2 0 2 5年7月3 1日， 水木资本董事长、中国国际科技促进会母基金分会会长、母基金研究中心创 始人唐劲草 与 瑞士驻华大使白瑞谊（ Jür g Bur r i）先生 在京会面 ，双方就即将 举办 的第 四届达沃斯全球母基金峰会事宜进行了交流。 据悉， 2 0 2 6年1月2 1日，第四届达沃斯全球母基金峰会将于瑞士达沃斯举办，本届峰会由全球 母基金协会主办，母基金研究中心承办 ， 峰会行程安排将于 2 0 2 6年1月1 9日持续至2 0 2 6年1 月2 3日。本届峰会将邀请百余位全球母基金与基金行业的重量级人物共聚一堂，共同商议跨越 经济周期的奥秘，展望全球母基金行业发展的未来。 唐劲草会长向瑞士驻华大使白瑞谊（ Jür g Bur r i）先生介绍了第四届达沃斯全球母基金峰会 的 筹备 情况 ，包括会议议题、邀请 情况 及合作 情况 ，强调希望进一步深化 中国 与瑞士方 面的 交流，推动双方在技术和资本方面的深度交流与合作 。同时，唐劲草会长也对瑞士驻华 大使馆提供的 有关 瑞士科技公司信息共享的支持表达了感谢。 瑞士驻华大使白瑞谊（ J ü rg Bu rri）先生及相关负责人充分肯定峰会的重要 ...

Core Viewpoint - The establishment of two specialized mother funds in Changzhou, Jiangsu, aims to promote investment in the new energy and high-end functional materials sectors, with a total scale of 80 billion yuan [1][3]. Group 1: New Energy Industry Fund - The Jiangsu Changzhou New Energy Industry Specialized Mother Fund has a total scale of 50 billion yuan and focuses on investments in advanced manufacturing for new energy vehicles, new power systems, next-generation photovoltaic technology, hydrogen energy, new energy storage, and intelligent equipment for deep sea and deep space [1][3]. - The investment method includes setting up sub-funds or direct project investments, with direct investments not exceeding 30% of the actual investment amount of the mother fund [2]. - The mother fund's contribution to sub-funds will not exceed 30% of the sub-fund's total scale, and investments in individual direct projects will not exceed 20% of the total paid-in capital of the mother fund [2][4]. Group 2: High-End Functional Materials Fund - The Jiangsu Changzhou High-End Functional Materials Industry Specialized Mother Fund has a total scale of 30 billion yuan and targets investments in high-performance carbon fibers and composites, nanomaterials, graphene materials, intelligent biomimetic materials, superconducting materials, and liquid metals [3]. - Similar to the new energy fund, this fund also has an investment method that includes sub-fund establishment and direct project investments, adhering to the same investment limits [2][4]. - Both mother funds have a lifespan of 15 years, with a 7-year investment period and an 8-year exit period, requiring sub-funds to be registered in Changzhou [4].

Summary of Key Points Core Viewpoint - The article highlights the recent developments in China's mother fund industry, with a total management scale of 1,540 billion RMB, focusing on investments in sectors such as biomedicine, emerging industries, and semiconductors [2]. Group 1: National Developments - A national-level mother fund, the Service Trade Innovation Development Guidance Fund Phase II, has been established with a capital of 10 billion RMB, focusing on equity investment and asset management [4]. Group 2: Regional Developments - Shanghai has initiated the selection process for the third batch of sub-funds under its three major leading industry mother funds, targeting integrated circuits, biomedicine, and artificial intelligence [5]. - Zhejiang Province is recruiting general partners for its third phase of the Science and Technology Innovation Mother Fund, with a scale of 30.02 billion RMB [6]. - In Hubei, a humanoid robot industry investment mother fund has been established with a total scale of 10 billion RMB, focusing on core technologies and applications in various sectors [10]. - A regional mother fund in Hubei, the Xianning High-tech Industry Investment Mother Fund, has been set up with a total scale of 30 billion RMB, focusing on health, electronic information, and green energy [11]. - The Yunnan Dianzhong New Area Industry Guidance Fund has been officially established with a scale of 50 billion RMB, focusing on non-listed enterprises [13]. - Two provincial government investment mother funds have been launched in Shanxi, focusing on angel investment and low-altitude economy [14]. - The Henan Provincial Equity Investment Fund has been established with a capital of 10 billion RMB, aiming to attract venture capital and private equity institutions [15]. - The Ningbo Angel Investment Guidance Fund is planning to establish two sub-funds [18]. - The Suzhou High-end Equipment Industry Special Mother Fund is set to invest in sub-funds with a target scale of 15 billion RMB [19]. - The Yangzhou Aerospace Industry Special Mother Fund has successfully registered its first sub-fund with a total scale of 5 billion RMB [21]. - The Guangzhou Development Zone has established a 50 billion RMB technology innovation and entrepreneurship investment mother fund [22].

