Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Last week, the Shanghai Composite Index recorded eight consecutive positive days, and convertible bonds also saw increased trading volume and price hikes. The convertible bond market followed the underlying stocks, with significantly improved trading activity. The small - cap style continued to outperform, and high - price and small - cap convertible bond indices led the gains. - In the short term, the convertible bond market may experience increased volatility and enter a volatile phase. This is because the Shanghai Composite Index is approaching the critical 4000 - point level after eight consecutive positive days, and the convertible bond valuation has increased marginally. Additionally, there may be liquidity impacts before the holiday, and the continuous outflow of funds from convertible bond ETFs indicates a relatively cautious outlook among low - risk - preference investors. - Overall, hard - tech themes with obvious policy catalysts or industrialization prospects are still expected to perform well in the cross - year and spring rallies, and it is advisable to buy on dips. Recently, the listing pace of new convertible bond issues has accelerated, and convertible bond subscription remains highly cost - effective. However, the high - flying sectors such as commercial aerospace and lithium - battery may have relatively lower cost - effectiveness after their short - term price increases [3][11]. Policy Tracking - On December 24, eight departments including the central bank issued the "Opinions on Financial Support for Accelerating the Construction of the New Western Land - Sea Corridor", aiming to deepen financial reform, innovation, and opening - up, and comprehensively improve the financial service system of the corridor, which will support high - quality development, drive high - level opening - up of inland areas, and contribute to the overall development of the country and global integration. - On December 26, the National Venture Capital Guidance Fund jointly established by the NDRC and the Ministry of Finance was launched. It emphasizes support for "hard - tech", adheres to the "early - stage and small - scale investment" principle, shares venture capital risks, and strengthens post - investment management. Three regional funds have been established and have signed a number of intended sub - funds and direct investment projects in fields like integrated circuits, quantum technology, and biotechnology [4][5]. Secondary Market Equity Market - Last week, major domestic equity market indices rose collectively. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increased by 1.88%, 3.53%, and 3.90% respectively. Overseas, the US stock market rose, the US dollar and US Treasury yields declined slightly, and most global capital markets closed higher. In China, the appreciation of the RMB exchange rate above 7 boosted market confidence, and the equity market showed significant volume - driven growth, with the cross - year rally gradually starting. The commercial aerospace and intelligent driving sectors, as well as the non - ferrous metals sector, performed well [7]. - Specifically, the daily trading volume in the A - share market was high throughout the week, ranging from 1.88 trillion yuan to 2.18 trillion yuan. Different sectors were active on different days, such as the Hainan Free Trade Port concept, semiconductor industry chain, and commercial aerospace concept [8]. Convertible Bond Market - The major convertible bond market indices rose collectively. The CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index increased by 1.64%, 1.53%, and 1.75% respectively, with an average daily trading volume of 800.58 billion yuan, a marginal increase of 164.46 billion yuan compared to the previous week. - The small - cap style continued to outperform in the convertible bond market. The Wind Convertible Bond High - Price Index led the gains among sub - indices with a 3.80% increase, and small - cap convertible bonds also showed strong performance with a gain of over 2%. High - rated and large - cap convertible bonds lagged. - In terms of historical quantiles, the overall price level of underlying stocks changed slightly, the conversion value increased marginally, driving the convertible bond price to rise further. The valuation level also increased, and the trading sentiment improved significantly. - In terms of industries, most convertible bonds in various industries rose. Convertible bonds in the national defense and military industry led the market with an average increase of over 7%, and those in the building materials industry also performed well. Only convertible bonds in the agriculture, forestry, animal husbandry, and food and beverage industries declined slightly. - In terms of valuation, most convertible bond valuations in various industries decreased. The average conversion premium rate since 2020 decreased by 2.16 percentage points to the 52.60% quantile, and the median conversion premium rate decreased by 1.90 percentage points to the 49.97% quantile. - In terms of individual bonds, most convertible bonds rose. Among the rising bonds, Jiamei Convertible Bond rose by over 37%, followed by Zai 22 Convertible Bond and Mengsheng Convertible Bond, which rose by over 30% and 29% respectively. Among the falling bonds, Huati Convertible Bond led the decline with a drop of over 17% [9][10][12][13]. Primary Market - Last week, Jin 05 Convertible Bond and Shuangle Convertible Bond were issued, and Puxin Convertible Bond was listed. Six convertible bonds were redeemed early, and three convertible bonds matured and were delisted. As of December 26, the outstanding scale of the convertible bond market was 558.791 billion yuan, a decrease of 175.102 billion yuan compared to the beginning of the year and 8.35 billion yuan compared to the previous week. - The issuance scale last week was 2.472 billion yuan. Jin 05 Convertible Bond is issued by Hainan Jinpan Smart Technology Co., Ltd., a global power equipment supplier. Shuangle Convertible Bond is issued by Shuangle Pigment Co., Ltd., which focuses on digital and intelligent transformation services. - Puxin Convertible Bond rose by 57.3% on its first trading day and over 64% in the first week. As of last Friday, its conversion premium rate reached 83.44%, exceeding the market median level. - Six convertible bonds had a conversion ratio of over 5% last week, six less than the previous week. Some bonds have announced early redemptions or are expected to trigger early redemption conditions. - As of last Friday, three convertible bonds have been approved by the CSRC and are awaiting issuance, with a total scale of 3.429 billion yuan, and ten convertible bonds have passed the review committee, with a total scale of 8.515 billion yuan [36][37][39][40][41].

