2025.12.26 本文字数：2956，阅读时长大约5分钟 作者 |第一财经 周楠 封图 |AI生成 今年年中，李励有一次去香港工作的机会。当时，港股IPO市场持续火热，他所在的券商开展内部选 调，拟调配员工赴港做投行业务，并开出了可观的薪酬。但李励考虑一番后最终没有报名，原因 是："我是看生物医药这块的，当时科创板第五套标准重启，手头有一些项目正在推进。" 而一些身处香港的投行人，今年"忙到飞起"。罗恩供职于某华尔街大行，他说，从今年的电话会、客户 需求反馈都能明显感觉到，海外投资者对中国市场的兴趣回暖，一些港股IPO项目里，海外主权基金更 是争抢基石份额。 投行人的直观感受，映射出2025年IPO市场的变化。这一年里，A股股权融资市场回暖、港股IPO持续火 热，包括投行在内的中介机构感受到了业务暖意。 安永大中华区上市服务主管合伙人何兆烽告诉第一财经，今年以来，伴随IPO市场动态发展，中介机构 获得了新的业务增长动力。"内地企业赴港上市意愿持续增强，中介机构从其现有的A股客户群中，拓 展出一定程度的业务增量。"他说。 Wind和交易所数据显示，截至12月25日，年内A股市场迎来111只新股，IPO募资总 ...

12月26日，国家创业投资引导基金正式启动运行。有关负责人表示，设立引导基金是发展创业投资、壮 大耐心资本，引导金融资本投早、投小、投长期、投硬科技的重要举措。 来源：央视新闻 责编：梁秋燕 据介绍，国家创业投资引导基金采用引导基金公司、区域基金、子基金三重结构，目前已加快推进京津 冀、长三角、粤港澳大湾区三只区域基金组建。 国家创业投资引导基金有限公司董事长霍福鹏说：在资金规模方面，已经落实首批三只区域基金出资方 案，每只具备500亿以上规模。目前，三只区域基金全部签署了投资协议，完成了工商注册，并形成了 首批已签约的49只子基金和27个投资项目。 ...

寒冬退去，暖意渐浓。 2025年，中国创投行业终于走出持续两年的低谷，以"募投管退"全链条回暖的姿态向上回升。数据是最直观的印证：来自投中嘉川的数据显示，1～11月 VC/PE市场新成立基金数量同比增加16.73%，投资案例数量同比上涨30.33%，投资规模同比增幅达31.54%，行业活力显著修复。政策红利持续释放与退出 渠道优化扩容，为市场注入信心，头部机构的情绪与动作率先回暖。 红杉中国：持续布局硬科技+生物医药，AI成绝对核心 再来看看具体的投资案例。根据投中嘉川和公开信息的数据，我们整理了红杉中国出手总金额排名靠前的部分代表案例，从中可以一窥这家机构今年的重点 投资方向与布局思路。 首先来看市场化VC的"老大哥"红杉中国。 今年其实是红杉中国出手持续回暖的第二年。根据记者不完全统计，今年该机构的投资事件数量达到近30次，虽然和前几年的高峰时期不可同日而语，但与 去年、前年同期相比有明显增长。 2025年，顶级市场化VC的投资节奏明显加快，出手频率和金额较上年均有显著提升，头部机构参投主体数量同比增加16.69%，资金向优质项目集中的趋势 愈发清晰。从人工智能、半导体到商业航天、生物医药，硬科技赛道成为 ...