Core Insights - The total number of newly registered private equity and venture capital funds reached 1,165 in Q2 2025, marking a year-on-year increase of 38.2% and a quarter-on-quarter increase of 20.3% [2][4] - The cumulative contribution from Limited Partners (LPs) reached 427 billion RMB, with state-owned capital dominating at 231.72 billion RMB, accounting for 54.26% of the total [9][10] Fund Overview - In Q2 2025, there were 416 newly registered private equity funds and 749 venture capital funds, with venture capital funds maintaining a dominant position [2] - The registration of funds was concentrated in Zhejiang, Jiangsu, and Guangdong provinces, indicating strong GP activity and industrial attraction in the Yangtze River Delta and Greater Bay Area [2] LP Contribution Trends - The frequency of LP contributions showed slight fluctuations in Q2 2025, with a general downward trend observed [4] - A total of 2,651 contributions were made by institutions with a contribution ratio of 1% or more, with government-guided funds and state-owned capital continuing to dominate the LP market, accounting for 52.7% of contributions [6][9] LP Contribution Distribution - The cumulative contribution from institutions with a contribution ratio of 1% or more reached 427 billion RMB, with state-owned capital leading at 231.72 billion RMB [9] - Financial institutions contributed 74.61 billion RMB, representing 17.47% of the total, while government-guided funds contributed 71.46 billion RMB, accounting for 16.73% [9][10] Active LP Analysis - State-owned capital maintained a strong position in Q2 2025, with a cumulative contribution of 231.72 billion RMB, reflecting its significant scale and stability [16] - Government-guided funds demonstrated a stable contribution pattern, with a total of 71.46 billion RMB, showcasing their role in leveraging small amounts of capital for larger investments [18] - Financial institutions contributed 74.61 billion RMB, focusing on large single contributions, indicating their professional asset allocation capabilities [19] - Private capital's participation remained low, with a total contribution of 23.89 billion RMB, highlighting the need for mechanisms to stimulate greater involvement [20]

Group 1 - The establishment of the "China International Science and Technology Promotion Association Mother Fund Branch" aims to enhance the role of mother funds in China's capital market and promote the healthy development of the investment industry, particularly the mother fund sector [1] - The total scale of the newly established merger fund and S fund in a province is 10 billion RMB, with the goal of supporting enterprise mergers and acquisitions [4][5] - The "Zhongjin Yaosheng Mother Fund" is seeking quality sub-fund management institutions, with a total scale of 5 billion RMB, focusing on strategic emerging industries [6][7] Group 2 - The "Changjiang Industry Group" has established a specialized automotive fund with a total scale of 5 billion RMB, aimed at supporting the development of specialized vehicles and components [9] - The "Henan Investment Group" and the National Local Center signed an agreement to build the first heterogeneous humanoid robot training ground in Central China, enhancing regional innovation capabilities [10][14] - "Wanhua Hongyuan" and "Zhongji Capital" are collaborating to promote the implementation of an equipment manufacturing industry fund in Xi'an, focusing on regional industrial development [15][20] Group 3 - The "Hami Municipal Government" delegation visited "Yuzhi Holdings Group" to discuss deepening industrial cooperation, showcasing the group's achievements in technology innovation and capital operation [22][25] - "Xu Jiayi" led a team to the "Guian Guokong Intelligent Computing Park" to explore cooperation paths, emphasizing the potential of the intelligent computing industry in the region [27][30] - The upcoming "Fourth Davos Global Mother Fund Summit" and the "Sixth China Mother Fund Summit" are set to take place, highlighting the growing importance of mother funds in the investment landscape [31]

