将投中网设为"星标⭐"，第一时间收获最新推送 新增直投项目302个，其中2025年140个，投资总额30亿元。直投+子基金双轮驱动，参与苏州全 市融资事件超过三分之一； 数据见证3年快速成长 ● 累计管理基金规模：3200亿元 ● 新增管理基金规模：1200亿元 ● 新增设立直投基金：33只 ● 新增直投项目：302个 ● 新增直投金额：62亿元 ● 投资项目年均增值率：11.1% 一系列增长数字，是苏创投三年来步履不停的实干印记。 01 影响力：三年，三百家，三分之一 通过直投及合作基金，支持89家企业登陆资本市场。直投方面，浩辰软件、艾森半导体、天聚地 合、英诺赛科、正力新能、映恩生物、强一股份等15家被投企业登陆A股、港股、北交所等多层次资 本市场，数量占苏州上市公司板块的三分之一。 苏创投展望2026：持续赋能，走在前列。 来源丨 投中网 2022年6月18日，苏创投集团揭牌成立。三年来，集团围绕苏州"1030"产业体系，持续深耕本 土、链接资源、构建生态，交出了一份扎实的成长答卷。 这份成绩单，是苏创投服务地方战略的生动注脚。 关键打法：四维生态，精准布局 亮眼成绩背后，是一套体系化、生态化的打法： ...

12月26日，备受市场期盼的国家创业投资引导基金（以下简称"引导基金"）正式启动揭牌。 引导基金由国家发展改革委、财政部共同推动设立，创新性地采用"基金公司—区域基金—子基金"三层 架构，在国家层面由财政出资1000亿元，在区域基金及子基金层面，预计将撬动万亿级社会资本参与。 目前，京津冀、长三角、粤港澳大湾区三只区域基金已设立运行，并形成首批已签约的49只子基金和27 个投资项目。 启动仪式当天，国家发展改革委召开专题新闻发布会。会上，财政部经济建设司司长郭方明在回答证券 时报记者提问时表示，国家创业投资引导基金立足自身特点，通过精准错位发展与其他政府引导基金形 成协同合力，将以差异化风控体系培育创新生态，引导社会资本长期扎根科技创新领域。 投早、投小、投硬科技 据悉，引导基金使用超长期特别国债资金出资，在国家层面由财政出资1000亿元，在区域基金、子基金 层面积极鼓励社会资本参与。 创投圈迎来重大利好！ 引导基金的另一个重要特征就是"投长期"。科创企业成长壮大是一场旷日持久的"马拉松"，需要资本的 耐心陪伴。 白京羽透露，引导基金设置20年存续期，其中10年投资期、10年退出期，这样既通过更长久的投资期 ...

白京羽表示，在投资环节，坚持投早、投小、投长期、投硬科技的导向，引导带动创投市场 发展。 针对当前创投市场热门赛道一哄而上、挑肥拣瘦、急于求成等现象，引导基金坚持投 早，以种子期、初创期企业为主要投资对象，对这类企业的投资规模将不低于基金总规模的 70%。 同时，坚持投小，对拟投资的小型企业要求对方估值在5亿元以下，且基金单笔投资 不超过5000万元，确保资金直达各行各业的前端和末梢。此外，引导基金设置20年的存续 期，打破了传统创投基金7—10年的生命周期限制，对于创新药等回报周期长的领域，进一步 放宽投资周期限制，真正做到长期主义。 财政部经济建设司司长郭方明表示，财政部将积极履行国家出资人责任，做好绩效评价工 作， 对引导基金绩效考核指标体系进行科学论证 ，全面评价重点关注政策目标的实现效果， 不简单以单个项目三年的盈亏作为考核依据。同时不断完善监管方式，指导基金构建覆盖 投、管、退全生命周期的风险防控体系，切实提升资金的使用效率。 郭方明在回答证券时报记者提问时表示，国家创业投资引导基金立足自身特点，将与此前成 立的政府引导基金进行错位发展，形成合力。 一是做好创新链条的前端，依托早期的创新赛 道定位 ...

今日国家创业投资引导基金正式启动。国家发展改革委召开专题新闻发布会。国家发展改革委创新和高 技术发展司司长白京羽表示，在投资环节，坚持投早、投小、投长期、投硬科技的导向，引导带动创投 市场发展。针对当前创投市场热门赛道一哄而上、偷肥拣瘦、急于求成等现象，引导基金坚持投早，以 种子期、初创期企业为主要投资对象，对这类企业的投资规模将不低于基金总规模的70%。同时，坚持 投小，对拟投资的小型企业要求对方估值在5亿元以下，且基金单笔投资不超过5000万元，确保资金直 达各行各业的前端和末梢。此外，引导基金设置20年的存续期，打破了传统创投基金7年—10年的生命 周期限制，对于创新药等回报周期长的领域，进一步放宽投资周期限制，真正做到长期主义。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

多家券商调整业务投入 本报记者 于 宏 开展另类投资业务是券商服务实体经济、满足科创企业融资需求的重要方式之一。近年来，为把握市场 机遇，券商持续优化另类投资业务发展战略，切实践行"投早、投小、投硬科技"，助力科技创新与产业 升级，同时根据实际需求对另类投资子公司的资本金进行灵活调整，以提升资源配置效率。 开拓多元化盈利渠道 近日，中国证监会官网信息显示，证监会核准金圆统一证券通过设立子公司从事另类投资业务（限参与 创业板、科创板、北交所项目跟投，对台资参控股企业进行股权投资）。同时，中国证监会要求该券商 依法办理子公司工商设立登记，修改公司章程，并报住所地证监局备案；依法完成子公司筹建工作；切 实履行母公司的管控责任，加强对子公司的合规管理和风险控制等。 近年来，券商持续加码布局另类投资业务赛道，除积极申请业务资格之外，部分券商也在谋求扩大业务 范围。10月22日，中国证监会对中邮证券另类投资子公司变更业务范围的申请给出反馈意见，要求中邮 证券就另类投资子公司扩大业务范围的可行性进行补充论证，并就另类投资子公司目前人员配备情况及 兼职情况等内容进行详细说明。 券商开展的另类投资业务，主要包括直接股权投资及投 ...

