Core Viewpoint - Guomai Culture (301052) plans to invest 5.3 million yuan as a limited partner in a joint venture with Chengdu ChuanShang XingChuang Equity Investment Fund Management Co., Ltd. to establish the Qingdao ChuanShang JunChuang Venture Capital Fund Partnership, holding 40.7692% of the fund's total subscription amount [2] Group 1: Investment Details - The total scale of the Qingdao ChuanShang fund is 13 million yuan, focusing on legally permitted equity investment activities to achieve capital appreciation [2] - Guomai Culture aims to leverage the resources and investment management advantages of professional investment institutions to explore new opportunities for industrial upgrades [2] Group 2: Background on Chengdu ChuanShang XingChuang - Chengdu ChuanShang XingChuang is a wholly-owned subsidiary of Chengdu ChuanShang XingYe Equity Investment Fund Management Co., Ltd., established in 2016 with a registered capital of 14.11765 million yuan [3] - The actual controller of Chengdu ChuanShang XingYe is Liu Yonghao, who has established 14 sub-funds with a management scale ranging from 2 billion to 5 billion yuan [3] - The investment direction of Chengdu ChuanShang XingYe includes various fields such as automotive intelligent driving testing, education, software, and aerospace engineering [3] Group 3: Previous Collaborations - This is not the first collaboration between Guomai Culture and Chengdu ChuanShang XingYe; in February, Guomai Culture acquired a property share of 27.5852 million yuan in the Chengdu ChuanShang No. 3 Equity Investment Fund [4] - In August, Guomai Culture announced another investment of 1.378 million yuan in the Qingdao ChuanShang KongTian No. 3 Venture Capital Partnership, holding 20.8788% of the fund's total subscription amount [4] - Guomai Culture's venture capital activities have yielded results, as evidenced by the successful IPO application of Shaanxi Tourism Culture Industry Co., Ltd., in which Guomai Culture has indirect equity through its investment in Chengdu ChuanShang No. 3 [4]

来源：市场资讯 | | 查公司 都在用的商业查询工具 | 查老板 商关系 查风险 | | | | | --- | --- | --- | --- | --- | --- | | | 河北自贸区云帆股权投资基金合伙企业(有限合伙) 家中小企业发展子其全旗下机构 | | 8 天眼一下 | 一起色母 | 商务合作 | | 基本信息 4 | 法律诉讼 | 经营风险 | 经营信息 | 公司发展 | 知 | | 工商信息 ● | | | | | | | 工商信息 历史工商信息0 | | | | | | | 企业名称 | 河北自贸区云帆股权投资基金合伙企业(有限合伙) | | | | | | 执行事务合伙人 2 | 北京中创鸿星创业投资基金管理 灰 有限公司 198日 | 登记状态 2 | 存续 | | 天眼评分 2 | | | 委派代表:万松(来源于中墓协) | 成立目期 | 2025-11-24 | | | | 统一社会信用代码 2 | 91130195MAK1JQQM4X | 出资额 | 100000万人民币 | | 实缴资本 | | 工商注册号 | 130195200000555 | 纳税人识别号 2 | 9113 ...

40亿母基金来了 11月24日晚间，粤开证券密集发布多条公告，披露其新一轮战略动向。其中，其通过子公司参设 一只总规模40亿元的产业母基金，尤为引人关注。 导读： 券商系母基金再添新军，为市场注入活水与信心。 作者丨 FOFWEEKLY 在当前的一级市场中，积极的信号正在不断释放。虽然市场化LP们仍显审慎，但手握资金和产业 资源的券商们，依然活跃在台前。 近日，券商系母基金再添新军， 为市场注入活水与信心。 公告指出：为进一步加强市场化基金募集，公司全资子公司粤开资本投资有限公司（以 下简称"粤 开资本"）拟作为基金普通合伙人（GP）及执行事务合伙人，与上饶经开区招才引资集团有限公司 （简称"上饶集团"）出资设立粤开（上饶经开区） 产业升级股权投资合伙企业（有限合伙）（暂 定名）（简称"基金"或"上饶母基 金"），注册于上饶经济技术开发区（简称"上饶经开区"）。本 基金总认缴规模 40 亿元，粤开资本通过自有资金认缴出资不超过 12 亿元（出资比例不超过 30%）， 上饶集团出资不超过 28 亿元（出资比例不超过 70%）。 上饶母基金通过项目直投或参与设立子基金（包括盲池基金、专项基金）的方式开展投资， 主 ...

| 序号 | | | 合伙人名称 | | 田资比例 ڊ | 认缴出资额(万元) ۾ | 认缴出资日期 ÷ | 间接待股比例 | 首次持股日期 ÷ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合 控股 | 厦门等融控股有限公司 | | | 59.95% | 119900 | | | 2025-11-25 | | | | 国有企业 | | | | | | | | | 2 | | 厦门金圆投资集团有限公司 | | | 40.00% | 80000 | | ୧୦% ହିଁ | 2025-11-25 | | | | 市属国企 | | | | | | | | | 3 | | 金圆资本管理(厦门)有限公司 | | | 0.05% | 100 | | | 2025-11-25 | | | | 国有企业 | 执行事务合伙人 | 私募基金管理人 | | | | | | 企查查APP显示，近日，厦门产业并购股权投资基金合伙企业（有限合伙）成立，出资额20亿元，经营范围包含：以私募基金从事股权投资、投资管理、资 产管理等活动。企查查股权穿透显 ...

