今年年初，国务院办公厅印发《关于促进政府投资基金高质量发展的指导意见》（国办发〔 2 0 2 5〕1号）， 首次 从国家层面明确提出 "鼓励发展私募股权二级市场基金（S基金）"， 这 份被业内称为 "S基金 发展春天的标志 "的文件，要求"优化政府投资基金份额转让业务流程和 定价机制" 。 S基金这池水，真的热起来了。 我们关注到，最近这一年多，各地国资 S基金的设立十分火热： 从设立目的上来看，多数国资 S基金的设立目的主要是为了承接过往投资的基金和项目份额。 我们认为，这有利于在人民币S基金市场中起到示范性带动作用，推动私募二级市场出现更多 专业化的国资S基金，进一步畅通股权投资行业退出渠道。 各地国资 S基金的井喷离不开政策的东风频吹： 这是比较突破性的举措，我们此前就分析过，由于一级市场上最大的 LP群体政府投资基金并 没有大规模入场参与S交易，中国S基金的发展一直属于早期阶段，规模尚小。而定价及资产评 估体系的不确定性是他们参与交易的一大障碍。随着 国办一号文 的出台，我们预计接下来针 对如何完善政府投资基金评估体系、优化份额转让的业务流程与定价机制会有更加科学的指导 出现，这也将为私募股权二级市场 ...

Core Viewpoint - The 2025 China Fund of Funds Conference highlighted the evolving landscape of the fund industry, emphasizing the need for innovative strategies and collaboration to navigate challenges in fundraising and investment exits [6][31]. Group 1: Conference Overview - The conference took place on September 26, 2025, in Suzhou Wujiang, organized by the Fund of Funds Research Center, attracting over 200 representatives from government, industry associations, and leading investment institutions [1]. - The event featured significant discussions on optimizing the private equity fund ecosystem and enhancing the synergy between capital and industry [4][9]. Group 2: Keynote Speeches - Gu Haidong, the Executive Vice Mayor of Suzhou, emphasized the city's commitment to enhancing the private equity fund ecosystem and fostering capital-innovation synergy [4]. - Tang Jincao, founder of the Fund of Funds Research Center, called for the development of "reassuring capital" that balances risk tolerance and long-term investment characteristics [6][7]. - The conference showcased Suzhou's robust capital ecosystem, with strong performance in fund establishment, financing events, and IPOs in the first half of 2025 [7]. Group 3: Investment Opportunities - Wujiang has established itself as a favored investment destination, with over 540 equity investment funds totaling more than 2,300 billion yuan, focusing on high-end equipment and emerging industries [9]. - The signing of several key agreements during the conference marked a significant milestone for the Suzhou Bay Venture Capital One, attracting top investment institutions and enhancing its capital base [12][14]. Group 4: Sub-Fund Initiatives - The conference included the establishment of seven specialized sub-funds focusing on strategic emerging industries, with a total scale exceeding 6.5 billion yuan [14]. - This initiative aims to leverage state capital to attract more social capital into technology innovation [14]. Group 5: Collaborative Plans - A collaborative plan was initiated to build a co-creation ecosystem around the Suzhou Bay Venture Capital One, focusing on project co-investment and resource sharing [15]. - The plan aims to break down information barriers and promote efficient matching of capital, technology, and talent [15]. Group 6: Expert Insights - Zhao Yan, from Tsinghua University, shared insights on the university's successful technology transfer practices, highlighting over 70 major achievements and attracting more than 27 billion yuan in social capital [16]. - Li Shilin compared the venture capital tax systems of China, the US, and the UK, suggesting the need for a specialized tax regime to encourage long-term investment in technology innovation [18]. - Jiang Mingming discussed the growth of secondary markets for private equity, indicating a shift towards a necessity for liquidity in the current investment landscape [21]. Group 7: Roundtable Discussions - Multiple roundtable discussions were held, focusing on collaboration between national and local funds, capturing investment opportunities in the Yangtze River Delta, and the role of mother funds in regional integration [24][26][28]. - These discussions aimed to explore strategies for optimizing fund layouts and enhancing support for hard technology and future industries [28].