Core Insights - The article discusses the establishment of the Hangzhou Runmiao Fund, which focuses on early-stage investments in technology startups, aiming to foster innovation and support the growth of the local tech ecosystem [1][2]. Group 1: Fund Overview - The Runmiao Fund has an initial scale of 2 billion yuan and a long duration of 20 years, emphasizing early, small, long-term investments in talent and hard technology [1]. - It is part of the broader "Runmiao Plan," which aims to reshape Hangzhou's innovation ecosystem by covering the entire lifecycle of enterprises, from small tech firms to leading technology companies [2][3]. Group 2: Investment Strategy - The fund targets "seed" and "good seedling" enterprises, defined as tech startups established within five years, with fewer than 100 employees and revenue not exceeding 20 million yuan [4]. - The investment strategy includes a focus on companies with significant R&D expenditures, aiming to provide the first investment before the A-round financing [5][6]. Group 3: Goals and Metrics - The Runmiao Plan aims to cultivate 50,000 tech SMEs, 3,000 "good seedlings," 20,000 high-tech enterprises, 300 "new eagles," and 100 leading tech companies by 2027, creating a pyramid structure of enterprises [3]. Group 4: Decision-Making and Governance - The fund's decision-making committee consists of seven members, with four external experts, shifting the focus from internal to expert-led decision-making [6][7]. - The fund will not evaluate based solely on individual project profits, allowing for a more flexible and supportive investment environment [7][8]. Group 5: Long-Term Vision - The Runmiao Fund represents a shift in Hangzhou's approach to innovation, prioritizing long-term ecological growth over immediate returns, and fostering a culture that embraces failure and encourages experimentation [8][9]. - The city aims to create a vibrant innovation ecosystem akin to a tropical rainforest, emphasizing patience and support for startups in their early stages [9].

Core Viewpoint - The Shanghai Municipal Government has issued the "Interim Measures for the Management of Government Investment Funds," which outlines differentiated management requirements based on the classification of investment funds [1] Group 1: Government Investment Fund Management - Government investment funds should be categorized based on their different roles and set management requirements accordingly [1] - For venture capital funds, the government may increase its contribution ratio, relax the fund's duration requirements, and extend the performance evaluation period to encourage early, small, and hard technology investments [1] - For industrial investment funds, a diversified funding structure should be established, with a potential reduction in government contribution ratios to attract more social capital, focusing on key industry segments and projects [1]

Core Viewpoint - The establishment of the Hunan Angel Investment Alliance aims to optimize the investment ecosystem and support the development of a high-tech innovation hub in Hunan, focusing on early-stage investments in hard technology [1][2]. Group 1: Investment Strategy - The initiative emphasizes the importance of early, small, long-term investments in hard technology, aligning with national strategies to identify and support promising early-stage projects in Hunan's "4×4" modern industrial system [1]. - The alliance seeks to leverage government funding and industry capital to attract more social capital into early-stage technology sectors, positioning Hunan as a hub for early-stage innovation capital [1][2]. Group 2: Ecosystem Development - The plan includes creating a comprehensive angel investment ecosystem that integrates resources, brand activities, and value-added services, facilitating a supportive environment for early-stage companies [2]. - The initiative promotes a culture of innovation and tolerance for failure, encouraging entrepreneurs to pursue their dreams and investors to commit to future opportunities [2]. Group 3: Collaborative Efforts - The conference brought together various stakeholders, including early-stage investment institutions, universities, industrial parks, and technology companies, to foster collaboration and promote a virtuous cycle between technology, industry, and finance [2].

Group 1 - The core viewpoint emphasizes the importance of the productive service industry as a key driver for high-quality economic development in China, particularly in the context of the upcoming "14th Five-Year Plan" and the 2040 vision [1][5] - Huang Qifan advocates for venture capital and private equity to focus on early-stage investments in the productive service sector, which he identifies as a crucial area for "hard technology" investment [1][8] - The productive service industry is recognized as a significant contributor to GDP growth, with its share increasing from 10% in 1980 to approximately 30% in recent years, highlighting its role as a growth engine for the economy [9][10] Group 2 - Huang Qifan points out that China's capital market has substantial growth potential, with the current market value at about 100 trillion RMB, representing only 70% of GDP, indicating room for expansion [4][5] - He predicts that by 2040, China's GDP could reach around 280 trillion RMB, suggesting that the stock market could potentially grow to 400 trillion RMB, aligning with the goal of achieving a 100% to 120% market capitalization to GDP ratio [5][6] - The current investment landscape shows a misallocation of funds, with 40% of venture capital invested in low-risk fixed income, which Huang Qifan argues should be redirected towards early-stage investments in the productive service sector [7][10] Group 3 - The productive service industry is described as the largest segment of GDP and a critical growth pole, essential for enhancing labor productivity and fostering innovation [8][9] - Huang Qifan highlights that successful unicorn companies often emerge from the productive service sector, which serves as a fertile ground for high-value enterprises [10][11] - The integration of productive service values into hardware and terminal equipment is crucial for creating high-value products, emphasizing the need for investment in this sector [11]

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].