技创新项目具有更高的包容度。 "CVC与生俱来的产业资源优势能全方位赋能被投初创企业。"陈文辉进一步表示，CVC凭借天然的产业 基因，不但能够深入产业中发掘优秀标的，更能利用产业资源深度赋能初创企业。 ● 本报记者彭扬 培育壮大耐心资本 11月26日，全国社会保障基金理事会原副理事长陈文辉在2025年金牛企业可持续发展论坛上表示，培育 壮大新兴产业和未来产业是实现可持续发展的关键。 多元资本共塑科创未来 谈及股权投资基金，陈文辉表示，股权投资基金是推动新质生产力发展过程中"鼓励创新，允许试错， 宽容失败"的制度性保证，我国数字经济、生物医药、 ...

11月26日，全国社会保障基金理事会原副理事长陈文辉在2025年金牛企业可持续发展论坛上表示，培育 壮大新兴产业和未来产业是实现可持续发展的关键。 ● 本报记者 彭扬 多元资本共塑科创未来 谈及股权投资基金，陈文辉表示，股权投资基金是推动新质生产力发展过程中"鼓励创新，允许试错， 宽容失败"的制度性保证，我国数字经济、生物医药、"新三样"等科创产业的蓬勃发展，离不开股权投 资基金的全方位赋能。 从政府投资基金看，陈文辉认为，政府投资基金是当前我国创投市场的重要组成部分，"政府投资基金 是中国特色的有效市场与有为政府有机结合的成果，关键要构建好有效市场的实现途径，从而在发挥好 有为政府作用的同时规避过度行政干预等造成的问题。" 此外，企业创投（CVC）对推动科技创新和产业化发展具有重要作用。尤其是，CVC在"募投管退"方面 的特点与前沿科创项目相匹配。在募资方面，陈文辉表示，CVC以自有资金为主，不受募资周期限 制，能够陪伴企业跨越技术商业化的长周期，因而对长期科技创新项目具有更高的包容度。 "股权投资基金行业要把握好时代机遇，为可持续发展贡献力量。以创新思维、务实行动推动行业迈向 新高度，实现自身的可持续发展 ...

Core Viewpoint - The accumulation of pension funds relies heavily on investment, which will significantly advance the construction of a modern industrial system [1] Group 1: Pension Fund and Investment - The growth of long-term patient capital is crucial for the development of the modern industrial system [1] - Patient capital will positively impact the development of the entire science and technology innovation industry and enhance pension funds [1] Group 2: Financial Tools and Sustainable Development - It is essential to leverage various financial tools to achieve sustainable development in pension finance [1] - Promoting the development of the science and technology innovation industry is a vital pathway for financial functions [1] - The sustainability of the financial industry is linked to the successful commercialization of science and technology, which also provides significant returns [1] Group 3: Equity Investment Funds - Among various financial tools, equity investment funds are the most significant for the commercialization of science and technology, despite their smaller scale [1]

Group 1 - The current capacity for IPO exits is limited, and mergers and acquisitions (M&A) will be the main focus for future development [1] - There is a significant amount of existing assets that need to be addressed through M&A, which is crucial for revitalizing these assets and promoting economic transformation [1] - The optimization of exit channels is essential for the high-quality development of equity investment funds, with exit being the most challenging aspect of the investment process [1] Group 2 - The demand for M&A is driven by changes in economic development requirements, including the succession of private enterprises and policy adjustments [2] - The State-owned Assets Supervision and Administration Commission (SASAC) is encouraging state-owned enterprises to increase investments in strategic emerging industries, with venture capital funds established by these enterprises nearing 100 billion [2] - Regulatory support, such as the encouragement from the China Securities Regulatory Commission for equity investment funds to acquire listed companies, is expected to broaden exit opportunities [2]

Group 1 - In 2025, Guangzhou Guanghe Technology Co., Ltd. participated as a limited partner in establishing the Jiupai Hongtao Emerging Industry Venture Capital Fund (Suzhou) with its own funds of 30 million yuan, accounting for 33.31% of the total subscribed capital [1] - The partnership has completed the private investment fund registration procedures with the Asset Management Association of China and obtained the Private Investment Fund Registration Certificate on September 17 [1] - The fund is managed by Shenzhen Jiupai Capital Management Co., Ltd. and custodied by Industrial Bank Co., Ltd., with a registration code of SBAG46 [1] Group 2 - The company highlights that equity investment funds have a long investment cycle and low liquidity, which may lead to long recovery periods and uncertain returns [1] - The company will enhance management and risk control, and will disclose progress in a timely manner [1]

Group 1 - The board of directors of Guolian Minsheng Securities held its 28th meeting on August 14, 2025, with all 9 directors present, and the meeting was conducted in accordance with legal and regulatory requirements [1][2] - The board approved the 2025 semi-annual report with a unanimous vote of 9 in favor, 0 against, and 0 abstentions [1][2] - The board also approved the comprehensive risk management report for the mid-year with the same voting results [2] Group 2 - The board approved a special report on the use of raised funds for the first half of 2025, again with unanimous support [2] - The board agreed to revise the basic compliance management system, with the proposal having been pre-reviewed by the risk control committee [2] - The establishment of the Guolian Tongzhi Technology Asset Equity Investment Fund and related transactions was approved, with 6 votes in favor and 3 directors abstaining from the vote due to conflicts of interest [3]

