继今年6月首批民营创投机构科创债顺利发行后，第二批民营创投科创债也于11月26日—28日在银行间 市场完成发行。 据了解，本次发行科创债的4家民营股权投资机构为基石资产管理股份有限公司（"基石资本"）、深圳 同创伟业资产管理股份有限公司（"同创伟业"）、盛景嘉成投资管理有限公司（"盛景嘉成"）和上海道 禾长期投资管理有限公司（"道禾长期"）。发行规模方面，基石资本发行规模4亿元，期限为10年，同 创伟业发行规模为3亿元，期限同样为10年。4家机构合计发行规模约为9.3亿元。 据了解，此次发行科创债的4家创投机构里，3家由科创债风险分担工具提供增信，1家由中债信用增进 投资股份公司提供市场化增信；此外，风险分担工具还将积极参与全部4家企业科创债的投资，充分释 放"政策性+市场化"、"增信+投资"协同发力的驱动效应。 对于成功发行科创债，基石资本执行总裁、合伙人王启文介绍，本次募集资金将以出资创投基金、股权 基金，或直接投资等方式专项支持科技企业发展。资金将重点投向半导体、人工智能、机器人、合成生 物、脑科学等国家战略科技方向。 长期以来，缺乏长期、耐心的资本来源是制约创投机构深度支持硬科技企业的关键瓶颈。王启文 ...

以下文章来源于超越 J Curve ，作者刘惠娴 超越 J Curve . 用数据延伸你的阅读 将投中网设为"星标⭐"，第一时间收获最新推送 市场已从募资驱动的前半场，过渡到退出主导的后半场。 作者丨刘惠娴 来源丨投中嘉川 创投市场正在 显著 回暖。 这是一级市场从业者在过去一年最直观的体感 ， 也是投中嘉川用数据给出的答案。 近期， 投中嘉川联合中国投资协会股权和创业投资专业委员会、北京金融街研究院，重磅 发布 《中国创投市场发展指数报告》。 这是 中国创投行业发展 30余年来首次尝试从系统性数据 " 量化 行业温度 "。 报告构建了一套覆盖面极广的指数体系，包括 " 中国创投 100综合指数 "" 国资创投 50 发展 指数 "" 外资创投 50 发展 指数 " 以及 " 人工智能投资指数 " 。 我们 试图 以多维度的指数，来 回答一个所有人都关心的问题： 中国创投市场到底 处于什么阶段 ？ 未来又将走向何方 ？ 这些指数以投中嘉川 CVSource 私募股权数据库为核心数据源，结合量化分析、定性访谈和典型案 例研究，从募资、投资、退出到机构综合影响力 出发 ，系统呈现行业全景。 今天这篇 文章 就 是 ...

Core Insights - The 19th China Investment Annual Conference highlighted trends in the private equity market, emphasizing the importance of economic, political, and technological drivers in asset allocation, with expectations for stability until 2026 [1] - The report indicated a significant increase in newly established venture capital funds, reaching 1.78 trillion yuan in the first three quarters of 2025, a year-on-year increase of 10.25%, and investment events totaling 912 billion yuan, up 19.98% [1] Group 1: Investment Trends - The report predicts three major trends in asset allocation: industry concentration, regional decoupling, and stable allocation [1] - The participation of state-owned capital in venture capital has reached a stable phase, with state-owned platforms and guiding funds accounting for 59% of the funding structure by Q3 2025 [2] - The willingness of listed companies to invest in private equity funds has decreased, with average annual contributions dropping from 288 million yuan to 192 million yuan from 2022-2023 to 2024 [3] Group 2: M&A and Fund Dynamics - The Chinese M&A fund market is expected to grow significantly, with a focus on cash flow and operational management, presenting numerous opportunities due to a favorable financing environment and increasing demand for corporate restructuring [4] - S funds are becoming a critical component of the market, with a peak in global S transactions in the first half of 2025, indicating a growing demand for secondary fund transactions [5][6] - The report suggests that the Chinese hard technology sector will undergo a competitive phase, with a shift from scale to technological innovation and a focus on building systematic capabilities [7][8]

