单一项目回报超1200亿元，成都创造地方国资风投新纪录 最牛政府风投，如今花落成都——10年前，成都政府挺身而出，组织国资8.125亿元溢价增资 海光信息 ，推动其与AMD合资的处理器项目落地成都高新 区。 10年后的海光信息，蝶变为7000亿元市值的国产CPU巨头，而一路陪跑的成都国资，不仅收获项目落地带来的GDP、税收、就业，更擒获超1200亿元账面 回报，成为继合肥之后，政府风投的又一标杆。 更进一步，作为海光股东的成都产投、成都高新投资，身为发债平台，也正受益于该笔投资重塑的资产表和利润表，为融资带来便利。股权财政，代替土 地财政，路径已初现苗头。 千亿回报的巨大激励，推动成都国资持续加码战略新兴行业，在A股的硬科技热潮里，有望开启"投资—升值—融资—投资"正循环。成都样本，或值得更 多地方政府所借鉴。 10年前，你所在的地方政府，主要把钱投向了哪儿？这很大程度上，决定了一个城市今天的产业图谱。 01 2026年1月22日，海光信息(688041)股价创下308元/股的新高，市值迈过7000亿元大关。 在其前十大股东中占据三席的成都国资，亦成功跻身最强政府风投——该项目单笔回报超过1200亿元。 目前 ...

智通财经记者 | 牛其昌 不到半年时间，淄博市财政局接连将两家实控的上市公司脱手，距离"入主"这两家仅四年时间。 1月19日，江化微（603078.SH）宣布，控股股东淄博星恒途松控股有限公司（下称"淄博星恒途松"）拟 将所持全部23.96%股份作价18.48亿元转让给上海福迅科技有限公司（下称"上海福迅科技"），公司实 控人将由淄博市财政局变为上海市国资委。 而就在去年8月，淄博市财政局已通过16.2亿元的基金份额转让，将东杰智能（300486.SZ）的控制权转 让给具有机器人产业背景的自然人韩永光。 值得一提的是，2021年，淄博市财政局先后作价14.72亿元和13.7亿元"入主"东杰智能和江化微，按照交 易对价计算，两笔投资分别给淄博市财政局带来1.48亿元和5.14亿元的盈利。 作为地方国资，淄博市财政局为何在短短半年时间内将旗下上市公司控制权转让？投资逻辑发生了哪些 变化？ 长期跟踪山东地方国资的业内人士对智通财经表示，随着地方发债管理趋严，尤其是在标的公司未达到 产业融合预期的情况下，继续持有上市公司控制权已经不再像当初一样具备吸引力。考虑到地方财政压 力、上市公司业绩下滑的风险，继续持有反而可能 ...

Core Insights - The article discusses the emerging trend of local state-owned enterprises (SOEs) acquiring control of listed companies as a new model for investment attraction, integrating fiscal transformation and asset securitization [2][3][4] - The trend reflects a shift from passive to active acquisition strategies, focusing on new strategic industries and enhancing local industrial development [4][5][6] Group 1: Investment Attraction and Acquisition Trends - Local SOEs are increasingly enthusiastic about acquiring control of listed companies, with 24 cases of "state-owned acquiring private" and 13 cases of "state-owned acquiring state-owned" reported in 2024 [3] - The acquisition strategy has evolved from rescue mergers to include leveraged mergers and strategic acquisitions, with a focus on new and strong industries [4][5] - The majority of recent acquisitions are concentrated in Guangdong and Jiangsu provinces, indicating a preference for mature business models and companies with growth potential [4][5] Group 2: Characteristics of Recent Acquisitions - Acquisitions often involve investments around 10 billion yuan, with equity stakes typically between 10% and 20%, indicating a preference for companies with growth potential rather than high market capitalization [4][5] - The trend shows an increasing tolerance for acquiring companies with temporary losses, reflecting a shift in the evaluation of target companies' profitability [4][5] - Local SOEs are actively seeking to enhance industrial clusters and technological breakthroughs through these acquisitions, with a focus on strategic emerging industries [5][6] Group 3: Challenges and Considerations - The new acquisition model faces challenges such as balancing multiple interests and addressing hidden debts and potential conflicts of interest [3][10][12] - The financial requirements for acquiring control of listed companies are significant, necessitating substantial capital reserves and financial strategies [8][10] - The process of relocating acquired companies poses additional challenges, as many local governments prefer to retain companies within their jurisdictions [11][12]

