以下文章来源于霞光社 ，作者岭南人鱼机 霞光社 . 赋能企业全球化 日本消费者的钱包，还有得赚。 来源： 霞光社 作者：岭南人鱼机 "经济上行的美"成为今年上半年的流行词，带着对昨日生机勃勃的浓烈怀旧气息，击中了无数 年轻人的心。 2025年Q1，日本GDP再次出现负增长，这意味着自1989年日本泡沫经济破裂后，经济停滞 的状态已经长达35年之久。期间，日本GDP全球占比从1989年的约15.3% [1] 降至2022年的 4.18%，GDP总量从位居全球第二，先后在2010年、2023年被中国、德国超越，跌至全球第 四。 而耐人寻味的是，在日本经济持续疲软的当下，多家中国新兴电商却开始将目的地看向这 一"失落地"。6月30日，TikTok宣布在日本推出TikTok Shop，购物功能正式上线，允许卖 家进军这一全球第三大电商市场 （据Statista Market Insights数据，日本以1690亿美元的 市场表现排在全球第三） 。此外，Temu、TAO （阿里巴巴旗下） 、京东日本站分别于 2023~2024年期间登陆日本，SHEIN也于2020年末在日本上线。 如果说"经济上行的美"是一种向前奔跑的 ...

Core Viewpoint - The article discusses the establishment and growth of the Suzhou Wuzhong District Robot Industry Investment Fund, which aims to accelerate the incubation of technology enterprises, the transformation of scientific achievements, and the optimization of industrial chains in the region. The district is striving to become the "National Robot Industry Cluster No. 1" with significant capital investment driving this initiative [1][4]. Group 1: Fund Establishment and Scale - The Suzhou Wuzhong District Robot Industry Investment Fund was officially launched on July 1, with a total scale of 1.1 billion yuan [1]. - The district has previously established a 10 billion yuan robot industry fund group and a 5 billion yuan special fund for robots at the beginning of the year [1][4]. - The investment funds are structured using a "mother fund + direct investment" model, focusing on key industrial clusters such as "robotics + artificial intelligence" [1][4]. Group 2: Investment Strategy and Collaboration - The investment strategy involves collaborating with leading enterprises like Ecovacs and Zhimi Technology to expand Corporate Venture Capital (CVC) funds, enhancing the local robot industry's supply chain [4][5]. - The funds aim to address industry pain points by investing in early-stage and mature companies within the robotics sector [5][6]. - A partnership with Harbin Institute of Technology has led to the establishment of a 300 million yuan youth talent fund for intelligent robotics, aiming to bridge the gap between research and industry [6]. Group 3: Policy and Market Environment - The district's government report emphasizes the importance of nurturing "patient capital" and enhancing technology financial services to support early, small, and long-term investments in hard technology [8]. - The investment approach includes extending investment periods and implementing tiered profit-sharing mechanisms to encourage market-driven General Partners (GPs) to invest [8][9]. - The focus on supporting small and medium-sized enterprises and attracting investment is increasingly becoming a key evaluation criterion for state-owned capital investment institutions [8]. Group 4: Industry Development and Future Plans - By the end of 2024, the district expects to have over 1,100 "robotics + artificial intelligence" related enterprises, including 14 listed companies and 166 enterprises with over 100 million yuan in revenue [4]. - The district has established a complete innovation chain from basic research to application development and industrialization, with a significant share of the national service robot production [10]. - In the second half of the year, the focus will remain on the robotics industry, with plans to add three new direct investment management funds and recruit specialized teams for various industries, including robotics [11].

