Core Viewpoint - The venture capital industry is experiencing a backlash against scientist-led startups, with investors expressing disappointment and distancing themselves from these entrepreneurs due to perceived mismatches between scientific research and commercial viability [2][5][6]. Group 1: Investment Trends - Investment in scientist-led startups and hard technology peaked in 2021 but has since returned to a more rational state, with a trend towards early-stage funding [5]. - The hard technology sector became a refuge for venture capitalists after the collapse of the TMT and new consumer sectors, leading to a surge in hiring technical investors and funding scientist-led projects [5][6]. Group 2: Issues with Scientist Entrepreneurs - Common issues identified with scientist entrepreneurs include a focus on research over commercial viability, an emphasis on academic publications rather than product development, and a lack of management skills [6][10]. - The scientific community's values, shaped by institutional frameworks, often lead to a disconnect between research outcomes and market needs, resulting in a mismatch in expectations from investors [7][10]. Group 3: Systemic Challenges - The evaluation metrics for scientific research often prioritize publications and patents over the commercialization of technology, leading to a surplus of unutilized patents [10][11]. - Recent changes in policy have begun to encourage the commercialization of scientific research, indicating a shift in the institutional attitude towards supporting scientist entrepreneurs [12][13]. Group 4: Financial System Reforms - The national technology achievement transformation rate has improved but still lags behind developed countries, highlighting the need for better funding mechanisms and support for early-stage technology ventures [14]. - Recommendations for improving the innovation ecosystem include increasing equity financing and reforming evaluation metrics to include commercialization success [14]. Group 5: Investment Strategies - Successful investment in scientist-led startups requires a deeper understanding of both technology and the personal potential of scientists to transition into entrepreneurs [15][16]. - Investment firms must provide comprehensive support, including management training and industry connections, to facilitate the transformation of scientists into effective business leaders [15][16].

Core Viewpoint - The article discusses the significant returns generated by hard technology projects in China, particularly highlighting the success of Cambrian and CATL as exemplary cases of investment opportunities in the sector [4][24]. Group 1: Cambrian's Journey - Cambrian, founded by Chen Yunji and Chen Tian Shi, began its journey in AI chip development at the Chinese Academy of Sciences, proposing the idea of AI chip research as early as 2010 [7][8]. - The company gained prominence after its AI processor was used in Huawei's Mate 10 smartphone in 2017, leading to substantial revenue from IP licensing, primarily from Huawei [11]. - Following a strategic shift in 2019 due to declining revenues, Cambrian expanded its product offerings to include cloud and edge computing solutions [12][15]. Group 2: Financial Performance - Cambrian's stock price experienced a significant decline post-IPO, with a drop of 84.35% from its peak, but began to recover in 2023, eventually reaching a new high of 777.77 yuan per share [16][17]. - The company reported a remarkable revenue increase of 4230.22% year-on-year in Q1 2025, achieving a net profit of 3.55 billion yuan, marking its first consecutive profitable quarters since going public [18][19]. - As of Q1 2024, Cambrian's inventory and advance payments indicated strong market confidence and readiness for increased demand [19]. Group 3: Investment Landscape - Early investors in Cambrian, such as Yuanhe Origin and Lenovo Ventures, recognized the potential of AI technology and made significant investments during its early funding rounds [21][23]. - Despite facing challenges and market fluctuations, investors who remained committed to Cambrian have seen substantial returns, illustrating the long-term nature of hard technology investments [24][25]. - The article emphasizes that Cambrian's success serves as a motivation for more investors to engage in hard technology, showcasing the potential for significant financial rewards in this sector [25].

