2 0 2 5年4月8日，上海交通大学迎来了1 2 9周年生日。 1 8 9 6年，上海交通大学以南洋公学之名创立于民族危难之际，秉承"自强首在储才，储才必先 兴学"建校理念，率先形成中西融汇、求实致用的教育思想，开中国近代新式教育之先河。跨 越三个世纪的上海交通大学，因图强而生、因改革而兴、因人才而盛。建校1 2 9年以来，奋战 在各地、各行各业的交大人，为祖国繁荣昌盛和人类社会进步作出了卓越贡献。 交大创造了中国近现代发展史上的诸多 "第一"：中国最早的内燃机、最早的电机、最早的中文 打字机等；新中国第一艘万吨轮、第一艘核潜艇、第一艘气垫船、第一艘水翼艇、自主设计的 第一代战斗机、第一枚运载火箭、第一颗人造卫星……都凝聚着交大师生和校友的心血智慧。 据《新财富》的统计，在针对国内独角兽的统计中， 几乎每 1 5家独角兽（估值超过1 0亿美元 的 初 创 公 司 ） 就 有 1 家 来 自 上 海 交 大 ， 交 大 系 独 角 兽 数 量 排 名 全 国 第 二 。 《 新 财 富 》 更 观 察 道 ： 交 大 系 独 角 兽 企 业 ， 虽 然 其 数 量 不 足 清 华 系 ， 但 估 值 是 清 ...

Investment Rating - The report indicates a cautious yet strategic investment environment in the Chinese private equity market for 2024, emphasizing a shift towards sectors aligned with national priorities such as hard technology and advanced manufacturing [6][7]. Core Insights - The Chinese private equity industry is undergoing structural changes due to valuation adjustments, geopolitical tensions, and a sluggish IPO market, leading to a focus on value creation rather than mere valuation multiples [6]. - State-owned capital and government-guided funds have emerged as the primary sources of funding in the private equity market, compensating for the withdrawal of foreign capital [7][24]. - Despite an overall decline in the market, certain high-tech sectors, particularly semiconductors and advanced manufacturing, continue to attract significant investment [8][41]. - The IPO market remains constrained, prompting a shift towards mergers and acquisitions as alternative exit strategies [10][49]. Summary by Sections 2024 China Private Equity Market Overview - The private equity market in China is navigating through a challenging fundraising environment, with new fund registrations dropping by 44% year-on-year to 4,143 funds and total fundraising declining by 30% to RMB 269 billion [14]. - The total number of existing private equity funds reached 55,000, with a total scale of RMB 14.3 trillion, remaining stable compared to the previous year [14]. Market Insights - The fundraising landscape is increasingly dominated by state-owned and government-guided funds, which have seen a 50% increase in the number of contributions and a 35% increase in the amount contributed compared to 2023 [24]. - The report highlights a significant shift in investment strategies, with private equity firms forming partnerships with state-owned enterprises and sovereign wealth funds to adapt to the new market conditions [6][7]. 2024 China PE/VC Market Investment Situation - Investment activity in the Chinese private equity market has seen a slight decline, with venture capital transactions maintaining a high level of activity, accounting for over 76% of total transactions [36]. - Notable investments include significant funding rounds in high-tech sectors, with the semiconductor industry receiving over RMB 130 billion in investments [41]. 2024 China PE/VC Market Exit Situation - The report notes a growing trend towards mergers and acquisitions as exit strategies, with 376 private equity funds successfully exiting through M&A, marking a 23% increase from the previous year [49]. - The number of IPO exits has significantly decreased, with only 36% of exits occurring through IPOs in 2024, down from 68% in 2021 [54].

