以下文章来源于超募研究所 ，作者FOFWEEKLY 超募研究所 . 导读： 市场活跃度显著上升，资金配置进入集中执行期。在战略导向牵引下，多元资本加速流向核心技 术赛道，驱动产业协同与高质量发展。 作者丨FOFWEEKLY 12月，LP出资活跃度显著上升，活跃度 环比增长71%，同比增长29.4% ，市场整体活跃水平较上月 出现明显涨 幅 。本月在年末资金集中落位与政策节奏协同推动下，私募股权市场延续并强化了前期形成的 上行趋势 。 从基金备案数据来看，资金向基金端的传导同步加速。12月新备案私募股权投资及创业投资基金共计690只， 环 比增长70.8%、同比增长17.5% 。其中，创业投资基金备案数量为440只，私募股权投资基金为250只。 结合公域&私域数据以及实操咨询业务，为私募股权行业从业者（FOF、LP、GP、企业等）提供专业、垂直类研究内 容。 12月市场活跃度的提升，既与资金安排进入集中执行阶段有关，也反映出资本在产业方向上的阶段性配置结果。在 政策持续加码、战略性产业布局逐步落地以及长期资金入场的共同作用下，不同类型LP呈现出差异化的出资行为特 征。 产业型LP，尤其是具备国资背景的非上市产业 ...

Core Viewpoint - The establishment of the Wuxi Xichuang Yingtai Equity Investment Partnership marks the successful launch of the first S Fund in Huishan District, focusing on the secondary market for private equity [1] Group 1: Fund Overview - The Wuxi Xichuang Yingtai Equity Investment Partnership is initiated by Jiangsu Yuanli Industrial Investment Co., Ltd., Guolian Life Insurance, and Wuxi Guolian Industrial Investment Private Fund Management Co., Ltd. with a total subscription scale of 500 million yuan [1] - The fund targets the secondary market for private equity, primarily acquiring existing private equity or venture capital fund secondary shares and underlying assets [1] Group 2: Investment Strategy - The fund aims to provide flexible exit channels for local LPs' existing capital, shorten investment cycles, and activate idle funds [1] - It will adopt a market-oriented approach to take over regional state-owned capital fund shares, effectively alleviating concentrated exit pressures [1] Group 3: Industry Focus - The fund is designed to guide more long-term capital into strategic emerging industries such as biomedicine, integrated circuits, and advanced manufacturing while mitigating financial risks [1]

Core Viewpoint - The company claims to be a leader in five-axis CNC technology in China, yet its performance does not reflect this position, raising questions among investors [1] Group 1: Company Positioning - The company is the only listed firm in China that fully supports self-developed high-end CNC systems [1] - It has successfully applied its self-developed high-end CNC machine tools in various strategic emerging industries, including aerospace, semiconductors, medical, energy, automotive, tools, precision molds, and machinery [1] Group 2: Future Outlook - The company anticipates that as production capacity is released, economies of scale will further enhance its market expansion and share [1]

Core Viewpoint - The development of emerging industries is a "must" for central enterprises to optimize their structural layout, with a projected revenue scale exceeding 12 trillion yuan by 2025, achieving a consistent annual growth of 1 trillion yuan over three years [1] Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the development of emerging industries as a key, overarching task during the 14th Five-Year Plan period, leading to significant breakthroughs and improvements in industrial structure and new growth drivers [1] - By 2026, SASAC plans to leverage the high-quality implementation of the 15th Five-Year Plan to accelerate the layout of emerging industries by central enterprises, aiming to seize future competitive advantages [1] Group 2 - The new goals focus on "systematic layout and leapfrog development," with SASAC drafting a document to guide central enterprises in cultivating new pillar industries, facilitating a leap in major project investments and optimizing the overall layout of state-owned economy [2] - The new approach emphasizes "tiered cultivation and differentiated strategies," clearly defining core tasks and implementation paths for various types of industries, thereby forming a resilient and well-structured emerging industry ecosystem [2] - The new mechanism highlights "system empowerment and collaborative efforts," promoting key initiatives such as industrial technological innovation, quality entity cultivation, major project implementation, and deepening the integration of industry and finance [2]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) is advancing the restructuring and integration of state-owned enterprises (SOEs) to optimize the layout and structure of the state-owned economy, in line with the directives from the 20th National Congress [1][2] - New central enterprises are being established, focusing on national energy security and green development, including the formation of China Yajiang Group and China Chang'an Automobile Group, aimed at enhancing competitiveness in the automotive industry and promoting high-quality development of smart connected new energy vehicles [1][2] - Professional integration is being promoted, including the consolidation of cruise operation resources to create a "national team" for China's cruise industry and the integration of power battery resources by companies like China FAW to support high-quality development in the new energy vehicle sector [1][2] Group 2 - SASAC will focus on the "three concentrations" of state-owned capital, using restructuring and integration as a means to build more world-class enterprises [2] - The emphasis will be on strategic safety, industry leadership, and public service, with efforts to strengthen and optimize central enterprises [2] - High-quality mergers and acquisitions will be supported to acquire core elements and seize technological advantages, fostering the development of strategic emerging industries and future industries [2]