Core Viewpoint - The article discusses the significant returns generated by hard technology projects in China, particularly highlighting the success of Cambrian, which has seen its stock price surge and market capitalization exceed 320 billion yuan, marking it as a standout case in the hard tech investment landscape [1]. Group 1: Company Background - Cambrian was founded by two brothers, Chen Yunji and Chen Tian Shi, who both had strong academic backgrounds in AI chip research at the Chinese Academy of Sciences [3][6]. - The company was established in 2016 after the team developed the world's first deep learning-specific processor prototype in 2015, marking a significant milestone in AI chip development [3][6]. Group 2: Financial Performance - Cambrian experienced a dramatic rise in stock price, reaching a peak of 777.77 yuan per share in 2024, with a market capitalization increase of over 200 billion yuan within a year [12]. - The company reported a net profit of 2.82 million yuan in Q4 2024 and 3.55 million yuan in Q1 2025, marking its first consecutive profitable quarters since its IPO [12][13]. Group 3: Market Dynamics - Cambrian's revenue growth is attributed to its strategic pivot towards a "cloud-edge-end" layout and the introduction of new products, responding to the increasing demand for AI computing power in China [7][15]. - The company is preparing for increased market demand by maintaining a substantial inventory balance of 2.755 billion yuan and prepayments of 973 million yuan, indicating confidence in future orders [14][15]. Group 4: Investment Landscape - Early investors in Cambrian, such as Yuanhe Origin and Lenovo Capital, recognized the potential of AI technology and made significant investments, which have now yielded substantial returns [17][18]. - The article emphasizes the long investment cycles associated with hard technology, suggesting that patience and perseverance are essential for achieving significant returns in this sector [19].

Core Viewpoint - The ACCSI 2025 Science Instrument Investment and Financing Forum is set to gather over 70 investment institutions, focusing on cutting-edge technological innovation and industrial application, indicating a shift in the capital narrative within the scientific instrument industry [2][4]. Industry Insights - The Chinese scientific instrument industry is experiencing a "warm spring" in the capital market amidst global trade frictions, providing opportunities to explore technological investment trends and industry transformations [4]. - The forum aims to facilitate effective communication among various stakeholders in the scientific instrument sector, including government, industry, academia, research, application, capital, and media [15]. Investment Landscape - A total of 25 confirmed investment institutions have collectively invested over 20 billion in the scientific instrument sector over the past three years, with the National Science Capital (国科系) holding the highest share [9]. - The investment institutions can be categorized into five main groups: 1. "National Team" Technology Capital, focusing on critical areas like semiconductor equipment and precision instruments [9]. 2. Leading firms such as Peak Rui Capital and Cornerstone Capital, emphasizing technology barriers and import substitution [10]. 3. Industrial Capital, represented by major players like Haier Capital and Shanghai Haimai Chuangxin [10]. 4. Regional Industrial Capital, which is closely tied to local industry clusters and government guidance [10]. 5. Comprehensive Investment Groups, such as Beijing Qianhong Group, focusing on high-end equipment manufacturing [10]. Forum Agenda - The forum will feature various presentations and roadshows, including topics on automation micro-nano optical chip testing systems and AI-driven imaging instruments, showcasing innovations in the scientific instrument field [15]. - Notable speakers include researchers and executives from leading organizations, discussing the innovation and development paths of the scientific instrument industry under national strategic guidance [12][14]. Confirmed Participants - Over 50 investment institutions have confirmed their participation, with diverse investment focuses ranging from hard technology to advanced manufacturing and medical devices [11].

Core Viewpoint - The Guangdong provincial government has issued measures to enhance market vitality and accelerate the construction of a modern industrial system, focusing on building a robust industrial fund system with a total scale exceeding 1 trillion yuan [1] Group 1: Industrial Fund System - The province aims to integrate resources to establish industrial investment and venture capital funds with a total scale exceeding 1 trillion yuan, with provincial funds exceeding 100 billion yuan [1] - The initiative will leverage state-owned capital to attract social capital, creating an effective investment system that includes angel investment, venture capital, private equity investment, corporate mergers and acquisitions, and S funds [1] - The focus will be on early-stage, small-scale, future-oriented investments, particularly in hard technology [1] Group 2: Investment Cooperation and Project Introduction - The government plans to actively connect with overseas sovereign funds and internationally renowned investment institutions, aiming to facilitate over 100 investment cooperation projects annually [1] - The "Yue Investment, Yue Introduction" project roadshow initiative will introduce 1,000 high-growth projects each year [1] - Local cities are encouraged to establish specialized industry funds based on their specific circumstances [1]

