近日，杭州市 萧山区"潮启航"天使引导基金（以下简称"天使引导基金"）面向全社会公开遴选优 秀的私募基金管理机构（以下简称"基金管理人或申报机构"） ， 有关事项公告如下： 公告指出：天使引导基金规模10亿元，投资方向为"投早、投小、投硬科技"，投资对象以科技型 初创企业、科创平台科技成果转化项目为主。 从金额与比例来看，子基金规模不超过2亿元，所有投资人均为合格投资者，且均以货币形式出 资，其中萧山区各级出资平台出资比例合计不超过基金规模的40%。参股期限原则上不超过12 年，其中投资期一般不超过5年。 来源：创新萧山 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 投资方向围绕"296X"产业集群，原则上应投向主营业务符合国家高新技术产业、战略性新兴产业 导向的优质初创项目；重点支持已在萧山区成立企业主体开展经营的区顶尖专家创业项目、区创新 创业团队"5213"项目、科创平台科技成果转化项目；子基金产业支持金额不低于萧山区各级出资 平台基金累计实缴出资额的1.5倍。 ...

以设立产业投资类母基金为主，引导基金将分行业引入产业龙头和链主企业合作构建产业生态基金，引 入银行、保险资金等长期资本合作设立具有专项功能的母基金；以因地制宜适当出资引导地市设立创业 投资类母基金为辅，引导基金将支持地市与业绩领先的创投机构合作设立聚焦新兴产业和未来产业的创 投母基金。 在运营管理上，引导基金公司委托广东粤财基金管理有限公司负责引导基金运营管理，省发展改革委作 为业务主管部门，省财政厅作为出资人。引导基金建立战略咨询委员会、投资决策委员会，投资决策委 员会作为引导基金决策机构，由引导基金管理人负责组建，负责审议引导基金的投资事项并作出决定。 政府部门不干预基金投资决策，保留对引导基金违规违约等投资行为的否决权。 羊城晚报讯 记者莫谨榕报道：聚焦"投早、投小、投硬科技"，广东正加快构建覆盖全生命周期的政府 投资基金体系。近日，由广东省财政厅全资设立的广东省战略性新兴产业投资引导基金有限责任公司正 式成立，组建总规模1000亿元、首期规模500亿元的广东省战略性新兴产业投资引导基金（以下简称"引 导基金"）。 据悉，引导基金主要投资战略性新兴产业、未来产业以及升级改造的传统产业等广东重点扶持的产业 ...

围绕这些问题，2026年1月14日融中第十五届中国资本年会暨大虹桥科创投资大会上，以"【耐心资本】长线长投，耐心资本加速构建创投新生态"为题， 进行了专场论坛讨论。 大佬齐聚，拆解长钱赋能科创的核心逻辑 当前，股权投资行业正步入认知回归与能力重塑的"淬炼期"。"十五五"规划的开局之年，融中第十五届中国资本年会暨大虹桥科创投资大会应势启幕。 国家创投基金、社保等先后入局，在政策引导与市场需求共振下，耐心资本正成为创投生态的核心力量，为新质生产力培育注入长期动能。当前，长周期 LP扩容、制度创新完善、投后赋能深化，那么，长周期LP来源与配置如何优化？政策、市场、行业协同机制如何建立？GP与科创企业长期绑定路径，以 及投早投小投科技的策略升级？耐心资本生态如何构建，从而助力创投机构从财务投资者向长期运营商转型？ 喻峰（论坛主持）：很高兴又在年初和大家相聚，聊聊耐心资本的话题。距离去年年初中央经济工作会议提出"耐心资本"，转眼已是一年，我相信大家都 有很多感悟。首先请介绍一下各自的机构。 蔡雯：我是来自浦耀信晔的蔡雯。浦耀信晔是上海信托的全资子公司，而上海信托隶属于浦发银行，是根正苗红的国资平台。截至目前，我们累计管 ...

新规破解科创投资痛点——《关于 加强政府投资基金布局规划和投向 指导的工作办法》与《政府投资基 金投向评价管理办法》解读 联合资信 研究中心 |张 驰 2026 年 1 月，国家发改委等多部门联合发布两项政府投资基金新规，引导 基金回归 "投早、投小、投长期、投硬科技" 定位。此举将为早期科创 企业破解融资困，此举将为早期科创企业破解融资困境、提升经营自主性、 强化全链条资源赋能提供制度保障。 www.lhratings.com 研究报告 1 2026 年 1 月 12 日，国家发改委会同财政部、科技部、工信部联合发布《关于加 强政府投资基金布局规划和投向指导的工作办法》（以下简称《工作办法》），国家发 改委同步发布《政府投资基金投向评价管理办法》（以下简称《管理办法》）。此次新 规首次在国家层面对政府投资基金的布局和投向作出系统规范，是落实《国务院办公 厅关于促进政府投资基金高质量发展的指导意见》（国办发〔2025〕1 号）的关键配 套举措。《工作办法》和《管理办法》的发布，标志着我国政府投资基金支持科技创 新的模式升级，有利于破解长期困扰我国科创投资市场的结构性难题，为真正有潜力 的"硬科技"企业提供更广 ...

