Core Insights - A number of high-tech and scarce "unicorn" companies, such as Moore Threads and Muxi Co., have gone public this year, creating wealth effects for primary market investors [1] - Listed companies are increasingly participating in industrial investment funds, becoming significant players in the capital market [1] - The trend shows a shift from unrelated "follow-the-trend" investments to a focus on hard technology sectors closely related to their main business [1] Investment Trends - As of December 15, 341 events of listed companies participating in the establishment of industrial funds have occurred this year, remaining stable compared to last year [1] - Investments are increasingly concentrated in hard technology fields with strong relevance to the companies' core businesses [1] - The most frequently mentioned sectors in these investments include "new materials," "new energy," "artificial intelligence," "semiconductors," and "intelligent manufacturing," appearing nearly 150 times [1]

Core Insights - The National Venture Capital Guidance Fund has officially launched with a government investment of 100 billion yuan, expected to leverage over a trillion yuan in social capital [1][5][6] Group 1: Fund Structure and Objectives - The fund employs a three-tier structure: fund company, regional funds, and sub-funds, aiming to create synergy with other government guidance funds [1][6] - The fund focuses on early-stage investments, targeting high-growth seed, startup, and early to mid-stage innovative small and micro enterprises, acting as an "angel investor" to address market funding shortages [2][7] - The fund emphasizes "investing small," with investments in companies valued below 500 million yuan and individual investments capped at 50 million yuan, ensuring funds reach the "front end" and "tail end" of various industries [2][3] Group 2: Investment Focus and Duration - The fund prioritizes hard technology sectors, including integrated circuits, quantum technology, biomedicine, brain-computer interfaces, and aerospace [3][4] - The fund has a long duration of 20 years, with a 10-year investment period and a 10-year exit period, allowing for patient capital support for the growth of innovative enterprises [4][6] - A diversified exit system is established to ensure effective returns, addressing the limited exit channels in the venture capital market [4][6] Group 3: Market Impact and Future Outlook - Since the announcement of the fund's establishment, the venture capital market has shown signs of recovery, with fundraising amounts increasing by 8% and investment amounts by 9% year-on-year [5][6] - The fund's innovative structure is expected to attract social capital effectively, creating a significant market impact and enhancing the overall investment ecosystem [6][7] - The fund aims to complement existing government guidance funds by focusing on the early stages of the innovation chain, thus avoiding redundancy and fostering a comprehensive support system for technological innovation [7]

Core Viewpoint - The emergence of high-tech "unicorn" companies like Moore Threads and Muxi Co., Ltd. has created wealth effects for primary market investors, with listed companies increasingly participating in industry investment funds through corporate venture capital (CVC) models, focusing on hard technology sectors closely related to their main businesses [2][4]. Group 1: Industry Investment Trends - In 2023, 341 events of listed companies participating in the establishment of industry funds occurred, remaining stable compared to the previous year [4]. - Key sectors attracting investment include "new materials," "new energy," "artificial intelligence," "semiconductors," and "intelligent manufacturing," with these terms appearing nearly 150 times in the context of industry fund investments [4]. - The IPO count in advanced manufacturing reached 43, leading the market, followed by electronic information and healthcare sectors [5]. Group 2: Corporate Venture Capital (CVC) Insights - CVCs are increasingly favored by limited partners (LPs) due to their strategic depth and ability to integrate investments with corporate strategies, contrasting with traditional financial investments [6]. - CVCs accounted for 11.24% of total investment events in the primary market this year, with 33.07% of "unicorn" companies receiving CVC investments, indicating a high success rate [6][8]. - Approximately 410 A-share listed companies have established CVC institutions, representing about 7.5% of the total number of listed companies, a figure comparable to the U.S. market [9]. Group 3: Impact on Market Dynamics - The increasing maturity of CVC capabilities among listed companies is expected to deepen their influence in the primary market [10]. - Companies like Huagong Technology are establishing funds to strengthen their competitive edge in key sectors and to foster innovation in emerging industries [10][11]. - The shift in fundraising dynamics is evident, with a trend towards local state-owned assets becoming dominant LPs, reflecting a broader strategy of aligning with local industrial goals [11].

