在持续活跃的并购基金领域，险资投资的案例正在增多。最新一例，是国寿资产投资上海芯合创一号私 募投资基金。 从目前看，我国并购基金出资人（LP）以国资、产业资本为主，险资投资规模仍较小，策略也有待观 察。不过，业内人士预计，对于险资这样的长线资本而言，并购基金这类资产未来会变得更加重要。 2024年12月，平安人寿出资30亿元，联手德弘资本设立苏州安弘股权投资合伙企业（有限合伙），核心 业务即私募股权及并购投资领域，瞄准并购市场机遇。 2024年12月，泰康人寿联合北京京能绿色能源并购投资基金（有限合伙），出资设立北京京能新能源并 购股权投资基金（有限合伙）。其中，泰康人寿出资17.5亿元，出资比例69.97%。 并购市场催生新机遇 一位市场化私募股权基金人士向证券时报记者表示，近年并购市场是股权投资相对活跃的领域，特别是 2024年证监会"并购六条"发布，进一步将并购市场催热。在政策支持与市场需求驱动下，国内并购市场 的热度持续提升。 《2025中国并购基金研究报告》（下称《报告》）显示，当前中国股权投资市场正经历一场深刻的结构 性调整。在过去的"橄榄球型"结构下，资本大量集中于成长期项目的模式已难以适应新的 ...

在持续活跃的并购基金领域，险资投资的案例正在增多。最新一例，是国寿资产投资上海芯合创一号私 募投资基金。 从目前看，我国并购基金出资人(LP)以国资、产业资本为主，险资投资规模仍较小，策略也有待观察。 不过，业内人士预计，对于险资这样的长线资本而言，并购基金这类资产未来会变得更加重要。 并购市场催生新机遇 一位市场化私募股权基金人士向证券时报记者表示，近年并购市场是股权投资相对活跃的领域，特别是 2024年证监会"并购六条"发布，进一步将并购市场催热。在政策支持与市场需求驱动下，国内并购市场 的热度持续提升。 《2025中国并购基金研究报告》(下称《报告》)显示，当前中国股权投资市场正经历一场深刻的结构性 调整。在过去的"橄榄球型"结构下，资本大量集中于成长期项目的模式已难以适应新的市场环境。因 此，资本急需向价值链两端分流，一端是企业更早期的创业投资，另一端则是产业整合的并购投资。考 虑到早期项目整体的资本吸纳能力有限，以并购投资为核心的产业整合，将成为未来股权投资行业发展 的重中之重。 数家险资机构踏足并购基金 近日，国寿资产发起设立"中国人寿（601628）-海纳申创股权投资计划"，规模约5亿元，用于投 ...

中证报中证网讯（记者 王宇露）12月10日至11日举行的中央经济工作会议，为"十五五"开局之年的经 济工作定下基调、指明方向。中信资本表示，会议深刻分析当前经济形势，作出一系列重要判断和论 述，明确指出"国内供强需弱矛盾突出"，强调要"推动经济实现质的有效提升和量的合理增长"，要"持 续深化资本市场投融资综合改革"，为私募股权投资行业在当前纷繁复杂的内外形势下更有针对性开展 工作指明了方向，也为从业机构更好筹划和开展明年工作提供了重要指引。 会议对"供强需弱"矛盾的判断，精准指出了当前经济结构转型的关键。中信资本认为，解决这一矛盾， 不仅需要培育新动能，更需通过优化存量资源配置，提升供给体系的质量与效率。这正是并购基金能够 发挥核心价值的领域。去年以来，证监会等部门相继出台"并购六条"等一系列政策，积极引导上市公司 开展并购重组，鼓励和支持并购基金发展，为市场注入重要动力。在政策支持与市场需求的双重驱动 下，当前并购基金正迈入黄金发展期，有望在"十五五"及未来一段时期成为推动各行业提质增效、助推 资本市场高质量发展的重要力量。 针对"需弱"的挑战，会议明确了从促消费、增收入两端入手提振居民消费能力的方向。强大 ...

