Investment Overview - The company has signed a partnership agreement with Ningbo Jiangbei Venture Capital Partnership (Limited Partnership) and will invest RMB 30 million, accounting for 6.36% of the total subscribed capital [1] - The fund has completed the registration procedures with the Asset Management Association of China and obtained the Private Investment Fund Registration Certificate [1] Changes in Limited Partners - A limited partner, Jiang Xinghao, has transferred his subscribed capital of RMB 20 million to Ningbo Haida Holdings Group Co., Ltd., with the overall fund size remaining unchanged [1] - Recently, another limited partner, Ningbo Phoenix Yahu Commercial Group Co., Ltd., transferred its subscribed capital of RMB 20 million to an individual, Gong Lihong, with all necessary registrations completed [2] Fund Subscription Details - Before the recent changes, the total subscribed capital of the fund was RMB 47.2 million, with no related party transactions affecting the company [2] - After the changes, the total subscribed capital remains at RMB 47.2 million, and the company's investment amount has not changed [2] New Limited Partner Information - Gong Lihong, born in 1964, is a Chinese national with a good credit status and has no relationship with the company or its major stakeholders [3] Impact on the Company - The changes in limited partners will not have a substantial impact on the company, as all parties involved are unrelated to the company [3] - There are potential risks associated with the investment fund not finding suitable projects, but the company will monitor developments closely and fulfill disclosure obligations as required [3]

Core Viewpoint - The article highlights the role of venture capital in fostering innovation and supporting the growth of technology-driven companies in Tianjin, particularly focusing on Feiman Power Technology Co., Ltd. and its sustainable aviation fuel project. Group 1: Company Development - Feiman Power, founded in 2021, is preparing to establish a demonstration plant for electro-synthesized sustainable aviation fuel, marking its transition to large-scale production [1]. - The company has completed five rounds of financing and established strategic partnerships with airlines, airports, aircraft manufacturers, and petrochemical companies [2]. - The support from Tianchuang Capital has been crucial for Feiman Power, providing both financial backing and strategic guidance during critical development phases [1][2]. Group 2: Venture Capital Ecosystem - Tianchuang Capital has invested in approximately 60 technology-oriented SMEs in Tianjin, with over 10 companies successfully listed on the A-share market [2]. - The Tianjin Kaikai Higher Education Innovation Park has registered over 3,800 companies and established more than 40 funds, facilitating nearly 2.7 billion yuan in financing for enterprises [2]. - The Tianjin banking sector has engaged in innovative financing models, issuing 2.7 billion yuan in loans benefiting 154 technology enterprises through a loan-equity linkage approach [3]. Group 3: Policy and Regulatory Support - Tianjin has introduced measures to enhance the quality of venture capital development, increasing the maximum contribution ratio from local governments to venture funds from 50% to 80% [3]. - The city aims to attract quality capital and stimulate venture capital activity through policy incentives, promoting a synergistic relationship between technology and capital [3].

