Core Viewpoint - The article highlights the increasing activity in the LP market, particularly focusing on the establishment of new funds and the aggressive investment strategies of various financial institutions, especially AIC and banks like China Bank, which are significantly contributing to the venture capital ecosystem in China [4][5]. Fund Establishments - AIC's investment strategy is expected to intensify this year, with each investment manager required to make investments, indicating a robust team ready to make impactful moves in the market [4]. - China Bank has launched a new AIC technology innovation fund in Shenzhen with a total scale of 50 billion RMB, contributing to the local venture capital ecosystem [5][7]. - In Shenzhen, multiple funds have been established, including a 36 billion RMB private equity fund and a 19 billion RMB industrial investment fund, collectively exceeding 100 billion RMB in new fund establishments this week [5][13]. - The Nanjing New Energy Venture Capital Fund has been established with a capital of 10 billion RMB, focusing on investments in the power, new materials, and battery sectors [8]. - The Beijing Anpeng Technology Innovation Automotive Industry Investment Fund has been set up with a capital of 19 billion RMB, aimed at enhancing opportunities in the automotive industry [9][10]. - The establishment of the 40 billion RMB Wudang Industrial Guidance Fund in Shiyan is expected to target the automotive manufacturing sector [11]. - The establishment of the 3.01 billion RMB Xiong'an Future Intelligent Robot Industry Investment Fund reflects the growing focus on robotics and technology innovation in the Xiong'an New Area [12]. - The Jiangsu Marine Economy Equity Investment Fund has been established with a capital of 20 billion RMB, indicating a growing interest in marine economy investments [20]. Fund Management and GP Selection - The Heilongjiang Modern Industry Investment Guidance Fund is seeking to select a management institution for its mother fund, focusing on sectors like digital economy and modern agriculture [35]. - The Zhejiang Green New Materials Fund is open for GP selection, with a focus on new generation information technology and high-end equipment, with a target scale of 40 billion RMB [36]. - The Nanjing Biomedical Research and Transformation Fund is inviting fund managers, with a focus on various segments within the biomedical field, with a committed scale of 1 billion RMB [37]. - The Zhengzhou Aviation Port Emerging Industry Development Fund is also seeking GP selection, targeting advanced manufacturing and strategic emerging industries [39].

Core Viewpoint - The expansion of the Financial Asset Investment Company (AIC) pilot program is accelerating, with three joint-stock banks announcing their participation within two days, indicating a significant shift in the banking sector towards equity investment [1][2]. Group 1: AIC Establishment and Expansion - China Merchants Bank (CMB) announced plans to invest RMB 15 billion to establish a wholly-owned AIC, while Citic Bank plans to apply for a similar company with an investment of RMB 10 billion [1]. - The initial registered capital for CMB's AIC will be RMB 15 billion, and upon successful establishment, it will become a wholly-owned subsidiary of the bank [1]. - Industrial Bank has also been approved to establish an AIC with a registered capital of RMB 10 billion, marking the sixth bank to enter the AIC space [1]. Group 2: Background and Regulatory Changes - Since 2017, the five major state-owned banks have established AICs primarily for debt-to-equity swaps and related support services, with recent expansions into equity investment [2]. - In September of the previous year, the regulatory body expanded the AIC pilot cities from Shanghai to 18 cities, easing restrictions on investment amounts and ratios [2]. - In March, the announcement was made to support eligible commercial banks in establishing AICs, allowing insurance funds to participate in equity investment trials [2]. Group 3: Strategic Importance and Financial Implications - CMB's president highlighted the bank's capital strength and experience in equity investment, indicating that establishing an AIC is significant for meeting corporate equity investment needs [2]. - The establishment of AICs is seen as beneficial for supplementing long-term capital and enhancing comprehensive service capabilities for commercial banks, particularly in direct equity investment and loan-equity linkage [2]. - CMB emphasized that the establishment of the AIC aligns with its business development needs and will enhance its integrated service capabilities without significantly impacting its financial status [3].

（原标题：再迎政策"松绑"！银行保险资金加力进入股权投资市场） 银行方面，自2024年9月，银行AIC股权投资试点由上海扩大至北京等18个城市以来，18个城市签约实 现了全覆盖，签约金额超过3500亿元。从出资情况来看，执中ZERONE数据显示，今年一季度，工银金 融资产投资有限公司出资4笔；建信金融资产投资有限公司出资2笔；交银金融资产投资有限公司共出资 了5笔。 今年3月5日，金融监管总局发布《关于进一步扩大金融资产投资公司股权投资试点的通知》，将金融资 产投资公司股权投资范围扩大至试点城市所在省份，此外，还支持符合条件的商业银行发起设立金融资 产投资公司，支持保险资金参与金融资产投资公司股权投资试点。 险资方面，在监管部门的引导下，保险资金正持续加大对创业投资的支持力度。记者通过执中ZERONE 查询了解到，今年一季度，险资作为LP（有限合伙人）共计出资143.22亿元，涉及7家投资机构，包括 珠海德弘投资、中信资本、中保投资、深投控资本、中金资本、中信建投资本等。其中阳光人寿保险股 份有限公司出资45亿元至中信资本，设立宸曦共赢（深圳）私募股权投资基金合伙企业（有限合伙）， 为2025年第一季度出资较 ...