Core Insights - The total management scale of the mother fund industry in China reached 549.33 billion yuan, primarily distributed across regions such as Hong Kong, Guangdong, Zhejiang, Jiangsu, Henan, Fujian, Sichuan, Hainan, Jilin, and Shanxi, focusing on investments in biomedicine, technological innovation, and future industries [2]. Group 1: Hong Kong Developments - Hong Kong's Chief Executive announced the establishment of a "Innovation and Technology Industry Guidance Fund" set to launch in the 2026-2027 fiscal year, aimed at guiding market investments in strategic emerging and future industries [6]. Group 2: Zhejiang Initiatives - Zhejiang Province has released a draft for the management of provincial government investment funds, seeking public feedback to enhance the management system [7]. - The Zhejiang Provincial Science and Technology Innovation Mother Fund Phase IV and the Future Industry Science and Technology Fund are set to be established within the year, contributing to a total of 110 billion yuan across three phases of the mother fund system [10]. Group 3: Jiangsu Investments - The Nanjing Aerospace Mother Fund plans to invest in the Nanjing Tianqi Low-altitude Economy Investment Fund, which has a target scale of 303 million yuan, focusing on low-altitude economy and aerospace-related industries [12]. Group 4: Guangdong Fundraising - Guangdong's Nankong No.1 Industry Investment Fund is actively recruiting general partners (GPs) to support industrial transformation and strategic emerging industry clusters in Foshan [13]. - The Guangzhou Industrial and Information Development Fund is also seeking GPs to promote high-quality development in the city's industrial and information sectors [14]. Group 5: Henan and Fujian Initiatives - Zhengzhou's Angel Investment Fund, with a scale of 1 billion yuan, is open for GP selection to enhance the innovation and entrepreneurship ecosystem [17]. - The Xiamen Huli Science and Technology Industry Promotion Fund aims to raise 500 million yuan, with an initial phase of 200 million yuan, to support technological innovation [18]. Group 6: Sichuan and Hainan Developments - The Chengdu Future Industry Investment Fund has been established with a capital of 4 billion yuan, focusing on private equity investments and asset management [20]. - Hainan's Lingao Industry Sub-Fund is being set up to support industrial development in the Lingao Gold Port Development Zone, with a target scale of 330 million yuan [23]. Group 7: Jilin and Shanxi Initiatives - The Changchun Revitalization Industry Development Venture Capital Guidance Fund is set to invest in various sub-funds, with public announcements regarding potential investments [26]. - Shanxi's Angel Investment Fund aims to raise at least 2 billion yuan, focusing on early-stage technology companies in advanced manufacturing and renewable energy sectors [28].

Core Viewpoint - The establishment of the "China International Science and Technology Promotion Association Mother Fund Branch" aims to enhance the role of mother funds in China's capital market, promoting the flow of social capital towards innovative and entrepreneurial enterprises, thereby fostering the healthy development of the investment industry, particularly the mother fund sector [1][22]. Group 1: Investment Fund Initiatives - The Henan Provincial Equity Investment Fund has officially released guidelines for the application and selection of sub-fund management institutions, aiming to attract venture capital and private equity firms to Henan [2][3]. - The fund focuses on traditional industry upgrades, emerging industry cultivation, and early-stage technology enterprises, with a particular emphasis on angel funds for seed and startup phases [3]. Group 2: Fund Management Requirements - Sub-fund management institutions must have a minimum paid-in capital of 10 million RMB and must be registered with the Asset Management Association of China [5]. - The management team should consist of at least five professional investment personnel, with three core members having over five years of relevant experience and a history of collaboration [6]. - Institutions must have managed venture capital and private equity funds with a total paid-in scale of no less than 1 billion RMB and at least five successful investment cases with a return rate exceeding 50% [7]. Group 3: Capital Market Events - The "Yellow Sea Capital - Listing Navigation" policy promotion conference was successfully held in Yancheng, aimed at enhancing enterprises' understanding of the capital market and accelerating the listing process [11]. - The Guangzhou Development Zone Fund Group successfully held its first "I Want to Push Projects" simulation roadshow, focusing on project evaluation and team collaboration to support the region's modern industrial strategy [13]. - The Suzhou Angel Mother Fund visited Yuanhe Chenkun to discuss investment operations and post-investment management, seeking to learn from advanced practices in the industry [15][16]. Group 4: Strategic Acquisitions - China Mobile completed its acquisition of Hong Kong Broadband, holding 78.08% of its shares, which is a strategic move to enhance its competitiveness in the Hong Kong market and support the development of the Guangdong-Hong Kong-Macao Greater Bay Area [17]. Group 5: Innovation and Collaboration - The "Investment Leading, Integrated Services" Sci-Tech π series matchmaking event was launched by Zhongguancun Capital, aiming to connect technology innovation enterprises with service resources to foster growth [20].