Summary of Key Points Core Viewpoint - The article discusses the recent developments in China's mother fund industry, highlighting the establishment of various mother funds across different provinces, with a total management scale of 111.7 billion RMB, focusing on future industries, smart home appliances, new materials, and advanced manufacturing [1]. Group 1: Recent Developments in Mother Funds - Zhejiang has launched a 5 billion RMB mother fund that does not require local registration for GP recruitment [2]. - Sichuan has announced a 1 trillion RMB future industry fund in Chengdu [2]. - Beijing's Science and Technology Innovation Fund plans to participate in a public offering of sub-funds [2]. - Fujian has successfully established the first batch of 5 sub-funds under its specialized and innovative mother fund [2]. - Guangxi has set up a technology achievement transformation mother fund [2]. - Anhui is publicizing candidate management institutions for the Liangjiang Emerging Industry Mother Fund [2]. - Hubei's Xiaogan New Industry Investment Mother Fund is recruiting GPs [2]. - Jiangsu's Suqian Emerging Industry Mother Fund is also recruiting GPs [2]. - Guangxi has launched its first industrial venture capital mother fund [2]. - Sichuan's Borui Rongben Fund is recruiting GPs [2]. - Anhui's Tongcheng Smart Home Appliances Venture Capital Mother Fund is recruiting GPs [2]. Group 2: Specific Fund Details - The Zhongjin Yaosheng (Shaoxing Shangyu) Equity Investment Partnership has been established with a scale of 5 billion RMB, focusing on semiconductor, new materials, advanced manufacturing, medical and pharmaceutical, artificial intelligence, and new consumption industries [3][4]. - Shaoxing is positioned in the core area of the Yangtze River Delta integration, with significant infrastructure and a thriving economy, aiming to cultivate 21 listed companies by the end of 2024 [5]. - The Sichuan Future Industry Fund, managed by Chengdu Chuangxin Investment Group, has a total scale exceeding 1 trillion RMB, marking a new era for government investment funds [22][24]. - Fujian's specialized and innovative mother fund has a target scale of 2 billion RMB, with the first batch of 5 sub-funds totaling nearly 1 billion RMB [28][29]. - Guangxi's Technology Achievement Transformation Mother Fund has a total scale of 2 billion RMB, focusing on supporting seed to growth-stage technology companies [31]. - The Anhui Liangjiang Emerging Industry Mother Fund is in the process of publicizing candidate management institutions [32]. - Hubei's Xiaogan New Industry Investment Mother Fund aims to promote strategic emerging industries and high-quality development [34]. - Jiangsu's Suqian Emerging Industry Mother Fund has a scale of 2 billion RMB, focusing on strategic emerging industries [36]. - Guangxi's Industrial Venture Capital Fund has a total scale of 5 billion RMB, focusing on early-stage and growth-stage technology companies [38]. - Sichuan's Borui Rongben Fund has a total scale of 700 million RMB, supporting technology companies in various stages [39]. - Anhui's Tongcheng Smart Home Appliances Venture Capital Mother Fund focuses on investments in the smart home appliance sector [41].

