人民财讯9月30日电，上海市人民政府办公厅印发《上海市政府投资基金管理办法(试行)》。其中提 出，政府投资基金应根据不同定位分类设置管理要求。对创业投资类基金，可适当提高政府出资比例、 放宽基金存续期要求、延长基金绩效评价周期，推动创业投资类基金作为耐心资本投早、投小、投硬科 技。对产业投资类基金，应建立多元出资结构，适当降低政府出资比例，吸引更多社会资本，聚焦支持 重点产业关键环节和重点项目。 ...

优化投资生态 建设科创高地 据了解，本次大会由湖南省财政厅指导，湖南财信金控集团、清科集团、清华企业家协会主办。大会汇 聚早期投资机构、高校院所、产业园区及科创企业等多方力量，聚焦湖南省金芙蓉投资基金与科技创新 的深度融合，凝聚共识，合力共促科技、产业与金融的良性循环，助力湖南"4×4"现代化产业体系建 设。 9月26日，在长沙举行的湖南省金芙蓉投资基金推介暨2025湖南天使投资大会上，清科管理顾问集团有 限公司（下称"清科集团"）创始人、董事长倪正东发布《潇湘天使护航倡议书》。 "为践行'投早、投小、投长期、投硬科技'理念，我们联合财信金控、湖南省内外优质早期投资机构、 天使投资人及科创服务机构，成立湖南省天使投资联盟，秉持政府引导、市场主导、专业运作原则，优 化投资生态，为科创高地助力。"倪正东说，在此，他向全社会发出四点倡议： 一是践行国家战略，挖掘科创"金苗"。聚焦湖南"4×4"现代化产业体系，发挥投资机构专业优势，精准 发掘早期科创项目并注入关键启动资金。 二是引领耐心资本，构建共担生态。充分发挥政府资金杠杆作用与产业资本资源优势，吸引更多社会资 本投身早期科创领域，使湖南成为早期科创资本集聚地。 ...

将生产性服务业作为"投硬科技"的重要方向。 日前，重庆市原市长黄奇帆在"2025·青岛创投风投大会"上表示，我国即将进入"十五五"规划和2040年远景目标期，应该看到，生产性服务业是高质量经济 发展的关键所在，更要对生产性服务业具有GDP的增长极、独角兽的增长极、高附加值装备和终端产品价值增长极的功能有充分的认识。 此前，黄奇帆曾在多个场合呼吁重视发展生产性服务业，强调提高生产性服务业占GDP比重的多重意义。在最新演讲中，他建议，作为我国资本市场发展的 重要力量，以风投、创投为主的各类产业基金不仅要"投早、投小、投长"，更应该将生产性服务业作为"投硬科技"的重要方向。 "还有30%左右的资金是投在比较晚的跟投方面。往往企业上市前或已经上市，大家会找各种机会跟投。这属于风险不那么大，且有一定的股权投资内涵的 投资。"他认为，真正"投早、投小、投长"应该是在"青萍起于微末"的"0～1"阶段就开始投资，到"1～100"阶段又有各类转化性投资，等到产业成型的"100～ 100万"阶段有更多的跟投。"这类投得比较好的、特别跟独角兽企业有关的投资，大体占30万亿元各类基金的30%左右。总体上现在情况在好转。"黄奇帆 称。 ...

Core Viewpoint - The emphasis on "early, small, long-term, and hard technology" investments in the productive service industry is crucial for promoting financial strength and nurturing high-value unicorn companies in China [3][4]. Group 1: Market Potential - The current total market capitalization of China's capital market is approximately 100 trillion yuan, which is about 70% of the GDP of around 140 trillion yuan, indicating significant growth potential [3]. - By 2040, China's GDP is projected to reach 350 trillion yuan, with the capital market's total market capitalization expected to reach 400 trillion yuan, potentially quadrupling from current levels [3]. Group 2: Investment Strategy - The total amount of various funds, including venture capital and private equity, is close to 30 trillion yuan, with 40% currently invested in low-risk monetary funds and fixed-income bonds, which distorts the investment direction [3][4]. - True investment in hard technology should begin at the early stages (0-1 phase) and continue through various stages of development, ensuring a steady flow of capital from A, B, to C rounds [4]. Group 3: Role of Productive Service Industry - The productive service industry is identified as the driving force for innovation in manufacturing, encompassing ten categories including core technology R&D, logistics, supply chain finance, and digital services [4][5]. - This sector is not only a service provider for manufacturing but also a critical environment for the growth of high-value unicorn companies, relying primarily on innovation and talent rather than traditional resource inputs [5]. Group 4: Focus Areas for Investment - Venture capital and private equity should concentrate on five categories within the productive service industry: specialized small and medium enterprises, top 50 professional service companies, hybrid manufacturing firms, industrial internet platforms, and leading companies like Apple and Microsoft [6]. - By adhering to the "early, small, long-term" investment strategy, these funds can support the development of these enterprises, fostering the emergence of high-value unicorns and contributing to the overall prosperity of China's stock market and economy [6].

