本期导读： 四川 发布 创投 新政， 4000亿基金管理规模目标，鼓励降低或取消返投比例， 单一国资出资比 例可提高至70%…… 作者丨FOFWEEKLY 本期推荐阅读5分钟 值得关注的是，各地政策层面也持续发力，密集探索国资容错。近期，四川也正式吹响西南地区创 投"集结号"，围绕创业投资"募投管退"全链条，提出4000亿基金管理规模目标，取消注册地、鼓 励降低或取消返投比例等利好政策，打造全国创投高地。 打造全国创投高地 5月19日，四川省发布《推动创业投资高质量发展的若干措施》（下称《措施》），明确提出到 2030年年末力争全省私募股权、创业投资基金管理机构达到500家管理基金， 管理基金达到2000 只，基金管理规模达到4000亿， 打造全国创业投资高地。 在业内人士看来，这一政策被视为四川在科技金融领域的一次"系统作战"，直指行业"募投管退"四 大痛点： 募资端 ：从让利加大出资力度等多方着手。措施提出，支持四川省成果转化投资引导基金会同成 都市、德阳市、绵阳市、宜宾市等经济体量较大市的政府引导基金和国资基金共同设立创业投资基 金。 允许基金出资不与基金注册地挂钩，建立出资地与注册地收益分享机制，鼓励 ...

每经记者｜姚亚楠 每经编辑｜肖芮冬 过去一周，产业资本在创投市场颇为活跃，谷歌宣布推出其AI未来基金，海尔创投发起设立具身智能 产业基金，电商平台唯品会出资10亿元做投资。在投资市场，具身智能热度不减，美团出手投资自变量 机器人。 谷歌启动AI未来基金 日前，科技巨头谷歌宣布推出其AI未来基金（AI Futures Fund），旨在向初创公司投资并建立合作。据 介绍，通过该基金，符合条件的初创公司将获得谷歌的投资，早期访问谷歌DeepMind最新AI模型的机 会，以及来自谷歌云计算生态、AI研究团队、工程师团队和市场拓展专家的实际支持。 此外，谷歌发言人向媒体表示，AI未来基金将采取滚动审核的方式考虑投资机会，没有固定的申请窗 口或截止日期，投资金额根据公司发展阶段和需求而定，通常为早期至中期阶段，同时也对后期机会保 持灵活性。 点评：谷歌此次推出AI未来基金的举措，展现了科技巨头在AI生态布局上的战略升级，其"资本+技术 +生态"的赋能模式既巩固了谷歌在AI基础设施层的主导地位，又通过生态投资构建了应用层的护城 河，预计将加速AI技术商业化进程。 海尔创投设立具身智能产业基金 海尔创投入局具身智能。近日，在 ...

Group 1 - The private economy in China is experiencing unprecedented development opportunities, supported by policies that empower the private sector and the implementation of the first Private Economy Promotion Law, providing a solid legal guarantee for its healthy development [1] - The venture capital industry in China has undergone significant growth over the past 30 years, driven by policy, market, and industry forces, but still faces challenges in various stages of fundraising, investment, management, and exit [3] - Female venture capitalists are playing a crucial role in shaping a vibrant ecosystem within the industry, leveraging their unique qualities to capture the social value of enterprises and enhance their resilience against uncertainties [5] Group 2 - The event "Venture Capital and the Empowerment of Women in the Private Economy" was successfully held, highlighting the importance of female leadership and investment in driving innovation and economic growth [1] - The macroeconomic analysis shared during the event emphasized optimism towards technology and consumption as key investment directions, with a focus on domestic substitution in emerging technology sectors and the increasing importance of consumption in the long term [9] - The discussion on female leadership revealed that companies with gender-diverse management teams tend to perform better, showcasing the advantages of empathy, emotional intelligence, and resilience that female leaders bring to the table [11] Group 3 - The application of artificial intelligence in the healthcare sector was highlighted, with successful implementations in various levels of hospitals across China, indicating a promising future for AI in addressing significant health issues [13][16] - The development of China's commercial space sector was discussed, with calls for increased capital investment in space infrastructure, which is expected to bring revolutionary changes to human development [14]

