12月5日，第15届21世纪创新资本年会在广州举办。本次活动由南方财经全媒体集团指导、21世纪经济 报道主办、21世纪创投研究院提供首席智库支持，本次活动还得到中宏保险的特别支持。 "股权投资的'DeepSeek时刻'，其实质是资本认知升级、生态重构的时刻。从追逐短期波动到锚定长期 价值，从单纯资金注入到生态价值共创，从个体利益最大化到多方价值共振。"朱克力说，当越来越多 的资本以"三位一体"的姿态，扎根实体经济、赋能科技创新、拥抱产业变革，不仅能为基金管理人和出 资人们带来更稳健、更可持续的投资回报，更能为我国高水平科技自立自强、为现代化产业体系建设、 为高质量发展大局，贡献资本市场最坚实、最持久的力量。 国研新经济研究院创始院长朱克力在圆桌座谈中表示，中国股权投资已走出单纯追逐短期收益的认知误 区，迈向"安心资本—耐心资本—开心资本"三位一体的价值共创新阶段。 （文章来源：21世纪经济报道） "耐心资本"是核心，穿越创新周期方能成就伟大企业。从顶层政策设计角度，中央反复强调解决"耐心 资本"不足的问题，正是看到了长期资本对科技创新的关键支撑作用。没有耐心资本的陪伴，许多具有 颠覆性潜力的技术可能在"死亡谷 ...

Core Viewpoint - WuXi AppTec reported a significant increase in revenue and net profit for the first three quarters of 2025, but underlying issues such as reliance on non-recurring income, stagnant domestic growth, and reduced R&D investment pose risks to its financial health [1][6]. Group 1: Financial Performance - The company achieved a revenue of 32.857 billion yuan, representing an 18.61% year-on-year growth [1][6]. - Net profit reached 12.076 billion yuan, showing a substantial increase of 84.84% compared to the previous year [1][6]. - Non-recurring gains contributed 2.553 billion yuan to net profit, indicating a reliance on non-core income sources [2][7]. Group 2: Profit Structure Concerns - The growth in net profit is heavily influenced by non-recurring income, which accounted for over 40% of the total, raising sustainability concerns [2][8]. - After excluding non-recurring items, the adjusted net profit growth rate fell to 42.51%, lagging behind peers like Kelaiying and Kanglong Huacheng [2][7]. Group 3: Geographic Revenue Disparities - Revenue from Chinese clients grew only 0.5%, indicating stagnation in the domestic market, while revenue from U.S. clients surged by 31.9% and European revenue increased by 13.5% [3][9]. - The company's heavy reliance on the U.S. market exposes it to geopolitical risks, particularly with potential regulatory changes like the U.S. Biosecurity Act [3][9]. Group 4: Business and Financial Pressures - Internal business segments showed uneven performance, with strong growth in chemical and TIDES businesses, while testing services remained flat and other segments declined by over 10% [4][10]. - R&D expenses decreased by 13.46%, which could impact long-term competitiveness in the innovation-driven pharmaceutical industry [4][10]. - Financial pressures are evident, with financial expenses shifting from a net gain to a loss of 191 million yuan, and short-term borrowings increasing by 324.9% compared to the end of 2024 [4][10]. Group 5: Strategic Challenges Ahead - The company faces a critical juncture: whether to continue relying on non-recurring income or to enhance core business competitiveness and profitability [5][11]. - The ability to adapt to geopolitical fluctuations and diversify its client base will be crucial for sustaining innovation and project conversion efficiency [5][11].

人民财讯12月5日电，企查查APP显示，近日，成都太保鑫健一期股权投资基金合伙企业(有限合伙)成 立，出资额约50亿元，经营范围包括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 权穿透显示，该企业由中国太保（601601）旗下中国太平洋人寿保险股份有限公司、太保私募基金管理 有限公司共同出资。 ...