国务院国资委联合多部委密集出台一系列专项政策，着力构建与科技型企业全生命周期融资需求相适应的多元化、接力式金融服务体系。 内容来源 | 现代国企研究 作者 | 张欣、杜乐 中央企业创投基金（以下简称"央企创投基金"）依托央企产业资源与资本优势，在分担创新风险、加速硬科技成果转化、培育战略性新兴产业等方面发挥 着关键作用。国务院国资委联合多部委密集出台一系列专项政策，着力构建与科技型企业全生命周期融资需求相适应的多元化、接力式金融服务体系。在 此基础上，需进一步创新体制机制，优化政策供给，持续提升央企创投基金的精准赋能能力，为培育新质生产力、实现高水平科技自立自强提供长效支 撑。 央企创投基金发展现状 近年来，创业投资基金作为科技创新与产业创新的重要资本纽带，其战略价值持续凸显。随着国家对"投早、投小、投长期、投硬科技"的政策引导，中央 企业依托其独特的产业资源与国有资本优势，加速布局创业投资领域，成为驱动关键领域技术突破、支撑实体产业转型升级的战略引擎。 （一）创投基金支持科技创新和产业创新的战略作用。创投基金作为资本市场的重要组成部分，在分担创新风险、形成创新资本、解决科技企业早期"融 资难"问题上具有独特 ...

Group 1 - The "China Optics Valley 3551 International Entrepreneurship Competition and Talent Fund 10th Anniversary Conference" was held in Wuhan, showcasing the achievements of the Optics Valley Talent Fund, which has invested in over 440 companies with a total fund size of 4.992 billion yuan, leveraging nearly 10 times social capital [1][2] - The "3551 Talent Plan" has attracted nearly 400 projects to settle in Optics Valley over the past 16 years, with the competition expanding its reach to global innovation hubs like Silicon Valley, London, and Tokyo, resulting in over 5,000 project entries [2][3] - The newly established Optics Valley Venture Capital Group aims to promote early-stage, small, long-term, and hard technology investments, creating a matrix-style "Optics Valley Capital" system to empower technological and industrial innovation [4] Group 2 - The conference saw the awarding of 11 sub-funds as "Optics Valley 3551 Talent Fund Partners," emphasizing investment in early-stage and hard technology ventures [3] - The Optics Valley region currently hosts 71 listed companies and over 5,800 high-tech enterprises, with a total of more than 167,000 companies, indicating a robust entrepreneurial ecosystem [4] - The establishment of 51 venture capital funds with a total scale of 12.1 billion yuan, including three seed funds of 250 million yuan each, reflects a strong commitment to supporting innovation and entrepreneurship [4]

自2025年11月以来，兴银投资、招银投资、信银金投三家股份制银行AIC（金融资产投资公司）相继开 业，且均在一个月内火速落地首笔对外投资。 据《金融时报》记者不完全统计，截至目前，三家机构对外投资资金近70亿元，且清一色瞄准新能源、 智能汽车等硬科技领域。 三家AIC"首投"快速落地 开业不到一个月的时间，三家股份行AIC均已完成首单投资。从开业到完成首笔投资，最短仅用8天。 作为最早开业的股份行AIC，兴银投资自2025年11月16日正式揭牌运营以来，截至2025年12月31日，已 累计投放规模超60亿元。 12月8日，兴银投资完成对福建恒申电子材料科技有限公司的投资，认缴出资额2515.1254万元，持股比 例为11.0926%；同月，兴银投资与兴业银行南昌分行携手共同完成了对江西赣锋锂电科技股份有限公 司的10亿元人民币C轮战略投资。 据兴银投资公司负责人透露，兴银投资首批落地的10余个项目资金投向半导体、光伏、锂矿、工程塑料 等新能源、新材料产业，涵盖福建、广东、上海、安徽、山东等地区科创企业、民营企业，有效助力企 业优化资本结构，深化转型发展，创造长期价值。 值得关注的是，作为国内第二家股份行AI ...