Core Viewpoint - The article highlights a significant shift in the investment landscape, with policies being restructured to alleviate the challenges faced by General Partners (GPs) in fundraising and investment, indicating a national policy breakthrough [2][3]. Summary by Sections Policy Changes in Tianjin - Tianjin has introduced comprehensive measures to support venture capital, increasing the maximum government investment ratio from 50% to 80%, which is a notable breakthrough in the field [6][7]. - The new policies aim to address the entire investment chain, including fundraising, investment, management, and exit strategies, with 24 specific measures targeting these areas [6][8]. Fundraising Initiatives - The government will optimize the investment ratio of government venture capital funds, allowing for a higher contribution from municipal and district finances [7]. - There is an emphasis on attracting long-term capital, such as insurance funds, to invest in venture capital funds, addressing the "fundraising difficulty" issue [7][8]. Investment Support - Incentives will be provided to venture capital institutions to focus on early-stage investments in hard technology, supporting startups in need [8]. - Regular project recommendations will be made to venture capital institutions to alleviate the problem of a lack of investment projects [8]. Management Adjustments - The policies will adjust the performance indicators for government venture capital funds, reducing the focus on return multiples and fund yields to enhance the role of fiscal funds in fostering innovation [8][9]. - A new evaluation mechanism for state-owned venture capital funds will be explored to mitigate the concerns of investment decision-makers regarding post-investment accountability [8][9]. Exit Strategies - The policies will broaden exit channels for venture capital institutions, supporting various methods such as equity buybacks, share transfers, and mergers and acquisitions [9]. - The aim is to create a smooth cycle of capital exit, recovery, and reinvestment [9]. National Trends in Venture Capital - The article notes a nationwide trend of local governments enhancing their venture capital policies, with regions like Sichuan and Wuhan also implementing supportive measures [11][12]. - The overall investment environment is improving, with local government funds expanding and new policies providing comprehensive support for GPs and projects [11][12]. Market Dynamics - The investment market is showing signs of recovery, with increased activity from limited partners (LPs) and a stabilization in investment events and scales [14][15]. - The article indicates that the investment landscape is undergoing significant changes, driven by both policy support and technological advancements [17][18].

中国发展网讯 李揽月 记者朱波报道 7月18日，天津市政府新闻办举行新闻发布会，介绍《天津市支持创业投资高质量发展若干措施》的出台背景、出台意 义及主要内容，并就相关问题回答记者的提问。 023 11337 l 精 電影TV HI @ link 天津市发展改革委副主任陈建江指出，发展创业投资是促进科技、产业、金融良性循环的重要举措。党中央、国务院高度重视发展创业投资，在中央经济工 作会议、2025年政府工作报告中，均明确提出加快发展创业投资、壮大耐心资本。2024年6月，国务院办公厅印发《促进创业投资高质量发展的若干政策措 施》(国办发〔2024〕31号),要求各地区把促进创业投资高质量发展作为大力发展科技金融、加快实现高水平科技自立自强、推动高质量发展的重要举措。 为深入贯彻落实国家文件精神，市发展改革委会同相关部门，对标对表国家要求，结合全市实际，充分听取各方意见建议，研究制定并以市政府办公厅名义 印发实施了《天津 市支持创业投资高质量发展若干措施》(以下简称《支持措 施》)。 《支持措施》是继2017年天津市出台《关于促进创业投 资持续健康发展的实施意见》以来，市级层面出台的又一部促进创业投资高质量发展 ...

Core Viewpoint - The article emphasizes the importance of expanding foreign investment in China, particularly in the capital market and various sectors, to attract high-quality foreign capital for long-term investment [1] Group 1: Expansion of Foreign Investment - The Ministry of Commerce aims to eliminate restrictions on foreign investment in the manufacturing sector and ensure the implementation of open measures [1] - There is a focus on addressing specific issues related to market access, ensuring that foreign enterprises can both enter and operate in open sectors [1] - The government plans to steadily advance the opening of the service industry, including telecommunications, healthcare, and education, while promoting orderly openings in the internet and cultural sectors [1] Group 2: Capital Market and Strategic Investment - There is a call for orderly expansion of capital market openness to attract more foreign investment in venture capital and private equity [1] - The initiative includes guiding foreign investors to implement strategic investments in listed companies in a regulated manner [1] - The Ministry of Commerce intends to revise and expand the "Encouraged Foreign Investment Industry Catalog" to direct foreign investment towards advanced manufacturing, modern services, and high-tech sectors, particularly in central and northeastern regions [1] Group 3: Structural Optimization of Foreign Investment - The government encourages foreign enterprises to establish regional headquarters and R&D centers in China to optimize the structure of foreign investment [1] - There is an emphasis on summarizing and evaluating pilot experiences to create replicable and scalable paths for opening up [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、对外投资情况概述 新华网股份有限公司（以下简称"公司"）全资孙公司新华网亿连投资管理 （天津）有限公司（以下简称"亿连投资"）以自有资金出资人民币 3,000 万元 与苏州维特力新创业投资管理有限公司、长沙市产业投资基金合伙企业（有限合 伙）、长沙天心新兴产业基金合伙企业（有限合伙）、湖南天鑫优服企业服务有限 公司、西部证券投资（西安）有限公司、致欧家居科技股份有限公司、铭港企业 管理（上海）有限公司、上海亿炘股权投资有限公司、深圳市豪禧投资有限公司、 上海为仁民企业管理合伙企业（有限合伙）、迪阿投资（珠海）有限公司、刘丹 及苏辉云共同投资设立长沙泉仲创业投资合伙企业（有限合伙）（以下简称"合 伙企业"或"基金"）。具体内容详见公司在指定的信息披露媒体及上海证券交易 所网站（http://www.sse.com.cn）披露的《新华网股份有限公司关于全资孙公 司新华网亿连投资管理（天津）有限公司参与投资设立长沙泉仲创业投资合伙企 业（有限合伙）的公告》（公告编号：2025-00 ...