Group 1 - The core viewpoint of the article highlights the establishment of the first provincial AIC equity investment pilot fund in Sichuan, marking a significant step in activating new economic momentum in the region [1][3] - The fund, named Sichuan Xingmei Gongrong AIC Fund, has a total scale of 1 billion yuan, focusing on investment in sectors such as new energy, new materials, and electronic information [3] - The collaboration involves Sichuan Industrial Fund, Meishan Guidance Fund, ICBC Capital, and ICBC Investment, emphasizing a "patient capital" approach that supports long-term investments in hard technology [1][3] Group 2 - The fund's innovative model combines provincial and municipal state-owned enterprises with financial institutions, promoting a virtuous cycle of technology, industry, and finance [3] - The initiative aligns with national policies aimed at enhancing financial support for technological innovation and encourages the integration of technology, industry, and finance [3] - Future cooperation will focus on supporting Sichuan's strategic industrial chains and enhancing the resilience of its modern industrial system, contributing to national strategic goals [3]

Core Viewpoint - The article discusses Tianjin's "Action Plan for Promoting New Quality Productivity Development through Science and Technology Finance (2025-2027)", which aims to enhance the scale and effectiveness of science and technology investment funds, targeting a fund size exceeding 2 trillion yuan by 2027 [1][2]. Group 1: Investment Measures - Tianjin plans to implement 60 measures across 18 areas to support the development of new quality productivity [1]. - The plan includes a full-cycle equity investment enhancement initiative, which features significant incentives for venture capital institutions investing in unlisted technology companies [2][3]. - The single-level contribution cap for government funds is set at 70%, while the combined contribution cap for both levels is 80%, making it one of the most favorable policies nationwide [2][3]. Group 2: Government Fund Management - The action plan aims to optimize the management of government-owned capital funds, increasing the contribution limits for municipal and district-level funds [3][4]. - The plan aligns with the State Council's recent guidelines promoting high-quality development of government investment funds, encouraging the removal of restrictions on fund managers' registration locations and optimizing contribution adjustment mechanisms [2][8]. Group 3: Risk Tolerance Mechanisms - There is a growing trend among local governments to adopt risk tolerance mechanisms, allowing for significant losses in investments, with some regions permitting up to 100% loss on individual projects [11][12]. - The article highlights that the establishment of a robust error-tolerance mechanism is crucial for enhancing the performance and accountability of government investment funds [10][11]. Group 4: Future Expectations - The article expresses hope for more regions in China to optimize their government investment fund and state-owned capital fund incentive and error-tolerance mechanisms, promoting the development of long-term and patient capital [13].

Core Viewpoint - The cultivation of new productive forces, driven by technological innovation and focusing on emerging fields such as digital economy, green economy, and bio-economy, is essential for industrial upgrading and innovation breakthroughs. Patient capital is identified as a key support for this development, emphasizing long-term investment and risk tolerance [1][2]. Group 1: Patient Capital and Trust Companies - Patient capital refers to capital that prioritizes long-term projects over short-term returns, providing essential support for technological transformation and industrial development [1]. - Trust companies, particularly Shanghai Trust, are evolving into value co-creators by leveraging their unique institutional advantages to combine capital and industry [2][3]. - Family trusts and wealth management trusts are emerging as significant sources of patient capital, enhancing clients' investment duration and risk tolerance [3]. Group 2: Investment Strategies and Projects - Shanghai Trust has made substantial investments in long-cycle assets, such as the New Hongqiao Health Industry Park and the Iron Lion Gate project, achieving high returns and establishing a strong foothold in the biopharmaceutical sector [4]. - The company is actively involved in various investment projects, including Pre-REITs structures and blind pool funds for new infrastructure, demonstrating a robust start in real estate equity investments [4][6]. - Shanghai Trust is focusing on core technology industrial parks and aims to provide long-term funding support for hard technology enterprises through innovative financial tools [7][9]. Group 3: ESG and Green Finance - Shanghai Trust is committed to developing green finance, with a current scale of approximately 18 billion yuan in green financial business, including green asset-backed securities and green bonds [9]. - The company is enhancing its inclusive financial products and services, aiming to improve financial service coverage and accessibility [9]. Group 4: Service Model and Ecosystem - The service model of Shanghai Trust emphasizes long-term support and cross-cycle management, moving beyond traditional transactional services to build a resilient service ecosystem [10][11]. - The company integrates its investment strategies with national strategic industries, aiming to mobilize social resources to meet funding needs in key sectors [11][13]. - Shanghai Trust is also innovating in knowledge property services, collaborating with hospitals and research institutions to promote the commercialization of clinical innovations [13].