Core Insights - The article highlights the rapid growth and strategic initiatives of Suzhou Venture Capital Group since its establishment in June 2022, emphasizing its commitment to empowering local industries and fostering innovation [3][4][5]. Group 1: Growth Metrics - The total managed fund size reached 320 billion yuan, with an additional 120 billion yuan added in the last three years [4]. - A total of 33 direct investment funds were established, with 302 new direct investment projects amounting to 6.2 billion yuan [4]. - The average annual appreciation rate of investment projects was 11.1% [4]. Group 2: Impact and Influence - Suzhou Venture Capital participated in over one-third of financing events in Suzhou, supporting 89 companies to go public across various capital markets [7][11]. - Notable companies that went public include Haocen Software and Aisen Semiconductor, contributing to one-third of Suzhou's listed companies [7][8]. Group 3: Strategic Approach - The group employs a four-dimensional ecological strategy: 1. Rooted in local sectors by maintaining a dynamic industrial map and project pool [9]. 2. Collaborating with government entities to support talent and technology projects [9]. 3. Forming strategic alliances with over 100 investment institutions [9]. 4. Conducting in-depth industry research to ensure forward-looking decision-making [9]. Group 4: Investment Focus - Over 60% of direct investments support early-stage companies, with nearly 90% of funds directed towards local projects [12]. - Key investment areas include biomedicine, integrated circuits, artificial intelligence, and new materials [13]. Group 5: Regional Strategy - The group implements a localized investment strategy focusing on "1+2" industries, which includes one core industry and two key industries per district [15]. - Future industries such as quantum technology and brain-machine interfaces are also prioritized [15]. Group 6: National and International Collaboration - Suzhou Venture Capital has established several funds in collaboration with national and provincial resources, including a 100 billion yuan industrial mother machine fund and a 500 billion yuan Yangtze River Delta fund [17][18]. - International partnerships include a 100 billion yuan fund with Temasek and a 30 billion yuan biomedicine fund [18]. Group 7: Collaborative Ecosystem - The group has launched the "Suzhou 10 Billion Talent Fund" to support key sectors, with 50 projects already funded [20]. - A total of 13 specialized industry funds have been established, amounting to 24.5 billion yuan [21]. Group 8: Community Engagement and Brand Development - Over 250 industry-financing events have been held, creating a closed-loop ecosystem for investment and collaboration [23]. - The group has developed eight distinctive brands to enhance its operational capabilities and social responsibility [27]. Group 9: Future Outlook - Looking ahead to 2026, Suzhou Venture Capital aims to strengthen its role in national strategies and enhance its global competitiveness in innovation resource integration [29].

将投中网设为"星标⭐"，第一时间收获最新推送 锚定即将到来的崭新航向。 来源丨 投中网 当潮水退去，方知谁在深耕价值；当喧嚣沉淀，更能看清前行的方向。 2025 年，全球经济在波动 中寻找新平衡，而中国私募股权行业则在深度调整中，完成了一场静默却深刻的价值回归与范式重 塑。 站在新旧周期的交汇点，我们正式启动 " 投中榜· 2025 年度榜单评选 " ，旨在以数据为尺， 丈量真实成长；以专业为镜，照见卓越标杆；与行业一同，锚定即将到来的崭新航向。 2025 ：于价值处深耕，在重构中新生 回顾 2025 年，中国私募股权行业告别了规模扩张的路径依赖，转向对生存质量与价值深度的极致 追求。这一年，募资市场更趋理性，退出路径持续拓宽，机构普遍面临着优化投资组合、提升退出效 率的核心课题。然而，正是在这场全行业的洗礼中，我们看到了前所未有的韧性、适应性与结构性的 进化力量。 一方面， "投早、投小、投科技" 已成为行业不可逆转的核心趋势。 在政策持续鼓励耐心资本与长 期主义的背景下，资金正加速流向具备长期价值的早期科技创新项目。投中嘉川 CVSource 数据显 示， 2025 年 1-11 月，中国 VC/PE 市 ...

Core Viewpoint - The National Venture Capital Guidance Fund has been officially launched, aiming to stimulate investment in early-stage innovative enterprises and leverage social capital to support technological innovation [1][2]. Group 1: Fund Structure and Capital - The Guidance Fund is established with a three-tier structure: "Fund Company - Regional Fund - Sub-Fund," with a total fiscal contribution of 100 billion yuan at the national level, expected to mobilize over 1 trillion yuan in social capital [2][7]. - Three regional funds have been set up in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area, with 49 sub-funds and 27 investment projects already signed [2][7]. Group 2: Investment Strategy - The fund focuses on "early, small, and hard technology" investments, targeting high-growth seed, startup, and early-stage innovative SMEs, with at least 70% of investments directed towards these stages [3][4]. - Investment in small enterprises is capped at a valuation of 500 million yuan, with individual investments not exceeding 50 million yuan, ensuring funds reach the grassroots level [3][4]. Group 3: Long-term Commitment - The Guidance Fund has a long-term investment horizon of 20 years, comprising a 10-year investment period and a 10-year exit period, allowing for sustained support of innovative enterprises [5]. - This long-term approach contrasts with traditional venture capital funds, which typically have a lifecycle of 7-10 years, emphasizing a commitment to "long-termism" in sectors like innovative pharmaceuticals [5]. Group 4: Exit Strategy - A diversified exit system has been established to ensure the fund can effectively realize returns, addressing the current reliance on IPOs for exits [6]. - The fund will collaborate with private equity secondary market funds and regional equity markets to broaden exit channels [6]. Group 5: Market Impact - Since the announcement of the Guidance Fund, the venture capital market has shown signs of recovery, with a 9% increase in investment amounts and nearly a 20% increase in investment cases in the first three quarters [7]. - The innovative three-tier structure is designed to maximize the leverage effect of central funds, aiming to attract substantial social capital and create a robust market ecosystem [7][8].