Group 1 - The core viewpoint of the articles highlights the ongoing effects of the policies introduced by the China Securities Regulatory Commission to deepen the reform of the Sci-Tech Innovation Board, which is aimed at supporting technological innovation and new productivity development [1] - The Sci-Tech Innovation Board has seen an increase in IPO applications, with companies like Ningbo Jianxin Superconducting Technology Co., Ltd. and others being accepted for listing, indicating a clear trend towards "hard technology" in the A-share market [1] - Jianxin Superconducting is recognized as the largest independent supplier of superconducting magnets globally, focusing on the core components of MRI equipment, and has achieved self-designed and large-scale production of mainstream zero-evaporation superconducting magnets [1] Group 2 - Jianxin Superconducting plans to raise 865 million yuan through its IPO, with the funds allocated for projects including the annual production of 600 sets of liquid helium-free superconducting magnets and technological upgrades for high-field medical superconducting magnets [2] - The company has developed the world's first "1.5T liquid helium-free superconducting magnet system," establishing a leading position for China in this next-generation technology [1]

Group 1 - Multiple thematic industrial funds have been established in various cities across China, including a ginseng industry fund in Jilin, an agricultural technology venture fund in Suzhou, and an XR industry fund in Xi'an [1][3][8] - The Guangdong province plans to create an industrial investment fund system with a total scale exceeding 1 trillion yuan, including a provincial fund of over 100 billion yuan, focusing on early-stage investments and hard technology [2] - The Hunan low-altitude industry development fund has been established with a total scale of 1 billion yuan, targeting the low-altitude economy and related sectors [4] Group 2 - The Jilin ginseng industry fund has a fundraising scale of 1.2 billion yuan, focusing on key areas such as technological transformation and brand building within the ginseng industry [3] - The Suzhou agricultural technology venture fund has a total scale of 2 billion yuan, concentrating on high-end agricultural machinery and digital agriculture [5] - The Xi'an XR industry fund has a scale of 100 million yuan, focusing on XR technology development and content creation [8] Group 3 - The Hunan low-altitude industry fund aims to support the development of over 20 enterprises in the low-altitude economy by 2025, with a target total output value of approximately 160 billion yuan [4] - The Qizhou merger and acquisition mother fund has a registered scale of 2 billion yuan, focusing on key industrial chains and emerging industries [10] - The Qianhai data industry fund has a total scale of 500 million yuan, targeting various data-related sectors [9]

智通财经5月9日电，深圳市地方金融管理局、中国证券监督管理委员会深圳监管局印发《深圳市关于发 挥资本市场作用 建设产业金融中心行动方案（2025-2026年）》，支持科技企业多元股权融资，服务高 水平科技自立自强。聚焦新质生产力建立健全科技企业库，搭建"链主"科技企业引领、"专精特新"企业 支撑、科技型中小企业筑基的科技企业梯度培育机制。支持"硬科技"企业用好上市融资、并购重组 等"绿色通道"政策。支持深圳证券交易所加大科创相关制度供给，丰富并购重组支付及融资工具，健全 股权激励和员工持股制度。 深圳：支持"硬科技"企业用好上市融资、并购重组等"绿色通道"政策 ...

Core Viewpoint - The Shenzhen Municipal Bureau of Local Financial Supervision and the Shenzhen Regulatory Bureau of the China Securities Regulatory Commission jointly issued the "Shenzhen Action Plan for Leveraging Capital Markets to Build an Industrial Financial Center (2025-2026)" focusing on nurturing patient capital to support the development of new productive forces [1] Group 1 - The plan emphasizes the cultivation and expansion of patient capital to serve the development of new productive forces [1] - It targets key industries and sectors, particularly artificial intelligence, new energy, and biomedicine, under the "20+8" industrial framework [1] - The initiative aims to continuously improve support policies for long-term investments, particularly in hard technology [1] Group 2 - The plan encourages the standardized development of angel investment, venture capital, and private equity investment [1] - It promotes state-owned and government investment funds to become more responsible long-term, patient, and bold capital [1] - The initiative seeks to guide multi-level social financial capital to establish long-cycle performance assessments, incentive constraints, and error-tolerance mechanisms [1] Group 3 - The plan advocates for diverse entities to participate in venture capital and supports "chain master" enterprises in conducting corporate venture capital (CVC) [1] - It aims to improve multi-exit mechanisms and actively carry out pilot projects for the transfer of private equity and venture capital shares [1] - The initiative supports government funds and social capital in establishing merger funds and private equity secondary market funds to promote a virtuous cycle of "technology-industry-finance" [1]