Group 1 - The core viewpoint of the article highlights the achievements in the financial sector during the "14th Five-Year Plan" period, emphasizing the importance of risk management and regulatory measures taken by the China Securities Regulatory Commission (CSRC) [1] - The CSRC has maintained a low bond default rate of around 1% in the exchange market, indicating effective risk control measures [1] - Approximately 7,000 zombie institutions have been cleared as part of the private fund risk rectification efforts, and the growth of "pseudo-private funds" has been effectively curbed [1] Group 2 - The article mentions the successful closure of 27 financial exchanges that were deemed unnecessary, along with the complete cleanup of over a hundred identified "pseudo-financial exchanges" [1] - The upcoming 2025 China Mother Fund Conference is set to take place in Suzhou, focusing on new strategies and opportunities in the industry, with over 200 domestic mainstream mother funds and top investment institutions expected to attend [3] - The fourth Davos Global Mother Fund Summit and the inaugural World Investment Conference are also highlighted as significant upcoming events in the investment landscape [7]

Core Viewpoint - The Henan Provincial Equity Investment Fund is publicly selecting sub-fund management institutions to support major industrial development plans in the province, focusing on traditional industry upgrades and emerging industries [2] Group 1: Fund Establishment and Management - The fund was established in July 2023 with a registered capital of 1 billion RMB, managed by Henan Zhongjin Huirong Private Fund Management Co., Ltd. [2] - Sub-fund management institutions must be registered in Henan and have a stable management team of at least 5 core personnel, with at least 2 residing in Henan [3] - The fund's investment in a single sub-fund is generally limited to 20% of the sub-fund's total subscription amount, with a cumulative investment cap of 100 million RMB [3] - For sub-funds registered in Henan, the investment limit can be increased to 40% of the total subscription amount, with a cap of 200 million RMB [3] Group 2: Co-investment and Funding - The total financial contribution from provincial, municipal, and county (district) governments to a sub-fund should not exceed 50% of the sub-fund's total subscription amount [4] Group 3: Management Institution Requirements - Sub-fund management institutions must have a minimum paid-in capital of 10 million RMB and complete registration with the Asset Management Association of China [5] - The management team must consist of at least 5 professional investment personnel, with at least 3 having over 5 years of relevant experience and a minimum of 3 years of collaboration [6] - The institution or its key members must have managed venture capital and equity investment funds with a total paid-in scale of no less than 1 billion RMB, and have at least 5 successful investment cases with returns exceeding 50% [7] - The management institution must have a sound investment decision-making process, comprehensive risk control mechanisms, and robust financial management systems [8] - The institution must raise funds from qualified investors as per regulations, with at least 50% of the proposed sub-fund's total scale already raised [9] - The institution must commit to a minimum of 1% of the sub-fund's scale as its own investment [10]

Core Viewpoint - The announcement by Ruizhi Pharmaceutical Technology Co., Ltd. regarding the establishment of an industrial investment fund with a total subscription amount of 200 million RMB, primarily targeting the healthcare industry and focusing on innovative drugs [1][3]. Group 1: Fund Establishment Details - The fund will be established in partnership with Shenzhen Investment Holdings Donghai Investment Co., Ltd. and other limited partners, with a total subscription amount of 200 million RMB [1][3]. - The fund's name is Shenzhen Luohu Donghai Ruizhi Pharmaceutical Industrial Partnership (Limited Partnership), with Ruizhi's subsidiary contributing 58 million RMB, accounting for 29% of the total subscription [3][5]. - The Luohu District-level mother fund will contribute 140 million RMB, representing 70% of the total subscription [3][4]. Group 2: Fund Management and Investment Focus - The fund will focus on equity investments in the healthcare industry, particularly in innovative drugs and medical devices [5][6]. - Shenzhen Investment Holdings Donghai will act as the general partner and fund manager, with a focus on industrial technology, digital intelligence, and life health sectors [5][6]. Group 3: Fund Terms and Conditions - The fund has a duration of 7 years, with a 4-year investment period followed by a 3-year exit period, and can be extended by 2 years with unanimous agreement [6]. - Management fees will be charged at 2% during the investment period and 1.5% during the exit period, with no fees during the extension period [6]. - Strict reinvestment requirements include relocating the headquarters of invested companies to Luohu or establishing subsidiaries there, ensuring that revenues remain in the district [6][7].