南方财经记者观察到，"十四五"以来，广东围绕股权投资"募、投、管、退"全链条，密集出台一系列高 含金量政策举措，着力打通"科技—产业—金融"循环堵点，为资本精准赋能战略性新兴产业和未来产业 构建起坚实的制度支撑。 在政策引导、资本集聚与生态优化的同频共振下，广东正加速形成"以投促产、以退促投"的良性循环机 制：科技企业凭借硬核创新吸引资本青睐，资本通过多元化退出渠道实现高效回流，并迅速再投入下一 个创新主体。这一闭环不仅夯实了区域创新底座，也推动产业结构向更高附加值跃升，为打造高质量发 展的新质生产力引擎奠定坚实基础。 "耐心资本"重塑股权投融资格局 科技创新企业普遍具有技术迭代迅速、研发周期长、早期风险高等特征，其成长路径亟需具备长期视 野、能穿越市场周期的"耐心资本"提供全生命周期陪伴与深度赋能。 数据显示，截至2025年二季度，全国私募基金在广东辖区的在投项目达9678个，对应在投本金高达 5851.47亿元。其中，投向中小企业、高新技术企业及初创科技型企业的项目分别达6029个、5145个和 2249个，充分彰显私募基金"投早、投小、投科技"的功能定位正加速落地。 数据背后，是广东以政府引导基金、产业 ...

莱克电气公告称，公司与普通合伙人纵横金鼎及其他有限合伙人共同签署合伙协议，参与认购共青城金 棠创业投资合伙企业份额。合伙企业募资总规模拟为3205万元，公司以自有资金认缴2000万元，占比 62.4025%，拟对深圳云豹智能进行股权投资。近日，合伙企业已完成工商变更登记并取得营业执照， 但尚未完成中基协备案，投资存在不确定性。 ...

Group 1 - The core viewpoint of the report indicates that the investment asset scale of insurance companies reached 30.55 trillion yuan in 2024, reflecting a year-on-year growth of 16.93% and accounting for 91.85% of the industry's total fund utilization balance [2][4] - The investment structure of insurance companies is becoming more diversified, with bonds remaining the dominant asset class, holding 15.21 trillion yuan, which is 50.7% of the total, an increase of 4% from 2023 [2][3] - The report highlights a significant increase in investment returns, with over 60% of insurance companies achieving a comprehensive return rate of over 4.5%, and the median investment return rate positioned between 5% and 5.5% [4][5] Group 2 - Different types of insurance companies exhibit distinct asset allocation characteristics, with life insurance companies aligning closely with industry averages, while property insurance companies primarily focus on bonds and bank deposits [3][6] - The report notes that the scale of equity investments reached 1.92 trillion yuan by the end of 2024, representing 6.35% of total investment assets, with a year-on-year growth of 12.95% [4][5] - The growth rate of equity investment funds is particularly notable, with an increase of 36.2%, while insurance-related equity investments in unlisted companies also saw a growth of 29.76% [5][6] Group 3 - The talent structure within the asset management industry is gradually adjusting, with a total of 3,669 investment personnel across 201 surveyed insurance companies by the end of 2024, reflecting a growth rate of 1.36% [7] - The report indicates that the proportion of front, middle, and back office personnel varies among different types of insurance companies, with super-large life insurance companies showing an increase in front office personnel by 6% [7]

智通财经APP讯，协合新能源(00182)公布，于2025年12月3日交易时段后，协合资管(公司的全资附属公 司)及永州界牌(公司的全资附属公司)与江苏招银、泰康人寿保险及泰康养老保险就成立合伙企业订立合 伙协议。所有该等合伙人的出资承诺总额为人民币18.11亿元，其中该集团出资承诺总额为人民币5.5亿 元。合伙企业的目的为成立及营运该基金，以透过对被投资公司进行直接或间接的股权投资及╱或向其 提供股东贷款，为所有该等合伙人争取良好投资回报。 此外，该基金也可能会收购集团在中国大陆所投资的可再生能源项目，这将有力拓展集团"开发-建设- 出售-资产管理"的商业模式，增强在运项目资产调转与资金循环，提升集团内部资金的使用效率。 公告称，集团成立该基金将有力推动与大型保险资本的深度合作。集团将进一步发挥在新能源领域的深 厚经验与专业能力，提供包括投资机会和建议，以及对被投资项目的资产管理等专业服务，实现收入来 源的多元化;永州界牌为合伙企业的有限合伙人，在该基金满足对该等险资有限合伙人的资本出资及最 低资本回报分配后，有机会获取大部分的超额回报。 ...

