Core Viewpoint - The primary focus of the articles is the significant recovery of the primary market in 2023, indicating a transition from a "winter" phase to an "early spring" phase for equity investment, with expectations for growth in fund registration and investment scale by 2025 [2][3]. Market Recovery - The primary market has shown signs of recovery since the implementation of supportive policies in September 2022, leading to increased investor activity and optimism [3]. - The company, Guolian Minsheng, reported a new fund registration scale exceeding 6 billion yuan in 2025, a substantial increase compared to the previous year [3]. - The company anticipates investing in over 15 projects this year, reflecting heightened activity compared to last year [3]. Exit Channels - There are positive signals regarding exit channels, with an increase in projects exiting through capital market restructuring and mergers and acquisitions, despite a slower IPO pace in the A-share market [3]. Future Market Conditions - For the primary market to achieve true prosperity, normalization of IPOs, regularization of mergers and acquisitions, and maturity of secondary trading are essential [4]. - The market requires a healthy cycle of fundraising, investment, management, and exit to enter a prosperous phase [4]. Investment Focus - Hard technology remains a key area for long-term capital investment, with a focus on sectors such as advanced manufacturing, high-end equipment, semiconductors, and new energy [5]. - The company plans to continue investing in quantum technology, artificial intelligence, embodied intelligence, biomedicine, hydrogen energy, and nuclear fusion over the next five years [5]. Investment Criteria - The company employs a "three measures" system for evaluating investments in hard technology, focusing on technological potential, team capabilities, and financial health [5]. - The first measure assesses the technology's ceiling, moat, and future application scenarios [5]. - The second measure emphasizes the importance of the team, considering their technical background and innovation capabilities [5]. - The third measure evaluates the financial stability and commercial viability of the business [5]. Long-term Perspective - It is acknowledged that hard technology companies may not be profitable in the early stages due to high R&D costs, but the long-term value of technology is crucial [6]. - The company is open to helping key players in the industry reach the capital market through mergers and acquisitions, even if they cannot independently IPO [6]. Organizational Integration - Following the merger of Guolian Minsheng Securities, the private equity subsidiaries have entered a new development phase, managing over 30 billion yuan and investing in over 120 projects [6]. - The integration aims to create synergies in regional focus, sector collaboration, and organizational structure [6][7]. - The company plans to deepen its presence in innovation-driven cities and enhance its expertise in key sectors [7]. Strategic Direction - The future strategy is summarized in a twelve-character guideline: "customer trust, industry-driven, technology innovation," focusing on serving investors closely aligned with industry and technological advancements [7].

□本报记者 王雪青 郝健 "今年的一级市场与去年相比有显著回暖。如果用四季来比喻，股权投资的冬天已经慢慢过去，我们正 在迎来'早春二月'。"国联民生证券副总裁、国联通宝董事长、民生股权基金董事长兼总裁杨海表示， 2025年公司的新增备案基金规模和投资规模同比均有显著增长。 伴随国联证券与民生证券的重组合并，国联民生私募子公司迎来整合协同的发展新阶段。作为持续关注 科技与新兴产业投资的券商系PE机构，如何展望"十五五"时期的行业发展和硬科技投资前景？围绕这 些问题，杨海近期接受了中国证券报记者专访。 一级市场迎来"二月春" "去年9月24日监管出台稳增长、稳预期、稳市场等一系列支持政策以来，二级市场确实发生了巨大变 化，一片欣欣向荣。"杨海表示，"同时，我们切身体会感受到，一级市场正在跨越冬天，迎来'早春二 月'。" 市场的温度变化最直观地体现在投资行动上。"过去一年，投资人的活跃度明显提高。"杨海表示，以国 联民生私募子公司（国联通宝与民生股权基金）为例，2025年以来，公司新增备案基金规模超60亿元， 比去年大幅增加；公司今年预计投出超过15个项目，也比去年更加活跃。 退出通道也出现了积极信号。"尽管A股I ...

国联民生杨海：股权投资入早春 三把"尺"丈量硬科技 ...

