中证报中证网讯(王珞)8月26日晚，电广传媒（000917）披露2025年半年度报告，上半年实现营业收入 19.68亿元，同比增长9.45%；归属于上市公司股东的净利润4070万元。报告称，面对机遇与挑战并存的 市场格局，公司优化业务结构、深化资源整合、强化科技赋能，为长期发展奠定了坚实基础。 "新文旅"夯实产业优势 上半年，达晨财智把握行业规律，踏准募资、投资和退出节奏，实现营业收入2.49亿元。 报告期内，达晨财智坚持长期主义，深耕"投早投小投科技"，在大模型、具身智能、商业航天、低空经 济、生物技术、算力算法等领域积极布局，投资项目16个，投资金额11.25亿元，同比增幅25%；新增 过会2家、新增上市挂牌1家、新增IPO申报5家。同时，达晨财智积极推动项目并购退出，力争实现新 突破。 募资端，在重点聚焦保险LP与地方国资LP的指导策略下，80亿元达晨创程综合基金完成募集，中小企 业科技基金二期扩募完成认缴超35亿元，江西国控共同发起设立30亿规模产业基金(首期15亿元)已认缴 超15亿元，新设立20亿元马栏山文化科技基金已完成认缴超12亿元，"综合基金+科技基金+定增基金 +地方国资合资基金平台+专户 ...

Core Insights - The venture capital market in China is experiencing a significant transformation, with a notable increase in institutional LP commitments and a shift towards long-term investments in early-stage technology projects [1][2][4]. Group 1: Investment Trends - In the first half of this year, institutional LP commitments reached 872 billion yuan, a 50% year-on-year increase, with 3,315 investment transactions, marking a 2% rise [2][3]. - The overall investment scale in the venture capital market decreased by approximately 5% compared to the same period last year, but the decline is significantly less than the 50% drop observed in 2024 [3]. - The number of IPOs on A-shares and Hong Kong stocks increased by 20 compared to the previous year, indicating a more favorable exit environment for investors [3]. Group 2: Market Dynamics - The influx of long-term capital is reshaping the venture capital ecosystem, moving away from short-term speculative investments towards more sustainable funding models [4][5]. - Government policies and support from state-owned LPs have become more proactive, creating new opportunities for market participants [3][5]. - There is a growing trend among venture capital firms to focus on early-stage investments, particularly in technology sectors, as they adapt to the changing market landscape [6][7]. Group 3: Future Outlook - The venture capital industry is expected to continue evolving, with a focus on enhancing investment capabilities and diversifying exit strategies to support high-quality economic development [1][7]. - Industry participants are advocating for improved exit mechanisms, including more inclusive listing processes and diversified exit routes such as mergers and acquisitions [8]. - There is an emphasis on the importance of patience in capital investment, with a call for venture capital firms to enhance their research capabilities to identify and nurture promising technology enterprises [7][8].

Core Points - The Xiamen Municipal Finance Bureau has proposed measures to utilize government investment funds to empower industrial chain development, focusing on supporting the real economy and aligning with the city's modern industrial system [1][2]. Group 1: Fund Initiatives - A new 5 billion yuan industrial chain innovation fund will focus on sectors such as artificial intelligence and low-altitude economy, selecting quality institutions for chain investment [1][2]. - A 5 billion yuan science and technology venture capital fund will support early-stage investments, with at least 30% allocated to seed and startup companies, and a maximum government investment ratio of 70% [2]. - A new 5 billion yuan merger and acquisition fund will support companies in M&A or IPO activities, particularly in sectors like new energy, new materials, and semiconductors [2]. Group 2: Support Systems - A comprehensive support system will be established using fiscal policies and financial tools, creating a full-cycle support mechanism through investment, subsidies, loans, and guarantees [3]. - An intelligent platform named "Rong Tian Xia" will facilitate project financing and information exchange among government, enterprises, and financial institutions [3]. Group 3: Management and Incentives - The management of mother funds will implement a performance management system and a multi-dimensional evaluation framework to assess the effectiveness of funds [4]. - Incentives will be provided to partner funds based on their economic contributions, with potential increases in government investment for high-performing funds [4]. Group 4: Risk Management - Measures will be taken to establish a tolerance mechanism for normal investment risks, promoting a culture that encourages innovation and accepts failure [5]. - A robust risk control system will be implemented, including strict financial discipline and evaluation of new funds [6].

「解码 LP 」系投资界旗下专注 LP 报道公众号，关注各地基金政策，捕捉 LP 最新动态，欢迎关注！ 在一位投资人观察中，早在几年前，苏州的标签已经不止有一个"历史文化名城"，聚焦电 子信息、装备制造、生物医药、先进材料四大主导产业，"去苏州募资"早已成为VC/PE的 常见日程。苏州飞速发力背后，一座座城市产业之争的图景已然展开。 LP 深创投，成立种子基金 这是极具风向标的一幕。深圳市红土种子一号创业投资基金（简称"红土种子基金"）完成 注册登记。稍早前，深创投种子训练营也正式启动招募，入选团队有望获得一笔千万级启动 资金。如此一幕，与深圳正在着力构建的全链条创投体系形成呼应。 这背后，中国城市正在经历着从"挖项目"到"培育产业"的历史转变，"投早投小投科技"蔚 然成风。具体来看，红土种子基金由深创投联合深圳市天使母基金、宝安区引导基金共同发 起设立，总规模为3亿元，整体存续期限为1 5年。作为深创投基金矩阵的重要一环，红土种 子基金更加突出政策属性，锚定深圳" 2 0+8 "产业集群，重点布局智能终端、智能机器人等 前沿领域，致力于"更早更小更前沿"创新技术概念的投资与孵化，支持具有自主知识产 权、科技 ...

以下文章来源于解码LP ，作者杨文静 解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 更早更小更前沿。 作者 I 杨文静 这背后，中国城市正在经历着从"挖项目"到"培育产业"的历史转变，"投早投小投科 技"蔚然成风。 种子基金落地 报道 I 投资界-解码LP 这是极具风向标的一幕。 投资界获悉，深圳市红土种子一号创业投资基金（简称"红土种子基金"）完成注册登 记。稍早前，深创投种子训练营也正式启动招募，入选团队有望获得一笔千万级启动资 金。 如此一幕，与深圳正在着力构建的全链条创投体系形成呼应。 深创投启动种子训练营 具体来看，红土种子基金由深创投联合深圳市天使母基金、宝安区引导基金共同发起设 立，总规模为3亿元，整体存续期限为15年。 作为深创投基金矩阵的重要一环，红土种子基金更加突出政策属性，锚定深圳" 20+8"产 业集群，重点布局智能终端、智能机器人等前沿领域，致力于"更早更小更前沿"创新技 术概念的投资与孵化，支持具有自主知识产权、科技含量高、创新能力强的种子项目。 深创投方面表示，在推动概念验证到产业化的全过程中，将切实发挥资本赋能作用，联 合旗下全生命周期基金群为种子项目进行"阶 ...