将投中网设为"星标⭐"，第一时间收获最新推送 我了解到的情况是，他们都属于第九期"中科创星·硬科技冠军企业创业营"学员。在过去一年的时间里，他们在中科创星的组织下，从"最牛风投城 市"合肥启程，又在上海、福州、成都及云南深入学习，最终在"硬科技之都"西安完成"硬科技创业者第一课"。 这种面向硬科技创业者的盛会，已经持续了数年之久。早在 2015 年，中科创星便设立了硬科技冠军营，想通过免费的系列课程、多样化的活动等形 式，帮助科学家成长为企业家，培育一批具备全球竞争力的硬科技冠军企业，助力推动国家科技自立自强。 中科创星坚持做这件事背后的逻辑是：在科技成果转化的当前发展阶段，不少科技型企业的创业者由科学家转型而来。对于这部分创业者而言，急需与 公司发展阶段适配的企业家思维和技能，但是目前能提供此类优质服务的机构不多。 "即便不能通过硬科技冠军营把科学家都培养成企业家，但能让他们和职业经理人或商业合伙人达到和平共处、相互理解的状态，也是很大的进步。" 中科创星创始合伙人李浩告诉我，"而从长远来看， 理想的状况是，科学家直接把专利技术转让给科技型企业，由企业做产业化的事，而科学家专注从 0 到 1 的科研工作。" ...

此外，首程控股还在公告中指出，"公司将始终秉持长期投资理念，无论在市场低迷时持续投入，还是 在繁荣期与企业共同成长，我们将通过战略性投资和资源整合，协助所投企业在波动中稳健前行。未 来，本公司将加大在机器人领域的投资力度，专注于中国最具竞争力的顶尖企业，并力争打造强大的投 资组合。" 不难看出，在机器人产业争议与机遇并存的当下，首程控股以"三个坚定"诠释了责任投资与长期主义的 内涵，展现出穿越行业波动的定力。对于投资者而言，这家既有基建资管基本盘，又手握机器人产业船 票的企业，或许正是穿越周期的优质选择。 "三个坚定"背后，精准捕捉科技革命奇点 实际上，早在6、7年前，首程控股便开始探索产投结合新模式，瞄准"硬科技"潜力赛道展开布局，先后 命中了智能电动汽车与机器人两大热门领域。 2025年，"具身智能"和"智能机器人"首次被写进《政府工作报告》。这标志着伴随数字技术赋能向"智 能+实体"融合演进步入崭新阶段，机器人与具身智能已成为中国培育未来产业的重要方向以及全球科 技竞合的关键领域。 以今年爆火的人形机器人市场来看，根据Markets and Markets预测，该市场规模有望从2023年的18亿美 元增 ...

Core Viewpoint - The manufacturing PMI has shown a slight recovery, indicating a mixed economic outlook with strengths in the manufacturing sector and weaknesses in the construction industry [2][4][5]. Group 1: PMI Data Overview - The manufacturing PMI for March is reported at 50.5%, an increase from the previous value of 50.2% [2][16]. - The production index stands at 52.6%, up by 0.1 percentage points from 52.5% [16]. - The new orders index has risen to 51.8% from 51.1%, while the new export orders index is at 49.0%, slightly up from 48.6% [16]. - The employment index is at 48.2%, down from 48.6%, indicating a contraction in employment [16]. - The supplier delivery time index is at 50.3%, down from 51.0%, and the raw material inventory index is at 47.2%, slightly up from 47.0% [16]. Group 2: Sector Performance - The construction sector's PMI is at 53.4%, down from 56.2% year-on-year, indicating a slowdown [5][10]. - The construction employment index has dropped to 41.4% from 45.6%, reflecting a significant decline in workforce [10]. - The new orders index for construction is at 43.5%, down from 46.8%, highlighting ongoing demand concerns [10]. - The basic raw materials PMI is at 49.3%, down from 49.8%, influenced by the weak construction sector [10]. Group 3: Economic Assessment - The comprehensive PMI index for Q1 is at 50.9%, higher than Q4 2023 and Q3 2024, but lower than Q4 2024 and Q1-Q2 2024 [3][13]. - The manufacturing sector shows strength, particularly in the midstream equipment manufacturing, with a PMI of 52% [4][9]. - The EPMI index for March is reported at 59.6%, indicating robust performance in the equipment manufacturing sector [4][9].