Core Viewpoint - The announcement by China Securities indicates a strategic move to enhance the capital strength of its wholly-owned subsidiary, China International Investment, through a capital increase of 1.4 billion yuan, aimed at supporting its private equity investment business and optimizing business layout [1] Group 1: Company Actions - China Securities plans to increase the registered capital of China International Investment to 2 billion yuan, enhancing its capital strength to meet operational needs [1] - As of the end of Q1 this year, China International Investment had total assets of 915 million yuan, with a revenue of 6.21 million yuan and a net profit of 1.38 million yuan for the same period [1] - The recent capital increase aligns with the trend of securities firms increasing investments in private subsidiaries to better serve the real economy [1] Group 2: Industry Trends - The private equity subsidiary sector among securities firms is expanding, with multiple firms actively applying to establish private subsidiaries [2] - Securities firms are transitioning from traditional service providers to comprehensive financial service providers, enhancing their roles in supporting the real economy [2] - In the first half of this year, private equity subsidiaries of securities firms raised over 64 billion yuan in funds, demonstrating their active participation in the market [2] Group 3: Future Directions - The focus of private equity subsidiaries is on supporting technological innovation and industrial transformation, with investments in strategic emerging industries such as healthcare, advanced manufacturing, and new energy [3] - To better conduct private equity business, securities firms should enhance their investment research capabilities and collaborate with local state-owned and industrial capital [3] - The establishment and fundraising of various types of funds, including technology innovation funds and direct investment funds, are encouraged to promote the integration of finance and technology [3]

Core Viewpoint - The announcement by China Securities (601696) regarding a capital increase of 1.4 billion yuan to its wholly-owned subsidiary, China International Investment Co., aims to enhance its capital strength and optimize business layout, reflecting a broader trend among brokerages to strengthen their private equity subsidiaries for better service to the real economy [1][2]. Group 1: Company Actions - China Securities plans to invest 1.4 billion yuan to increase the registered capital of China International Investment to 2 billion yuan [1]. - As of the end of Q1 this year, China International Investment had total assets of 915 million yuan and reported a revenue of 6.21 million yuan with a net profit of 1.38 million yuan [1]. - The capital increase aligns with the company's strategic planning to enhance its competitive edge and meet operational needs [1]. Group 2: Industry Trends - The private equity subsidiary landscape among brokerages is expanding, with multiple firms actively applying to establish such subsidiaries [2]. - Brokerages are transitioning from traditional service providers to comprehensive financial service providers, enhancing their roles in supporting the real economy [2]. - In the first half of this year, private equity subsidiaries of brokerages raised over 64 billion yuan in funds, demonstrating their active participation in the market [2]. Group 3: Focus on Technology and Innovation - China International Investment emphasizes supporting technological innovation and industrial transformation, focusing on strategic emerging industries such as healthcare, advanced manufacturing, and new energy [3]. - The future direction for brokerage private equity subsidiaries includes improving investment research capabilities and collaborating with local state-owned and industrial capital to establish various types of funds [3].

Core Viewpoint - The article discusses the impact of fiscal technology equity investment reforms in Shandong Province, highlighting how over 210 companies have benefited from these initiatives, which aim to enhance innovation and support the growth of technology-driven enterprises [2][3]. Group 1: Fiscal Technology Equity Investment - Since 2020, more than 210 companies have benefited from fiscal technology equity investment reforms, receiving over 2.9 billion yuan in funding [2]. - The Shandong Provincial Government has shifted from traditional subsidy methods to a model that emphasizes market-oriented allocation of technology resources, using fiscal equity investments to attract social capital into the innovation chain [2][3]. Group 2: Investment Strategy - The investment strategy focuses on early-stage, small, and long-term investments in hard technology sectors, particularly in emerging fields such as semiconductors, robotics, and renewable energy [5]. - Fiscal equity investments are designed to support high-growth, innovative technology companies, with a typical investment period ranging from 3 to 10 years [3][5]. Group 3: Investment Mechanisms - Various investment mechanisms are employed, including direct equity investment, a combination of grants and investments, and a "first invest then equity" approach tailored to the needs of different companies [6][9]. - For companies in the developmental stage, the "first invest then equity" model has proven effective, as seen with Shandong Maihe Additive Manufacturing Co., which received 5 million yuan in support, leading to a doubling of sales revenue [6][9]. Group 4: Leveraging Social Capital - Fiscal equity investments not only provide direct financial support but also enhance companies' credibility and bargaining power, facilitating further investments from private capital [10][12]. - For instance, Qingdao Fengshi Technology, which received 30 million yuan in fiscal equity investment, has seen its credit rating improve, aiding its preparations for an IPO [10][12]. Group 5: Impact on Company Growth - The fiscal equity investment has been described as a "golden lever," enabling companies to attract additional financing and grow their operations significantly [10][12]. - For example, Yantai Wanlong Company benefited from a 25 million yuan investment, which optimized its equity structure and facilitated a 1:1 loan from banks, significantly aiding its listing process [12].