Group 1 - The establishment of the Changji Prefecture Mineral Resource Exploration and Development Equity Investment Fund Partnership has been announced, with a total investment of 2 billion yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The fund is co-funded by Changji Prefecture Lixin Investment Guidance Fund Management Co., Ltd. and other partners [1]

Investment Overview - The company’s wholly-owned subsidiary, Xinhua News Venture Capital Co., Ltd., has participated in the establishment of the Xinhua News Shengshi Qingneng (Nantong) Equity Investment Fund Partnership (Limited Partnership) with several other partners, with a total subscribed capital of RMB 35.01 million, where the subsidiary has committed RMB 15 million [2][3] Recent Developments - The general partner of the partnership has been changed from Shanghai Shengshi Capital Management Co., Ltd. to Shanghai Changfeng Huixin Equity Investment Fund Management Co., Ltd. The subscribed capital of Shengshi Capital has increased from RMB 10,000 to RMB 1 million, while Changfeng Huixin's has decreased from RMB 1 million to RMB 10,000 [3][4] Partnership Agreement Changes - A new partnership agreement has been signed reflecting changes in the profit distribution order, including a three-round distribution process based on the partners' actual contributions, with a minimum return rate of 6% per annum for the partners [8][9] Impact on the Company - The changes in the partnership do not adversely affect the interests of the partnership or its partners, and the subsidiary's investment amount and method remain unchanged, indicating no significant impact on the company's financial and operational status [10]

Overview - Jiangsu Shentong Valve Co., Ltd. has agreed to establish a partnership fund named Rizhao Ruifan Energy Equity Investment Partnership (Limited Partnership) with several investment management companies, contributing a total of RMB 37.5 million, with Jiangsu Shentong's share being RMB 22.115 million, accounting for 58.97% [1] Partnership Fund Details - The partnership fund, Rizhao Ruifan, was established on January 5, 2022, with a partnership duration from January 5, 2022, to January 4, 2027 [2] - The fund's total assets as of December 31, 2024, were RMB 22.20485 million, with a net asset value of RMB 22.20485 million, and a net profit of -RMB 1.3002 million [2] Liquidation and Deregistration - Due to changes in the market environment, the management has decided to liquidate and deregister the partnership fund to protect the interests of the company and its investors [3] - The deregistration process has been completed, and the company will no longer hold any shares in the partnership fund [3][4] Impact on the Company - The liquidation of the partnership fund will help the company optimize resource allocation and align with the overall interests of the company and its shareholders [4] - The deregistration will not have a significant impact on the company's financial status, daily operations, or established development strategy [4]

Meeting Overview - The 39th meeting of the 10th Board of Directors of Shanxi Meijin Energy Co., Ltd. was held on June 27, 2025, via communication, with all 9 directors participating [2][5] - The meeting was chaired by Chairman Yao Jinlong, and the procedures complied with relevant laws and regulations [2] Resolutions Passed - The Board unanimously approved the proposal to postpone the completion date of the "Meijin Hydrogen Energy Headquarters Base Phase I" project from June 2025 to June 2026 due to the actual construction progress and investment status [3][22] Monitoring Committee's Opinion - The Supervisory Committee also approved the postponement, stating it was a prudent decision based on the project's actual situation and would not affect the implementation of the fundraising project [9][22] Fundraising Project Details - The company issued 35,900,000 convertible bonds at a face value of 100 RMB each, raising a total of 3.59 billion RMB, with a net amount of approximately 3.56 billion RMB after expenses [18] - As of May 31, 2025, the company had invested approximately 328 million RMB in the fundraising projects, leaving a balance of about 29 million RMB [18] Project Progress and Delay Reasons - The project consists of four main buildings, with three having passed preliminary acceptance, while one building is undergoing design changes [19][21] - The delay was attributed to design adjustments, supply delays, and other unforeseen factors, leading to a cumulative delay of over 100 days [21] Impact of Delay on Operations - The postponement is expected to have no significant adverse impact on the company's current operations, as it does not involve changes to the project’s implementation subject, total investment, or fund usage [22][24] Approval Procedures - The postponement was approved by both the Board of Directors and the Supervisory Committee, adhering to necessary procedures and regulations [23][24] Guarantee Situation - The company provided a guarantee of 46.93 million RMB for its subsidiary, which is seeking a credit line of up to 110 million RMB from a bank [31] - The subsidiary, Foshan Feichi Automotive Technology Co., Ltd., has a high debt ratio exceeding 70% as of March 31, 2025 [30][31] Investment Fund Establishment - The company is a limited partner in the establishment of the Anhui Jun'an Equity Investment Fund, contributing 150 million RMB [43] - The fund has completed registration and is progressing with its operations [44]