2025年，中国创投行业正式走出此前的调整周期，回暖态势清晰可见。在这其中，国资正发挥着越来越重要的作用。 在很多人的印象中，国资主要作为LP出资，不过，当前国资直投越来越常见。不仅有国家队大基金，还有着数量庞大、规模可观的地方国资投资主体， 已经成为中国创投行业最重要的支柱之一。从活跃度上来看，不少国资机构甚至超越头部的市场化VC，在今年的一级市场扮演了主力角色。 从中央到地方，国有资本通过多级联动形成投资合力，资金持续向硬科技、医疗健康、先进制造等战略新兴产业集中，既为行业复苏注入强劲动力，也 精准契合了产业链自主可控的发展需求。 本文选取了在2025年表现活跃的头部国资机构代表，他们是广大国资平台的一个缩影。通过梳理其重点投资项目与布局逻辑，我们试图解码国资力量在 创投行业复苏进程中的投资路径与核心方向，为市场呈现一份详实的年度投资图鉴。 1、深创投：国资"领头羊"稳扎硬科技，多赛道锁定优质创新资产 作为国资机构一直以来的领头羊，深创投在2025年继续保持了比较高的出手频率。根据投中嘉川的数据，该机构投资数量、投资事件金额均与去年基本 持平，但整体与前几年的高峰时期相比仍有一定距离。 深创投历年投资数据 ...

基金将重点围绕硬科技领域开展投资，聚焦战略性新兴产业和未来产业，通过"子基金+直投"模式，为种子期、初创期科技企业提供长期、稳定的资本支 持，与南山区"六个一"行动方案等创新创业政策体系同频共振。这一布局与南山区的产业方向高度契合，有望加速区内创新型企业突破关键技术、实现成 果转化，为区域发展新质生产力注入强劲动能。 以本次合作为契机，南山区将进一步吸引更多优质创投机构汇聚南山，扩大南山科创投资"伙伴圈"。通过打造具有南山特色的风投创投集聚区，形成资本 集聚效应，进一步构建"投早、投小、投科技"的创投生态，为南山打造国际风投创投核心承载区提供战略保障。 此次基金的设立，不仅是资本层面的重要布局，更是南山融入国家创新体系、增强区域战略竞争力的关键一步。下一步，南山区将围绕基金实施"多联 动、多服务"等系列举措，进一步放大基金带动效应，为南山区、深圳及粤港澳大湾区高质量发展提供更强金融支撑。 汇通金控公司作为南山区引导基金管理平台，始终立足于区委区政府的发展战略，肩负着撬动更多社会资本、优质创业项目、技术和人才向南山区集聚的 使命。充分践行科技创新资源保障者、产业发展战略先导者、国有资本价值创造者三大功能定位，全 ...

今天分享的是：2025年中国创投市场发展指数报告 报告共计：22页 中国创投市场在经历周期性调整后，正展现出显著的复苏韧性与结构变革。根据最新发布的2025年上半年发展指数报告，市场 在政策引导与内生动力驱动下，逐步步入新一轮价值成长通道，其中硬科技投资持续引领方向，国资与外资机构呈现差异化发 展态势，人工智能等前沿领域成为资本高度聚集的亮点。 整体来看，中国创投100综合指数自2024年低位以来已实现稳健回升。报告显示，2025年上半年投资案例数量超过5000起，投资 规模接近6000亿元，IPO上市企业数量也达到131家，共同推动综合指数回升至历史均值上方。这标志着市场在经历前期调整 后，信心逐步恢复，复苏势头初步形成。不过，募资、投资与退出三大环节呈现分化趋势：募资端因退出压力传导、市场决策 趋谨等因素仍处于筑底阶段；投资端则在估值重构与硬科技引领下进入稳健复苏期；退出端受益于并购等多元渠道拓展，指数 已率先回暖。 国资创投机构在市场中的主导作用进一步强化。国资创投50发展指数在长期走强后进入高位整固阶段，虽因募资与退出环节的 结构性波动出现短期回调，但整体仍运行于强势区间。其投资方向紧密围绕国家战略， ...

