（原标题：江小涓：中国不缺钱，缺的是"把钱用对地方"的能力） 12月26日，由国家发展改革委、财政部共同推动设立的国家创业投资引导基金（简称"国家创投引导基 金"）正式揭牌启动。这一注册资本高达1千亿元人民币、存续期20年的"航母级"基金，采用"引导基金 公司—区域基金—子基金"三层架构，首批即完成49只子基金和27个投资项目集中签约，京津冀创业投 资引导基金、长三角创业投资引导基金、粤港澳大湾区创业投资引导基金三只区域基金设立运行。未 来，引导基金将推动在三个区域设立超过600只子基金，服务新兴产业和未来产业发展。 几乎同步，地方层面的创投引导基金密集落子： 12月22日，粤港澳大湾区创业投资引导基金在深圳注册成立，目标规模504.5亿元，由深创投担任管理 人，联合华润资本作为普通合伙人，坚持"投早、投小、投长期、投硬科技"，通过"子基金+直投"双轮 驱动，聚焦种子期、初创期科技企业。 同日，天眼查显示，广东省战略性新兴产业投资引导基金有限责任公司已经成立，经营范围包括以私募 基金从事股权投资、投资管理、资产管理等活动。注册资本500亿元，由广东省财政厅全资持股。 12月23日，北京市丰台区宣布设立首期规模 ...

Group 1 - The establishment of the Xiamen Industrial Investment Emerging Technology Partnership marks a significant milestone in the strategic collaboration among Xiamen's three major supply chain companies: Jianfa, Guomao, and Xiangyu, with a total investment of 6.86 billion yuan [1] - This partnership is seen as a model for local state-owned enterprises to engage in capital operations that drive technological innovation and industrial upgrading, setting a new benchmark for high-quality development [1] - The three companies, recognized as the "three swordsmen" in China's supply chain sector, have transitioned their collaboration from "intelligent operations" to "capital empowerment," indicating a strategic leap from industrial synergy to capital synergy [1] Group 2 - The partnership focuses on "technology promotion and application services" and "investment activities with self-owned funds," avoiding financial licensing issues while aligning with national policies encouraging early-stage investments in technology [2] - The structure of the partnership, combining state-owned enterprises, district-level platforms, and market-oriented fund managers, ensures effective alignment with policy directions while maintaining operational professionalism and flexibility [2] - The initiative aims to create a local version of a corporate venture capital (CVC) platform, directing social capital towards hard technology sectors, thereby supporting the local economy and contributing to a self-reliant modern industrial system [2] - In the short term, the partnership will focus on sectors such as semiconductors, artificial intelligence, new energy, and biomedicine, while its long-term value lies in establishing a virtuous cycle of investment, incubation, industrialization, and exit [2] - By effectively integrating Jianfa's global supply chain network, Guomao's financial and trade resources, and Xiangyu's logistics and park advantages, the partnership aims to enhance the commercial efficiency and market competitiveness of invested companies [2]

在11月21日举办的"2025第一财经金融价值年会"上，清华大学国家金融研究院院长、清华大学五道口金 融学院副院长田轩表示，发展新质生产力有内外部两方面原因：一是中国经济未来可能呈现中速增长趋 势，需要发展新质生产力，找到新的经济增长点；二是中国需要自发提高创新水平，从而在国际博弈中 立于不败之地。 那么，如何激励科技创新，发展新质生产力？田轩认为，微观层面，需要有包容个性和容忍失败的氛 围，有崭新的创投组织形式；中观层面，需要有"不太积极"的二级市场；宏观层面，需要有完善健全的 法治环境，以及稳定的宏观政策导向。 微观层面：需要包容个性和容忍失败的氛围 "有学者曾经做过一个研究，访谈了逾20位'超级创业者'，并总结出了这些超级创业者的特质。"田轩认 为，这些特质可以分为三类： 一类是一般意义上认为的优点，比如年轻、进取、有想象力、专注产品、有持久力、有好奇心、自我驱 动等；第二类特质较为中性，比如这些超级创业者出身不好、总持反对意见、凡事只靠自己、没有安全 感；第三类特质偏向缺点，比如这些超级创业者疯狂、孤僻、非传统（标新立异）、不听话、不好相 处、多疑、冷漠甚至自私，但也恰恰是因为这些特质使得他们脑洞大开 ...