Core Viewpoint - Chengdu has launched a future industry fund with a total scale exceeding 1 trillion yuan, aiming to enhance investment in emerging industries and foster innovation [1][2][3] Group 1: Future Industry Fund Overview - The future industry fund is positioned as an "industry cultivator," "resource leverager," "track leader," and "ecosystem builder," with a focus on creating a "angel + venture capital" fund cluster [2] - The fund is managed by Chengdu's industrial investment group and aims to strengthen early-stage investments in innovative projects [2][3] - The fund's establishment is part of a broader strategy to enhance Chengdu's investment ecosystem, with a total fund scale exceeding 1.7 trillion yuan across various investment stages [2][3] Group 2: Investment Activities and Agreements - During the launch event, multiple investment sub-funds and projects were signed, with a total intended investment amount of approximately 800 billion yuan [3] - Notable agreements include the establishment of the China Nuclear Technology Innovation Fund and the China Resources Pharmaceutical Innovation Investment Fund in Chengdu [3] Group 3: Chengdu's Investment Ecosystem - Chengdu has seen a significant rise in mother funds, becoming a hotspot for venture capital and private equity investments [5][6] - The Chengdu High-tech Zone has established a substantial fund cluster, with over 160 funds totaling more than 340 billion yuan, covering various industries such as electronic information and healthcare [8][9] - The High-tech Zone's angel mother fund aims to leverage 100 billion yuan to attract social capital, enhancing the investment landscape [9] Group 4: Evolution of Fund Models - The launch of the future industry fund signifies a shift towards a "thousand billion era" for government-guided funds, moving from single fund setups to a matrix of funds [10][11] - The trend indicates a growing emphasis on specialized, market-oriented fund clusters that can effectively drive regional industrial transformation [12]

Group 1 - The equity investment industry has received numerous policy benefits since 2025, with government reports emphasizing the need to strengthen differentiated regulatory systems for venture capital funds and enhance policy financial support [1][2] - The recent policies aim to support the development of private equity and venture capital, addressing industry pain points and optimizing the fundraising, investment, management, and exit systems [1][2] - The government encourages the development of private equity secondary market funds and supports venture capital and industrial investment through bond financing [1][2] Group 2 - The equity investment industry is focusing on early-stage, small-scale, long-term investments in hard technology, fostering technological innovation through patient capital [2] - Local governments are creating distinctive mother fund models, evolving from a "rough" development phase to a more refined and industrialized approach, establishing fund clusters with clear industry direction [2][3] - The upcoming 2025 Sixth China Mother Fund Summit will gather over 300 representatives from mainstream mother funds and top investment institutions to discuss industry development [3][4] Group 3 - The Sixth China Mother Fund Summit will take place in Shunyi District, Beijing, which has made significant progress in developing private equity funds [4] - The summit will focus on the opportunities and challenges faced by the mother fund industry, featuring keynote speeches and roundtable discussions to explore industry trends and LP investment strategies [4] - A comprehensive report on the first half of 2025 regarding the mother fund landscape will be released at the summit, addressing key questions about market positioning and GP evolution [4]

Group 1 - The establishment of the "China International Science and Technology Promotion Association Mother Fund Branch" aims to enhance the role of mother funds in China's capital market and promote the healthy development of the investment industry, particularly the mother fund sector [1][26][29] - As of June 30, 2023, the Shaanxi Provincial Government Investment Guidance Fund has reached a total scale of 1,055.38 million yuan, with investments in 315 key industry projects, including semiconductors and aviation [3][5][6] - The Shaanxi Provincial Government Investment Guidance Fund has seen a 35% increase in overall scale compared to the previous year, with a significant expansion of national-level fund participation [6][7] Group 2 - The Jiangsu Province Government and China Chengtong signed a framework cooperation agreement to establish the 100 million yuan Chengtong Science and Technology Innovation Fund [10] - China Insurance Investment Company has invested 1 billion yuan in Huadian New Energy, becoming the largest investor in the company's IPO strategic placement [11][12] - Taikang Asset held a strategic seminar focusing on AI to enhance asset management capabilities and adapt to market trends [13][14] Group 3 - The Hunan Province Jin Fuyuan Investment Fund policy promotion and investment matching conference successfully attracted various stakeholders to discuss investment opportunities [24][25] - The conference highlighted the importance of integrating government, industry, academia, and finance to support the development of the Jin Fuyuan Investment Fund [25]

Group 1 - The Hong Kong Stock Exchange (HKEX) announced the appointment of a new listing committee for the Main Board and GEM on July 4, 2025 [1] - Mr. Fang Yuan has been appointed as a member of the listing committee, marking him as the first member from the fund of funds industry [1] Group 2 - The "2025 Investment Institutions Soft Power Ranking" evaluation has been launched [3] - The "2025 Fund of Funds Annual Forum" is set to commence, gathering significant Chinese influence [3] - There is a growing trend among listed companies to engage in merger and acquisition funds this year [3]