Group 1 - The domestic M&A market is experiencing a surge, with significant transactions such as Anta's acquisition of Jack Wolfskin and Tongcheng Travel's purchase of Wanda Hotel Management [1][2] - Local state-owned enterprises are increasingly establishing M&A funds, with Zhejiang planning a 10 billion yuan fund and Shanghai's state-owned M&A fund matrix exceeding 50 billion yuan [1][6] - The current M&A wave is driven by policy support aimed at optimizing industrial structure, with local governments using M&A funds as a new model for attracting investment [2][4] Group 2 - The Chinese M&A environment is maturing, with private equity firms becoming active participants, particularly as macroeconomic growth slows [3][4] - Key factors driving M&A include slowing GDP growth, the transition of family businesses to modern management, and the need for industry leaders to consolidate [3][4] - The current M&A focus is on restructuring and extending industrial chains, contrasting with previous waves that prioritized market value enhancement [4][5] Group 3 - Local governments view M&A funds as a means to attract businesses and facilitate technology upgrades in traditional industries [6][7] - M&A funds can help listed companies enhance their core businesses and integrate resources within the industry chain [7][8] - Challenges remain in the Chinese M&A market, particularly regarding the lack of leverage tools and exit mechanisms compared to the US market [8][9] Group 4 - Local state-owned capital is participating in both M&A mother funds and direct investment funds, with a preference for mother funds due to their advantages in risk diversification and long-term planning [9]

Core Viewpoint - The article discusses the significant investment made by Yangyuan Beverage in Changjiang Storage, highlighting the strategic move into the hard technology sector and the implications for both companies involved [4][10]. Investment Details - Yangyuan Beverage invested 1.6 billion RMB to acquire a 0.99% stake in Changjiang Storage, which was valued at 161 billion RMB [6][10]. - This investment was finalized in December 2023 but had been completed 17 months prior, indicating a long period of confidentiality [4][5]. - Following this investment, Yangyuan became the eighth largest shareholder of Changjiang Storage, which is primarily backed by state-owned enterprises [7]. Market Context - The investment reflects a broader trend of companies diversifying into high-tech sectors, particularly in response to competitive pressures and market changes [4][12]. - Changjiang Storage has faced significant challenges, including being placed on the U.S. Entity List, which restricts its supply chain and production capabilities [7][8]. Company Performance - Yangyuan Beverage has seen a decline in revenue and profit since 2018, prompting the need for diversification and investment in new sectors [13][14]. - The company has previously focused on marketing its flagship product, "Six Walnuts," but has struggled to maintain growth in a changing consumer landscape [12][13]. Future Prospects - The investment in Changjiang Storage is part of Yangyuan's broader strategy to explore high-tech investments, including semiconductor and data-related sectors [15][16]. - The article suggests that while the investment could provide leverage and growth opportunities, many companies still face challenges in developing effective investment strategies [16].

出品：新浪财经创投Plus 编辑整理：shu 基于公开数据不完全统计，2025年4月境内新增登记私募股权、创业投资基金管理人共12家，环比回落36.8%；新增备案私募股权投资基金、创业投资基金 合计417只，同比、环比均增长近20个百分点。 从投资阶段来看，元禾控股的关注重点依旧是早期阶段，参投Pre-A轮和A轮融资事件数占比约66.7%。高端电子元器件专业代理商「开步电子」全资子公 司「桂林实创」的数千万元战略融资轮，由元禾控股旗下的工业母机产业投资基金独家投资。从所关注的行业赛道来看，元禾控股本月一半投资聚焦生产制 造赛道的机械设备领域，先进制造的获投项目约占三分之一，均为智能装备公司。 国内一级股权投资市场共发生518起融资事件，环比增长10.0%，同比却下降16.0%；披露总融资额约232.27亿元，对比2024年4月近乎"腰斩"，较2025年3月 缩水21.8%；平均单笔融资额约4483.91万元，仅较最低点略高761.53万元。 机构加速出清，募投端均出现量增价减的趋势。新浪财经创投Plus本月聚焦市场活跃度较高的3家机构，围绕其投资节奏、阶段、行业偏好以及被投项目等 方面展开解读。 联合太仓市政 ...