将投中网设为"星标⭐"，第一时间收获最新推送 一些保险资金在股权投资领域的思考与实践。 整理丨 张雪 来源丨 投中网 当前，长期利率下行和寿险行业久期缺口，促使保险资金加大另类资产配置，这是全球保险行业应对 低利率环境的经验。 作为保险基金，如何在行业变革之下，精准抓住机会，实现合理的资产配置？ 11 月 27 日，在 " 第 19 届中国投资年会 · 有限合伙人峰会 " 上，北京泰康投资 CEO 黄升轩发表了题为《稳健 + 创 新的保险资本投资新范式》的主题演讲。 他谈到， VC/PE 行业已从美元基金主导的 1.0 时代，经济增长 beta 和 IPO 驱动的 2.0 时代进 入产业资本 3.0 时代，并呈现出了三大特征 —— 赛道转向硬科技、资金来源以人民币为主、退出 方式从依赖 IPO 转向并购整合。 同时存量经济下，产业整合与 S 交易成为结构性机会。 在这一背景下，依赖一二级市场套利和经济整体增长的收益模式已经改变，股权行业出清与分化势在 必行，未来能穿越周期持续创造 alpha 的头部管理人数量有限， LP 对管理人的产业资源获取、赋 能及整合退出能力要求显著提升。同时，美国养老金、耶鲁基金的实 ...

Core Insights - Chengdu Industrial Investment has achieved remarkable returns on its investments, with the drone project yielding 30-40 times returns and the Haiguang Information project exceeding 100 times returns [1][2][3] - The company has developed a unique investment methodology over nearly a decade, focusing on long-term patience and professional judgment in the hard technology sector [1][21] - The firm positions itself as an "industrial partner," emphasizing a "patient capital" approach that allows for a complete investment cycle of "dare to invest, able to succeed, and willing to exit" [1][24] Investment Performance - Chengdu Industrial Investment's investment in Zhongwu Drone began in 2014 with an initial investment of 60 million yuan, which has now grown significantly, with a current market value of approximately 3.132 billion yuan [3][9][17] - The company has successfully navigated the challenges of the hard technology sector, where most investments typically result in losses, making its achievements noteworthy [2][3] Strategic Initiatives - The launch of the "Chengdu Investment 28 Plan" aims to systematize and platformize investment logic, seeking to cultivate the next successful projects similar to Zhongwu Drone and Haiguang Information [1][19] - The plan is part of a broader strategy to establish a 100 billion yuan future industry fund by 2025, focusing on a comprehensive investment lifecycle from seed stage to IPO [19][20] Market Context - The drone industry in Chengdu has seen significant growth, with over 500 companies involved across the entire supply chain, generating revenues exceeding 6 billion yuan [16][17] - Chengdu aims to become the "first city of industrial drones" and a center for low-altitude economy in Western China, reflecting the region's commitment to developing its aerospace industry [16][17] Investment Philosophy - Chengdu Industrial Investment's approach is characterized by a long-term commitment to supporting local industries, with a focus on risk-sharing and benefit-sharing through equity ties with companies [24][25] - The firm emphasizes a "lead enterprise + supporting" investment model, which allows for rapid local industry support and stable market space for complementary businesses [25][26]

四季度以来，美元LP对中国一级市场的投资热情全面回暖，与2023年至2024年的相对沉寂形成鲜明对 比，募资、人才、机构布局等多维度均释放积极信号。四季度以来，多家机构密集宣布完成大额美元基 金募集：砺思资本美元VC二期及人民币VC一期双币基金总规模达4.88亿美元；源码资本新一期成长基 金规模达6亿美元；康桥资本旗下瑞桥信贷二期美元基金完成5亿美元募集，专项聚焦医疗健康领域。 ...