Group 1 - The "Beijing Returned Overseas Students Blue Book" was released, presenting trends in talent mobility and innovation effectiveness among returnees in Beijing [1] - As of 2024, the estimated number of returned overseas students in Beijing is 1.2285 million, with over 76% holding master's or doctoral degrees [1] - More than 60% of returned students studied in the United States and the United Kingdom, primarily working in science and technology, economics, and education [1] Group 2 - 78% of returned overseas students are employed in Beijing, while 14.2% are engaged in innovation and entrepreneurship [1] - Among those employed, 60% are in emerging industries such as artificial intelligence, healthcare, and smart vehicles [1] - Over 80% of those in innovation and entrepreneurship are contributing to new productivity and emerging industries, focusing on technological and business model innovation [1] Group 3 - In 2024, 32.2% of founders or co-founders of 115 unicorn companies in Beijing have overseas study experience, with a focus on hard technology sectors [2] - A significant number of returned overseas students are key contributors in universities and research institutions in Beijing, leading to breakthroughs in technology innovation [2] - Among the Chinese Academy of Sciences members working in Beijing, 75% have overseas study experience, while 47% of the Chinese Academy of Engineering members also have such backgrounds [2]

Core Viewpoint - The launch of multiple Science and Technology Innovation Board (STAR Market) index-enhanced funds indicates a strong interest from fund companies in equity funds, which is expected to bring incremental capital to the A-share market [2][11]. Group 1: Fund Launch and Market Impact - Over 10 STAR Market index-enhanced funds were approved and quickly launched for sale, showcasing efficiency in the process [3][6]. - As of March 29, approximately 70 equity funds are in the issuance phase, indicating a robust pipeline that could provide continuous capital inflow into the A-share market [2][11]. - The first batch of STAR Market index-enhanced funds is set to officially start sales on April 1, with a focus on combining index tracking with active management to potentially exceed index returns [7][11]. Group 2: Fund Characteristics and Strategies - The STAR Market index covers a wide range of companies, including AI chips, biotechnology, and high-end manufacturing, which helps mitigate risks associated with over-concentration in a single industry while targeting high-growth sectors [3][11]. - Fund companies are leveraging advanced strategies, such as using big data and AI algorithms, to create alpha returns while effectively tracking the index [8]. - The STAR Market index is viewed as a core investment tool for investors looking to capitalize on China's technological innovation and growth potential [11]. Group 3: Broader Fund Trends - The popularity of index-enhanced funds is part of a broader trend, with many fund companies also focusing on other types of funds, such as dividend-themed and industry-specific ETFs [12]. - The total fundraising amount for newly established funds in 2023 has reached 249.7 billion yuan, with equity products accounting for approximately 109.9 billion yuan, reflecting significant year-on-year growth [13].

Market Overview - The report indicates that the A-share market is currently experiencing a phase of adjustment, influenced by uncertainties related to overseas tariffs and the upcoming earnings season, suggesting that the downward trend may not yet be over [3][9] - The total trading volume in the market remains below 1.2 trillion yuan, indicating a lack of strength in the overall rebound, with market participants showing a cautious sentiment [3][11] Industry Insights - Data from the National Bureau of Statistics shows that in January-February 2025, the total profit of industrial enterprises above designated size was 910.99 billion yuan, a year-on-year decrease of 0.3%. For the entire year of 2024, the total profit was 74,310.50 billion yuan, down 3.3% year-on-year, although December 2024 saw a turnaround with profits increasing by 11.0% compared to November [4][9] - The chemical sector has shown strength, particularly with the price of chemical products like double-seasoned tetramethylol increasing significantly, from 20,000 yuan per ton in October 2024 to 55,000 yuan per ton in March 2025, marking a 175% increase [8] Investment Strategy - The report suggests avoiding stocks that have been excessively speculated without clear earnings support, while focusing on sectors expected to outperform during the earnings season [5][10] - It recommends positioning in sectors such as large financials, cyclical stocks, and high-dividend or undervalued consumer stocks during market dips, while maintaining flexibility in trading strategies to capitalize on market fluctuations [5][10] Future Outlook - The report anticipates that the current market adjustment may create favorable buying opportunities in the future, with a medium to long-term positive outlook supported by economic resilience and ongoing policy support [4][10] - The overall market sentiment is expected to remain cautious in the short term, but the potential for a gradual recovery exists, indicating a slow bull market trend [10]