近年来，鲁信创投充分发挥国有创投机构在"长周期"项目上的投资优势，整合并优化要素资源，在管理 提升、产业协同、市场开拓等诸多方面发挥关键支撑作用，助力投资项目"抬头看路"，持续激发企业发 展活力。"我们不追求短期快速的资本回报，而是更加关注投资项目的创新性与成长性，助力科创企业 成功跨越从实验室到产品化、从商业化到产业化的漫长周期，让其能够更加专注于长期目标。"鲁信创 投党委书记、董事长王旭冬说。 目前，鲁信创投已累计投资企业300余家，90%以上的资金投资"硬科技"领域，过半项目为初创期和成 长期企业，民营企业数量占比逾九成，并先后助推44家企业登陆境内外主要资本市场。 "我们既耐心陪伴科技型创业公司成长发展，点亮创新火种，又全力推动标志性产业延链补链强链，锻 造产业脊梁。"王旭冬说，鲁信创投将持续聚焦新一代信息技术、高端装备制造、生命科学、新能源、 新材料、航空航天等战略性新兴产业，"长周期"扶持创新型科技企业做大做强、全流程赋能产业高端高 质高效发展。 "这两块蜂巢夹芯板内置公司研发的高效传热器件，不久后将随卫星翱翔天际。目前，公司基于高效传 热打造的一整套卫星结构热控解决方案，已应用于超300颗卫星及 ...

"这两块蜂巢夹芯板内置公司研发的高效传热器件，不久后将随卫星翱翔天际。目前，公司基于高效传 热打造的一整套卫星结构热控解决方案，已应用于超300颗卫星及深空探测器。"在北京微焓科技有限公 司位于山东德州的基地，董事长孙萌指着两块看似平平无奇的方形器件说。 目前，鲁信创投已累计投资企业300余家，90%以上的资金投资"硬科技"领域，过半项目为初创期和成 长期企业，民营企业数量占比逾九成，并先后助推44家企业登陆境内外主要资本市场。 "我们既耐心陪伴科技型创业公司成长发展，点亮创新火种，又全力推动标志性产业延链补链强链，锻 造产业脊梁。"王旭冬说，鲁信创投将持续聚焦新一代信息技术、高端装备制造、生命科学、新能源、 新材料、航空航天等战略性新兴产业，"长周期"扶持创新型科技企业做大做强、全流程赋能产业高端高 质高效发展。 （文章来源：经济日报） 2022年，微焓科技德州基地建成投产，集成卫星热控系统和本体结构的生产制造环节。"得益于鲁信创 业投资集团股份有限公司旗下基金的战略注资，我们实现生产要素全部自研、自主可控。"孙萌说，作 为一家细分领域研发企业，公司想要牵头整合卫星制造全产业链生产要素，其中的风险与不确定性 ...

"年初宣布设立引导基金以来，创投市场加速回暖，前三季度募资金额同比增长8%，投资金额增长 9%，投资案例总数增长近20%，这充分证明了引导基金对于提振市场信心、激发市场活力的重要作 用。"白京羽说。 国家创业投资引导基金开创性设立"基金公司-区域基金-子基金"三层架构。财政部经济建设司司长郭方 明介绍，引导基金使用超长期特别国债资金出资，在国家层面由财政出资1000亿元，在区域基金、子基 金层面积极鼓励社会资本参与。 ● 本报记者 欧阳剑环 12月26日，国家创业投资引导基金启动仪式在北京举行。中国证券报记者从现场了解到，引导基金已出 资成立3只区域基金，在集成电路、量子科技、生物医药、脑机接口、航空航天等领域签署一批意向子 基金和直投项目。 在同日举行的国家发展改革委专题新闻发布会上，国家发展改革委创新和高技术发展司司长白京羽介 绍，引导基金广泛吸引多方参与，形成万亿资金规模，加大对战略性新兴产业和未来产业支持力度，加 快培育和发展新质生产力。 设置三层架构 今年3月，国家发展改革委主任郑栅洁宣布，组建国家创业投资引导基金，聚焦硬科技、坚持长周期、 提高容错率，通过市场化方式投向科技型企业。 在投资环节，引 ...

利和兴江门工厂 利和兴的破局动作清晰地指向两个方向：一是向产业链更高附加值的"硬骨头"发起攻坚；二是将跟随国 产化战略从消费电子，转向更具未来的新兴赛道 ◎记者 刘逸鹏 在深圳市平湖街道，有一片被政府规划为"深圳硅谷"的园区，利和兴旗下的智能装备制造基地坐落在其 间。 近期，上海证券报调研小分队走进利和兴了解到，这家以智能检测设备立足的企业，正将过往与产业链 龙头协同成长的经验，转化为自主攻坚的核心动能。 面向"十五五"，利和兴董事长林宜潘描绘了一条持续向上的创新曲线——从3C检测出发，向电子元器 件、半导体测试设备拓展；未来，更瞄准半导体精密零部件、人形机器人等前沿领域，构建自主可控的 技术体系。 共舞：从"贴身服务"到"生态化成长" 利和兴的崛起，是国内电子信息产业高速发展的一个缩影。 "'协同创新'看似围绕客户需求展开，实则为公司奠定了扎实的技术根基与快速响应市场的能力。"林宜 潘说，这不仅是服务，更是共同研发和生态共建的过程。 为构建更稳健、自主的创新体系，"十四五"期间，利和兴前瞻性地启动了"智能装备+电子元器件"的双 轮驱动战略。 2020年，公司成立子公司利和兴电子，正式进军电子元器件领域。20 ...

