Group 1 - The government guidance fund plays a crucial role in technology innovation by addressing the most critical yet underfunded parts of the technology innovation funding chain [2] - The National Technology Achievement Transformation Guidance Fund aims to accelerate the transformation and application of technological achievements, encouraging social and local government investment [2] - China's technology achievement transformation rate has increased from 25% in 2010 to 35% currently, but there remains a significant gap compared to developed countries [2] Group 2 - The first reason for the existing gap is the disconnection between the innovation chain and the industrial chain, with early-stage VC and angel investment being insufficient for high-tech projects [3] - The second reason is a cognitive deviation, where indirect financing dominates and emphasizes collateral, which does not align with the asset-light nature of high-tech ventures [3] - The third reason involves a misalignment between government goals and market behavior, as metrics for evaluating universities focus on the number of patents rather than their conversion into tangible results [3] Group 3 - Recent central policies, including support for science and technology innovation bonds and the expansion of equity investment pilot programs, have significantly broadened financing channels for high-tech sectors [4] - The government guidance fund is expected to organize and coordinate these funds, establish a mother fund, and play a leading role in mobilizing and directing social resources into technology enterprises [4]

涉及总金额3 9 8 . 9 3亿元人民币。 作者 | 私募通 来源 | 决策投资圈 （ID：PEDATAMAX） 清科创业（0 1 9 4 5 .HK）旗下私募通统计：截至本周五下午，募资、投资、上市和并购共 1 5 3 起 事 件 ， 涉 及 总 金 额 3 9 8 .9 3 亿 人 民 币 。 从 交 易 金 额 来 看 ， 本 周 金 额 较 大 事 件 是 ： 2 0 25年5月1 4日，航天时代电子技术股份有限公司对北京航天时代光电科技有限公司进 行增资，出资金额是1 7 . 7 2亿人民币。从交易事件地域分布看，目前主要分布在浙江省、 江苏省和广东省，占比为浙江省19.6%，江苏省1 5 . 7%，广东省1 4 . 4%。 01 本周募资情况 本周新登记股权投资基金管理人共计0家，取消备案登记6家，全年截至目前累计股权投 资基金管理人数量为3 3家。本周新增备案基金数量为65只，规模总计250.82亿元，本周 备 案 基 金 募 资 最 多 的 为 海 南 平 泰 横 海 私 募 股 权 投 资 基 金 合 伙 企 业 （ 有 限 合 伙 ） ， 募 集 3 3 .01 亿 人 民 币 。 全 ...

以下文章来源于LP波谱 ，作者王满华 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗的执念，认同商业的日常之美。 将投中网设为"星标⭐"，第一时间收获最新推送 聚焦LP出资、新基金、GP招募，捕捉LP圈一周商业情报。 作者丨 王满华 来源丨 LP波谱 相比于同省的杭州、宁波等地，湖州在创投圈的讨论度不高。 不过作为"后发者"，湖州也在积极推动股权投资。过去半年，这里已经相继设立了 10 亿科创母基 金、 50 亿规模的湖州信创基金、 30 亿元湖州国方产投特色基金以及 10 亿元湖州国君产投科创母 基金等。 本周，湖州又有新动作，而且直接上了一个量级。在 2025 湖州未来大会上，湖州市产业母基金正 式发布，总规模高达 300 亿元，将重点投向新能源汽车及关键零部件、半导体及光电、人工智能、 高端装备、低空经济、生物医药等领域。 该母基金的设立，无疑将推动湖州产业投资和产业升级迈向新阶段，也标志着 LP 圈又迎来了一位 极具潜力的玩家。 除了湖州的消息。本周 LP 圈有 17 条新消息。其中 11 支新基金设立， 6 ...