Core Insights - The Chinese capital market is undergoing a systematic shift in its underlying logic over the next five years, with a high historical fulfillment rate of the core objectives outlined in the "Five-Year Plan" [2] - The focus of policy and industrial resource allocation will be concentrated on 16 key sectors, including semiconductors and new materials, while traditional infrastructure and real estate are losing importance [7][10] Group 1: Industry Trends - There is a significant potential for domestic substitution in high-end manufacturing, with a 90% domestic replacement space identified in various sectors [6] - The current domestic replacement rates for critical components are low, indicating substantial opportunities for growth in areas such as photolithography and high-end machine tools [6][12] - The policy support is no longer evenly distributed but is highly concentrated on specific sectors, marking a shift in resource allocation [7] Group 2: Investment Implications - The competition in sectors where domestic rates are nearing saturation is becoming intense, while areas with lower domestic rates present longer-term opportunities for investment [12] - Sustainable returns in hard technology sectors will favor participants who can maintain long-term investment strategies rather than seeking short-term profits [15] - The historical context of policy changes reflects a transfer of wealth in China, with the semiconductor sector now positioned as a new economic engine [10]

以本次合作为契机，南山区将进一步吸引更多优质创投机构汇聚南山，扩大南山科创投资"伙伴圈"。通 过打造具有南山特色的风投创投集聚区，形成资本集聚效应，进一步构建"投早、投小、投科技"的创投 生态，为南山打造国际风投创投核心承载区提供战略保障。 基金将重点围绕硬科技领域开展投资，聚焦战略性新兴产业和未来产业，通过"子基金+直投"模式，为 种子期、初创期科技企业提供长期、稳定的资本支持，与南山区"六个一"行动方案等创新创业政策体系 同频共振。这一布局与南山区的产业方向高度契合，有望加速区内创新型企业突破关键技术、实现成果 转化，为区域发展新质生产力注入强劲动能。 来源：创新南山 投资界12月29日消息，近日，南山区出资30亿元参与的"粤港澳大湾区创业投资引导基金合伙企业（有 限合伙）"（以下简称"国创粤港澳基金""基金"）在南山注册成立。该基金由国家发改委、财政部牵头 组建，目标规模504.5亿元，是南山区迄今参与规模最大、层级最高的国家级引导基金。此举标志着国 家级创投资本与南山创新沃土深度融合，南山科技与金融融合水平迎来历史性提升。 国创粤港澳基金的落地，是国家对粤港澳大湾区建设"具有全球影响力的国际科技创新中 ...

Core Viewpoint - The establishment of the National Venture Capital Guidance Fund aims to mobilize over one trillion yuan in funding to support strategic emerging industries and future industries through a three-tiered investment structure [1][2][5]. Group 1: Fund Structure and Objectives - The National Venture Capital Guidance Fund features a three-tier structure: "Fund Company - Regional Fund - Sub-Fund," designed to leverage central government funds to attract social capital [2][3]. - The fund aims to achieve a market "blood production" of one trillion yuan by effectively utilizing central funds to stimulate private investment [2]. - The fund will focus on early-stage investments, targeting seed and startup companies, with at least 70% of investments directed towards these stages [3]. Group 2: Investment Strategy - The fund emphasizes four investment principles: investing early, investing small, investing long-term, and investing in hard technology [3]. - Investments will be limited to companies with valuations below 500 million yuan, ensuring funds reach the grassroots level of various industries [3]. - The fund will have a 20-year lifespan, allowing for longer investment horizons, particularly in sectors like innovative pharmaceuticals that require extended return periods [3]. Group 3: Management and Oversight - A management model combining online monitoring and offline observers will be established to identify and mitigate risks early [4]. - The fund will implement a diversified exit strategy to ensure that investments can be recouped effectively, reducing reliance on IPOs [4][6]. - Performance evaluation will focus on overall effectiveness and post-investment support rather than the success of individual projects [4][6]. Group 4: Regional Funds and Initial Operations - Three regional funds have been established: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area, each with a target scale exceeding 50 billion yuan [7][8]. - These regional funds are designed to implement national strategies and facilitate the flow of capital into local innovation and technology sectors [7][8]. - As of December 26, the regional funds have signed investment intentions with 49 sub-funds and 27 direct investment projects, indicating readiness for operational deployment [8].