Group 1 - The "Chuangtou Tianfu. Weekly Meeting" regular investment and financing roadshow was launched in Chengdu, supported by major investment institutions and attracting over 1,100 participants from nearly 800 organizations [1] - The initiative aims to provide a comprehensive platform for investment and talent attraction for growing enterprises in Sichuan, with plans for at least two roadshows per week and over 1,000 projects expected throughout the year [1] - Sichuan province is set to introduce several measures to support high-quality development in venture capital, including a government investment guidance fund with an initial scale of 20 billion yuan [1] Group 2 - Sichuan has seen a rise in innovative enterprises and projects in its advantageous and emerging industries, attracting capital interest [2] - Chengdu Haicheng Investment Co., Ltd. has successfully invested in several companies, witnessing their growth and market entry, highlighting Sichuan's competitive advantages in various sectors [2] - Local enterprises have room for improvement in understanding capital markets and enhancing their economic development [2] Group 3 - Sichuan has formed industrial clusters in aerospace, electronic information, and new displays, presenting numerous investment opportunities with high certainty in industrial development [3] - The launch of the roadshow and supportive policies will enhance the integration of innovation, funding, industry, and talent chains in Sichuan [3] - During the roadshow, 72 enterprises participated, planning to raise 12.5 billion yuan across 12 industry sectors, including AI chips and renewable energy [3]

Core Viewpoint - The Guangdong Provincial Government has issued the "Action Plan for Further Promoting High-Quality Development of Venture Capital" to enhance the venture capital ecosystem through a comprehensive approach covering fundraising, investment, management, and exit mechanisms, aiming to strengthen government guidance and policy support for venture capital in the province [1][2]. Group 1: Key Measures and Initiatives - The Action Plan emphasizes the establishment of a robust industrial fund system, aiming to integrate resources to create a total scale of over 1 trillion yuan for industrial and venture capital funds, with provincial funds exceeding 100 billion yuan [2]. - The plan includes initiatives to attract over 100 investment cooperation projects annually by engaging with international sovereign funds and renowned investment institutions [2]. - Guangdong's mother fund system is highlighted as a national leader, with over 50 mother funds managing more than 400 billion yuan, indicating a strong foundation for venture capital development [2]. Group 2: Fund Management and Support - Government-funded venture capital funds will adopt a "mother fund + sub-fund + direct investment" model to support strategic emerging industries and future industries, focusing on selecting excellent professional investment institutions [3]. - The plan aims to optimize the management of government-funded venture capital funds by reforming assessment mechanisms and extending the duration of fund investments [3]. - There is a push for qualified venture capital institutions to issue corporate bonds and debt financing tools, with government financing guarantees to support investments in technology innovation [3]. Group 3: Innovative Fund Structures - The establishment of regional mother funds is expected to enhance collaboration between provinces and cities, promoting local industries and creating a unified provincial strategy [5]. - The "inter-provincial collaborative development mother fund" initiative is noted as an innovative approach that transcends local thinking, fostering cross-regional cooperation [5]. - The direct investment and sub-fund structures are strategically aligned with industry directions, effectively utilizing capital to drive industrial transformation and technological innovation [5]. Group 4: Policy and Regulatory Framework - The Guangdong government has introduced a new regulatory framework that emphasizes long-term investment and the development of patient capital, which is crucial for fostering innovation [10]. - The recent "Guangdong Province Science and Technology Innovation Regulations" highlight the importance of establishing long-cycle venture capital funds and broadening exit channels [10]. - The government aims to create a differentiated performance evaluation system for state-owned venture capital funds, moving away from traditional capital preservation metrics [10].