Core Viewpoint - The establishment of Asset Investment Companies (AICs) by banks like Industrial Bank, CITIC Bank, and China Merchants Bank indicates a significant expansion of comprehensive financial operations in China, following regulatory approvals aimed at enhancing the financial ecosystem and supporting troubled enterprises [2][3]. Summary by Sections AIC Establishment and Regulatory Background - The first AIC pilot programs began in 2017 with five major state-owned banks, primarily focusing on debt-to-equity swaps to assist viable but struggling companies in reducing leverage and managing risks [2]. - In 2020, the regulatory framework was expanded to allow AICs to engage in direct equity investments beyond debt-to-equity swaps, with further relaxations announced in 2024 [2]. Performance and Investment Data - As of June 2024, the total assets of the five major AICs reached 586.99 billion yuan, with 156 investment cases completed in 2024, amounting to 57.604 billion yuan [3]. Challenges and Risks - AICs face significant challenges, including limited external financing channels, high risk weights from parent banks, and insufficient research and personnel capabilities [4]. - The banking sector's traditional focus on collateralized loans and scale efficiency may hinder effective risk management in equity investments, raising concerns about the success rates of rapid debt-to-equity transitions [5]. Recommendations for Improvement - To enhance the effectiveness of AICs, it is crucial to develop a governance framework based on direct investment risk characteristics and to improve market transparency [5]. - The establishment of a credit transfer market and the promotion of credit asset securitization are essential for revitalizing credit resources and enabling market-driven pricing of credit assets [6].

兴业银行、中信银行和招商银行AIC的设立，表明试点进一步落地，综合金融运营的尝试取得阶段性成 绩。数据显示，截至2024年6月末，五大AIC资产合计5869.9亿元。清科研究中心的不完全统计数据显 示，2024年全年五大AIC及附属投资机构共完成156起投资案例，投资金额576.04亿元。 银行AIC八年前的破茧，不仅有助于为正规金融机构试点混业综合金融业务提供试点窗口和经验积累， 而且有助于推动银行体系内部存量资产盘活。 长期以来，银行系统面临着存量信贷资产流动性不足和风险揭示不充分等问题，大量信贷资产一经形 成，就主要以银行系统内部估值定价和风险识别为主，其风险矩阵的迁移变动，风险类型和特征是否适 合银行传统的处理方式，都面临着复杂的风险敏感性适应问题。由于国内缺乏大型的信贷转让市场，导 致信贷资产的整个生命周期，要么全程在银行系统内部匹配，要么不良化后剥离出售，束缚了银行的能 动性，也不可避免导致许多本可以在不良化前获得救济的风险资产，未能得到有效的管理和交易。 AIC为银行系统管控存量风险资产提供了新的工具和配置空间，将适合债转股的资产转为股权，有助于 动态完善银行系统内部的风险资产结构；同时有助于改 ...

2 0 2 5年已近尾声，在这一年，股权投资行业频迎政策支持和鼓励，正在成为发展新质生产力中 重要的战略性力量。 欢迎有意者扫描以下二维码，联系咨询母基金研究中心报名盛会，与我们一道，共同探讨中国 母基金行业的发展之道，期待您的光临！ （注：报名需审核，请备注姓名 +机构名称，以便通 过验证。审核通过后，母基金研究中心助理将与您联系，确认参会事宜，如无母基金研究中心 人员联系确认，不视为报名成功） 参会咨询： 今年的政府工作报告中特别提到 "健全创投基金差异化监管制度，强化政策性金融支持，加快 发展创业投资、壮大耐心资本"；而后国办发布的《关于做好金融"五篇大文章"的指导意见》 中，不仅再次明确支持发展股权投资、创业投资、天使投资，也切中行业"痛点"，强调优化私 募股权和创业投资基金"募投管退"制度体系，并在退出渠道畅通方面有所安排（上市、并 购）。 今年的国办一号文，也为政府投资基金的高质量发展指明方向。当前，股权投资行业正在加强 投早、投小、投长期、投硬科技，以耐心资本培育更多企业的科技创新。 各地正在持续打造地方特色母基金模式，母基金发展进一步产业化、矩阵化。从整个母基金行 业来看，当前已经进入 3 . ...

