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 ...

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 - Century Huatong's investment in the technology company Moore Threads is expected to significantly impact its net profit for the fourth quarter of 2025, with an estimated contribution of 640 million yuan, representing approximately 53% of the company's audited net profit for 2024 [1][5]. Group 1: Investment Details - Century Huatong's wholly-owned subsidiary, Shanghai Shengqu Shuming Enterprise Management Co., Ltd., holds a 7.3121% stake in Guosheng Capital, which owns approximately 19.59 million shares of Moore Threads [3]. - Moore Threads, known as the "first domestic GPU stock," saw its share price increase by 468.78% on its debut, reaching 650 yuan per share, with a market capitalization exceeding 300 billion yuan [3]. - As of December 10, Moore Threads' share price rose to 735 yuan, resulting in a total market capitalization of 345.5 billion yuan [3]. Group 2: Market Context - The capital market has shown a strong enthusiasm for technology companies this year, with many tech IPOs experiencing significant price increases post-listing [1]. - Several A-share listed companies have engaged in direct investments or indirect holdings in technology startups, marking a trend of investment in technological innovation [1][6]. - The investment in Moore Threads is part of a broader trend where listed companies are increasingly investing in technology firms to enhance their growth and market valuation [7]. Group 3: Company Background - Century Huatong was established in 2005 and listed on the Shenzhen Stock Exchange in July 2011, initially focusing on automotive parts before transitioning to the internet gaming industry in 2014 [5]. - The company has diversified its operations to include internet gaming, automotive parts manufacturing, artificial intelligence cloud data, and brain science research, among other fields [5]. - Tencent is noted as a significant shareholder in Century Huatong, indicating strong backing from major industry players [5].

Core Insights - The article discusses the significant opportunities in early-stage technology entrepreneurship, particularly in the context of the hard technology era, as highlighted during the 2025 DEMO CHINA conference [2][4][6]. Group 1: Investment Opportunities - The new industrial cycle presents major opportunities in specific sectors, emphasizing the importance of defining "early" in investment strategies [4][6]. - The concept of "three infinities" (infinite life, infinite intelligence, infinite energy) is identified as the best investment opportunities for the next decade [5][11]. - Investment institutions are focusing on early-stage investments, particularly in hard technology, with a notable shift from internet-based entrepreneurship to hard technology entrepreneurship [6][13]. Group 2: Characteristics of Successful Entrepreneurs - Successful scientists transitioning to entrepreneurs must shift their mindset from technical to commercial thinking and learn to build effective teams [19][21]. - The success rate of scientists as entrepreneurs is low, with a statistic indicating only about 4% success for those directly transitioning from academia [20][21]. - Combining scientific expertise with industry experience in leadership roles increases the likelihood of success in entrepreneurial ventures [21][24]. Group 3: Investment Strategies and Definitions - The definition of "early" in investment varies by industry, with some sectors requiring ongoing financing before reaching maturity [14][16]. - Investment strategies should focus on companies that have not yet developed mature products, with a flexible understanding of what constitutes "early" [12][14]. - The importance of finding a suitable CEO or team leader is emphasized as a critical factor for successful investments in scientific ventures [17][20]. Group 4: Industry Trends and Market Dynamics - The article notes a resurgence in China's medical innovation sector, with a significant increase in investment activity observed in recent quarters [9][10]. - The integration of artificial intelligence into various sectors is seen as a major trend, with numerous investment opportunities arising from its application in daily life [10][11]. - The conference highlighted the need for collaboration between scientists and industry professionals to enhance the success rate of new ventures [22][24].

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].