人民财讯12月4日电，企查查APP显示，近日，厦门产投新兴科创合伙企业(有限合伙)成立，出资额68.6 亿元，经营范围包含：科技推广和应用服务；以自有资金从事投资活动；自有资金投资的资产管理服 务；信息咨询服务(不含许可类信息咨询服务)。企查查股权穿透显示，该企业由厦门建发集团有限公司 旗下厦门建发新兴产业股权投资有限责任公司、厦门象屿（600057）集团有限公司旗下厦门象屿创业投 资管理有限公司等共同出资。 ...

【导读】 创投行业这一年：LP出资回暖退出路径多元化渐成共识 中国基金报记者 莫琳 "年底正值绩效考核的关键期，我们投资者关系（IR）团队已连续多日高强度工作，为不同类 型的基金出资人（LP）量身定制募资方案，人手严重不足。"北京某头部创投机构的IR负责人 坦言。 据中国基金报记者了解，此前数年的"募资寒冬"已导致创投机构的募资团队经历了一轮持续 的优化与精简，今年市场环境显著回暖，LP的出资意愿普遍增强，但是，不同背景的LP核心 诉求各异，标准化的募资策略已然失效。上述IR负责人透露，其三人团队需同时推进三个新 LP的募资方案，并为八个存量LP准备年度基金运营总结。 无论是宏观数据还是微观体感，均表明中国私募股权行业已走出"募资寒冬"。伴随顶层设计 的调整，以私募股权二级市场基金（S基金）和并购基金为代表的多元化退出路径正日益获得 国资的青睐，为创投行业注入了新的活力。 LP出资回暖 国资成为市场"压舱石" 近日，FOFWEEKLY发布的《LP全景报告2025》揭示了市场稳健增长的态势。数据显示， 2025年前三季度，机构LP认缴出资规模已达1.24万亿元人民币，同比增长9%。鉴于第四季 度通常是政策型LP ...

Core Viewpoint - The second batch of science and technology bonds (Sci-Tech Bonds) supported by risk-sharing tools has been launched, indicating a shift from pilot programs to a more normalized expansion of policy support for private venture capital institutions [1][5]. Group 1: Upgraded Credit Enhancement Mechanism - The second batch of Sci-Tech Bonds features an upgraded credit enhancement mechanism that is more tool-oriented and collaborative, with three out of four issuing companies receiving credit enhancement from risk-sharing tools [3][4]. - The new credit enhancement model allows for a multi-party risk-sharing mechanism, which effectively lowers financing costs and extends financing cycles, addressing the high costs and short cycles previously faced by private venture capital institutions [3][4]. Group 2: Interest Rate and Market Response - The interest rates for private venture capital institutions' bonds have historically been high, often exceeding 6%, due to lower credit ratings stemming from unstable cash flows and market volatility [4]. - The first batch of Sci-Tech Bonds saw significant interest rate reductions, with rates as low as 1.85% for some institutions, demonstrating the effectiveness of the new credit enhancement model [4]. Group 3: Long-term Financing Solutions - The innovative design of the Sci-Tech Bonds addresses the "short fundraising, long investment" dilemma faced by VC institutions, allowing for bond terms that align with the long investment cycles of hard technology [6][7]. - For example, the upcoming issuance by Base Capital has a total term of 10 years, which matches the investment cycle of their managed funds [6]. Group 4: Increased Participation from Private Institutions - The successful issuance of the first batch of Sci-Tech Bonds has prompted more private venture capital institutions to plan their own bond issuances, indicating a growing trend in the market [9]. - The innovative credit enhancement model aims to support private venture capital institutions in alleviating long-standing fundraising challenges, thereby enhancing investor confidence in private equity funds [9]. Group 5: Investor Considerations - Institutional investors are increasingly attracted to Sci-Tech Bonds, but they remain cautious, focusing on the stability and repayment capacity of the issuing entities [10]. - The introduction of risk-sharing tools has significantly improved the credit ratings of these bonds, attracting conservative institutional investors who were previously hesitant due to perceived risks [10].

Core Insights - The Hangzhou Runmiao Fund was officially established on November 18, with an initial scale of 2 billion yuan and a duration of 20 years, significantly longer than the typical 8 to 10 years for government-led early-stage science and technology funds in China [2] - The fund focuses on "early investment, small investment, long-term investment, talent investment, and hard technology," aiming to provide early support and the "first investment" for innovative startups [2] - An innovative decision-making model called "expert gatekeeping" and "external greater than internal" has been designed, featuring a 7-member investment decision committee with 4 external experts and 3 internal members to avoid "internal decision inertia" [2] Investment Strategy - The fund targets technology-based startups established for no more than 5 years, with fewer than 100 employees or a valuation under 100 million yuan, specifically those in the R&D or product prototype stage and seeking financing before Series A [3] - The assessment criteria do not solely rely on the profit and loss of individual projects, encouraging teams to "dare to invest early and be willing to accompany" [3] - To lower early financing barriers, the fund offers various flexible investment methods such as common equity, preferred shares, and convertible bonds, without seeking controlling stakes, ensuring funds are genuinely used to support startup teams [3] Project Discovery Mechanism - The fund plans to establish an "open and diverse + intelligent screening" project discovery mechanism, widely soliciting sources from universities, government recommendations, competition winners, high-scoring projects, and self-recommendations [3] - An AI intelligent screening tool called "Runmiao Fund Radar Model" will be utilized, with a target of investing in no less than 100 projects annually [3]