Core Insights - In 2025, China's M&A market is experiencing a paradox where IPOs are thriving while M&A transactions are also surging, with the number of M&A cases exceeding the total for 2024 by May [2] - Unicorn companies are shifting from being acquisition targets to becoming acquirers of listed companies, indicating a significant role reversal in the market [2][3] - The M&A financing system is undergoing unprecedented expansion, with a notable increase in control transactions by unicorns [2][13] Group 1 - The traditional logic suggests that a thriving IPO market would reduce M&A demand, but the reality shows that M&A and IPOs are coexisting and even complementing each other [2] - Unicorns are now acquiring significant stakes in listed companies, with large-scale acquisitions rather than small percentage purchases [6][7] - The number of listed companies with a market value below 5 billion yuan is close to 2000, many of which are facing challenges such as generational transfer issues and performance difficulties [9][10] Group 2 - The return of M&A funds to the A-share market is marked by significant transactions, indicating a shift in the role of traditional growth funds towards systematic involvement in M&A [13][15] - The current market conditions feature low valuation targets and low-interest leverage, creating an ideal environment for M&A activities [16][18] - The financing structure for M&A transactions has evolved, with private equity firms, government investment platforms, and bank loans forming a "iron triangle" to support acquisitions [25][35] Group 3 - The shift in government investment strategies towards equity financing is driving the participation of government platforms in M&A transactions [26] - The easing of regulations around M&A loans has led to a significant increase in the availability of financing for acquisitions, with banks now offering M&A loans as a standard product [29][32] - The current M&A landscape is characterized by a focus on genuine financing needs and industrial synergy, moving away from speculative asset acquisitions [36]

Core Viewpoint - The A-share market in 2025 has shown remarkable performance, with significant gains from various stocks, leading to discussions on investment strategies for 2026 [1] Group 1: 2025 Market Overview - The A-share market is believed to be in the longest bull market cycle since the stock split reform, supported by favorable macroeconomic and industry factors [2][3] - The market has demonstrated resilience, with the Shanghai Composite Index rising from a low of 3040 points in April to a high of 4034.08 points by November, reflecting a nearly 1000-point increase [4] - The overall market sentiment remained stable without signs of overheating, indicating a mature market response [4] Group 2: Policy and Structural Changes - The management has elevated the role of the capital market, focusing on developing new productive forces and increasing residents' property income [3] - State-owned capital is increasingly entering the capital market, with local governments shifting from "land finance" to "equity finance," which is expected to have a profound impact on the market [3] - The ongoing comprehensive reform of the capital market aims to address the imbalance in investment and financing functions, which has historically led to short bull and long bear markets [5] Group 3: 2026 Market Outlook - The market is expected to be driven by a dual engine of fundamental improvement and continuous valuation enhancement in 2026 [7] - Six favorable factors are anticipated to support the improvement of listed companies' fundamentals, including continued expansionary fiscal policy and a stable monetary policy [8] - The valuation levels of major indices are approaching historical median levels, with significant upside potential remaining, particularly for indices like the ChiNext and CSI 500 [9][10] Group 4: Investment Strategies - Investment strategies for 2026 should focus on three main themes: AI technology consumption scenarios, benefiting from "anti-involution" policies, and upgrading through international expansion [14] - The AI technology consumption scenario is expected to see explosive growth, particularly in products like AI glasses, which have shown significant sales increases [14] - The "anti-involution" strategy aims to improve supply-demand dynamics in industries previously affected by price wars, leading to potential recovery in profitability [15] Group 5: Hong Kong Market Insights - The Hong Kong market has shown strong performance, with the Hang Seng Index rising over 28% in 2025, driven by unique investment opportunities and increased capital inflow [16] - The anticipated easing of U.S. monetary policy and the potential for reduced trade tensions are expected to attract more foreign investment into the Hong Kong market [17] - The market's structure and unique offerings provide complementary opportunities for investors, particularly through the Hong Kong Stock Connect [18]

Group 1 - The A-share market is undergoing profound and systematic changes, characterized by five major trends: a shift from quantity to quality in company development, an increase in mergers and acquisitions focusing on new productive forces, the rise of hard technology and "bottleneck" enterprises as core market players, accelerated entry of patient capital, and ongoing optimization of the Shanghai-Hong Kong Stock Connect mechanism [3][4] - Local governments are encouraged to transition from "land finance" to "equity finance," with the potential for billion-dollar market value enterprises to emerge in third and fourth-tier cities [4] - The importance of enhancing the effectiveness of "capital attraction" and "investment banking attraction" is emphasized, with successful practices from cities like Hefei and Shanghai demonstrating the benefits of deep involvement from local industrial investment funds and investment banks [4] Group 2 - Hai'an's GDP is projected to reach 150.7 billion yuan in 2024, with a year-on-year growth of 6%, and a 5.1% increase in the first three quarters of 2025, ranking 23rd among the top 100 counties in the nation [6] - Hai'an has established five major industrial clusters, including high-end textiles and new materials, and has nurtured 30 "specialized, refined, and innovative" enterprises [6] - The Hai'an Electronic Information Industrial Park has attracted 82 companies since its opening in June 2023, with plans to generate 2 billion yuan in revenue and 65 million yuan in tax by 2025 [19] Group 3 - Companies like DeTong Capital focus on high-end manufacturing, new energy, and healthcare, with plans to explore equity investments in quality enterprises in the region [9] - The company Yimei Jia Technology specializes in digital printing inks and has observed a growing competitiveness among Chinese enterprises in both domestic and international markets [27] - The company Yawei Transformer is set to launch a 1000 kV ultra-high voltage production base by the end of next year, aiming to cover a full range of products from 10 kV to 1000 kV [29]

