导读： LP出资意愿加强，决策效率提升，反投比例降低…… 作者丨 FOFWEEKLY 年底又至，盘点时刻，市场已是另一番光景。 去年此刻，GP们大多还深陷悲观情绪中；而今年，在政策红利与技术突破的双轮驱动下，一级市 场正逐渐走出阴霾，"忙"成了不少投资人的年度关键词。 FOFWEEKLY近期发布的《LP全景报告2025》显示：2025年前三季度，机构LP认缴出资规模约 1.24万亿元人民币，同比增长9%；新备案基金3434只，同比上涨15.18%。 体感温度同样如此。 今年大多数机构出手节奏明显加快，募资效率也同步提升。北京一家早期投资机构合伙人曾向我们 透露，由于某一线区域政府引导基金主动推进、希望尽早出资，他们原定于明年启动的新一轮募 资，今年就已提前展开。 事实上，从年初开始，多地国资LP的决策效率就已显著提升——而其中最引人瞩目的，莫过于江 浙沪以及北京了。 LP 高频出手 今年以来，随着AI、机器人、低空经济等赛道热度攀升，一级市场投资情绪明显回暖，LP出资意 愿持续增强，尤以江浙沪及北京等一线区域尤为明显。 据《LP全景报告2025》指出：2025年，凭借国家级基金的出资，北京、上海成为出资规模最 ...

一级市场的温度还在持续回升，曾经"消失"的LP们，陆续带着资金回来了。 最新加入这股潮流的，是男装巨头七匹狼，近期以LP身份出资了。 七匹狼做LP 11月14日，深圳市红土星舰一号私募股权投资基金合伙企业（有限合伙）注册成立，出资额约 16.8亿元人民币，经营范围为以私募基金从事股权投资、投资管理、资产管理等活动。 其LP阵容堪称豪华。 据企查查工商信息显示， 该合伙企业 由深创投旗下的深创投红土私募股权 投资基金管理（深圳）有限公司担任执行事务合伙人， 背后不仅有国寿股权、人保资本等一众金 融机构的出资，以及湘投集团、粤科母基金等国资LP，同时还有七匹狼的身影。 导读： 产业资本回归的暖流，正在一级市场悄然涌动。 作者丨FOFWEEKLY 作为中国男装行业的领军企业，七匹狼在创投领域的布局早已有迹可循。实际上，这并非七匹狼首 次以LP身份参与股权投资。 回溯至2022年之前，七匹狼通过子公司曾频繁以LP身份活跃于市场，相继出资了基石资本、峰瑞 资本、中金资本、深创投等多家知名GP。然而，在随后的几年里，七匹狼鲜少出资GP。 此次参与红土星舰一号基金的出资，属实引人瞩目。 值得关注的是，七匹狼过往的LP布局可 ...

导读： 动画片《哪吒》的导演饺子有句名言：出来混最重要的是什么？首先是出来！ 在这句名言的触动下，一位在风险投资行业深耕十三年的80后投资人，于不惑之年选择了创业之 路。 40岁投资人的创业抉择 在郑华良看来，与更具开拓精神的90后、00后相比，80后一代往往走得更稳、更谨慎。"大多数80 后的成长路径较为相似，毕业后先进入职场，在积累一定能力和资源后，才有少数人选择创 业。"他分析道，"这一代人多成长于物质尚不丰裕的年代，稳定的工作收入某种程度上弥补了安全 感的缺失。我们常常认为自身能力、资源尚未完备，但归根结底，缺的或许是那一点勇气。" 他指出，90后与00后成长环境更为优渥，安全感更强，更敢于追随内心选择，因此越来越多人毕 业后便投身创业。例如宇树科技创始人王兴兴，仅在大疆工作两个月便离职创业；另一位90后创 业者，更是在大学期间就创办了如今做到全球细分领域第一的公司。 饺子那句"出来混最重要的是先出来"，深深触动了郑华良。在职场打拼十三年后，这位80后投资 人终于鼓起勇气，迈出创业这一步。 追溯创业种子的根源，还要回到他的童年。出生于浙江农村的郑华良，从小常听父亲谈起因家庭责 任而放弃从商的遗憾。那份 ...