Core Insights - Zhaoyin Financial Asset Investment Co., Ltd. (Zhaoyin Investment) officially opened in Shenzhen on December 2, with a registered capital of 15 billion RMB, making it the highest initial registered capital among bank-affiliated AICs [1] - Zhaoyin Investment's four main business models include debt-to-equity swaps, equity-for-debt exchanges, issuance of asset management products, and establishment of private equity investment funds [1] - The company will leverage the diverse financial resources of the China Merchants Group, including the rich equity investment experience of China Merchants International Capital and the mature technology finance system of China Merchants Bank [1] Business Development - The establishment process of Zhaoyin Investment was efficient, with the announcement made in early May, regulatory approval received in July, and official opening occurring in late November [1] - The rapid establishment was facilitated by a notice from the National Financial Regulatory Administration in March, which supported commercial banks in setting up financial asset investment companies [1] Industry Context - The number of bank-affiliated AICs in China has expanded to nine, with several banks, including China Merchants Bank, receiving approval to establish AICs this year [2] - The AIC is expected to become a significant channel for banks to engage in technology finance and equity markets, with potential innovations in venture capital, equity investment, and corporate restructuring [2] Performance Metrics - China Merchants Bank has positioned technology finance as a key direction for serving the real economy, reporting 169,700 technology enterprise clients as of mid-year, a 4.43% increase from the end of the previous year [2] - The loan balance for technology enterprises reached 696.205 billion RMB, reflecting a 17.91% increase compared to the end of the previous year [2] Management Team - The chairman and legal representative of Zhaoyin Investment is Lei Caihua, who is also the vice president of China Merchants Bank, overseeing the corporate finance sector [2] - The remaining four directors are from the first-level departments of China Merchants Bank, indicating a strong internal leadership structure [2]

企查查APP显示，近日，苏州东熹股权投资合伙企业（有限合伙）成立，出资额3.01亿元，经营范围包 含：股权投资；创业投资（限投资未上市企业）。企查查股权穿透显示，该企业由TCL科技旗下惠州市 东燊嘉岸股权投资合伙企业（有限合伙）等共同出资。 ...

Core Insights - The report indicates that the investment assets of insurance companies in China reached 30.55 trillion yuan in 2024, reflecting a year-on-year growth of 16.93% and accounting for 91.85% of the industry's total fund utilization [2][4]. Group 1: Asset Growth and Allocation - The investment asset scale of insurance companies has shown steady growth, with a significant portion still concentrated in the bond market, holding 15.21 trillion yuan in bonds, which is 50.7% of the total [2][3]. - The allocation structure is becoming more diversified, with stock investments and public funds (excluding money market funds) totaling 5.6 trillion yuan, and cash and liquid assets at 3.11 trillion yuan [2][3]. - The growth rates for various asset categories are notable, with mixed products (stocks and hybrids) growing by 43.25%, stocks by 30.60%, and credit bonds by 27.92% [2]. Group 2: Investment Returns - The overall investment returns for insurance companies have significantly improved, with over 60% of companies achieving a comprehensive return rate of over 4.5% [4]. - The median investment return rate is between 5% and 5.5%, with 34% of companies reporting returns above 6% [4]. - Companies with comprehensive return rates exceeding 7% tend to have a higher allocation in interest rate bonds, indicating a stable asset structure supporting returns [4]. Group 3: Equity Investment Trends - By the end of 2024, the equity investment assets of surveyed insurance companies reached 1.92 trillion yuan, representing 6.35% of total investment assets, with a year-on-year growth of 12.95% [4][5]. - The growth rate of equity investment funds is particularly strong, with an increase of 36.2%, while insurance-related equity investments in unlisted companies grew by 29.76% [5][6]. - Different types of insurance companies exhibit distinct preferences in equity investment, with life insurance companies favoring equity investment funds, while property insurance companies lean towards non-insurance unlisted company equity [6]. Group 4: Talent Structure and Development - The number of investment personnel in the surveyed insurance companies reached 3,669 by the end of 2024, with a slight growth rate of 1.36% among the companies surveyed from 2022 to 2024 [7]. - The distribution of personnel shows that larger life insurance companies and insurance groups have a higher proportion of middle-office staff, while front-office staff proportions have decreased in some cases [7].