Core Insights - The company has invested over 1.7 billion yuan in semiconductor, new energy, and new materials sectors since September 2020, establishing a solid foundation for its dual-driven growth strategy [1][2] - The new five-year plan clearly outlines the goal of leveraging equity investment to support the development of a second growth curve for the company [1][2] Investment in Semiconductor Sector - Five semiconductor companies that the company has invested in have initiated their IPO processes this year, with notable progress including the acceptance of the IPO application for Angrui Micro [1] - The company has seen significant financial returns from its semiconductor investments, contributing to its overall investment income [2] Investment in New Energy and New Materials - The company is actively participating in the capital market with investments in leading firms in the new energy and new materials sectors, such as the ongoing restructuring of the target material leader, Xiandai Electric [2] - The cumulative investment income from these sectors has reached 530 million yuan, with a significant portion coming from the Hefei Crystal project, which has generated a net income of 166 million yuan [2] Future Growth Strategy - The company aims to maintain and strengthen its equity investment business, which is expected to contribute over 20% to net profit in 2024 [2] - The dual-driven growth strategy will synergize the equity investment business with the building materials sector to establish a stable foundation for future development in new material directions [2]

自2020年9月投资合肥晶合集成以来，上峰水泥（000672）在半导体、新能源、新材料领域稳健开展股 权投资，目前累计投资超17亿元，尤其半导体投资的系列国产替代龙头，以及新能源新材料各独角兽快 速成长，在每年为公司带来财务收益的同时，更是在新质产业培育方向为公司"双轮驱动"奠定坚实基 础，上峰发布的新五年规划也清晰明确了以股权投资业务助力第二成长曲线业务发展的总目标。 今年4月底，证监会IPO辅导公示系统显示，粤芯半导体技术股份有限公司提交IPO辅导备案，正式启动 A股上市进程，这已是今年上峰投资的企业中第五家正式启动上市的半导体企业，之前上海超硅IPO辅 导已通过验收，盛合晶微和芯耀辉已进入辅导，最快的昂瑞微申报科创板上市已获受理，加上已上市减 持退出的合肥晶合，上峰半导体产业链投资标的中近半数已开始对接A股市场，这是在近年审批节奏从 紧条件下上峰体现的高效投资效率，而后续长鑫存储等已完成股改的半导体龙头企业也同样值得期待。 | 7 | 摩尔精英 | 2021.5 | 2,224 | 芯片 | - | | --- | --- | --- | --- | --- | --- | | | | | | 供应 | ...

以下文章来源于LP波谱 ，作者杨博宇 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗 的执念，认同商业的日常之美。 将投中网设为"星标⭐"，第一时间收获最新推送 一个关于市场信心逐渐恢复的信号正在浮现。 作者丨 杨博宇 来源丨 东四十条资本 唯品会再次把目光瞄向股权投资。 这家在消费互联网时代大火的电商公司，在本月初低调地注册了一家新公司——唯品会（珠海）投资合伙企业（有限合伙）。 这家机构注册地在珠海横琴，出资额为 10 亿元。由 VIPSHOP FINANCIAL SERVICE LIMITED 发 起 设 立 ，管理 人 为 VIPSHOP INTERNATIONAL HOLDINGS LIMITED 。虽然目前这家机构的投资动向暂未披露，但从过往的投资历史看，唯 品会在一级市场有过多笔出资，是电商中股权投资的老手之一。 据了解，新基金管理人 VIPSHOP INTERNATIONAL HOLDINGS LIMITED 是唯品会的国际业务平台，负责唯品会在海外市 场的投资、并购和业务拓展。不过 2019 年 7 ...

天津市首批科技创新债券资金募集到位 有力支持企业科技创新 金十数据5月15日讯，截至5月14日，天津市共有1家金融机构（渤海银行）和3家科技型企业（天津医 药、渤化集团、中交一航局）在银行间市场成功发行全国首批科技创新债券，并全部完成缴款，发行规 模合计60.5亿元，位列全国第五。此外，还有2家股权投资机构（泰达科投、天津创投）进入交易商协 会注册通道。天津市首批落地的科技创新债券实现了金融机构、科技型企业、股权投资机构三类发行主 体全覆盖，债权融资和股权投资的双向通道进一步打通。 相关链接 ...