Core Insights - The 2025 Sixth China Fund of Funds Summit was held in Beijing, where Caitong Capital received four awards for its investment performance and management capabilities [1] - The awards included "Top 30 Best Returns for State-owned Direct Investment Institutions," "Top 30 Best Investment Institutions in the Semiconductor Sector," "Top 20 Best Investors in the Semiconductor Sector," and "Top 50 Best Risk Control for Municipal and County-level Government Guidance Funds" [1] - The Fund of Funds Research Center serves as an official research and communication platform, providing annual rankings based on systematic data and investment performance analysis [1] Group 1 - Caitong Capital's Vice General Manager Guo Jianzhong participated in a roundtable discussion on "Development Path of Market-oriented Fund of Funds under New Circumstances" alongside leaders from other investment institutions [1] - The rankings established by the Fund of Funds Research Center have become an important industry benchmark, influencing institutional reputation and investor decision-making [1] Group 2 - Caitong Capital plans to adhere to the "patient capital" approach, deepening collaboration with industries and governments to foster the development of new productive forces [3] - The company aims to contribute significantly to national strategies and the high-quality development of regional economies [3]

Core Insights - The report indicates a shift in China's mother fund industry from quantity expansion to quality improvement, influenced by significant policy changes such as the "State Council No. 1 Document" [1][7] Summary by Categories Overall Industry Trends - As of June 30, 2025, there are 460 mother funds in China with a total management scale of 34,845 billion RMB, a decrease of 23.7% compared to the end of 2024 [2][4] - The total planned management scale of these mother funds is 60,778 billion RMB [2] Fund Composition - Among the 460 mother funds, 338 are government-guided funds with a management scale of 29,973 billion RMB, down 24.0% from the end of 2024 [4] - There are 112 market-oriented mother funds with a management scale of 4,829 billion RMB, a decrease of 22.4% [4] - The report also includes 10 S funds with a management scale of 43 billion RMB [4] Investment Activity - In the first half of 2025, the total investment scale of mother funds was 3,338 billion RMB, down 7.2% from 3,791 billion RMB in the same period of 2024 [5] - Government-guided fund investments totaled 2,741 billion RMB, a decline of 5.59% from 2,903 billion RMB [5] - Market-oriented mother fund investments were 442 billion RMB, down 6.62% from 473 billion RMB [5] New Fund Establishments - A total of 33 new mother funds were established in the first half of 2025, including 31 government-guided funds and 2 market-oriented funds, with a total scale of 1,970.17 billion RMB [5] - Regions such as Jiangsu, Hubei, and Fujian saw the highest number of new fund establishments, while Beijing, Guangdong, and the Yangtze River Delta maintained scale advantages [5][6] Policy and Regulatory Changes - The "State Council No. 1 Document" has introduced systematic regulations for the establishment, fundraising, operation, and exit of government investment funds, marking a significant policy shift [6][7] - The focus is now on quality over quantity, with an emphasis on long-term orientation and capital efficiency [7] Operational Adjustments - Many regions have increased the contribution ratios and extended the duration of funds, with some allowing contribution ratios to exceed 70% [8] - The tolerance for losses has also increased, with some funds allowing for 100% loss on individual projects [9] - Management fee structures are becoming stricter, with a trend towards lower rates and performance-based fees [9]

Core Viewpoint - The event serves as a platform for networking and collaboration among financial and investment professionals, promoting regional industry development through sports [12][22]. Event Overview - The 2025 Mother Fund Elite Tennis Tournament took place on August 30, 2025, at the Beijing National Measurement International Conference and Exhibition Center [6]. - The event was organized by the Mother Fund Research Center and included various local government and investment management companies as co-organizers [6][9]. Competition Results - The "Internet Celebrity Team" won the championship, while the "Zijinguiming Team" secured the second place, and "Xingzhong 15 Team" took third place [7][20][22]. - A total of over 50 players participated, divided into six teams, showcasing talent from the financial and investment sectors [21][22]. Opening Ceremony - The opening ceremony featured speeches from key figures, including the founder of the Mother Fund Research Center, who emphasized the event's role in fostering friendships and industry collaboration [12][14]. - The event was attended by over 50 athletes and various leaders from the financial and investment community [9][12]. Significance of the Event - The tournament is positioned not only as a sports competition but also as a bridge for industry promotion and collaboration among elite professionals and well-known enterprises [22]. - The event received significant support from local government and investment organizations, highlighting the importance of community involvement in fostering industry growth [15][22].