Core Insights - Nanjing-based GPU company Muxi Co., Ltd. has successfully launched its IPO, with an issue price of 104.66 yuan per share, resulting in a post-IPO market capitalization of approximately 41.874 billion yuan [1] - The company has raised a total of 12.64 billion yuan through 13 rounds of financing, with significant backing from over 100 institutions, including state-owned funds and venture capital firms [1][2] - Nanjing's local government has played a crucial role in Muxi's development through a "cooperative fund" model, providing early-stage funding and facilitating the establishment of the company's R&D center in Nanjing [1][3] Financing and Investment - Muxi Co., Ltd. was established in September 2020 in Shanghai's Zhangjiang Science City, coinciding with strong national policy support for the integrated circuit industry [2] - The Nanjing Pukou District government has implemented policies to support the integrated circuit industry, including providing up to 30 million yuan in follow-up investments for companies that secure equity financing [2][3] - The cooperative fund model allowed Muxi to receive 15.3 million yuan in angel funding, which was critical for its early development [3][4] Government and Institutional Support - The Nanjing government has actively engaged with over 240 management institutions to attract capital into strategic emerging industries, successfully leveraging limited state capital to mobilize nearly 100 billion yuan in social capital [4] - Muxi's first round of financing was led by He Li Guo Xin Zhi Xin, a fund backed by Nanjing's state-owned assets, which has since participated in multiple rounds of investment totaling 1.53 billion yuan [5][6] - The Pukou District's follow-up investment policy has resulted in significant returns, with the local government investing 30 million yuan in Muxi's fourth round of financing, yielding an 80 million yuan return [5] Market Position and Growth - Muxi has quickly established itself as a key player in the GPU market, with a team led by former AMD executives, which has garnered significant attention from the investment community [2][3] - The company has achieved substantial revenue growth, with its Nanjing subsidiary projected to generate 176 million yuan in revenue in 2024, making it the top revenue-generating subsidiary within the Muxi group [6] - The investment strategy employed by Nanjing's government has proven effective in fostering the growth of the integrated circuit industry, with Muxi serving as a prime example of successful capital operation [7][8] Venture Capital Engagement - Various venture capital firms, including Sequoia China and Matrix Partners, have significantly invested in Muxi, with Sequoia leading a 110 million yuan investment in early 2021 [8][9] - Matrix Partners has also played a vital role, contributing over 750 million yuan across multiple funding rounds, highlighting the importance of diverse capital sources in supporting innovation [9][10] - The involvement of state-owned funds, such as the National Fund for Technology Transfer and Commercialization, has further strengthened Muxi's financial position, with a 200 million yuan investment in its fifth round of financing [10]

Core Viewpoint - Muxi Technology, a member of the "GPU Chip Four Little Dragons," has successfully listed on the A-share market with an issue price of 104.66 yuan per share, resulting in a post-issue market capitalization of approximately 41.874 billion yuan [1]. Group 1: Financing and Investment - Prior to its IPO, Muxi Technology underwent 13 rounds of financing, raising a total of 12.64 billion yuan, with a shareholder list that includes over 100 institutions such as Guotou Fund and Sequoia China [2]. - The investment strategy involved a "cooperative fund" model, allowing Nanjing state-owned assets to indirectly support Muxi Technology without appearing directly in the shareholder list [4]. - The Nanjing government provided 1.53 million yuan in angel round financing to Muxi Technology, facilitating the establishment of its R&D center in Nanjing [6][7]. Group 2: Policy Support and Regional Development - Nanjing's policies aimed at promoting the integrated circuit industry have been crucial, with the local government offering various subsidies and support measures to attract companies like Muxi Technology [6]. - The establishment of Muxi Technology coincided with national policies favoring the integrated circuit sector, which has been a significant driver for its growth [6]. - The Nanjing Pukou District has implemented a "follow-up investment" policy, contributing 3 million yuan to Muxi Technology's fourth round of financing, which has yielded significant returns for the local government [11]. Group 3: Strategic Partnerships and Market Position - Muxi Technology's founding team includes former AMD executives, providing a strong technical foundation that has attracted significant attention from the investment community [6]. - The company has successfully built a team of nearly 100 people, becoming a key player in the regional development of the integrated circuit industry [12]. - The collaborative investment model has allowed Nanjing to leverage state capital effectively, promoting the growth of the integrated circuit sector and enhancing the local economy [14].