Core Viewpoint - The industrial enterprises' profits showed a slight decline in January-February, with a year-on-year decrease of 0.3%, compared to a decline of 3.3% for the entire previous year [1][18]. Summary by Sections Industrial Profit Data - In January-February, the profits of industrial enterprises above designated size decreased by 0.3% year-on-year, while the inventory increased by 4.2% compared to the previous year [1][18]. - The profit margin for January-February was 4.53%, slightly lower than the 4.67% in the same period last year [19]. Industry Performance - The mining industry experienced a significant decline with a growth rate of -25.2%, while manufacturing saw a recovery with a growth rate of 4.8% [2][23]. - Notable growth in manufacturing sectors included agricultural and sideline food processing (37.8%), non-ferrous metal processing (20.5%), and transportation equipment (88.8%) [2][23]. Revenue Analysis - The revenue of industrial enterprises increased by 2.8% year-on-year in January-February, with the midstream sector showing strong performance at 8.1% growth [3][7]. - The upstream manufacturing sector's revenue growth was only 0.73%, while downstream manufacturing grew by 1.67% [3][7]. Factors Influencing Performance - Three main factors contributed to the revenue growth: strong export performance, new policies promoting equipment updates, and advancements in "hard technology" [4][10]. - The export delivery value of the equipment manufacturing industry grew by 7.23% in January-February, with significant contributions from sectors like railways and aerospace [4][10]. Future Outlook - The main uncertainty for the midstream equipment manufacturing sector comes from export dependency, which is at 21.1% for 2024 [15]. - Despite the uncertainties, the expected revenue growth for the equipment manufacturing sector is anticipated to be better than last year due to substantial domestic policy support and increased capital expenditure in "hard technology" [15].

Core Viewpoint - The approval of 14 funds related to the Science and Technology Innovation Board Index (科创综指) marks a significant expansion of index investment tools, providing investors with more options to invest in the hard technology sector [1][2][3]. Group 1: Fund Approval and Market Impact - On March 27, 14 funds, including 11 enhanced index funds and 3 index funds, received regulatory approval, indicating a growing interest in the 科创综指 [1][2]. - The total scale of products related to the 科创综指 has exceeded 20 billion yuan, reflecting strong market demand and the index's role as a key tool for capital market support of technological innovation [1][5]. Group 2: Characteristics of the 科创综指 - The 科创综指 covers 565 stocks, representing 97% of the listed companies on the Science and Technology Innovation Board, providing a rich pool of investment targets [3][4]. - The index features a diversified market capitalization style, with an average market capitalization of 12.6 billion yuan and a median of 4.8 billion yuan, aligning closely with the overall market [4]. - The industry distribution within the index is broad, focusing on strategic emerging industries such as electronics, biomedicine, and power equipment, while also including high-growth sectors like computing and military [4]. - The concentration of major stocks is low, with the largest stock weight at only 4.91%, and the top ten stocks accounting for 23.34% of the index [4]. Group 3: Future Outlook and Investment Potential - The launch of the 科创综指 is seen as a vital tool for investors to tap into the growth potential of hard technology sectors, facilitating a positive cycle between technology, industry, and finance [5][6]. - As of the end of 2024, products tracking the 科创板 related broad-based indices are expected to reach a scale of 208.7 billion yuan, representing 7.15% of the total free float market capitalization of the 科创板 [6].