Core Viewpoint - The "China Galaxy Securities · China Securities Journal Private Equity Industry Starry Navigation Plan" aims to empower private equity firms that excel in professional capabilities, technological innovation, and compliance governance, fostering an efficient industry ecosystem that connects technology, capital, and the real economy [1] Group 1: Strategic Transformation Driven by Technology - Zenlong Asset, established in 2014, initially gained recognition in fixed income investment and has since expanded into stock and quantitative strategies, managing approximately 7.5 billion yuan [2] - The firm focuses on hard technology sectors such as semiconductors, high-end manufacturing, and AI, with a systematic approach to technology investment through dedicated funds and strategies [2] - The transition to quantitative strategies is driven by the team's technological background and aligns with national economic transformation and policy support for the tech manufacturing sector [2] Group 2: Integration of Social Responsibility - Zenlong Asset incorporates social responsibility into its business model, creating a unique "investment-empowerment-feedback" closed-loop system [3] - The firm enhances the efficiency of capital use for tech companies through financial investment and deep technical collaboration, exploring partnerships with AI firms for model optimization and data application [3] - The company has proactively engaged in educational equity and mental health initiatives, establishing programs that provide professional training for teachers in under-resourced areas and psychological support for students [4] Group 3: Future Outlook and Collaboration - Zenlong Asset anticipates significant advancements in investment strategies through collaboration with AI technology firms, enhancing the intelligence of quantitative models and data processing [5] - The firm is expanding its collaboration with brokerage institutions, recognizing their role in supporting the scalable development of quantitative strategies [6] - The company aims for its quantitative and stock products to constitute over 50% of its total scale within three years, reinforcing its influence in the technology finance sector [6]

Core Viewpoint - The article emphasizes the importance of insurance asset management in supporting technological innovation and economic transformation, highlighting the need for financial institutions to provide long-term capital to foster innovation and industrial upgrades [2][4]. Group 1: Characteristics of Insurance Funds - Insurance funds are characterized by their large scale, long duration, and stable cash flow, making them well-suited to meet the long-term, continuous, and substantial funding needs of the technology innovation sector [3]. - As of the second quarter of 2025, the total investment balance of insurance companies in China exceeded 36 trillion yuan, underscoring their role as a significant source of long-term capital in the market [3]. Group 2: Support for Technological Innovation - Supporting technological innovation is seen as a necessary choice for insurance funds to better serve the real economy, aligning with national strategies for innovation and industrial transformation [4]. - The active participation of insurance funds in technology innovation investments can enhance their integration into the national innovation system and contribute to high-quality economic development [4]. Group 3: Investment Strategies and Approaches - The insurance industry has been increasing its investment in technology innovation through various financial instruments such as bonds, equity, debt plans, and industrial funds [5]. - Taiping Asset Management is focusing on building a research and investment system that aligns with the requirements of technology innovation, enhancing valuation and pricing capabilities for tech companies [5]. - The company aims to include high-quality tech assets in its investment portfolio, emphasizing the importance of aligning investments with national strategic areas [5]. Group 4: Building a New Ecosystem for Financial Technology - The article discusses the need for insurance funds to create a comprehensive investment support system that matches the development characteristics of technology enterprises [6]. - It highlights the importance of identifying strategic emerging industries and traditional industries undergoing digital transformation to attract more social capital [6]. Group 5: Risk Management and Sustainability - Safety remains a top priority in the utilization of insurance funds, necessitating the establishment of a robust risk management system that includes long-term analysis and real-time monitoring [8]. - The article concludes with a commitment from Taiping Asset Management to align with national strategies and effectively utilize insurance funds to support technological innovation [8].