Core Viewpoint - The National Venture Capital Guidance Fund has been launched to leverage government funds effectively, aiming to inject fresh capital into the venture investment sector and promote innovation [1] Group 1: Government Initiatives - The Ministry of Finance will utilize government guidance funds to achieve a "four ounces to move a thousand pounds" effect, enhancing the venture investment landscape [1] - The focus will be on "early investment, small investment, long-term investment, and hard technology," fostering a vibrant innovation ecosystem [1] Group 2: Investment Strategy - The investment approach will emphasize market-oriented operations and professional management, targeting the forefront of international technological competition and industrial transformation [1] - A commitment to long-term investment philosophy will be maintained, supporting companies through challenges for steady growth [1]

国家创业投资引导基金有限公司董事长霍福鹏表示，在资金规模方面，已经落实 首批三只区域基金出 资方案，每只具备500亿以上规模 。目前，三只区域基金全部签署了投资协议，完成了工商注册，并形 成了首批已签约的49只子基金和27个投资项目。 另据新浪财经报道，9月份科技部曾公开表示，引导创业投资"投早、投小、投长期、投硬科技"，加快 组建国家创业投资引导基金， 预计将带动地方资金、社会资本近1万亿元。 Wind用户在金融终端输入 ACHA T(Ali ce chat) 千亿级参数智能模型， 能理解复杂金融概念 20年金融数据沉淀，分析能力媲美行业专家 手机和电脑实时联动，确保随时随地高效响应 为用户提供智能化的工作新体验 据央视新闻报道，国家发改委在12月26日的新闻发布会上透露，国家创业投资引导基金正式启动，京津 冀创业投资引导基金、长三角创业投资引导基金、粤港澳大湾区创业投资引导基金三只区域基金设立运 行。 有关负责人表示，设立引导基金是发展创业投资、壮大耐心资本，引导金融资本投早、投小、投长期、 投硬科技的重要举措。 点" 阅读原文 "，申请Wind金融终端 ...

（文章来源：央视新闻） 据介绍，国家创业投资引导基金采用引导基金公司、区域基金、子基金三重结构，目前已加快推进京津 冀、长三角、粤港澳大湾区三只区域基金组建。 国家创业投资引导基金有限公司董事长霍福鹏：在资金规模方面，已经落实首批三只区域基金出资方 案，每只具备500亿以上规模。目前，三只区域基金全部签署了投资协议，完成了工商注册，并形成了 首批已签约的49只子基金和27个投资项目。 今天，国家创业投资引导基金正式启动运行。有关负责人表示，设立引导基金是发展创业投资、壮大耐 心资本，引导金融资本投早、投小、投长期、投硬科技的重要举措。 ...

Core Viewpoint - The A-share market has seen significant activity in private placements this year, with a total of 148 companies completing placements, raising a total of 788.9 billion yuan, marking a year-on-year increase of 455.31% [1][2][3]. Group 1: Market Activity - As of December 24, 2023, 438 A-share companies announced private placement plans, with 148 successfully completed, raising 788.9 billion yuan compared to 142.1 billion yuan in the same period last year [2]. - Major banks such as China Bank, Postal Savings Bank, and others raised over 100 billion yuan each, primarily for liquidity support [2]. - The private placement market has transitioned from a simple financing tool to a crucial platform for industrial upgrades and integration [3]. Group 2: Industry Focus - The majority of companies engaging in private placements are from the technology sector, particularly electronics, power equipment, and communications [4]. - The electronics industry is highlighted as a key area of interest, driven by its strategic importance and the need for technological advancements [4][5]. - The demand for funds in the AI and semiconductor sectors is particularly strong, supported by favorable policies and market preferences [5]. Group 3: Future Outlook - The private placement market is expected to remain active in 2026, with a focus on mergers and acquisitions, and an increase in institutional participation [7][8]. - The market is anticipated to evolve towards higher quality developments, with a shift from discount-driven to profit-supported valuations [8]. - Continuous policy support is expected to enhance the role of private placements in resource integration and value discovery, making it a key capital market hub for fostering new productive forces [8].

