今天 上午（ 1 2 月 2 6 日 ） ，国家创业投资引导基金启动仪式在国家发展改革委召开。 据悉， 国家创业投资引导基金 （以下简称国家创投引导基金） 坚持做早期基金、耐心基金、 廉洁基金、标杆基金， 在 启动仪式 上 ， 3只区域基金与首批4 9个子基金以及2 7个项目代表 正式签约 。 签约的基金包括亦庄芯创、水木创投、创新工场、联想之星、基石资本、英诺天 使等，签约项目包括加速进化、图灵量子、芯屏半导体等。 母基金研究中心从国家发展改革委专题新闻发布会上获悉，国家创业投资引导基金坚持做耐心 基金，引导基金设置20年存续期，其中10年投资期、10年退出期。坚持做市场化基金，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。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。 母基金研究中心关注到，国 ...

｜2025年12月26日 星期五｜ NO.1 国盛证券：江西省国资委通过股权无偿划转成为公司实际控制人 12月25日，国盛证券发布公告称，江西省交通运输厅拟将其持有的公司控股股东江西省交通投资集团有 限责任公司（以下简称江西交投）90%股权无偿划转至江西省国有资产监督管理委员会（以下简称江西 省国资委）。近日，相关方已就此签署无偿划转协议。划转完成后，国盛证券控股股东仍为江西交投， 实际控制人将由江西省交通运输厅变更为江西省国资委。国盛证券表示，本次划转不会对本公司治理及 正常经营构成重大影响。 点评：国盛证券实际控制人变更为江西省国资委，股权划转强化了国资背景，为公司治理及资源整合带 来新预期。虽然公司称经营不受影响，但此举有助于提升市场信心，优化公司长期发展环境。证券板块 有望在国资改革深化背景下迎来估值重塑，资本市场对国企金融资源的关注度将持续提升。 NO.2 史上第二！基金迎发行大年 点评：2025年基金发行创下历史第二高，凸显市场活跃度回升。指数基金的大规模扩容，不仅加速了资 金向核心资产和优质板块集聚，也为券商及资管机构带来业务增量。长期资金借基入市，有助于优化市 场投资者结构，提升股市整体稳定性 ...

Core Viewpoint - Wuxi Innovation Investment Group (referred to as "Xichuangtou") is leveraging a unique "patient capital" approach to drive industrial upgrades in the hard technology sector, balancing strategic missions with market returns [1] Group 1: Strategic Role and Investment Approach - Xichuangtou defines its role as a "three-dimensional integration," focusing on strategic guidance, strengthening local industrial chains, and empowering ecosystems by integrating policies, scenarios, technologies, and talent resources [1] - The company employs a "classification and combination management" strategy to address the dual demands of high-risk hard technology investments and the preservation and appreciation of state assets [2] - Xichuangtou manages overall risk through an "olive-shaped" portfolio, investing in high-risk early-stage projects and high-certainty late-stage projects while focusing on growth-stage projects in between [2] Group 2: Investment Achievements and Future Plans - As of 2025, Xichuangtou aims to manage a cumulative scale of 287 billion yuan, with total investments exceeding 130 billion yuan, having invested in over 800 local projects since the 14th Five-Year Plan [3] - The company emphasizes "deep localization" in its investment strategy, aligning investment decisions closely with local industrial chain needs, and aims to support hard technology with "patient capital" to effectively reduce innovation risks [3] - Looking ahead to the 15th Five-Year Plan, Xichuangtou plans to strategically develop S funds to revitalize existing assets and optimize capital structures, while focusing on AI and integrated circuits, as well as biomedicine sectors for future investments [3]

Core Viewpoint - TianShu ZhiXin is set to officially list on the Hong Kong Stock Exchange in January 2026, joining other domestic GPU companies in a competitive market for computing power [1][4]. Group 1: Company Overview - TianShu ZhiXin is recognized as a "breakthrough player" in the mass production of general-purpose GPUs, having successfully delivered 7nm high-performance GPU chips to data centers [4][5]. - The company has achieved significant revenue growth, with a year-on-year increase of over 60% in 2023 and GPU shipments exceeding 50,000 units [5][14]. - It has established a strong customer base, serving over 290 enterprises across various sectors, including finance, healthcare, and education, with more than 900 actual deployment scenarios [7][8]. Group 2: Market Position and Strategy - TianShu ZhiXin's unique value proposition lies in its focus on mass production and delivery rather than just technological narratives, positioning it as a leader in the GPU market [4][10]. - The company has adopted a "user-centric" approach, emphasizing usability and practicality, which has made its products highly favored among customers [10][12]. - Its product matrix includes the TianYuan series for training and the ZhiKai series for inference, providing comprehensive computing power support from model development to deployment [8][10]. Group 3: Financial Performance - Revenue surged from 189 million yuan in 2022 to 540 million yuan in 2024, with a compound annual growth rate of 68.8% [14]. - The company is the only domestic GPU firm with a self-sustaining cash flow capability, driven by its substantial production scale and revenue growth [18]. - The growth trajectory is supported by a strong focus on actual shipment volumes and customer retention rates, marking a shift from traditional valuation models that emphasize R&D investments [12][18]. Group 4: Industry Implications - The case of TianShu ZhiXin highlights a critical perspective for investors in hard technology: the importance of focusing on clear profit paths and expanding shipment capabilities rather than just ambitious technological narratives [17][18]. - The company's success in commercializing GPU technology serves as a model for the industry, demonstrating the necessity of transitioning from chip design to commercial delivery [19].