在11月21日举办的"2025第一财经金融价值年会"上，清华大学国家金融研究院院长、清华大学五道口金 融学院副院长田轩表示，发展新质生产力有内外部两方面原因：一是中国经济未来可能呈现中速增长趋 势，需要发展新质生产力，找到新的经济增长点；二是中国需要自发提高创新水平，从而在国际博弈中 立于不败之地。 那么，如何激励科技创新，发展新质生产力？田轩认为，微观层面，需要有包容个性和容忍失败的氛 围，有崭新的创投组织形式；中观层面，需要有"不太积极"的二级市场；宏观层面，需要有完善健全的 法治环境，以及稳定的宏观政策导向。 微观层面：需要包容个性和容忍失败的氛围 "有学者曾经做过一个研究，访谈了逾20位'超级创业者'，并总结出了这些超级创业者的特质。"田轩认 为，这些特质可以分为三类： 一类是一般意义上认为的优点，比如年轻、进取、有想象力、专注产品、有持久力、有好奇心、自我驱 动等；第二类特质较为中性，比如这些超级创业者出身不好、总持反对意见、凡事只靠自己、没有安全 感；第三类特质偏向缺点，比如这些超级创业者疯狂、孤僻、非传统（标新立异）、不听话、不好相 处、多疑、冷漠甚至自私，但也恰恰是因为这些特质使得他们脑洞大开 ...

Group 1 - The core viewpoint of the article is the announcement of the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" aimed at enhancing the quality of listed companies and fostering a robust M&A ecosystem in Shenzhen [1][2]. Group 2 - By the end of 2027, the total market capitalization of listed companies in Shenzhen is expected to exceed 20 trillion yuan, with the goal of nurturing 20 companies with a market value of over 100 billion yuan [2]. - The plan aims to complete over 200 M&A projects with a total transaction value exceeding 100 billion yuan, while establishing a number of industry demonstration cases [2]. - The initiative includes the creation of a matrix of M&A funds, encouraging the aggregation of excellent fund managers, and promoting the formation of a trillion-level "20+8" industrial fund group to facilitate collaborative M&A in key industrial chains [2]. Group 3 - The plan encourages social capital participation in M&A activities, supporting corporate venture capital (CVC) to focus on key segments of the industrial chain and enhance technological advantages through M&A [2]. - Private equity funds are encouraged to engage in M&A integration through direct investments, M&A funds, and asset securitization, with mechanisms in place to link investment periods with share lock-up periods [2]. - The initiative supports the trial of private equity venture capital fund share transfers and encourages secondary market funds (S funds) to provide financing resources for M&A projects, promoting a virtuous cycle of "exit-reinvestment" through M&A [2]. - Various patient capital and foreign investors are supported to participate in M&A through strategic investments and qualified foreign institutional investors (QFII) [2].

Core Insights - The "Creative Investment City Plan" conference in Hefei aims to strengthen the integration of corporate venture capital (CVC) strategies with local technological innovation and industrial development [1][2] - The event attracted over 300 representatives from leading CVCs, market-oriented investment institutions, and state-owned platforms, highlighting the importance of CVC in reshaping innovation pathways and industrial collaboration [1] Group 1 - The conference featured 80 industry CVCs, including notable funds like Aerospace Science and Industry Fund and CRRC Transformation and Upgrade Fund, as well as top fund managers such as Dinghui Investment and Huaden International [1] - A dedicated GP (General Partner) and LP (Limited Partner) matchmaking session was organized, with 40 exclusive communication seats for in-depth discussions, facilitating investment intentions on-site [1] - Eight high-quality technology innovation enterprises were selected to present at the project roadshow, creating an efficient platform for industry capital and innovative projects to connect [1] Group 2 - Hefei's investment promotion bureau has actively developed the "Creative Investment City Plan" brand ecosystem, integrating innovation, scenarios, capital, and policies into a one-stop platform [2] - The plan has gathered over 313 various investment partners and conducted more than 750 project matching and roadshow events, assisting 1,868 industrial projects in financing and leading to nearly 410 project signings [2] - As a key partner in the plan, China Merchants Bank has provided 10.3 billion yuan in financial support to Hefei, facilitating the successful implementation of multiple industrial projects [2]

Core Viewpoint - The establishment of the Zhimi Capital's first fund, Zhimi Pinnacle Fund, with a scale of 1.5 billion yuan, aims to support the semiconductor and emerging strategic sectors through capital investment, enhancing industrial and technological innovation [2][5]. Group 1: Fund Establishment and Objectives - Zhimi Capital, initiated by Zhongwei Semiconductor Equipment Co., aims to create an ecological investment system covering the entire semiconductor equipment industry chain [5]. - The fund's establishment is a key move in Zhongwei's three-dimensional development strategy, focusing on core industry segments to foster collaborative innovation within the semiconductor ecosystem [5][6]. - The fund's name, "Pinnacle," symbolizes the ambition to reach the peak of technology and industry [5]. Group 2: Investor Participation - Key investors in the Zhimi Pinnacle Fund include Zhongwei Company, Guojun Innovation Investment, Shanghai Science and Technology Innovation Group, and Futen Capital, among others [3][6]. - The participation of state-owned capital in the fund is seen as a new starting point for collaborative development in the semiconductor and related sectors [6]. Group 3: CVC Growth and Strategic Importance - Corporate Venture Capital (CVC) is emerging as a dynamic force in the investment landscape, leveraging existing resources and expertise for strategic investments [9]. - CVCs are increasingly favored by Limited Partners (LPs) due to their ability to invest in long-term, high-risk innovation projects [9]. - Shanghai is actively promoting the development of CVCs, with initiatives to attract CVC funds and support leading enterprises in establishing independent management for specialized operations [9][10]. Group 4: Industry Context and Future Outlook - The establishment of the Shanghai Artificial Intelligence CVC Fund, with an initial scale of 3 billion yuan, reflects the city's strategic focus on key industries such as integrated circuits, artificial intelligence, and biomedicine [10]. - The total scale of the three leading industries in Shanghai has reached 1.8 trillion yuan, indicating significant growth potential [10]. - The shift from isolated efforts to collaborative ecosystems in the semiconductor industry highlights the critical role of venture capital in integrating into the industrial chain and understanding technological trends [10].