Core Insights - The insurance industry in China is experiencing significant growth, with total assets reaching 37.8 trillion yuan by the end of Q1 2025, an increase of 1.9 trillion yuan or 5.4% from the beginning of the year [1] Investment Strategies - Insurance funds are diversifying their investment channels, including bonds, stocks, mutual funds, and infrastructure projects, with a focus on supporting social welfare initiatives [2] - China Life Asset Management has invested over 240 billion yuan in social welfare projects, marking a 160% increase from the initial phase of the 14th Five-Year Plan [2] Project Highlights - China Life Asset Management's investment in the Qinghai Yellow River Company, a major power generation firm, includes a 90 billion yuan equity investment, supporting renewable energy initiatives [3] - The "photovoltaic + ecological" model implemented in Qinghai has led to an 80% increase in vegetation coverage and a reduction of 100 square kilometers of desertified land [3] Investment Management Mechanisms - China Life Asset Management has established a comprehensive investment management framework, utilizing a dual-line allocation strategy and a multi-dimensional evaluation model to enhance project selection [4] - The company is increasing financing support for key infrastructure projects in water conservancy, transportation, and logistics [4] Regulatory Environment - Recent government policies encourage insurance funds to engage in long-term investments, allowing for greater flexibility in investment strategies [5] - In October 2023, regulatory approval was granted for China Life and Xinhua Insurance to establish a 500 billion yuan securities investment fund [5] Private Fund Initiatives - Xinhua Insurance and China Life are jointly investing 200 billion yuan in a private fund, with further commitments to additional funds totaling 225 billion yuan [6][7] - The focus of these funds is on long-term investments in stable, high-dividend blue-chip companies [7] Foreign Investment Trends - The entry of foreign asset management firms, such as Allianz, is reshaping the landscape, emphasizing the need for diversified investment strategies to balance risk and return [8] - AIA Insurance is establishing its asset management company to enhance investment efficiency and support long-term development in the Chinese market [9] Regulatory Changes for Foreign Investment - Recent regulatory revisions have removed restrictions on foreign ownership in insurance asset management, facilitating greater foreign participation in the market [10] - The challenges faced by long-term capital management include declining investment returns and the need for improved asset allocation capabilities [10]

中国创投市场最新变化。 报道 I 投资界PEdaily 见证创投行业变迁，由清科创业、投资界联合主办的第十九届中国基金合伙人大会于7月3- 4日在上海举办。本届大会汇聚资本掌舵 者，共叙行业趋势，透视中国LP市场最新动态，探寻新周期下的创投之路。 会上，清科集团创始人、董事长，清科创业CEO倪正东带来主题演讲，透过清科研究中心新鲜出炉的数据回顾2025上半年中国股权投 资行业的境况，分享关于中国创投最一线的观察。 以下为演讲实录， 经投资界（ID:pedail y 2012）编辑： 又到年中相逢，感谢大家参加一年一度的中国基金合伙人峰会。转眼间，清科的年中峰会已经走过19届，见证了这个行业的浮沉变 迁。 记得当年我们第一届峰会也是在上海，那时论坛上几乎一半嘉宾是外资面孔，如今，我们这个行业外资身影远去——这算是行业变化 的一个缩影。 先看整体基金备案情况 。截至上半年，中基协备案管理人近1. 19万家，比2024年减少了275家；今年上半年注销基金管理人 超 30 0 家，新增只有47家，变化明显—— 注销的基金多了 。这意味着市场正在加速出清。 春 江 水 暖 看 募 资 。 202 5 年 第 一 季 度 ...