Core Viewpoint - The article discusses the issuance of local government bonds in China, highlighting a significant increase in the scale and structure of bond issuance for 2026, driven by proactive fiscal policies aimed at supporting economic growth and project funding [1][2]. Group 1: Bond Issuance Overview - As of January 27, 2026, a total of 584.7 billion yuan in local bonds has been issued, with new special bonds accounting for 196.2 billion yuan, representing 33.6% of the total [1]. - The planned issuance of local bonds for the first quarter exceeds 2.5 trillion yuan, marking the highest level for the same period in three years [1]. Group 2: Bond Structure - The first quarter's planned issuance includes 764.4 billion yuan in new special bonds and 1.21 trillion yuan in refinancing special bonds, making up 29.5% and 46.7% of the total issuance plan, respectively [2]. - New special bonds will focus on high-quality projects that can quickly generate tangible results, while refinancing bonds will primarily be used to repay maturing debts and optimize debt structures [2]. Group 3: Issuance Mechanism - The "self-examination and self-issuance" pilot program is expected to expand, enhancing issuance efficiency and local autonomy [3]. - This mechanism requires local governments to take on greater responsibility for project quality and risk management, leading to differentiated bond issuance rates based on regional fiscal health and project viability [3]. Group 4: Fund Utilization - New special bonds will emphasize project orientation and strategic layout, targeting major projects outlined in the national "14th Five-Year Plan" [4]. - The funding will support critical infrastructure related to food security, energy security, and emerging industries such as quantum technology and artificial intelligence [4]. - There will be an optimization of the mechanism for using special bonds as project capital, increasing the capital usage ratio to attract more social capital into major projects [5].

Group 1 - The core viewpoint of the news is that the National Market Supervision Administration has made significant progress in quality enhancement during the "14th Five-Year Plan" period, providing a solid quality foundation for high-quality development [1][2] - The quality work mechanism has been continuously optimized, and the macro policy system has become more robust [1] - Quality improvement efforts have been substantial, leading to a continuous increase in high-quality supply [1] - The effectiveness of quality infrastructure has been released, highlighting its supporting role in the industry [1] - Quality safety supervision has been continuously strengthened, further solidifying the safety defense for people's livelihoods [1] Group 2 - Small and micro enterprises are recognized as an important force in building a quality strong nation [2] - The administration has implemented the "Small and Micro Enterprises Quality Certification Improvement Action," achieving notable results [2] - Moving into the "15th Five-Year Plan," the focus will be on enhancing quality governance effectiveness and establishing a solid quality foundation for modern Chinese development [2]

不过，也应重视存在的挑战，比如部分领域仍存在基础理论供给不足、与实体经济融合不紧密、产业链 高端环节竞争力不强等问题。接下来，要聚焦关键问题，找到科学的解决办法。 加强人工智能基础理论与核心技术供给。面向世界科技前沿与国家重大需求，强化对人工智能基础理 论、关键算法等技术的有组织科研。发挥新型举国体制优势，推动国家实验室、高等院校、科技领军企 业组建联合体，力争取得重大技术的原创性突破。加快开源开放，建设国际先进的算法模型库与工具 链，改变关键核心技术受制于人的局面。 促进人工智能与战略性新兴产业深度融合。强化场景的牵引作用，聚焦新一代信息技术、生物技术、新 能源、新材料等战略性新兴产业，系统梳理市场的智能化需求。通过开展"揭榜挂帅"等方式，鼓励人工 智能企业与各行业联合开展技术攻关。加速技术成果的工程化与规模化落地，让人工智能成为提升产业 创新能力的通用赋能工具。 2025年以来，人工智能发展呈现走旺态势。通过深度嵌入生物制造、低空经济、新材料等领域，人工智 能正超越传统工具范畴，成为驱动新兴产业跃升的核心引擎。深刻把握其赋能新兴产业的规律，对于我 国构筑现代化产业竞争新优势、赢得发展主动权至关重要。 在我 ...