Core Viewpoint - The article highlights the establishment of a 10 billion yuan technology innovation mother fund in Shaanxi Province, aimed at enhancing innovation and investment in the region through a structured fund matrix [1][2]. Group 1: Establishment of the Mother Fund - The Shaanxi Province has launched a 10 billion yuan technology innovation mother fund, with the Qin Chuang Yuan Technology Innovation Investment Co., Ltd. as the core entity to manage and operate this fund [1]. - The mother fund will collaborate with the Long'an Huitong Group's industrial fund cluster, creating a total fund scale of 30 billion yuan to support the entire lifecycle of technology innovation [1]. Group 2: Policy Measures for Venture Capital Development - The "Measures for Promoting High-Quality Development of Venture Capital in Shaanxi Province" includes 24 policy measures across seven areas, aiming to stimulate innovation and entrepreneurship [2][3]. - Key areas of focus include diversifying investment entities, broadening funding sources, guiding investment directions, and enhancing management and exit mechanisms for venture capital [3][4]. Group 3: Government Initiatives and Fund Management - The Shaanxi Provincial Government has approved the establishment of a guiding fund to attract social capital into key sectors, with 42 sub-funds and investments totaling 12.114 billion yuan as of April 2025 [5]. - New measures will enhance the management of government investment funds, optimize fund establishment processes, and improve performance evaluation systems [5][6]. Group 4: Support for Early-Stage Investments - The measures emphasize support for government and state-owned venture capital funds to take calculated risks, with a focus on early-stage funds having higher loss tolerance [6][8]. - The framework aims to facilitate smoother exit channels for venture capital investments, leveraging various market mechanisms [8]. Group 5: Future Expectations - The article expresses hope for the establishment of more market-oriented mother funds across the country, promoting early-stage investments in technology to invigorate innovation and entrepreneurship [7].

Core Viewpoint - The article discusses Tianjin's "Action Plan for Promoting New Quality Productivity Development through Science and Technology Finance (2025-2027)", which aims to enhance the scale and effectiveness of science and technology investment funds, targeting a fund size exceeding 2 trillion yuan by 2027 [1][2]. Group 1: Investment Measures - Tianjin plans to implement 60 measures across 18 areas to support the development of new quality productivity [1]. - The plan includes a full-cycle equity investment enhancement initiative, which features significant incentives for venture capital institutions investing in unlisted technology companies [2][3]. - The single-level contribution cap for government funds is set at 70%, while the combined contribution cap for both levels is 80%, making it one of the most favorable policies nationwide [2][3]. Group 2: Government Fund Management - The action plan aims to optimize the management of government-owned capital funds, increasing the contribution limits for municipal and district-level funds [3][4]. - The plan aligns with the State Council's recent guidelines promoting high-quality development of government investment funds, encouraging the removal of restrictions on fund managers' registration locations and optimizing contribution adjustment mechanisms [2][8]. Group 3: Risk Tolerance Mechanisms - There is a growing trend among local governments to adopt risk tolerance mechanisms, allowing for significant losses in investments, with some regions permitting up to 100% loss on individual projects [11][12]. - The article highlights that the establishment of a robust error-tolerance mechanism is crucial for enhancing the performance and accountability of government investment funds [10][11]. Group 4: Future Expectations - The article expresses hope for more regions in China to optimize their government investment fund and state-owned capital fund incentive and error-tolerance mechanisms, promoting the development of long-term and patient capital [13].

