在近日举行的"青岛金融中心高质量发展论坛暨第38期全球金融中心指数(GFCI38)发布会"上，中国(深 圳)综合开发研究院副院长刘国宏发布第38期全球金融中心指数，本期青岛GFCI综合排名全球第35位， 评分稳中有升，金融科技排名跃居第24位，显示"科技赋能金融"已成为青岛最具爆发力的赛道。 此外，中国财政科学研究院原院长刘尚希围绕"人民币国际化与财政金融新思维"主题，提出财富管理和 人民币国际化离不开"财政+金融"协同，地方政府应主动发行离岸人民币债券，用足主权信用，为全球 投资者提供安全资产并反哺区域金融中心建设。 深圳海锶私募创业投资基金管理有限公司董事长蓝飞腾提出，青岛可借鉴深圳模式，加强政府引导基 金"投早、投小、投科技"，拉长存续期、提高出资比例，吸引硬科技、高端装备项目落地。国信证券投 行事业部原董事总经理于吉鑫提出推动"上市升级"，政府要高度重视培育专精特新企业上市，形成"苗 圃——育圃——上市"三级梯队，同时提供"订单+资金+政策"赋能与专业机构前置辅导；提议打造"青岛 海洋数字交易中心"，把海洋数据、碳汇、运力等非标资产标准化后证券化。 在论坛研讨环节，围绕青岛金融中心特色化、专业化、差异 ...

Core Viewpoint - The 2025 Wuhan Science and Technology Innovation Investment Ecology Conference aims to enhance the city's innovation capabilities and promote high-level technological self-reliance through the "Spark Seedling Plan" and efficient capital-industry connections [1]. Event Agenda - The event will take place on September 28, 2025, in Wuhan, featuring a series of activities including guest sign-in, speeches, policy interpretations, and the launch of the "Spark Seedling Plan" [5][6]. - Key sessions include discussions on early investment market trends, patient capital, and empowering future innovations through smart services [5]. Participating Organizations - The conference is organized by various governmental and financial institutions, including the Wuhan Municipal Finance Bureau and the Wuhan Industry Investment Holding Group [10][11]. - The event will also feature a range of innovative companies showcasing their technologies, such as DaMeng Data and Tianyuan Biology, among others [7][8].

Core Viewpoint - The S Fund is increasingly recognized as a mainstream exit strategy in the private equity market, providing liquidity and supporting long-term investment strategies in a challenging market environment [1][5][6]. Group 1: S Fund Overview - The S Fund's cumulative trading volume surpassed 100 billion yuan in 2024, reflecting a 46% increase, with 395 transactions covering 374 funds, indicating a strong demand for liquidity in the market [4][6]. - The S Fund is described as the "secondary market of the primary market," playing an irreplaceable role in creating liquidity for the entire equity market [3][6]. - The S Fund is categorized into two types: "transaction-type S Funds," focused on financial returns, and "functional S Funds," established by local state-owned assets to address capital circulation and liquidity issues [7][8]. Group 2: Market Context and Trends - The private equity market is currently facing liquidity challenges, with fund durations ranging from seven to over ten years, making the S Fund's role more critical [3][4]. - The private equity industry in China has seen significant growth, with a total scale exceeding 14 trillion yuan as of July 2025, despite a decline in fundraising and investment activity over the past three years [4][6]. - The market is characterized by a structural adjustment phase, with increasing state-owned capital participation and a focus on early-stage investments in technology [3][6]. Group 3: Investment Logic and Strategy - The investment logic emphasizes finding certainty amid uncertainty, focusing on high-quality assets that have survived the pandemic and demonstrated revenue and profit growth [7]. - The S Fund is not merely an arbitrage tool but is viewed as a means to "mine for gold" within existing assets, supporting their growth and enhancing market liquidity [7][8]. - The operational model of the S Fund allows for the extension of funds or projects, enabling new capital to support projects that have not yet realized their full value [7].

Core Viewpoint - The company reported a stable performance in the first half of 2025, with a revenue of 1.968 billion yuan, a year-on-year increase of 9.45%, and a net profit of 40.7 million yuan, indicating a solid foundation for long-term development through business optimization and resource integration [1] Group 1: New Cultural Tourism Strategy - The company is implementing a "New Cultural Tourism" strategy, integrating culture with technology and tourism, which has enhanced its industry position and resource attraction [2] - The opening of the first station of the Anhua Tea Horse Ancient Road marks a significant expansion in the cultural tourism sector [2] - The company has engaged in strategic investments, including participation in the restructuring of Zhanglv Group, to enhance the provincial cultural tourism industry chain [2] Group 2: Performance of Cultural Tourism Attractions - The company leveraged its Mango IP to attract tourists, with a total of 4.12 million visitors across its attractions in the first half of the year, a 97% increase year-on-year [3] - The Changsha World Window achieved a revenue of 79.11 million yuan, a 16% increase, with a net profit of 9.76 million yuan, up 71.51% [3] - The company is expanding its educational tourism offerings through the "I Am in Mango City" program, integrating media and educational resources [3] Group 3: Asset Management Development - The company has focused on early-stage investments in technology, achieving a revenue of 249 million yuan in the first half of 2025 [4] - It invested in 16 projects totaling 1.125 billion yuan, a 25% increase year-on-year, and has a total fund management scale exceeding 60 billion yuan [4] - The company is expanding its asset management layout with various funds, including a 20 billion yuan cultural technology fund [4] Group 4: Other Business Segments - The gaming business remains robust, with a revenue of 246 million yuan, driven by popular titles on platforms like Douyin [6] - The advertising segment has seen a reduction in losses, with improvements in client structure and a recovery in high-speed rail advertising [6]

Group 1 - The company reported a revenue of 1.968 billion yuan for the first half of 2025, representing a year-on-year growth of 9.45%, with a net profit attributable to shareholders of 40.7 million yuan [1] - The company is optimizing its business structure, deepening resource integration, and enhancing technological empowerment to lay a solid foundation for long-term development [1] Group 2 - Under the "New Cultural Tourism" strategy, the company is integrating "culture + technology" and "culture + tourism" to explore a unique "media + tourism" model, achieving breakthroughs in various areas [2] - The company opened the first station of the Anhua Tea Horse Road, marking an important step in the county-level expansion of its cultural tourism sector [2] - The hotel segment, including the five-star Saint Jue Fei Si Hotel, has been profitable for nine consecutive years, with reported revenue of 60.59 million yuan during the reporting period [2] - The company’s cultural tourism sites received a total of 4.12 million visitors in the first half of the year, reflecting a year-on-year increase of 97% [2] Group 3 - The company achieved a revenue of 249 million yuan in the first half of the year, focusing on long-term investment strategies in various high-tech fields [3] - The company invested in 16 projects with a total investment amount of 1.125 billion yuan, marking a year-on-year increase of 25% [3] - The company’s fundraising efforts have led to the completion of several significant funds, including an 8 billion yuan comprehensive fund and a 2 billion yuan cultural technology fund [3][4] Group 4 - The total scale of the funds managed by the company has exceeded 60 billion yuan, with investments in over 800 enterprises [4] - The company aims to maintain stable growth in its venture capital business while expanding its management scale and improving the quality and quantity of investment projects [4]

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 ...