Core Insights - The article discusses the development of patient capital in China, emphasizing the need to enhance long-term capital supply in the capital market and optimize assessment mechanisms for patient capital [1][3][4]. Group 1: Patient Capital Development - The environment for patient capital, primarily focused on equity investment, has changed significantly in recent years, leading to rapid industry growth. However, private equity institutions in China face bottlenecks in fundraising, investment, management, and exit processes, which hinder the generation and expansion of patient equity capital [3][4]. - In 2024, the total amount pledged by national institutional LPs reached 1.27 trillion yuan, with 6,863 contributions made. Government funds played a crucial role, contributing 669.2 billion yuan, while financial institutions and social security funds contributed a total of 224.5 billion yuan, marking a 0.9 percentage point increase from 2023 [4][5]. Group 2: Investment Trends - There is a notable trend towards early-stage investments, with seed and startup project investment cases accounting for 41% in 2024, a 4 percentage point increase from 2021. Investments in angel, Pre-A, and A rounds collectively represent 66% of total investment cases [5][6]. - The focus of equity investment has shifted towards hard technology sectors, with IT, semiconductors, biotechnology/healthcare, and machinery manufacturing leading in both the number of investment cases and investment amounts, accounting for 74% and 63% respectively in 2024 [6]. Group 3: Policy Recommendations - To strengthen patient capital and increase long-term capital supply in the capital market, it is recommended to enhance the role of state-owned capital in equity investments. This includes optimizing the governance of government industry investment funds and integrating local government industry funds [7][8]. - Encouraging banks, insurance companies, and social security funds to enter the equity investment market is essential. This involves clarifying the usage scope and methods for these funds, simplifying investment decision-making processes, and enhancing risk management systems tailored to equity investment characteristics [8].

智通财经4月18日电，海欣股份(600851.SH)公告称，公司或指定主体拟作为有限合伙人以自有资金认缴 人民币3000万元，参与安徽高新元禾璞华私募股权投资基金合伙企业（有限合伙），占产业基金1.2% 财产份额。该产业基金目标认缴出资额为人民币25亿元，重点投资半导体和智能制造等硬科技领域项 目。 海欣股份：拟投资3000万元参与产业基金 ...

Core Viewpoint - Technological innovation is the core driving force for high-quality development in the context of profound changes in the global economic landscape, with ICBC Investment actively exploring new paths for hard technology investment based on patient capital [1] Group 1: Patient Capital Principles - To embody patient capital, four principles must be adhered to: long-term investment, value investment, risk investment, and strategic investment [2] - Long-term investment requires strong fundraising capabilities to support long-term plans despite potential short-term returns being negligible [2] - Value investment emphasizes tolerance for short-term projects lacking dividends or cash flow, while ensuring overall profitability and self-development remain unaffected [2] - Risk investment necessitates maintaining operational stability despite potential failures in individual projects, ensuring sufficient risk resilience [2] - Strategic investment involves participating in corporate governance to empower invested enterprises, requiring high levels of comprehensive service capability [2] Group 2: Unique Advantages of Bank-affiliated AICs - Bank-affiliated AICs possess five unique advantages in hard technology investment compared to traditional VC/PE [3] - They uphold the responsibilities of state-owned banks, demonstrating strong policy implementation capabilities [3] - They leverage parent bank platforms to enhance equity financing accessibility and share customer, channel, and brand resources [3] - They provide comprehensive financial services through a new model of investment-loan linkage, covering various financial products throughout the enterprise lifecycle [3] - They inherit a prudent risk culture from banks, establishing a solid foundation for long-term stable operations [3] - They have smooth capital replenishment and funding channels, enabling long-term financial support for the real economy [3] Group 3: Investment Practices in Hard Technology - ICBC Investment focuses on three main aspects when selecting investment targets: the region of the enterprise, the industry, and the enterprise's own capabilities [4] - It targets key regional strategic layouts and innovation centers, providing long-term capital support for high-quality transformation [4] - It emphasizes industries related to national strategic security and competitiveness, focusing on emerging and future industries with high growth potential [4] - It evaluates enterprises based on six core competitive dimensions, ensuring alignment with government support and industry recognition [4] Group 4: Role of Financial Capital in Emerging Industries - Financial capital plays a unique role in the growth of emerging industries through three main functions [5] - It acts as a counter-cyclical regulator, maintaining rational investment during industry overheating and supporting core competitive enterprises during downturns [5] - It provides comprehensive services tailored to the changing financial needs of tech enterprises at different development stages [5] - It actively participates in corporate governance, ensuring balanced interests among stakeholders and promoting effective decision-making [5] Group 5: Contribution to Technological Innovation Ecosystem - Through the practice of patient capital, ICBC Investment not only provides stable funding support for hard technology enterprises but also contributes to the construction of a technological innovation ecosystem, injecting new momentum into high-quality development [6]