Core Viewpoint - Changxin Bochuang (300548.SZ) has approved a proposal to participate in the establishment of a merger fund, focusing on investment opportunities in high-end manufacturing, integrated circuits, new materials, new energy, and information technology sectors supported by national policies [1] Group 1 - The company will act as a limited partner in the Shanghai Merger Fund Phase III, collaborating with several other entities including Haitong M&A Capital and others [1] - The total committed capital for the Shanghai Merger Fund Phase III is set at 830 million RMB, with the company contributing 40 million RMB, representing 4.82% of the total [1] - The board and supervisory meetings held on December 12, 2025, approved this investment initiative [1]

长芯博创公告，公司作为有限合伙人参与设立上海并购私募投资基金三期合伙企业，认缴出资额为4000 万元，占出资总额的4.82%。合伙企业全体合伙人拟认缴出资总额为8.3亿元人民币，长飞资本为关联法 人，本次投资构成关联交易，但不构成重大资产重组。 ...

21世纪经济报道记者 曹媛 深圳报道 2025年即将收官，但并购基金设立热潮丝毫未减。 当前中国并购基金的LP构成呈现多元化格局，包括政府引导基金、国有投资机构、上市公司及产业资 本、金融机构等，其中国资与上市公司/产业资本更是站在"C位"。 国资主导的并购基金无疑是今年市场的中坚力量，其核心任务在于服务地方产业"强链补链"与精准招 商。 近期，北京官宣成立300亿并购基金；向前推一周，安徽、江西、昆山、宿迁等国资相继出手设立并购 基金。 此类案例不胜枚举。今年前三季度，地方并购基金设立步伐明显加快。上海发布500亿元的国资并购基 金矩阵，北京、深圳、苏州、广州等地相继落地数亿级规模的并购基金；同花顺（300033）数据显示， 今年以来，A股市场上市公司参与设立产业并购基金已超300只。 多位业内人士均判断，中国并购市场正迎来"历史性拐点"。中金公司（601995）投资银行部负责人孙雷 接受媒体采访时说，"2025年并购规模有望接近十年高点"。 尽管市场"热火朝天"，但我国并购基金市场仍处在初期发展阶段，募投管退各环节均面临诸多难点。 LP投顾数据显示，我国2024年控股型并购基金募资额不足500亿元人民币， ...

Core Insights - The article discusses the recent developments in the LP market, focusing on new fund establishments and government policies aimed at promoting mergers and acquisitions in Beijing [5][6]. Group 1: Policy Developments - Beijing has issued a policy to support high-quality development through mergers and acquisitions, encouraging quality listed companies and various investment entities to establish and operate acquisition funds [5]. - The establishment of the "Beijing Jingguochuang Intelligent Computing M&A Equity Investment Fund" with a scale of 30 billion RMB reflects the rapid implementation of this policy [8]. Group 2: New Fund Establishments - A total of 13 new funds were established in the LP circle this week, including the 14 billion RMB South Network Industrial Fund and the Jiangsu Zhenjiang High-end Intelligent Manufacturing Special Mother Fund [6]. - The South Network Industrial Fund focuses on new power system construction and aims to invest in major infrastructure and technological innovations [9]. - The "Xianggan Xizheng Advanced Sensing Industry Investment Fund" was established with a scale of 102 million RMB, targeting advanced magnetic sensing and related industries [15]. Group 3: Fund Management and Investment Focus - The "Beijing Innovation Industry Investment Co., Ltd." manages the newly established 30 billion RMB fund, which will significantly increase its management scale [6]. - The newly formed funds are primarily focused on sectors such as biotechnology, advanced manufacturing, and energy, indicating a trend towards investing in high-tech and innovative industries [11][21]. Group 4: Regional Investment Strategies - The establishment of the "Hangzhou Talent Fund Phase II" aims to support innovation and entrepreneurship among high-level talents, with a focus on technology and industry integration [17][18]. - The "Guizhou Qieneng No. 1 Private Fund" was established with a capital of 2.7 billion RMB, reflecting Guizhou's increasing activity in equity investment [14]. Group 5: Market Trends - The article highlights a growing trend of local governments and state-owned enterprises establishing funds to support technological innovation and industrial upgrades, particularly in regions like Fujian and Jiangsu [16][23]. - The establishment of various funds across different regions indicates a strategic push towards enhancing local industrial capabilities and fostering innovation ecosystems [22].