Key Points - The core viewpoint of the article is the release of the "Action Plan for Promoting High-Quality Development of Venture Capital in Guangdong Province," which outlines 19 measures across five areas to enhance venture capital in the region and promote a virtuous cycle among technology, industry, and finance [4] Group 1: Cultivating High-Quality Venture Capital Institutions - The plan emphasizes the cultivation of a batch of excellent venture capital institutions and supports their professional development [5] - It encourages participation from diverse entities such as state-owned enterprises, industry leaders, research institutions, and innovation platforms in venture capital [5] - The initiative aims to enhance the operational standards of venture capital institutions and promote investment in high-tech sectors and specialized enterprises [5][6] Group 2: Expanding Sources of Venture Capital - The plan proposes measures to broaden the sources of venture capital, including increasing the involvement of insurance funds in the province's venture capital funds [7] - It encourages banks and financial institutions to provide long-term funding support for venture capital through various investment products [8] Group 3: Improving Exit Mechanisms for Venture Capital - The action plan actively recommends that technology companies with breakthrough core technologies be included in green channels for public offerings, bond issuances, and mergers and acquisitions [8] - It aims to enhance the exit channels for venture capital through various market platforms, including the Shanghai and Shenzhen stock exchanges [8] Group 4: Strengthening Government Guidance and Policy Support - The plan establishes a mechanism for aligning venture capital with innovative projects and implements initiatives to promote patent commercialization for small and medium-sized enterprises [8] - It emphasizes the need for tax policies that support venture capital and optimizes the management of venture capital enterprise registrations [9] Group 5: Optimizing the Market Environment - The action plan focuses on creating a favorable financial ecosystem for technological innovation and encourages self-regulation within the industry [9] - It promotes collaborative business models between banks, insurance companies, and venture capital institutions to enhance funding availability for technology innovation [9] Expert Analysis - Experts believe that the measures outlined in the action plan will significantly enhance the activity level of the venture capital market in the Greater Bay Area, thereby boosting investor confidence and accelerating capital turnover [10] - The long-term implications of the action plan are expected to optimize and upgrade Guangdong's industrial structure, fostering the development of strategic emerging industries and enhancing competitiveness [10]

Core Viewpoint - The Guangdong Provincial Government has released an "Action Plan" to promote high-quality development of venture capital, outlining 19 measures across five key areas to enhance government guidance and policy support, aiming to strengthen venture capital in the province and foster a virtuous cycle among technology, industry, and finance [1] Group 1: Cultivating High-Quality Venture Capital Institutions - The Action Plan emphasizes the support for venture capital institutions to enhance their development levels, focusing on cultivating a number of excellent venture capital institutions [2] - It encourages participation from diverse entities such as large state-owned enterprises, industry leaders, research institutions, and innovation platforms in venture capital [2] - The plan promotes specialized development of venture capital institutions, urging them to focus on new fields, high-tech sectors, and "specialized, refined, distinctive, and innovative" enterprises [2] Group 2: Optimizing Government Investment Fund Operations - The Action Plan aims to optimize the operation of government-funded venture capital funds, enhancing their guiding and amplifying functions [3] - It proposes a "mother fund + sub-fund + direct investment" model to support strategic emerging industries and future industries [3] - The plan seeks to attract national-level funds to increase investment in Guangdong, establishing sub-funds and conducting direct investments [3] Group 3: Expanding Venture Capital Funding Sources - The Action Plan outlines measures to broaden venture capital funding sources, including increasing the participation of insurance capital and bond financing [4] - It supports insurance institutions to invest in venture capital funds, particularly in unlisted companies in strategic emerging industries [4] - The plan also emphasizes the establishment of a robust exit mechanism for venture capital, facilitating pathways for technology companies to access public markets and other exit channels [4] Group 4: Expert Insights - Experts believe the measures in the Action Plan will enhance the activity level of the venture capital market in the Greater Bay Area [5] - The plan's focus on optimizing government investment fund operations is expected to effectively amplify the guiding role of these funds [5] - The integration of various financial resources, including technology insurance, is highlighted as crucial for supporting the entrepreneurial process of technology companies [6] Group 5: Long-Term Implications - The Action Plan is seen as significant for optimizing and upgrading Guangdong's industrial structure, guiding venture capital towards new fields and hard technology [6] - It aims to foster the development of strategic emerging industries and future industry clusters, promoting the integration of technological and industrial innovation [6] - The initiative is expected to lay a solid foundation for high-quality economic development in Guangdong, enhancing its competitive edge nationally and globally [6]