Group 1 - The core point of the news is that Guangdong Xinxin Semiconductor Technology Co., Ltd. has officially initiated its IPO process for A-share listing, becoming the fifth semiconductor company under Gansu Shangfeng Cement Co., Ltd. to do so this year [1] - Shangfeng Cement has seen five semiconductor enterprises start their IPO processes, with previous companies like Shanghai Super Silicon Semiconductor Co., Ltd. already passing the IPO guidance acceptance [1] - The company has invested a total of 1.785 billion yuan in the semiconductor, new energy, and new materials sectors since September 2020, indicating a robust investment strategy [1] Group 2 - Shangfeng Cement's equity investment business has generated a total investment return of 530 million yuan, with one project, Crystal Integration, contributing a net profit of 166 million yuan [2] - The investment return for the year 2024 is expected to account for over 20% of the company's net profit, highlighting the significance of this business segment [2] - The company plans to continue strengthening its equity investment business as part of its new five-year plan, aiming for a dual-driven growth model alongside its building materials business [2]

Table_First|Table_Summary 固收定期研究 2025 年 5 月 11 日 【华福固收】 AIC 扩容的影响和机会 ➢ AIC扩容的影响和机会 ➢ 金融债 二永债方面，目前短端品种表现更优，且短期内仍有一定的下行空间，国股行二永债流 动性更好，有"类利率"的交易属性，可以在当前行情中博弈相关投资机会，5Y及以内 的国股行二永债可以直接找凸点交易；对于想提前关注长端二永的机构来说，部分流动 性较强的如9-10Y高等级二永可按照每调买机进行适度参与。配置角度来看，票息策略 仍占优，对于负债端稳定的机构来说，可以在头部城农商行二永债中适当下沉，目前隐 含评级AA+的4-5Y二永债的信用利差分别为38.35BP和42.90BP，较同期限AAA-二永债的 利差分别高出5.27BP和5.07BP，有一定的配置优势。 2025年5月7日，兴业银行获国家金融监督管理总局批准筹建兴银金融资产投资有限公 司，注册资本100亿元，为兴业银行的全资子公司。兴银金融资产投资有限公司顺利开 业后，将成为首家由股份行持牌的金融资产投资公司（AIC），也将打破当前"五大AIC" 的行业格局成为我国第六家金融AIC。次日 ...

Core Viewpoint - The article highlights the increasing activity in the LP market, particularly focusing on the establishment of new funds and the aggressive investment strategies of various financial institutions, especially AIC and banks like China Bank, which are significantly contributing to the venture capital ecosystem in China [4][5]. Fund Establishments - AIC's investment strategy is expected to intensify this year, with each investment manager required to make investments, indicating a robust team ready to make impactful moves in the market [4]. - China Bank has launched a new AIC technology innovation fund in Shenzhen with a total scale of 50 billion RMB, contributing to the local venture capital ecosystem [5][7]. - In Shenzhen, multiple funds have been established, including a 36 billion RMB private equity fund and a 19 billion RMB industrial investment fund, collectively exceeding 100 billion RMB in new fund establishments this week [5][13]. - The Nanjing New Energy Venture Capital Fund has been established with a capital of 10 billion RMB, focusing on investments in the power, new materials, and battery sectors [8]. - The Beijing Anpeng Technology Innovation Automotive Industry Investment Fund has been set up with a capital of 19 billion RMB, aimed at enhancing opportunities in the automotive industry [9][10]. - The establishment of the 40 billion RMB Wudang Industrial Guidance Fund in Shiyan is expected to target the automotive manufacturing sector [11]. - The establishment of the 3.01 billion RMB Xiong'an Future Intelligent Robot Industry Investment Fund reflects the growing focus on robotics and technology innovation in the Xiong'an New Area [12]. - The Jiangsu Marine Economy Equity Investment Fund has been established with a capital of 20 billion RMB, indicating a growing interest in marine economy investments [20]. Fund Management and GP Selection - The Heilongjiang Modern Industry Investment Guidance Fund is seeking to select a management institution for its mother fund, focusing on sectors like digital economy and modern agriculture [35]. - The Zhejiang Green New Materials Fund is open for GP selection, with a focus on new generation information technology and high-end equipment, with a target scale of 40 billion RMB [36]. - The Nanjing Biomedical Research and Transformation Fund is inviting fund managers, with a focus on various segments within the biomedical field, with a committed scale of 1 billion RMB [37]. - The Zhengzhou Aviation Port Emerging Industry Development Fund is also seeking GP selection, targeting advanced manufacturing and strategic emerging industries [39].