至此，6家国有大行AIC全部配齐，3家全国性股份制银行拿到AIC牌照，标志着AIC从大行试点迈向扩 围试点阶段。执中数据显示，自2024年9月《国家金融监督管理总局办公厅关于扩大金融资产投资公司 股权投资试点范围的通知》发布以来，银行AIC累计出资达452.72亿元，同比增长37.7%。 此外，记者观察到，今年以来，多地财政加大支持力度，打破专项债不能投向股权投资的惯例，将部分 资金注入政府引导基金。据中国债券信息网披露，北京、江苏、广州、浙江、宁波等9个省市今年已合 计发行520亿元专项债券，定向投向当地政府投资基金，进一步充实了创投行业的资金池。执中数据显 示，2025年政府引导基金、产业资本、国有属性资金的出资规模分别同比上涨23.9%、26.7%和59.7%。 人民币基金募资回暖的同时，美元基金也重新将目光聚焦中国市场。启明创投管理合伙人胡旭波表示， 公司今年同步启动了美元和人民币新基金募集，进程总体顺利，明显感受到不同地区的美元有限合伙人 （LP）对中国创新资产的兴趣持续提升，全球资本对中国科技产业的信心正在重塑。多方资金合力 下，2025年机构LP出资规模显著增长，执中数据显示，全年所有机构LP出 ...

上市圈钱，转头理财？国产GPU第一股摩尔线程，刚募了75.76亿，董事会反手就批准，要用最高75亿 的闲置资金去买存款、搞现金管理。一边是市值近4000亿、股价曾暴涨超700%的资本神话，一边是今 年前三季度亏掉7.24亿的业绩现实。钱不急着烧研发，先放银行吃利息，这到底是"财务智慧"，还 是"不务正业"？ 灵魂拷问抛给你： 1. 你觉得这75亿理财计划，是稳健财务，还是背离了"烧钱搞研发"的硬科技初心？ 2. 如果你是股东，你更希望公司把钱立刻"烧"在技术上，还是这样"精打细算"？ 在评论区说出你的真实想法！关注我，一个穿透热点、追问本质的老兵。硬科技崛起，需要的究竟是无 限狂热，还是精密的资本耐心？我们下期接着聊。 1. 是"躺平"还是"规划"？ 公司回应：这是额度上限，实际金额小很多，钱按研发进度分批花，闲置时 管理一下是常规操作。 2. 动没动"研发奶酪"？ 公司强调：绝不影响研发投入。募资本就是用于三大芯片研发项目。 3. 该骂吗？ 有观点认为，芯片研发是长跑，资金分阶段使用，让暂未支付的钱保值增值，是专业且负 责任的做法。 核心争议点： ...

Core Viewpoint - The article discusses the current state of the investment landscape in China, emphasizing the importance of adapting to economic cycles and focusing on internal growth strategies within the venture capital and private equity sectors. Group 1: Investment Landscape and Trends - The 25th China Private Equity Annual Conference will be held in Shenzhen from December 2-5, 2025, gathering over a thousand top investors and entrepreneurs to observe China's technological innovation [2] - The investment logic has not changed significantly this year, focusing on companies that lead in technology and manufacturing, with an increase in investment in emerging technologies such as quantum computing and AI [9][10] - The current economic cycle is characterized as an L-shaped stable period, with a focus on long-term growth and addressing shortfalls in various sectors [9] Group 2: Institutional Insights and Strategies - Institutions are increasingly diversifying their investment strategies, combining primary and secondary markets, public and private equity, and domestic and international investments [3][4] - The National New Capital Fund has established a series of funds with a total subscription scale exceeding 3 trillion yuan, focusing on strategic emerging industries and technological innovation [6] - Investment strategies are shifting from direct investments to a combination of fund-of-funds and direct investments, with a focus on strategic and merger investments [11] Group 3: Sector-Specific Opportunities - AI is identified as a foundational trend for future investments, with significant opportunities in sectors such as biomedicine, hard technology, and semiconductor industries [16][20] - The automotive sector is expected to see substantial transformation due to AI, particularly in intelligent driving and related technologies [19] - The advanced manufacturing sector is projected to offer significant investment opportunities, with many companies likely to expand globally [21] Group 4: Post-Investment Management - Effective post-investment management is crucial, focusing on identifying market needs and leveraging institutional strengths to enhance portfolio companies [22] - Institutions emphasize the importance of finding financial resources, talent, and business opportunities to support the growth of their portfolio companies [23] - A structured approach to post-investment management, including categorization and precise resource allocation, is essential for driving industry development [25] Group 5: Future of Entrepreneurship and Investment - The future of entrepreneurship in China is expected to see higher barriers to entry, particularly in hard technology sectors, requiring both scientific and entrepreneurial expertise [28] - The investment landscape is undergoing differentiation, with various types of GP (General Partners) emerging, each with distinct strategies and focuses [28] - The integration of AI into investment processes is anticipated to revolutionize traditional methods, enhancing efficiency and decision-making [24]

