Group 1 - The private equity (PE) and venture capital (VC) markets in China are showing strong resilience amid structural adjustments, with 490 new funds established in May, reflecting a 10% year-on-year increase [1][2] - Investment scale in May saw a nearly 50% year-on-year growth, reaching 739 billion yuan, with 597 investment cases recorded, marking a 5% increase compared to the previous year [4][5] - The semiconductor, artificial intelligence, and new materials sectors are particularly attractive, with electronic information leading in investment cases at 166, followed by advanced manufacturing and healthcare [4][5] Group 2 - In May, 418 institutions participated in fund establishment, with 90% of them setting up only one fund, indicating stable institutional activity compared to the previous year [2] - Notable large funds established in May include Beijing Baoshichengyuan Fund with a target of 13 billion yuan and Chengtong Science and Technology Investment Fund aiming for 10 billion yuan [3] - The majority of transactions were small-scale, with 41.7% of disclosed transactions falling between 10 million and 50 million yuan, while large transactions over 1 billion yuan accounted for only 5.6% [5]

近期，科技部、中国人民银行等7部门联合印发《加快构建科技金融体制有力支撑高水平科技自立自强 的若干政策举措》，明确提出发挥创业投资支持科技创新生力军作用，拓宽创业投资资金来源、优化国 有创业投资考核评价机制等。 发展创业投资是促进科技、产业、金融良性循环的重要举措。凭借较长时间投资周期特性，创业投资 （VC）和私募股权基金（PE）成为耐心资本的关键力量。同时，VC和PE的高风险偏好，也高度契合 科技创新企业的高风险属性。因此，积极培育以VC和PE为主体的耐心资本，对做好科技金融大文章、 支撑高水平科技自立自强、塑造发展新动能新优势意义重大。 在投资考核和管理上，要优化投资评价体系，让各类资本更有耐心。例如，可适当延长政府引导基金和 其他长期资本的考核周期，以适应科技创新和创业投资的长周期特性；采用整体投资组合的方式来评估 投资成效，改变现有逐个项目考核模式，容忍必要的失败；建立容错机制，设立合理的容错免责机制， 减少投资人因担心政策和责任风险而规避早期和技术创新项目的现象；逐步优化税收政策，激励长期持 有；等等。 在退出端，要畅通多元化退出渠道，提高市场流动性。发达国家经验表明，私募股权二级市场基金（S 基金 ...

分完 蛋糕，你还得继续思考， 蛋糕这样分下去，到底能持续多久。 以下文章来源于i黑马 ，作者i黑马 i黑马 . 让创业者不再孤独@i黑马 吴世春 梅花创投合伙人、黑马加速导师 只要你能定义出蛋糕了，这个世界不缺钱和人。 当你看到一块新蛋糕的时候，首先是 你能不能把这块蛋糕定义出来？ 定义完蛋糕，你还得知道 怎么 分蛋糕，以及需要别人给到你什么。 比如，对内是 自己的团队，对外是产业上下游等。 马斯克、雷军 ，同时驾驭七八个领域毫不吃力，因为他的品牌号召力很强。 所以，他只要竖起一杆大旗，就会有人来，就会有钱来，他就很容易做成事。 目前，我们管理着有好几个城市的钱， 基金规模超100亿。 此前，我们投资、陪跑的企业已有 600多家 ，并陪伴 13家企业 完成了上市。 今年，我们至少还要投五十家企业，并投出将近30亿。 2025年，我还是希望能成为 中国早期投资出手最多的投资人。 6月19日-21日 ， 跟我一起去 无锡 ， 深入梅花创投投资版图， 打开万亿赛道蓝海，咱们 边 游学、边提高、边拿钱！ 对了，我这次还特意邀请了 鹿明机器人的联合创始人黄浩 作为特邀嘉宾，平时很难请到。 文章末尾扫码，即可咨询报名。 ...