Core Viewpoint - The private equity and venture capital market in China is experiencing a recovery in fundraising and investment activities, driven by supportive government policies and an increase in market confidence, particularly in early-stage investments and technology sectors [2][4][10]. Group 1: Fundraising Situation - In the first half of 2025, 3,050 new private equity and venture capital funds were established, representing a year-on-year increase of 5.8%, with a total subscription scale of 898.6 billion RMB, up 18.2% year-on-year [2][12]. - The average subscription scale for newly established funds reached 295 million RMB, reflecting a year-on-year growth of 11.7% [12]. - The number of small-scale funds (under 1 billion RMB) has increased, indicating a recovery in the participation of private capital, with 1,926 funds established in this category, up 94 from the previous year [19]. Group 2: Government Guidance Funds - Over 40 government guidance funds were established in the first half of 2025, with a focus on enhancing the "patience attribute" and improving error tolerance mechanisms [3][25]. - The return requirements for these funds have been relaxed, with some regions allowing a return ratio as low as 0.4 times the investment [25]. - The establishment period for these funds has been extended to 15-20 years, allowing for more sustainable investment strategies [25]. Group 3: Investment Analysis - A total of 4,523 financing cases were recorded in the first half of 2025, a slight decrease of 2.6% year-on-year, with disclosed financing amounts totaling 152.36 billion RMB, down 15.7% [3][29]. - Early-stage financing (A-round and earlier) accounted for 68.3% of all cases, indicating a continued preference for smaller, earlier investments [32]. - The technology sector, particularly electronics, information technology, and healthcare, accounted for 63.5% of financing cases, highlighting the focus on innovation-driven industries [3][29]. Group 4: Market Dynamics - The market is witnessing a trend towards normalization and regulatory improvements, with a focus on enhancing transaction efficiency and reducing disputes over valuations [27]. - The S-fund market is evolving with new policies aimed at attracting diverse funding sources, including insurance and bank wealth management products [27]. - The overall investment environment is stabilizing, with a notable concentration of financing activities in economically developed regions, where the top ten cities accounted for 88.3% of financing cases [34].

Group 1 - The core viewpoint of the article is the introduction of a new system for seasoned professional institutional investors in the STAR Market, which aims to promote long-term capital investment and professional judgment in the context of the fifth set of listing standards [1][2] - The new guidelines require institutional investors to hold at least 3% of shares or invest over 500 million yuan for a minimum of 24 months before the IPO application, aiming to foster a "early, small, and long-term" investment culture [2][3] - The participation of securities firms in equity investment is relatively low, with only three cases identified among the 20 companies that successfully listed under the fifth set of standards, indicating a need for improvement in this area [4][5] Group 2 - The transformation in the STAR Market presents new opportunities for securities firms' private equity investment subsidiaries, particularly for leading firms that can leverage their strong investment banking capabilities [1][4] - Smaller securities firms may find it challenging to capitalize on these changes without strong investment banking collaboration, as they often lack the necessary resources and market positioning [6] - Collaboration with top venture capital institutions is seen as a viable strategy for securities firms to enhance their early-stage investment capabilities in hard technology companies [7]

Fundraising - In 2024, there has been a noticeable increase in medium to long-term capital entering Shenzhen's private equity and venture capital industry, with the number of institutional investors rising to 17,110 and total contributions reaching 835.86 billion yuan, reflecting year-on-year growth of 0.76% and 0.41% respectively [1][2] - The participation of medium to long-term capital has increased by 16.74% compared to 2023, with total contributions amounting to 238.11 billion yuan [1] Investment - The focus on "early investment, small investment, and hard technology" has shown significant results, with investments in seed and startup projects reaching 9,462, marking a year-on-year increase of 4.28% [3] - Investments in small and medium-sized enterprises have also increased, with 13,732 projects funded, a growth of 3.87% year-on-year, and investments in initial technology enterprises rising to 5,678 projects with a total investment of 98.76 billion yuan, reflecting increases of 8.86% and 9.03% respectively [3] - Investment in high-tech enterprises has reached 10,899 projects, with a year-on-year growth of 5.71%, and an average annual growth rate of 11.14% over the past three years [3] - The private equity and venture capital industry in Shenzhen is aligning with the "20+8" strategic emerging industry cluster plan, with 4,893 projects and total investments of 110.99 billion yuan in these sectors, showing year-on-year growth of 2.11% and 0.96% respectively [3] Exit - The exit channels for the private equity and venture capital industry in Shenzhen have become increasingly accessible, with 1,954 exit projects in 2024, the highest in three years, and actual exit amounts reaching 58.83 billion yuan, a significant year-on-year increase of 70.28% [4] - The primary exit methods remain agreement transfers and corporate buybacks, with 1,369 projects completed through these channels, yielding an actual exit amount of 33.84 billion yuan, reflecting year-on-year growth of 107.11% and 81.25% respectively [4] - The public market exits have also seen strong growth, with 331 projects exiting through IPOs and other means, totaling 22.24 billion yuan, marking increases of 89.14% and 104.50% year-on-year [4] - Notably, the performance of overseas listings has been exceptional, with 28 projects achieving this in 2024, resulting in an exit amount of 2.21 billion yuan, which is 10.87 times that of 2023 [4]