一家CVC正式亮相。 近日，上海智微私募基金管理有限公司（简称"智微资本"）首期智微攀峰基金在上海临 港新片区设立，基金规模1 5亿元，将聚焦半导体、泛半导体及战略新兴领域，以资本力 量助力产业和科技创新发展。 LP阵容浮出水面——中微公司、国君创新投、上海科创集团、孚腾资本等作为智微攀峰 基金出资方与智微资本进行了出资签约。 产业力量。 作者 I 余梦莹 报道 I 投资界PEdaily 中微公司牵头 成立CVC基金，15亿 仪式现场，中微公司、国君创新投、上海科创集团、孚腾资本等作为智微攀峰基金出资 方与智微资本进行了出资签约。 此外，智微资本与中保投资公司、上海科创集团、国泰海通、中信证券、中金公司现场 签 署 了 战 略 合 作 协 议 。 各 方 未 来 将 围 绕 项 目 产 业 赋 能 、 生 态 共 建 等 方 面 展 开 多 层 次 合 作，携手构建覆盖半导体全链条的协同投资生态。 投资界了解到，智微资本是中微半导体设备（上海）股份有限公司 （简称"中微公司 " ） 战 略 发 起 并 参 与 出 资 设 立 的 投 资 平 台 。 本 次 基 金 的 设 立 通 过 " 产 业 + 资 本 ...

日前，上海智微私募基金管理有限公司（以下简称"智微资本"）首期智微攀峰基金在上海临港新片区设 立，基金规模15亿元，将聚焦半导体、泛半导体及战略新兴领域，以资本力量助力产业和科技创新发 展。据悉，智微资本是中微半导体设备（上海）股份有限公司战略发起并参与出资设立的投资平台。本 次基金的设立通过"产业+资本"的双轮驱动，旨在构建覆盖半导体设备产业链上下游的生态投资体系。 其中，中微公司认缴出资7.35亿元，占智微攀峰基金总规模的49%，成为基金的核心出资方。记者了解 到，这也是在临港新片区设立的首支CVC（企业风险投资）基金，将为临港打造世界级集成电路产业 集群注入专业资本力量。 ...

9月26日，原中国银保监会副主席陈文辉在"2025·青岛创投风投大会"上表示，金融对于整个经济社会的发展非常重要，但不同时期金融服务的形式有所不 同。当下要推动新质生产力发展，股权投资基金这一金融服务形式起到越来越重要的作用。 面对以间接融资为主的金融体系特点，我国相关部门已从多方面作出创新引导，包括金融资产投资公司（AIC）的扩容等。"虽然现在机遇很好，但是确实 挑战也很多，包括募资难、投资风险、如何退出以及整个行业自身能力不足的问题。"陈文辉说。 最重要的是遵照市场规划优化资源配置。 "确实要避免设定过多的目标，不能既要又要还要，要把目标集中在一点。"陈文辉强调，上述国办1号文提到"不以招商引资为目的设立政府投资基金"，"但 （这）不是说不招商引资。如果不允许招商引资，地方政府设立投资基金的积极性就会大打折扣。" 陈文辉还强调了企业风险投资（CVC）对于推动科技创新产业化发展的重要作用。 "政府投资基金要成功、要避免出现一些问题，市场化运作是非常重要的方面，但是这里面有一些矛盾。怎样使得这股力量真正进一步往前推动，CVC可能 是重要的一块。"他以近期中国第一汽车股份有限公司收购深圳市卓驭科技有限公司股权举 ...

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].

Group 1 - The conference titled "Cross-Border Leap: Setting Sail for the Future" focused on the strategies for Chinese companies to list abroad amid global changes, with over 200 participants including economists, exchange representatives, and legal experts [1] - Beijing DeHeng Law Firm emphasizes its comprehensive legal services for companies in hard technology, new consumption, and green energy sectors, leveraging its strategic positioning and collaboration with overseas offices [1] - Tsinghua University's National Institute of Financial Research highlights the need for an inclusive environment to foster innovation, advocating for corporate venture capital and a robust legal framework to support high-quality economic development [1] Group 2 - DeHeng's Deputy Director stresses the importance of aligning listing paths with company positioning, navigating international regulatory changes, and ensuring compliance through structural optimization and risk assessment [2] - The firm’s Executive Director concludes that the rule of law is fundamental to market vitality, and reform and opening-up are essential for Chinese enterprises to expand internationally [2] - The Hong Kong Stock Exchange has introduced diverse listing options for companies with different structures, including a dedicated service for technology innovation firms to facilitate their listing process [1]