Group 1 - The core focus of the news is on the establishment and operation of the Shaanxi Science and Technology Innovation Mother Fund, which aims to support technology-driven enterprises through long-term capital investment [2][3][4] - The fund was registered on June 30, 2023, with an initial scale of 10 billion yuan, targeting strategic emerging industries and future industries [2] - The fund adopts a long-term investment approach, moving away from short-term assessments, with a three-year evaluation mechanism to focus on the long-term growth value of projects [3] Group 2 - The Shaanxi Science and Technology Innovation Mother Fund has a contribution ratio that can exceed 50% of the total scale of sub-funds, with seed and angel funds allowed up to 60%, which is significantly higher than the industry average [4][5] - The fund has a 20-year duration, with sub-funds having differentiated timelines based on type, catering to the long-term growth needs of early-stage technology projects [5] - As of October 30, 2023, the fund has completed the selection of seven sub-fund management institutions and will begin investment operations [5] Group 3 - The Qin Chuang Yuan Investment Company has launched the first data element innovation insurance product in Northwest China, "Qin Shu Bao," to mitigate risks associated with data transactions [6] - The company has introduced 89 low-cost, specialized financial products aimed at technology-driven enterprises, responding to the funding needs of over 200 companies [6] - The company has established several wholly-owned subsidiaries to enhance its technology finance service capabilities, including a provincial-level management entity for the mother fund [7] Group 4 - The Qin Chuang Yuan Investment Company has formed innovation joint bodies with major industry players to enhance investment efficiency and address market needs [8][9] - The company has successfully incubated projects in smart manufacturing and intelligent driving, demonstrating its capability in technology innovation and commercialization [9][10] - The establishment of various innovation centers and joint bodies focuses on advanced manufacturing and clean energy equipment, with several projects already receiving commercial orders [10]

Group 1 - The core viewpoint of the news is the launch of the Huazheng Anhui Technology Innovation 30 Allocation Index, aimed at promoting financial services for the real economy and enhancing the integration of capital markets with technological innovation [1][2] - The index has achieved an annualized return of 19.95% since its base date of December 31, 2019, outperforming the ChiNext Index and the Sci-Tech Innovation 50 Index during the same period [1] - The index serves as a bridge connecting government, enterprises, and investors, creating a virtuous cycle of "finance-entity-return" [2][3] Group 2 - The index is designed to address three core challenges in long-term capital investment in Anhui's tech innovation sector: filling the gap of index tools, utilizing indices to diversify risks, and establishing a multi-dimensional quantitative evaluation system to enhance allocation efficiency [2][3] - The index is based on a dynamic investment pool and a quantitative evaluation system, with regular adjustments and comprehensive services to support investment in Anhui's tech sector [3] - The top three industries in the latest sample of the index are semiconductors, software development, and batteries, collectively accounting for 45% of the index's weight [3] Group 3 - Huazheng Index has developed a mixed asset management plan that uses this index as its equity investment target, which has been running smoothly since its establishment, providing a good experience for investors [4] - The index acts as a "barometer" for the development of Anhui's tech industry and a "navigator" for capital allocation, facilitating the inflow of long-term funds into the tech sector [4] - The index aims to enhance the quality and competitiveness of Anhui's tech industry, injecting lasting and strong momentum into the "promote growth through innovation" initiative [4]

Core Viewpoint - The launch of the Huazheng Anhui Technology Innovation 30 Allocation Index aims to enhance financial services for the real economy and promote the integration of capital markets with technological innovation in Anhui Province [1][2]. Group 1: Addressing Pain Points - The index addresses three main challenges in connecting long-term capital with Anhui's technology innovation sector: 1. Filling the gap of index tools to improve capital allocation precision, as there are nearly 90 technology-listed companies in Anhui with a total market value exceeding 800 billion yuan, but lacking regional innovation indices [3]. 2. Utilizing the index to diversify risks and optimize capital allocation experiences, as high volatility in technology stocks can deter long-term capital participation [3]. 3. Establishing a multi-dimensional quantitative evaluation system to enhance allocation efficiency, helping long-term capital identify high-growth targets effectively [4]. Group 2: Core Innovations - The Huazheng Anhui Technology Innovation 30 Allocation Index is built on a dynamic investment pool and a quantitative evaluation system, supported by regular adjustments and comprehensive services: 1. The index scientifically categorizes technology enterprises into strategic emerging industries, ensuring a rational and complete classification [5]. 2. It employs a standardized evaluation system that includes metrics like Standardized Unexpected Revenue (SUR), improvement in Return on Equity (DELTA ROE), and R&D intensity, selecting high-quality targets with rapid revenue growth and strong profitability [7]. 3. A full-chain service ecosystem is established to facilitate capital connection, combining online and offline services to enhance investor understanding and confidence in Anhui's technology sector [9]. Group 3: Performance Metrics - The index has demonstrated strong performance metrics, with an annualized return of 19.95% since its inception, significantly outperforming the ChiNext Index and the Science and Technology Innovation 50 Index [8]. - The index also exhibits a maximum drawdown of 49.93%, which is considerably lower than the drawdowns of the ChiNext Index and the Science and Technology Innovation 50 Index, indicating robust risk management capabilities [8].

Group 1 - Jiangsu Huatai Guojin Science and Technology Innovation Equity Investment Fund (Limited Partnership) has been established with a total investment of 2.5 billion RMB [1] - The fund is managed by Huatai Zijin Investment Co., Ltd., which is a subsidiary of Huatai Securities [1] - The ownership structure of the fund consists of Jiangsu Jincai Investment Co., Ltd. holding 60% and Huatai Zijin Investment holding 40% [1] Group 2 - The fund's operational scope includes equity investment, private equity fund activities, investment management, asset management, and venture capital [1]