Group 1 - In April 2025, there were 12 new registered private equity and venture capital fund managers in China, a month-on-month decrease of 36.8% [1] - A total of 417 new private equity and venture capital funds were filed, showing a year-on-year and month-on-month increase of nearly 20 percentage points [1] - The domestic primary equity investment market recorded 518 financing events, a month-on-month increase of 10.0%, but a year-on-year decrease of 16.0% [1] Group 2 - The total disclosed financing amount was approximately 23.227 billion yuan, nearly halved compared to April 2024 and down 21.8% from March 2025 [1] - The average single financing amount was about 44.8391 million yuan, slightly above the lowest point by 761.53 thousand yuan [1] - Investment institutions are continuously clearing out, with both fundraising and investment showing an increase in volume but a decrease in price [1] Group 3 - Zhongke Chuangxing, founded by the Xi'an Institute of Optics and Fine Mechanics, has a cumulative fund size exceeding 11 billion yuan, focusing on hard technology fields [2] - As of the end of April 2025, Zhongke Chuangxing registered only one new fund, with a registered capital of 22.01 million yuan [2] - Zhongke Chuangxing disclosed 10 equity investment events during the reporting period, a significant month-on-month increase of 42.9% [2] Group 4 - 80% of the projects Zhongke Chuangxing invested in this month were in the early stage, with 60% in Series A [4] - The sectors of new materials, new energy, and enterprise services accounted for 80% of the invested companies [4] - Zhongke Chuangxing also invested in innovative drug company Saiyun Biotechnology and high-precision optical component company Zhiwei Optics, solidifying its layout in healthcare and manufacturing sectors [4] Group 5 - Kai Fu Optoelectronics, a developer of efficient and stable perovskite solar cells, recently completed angel round financing led by Zhongke Chuangxing [6] - The funds will be used to accelerate the industrialization of their core product, addressing challenges in the manufacturing process of large-area perovskite films [6] - Established in May 2023, Kai Fu Optoelectronics focuses on large-area perovskite film crystallization technology and has undertaken a national key research and development plan [6][7]

Core Viewpoint - The article emphasizes the rapid growth and significance of the Sci-Tech Innovation Board (科创板) in China's economic transformation, highlighting its role as a breeding ground for new productive forces and a witness to the fast development of high-tech sectors in China [2][4]. Group 1: Growth of Sci-Tech Innovation Board - Since its inception, the number of listed companies on the Sci-Tech Innovation Board has increased more than sevenfold, reaching 585 companies, while the total market capitalization has grown over eightfold to approximately 8309.175 billion yuan as of March 11, 2025 [2]. - The board is seen as a crucial force in the development of new productive forces, aligning with China's economic transformation [4]. Group 2: Industry Distribution and Characteristics - The Sci-Tech Innovation Board includes a diverse range of industries, with a significant focus on "hard technology," covering 17 primary industries such as electronics, biomedicine, and computer technology [16][18]. - The distribution of companies is balanced, with 44.5% in electronics, 15.2% in biomedicine, and 9.7% in computing, indicating a strong presence in emerging sectors [18]. Group 3: Investment Products and Strategies - The article introduces various investment products targeting the Sci-Tech Innovation Board, including the comprehensive ETF and Smart Beta indices, which aim to capture overall investment opportunities and enhance alpha returns through quality and valuation metrics [10][22][26]. - The Sci-Tech 200 Index focuses on smaller-cap stocks, with 82% of its sample stocks having a market capitalization below 10 billion yuan, indicating growth potential in smaller companies [27][28]. Group 4: Performance Metrics - The performance of the selected indices since 2020 shows significant volatility, with the Smart Beta index achieving a return of 78.76% in 2020, followed by varying returns in subsequent years [25]. - The article highlights the importance of focusing on companies with strong innovation capabilities and consistent R&D investment to ensure stable performance [23].

业界近期高度关注的债市"科技板"迎来新进展，相关政策细节正式披露。 近日，中国人民银行、中国证监会联合发布关于支持发行科技创新债券有关事宜的公告(中国人民银行 中国证监会公告〔2025〕8号，以下简称《公告》)，从丰富科技创新债券产品体系和完善科技创新债券 配套支持机制等方面，对支持科技创新债券发行提出若干举措。 此前，中国人民银行行长潘功胜3月6日在十四届全国人大三次会议经济主题记者会上表示，将创新推出 债券市场"科技板"，支持金融机构、科技型企业、私募股权投资机构等三类主体发行科技创新债券，丰 富科技创新债券的产品体系。随着《公告》的发布，相关政策细节"浮出水面"。 "央行联合证监会、科技部等部门创新推出债券市场'科技板'，标志着我国金融支持科技创新进入新阶 段。"中信证券首席经济学家明明在接受《金融时报》记者采访时表示，从支持科创债发行到创设债券 科技板，建立多层次债券产品体系将更进一步，债市"科技板"有望精准匹配不同生命周期科技企业的融 资需求，为实体经济注入更强创新动能。 聚焦"硬科技"形成资金良性循环 从更长远角度来看，债市科技板聚焦"硬科技"属性，符合国家战略导向，能吸引更多机构投资者关注， 形 ...