Investment Overview - The company plans to acquire a partnership interest in the Henan Aerospace Industry Fund for a nominal price of 0 RMB, representing a subscribed capital of 60 million RMB, with no actual capital contribution made [2][5] - This transaction does not constitute a related party transaction or a major asset restructuring as defined by relevant regulations, and does not require approval from regulatory authorities [2][5] Fund Details - The Henan Aerospace Industry Fund was established on September 6, 2025, with a total subscribed capital of 2 billion RMB, and has already received 281 million RMB in actual contributions [3][5] - The fund is managed by Shenzhen Guoyu Gao Hua Investment Management Co., Ltd., which is not related to the company or its major shareholders [3][9] Transaction Parties - The transferor of the partnership interest is Jiaozuo Tongcai Innovation and Entrepreneurship Investment Fund, which has a subscribed capital of 1 billion RMB and is also not related to the company [6][7] - The company will be one of the three parties acquiring interests in the fund, alongside Longbai Group Co., Ltd. and Zhongyuan Neipei Group Co., Ltd. [33] Partnership Agreement - The partnership agreement aims to create satisfactory investment returns through equity investments in target companies [43] - The fund's total subscribed capital is set at 2 billion RMB, with a management fee of 1% per year based on the total actual contributions [45][47] Investment Strategy - The fund will primarily focus on equity investments in unlisted companies, particularly in the aerospace industry, and will not act as the sole major shareholder in any investment [49] - The investment decision-making will be managed by an investment decision committee composed of representatives from the fund's partners [50] Financial Implications - The investment is expected to enhance the company's competitive strength without imposing financial pressure on its existing operations [56] - The company will account for its partnership interest using the equity method, as it will not have control over the fund [58]

Group 1 - CITIC Bank and China Merchants Bank announced the approval of their respective financial asset investment companies, signaling a significant development in the banking sector [1][2] - CITIC Bank's subsidiary, Xinyin Financial Asset Investment Co., has a registered capital of RMB 10 billion and aims to support strategic emerging industries and private enterprises through market-oriented debt-to-equity swaps and equity investments [1] - China Merchants Bank's subsidiary, Zhaoyin Financial Asset Investment Co., has a registered capital of RMB 15 billion and will focus on market-oriented debt-to-equity swaps and equity investment pilot projects to enhance its comprehensive operational capabilities [2] Group 2 - The establishment of these financial asset investment companies (AICs) expands the number of domestic joint-stock bank AICs to three, following the earlier establishment of Xinyin Financial Asset Investment Co. by Industrial Bank [2] - The regulatory body, the National Financial Regulatory Administration, has been supportive of the establishment of AICs, as indicated by the issuance of guidelines to expand equity investment trials for qualified commercial banks [2] - Additionally, Postal Savings Bank has announced plans to establish its own AIC, further indicating growth in this sector with a registered capital of RMB 10 billion [3]

Core Insights - Two major banks, China Merchants Bank and CITIC Bank, announced the approval of their Asset Investment Companies (AIC) by the financial regulatory authority, marking the entry of three new players in the AIC market this year [1] - The establishment of AICs has accelerated following the regulatory announcement in March, which opened the door for commercial banks to set up AICs, leading to a total of nine AICs in operation by November 24, with a registered capital nearing 150 billion yuan [1][2] Group 1: AIC Market Expansion - The AIC sector has seen rapid growth, with nine commercial banks now having AICs, eight of which are operational [1] - The total registered capital of these AICs is approaching 150 billion yuan, with a minimum capital requirement of 10 billion yuan for establishment [1] - The AICs are primarily large banks, reflecting the high entry barriers in terms of capital and resource dependency on parent banks [1] Group 2: Business Focus and Development - China Merchants Bank plans to engage in market-oriented debt-to-equity swaps and equity investment trials to enhance its comprehensive operational capabilities [4] - CITIC Bank aims to focus on strategic emerging industries and assist companies in reducing leverage through its AIC [4] - The business scope of AICs has evolved from strict debt-to-equity swaps to include direct investments and off-balance-sheet activities [4] Group 3: Performance Metrics - As of November 24, there are 629 AICs in total, with 62.9% at the first-tier holding level, indicating a concentration in the manufacturing, construction, and technology sectors [4] - The profit contribution of AICs to the major banks remains low, with a total profit of 7.191 billion yuan from the five major banks' AICs, accounting for only 0.55% of the overall profit [4] - Despite the current low profitability, the compound annual growth rate of profits for AICs from 2018 to 2024 is projected at 57.93%, suggesting potential for future growth [5] Group 4: Future Outlook - The entry of new players like Xingyin Investment is expected to bring changes to the AIC industry, with strategic partnerships already formed for project collaborations exceeding 10 billion yuan [6] - The ability of these companies to convert strategic plans into sustainable business models and contribute significantly to their parent banks' profits remains to be seen [6]