Core Insights - The A-share market has seen significant activity in private placements this year, with 148 companies completing placements, raising a total of 788.895 billion yuan, a year-on-year increase of 455.31% [1][2][3] Group 1: Market Activity - As of December 24, 2023, 438 companies announced private placement plans, with 148 successfully completed, totaling 1,010.20 million shares issued [2] - In comparison to the same period in 2024, the number of companies completing placements increased by 20, and the total amount raised surged from 142.064 billion yuan to 788.895 billion yuan [2] - Major banks such as China Bank, Postal Savings Bank, and others raised over 1 billion yuan each, primarily for liquidity support [2] Group 2: Policy Impact - Analysts attribute the surge in private placements to a series of supportive policies aimed at guiding long-term capital into the market and optimizing financing directions [3] - Policies have broadened the channels for long-term capital and encouraged investments in technology innovation and industrial upgrades, establishing a solid foundation for the private placement market [3][8] Group 3: Industry Focus - The electronics, basic chemicals, and power equipment sectors are leading in the number of companies engaging in private placements, with 23, 17, and 15 companies respectively [4] - The technology sector, particularly in areas like semiconductors and AI, has become a focal point for private placement funding due to high demand for capital to overcome technological bottlenecks and expand production capacity [4][5] Group 4: Future Outlook - The private placement market is expected to remain active in 2026, with a focus on mergers and acquisitions, driven by industry consolidation and state-owned enterprise reforms [7] - The market is anticipated to evolve towards higher quality development, with a shift from discount-driven to profit-supported and value-exploration strategies [7] - Continued participation from institutional investors and the positive cycle of profitability from private placements are likely to attract more capital into the market [7][8]

岁末将至，IPO受理持续提速。在12月22日—24日这3天内，沪深交易所密集受理了博迈医疗、思仪科 技、富士达等7家企业的IPO申请。而伴随上述7宗IPO项目获受理，经同花顺iFinD统计，截至12月24 日，三大交易所月内受理IPO数量已达到19宗，其中15宗均由沪深交易所受理，占比近八成。值得一提 的是，在新获受理的IPO企业中，硬科技力量突出，包括粤芯半导体、国仪量子在内的4家企业均系亏 损申报上市。IPO存量持续扩容的同时，今年年内，A股新股市场也在同频加速。从2025年全年来看， A股市场预计将迎来114只新股上市，相较去年同比增长14%。 拟上市板块方面，月内沪深交易所新获受理的15家IPO企业中，拟冲击创业板上市数量居首，共8家； 科创板次之，为5家；主板则有2家新受理企业。 从拟募资规模来看，上述15宗IPO中，粤芯半导体拟募资金额居首，公司本次拟募资金额约75亿元。据 了解，粤芯半导体是一家致力于为境内外芯片设计企业提供12英寸晶圆代工服务和特色工艺解决方案的 集成电路制造企业，公司创业板IPO于12月19日获得深交所受理。 除粤芯半导体之外，本次冲击上市拟募资金额超过10亿元的企业还有信诺 ...

Group 1 - The core viewpoint of the news is that the IPO acceptance rate is accelerating as the year-end approaches, with a total of 19 IPO applications accepted in December, primarily by the Shanghai and Shenzhen stock exchanges [1][3] - Among the newly accepted IPOs, four companies, including Yuexin Semiconductor and Guoyi Quantum, are notable for their high-tech focus and are applying for listings despite being in a loss position [1][6] - The total number of new IPOs expected for the year in the A-share market is 114, representing a 14% increase compared to the previous year [1][9] Group 2 - From December 1 to 24, the Shanghai and Shenzhen stock exchanges accepted 15 IPO applications, with the majority targeting the Growth Enterprise Market (GEM) [3][4] - Yuexin Semiconductor leads in proposed fundraising with approximately 7.5 billion yuan, focusing on providing 12-inch wafer foundry services [3][4] - Other companies with proposed fundraising exceeding 1 billion yuan include Xinovate and Boma Medical, with Xinovate's fundraising amounting to 2.94 billion yuan [4][6] Group 3 - The acceptance of IPOs for high-tech companies is supported by recent regulatory changes, allowing unprofitable companies to list on the STAR Market and GEM [6][7] - Yuexin Semiconductor reported significant losses, with a net profit of approximately -1.2 billion yuan for the first half of the year, and has accumulated undistributed losses of -8.936 billion yuan [7][8] - The overall fundraising amount for new IPOs in the A-share market has significantly increased, with 111 new stocks raising approximately 125.32 billion yuan this year, compared to 67.35 billion yuan last year [9][10]