Core Viewpoint - Muxi Co., Ltd. has successfully completed its IPO on the A-share market, with an issue price of 104.66 yuan per share, resulting in a post-IPO market capitalization of approximately 41.874 billion yuan. The company has raised a total of 12.64 billion yuan through 13 rounds of financing, with significant backing from over 100 institutional investors, including state-owned funds and venture capital firms [3][4][11]. Financing and Valuation - Muxi Co., Ltd. has undergone 13 financing rounds, accumulating a total fundraising amount of 12.64 billion yuan, with pre-IPO valuations increasing significantly over time, reaching 418.74 billion yuan post-IPO [3][4]. - The early investments in Muxi Co., Ltd. were facilitated by the "cooperative fund" model, which allowed for a total of 1.53 billion yuan in funding, including angel round financing, to be injected into the company [3][4][9]. Government Support and Policy - The Nanjing government has implemented policies to support the integrated circuit industry, including financial incentives for companies receiving equity financing, with follow-up investments capped at 30 million yuan [6][10]. - Muxi Co., Ltd. was established in September 2020 in Shanghai, coinciding with strong national policy support for the integrated circuit sector, which has been further reinforced by local government initiatives in Nanjing [4][6]. Investment Dynamics - The investment strategy employed by Nanjing's government has been characterized by a focus on "capital, policy, and risk" balance, exemplified by the establishment of Muxi Co., Ltd.'s first subsidiary in Nanjing within 40 days of its founding [9][10]. - The cooperative fund model has allowed Nanjing to attract significant private capital into the integrated circuit sector, with over 500 projects funded, including more than 180 semiconductor projects [9][10]. Market Position and Growth - Muxi Co., Ltd. has quickly gained attention in the investment community due to its strong technical team, led by former AMD executives, and has become a key player in the GPU chip market [4][6]. - By 2024, Muxi Co., Ltd.'s subsidiary in Nanjing is projected to achieve 176 million yuan in revenue, making it the largest revenue-generating entity among its subsidiaries [9].

Group 1 - The core viewpoint of the article highlights the successful IPO of Muxi Co., Ltd., a member of the "GPU Chip Four Little Dragons," with an issuance price of 104.66 yuan per share, resulting in a market value of approximately 41.874 billion yuan [1] - Muxi Co., Ltd. has undergone 13 rounds of financing before its IPO, raising a total of 12.64 billion yuan, with over 100 institutional investors including Guotou Fund and Sequoia China [1][2] - The company has established a strong connection with Nanjing state-owned assets through a "cooperative fund" model, which has facilitated significant investments and the establishment of its R&D center in Nanjing [1][3] Group 2 - The establishment of Muxi Co., Ltd. in September 2020 coincided with strong national policies supporting the integrated circuit industry, which has been further reinforced by local policies in Nanjing [2] - Nanjing's Pukou District has implemented policies to support the integrated circuit industry, including financial subsidies and follow-up investments for companies that secure equity financing [2][3] - Muxi Co., Ltd. was founded by a team with extensive experience in AMD, positioning it as a potential leader in the GPU market from its inception [2][4] Group 3 - The Pukou District government has utilized a "cooperative fund" to provide angel round financing to Muxi Co., Ltd., enabling the establishment of its first wholly-owned subsidiary in Nanjing shortly after its founding [3][4] - The cooperative fund, led by He Li Guo Xin Zhi Xin, has invested a total of 1.53 billion yuan in Muxi Co., Ltd. across multiple funding rounds, making it the largest external shareholder [4][5] - The follow-up investment policy from Pukou District was realized during Muxi Co., Ltd.'s fourth financing round, with a total of 30 million yuan invested [5] Group 4 - Muxi Co., Ltd. has become a core driver of regional industrial development, contributing significantly to tax revenue and industrial structure optimization in Nanjing [6] - The Pukou District has established a mature capital attraction strategy, successfully completing dual objectives of angel investment and subsidiary establishment within 40 days of Muxi Co., Ltd.'s founding [6] - The cooperative fund model has allowed Nanjing to leverage state-owned capital effectively, promoting the development of the integrated circuit industry [7] Group 5 - Various venture capital institutions have played a crucial role in supporting Muxi Co., Ltd., with Sequoia China and Jingwei China being notable investors [8][9] - Sequoia China has invested a total of 153 million yuan in Muxi Co., Ltd., while Jingwei China has contributed over 750 million yuan across multiple funding rounds [9][10] - The involvement of state-owned capital, such as Guotou Fund, has enhanced market confidence and attracted additional social capital to Muxi Co., Ltd. [10]