齐鲁晚报·齐鲁壹点记者 杨璐 1月29日上午，山东省十四届人大四次会议举行第二次全体会议，听取省人大常委会副主任、党组书记 杨东奇作山东省人民代表大会常务委员会工作报告。 报告显示，省人大常委会今年将加强重点领域、新兴领域立法，制定数据、促进公平竞争、土地管理、 供销社合作、气候资源保护和开发利用、烟草专卖法实施、平安建设、罕见病防治、妇女权益保障、青 少年体育促进、地名管理、监督法实施等法规。 立法创新出台多个"全国首件" 2025年是"十四五"收官之年。省人大常委会聚焦良法善治，扎实推进科学立法、民主立法、依法立法， 持续加强重点领域、新兴领域立法，不断提高立法质量，着力发挥立法引领推动作用。省人大常委会制 定地方性法规、决定8件，修改法规10件，批准设区的市报批法规52件。 报告显示，加强经济领域立法，制定民营经济促进条例，出台数字经济促进条例，修改专利条例、优化 营商环境条例，制定粮食安全保障条例等。加强社会民生领域立法，制定退役军人保障条例，修改预防 未成年人犯罪条例、供热条例、文物保护条例、实施道路交通安全法办法、消防条例等。加强民主法治 领域立法，修改省人民代表大会议事规则、实施代表法办法，修改 ...

Core Viewpoint - Fujian Del Technology Co., Ltd. is attempting to relaunch its IPO less than six months after withdrawing its previous application, indicating a strong commitment to its business development and growth strategy [1][3]. Group 1: Company Overview - Fujian Del was established in June 2014 with a registered capital of 1.039 billion yuan, focusing on the fluorochemical industry, including the research, production, and sales of various fluorine-containing new materials [3][4]. - The company’s products are widely used in semiconductor chips, LED chips, flat panel displays, communication optical fibers, energy storage batteries, and photovoltaic power generation [3]. Group 2: IPO History - The company’s previous IPO application was accepted on June 30, 2023, and entered the inquiry stage on July 27, 2023, but was ultimately withdrawn on August 22, 2025 [3][4]. - The withdrawal was described as a strategic decision based on the company's development strategy and the IPO review pace at that time [4]. Group 3: Financial Performance - Fujian Del's revenue from 2021 to 2024 was approximately 1.255 billion yuan, 1.698 billion yuan, 1.418 billion yuan, and 1.687 billion yuan, respectively, with corresponding net profits of about 303 million yuan, 221 million yuan, 119 million yuan, and 131 million yuan [4]. - The company anticipates achieving over 2 billion yuan in revenue and significant net profit growth in 2025, although specific financial data is still under audit [4][5]. Group 4: Future Plans and Funding - The company plans to focus its fundraising efforts on "bottleneck" technologies within the semiconductor materials industry, aligning with national strategic emerging industries [5]. - Specific fundraising amounts and project details are yet to be determined based on the company's development stage [5]. Group 5: Shareholding Structure - Fujian Del has no controlling shareholder, with actual control held by Lai Zongming, Hua Xiangbin, and Huang Tianliang, who collectively own 35.06% of the shares [6]. - The company has previously addressed concerns regarding its actual control in response to inquiries from the stock exchange, confirming that the three founders have signed agreements to jointly control the company [6]. Group 6: Previous Fundraising Plans - In its prior IPO attempt, Fujian Del aimed to raise approximately 1.945 billion yuan, which was intended for projects including a production line for electronic-grade trifluorochloromethane and semiconductor-grade electronic materials [7].