Market Characteristics - The secondary market is characterized by a high proportion of retail investors [1] - Investors tend to favor chasing hot stocks rather than relying on rational analysis, leading to price movements that defy conventional investment logic [2] - There is a tendency for investors to inflate stock prices based on future expectations, sometimes projecting valuations three, five, or even ten years ahead [3] Institutional Investment Strategy - There is a lack of primary institutions that adjust their investment strategies based on the characteristics of the secondary market [4] - The experience of investing in multiple companies shows that only a few make it to the secondary market, making it impractical to consider secondary market characteristics for primary market strategies [5] Slow Bull Market Discussion - The concept of a slow bull market raises questions about its duration and implications for primary institutions, particularly regarding the timing of exits for invested companies [6] - There is skepticism about whether primary institutions analyze past bull markets to inform their investment strategies in the primary market [6] Role of Institutional Shareholders - Institutional shareholders are expected to play a significant role in optimizing corporate governance and enhancing the capital market [7] - However, the reality is that institutional investors often celebrate a single successful exit among many investments, indicating limited engagement in governance [8] - There is a perception that institutional investors lack the capacity to significantly influence corporate governance or market improvement [9] Investment Focus and Market Dynamics - The focus of primary market investments may be shifting towards hard technology and AI, with a desire to keep investment funds within the domestic market rather than seeking overseas opportunities [14][17] - The discussion hints at a broader context of market dynamics, suggesting that the positioning of primary market institutions may be influenced by higher-level strategic considerations [17] Reflection on the Investment Industry - The narrative reflects a critical view of the investment industry, suggesting that some professionals may overestimate their status and influence within the broader social hierarchy [21] - The insights presented are based on seven years of experience in the primary market, indicating a level of introspection and acknowledgment of potential limitations in understanding [22]

Core Insights - The article discusses the investment notes of Zhou Yahui, founder of Kunlun Wanwei, highlighting his experiences and insights in the primary market investment space [2][5][6]. Group 1: Zhou Yahui's Background - Zhou Yahui, born in 1977, is a graduate of Tsinghua University with a master's degree in precision instruments. He founded Kunlun Wanwei in 2008, which went public in 2015 [5]. - Before establishing Kunlun Wanwei, Zhou Yahui dropped out of graduate school to start Huoshen Animation Network and later returned to complete his studies [5]. Group 2: Investment Journey - Zhou Yahui began investing in the primary market around 2014, achieving notable success with projects like Qudian, Inke, Opera Browser, and Dada [5][6]. - The investment notes detail Zhou's personal investment philosophy, emphasizing a preference for projects that can compete with industry giants, which he finds stimulating and rewarding [13]. Group 3: Notable Events - The article recounts an event where Zhou Yahui attended a "code meeting" hosted by Source Code Capital, where he encountered prominent figures like Zhang Yiming, Wang Xing, and Cao Yi [6][8]. - During the meeting, Wang Xing expressed skepticism about investing in Dada, believing that Meituan would outcompete it, leading Cao Yi to decide against the investment [11][12]. - In contrast, Zhou Yahui saw potential in Dada despite Wang Xing's comments, showcasing his contrarian investment approach [13]. Group 4: Investment Notes Content - The investment notes consist of nearly 30,000 words, primarily documenting investments in four projects: Qudian, Yimutian, Dada, and Inke, with detailed insights into each [13][15].

Core Insights - The article discusses the transition of the well-known investor Asking (Qiu Baoyu) from short-term trading to investing in the primary market, particularly in the health sector [3][6][9]. Group 1: Investment Strategy - Qiu Baoyu, known for his short-term trading strategies, has shifted his focus to the primary market, investing primarily in early-stage projects such as angel rounds [6][9]. - His investment strategy emphasizes long-term horizons, with expected returns taking 5 to 15 years [6][9]. - He aims to invest in projects with significant growth potential, targeting returns of 100 to 200 times [6][9]. Group 2: Focus on Health Sector - Qiu Baoyu is concentrating on the health sector, investing in companies related to stem cells, infectious diseases, and oncology [7][9]. - He believes that his current investments contribute positively to society, addressing human suffering through health-related projects [7][9]. Group 3: Background and Experience - Qiu Baoyu began his investment career in 1993 and gained fame as a prominent retail investor, known for his ability to identify leading stocks [3][6]. - His past experiences in short-term trading have provided him with substantial capital to invest in the primary market [9]. - The article highlights the rarity of individuals successfully transitioning between the secondary and primary markets, noting that most investors tend to specialize in one area [9].

Core Insights - The article discusses the transition of the early stock market investor Asking (Qiu Baoyu) from short-term trading to investing in the primary market, particularly in the health sector [2][4][5]. Group 1: Investment Strategy - Qiu Baoyu, known for his short-term trading success, has shifted his focus to the primary market, investing in early-stage projects such as angel rounds [4][5]. - His investment strategy emphasizes long-term horizons, with expected returns taking 5 to 15 years [4][5]. - He aims to invest in projects with significant growth potential, targeting returns of 100 to 200 times [4][5]. Group 2: Focus on Health Sector - Qiu Baoyu is concentrating on the health sector, investing in companies related to stem cells, infectious diseases, and oncology [5][6]. - He believes that his current investments contribute positively to society, addressing human suffering through health-related projects [5][6]. Group 3: Background and Experience - Qiu Baoyu began his investment career in 1993 and has experienced both bankruptcy and recovery, showcasing his resilience in the market [2][4]. - His previous success in short-term trading has provided him with the capital to explore opportunities in the primary market [7]. - The article notes that transitioning from secondary to primary markets is rare, with few individuals or institutions successfully navigating both [7].