Group 1 - Xiamen Industrial M&A Equity Investment Fund has been registered with a total scale of 5 billion yuan, entering the operational phase [2] - The fund is jointly funded by Xiamen Financial Holding Co., Xiamen Jinyuan Investment Group, and Jinyuan Capital Management, focusing on direct investments to support mergers and acquisitions [2] - The fund aims to leverage financial capital to empower leading industries through mechanisms like "fund investment + merger loan interest subsidies" [2] Group 2 - Chongqing Yufu Industrial M&A Restructuring Private Equity Fund has been established with a scale of 2 billion yuan, reflecting a trend of local governments setting up M&A funds [2] - Recent years have seen a surge in M&A support policies from national and local governments, with various entities including state-owned assets and listed companies actively participating [2] - The Yibin Harmony Green Industry Fund is a collaboration among state-owned assets and industrial capital from multiple regions, indicating a broader trend of regional cooperation in investment [2] Group 3 - The policy environment for M&A in China has been continuously optimized, with increased participation from various stakeholders including state-owned enterprises and private equity firms [3] - Local M&A funds have been established at an accelerated pace, with significant funds launched in cities like Shanghai, Beijing, and Shenzhen, focusing on strategic sectors [3] - State-owned M&A funds are becoming crucial in driving enterprise growth, enhancing industry concentration, and guiding social capital towards emerging strategic industries [3]

Financing Decision Dimensions - M&A financing decisions typically consider seven dimensions, including financing type combinations, maturity, yield basis, currency, innovative clauses, control, and issuance methods [4][6][7][8][9][10]. - The optimal financing combination usually starts with internal financing, followed by debt financing, and finally equity financing, aiming for maximum company value [6]. Financing Channels - M&A financing channels can be classified into internal and external categories. Internal channels include retained earnings and tax liabilities, while external channels encompass bank loans, non-financial institution funds, and foreign capital [10]. - External financing is characterized by speed and flexibility but comes with higher costs and risks [10]. Special Financing Methods - M&A funds pool third-party capital for acquisitions, often involving private equity funds and listed companies, leveraging both financial tools and platform resources [15]. - Leveraged buyouts (LBOs) utilize financial leverage to acquire companies with minimal upfront capital, relying on the target's assets and future cash flows for repayment [16]. - Management buyouts (MBOs) involve company management acquiring shares, aligning ownership and management roles, typically in stable cash flow environments [17]. - Asset securitization transforms illiquid assets into liquid asset-backed securities, enhancing cash flow management [18]. Evaluating M&A Financing Plans - The evaluation of M&A financing plans should consider flexibility, risk, return, control, and timing [19]. - Comparing different financing options, such as debt versus equity, reveals trade-offs in liquidity, risk exposure, earnings per share, control dilution, and market perception [19][20].

Core Insights - The article emphasizes the long-term value of consumer investment despite recent challenges in the sector, suggesting that patience will lead to opportunities as other institutions exit the market [1] - The company has diversified its investment strategy by expanding into biomedicine and low-altitude economy sectors, categorizing consumer investments into technology and non-technology segments [1] - A new strategy has been established to find investment methods that do not rely on IPOs, recognizing the lengthy and uncertain nature of the IPO process [3] Investment Strategies - The first strategy involves establishing a merger and acquisition (M&A) fund, sourcing projects from diversified groups and entrepreneurs looking to sell their businesses [4][5] - The second strategy is the creation of an industrial integration fund, collaborating with industry leaders and local governments to invest in early and growth-stage companies [8] - The third strategy focuses on a pure dividend strategy, allowing for cash flow returns even when exit opportunities are limited [9] Market Conditions - The current market for leveraged financing tools is limited, resulting in low frequency of M&A transactions [6] - The company has been operating an M&A team since 2017, with only two ongoing controlling M&A projects, one being the acquisition of Yuno yogurt, which has shown significant recovery in performance [7] New Investment Products - The company has launched a SPAC product in Macau, utilizing a revenue-based financing model for investment distribution [11] - There is active subscription interest in this product, although the bottleneck lies in the availability of quality assets rather than funding [14] Strategic Adjustments - The company has adjusted its investment strategy to broaden the range of potential investments, allowing for the inclusion of previously excluded quality assets [15] - The introduction of dividend structures has enabled the company to realize returns on investments that were previously only reflected on paper [16] - The changing transaction structures and investment strategies are expected to become a consensus in the industry, with new strategies already being validated [19]