（上接1版） "引导基金将与已设立的各类政府投资基金、市场化基金错位发展，不搞重复投资、不与市场争利，重 在解决创投行业长期资本（20年存续期）短缺的问题；同时，积极推动创投行业改革创新，通过搭建综 合性服务平台，打造理念创新、机制灵活、政策务实的'试验田'，更好引领创投行业高质量发展。"白 京羽说。 同时，引导基金坚持做市场化基金。白京羽表示，中央出资设立引导基金，需要统筹兼顾政策目标和市 场化原则。为此，引导基金建立政府管政策管投向、委托专业团队市场化运作的管理模式。政府层面不 直接参与日常运作管理，不设地域返投要求；市场层面通过竞争择优，选出若干家具有丰富投资经验和 运营能力的管理机构，负责基金"募投管退"全过程，切实提高资金使用效率，确保每一笔投资都用 在"刀刃"上。 拟投资小型企业估值在5亿元以下 在投资环节，引导基金坚持投早、投小、投长期、投硬科技的"四投"导向，引导带动创投市场发展。 白京羽表示，针对当前创投市场"热门赛道一哄而上、挑肥拣瘦、急于求成"等现象，引导基金坚持"投 早"，以种子期、初创期企业为主要投资对象，对这类企业的投资规模将不低于基金总规模的70%。 引导基金设置"基金公司—区域 ...

Core Insights - The emergence of high-tech "unicorn" companies like Moore Threads and Muxi Co. has created wealth effects for primary market investors, with listed companies increasingly participating in industrial investment funds as a significant investment force [1] - The trend shows a shift from unrelated "follow-the-trend" investments to a focus on hard technology sectors closely related to the companies' main businesses, with Corporate Venture Capital (CVC) models gaining popularity [1][4] Group 1: Investment Trends - In 2023, 341 events of listed companies participating in setting up industrial funds were recorded, remaining stable compared to the previous year, with a notable focus on hard technology fields such as "new materials," "new energy," "artificial intelligence," "semiconductors," and "intelligent manufacturing" [2] - The IPO numbers in advanced manufacturing, electronic information, and healthcare sectors have been significant, with 43, 34, and 33 companies listed respectively from January to November 2025 [3] Group 2: Corporate Venture Capital (CVC) Dynamics - Approximately 410 A-share listed companies have established CVC institutions, accounting for about 7.5% of the total, which is comparable to the less than 10% in the U.S. [7] - CVCs are favored by limited partners (LPs) due to their strategic depth and ability to integrate investments with corporate business logic, enhancing the likelihood of successful investments [5][6] Group 3: Market Impact and Future Directions - The establishment of CVCs is reshaping the primary market, with companies like Huagong Technology leveraging CVCs to drive dual engines of product and capital management, focusing on strengthening and supplementing industrial chains [8][9] - The evolving fundraising environment is pushing CVCs to adapt, with a shift towards partnerships with state-owned assets, reflecting a trend where CVCs are becoming preferred partners for local strategic goals [9]

12月26日，备受市场期盼的国家创业投资引导基金(以下简称"引导基金")正式启动。引导基金由国家发 展改革委、财政部共同推动设立，创新性地采用"基金公司—区域基金—子基金"3层架构，在国家层面 由财政出资1000亿元，在区域基金及子基金层面，预计将撬动万亿级社会资本参与。 目前，京津冀、长三角、粤港澳大湾区3只区域基金已设立运行，并形成首批已签约的49只子基金和27 个投资项目。 启动仪式当天，国家发展改革委召开专题新闻发布会。会上，财政部经济建设司司长郭方明在回答证券 时报记者提问时表示，国家创业投资引导基金立足自身特点，通过精准错位发展与其他政府引导基金形 成协同合力，将以差异化风控体系培育创新生态，引导社会资本长期扎根科技创新领域。 投早、投小、投硬科技 据悉，引导基金使用超长期特别国债资金出资，在国家层面由财政出资1000亿元，在区域基金、子基金 层面积极鼓励社会资本参与。 白京羽透露道，引导基金设置20年存续期，其中10年投资期、10年退出期，这样既通过更长久的投资期 限，为企业提供长周期的资金供给，又通过更宽松的退出时限，为企业提供更多的发展空间。 传统的创投基金，生命周期普遍为7—10年，而引导 ...