Group 1: Fund Market Dynamics - A total of 47 new funds are set to launch after the New Year holiday, with a peak of 28 products expected on January 5 [1] - The highest annual return for public active equity funds reached 236.88% as of December 28, potentially setting a record for the highest annual return in public fund history [1] - Over 270 public funds have been liquidated this year, primarily due to small scale, including some high-performing funds [1] Group 2: Silver Market Performance - International spot silver prices surged above $83 per ounce, marking a significant increase and setting a new record [2] - Silver has risen over 185% this year, potentially achieving its best annual performance since 1979 [2] Group 3: A-Share Market and Delisting Trends - A new pattern of regular delisting is forming in the A-share market, with various methods of exit becoming more diversified [3] - Several companies on the verge of delisting are actively engaging in "shell protection" strategies to avoid forced delisting [3] Group 4: Private Placement Market - The public and private placement market in A-shares has seen a significant recovery, with public funds participating in over 352.6 billion yuan of placements, an 18% increase year-on-year [4] - Private equity firms also participated actively, with 52 firms involved in placements totaling 59.8 billion yuan, a 23.48% increase [4] Group 5: Lithium Battery Separator Industry - The lithium battery separator industry is experiencing a wave of mergers and acquisitions, with companies like Enjie and Fuwei Technology expanding their market presence [5] - The demand in the downstream market is growing, while production capacity in the separator industry is insufficient, leading to an expected improvement in supply-demand balance [5] Group 6: Commercial Rocket Industry - The commercial rocket sector is accelerating towards IPOs, with at least five companies currently in the process of IPO guidance [6] - Analysts predict that 2026 will be a pivotal year for the commercial space industry, with potential for significant growth [6] Group 7: Corporate Announcements - Agricultural Bank of China announced the appointment of Liu Hong as executive director [7] - Leap Motor has entered into an agreement with FAW Group for the subscription of nearly 75 million shares at a price of 50.03 yuan per share [8] - Tongye Technology plans to acquire 91.69% of Beijing Siling Technology for 561 million yuan [10]

Core Viewpoint - The National Venture Capital Guidance Fund has officially commenced operations, aiming to leverage central government funding to attract a wide range of investments for strategic emerging industries and future industries [1][2][3] Group 1: Fund Structure and Investment Strategy - The Guidance Fund is structured with a three-tier system: guidance fund company, regional funds, and sub-funds, with a total government investment of 100 billion yuan [1][2] - The fund aims to establish over 600 sub-funds across three regions, focusing on early-stage investments in innovative and disruptive technologies [1][2][3] - The fund will prioritize seed-stage, early-stage, and mid-stage enterprises, with a minimum investment in these categories set at 70% of the total fund size [5][6] Group 2: Investment Focus and Market Impact - The fund emphasizes "early, small, long-term, and hard technology" investments, targeting companies with valuations below 500 million yuan and ensuring individual investments do not exceed 50 million yuan [5][6] - The fund's 20-year lifespan, with a 10-year investment period and a 10-year exit period, allows for a longer-term capital supply, fostering the growth of "little giants" and "unicorns" [2][5] - The launch of the Guidance Fund has contributed to a recovery in the venture capital market, with fundraising amounts increasing by 8% and investment amounts by 9% in the first three quarters of 2025 [4] Group 3: Management and Risk Mitigation - The fund will implement a management system that focuses on overall effectiveness and post-investment empowerment, rather than evaluating success based on individual project outcomes [6] - A dual monitoring system will be established to identify and address risks early, ensuring effective compliance and risk management [6] - The fund aims to diversify exit strategies to enhance the safety of investments, collaborating with private equity secondary market funds and regional equity markets [6]

（来源：经济参考报） 2025年A股定增市场显著回暖，机构参与定增的热情也在攀升。Choice数据显示，截至12月23日，2025 年公募基金定增获配金额已超352.6亿元，同比增长约18%。私募机构也不甘示弱，全年共有52家私募 参与定增，合计获配金额达59.80亿元，同比增长23.48%。 公募与私募机构在定增市场合计投入资金超过410亿元，浮盈比例普遍超过30%，其中硬科技与新兴产 业成为资金布局的重点方向。业内人士分析，这一现象凸显出行业机构等"聪明资金"对科技创新领域的 强烈信心，定增将成为公募私募与实体经济深度连接的"高速通道"和金融服务实体经济的关键渠道，投 资价值将愈加凸显。 公募定增策略分化 2025年，公募基金参与A股定增市场的热情持续高涨。 记者注意到，今年以来，公募机构在定增策略上呈现明显分化的态势。比如，诺德基金、财通基金 等"规模派"采用广覆盖的"打法"，年内参与定增个股数量均超70只。其中，诺德基金以参与80只个股定 增、获配101.73亿元位居首位；财通基金紧随其后，累计参与76只个股定增，获配金额达98.51亿元。 易方达基金、兴证全球基金等"精品派"则采取了聚焦龙头、重仓布 ...