Core Insights - BYD has surpassed Tesla in electric vehicle sales across 28 European countries in April, marking a significant milestone in China's electric vehicle export growth [1] - The National Investment Group (Guotou Group) has injected substantial capital into various sectors, including electric vehicles, AI chips, and biotechnology, supporting the development of competitive domestic enterprises [1][2] - Guotou Group manages over 50 funds with a total asset size exceeding 270 billion yuan, with 11 national-level government investment funds accounting for 84% of this total [1][2] Investment Focus - Guotou Group's funds have strategically invested in BYD, leading to the establishment of a 6GWh battery production line, contributing to BYD's position as a leader in the global electric vehicle market with 4.27 million units sold in 2024 [2] - The group emphasizes early-stage investments in hard technology, with over one-third of its investments in A-round and earlier stages, and 56% in B-round and earlier, surpassing industry averages [2] - Guotou Group has heavily invested 27.8 billion yuan in the integrated circuit industry, supporting 336 projects to accelerate domestic technology breakthroughs [2] Sector Development - The group aims to cultivate internationally competitive enterprises within the semiconductor and biotechnology sectors, enhancing supply chain security and promoting high-quality development [3] - The introduction of the "LP026-2" corn chip by Longping Biotechnology, supported by Guotou Group, has significantly increased farmers' income and improved domestic corn self-sufficiency [3] - Guotou Group has invested in 1,175 projects, aiding 296 companies in going public, including 143 on the Sci-Tech Innovation Board, and has facilitated breakthroughs in 323 key technologies [4] Economic Impact - Guotou Group's investment strategy demonstrates a high leverage effect, with every 1 yuan of central government funding resulting in over 5 yuan in project impact [4] - The group has directed over two-thirds of its funding towards private enterprises, fostering a collaborative development model between state-owned and private sectors [3][4]

Core Viewpoint - Guangdong Fenghua High-tech Co., Ltd. has announced the establishment of a subsidiary fund, Guangzhou Mingjiang Yahe Venture Capital Fund Partnership (Limited Partnership), in collaboration with Tianjin Zhongxin Ruibo Enterprise Management Partnership (Limited Partnership) and other partners, to enhance investment capabilities in the electronic components sector [1][2]. Investment Overview - The total subscribed capital for the Mingjiang Yahe fund is RMB 33.01 million, with Fenghua Zhongxin contributing RMB 33 million, representing 99.80% of the total [2][3]. - The fund has completed its registration and obtained the necessary licenses to operate as a private investment fund [2]. Fund Structure and Management - The fund operates as a limited partnership with a closed-end structure, and its duration is set for five years, including a three-year investment period and a two-year exit period [8]. - An investment decision committee consisting of five members will oversee fund management, with specific voting rights and procedures to handle conflicts of interest [8][9]. Financial Implications - The investment in the Mingjiang Yahe fund is not expected to have a significant impact on the company's financial status or operational results [2][5]. - The fund's management fees are set at 2% per year during the investment period and 1.5% during the exit period [10]. Partner Information - The fund's general partner is Guangzhou Mingdao Private Fund Management Co., Ltd., which has a registered capital of RMB 5 million and was established in July 2022 [3][4]. - Other limited partners include Suzhou Yahe Xingzhi Venture Capital Partnership and Guangzhou Mingshitaihai Venture Capital Fund Partnership, among others [4][5].

Core Viewpoint - The article highlights the significant increase in the valuation of the New York Liberty, a WNBA team, which was sold for $450 million, marking a record high for women's professional sports teams. This success is attributed to the strategic management of Joe Tsai and Clara Wu Tsai, who have transformed the team since their acquisition in 2019 for between $10 million and $14 million [4][8][9]. Group 1: Valuation Growth - The New York Liberty's valuation has surged from $13 million in June 2022 to $450 million in 2023, representing a 30-fold increase since the Tsai couple's acquisition [9][10]. - The team plans to use the funds from the recent equity sale to build a new training facility, which will cost $80 million and is expected to open in 2027 [7][9]. Group 2: Strategic Management - Clara Wu Tsai has played a pivotal role in the team's management, including relocating the team's home games to the Barclays Center and enhancing player benefits and operational standards [9][10]. - The Liberty's recent success includes reaching the WNBA Finals in 2023 and winning their first championship in 2024, further boosting the team's valuation [9][10]. Group 3: Broader Industry Context - A study indicates that the cumulative value of WNBA and NWSL teams is projected to grow by $1.6 billion over the next three years, driven by increasing viewership and commercial revenue [10]. - The Tsai couple's experience in managing sports franchises positions them well to capitalize on the growing interest and investment in women's sports [10][12].

刘伟 ◎记者 韩宋辉 10年前，刘伟带队组建了国投创合，该公司成为国务院批复设立的国家新兴产业创业投资引导基金管理 机构之一。如今，国投创合直接管理规模400亿元，支持了4000多家创新型科技企业。 近几年，股权投资行业处于波动调整期。作为30年股权投资老将，国投创合总经理刘伟近日在接受上海 证券报记者专访时表示，在这种时候，国家基金、国资创投更应该发挥好行业压舱石、稳定器和引导带 动作用。 过去10多年，国投创合参与管理了新兴产业创投计划、新兴产业创业投资引导基金，发挥中央财政资金 和国有资本的引导带动作用，通过母子基金两级放大，形成1200亿元子基金规模，带动万亿资金支持新 兴产业科技企业发展。这一案例，为发挥引导基金"四两拨千斤"的杠杆放大效应提供了实践参考。 三大投资路径背后的投资逻辑 如何管好引导基金？国投创合选择子基金管理机构的路径可以总结为三条：一是围绕科研院校投资，已 投资十余家具有科研院校背景的创投基金；二是联合产业链龙头发起具有CVC特性的创投基金；三是 选择具有较好行业口碑的知名创投机构、在某一地区长期深耕的投资机构等进行合作。 这些路径背后，贯穿着国投创合十余年来摸索出的"投早、投创新 ...