Core Insights - The article highlights the successful entry of Yingfeng Group into the 2025 Fortune China 500 list, ranking 409th, showcasing its growth through a dual-driven model of "industry + investment" [1] - Yingfeng Group has built a diverse industrial ecosystem covering consumption, environment, and culture, leveraging capital to empower industry and drive transformation [1][2] Group 1: Corporate Venture Capital (CVC) Model - CVC is defined as non-financial enterprises investing in innovative projects for strategic or financial goals, becoming a crucial force in driving industrial upgrades and innovation [2] - In 2024, global CVC investment exceeded $100 billion, marking a 30% year-on-year increase, with green technology, smart manufacturing, and new energy as key investment areas [2] - Yingfeng Group's growth trajectory illustrates the practical logic of the CVC model, transitioning from a single manufacturing focus to strategic acquisitions and targeted investments across multiple sectors [2][3] Group 2: Strategic Acquisitions - Strategic acquisitions are pivotal for Yingfeng Group to penetrate key sectors, such as the acquisition of Zhonglian Environment in 2018, transforming from a traditional wind turbine manufacturer to a comprehensive environmental operator [3] - In the cultural sector, the involvement in Hualu Baina's mixed reform led to the establishment of a successful cultural tourism project, attracting over 10 million visitors annually [3] - The acquisition of controlling interest in Gujia Home Furnishing in 2024 aims to enhance capabilities in product development and global expansion during a critical industry transition [3] Group 3: Innovation and Investment - Yingfeng Group focuses on "hard technology" investments in advanced manufacturing and new energy, identifying promising companies like SenseTime and Yunji Intelligent [4] - The investment in Yunji Intelligent exemplifies the dual return of investment gains and industrial synergy, driven by the anticipated growth of the household service robot market [4] Group 4: Deep Capital Empowerment - Yingfeng's capital is rooted in its own accumulation, providing a deeper understanding of the industry and stronger empowerment capabilities compared to pure financial capital [5] - The company emphasizes a long-term patient capital approach, focusing on deep industry engagement rather than short-term gains [5] - The empowerment process involves technology integration, resource collaboration, and management enhancement, creating a virtuous cycle of investment and industrial nourishment [5] Group 5: Governance and Long-term Strategy - Yingfeng Group's governance structure emphasizes long-termism, allowing professional management teams to drive transformation while maintaining oversight on strategic direction [6] - The company optimizes its portfolio by exiting non-core industries, concentrating resources on areas where it has operational advantages [6] - The inclusion in the Fortune China 500 list validates the effectiveness of Yingfeng's business model, which integrates upstream and downstream connections to foster a collaborative investment chain [6]

Group 1 - The core viewpoint of the article highlights the acquisition of Honghe Technology by Hefei Ruicheng Private Equity Fund Management Co., which plans to invest 1.575 billion yuan to acquire a 25% stake and gain control of the company, marking the first CVC-led acquisition following the "Six Opinions on Deepening the Reform of Mergers and Acquisitions of Listed Companies" [1] - Hefei Ruicheng will establish a merger fund as the transaction entity, backed by Wuhu Chery Capital Management Co., which is associated with Chery Holdings and Chery Automobile, indicating strong support from quality resources [1] - The focus of Hefei Ruicheng's investment strategy is on strategic emerging industries such as new energy vehicles and intelligent connected vehicles, which could enhance the asset quality and governance of Honghe Technology [1] Group 2 - Honghe Technology is a leading company in the educational smart interactive panel market, currently exhibiting good operational and financial conditions with ample cash flow, but faces limitations in industry growth potential [2] - The introduction of resource-rich industrial capital could assist Honghe Technology in transforming and exploring new growth avenues, potentially leading to significant development for the company [2]

以下文章来源于投资界前哨 ，作者杨文静 做投资界最新动态的瞭望者 投出半个科技圈。 作者 I 杨文静 报道 I 投资界前哨 日前，投资界从英特尔公司官网获悉，英特尔计划将其全球风险投资部门英特尔资本 （Intel Capital）分拆成为一家独立的基金管理公司，2025年下半年正式独立运营。 根据公告，此次分拆之后英特尔资本的公司架构将与其他头部风险投资公司相一致，从 而获得更大的自主权和灵活性，以吸引外部资本。 投资界前哨 . 成立于1991年，英特尔资本不仅承载着母公司英特尔多年来的战略需求，也几乎走过了 硅谷风险投资的风光历史，投出博通（Broadcom,）、威睿（VMware）、思杰 （CiTRIX）、搜狐、金山软件等一批知名项目。如今从母公司剥离，这家30多岁的老 牌机构走到了下一个十字路口。 告别英特尔 老牌CVC正式独立 "英特尔资本的分拆是一个双赢之举。" 公告上，英特尔临时联合首席执行官兼首席财务官Dav id Zinsner表示，"既为该基金 提供了新的资本来源、拓展其投资领域，同时也让英特尔和英特尔资本继续受益于长期 的战略合作伙伴关系，这一举措符合我们更广泛的公司战略目标，旨在最大化资 ...