Core Viewpoint - Tianjin aims to enhance financial support for technological innovation through a comprehensive action plan, targeting significant improvements in financing capabilities and costs for tech enterprises by 2027 [1][2]. Group 1: Direct Financing Enhancements - The plan emphasizes a notable increase in direct financing, with a goal for the city's science and technology fund scale to exceed 200 billion yuan, and an optimized capital market financing channel to increase the number of tech enterprise listings domestically and internationally [1]. - A more robust venture capital ecosystem is anticipated, with improved policies and management systems across the entire investment lifecycle [1]. Group 2: Indirect Financing Improvements - The breadth of indirect financing is set to expand, with banks, government financing guarantee institutions, and insurance companies enhancing their specialized capabilities to support tech innovation [1]. - The target for the city's technology loan balance is to surpass 1.1 trillion yuan, with an annual growth rate expected to exceed the average growth rate of all loans [1]. Group 3: Optimizing the Technology Financial Ecosystem - The action plan outlines a continuous optimization of the technology financial ecosystem, with over 100 specialized institutions, including technology banks and unique service outlets, established to support tech innovation [1]. - A more collaborative policy framework and a richer array of specialized products and services are also highlighted [1]. Group 4: Encouraging Venture Capital Investment - The plan supports various venture capital funds investing in unlisted tech enterprises in Tianjin, offering rewards for investment management institutions based on their actual investment amounts [2]. - Tax incentives for angel investors and venture capital firms investing in seed and early-stage tech companies are also part of the strategy [2]. Group 5: Government Fund Management Optimization - The proposal includes optimizing the management of government venture capital funds, allowing for increased fiscal contributions from municipal and district levels [3]. - A comprehensive evaluation system for venture capital funds is to be established, focusing on long-term performance rather than short-term gains [3].

Group 1 - The core viewpoint of the article is the issuance of the "Policy Measures" by seven departments, including the Ministry of Science and Technology and the People's Bank of China, aimed at accelerating the construction of a technology finance system to support high-level technological self-reliance and strength [1][2][3] - The "Policy Measures" emphasize the role of capital markets in supporting technology innovation, prioritizing the listing and financing of technology enterprises that achieve breakthroughs in key core technologies [1][2] - The establishment of a "National Venture Capital Guidance Fund" is proposed to cultivate strategic emerging industries and promote the transformation of major technological achievements into real productive forces [1][2] Group 2 - The "Policy Measures" call for optimizing monetary credit support for technology innovation, expanding the scale of relending, and encouraging banks to explore long-cycle technology innovation loan performance assessment [2] - It is highlighted that technology insurance will play a stabilizing role in innovation, with plans to develop high-quality technology insurance and encourage insurance capital to participate in major national technology tasks [2][3] - The measures aim to enhance fiscal policy guidance for technology finance, utilizing tools like loan interest subsidies and risk compensation to support corporate technology innovation [2][3] Group 3 - The article discusses the need for central and local collaboration to promote national technology finance work and to evaluate the effectiveness of regional technology finance policies [3] - It supports foreign investment in domestic technology enterprises and aims to improve the convenience of foreign capital engaging in equity and venture investments in China [3] - The implementation of the "Policy Measures" is expected to effectively coordinate various technology finance tools, directing more financial resources into technology innovation and addressing existing challenges in financial support for technology [3]