证券代码： 603788 证券简称：宁波高发 公告编号：2025-021 宁波高发汽车控制系统股份有限公司 关于宁波梅山保税港区粤民投睿拓创业投资合伙企业（有限合伙） 变更的公告 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个别及连带责任。 宁波高发汽车控制系统股份有限公司（以下简称"公司"）第四届董事会第十五 次会议，审议通过了《关于拟投资宁波梅山保税港区粤民投睿拓股权投资合伙企业 （有限合伙）的议案》，公司以自有资金出资人民币 10,000 万元参与投资合伙企业 合伙企业名称：宁波梅山保税港区睿拓创业投资合伙企业（有限合伙） （名称变 更后） （有限合伙），详情请参见公司公告（公告编号：2022-001、2022-013、2025-003）。 由于该合伙企业变更了普通合伙人、执行事务合伙人，以及合伙企业名称发生 变更，近期公司与各方签署了新的《宁波梅山保税港区睿拓创业投资合伙企业（有 限合伙）合伙协议》，该合伙企业近日在市场监督管理局完成工商变更登记，领取了 营业执照，并完成了在中国证券投资基金业协会备案。具体变更情况如下： 一、 ...

证券代码：688618 证券简称：三旺通信 公告编号：2025-027 深圳市三旺通信股份有限公司 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、准确性和完整性依法承担法律责任。 一、与私募基金合作投资概述 深圳市三旺通信股份有限公司（以下简称"公司"）与昆山玖兆康乾投资管 理有限公司（以下简称"玖兆投资"）共同投资设立五河玖兆三旺创业投资基金 合伙企业（有限合伙）（以下简称"五河玖兆三旺基金"），公司作为有限合伙 人以自有资金认缴出资 653.40 万元人民币，认缴五河玖兆三旺基金 29.8492%的出 资 额 。 具 体 内 容 详 见 公 司 于 2025 年 4 月 23 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《关于与私募基金合作投资公告》 （公告编号：2025-016）。 二、与私募基金合作投资的进展情况 已完成相关工商登记手续并取得五河县市场监督管理局颁发的《营业执照》。具 体信息如下： 企业名称：五河玖兆三旺创业投资基金合伙企业（有限合伙） 执行事务合伙人：昆山玖兆康乾投资管理有限公司（委派代表： ...

Core Viewpoint - Shaanxi Province is actively promoting the development of mother funds and venture capital to stimulate innovation and entrepreneurship, supporting the growth of venture investments and driving industrial transformation and quality improvement [1][2]. Group 1: Policy Measures - The "Measures for Promoting High-Quality Development of Venture Capital in Shaanxi Province" includes 24 policy measures across seven areas, involving 20 government departments [1]. - The measures focus on the entire cycle of venture capital, addressing key concerns in fundraising, investment, management, and exit [1][2]. - The provincial government has established a guiding fund to attract social capital to key sectors, with 42 sub-funds set up and investments totaling 12.114 billion yuan, leveraging an additional 61.024 billion yuan from other capital sources [1]. Group 2: Fund Management and Performance - The provincial finance department aims to enhance the management of government investment funds, implementing a classification system for venture and industrial investment funds, optimizing fund establishment processes, and increasing fund sizes [2]. - New measures include improving performance evaluation systems and establishing a mechanism for rewarding and exempting due diligence responsibilities, thereby enhancing the market-oriented operation of government investment funds [2][4]. - The measures emphasize a higher tolerance for losses in early-stage funds and explore the cancellation of certain investment return requirements [3]. Group 3: Encouragement of Innovation - The policy environment encourages state-owned capital to take more risks, with a focus on long-term and patient capital to support the real economy [4]. - The government aims to create a supportive atmosphere for innovation and risk-taking, establishing a comprehensive evaluation system that does not solely rely on individual project performance [4][5]. - The initiative seeks to establish more market-oriented mother funds across the country, promoting early-stage investments in technology and strategic emerging industries [5].