雷石投资 雷石投资成立于2007年，是一家根植于中国的资产管理机构，帮助中国的投资者在股权投资市场进行资 产配置。 4月22-23日，由中国投资发展促进会、全国创投协会联盟指导，LP投顾、中国投资发展促进会创投专委 会、杭州市创业投资协会联合主办的"2025长期资本大会"在杭州举行。 大会期间，LP投顾正式发布《VC/PE机构A股退出报告(2024)》， 这是LP投顾连续第五年发布人民币基 金A股退出报告及"VC/PE机构真金白银榜"。凭借在股权投资领域的深耕布局及投后退出的优异表现， 雷石投资荣获LP投顾"真金白银退出榜"2024年度创业投资机构TOP11。 | 排名 | 机构名称 | | --- | --- | | 1 | 君联资本 | | 2 | 红杉中国 | | 3 | 启明创投 | | 4 | 英特尔投资 | | 5 | 顺为资本 | | 6 | 今日资本 | | 7 | 元禾控股 | | 8 | 浙科投资 | | 9 | TCL创投 | | 10 | 苏州国润创投 | | 11 | 雷石投资 | | 12 | IDG资本 | | 13 | 达晨财智 | | 14 | 捷创资本 | | 15 | 恒 ...

Core Viewpoint - The company’s 2024 annual report and Q1 2025 report meet expectations, with strong cement shipment capabilities and rising prices in East China, alongside significant contributions from equity investments and higher-than-expected dividends [1] Financial Performance - In 2024, the company achieved revenue of 5.448 billion, a year-on-year decrease of 14.83%, and a net profit attributable to shareholders of 627 million, down 15.70%. In Q1 2025, revenue reached 951 million, an increase of 4.64% year-on-year, with a net profit of 80 million, up 448% year-on-year, aligning with expectations [2] - The company’s cement and clinker sales for the year totaled 20.75 million tons, a decrease of 3.30% year-on-year, outperforming the industry as the national cement production fell by 9.50% in 2024 [2] Pricing and Profitability - In Q4 2024, the average price of cement and clinker was approximately 250 yuan per ton, an increase of 30 yuan per ton quarter-on-quarter, with a gross profit of about 62 yuan per ton, remaining stable [3] - The company expects continued price increases in East China, with profitability in Q1 2025 anticipated to be higher than the same period last year, showing month-on-month improvement [3] Investment and Dividends - The company has made significant strides in equity investments, focusing on sectors such as semiconductors, new energy, and new materials, with a total investment exceeding 1.7 billion across 24 quality projects [3] - In 2024, the company announced a cash dividend of 600 million, exceeding the previously promised 400 million, resulting in a dividend payout ratio of 96% and a dividend yield of 7.3%, leading the cement industry [3]

本文来自微信公众号： 秦朔朋友圈 （ID：qspyq2015） ，作者：秦朔，题图来自：AI生成 我有好几年没有到现场参加伯克希尔·哈撒韦公司的股东年会了。由于芒格前年11月去世，去年的年会上， 人们习惯的"二人转"已经停演。 失去了老友、今年8月30日就要95周岁的巴菲特，在年会上还能亮相多久？我有点担心，所以今年来到奥马 哈，参加了5月3日的年会。 一、能不能首先做个好人、长期做 个好人？ 以前年会是一天时间，8点半开始，先放一部电影，9点多开始问答，午休后，接着问答。今年8点开会，取 消了电影环节，巴菲特寒暄一阵后就进入问答环节，中间短暂休息，再问答，中午快两点时结束。 他头脑依然清醒，但精力明显不如以前，说话的中气也不太够了。显然，压缩会议时间很明智。 在问答的尾声，他突然宣布自己计划在年底退休，将提请董事会批准格雷格·阿贝尔正式接任CEO一职。自 1965年收购伯克希尔，他领导这家公司已整整60年。 今年年会有4万人参加。我们早上7点多一点开始在场外排队，差不多一个半小时才进场，里面座无虚席。 前一天晚上就有人排队，也有花150美元、200美元雇人代排的。我碰到的上海一位投资人说，他是让公司 年轻人 ...