当国产GPU第一股摩尔线程披露将对最高75亿闲置募集资金进行现金管理时，"不搞研发搞理财"的尖锐 质疑随之而来。但事实，往往比情绪更复杂。我们或许不该急于下结论，而应先看懂这背后的产业逻 辑。 财务操作背后，是芯片业的长周期投入 来源：市值风云 一则看似平常的财务公告，意外地揭开了公众对芯片行业认知的隐秘断层。 一切误解的根源，或许始于对芯片研发特性的陌生。 设计一颗高端GPU，是一场以"年"为单位的漫长征程。从定义、设计、流片到反复验证，每一个环节都 需巨额资金支撑，且支付节点分散。这意味着，一笔募集资金不可能在到账当天就"烧完"，必然存在按 项目进度分批支付的"时间差"。 在这段"时间差"里，让巨额资金在账户中静止，反而是对资金效率和股东权益的漠视。摩尔线程在公告 中强调的投资标的——如协定存款等，本质是"类活期"的超短期现金工具，核心诉求是安全与随取随 用，而非博取高收益。这是一种全球科技公司通行的、教科书级的资金管理方式。 解读公告的关键：区分"授权上限"与"实际使用" "75亿"之所以引爆关注，源于一个常见的理解偏差。 公告中明确，75亿元是股东大会批准的现金管理额度上限，绝非已划拨理财的具体金额。 ...

Core Viewpoint - The financial announcement from Moer Technology, the first domestic GPU company, reveals a misunderstanding of the chip industry, particularly regarding the management of idle funds and the long-term nature of chip development [1][2]. Group 1: Financial Operations and Industry Characteristics - The chip industry requires long-term investments, with the design and development of high-end GPUs taking years and necessitating substantial funding at various stages [2]. - Moer Technology's decision to manage idle funds through cash management tools, such as time deposits, is a common practice among global tech companies aimed at ensuring safety and liquidity rather than seeking high returns [2][4]. Group 2: Clarification of Financial Terms - The 7.5 billion yuan mentioned in the announcement refers to the maximum cash management limit approved by the shareholders, not the actual amount allocated for financial management [3][4]. - The company dynamically adjusts its cash management based on projected R&D expenditures, ensuring that funds are available when needed for development costs [4]. Group 3: Evidence of Continuous Investment - Moer Technology has invested nearly 4 billion yuan in R&D over the past three years, averaging over 1 billion yuan annually, indicating a strong commitment to its core business [5]. - The primary purpose of the recent fundraising is to increase future R&D and production investments, aligning financial management with long-term strategic goals [5]. Group 4: Insights from the Controversy - The situation highlights the need for a better understanding of the "industry clock" in hard tech sectors like chips and biomedicine, which operate on different timelines compared to internet industries [6]. - Public oversight should be based on a fundamental understanding of financial principles and industry characteristics to avoid misinterpretations that could hinder innovation [6][7]. - A supportive environment for long-termism is essential for core technological breakthroughs, requiring a society that tolerates trial and error and respects professional decision-making [7][8].

Group 1 - The core viewpoint of the article is that 16 hard technology funds, including the first batch of 7 AI ETFs, have been approved and are set to attract new investments in the technology sector [1][4] - The approved products include 7 AI ETFs, 3 semiconductor ETFs, 4 chip design theme ETFs, and 2 actively managed technology theme equity funds [1] - The rapid approval of these funds on the same day they were submitted indicates a positive signal from regulatory authorities supporting strategic emerging industries [4] Group 2 - Industry insiders expect that these 16 products will soon begin fundraising, bringing in a significant amount of new capital focused on technology investments [1][4]

"一年投资23只子基金，上海未来产业基金的快速布局，旨在迅速搭建覆盖核聚变、空天信息、量子科 技等核心赛道的资本矩阵，以政府资金为杠杆，撬动更大规模的社会资本进入这些高风险、长周期的早 期领域。"星图金融研究院研究员武泽伟对《华夏时报》记者表示，在短期内形成关键领域的资本覆盖 密度，系统性支撑上海打造未来产业创新高地，是其作为政策性"耐心资本"，主动构建未来产业投资生 态、抢占技术窗口期的战略体现。 新增5只子基金 "上海未来产业基金"微信公众号近日宣布，上海未来产业基金投资决策委员会近期审议通过拟参与投资 5只子基金，包括上海琏瑆创业投资合伙企业（有限合伙）、上海创新工场创业投资合伙企业（有限合 伙）（暂定名）、苏州砺思星河创业投资合伙企业（有限合伙）、上海元禾璞华未来种子创业投资合伙 企业（有限合伙）、上海思源探索创业投资合伙企业（有限合伙）。 事实上，自上海未来产业基金去年9月启动以来，已投资四批共23只子基金。从基金微信公众号披露的 投资动态可见，其布局节奏清晰且高效。今年4月，首批6只子基金落地，涵盖博联脑科学产业创投、安 本报（chinatimes.net.cn）记者耿倩 上海报道 "在起势之前落 ...