Core Insights - Yangzhou is leveraging its historical significance and modern industrial strategies to achieve economic growth, targeting a GDP of over 1 trillion yuan by 2025 [1][4] - The city has established a "6 clusters and 13 chains" industrial system to drive high-quality development and innovation [2][3] Industrial Development - Yangzhou's industrial sales are projected to reach 912.4 billion yuan in 2024, marking a significant increase from 612.6 billion yuan [4] - The city aims to surpass 1 trillion yuan in industrial sales by 2025, with a focus on advanced manufacturing and emerging industries [2][8] - The "6 clusters" include high-end equipment, new energy, new materials, new generation information technology, automotive components, and life health [2][3] Innovation and Technology - The aviation industry in Yangzhou has grown to include 63 enterprises, generating 18.4 billion yuan in sales in 2024 [2] - Significant investments in R&D, such as the 3 billion yuan Aviation Technology Laboratory, aim to create a billion-level aviation industry cluster [1][2] - The city has seen a 54.6% increase in high-tech enterprises, with high-tech industries accounting for a larger share of industrial output [4] Investment and Capital - Yangzhou has established a fund cluster with a total scale of 94.1 billion yuan to support new industrial developments [8] - The city is actively promoting the listing of local companies, with 24 listed companies and 28 on the New Third Board [9] - The government is fostering a favorable investment environment, attracting nearly 1,500 foreign enterprises in recent years [10][11] Cultural and Economic Integration - Yangzhou's cultural heritage, exemplified by the "Smoke and Flowers" international economic and trade tourism festival, enhances its economic appeal [10] - The city is focusing on integrating cultural tourism with industrial development to create a unique economic landscape [10]

Core Viewpoint - The article discusses the implementation of the "Implementation Opinions on Promoting the High-Quality Development of Government Investment Funds" by the Zhejiang Provincial Government, which aligns with the national guidelines aimed at enhancing the development of government investment funds [1][2]. Group 1: Key Measures and Innovations - The "Implementation Opinions" introduce innovative measures, including extending the lifespan of industrial investment funds to a maximum of 15 years and venture capital funds to 20 years, reflecting a commitment to "patient capital" [4][6]. - "Patient capital" is characterized by long-term support, high risk tolerance, and the ability to endure failures, which is essential for adapting to the lengthy and uncertain cycles of technological innovation [4][6]. - The article highlights the need for long-term capital and patient capital, as current financial supply mechanisms are still short-term focused and lack sufficient risk tolerance [6]. Group 2: Fund Management and Oversight - The "Implementation Opinions" emphasize granting fund managers more autonomy in market operations without administrative interference in daily management and investment decisions [7]. - Measures for underperforming funds include changing fund managers, management teams, forced liquidation, and early exit options, which aim to enhance accountability and performance [7][9]. - The article notes the importance of a collaborative regulatory framework to ensure effective execution of policies related to fund oversight and error tolerance [8][9]. Group 3: Fund Structure and Development - Zhejiang has established a "4+1" special fund model, focusing on four major trillion-yuan industrial clusters and a "specialized, refined, distinctive, and innovative" mother fund [11][12]. - By the end of 2024, Zhejiang had set up 17 special funds with a target total scale of 72.5 billion yuan, including 12 industrial cluster funds and 3 science and technology mother funds [13][14]. - The article emphasizes that the establishment of a billion-level advanced manufacturing fund cluster in Zhejiang is scientifically reasonable and can serve as a model for nationwide development [14]. Group 4: Industry Trends and Future Outlook - The article indicates that since last year, Zhejiang has become a focal point for VC/PE fundraising, attributed to its strategic integration of industrial funds with local characteristics [15]. - The introduction of the "Implementation Opinions" is expected to lead to more standardized, market-oriented, and professional development of mother funds in Zhejiang [16].

Core Viewpoint - The document outlines the implementation opinions of the Zhejiang Provincial Government Office on promoting the high-quality development of government investment funds, emphasizing the importance of developing patient capital and leveraging government investment funds as long-term and patient capital for cross-cycle and counter-cyclical adjustments [1] Group 1 - The government investment funds will play a crucial role in supporting long-term investments and ensuring continuity in investment for enterprises [1] - There is a focus on attracting national social security funds, insurance funds, and various national-level funds to establish or co-establish sub-funds in Zhejiang Province [1] - The policy allows for follow-up investments and reasonable extensions of the fund's duration in areas requiring long-term layout, ensuring the sustained development of invested enterprises [1]