尤其难得的是， 这三个IPO企业个个是硬科技赛道稀缺的行业灯塔。 英诺赛科 成为全球首家实现量产8 英寸硅基氮化镓IDM的领军企业，上市后市值 超过500亿港币； 珂玛科技 是中国先进陶瓷材料的龙头，目前市值达260亿元； 汉朔科技 则卡位物联网，以数字化门店解决方案第一股登陆创业板，上 市首日市值冲300亿元。 将投中网设为"星标⭐"，第一时间收获最新推送 长达8年的暗夜长跑，恰是中国硬科技投资的生动注脚。 作者丨簪竹 来源丨投中网 8个月内3家被投企业IPO，总市值过1000亿，2024年新增募资额20亿，新一期基金完成首关，来自深圳的华业天成，在这个"资本寒冬"，交出了一份令 人羡慕的成绩单。 如果考虑华业天成的出手阶段之早、投入筹码之重，这三个IPO的含金量还会上升。三家企业之中，珂玛科技上市前仅开放过一轮融资，华业天成是其 中除CVC外主要的财务投资人之一；汉朔科技则在2017年就已入场，此后又追投两轮；英诺赛科是在2019年市场未形成共识的高风险阶段就投入，后两 轮加码。它们成功上市后，回报倍数都非常可观。 华业天成也因此成为"现象级"焦点，背后不仅是数字的胜利，更是一场关于时间的隐喻。 这三个上 ...

2 0 24年，中国股权投资市场募资、投资活动放缓，但下半年多只大额基金完成设立，新 募规模降幅持续减小；全年投资案例数及金额降幅较前三季度及2 0 2 3年均有所收窄。清 科创业（0 1 9 4 5 .HK）旗下清科研究中心将在下文就募资、投资市场核心动态进行分析， 更多中国股权投资市场分析内容，欢迎点击阅读原文下载《2 0 2 4年中国股权投资市场特 点与趋势解读》。 清科研究 . 清科创业（01945.HK）旗下清科研究中心致力于为众多的有限合伙人、VC/PE机构、战略投资者、以 及政府机构、律师事务所、会计事务所、投资银行、研究机构等提供专业的信息、数据、研究和咨询服 务。 年度盘点。 作者 | 清科研究 来源 | 清科研究 （ID：pedata2017） 以下文章来源于清科研究 ，作者创造价值的 募资市场 0 1 市场概况 新募基金数量降幅超4 0%，募资总规模约14,400亿元 2 0 24年中国股权投资市场新募集基金数量和募资规模仍保持紧缩趋势，其中基金数量降 幅显著。根据清科研究中心统计，2024年共3,981只基金完成新一轮募集，数量同比下 降幅度达到4 3 . 0%；募资规模为14,449 ...