Group 1 - The Chinese government strongly opposes the U.S. measures against Chinese chip products and AI industry, claiming they violate market rules and disrupt global supply chains [1] - The China Securities Regulatory Commission (CSRC) has announced changes to the major asset restructuring management measures, encouraging private equity funds to participate in mergers and acquisitions [1] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the importance of high-quality completion of state-owned enterprise reforms by 2025 [2] Group 2 - The National Bureau of Statistics has issued the "Digital China Construction 2025 Action Plan," aiming for significant advancements in the digital economy, with core industry value-added accounting for over 10% of GDP by 2025 [2] - The Ministry of Commerce highlighted the importance of expanding the departure tax refund policy to boost consumption and enhance the experience for foreign travelers [3] - A joint initiative named "Sword Net 2025" has been launched to combat online copyright infringement, focusing on various sectors including audiovisual works and software [3] Group 3 - The film market in China has seen a strong start in 2025, with total box office revenue reaching 26.649 billion yuan, a year-on-year increase of 28.87%, and domestic films accounting for 95.81% of the total [5] - The Hang Seng Index will include Midea Group and ZTO Express, while BYD will be added to the Hang Seng Tech Index [5] - The Shanghai Stock Exchange has taken regulatory measures against 163 cases of abnormal trading behavior, focusing on stocks with delisting risk [5][6] Group 4 - Companies like Ningde Times have set their H-share price at 263 HKD per share, indicating strong market interest [6] - A-share companies are actively engaging in share buybacks and capital increases, with notable plans from companies like Jianghan New Materials and Aoyang Technology [6] - Guangdong Province has introduced an action plan to promote high-quality development in venture capital, encouraging diverse entities to participate [4]

Group 1 - The core viewpoint of the articles emphasizes the shift in China's economic growth model from high-speed to high-quality development, with a focus on innovation-driven growth, particularly through venture capital supporting small and medium-sized enterprises [1] - The government has increasingly recognized the importance of venture capital, as evidenced by the issuance of policies aimed at supporting high-quality development in the industry, including the establishment of a "National Venture Capital Guiding Fund" [1][2] - In 2024, the number of newly established private equity and venture capital funds is projected to decline by 44.1% compared to 2023, indicating a significant contraction in the industry [1] Group 2 - Government and state-owned funds have played a crucial role in stabilizing the venture capital sector during its historical low point, with over 80% of newly registered funds being backed by government and state-owned capital [2] - The "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds" outlines 25 measures to enhance the role of government investment funds in supporting national strategies and innovation [2][3] - The establishment of government investment funds has shown regional disparities, with economically developed areas continuing to set up funds while some less developed regions have seen a decline in new fund establishments [3][4] Group 3 - The regulation of county-level government investment funds has been tightened due to issues such as lack of professionalism and excessive administrative interference, with a focus on ensuring that only financially capable regions can establish such funds [4][5] - The overall scale of government investment funds may not significantly shrink due to the "Guiding Opinions," as local financial capabilities will primarily influence any changes in scale [6] - The differentiation in management mechanisms for different types of funds, such as venture capital and industrial investment funds, is emphasized, with a call for more targeted investment strategies based on local industry research [7][8] Group 4 - The articles highlight the need for a balance between policy goals and commercial sustainability in government investment funds, cautioning against excessive emphasis on loss tolerance [11][12] - The establishment of a sound internal control system is crucial for determining compliance and due diligence in fund management, ensuring that fund managers are held accountable for their investment decisions [12] - The relationship between government investment funds and local economic development should not reduce these funds to mere tools for attracting investment, as their primary purpose should be to support sustainable growth [14][15] Group 5 - The National Venture Capital Guiding Fund is seen as a significant addition to the market, addressing the scarcity of state-level venture capital funds and enhancing support for early-stage investments in hard technology [15][16] - The current dominance of government and state-owned funds in the equity investment market, accounting for over 80% of contributions, is viewed as unsustainable, with a need for increased participation from social capital [15][16] - The articles suggest that as the economic environment improves and policy predictability increases, more social capital is likely to engage in venture capital investments, contributing to the industry's high-quality development [16]

Core Viewpoint - Guangdong Province is implementing measures to promote high-quality development in venture capital by creating a supportive financial ecosystem for technological innovation [1] Group 1: Policy Initiatives - The Guangdong Provincial Government is encouraging banks, insurance companies, leasing firms, and guarantee companies to collaborate with venture capital institutions through linked business models such as "loan + external direct investment" and "loan + bank investment subsidiary + external direct investment" [1] - There will be a relaxation of the applicable scope, duration, and investment ratio for merger loans in the technology innovation sector, aimed at increasing the availability of such loans [1] Group 2: Financial Support for Startups - The policy emphasizes the use of intellectual property financial pilot zone policies to encourage trust companies to establish service trusts based on new types of property rights, such as intellectual property [1] - There is an increased focus on providing comprehensive financial support for seed-stage and early-stage technology enterprises [1]