Fundraising Summary - As of this week, there were 133 fundraising, investment, listing, and merger events, involving a total amount of 28.337 billion RMB [1] - This week, no new private equity fund managers were registered, and 8 were canceled, bringing the total for the year to 27 [2] - A total of 83 new funds were registered this week, with a total scale of 19.049 billion RMB, the largest being Zhaoying Zhengsheng (Shanghai) Private Fund Partnership, which raised 2.760 billion RMB [2] Investment Summary - There were 30 investment events this week, with 23 disclosing investment amounts totaling 6.98 billion RMB [6] - The largest investment event involved Guotou Chuangye Investment Management Co., leading an investment in Wuxi Zhixian Future Technology Co., amounting to several hundred million RMB [6] - Wuxi Zhixian focuses on engineering intelligent systems driven by multimodal large models, particularly in the semiconductor sector [6] M&A Summary - This week, there were 20 merger and acquisition events, with disclosed transaction amounts totaling 8.590 billion RMB [16] - The largest M&A event was the acquisition of 75% of Zhongjing Investment Holdings by Changjiang Industrial Investment Group for 2.776 billion RMB [16] - Zhongjing Investment Holdings is responsible for managing industrial funds and capital operations in Jingmen City, focusing on various sectors including agriculture, manufacturing, and finance [16] Listing Summary - There were no listing events this week [19]

同时，武汉将大力发展股权投资机构，吸引社会化股权投资机构在汉聚集发展；还将大力打造 股权投资基金矩阵；完善股权投资支持政策，营造宽松的股权投资发展环境。 他介绍，根据新措施， 将放宽政府投资基金对种子基金、天使基金的出资比例，最高可达 50% ；国资基金可与民营企业按1:1比例出资；不对单只基金、单个项目盈亏考核，综合评价 引导基金的整体效能； 种子期、天使期直投单个项目最高可允许100%亏损等 。 来源 / 长 江 日报 当前，中国母基金行业进入到更加健康有序的发展阶段，母基金向精细化管理方向发展。面对 错综复杂的行业形势和日新月异的环境变化，为了更好反映中国母基金行业的现状，提高中国 母基金行业的信息透明度，母基金研究中心在之前研究的基础上，梳理了2024年中国母基金 行业的发展情况和最新动向，并分析预测了行业最新发展趋势， 整理推出《2024年中国母基 金全景报告》，并在报告中梳理出中国股权投资行业机构LP全名单 。 4月27日，市人民政府新闻办公室召开"武汉市进一步促进民营经济高质量发展若干措施新闻 发布会"。 武汉市委金融委员会办公室副主任谢济全出席发布会并介绍，根据最新印发的《武汉市进一步 促进民 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 4月27日消息，近日，出品"六个核桃"的养元饮品披露一则对外投资公告，公司控制的芜湖闻名泉 泓投资管理合伙企业（有限合伙）（下称"泉泓投资"）以货币出资方式对长江存储科技控股有限责 任公司（下称"长控集团"）增资人民币16亿元！ 长江存储是一家半导体存储器研发商，是专注于3D NAND闪存设计制造一体化的IDM集成电路企 业，同时也提供完整的存储器解决方案。 河北养元智汇饮品股份有限公司（养元饮品）始建于1997年，专注植物蛋白饮料核桃乳的研发、生 产和销售业务。在 河北衡水、安徽滁州、江西鹰潭、河南漯河、四川简阳设有生产加工基地，是国 内产销规模领先的核桃乳企业。六个核桃是企业代表性产品。 根据公告，投资方出资人民币16亿元认购标的公司新增注册资本。本次投资款应用于标的公司的业务运 营和发展，包括但不限于预期业务扩展、资本支出和补充一般营运资金。 对于投资的目的，养元饮品称，本次投资能够推动公司探索股权投资的商业运营模式。在短期内对公司 经营成果不会构成重大影响，长期有利于增强公司的投资能力，更好 ...

文 | 银行螺丝钉 （转载请注明出处） 买主动基金，就是买基金经理。 不过目前市场上已经有几千位基金经理了。如果没有系统的方法论，只凭个人感觉进行挑选，会比较困难。 这里有一门限时免费的福利课程。螺丝钉通过两门图文课程，介绍了主动基金的投资方法。 想要获取这个课程，可以添加下方「课程小助手」为好友，给小助手发送「 主动基金 」领取哦～ ◆◆◆ 权等等。 其中，股权投资主要是针对非上市公司。 比如说一个人跟朋友一起开了一个公司， 每个人持股50%。 对一个企业家来说，他本身持有的很大一 部分资产，就是手里的股权资产。 最大的区别，是流动性的区别。 股票可以随时在交易所买入卖出，交易明 码标价。 股权投资流动性并不好，能不能买下来、 多少钱成交，都得是自己去谈。 (2) 投资周期 股票因为买卖方便，平均投资周期较短。 股权投资，一旦买下来，往往投资周期不 会太短，毕竟买卖非上市公司股权手续麻 烦，花费的精力也不小。 (3) 价格 而像我们平时投资的股票，更多的是在交 易所流通交易的。 股票投资和股权投资，有什么区别呢? (1) 流动性 ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...