Core Viewpoint - The establishment of the Zhiwei Pinnacle Fund by Zhiwei Capital aims to support the development of the semiconductor and strategic emerging industries through a capital-driven approach [1] Group 1: Fund Overview - The Zhiwei Pinnacle Fund has a total scale of 1.5 billion yuan, focusing on the semiconductor and broader semiconductor-related sectors [1] - Zhiwei Capital is a strategic investment platform initiated and funded by Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd [1] Group 2: Investment Strategy - The fund aims to create an ecological investment system covering the entire semiconductor equipment industry chain through a dual-driven model of "industry + capital" [1] - Zhongwei Company has committed 735 million yuan, accounting for 49% of the total fund size, making it the core investor [1] Group 3: Regional Impact - This fund is the first Corporate Venture Capital (CVC) fund established in the Lingang New Area, contributing to the development of a world-class integrated circuit industry cluster [1]

Core Insights - Financial services play a crucial role in economic and social development, with equity investment funds becoming increasingly important in promoting new productive forces [1][3] - The government investment fund is a significant component of China's venture capital market, with recent guidelines aimed at enhancing its high-quality development [3][4] Group 1: Government Investment Fund - The State Council issued guidelines to promote the high-quality development of government investment funds, emphasizing precise positioning of government investment capital [3] - Local governments are actively researching and implementing policies to support the high-quality development of equity investment funds, focusing on market-oriented operations and risk tolerance mechanisms [3][4] - Key strategies include extending fund duration, increasing long-term capital, and optimizing contribution ratios [3][4] Group 2: Challenges and Opportunities - Despite favorable opportunities, challenges such as fundraising difficulties, investment risks, and industry capability limitations persist [3] - The importance of corporate venture capital (CVC) in driving technological innovation and industrialization is highlighted, with successful examples in the market [4] - Future growth in equity investment funds will likely focus on mergers and acquisitions as a primary exit strategy, with increased opportunities from state-owned enterprises and regulatory encouragement for acquisitions [4][5]

Core Viewpoint - Cambricon has shown significant growth in its financial performance, with a revenue of 2.88 billion yuan and a net profit of 1.038 billion yuan in the first half of 2025, indicating its potential as an AI chip design company [2]. Group 1: Financial Performance - In the first half of 2025, Cambricon reported a revenue of 2.88 billion yuan and a net profit of 1.038 billion yuan, with a non-GAAP net profit of 913 million yuan [2]. - The company's market capitalization briefly surpassed that of Kweichow Moutai, reaching a new high on Thursday [3]. Group 2: CVC Exploration - Cambricon has established partnerships with investment firms, including a joint venture with Yonghua Investment to manage a fund, where Cambricon holds a 45% stake [5]. - The company has also collaborated with local government entities to create a private equity fund, contributing 200 million yuan as a limited partner [6]. - However, the current structure does not fully align with the traditional definition of Corporate Venture Capital (CVC), as investment decisions are not solely made by Cambricon's employees [8]. Group 3: CVC Value Proposition - CVC can enhance the main business by investing in companies within the semiconductor ecosystem, as demonstrated by the example of North Huachuang and Kema Technology [10][11]. - North Huachuang's CVC, Nuohua Capital, invested in Kema Technology, which subsequently went public, benefiting both companies through business synergies and financial returns [12][13]. - The value of CVC lies in its ability to create a collaborative ecosystem that supports both investment and operational growth [14]. Group 4: Investment Opportunities for Cambricon - Cambricon can explore various investment avenues, including IP and EDA sectors, AI models, infrastructure, and applications, as well as data center technologies [18]. - As a prominent player in the chip design industry, Cambricon is positioned to identify promising investment opportunities earlier than financial investors, potentially leading to increased revenue and profit through successful collaborations [19]. - The company could benefit from establishing a formal CVC to enhance its investment strategy and operational capabilities [20].