f D 王文怀 ◎记者 邓贞 近日，厦门建发新兴产业股权投资有限责任公司（简称"建发新兴投资"）出资参与的福建（厦门）社保 科创基金落地，建发新兴投资日后也将管理更巨量的长期资本"活水"。公司董事长王文怀在接受上海证 券报记者专访时表示，驾驭好长期资本的关键，在于构建一套环环相扣的体系：锻造能打硬仗的"特种 兵"团队，构建沿"科学—技术—产品"全链条的资本导航能力，并通过金融工具与生态协同，实现从"引 水"到"滴灌"的闭环。 破解人才密码：激励"特种兵"，激活资本效能 在王文怀看来，科创投资绝非普通金融业务，而是一项高度复杂、极度专业且周期漫长的"特种作战"。 他将团队中的优秀年轻人比喻为"特种兵"：他们需要携带精良的"认知装备"，在充满不确定性的创 新"无人区"自动自发地探索，其工作直接决定了长期资本能否转化为有效的创新动能。 "这样一支队伍的给养，难道不应该更充足一些吗？"王文怀表示。他坚信，长期资本的有效管理和增 值，最终依赖于专业"人"的持续耕耘。如果激励体系无法与市场化的专业要求相匹配，那么，高屋建瓴 的战略规划也有可能因人才流失而搁浅。 他提出的解决方案是：激励与监督，两个都要硬。这需要建立一套科 ...

Core Insights - Guozhong Capital is recognized for its ability to identify high-quality investment opportunities in the early stages of emerging industries, achieving a historical internal rate of return (IRR) of 33.65% and nurturing nearly 30 companies to go public [1][3] Investment Strategy - The National SME Development Fund, managed by Guozhong Capital, has invested over 690 billion yuan across 1981 projects, leading to more than 2000 specialized and innovative enterprises listed on the A-share market [2] - Guozhong Capital emphasizes early-stage investments in sectors that are not yet mainstream, allowing them to secure lower valuations and greater growth potential [7][9] Performance Metrics - The fund has achieved a distribution to paid-in (DPI) ratio of 1.45 for its initial 60 billion yuan fund, indicating strong returns on investments [3] - Notable investments include Mindray Medical, which set a record for the largest financing in the ChiNext market, and other high-return projects like Lite-On Optoelectronics and East Microelectronics [3] Team and Expertise - The investment team at Guozhong Capital is composed of experienced professionals with over 20 years in venture capital, primarily from Shenzhen Capital Group, focusing on advanced manufacturing and semiconductor sectors [9] - The firm adheres to a value investment philosophy, avoiding herd mentality and prioritizing companies with sustainable business models [9] Market Positioning - Guozhong Capital has strategically positioned itself in the hard technology investment space, identifying opportunities in sectors like semiconductor EDA tools and AI before they gained widespread attention [8][10] - The firm’s approach is characterized by a commitment to long-term technological innovation, believing in the irreversible trend of scientific and technological development [9][10]

此前，国家发展改革委主任郑栅洁透露，国家正在推动设立"航母级"的国家创业投资引导基金，该基金 主要引导金融资本投早、投小、投长期、投硬科技，将吸引带动地方、社会资本近1万亿元。 人民财讯12月23日电，企查查APP显示，12月22日，京津冀创业投资引导基金合伙企业(有限合伙)、长 三角创业投资引导基金合伙企业(有限合伙)、粤港澳大湾区创业投资引导基金合伙企业(有限合伙)成 立，出资额分别为296.46亿元、471亿元、450.5亿元，经营范围均包含以私募基金从事股权投资、投资 管理、资产管理等活动。企查查股权穿透显示，其中长三角创业投资引导基金合伙企业(有限合伙)由安 徽海螺集团有限责任公司、国家创业投资引导基金有限公司、国家开发投资集团有限公司等共同出资； 粤港澳大湾区创业投资引导基金合伙企业(有限合伙)由国家创业投资引导基金有限公司、深圳市红土创 业投资有限公司、华润投资创业(天津)有限公司等共同出资。 ...