Core Viewpoint - The article discusses the dynamics between General Partners (GPs) and Limited Partners (LPs) in investment projects, highlighting the complexities of communication and decision-making in investment scenarios. Group 1: Investment Process - The primary operation model in the primary market involves GPs raising funds from multiple LPs and subsequently investing in various projects [1] - After several years, projects may go public, be repurchased, or undergo subsequent financing rounds, allowing GPs to return funds to LPs [2] - The company acts as a GP in this investment structure [3] Group 2: Communication Dynamics - LPs do not simply hand over funds to GPs; there is significant communication regarding project evaluations [4] - In some cases, LPs seek positive feedback from GPs to validate their investment decisions [5] - There are instances where LPs wish to invest directly or through blind pool funds, but GPs may have reservations based on project quality [6][20] Group 3: Project Case Studies - **Project A**: An LP expressed interest in a project but was uncertain about its quality, prompting the company to provide a cautious assessment [10][11][12] - **Project B**: An LP was keen on a project and wanted the company to invest using blind pool funds, but the company preferred to allocate those funds to projects it deemed more promising [18][19][20] - **Project C**: The company informed LPs about a new project, and the LPs requested investment allocations, but the company was reluctant to share limited investment capacity [26][27][29]

Core Viewpoint - The article discusses the recent recovery of the Hong Kong stock market and its implications for the primary market, highlighting significant IPO activity and the potential for investment returns [6][25]. Group 1: Market Recovery - The Hong Kong stock market has shown a remarkable turnaround, with the Hang Seng Index rising over 20% and IPO fundraising exceeding 100 billion HKD in 2025 [6]. - From January to August 2025, 59 companies went public, marking a 37% increase compared to 2024, with total funds raised reaching approximately 134.5 billion HKD, a nearly sixfold year-on-year increase [6]. Group 2: Investment Returns - Successful IPOs have revitalized investor confidence, with cornerstone investors in companies like Yaojie Ankang achieving returns of up to 10 times their investment [10][11]. - The case of Yaojie Ankang illustrates that despite market volatility, early investors can still realize substantial gains, with cornerstone investors earning significant returns even after a drop in stock price [10]. Group 3: Implications for Fund Management - A successful IPO can provide hidden value that may offset several years of management fees for a fund, enhancing overall fund performance [13][18]. - For instance, the IPO of Ming En Biotechnology resulted in an average return of over 300% for investors, with some achieving returns exceeding 600% [14][15]. Group 4: Importance of Exits - The article emphasizes that continuous profitability and successful exits are crucial for maintaining investor trust and securing future fundraising [20][25]. - The case of Yushu Technology demonstrates how a single successful investment can significantly impact a fund's overall performance, with potential valuations reaching up to 1 billion HKD [22][23].

Core Viewpoint - The article discusses the active participation of pharmaceutical companies, particularly Pianzaihuang, in the primary market as limited partners (LPs) in various investment funds, highlighting their strategies to seek new growth opportunities amid fluctuating performance [4][10][12]. Group 1: Pianzaihuang's Investment Activities - Pianzaihuang has committed to invest RMB 200 million as a limited partner in the CICC (Zhangzhou) Medical Industry Investment Partnership, representing 20% of the fund's target size of RMB 1 billion [4][6]. - This marks Pianzaihuang's third investment as an LP since 2025, following previous investments in the "Zhaoying Huikang Fund" and the "Gaoxin Runxin Fund," both with a scale of RMB 1 billion [4][11]. - The company has a strong cash reserve of nearly RMB 5 billion as of June 2025, allowing it to actively engage in investment activities despite recent declines in revenue and profit [12]. Group 2: Fund Details and Partners - The CICC Medical Fund aims to invest in sectors such as traditional Chinese medicine, biomedicine, medical devices, and health services, with a focus on projects related to Pianzaihuang's industry chain [6][8]. - The fund has seven limited partners, with several having connections to Pianzaihuang, indicating a strategic alignment within the investment ecosystem [8]. Group 3: Broader Industry Trends - Other pharmaceutical companies, such as Taige Pharmaceutical and Jiuzhoutong, are also becoming active LPs in the primary market, reflecting a trend among biopharmaceutical firms to diversify their investment portfolios [4][13]. - Companies like Hengrui Medicine and Kanglong Huacheng are also establishing significant investment funds, indicating a robust interest in the primary market driven by strong financial performance [14][16]. - The trend of pharmaceutical companies acting as LPs is seen as a positive signal for the venture capital and private equity landscape, providing much-needed capital to startups and investment firms [17].