今年最贵新股 。 作者/冯雨晨 报道/投资界PEdaily 箭在弦上了。 今天，摩尔线程科创板I PO正式启动申购——11 4 . 2 8元/股的发行价成为年内最贵新股。乘上国产半导体产业东风，场面火爆。 这并不难理解。成立5年，摩尔线程身后集结了豪华投资人阵容，从I PO受理至注册仅用时4个月。另一边，今年"寒王"股价 强劲 冲 上1 5 0 0元，还有中际旭创、海光信息等均走出翻倍行情，可谓天时地利。 如此一幕幕，顺势唤醒中国硬科技投资的想象力和估值空间。"国产GPU第一股"背后，谁都不想再错过下一个寒武纪。 火爆一幕 摩尔线程公告，这次科创板上市发行价格定为11 4 . 2 8元/股，发行股份数量为7 0 0 0万股，预计募集资金总额为8 0亿元，发行后总股本 为4 . 7亿股。 推算下来，摩尔线程上市市值约5 3 7亿元，比I PO前估值翻了快一倍。 此前询价反响热烈——2 6 7家网下投资者管理的7 5 5 5个配售对象提交了有效报价，有效拟申购数量总和达7 0 4 . 0 6亿股，对应战略配售 回拨前网下初始发行规模的有效申购倍数为1 5 7 1 . 5 6倍。最终，共1 0家机构参与战略配售，获 ...

Core Insights - The company, Lihua Science and Technology, has focused on investing in "hard technology" sectors such as next-generation information technology, advanced manufacturing, new energy materials, and biomedicine since the beginning of the year [2] Investment Focus - The company has made investments in various enterprises, including Zhongke Fifth Epoch, Habitat Technology, and Lepulan, which cover areas such as embodied physical base general brain, intelligent technology-driven home design, and intelligent technology-driven industrial component design [2]

Core Viewpoint - The company, Heshun Petroleum, announced plans to acquire at least 34% of Shanghai Kuixin Integrated Circuit Design Co., Ltd. for a cash transaction not exceeding 540 million yuan, aiming to control 51% of the voting rights through a voting rights entrustment [1] Group 1: Acquisition Details - The acquisition is seen as a significant move for Heshun Petroleum, which primarily operates in the oil retail sector, marking its entry into the semiconductor industry [1] - Kuixin Technology, established in 2021, focuses on high-speed interface IP and Chiplet solutions, filling a gap in the domestic market and breaking foreign monopolies [1] - The transaction is structured with a share transfer agreement involving the actual controllers of Heshun Petroleum and Kuixin Technology, with a lock-up period tied to performance commitments [2][3] Group 2: Financial Projections and Risks - Kuixin Technology has set ambitious revenue targets from 2025 to 2028, with annual audited revenues projected to be no less than 3 billion yuan, 4.5 billion yuan, 6 billion yuan, and 7.5 billion yuan respectively [4] - The revenue from IP and high-speed interconnect products is expected to be 35% of the total revenue, raising questions about the reliability of these projections given the company's current revenue of only 1.1 billion yuan for the first half of the year [4][5] - The stock price of Heshun Petroleum has surged significantly, with a 59% increase since October 28, raising concerns about the effectiveness of insider information management [5]

Core Insights - The article highlights the significant impact of Huazhong University of Science and Technology (HUST) in fostering a strong entrepreneurial ecosystem, particularly through its alumni network in the investment and startup sectors [3][8]. Group 1: Alumni Success Stories - Gong Hongjia, known as "China's best angel investor," made a notable investment in Hikvision, yielding over 20,000 times returns, showcasing the potential of HUST alumni in the entrepreneurial landscape [5][6]. - HUST alumni have established successful companies across various industries, including Kema Technology and Mindray, indicating a strong entrepreneurial gene within the university [9]. Group 2: Investment Ecosystem - The article emphasizes the collaborative spirit among HUST alumni, with many successful investors supporting fellow graduates, creating a robust investment ecosystem [12][14]. - Notable alumni investors include founders of various investment firms, such as Jianda Capital and Huaye Tiancheng, who actively invest in startups founded by fellow alumni [11][12]. Group 3: Innovation and Technology - HUST has a strong focus on innovation, with over 20,000 students participating in various competitions annually, contributing to a vibrant tech ecosystem [8]. - The university's emphasis on AI and technology has led to numerous alumni projects receiving significant funding, reflecting the institution's role in advancing technological development [9].