Core Insights - The National Venture Capital Guidance Fund has successfully registered three regional sub-funds in Beijing, Shanghai, and Shenzhen, marking a strategic deployment in the three major economic zones: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area [1][2] Group 1: Fund Details - The "Beijing-Tianjin-Hebei Venture Capital Guidance Fund" has an undisclosed registered scale and is managed by CICC Capital [1] - The "Yangtze River Delta Venture Capital Guidance Fund" has a registered scale of 47.1 billion yuan, managed by the newly established Guotou Chuanghe Yangtze River Delta (Shanghai) Venture Capital Management Co., Ltd. [1] - The "Guangdong-Hong Kong-Macau Greater Bay Area Venture Capital Guidance Fund" has a registered scale of 45.05 billion yuan, managed by Shenrun Guochuang (Shenzhen) Investment Co., Ltd. [2][3] Group 2: Fund Partners - The Yangtze River Delta fund includes partners such as the National Venture Capital Guidance Fund, State-owned enterprises from Anhui, Zhejiang, Shanghai, and Suzhou [1] - The Greater Bay Area fund partners include the National Venture Capital Guidance Fund, Shenzhen Guochuang Yinke Technology Fund, and various state-owned entities from Guangdong [2][3] Group 3: Fund Objectives - The National Venture Capital Guidance Fund has a lifespan of 20 years, focusing on guiding financial capital towards early, small, long-term investments in hard technology [4] - The fund aims to support seed and early-stage enterprises, while also considering small and medium-sized enterprises in their early to mid-stages, fostering original and disruptive technological innovations [4]

十年历程。 作者/周佳丽 报道/投资界PEdaily 2 0 2 5 年 临 近 尾 声 ， 中 国 创 投 行 业 又 一 个 十 年 即 将 落 下 句 点 。 这 十 年 ， 潮 起 潮 落 ， 有 人 悄 然 离 场 ， 亦 有 人 穿 越 周 期 。 这 其 中 ， 始 于 「 国 家 队 」 的 国 中 资 本 算 是 一 个 独 特 的 存 在。 我们将时间拨回2 0 1 5年。彼时移动互联网正风起云涌，追寻模式创新的风口，大批VC 在此间成立。也是在那一年，国中资本在激烈竞争中中标管理规模6 0亿元的国家中小企 业发展基金首支实体基金，选择了一条略显冷清的路——躬身入局硬科技。 创投圈十年，风口轮转。 迄今，国中资本管理着国家中小企业发展基金三支子基金及国家绿色发展基金一支直投 子 基 金 ， 管 理 规 模 达 1 6 0 亿 元 。 这 支 团 队 坚 持 自 己 的 底 色 ， 投 出 了 华 大 九 天 、 迈 瑞 医 疗、荣昌生物、芯驰半导体、傅利叶、智平方、面壁智能等一众明星企业，以"扶小做 大"的长期实践，在中国创投的宏大叙事里留下一抹另类身影。 一家「国家级」VC走过十年 若翻 ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, becoming the second domestic GPU company to go public after Moore Threads, with a significant market response on its debut [1] Group 1: Company Overview - Muxi was founded in September 2020 by former AMD executive Chen Weiliang and two colleagues, focusing on the independent research and development of high-performance GPU chips and computing platforms [1] - The company’s products span three major areas: artificial intelligence training and inference, general computing, and graphics rendering [1] Group 2: Market Performance - On its first trading day, Muxi's stock price peaked at 895 CNY per share, representing a 755% increase from the issue price of 104.66 CNY, and closed at 829.9 CNY, a 693% rise, leading to a market capitalization exceeding 332 billion CNY [1] - The rapid growth from establishment to listing in just five years highlights the strong support from the capital market [1] Group 3: Shareholder Structure - As of the issuance date, Muxi had over 120 shareholders, including a diverse mix of national funds, top venture capital institutions, local state-owned assets, and industrial capital, providing a solid capital backing for the company's development [1] - Among the key investors, Jingwei Venture Capital has participated in six funding rounds, investing a total of 750 million CNY [4] Group 4: Investment Insights - Jingwei Venture Capital holds a total of 5.13% of Muxi's shares through six affiliated entities, demonstrating a strong commitment to the company's growth [4][8] - Recent investments by Jingwei in early 2023 amounted to approximately 400 million CNY, with a per-share cost of about 56.68 CNY, resulting in significant unrealized gains following the IPO [11]