Core Insights - The article discusses the evolution of investment strategies in China's venture capital market, highlighting a shift from diversified investment approaches to a focus on specific verticals, particularly in hard technology sectors since 2018 due to geopolitical influences [4][19]. - It emphasizes the importance of selecting established comprehensive GP institutions for LPs, particularly those with significant management scale and outstanding investment performance [4][19]. Investment Trends - Comprehensive GPs predominantly invest in early-stage companies, with 80% of investments in seed/angel (36%) and A rounds (44%) [6]. - The investment strategy is increasingly aligned with technological innovation, showing caution towards later-stage projects with higher valuation uncertainties [6]. Geographic Distribution - Investment cases are concentrated in coastal regions and first-tier cities, with Jiangsu and Guangdong provinces leading in investment volume, collectively accounting for nearly 80% of cases in these areas [8]. - The established innovation ecosystems in these regions attract high-end talent and facilitate the practical application of cutting-edge technologies [8]. Sector Focus - Comprehensive GPs primarily target five sectors: advanced manufacturing (25%), healthcare (11%), enterprise services (11%), traditional manufacturing (8%), and artificial intelligence (8%) [11]. - The focus on hard technology and AI reflects a strategic alignment with local industrial policies and the ability to leverage institutional brand influence to attract quality early-stage projects [11]. GP Selection Criteria - The first screening identified 64 comprehensive GPs from a pool of 280 fund managers, focusing on those with over 10 billion in assets under management and excluding certain fund types [17]. - A second screening narrowed down to 20 GPs based on investment project volume and IPO performance over the past five years [23]. Investment and Exit Performance - Key performance indicators for GPs include follow-on rates, IPO counts, lead investment rates, and project numbers, which collectively assess the investment and exit capabilities of the selected GPs [29][37]. - The analysis indicates that higher follow-on rates correlate with greater project survival and exit success, enhancing overall fund performance [29]. Conclusion - The report aims to assist LPs in understanding the investment landscape of comprehensive GPs and to provide a comparative analysis of their performance within the same sectors [41]. - Continuous updates and data comparisons are encouraged to identify emerging high-potential institutions in the evolving market [41].

在湖北省黄冈市英山县乌云山村，退役军人王某望着自家生意红火的农家乐，感慨万千。"当年一 笔5万元的退役军人创业贴息贷款到账，让我重燃创业梦想。"2017年，王某退役后首次创业办茶厂受 挫，就在他迷茫之际，邮储银行英山县支行与当地退役军人事务局携手提供的金融支持，让他有了重新 开始的勇气。 八年后，邮储银行英山县支行再次通过"军创贷"专属产品，将王某的贷款额度提升至20万元，助力 其农家乐改造升级。如今，乌云山村已成为四季宜游的旅游胜地，王某的事业也随着乡村发展而蒸蒸日 上。 此类案例正是邮储银行支持退役军人创业就业的生动缩影。截至2025年10月末，邮储银行湖北省分 行累计投放退役军人创业贷款已达5.7亿元，贷款投放量位居湖北省金融机构首位，服务退役军人客户 3000余户，通过信贷支持带动就业超万人。 精准施策 金融支持退役军人创业 退役军人是重要的人力人才资源，他们的稳定就业和成功创业不仅关系到个人和家庭生计，更对经 济社会发展与和谐稳定具有重要意义。然而，退役军人在创业过程中普遍面临启动资金不足、融资渠道 有限、缺乏抵押担保等现实难题。 邮储银行湖北省分行以"体系对接"为抓手，强化政银合作效能。该行主动与 ...