导读： 站在十字路口的GP与LP，是 追逐未来产业，还是重估传统价值？ 作者丨FOFWEEKLY 未来产业投资正经历前所未有的热潮。 然而，在这片繁荣之下，也有新的隐忧。"当所有资金都涌向未来产业时，我们需要思考：传统产业真的 失去价值了吗？" 而 于未来产业投资而言，从0到1的突破既是穿越技术迷雾的探索，也是当下未来产业投资浪潮中 的核心命题。 是 烫手的"未来"，还是坚实的"传统"？ 站在十字路口投资人，面临新的选择。 近日，在「2025母基金年度论坛暨第六届鹭江创投论坛」上， 主题为《未来产业的投资之路》的 圆桌论坛中， 多位活跃的LP及头部投资机构合伙人共同聚焦 "未来技术投资从0到1的突破"，拆 解其中的挑战与机会。圆桌环节，由嘉豪投资创始合伙人朱伟豪主持，成都交子投资集团董事长付 剑峰、湖北省科投集团党委副书记、总经理曾玉梅、扬州市国金投资集团创投公司总经理、战新基 金公司董事长郭慧君、云启资本创始合伙人毛丞宇、芯联资本创始合伙人袁锋、璞信资本副总经理 张胜利、光速光合合伙人孙健聚焦三大关键问题探寻答案。 嘉宾们指出， 当前未来产业投资的核心挑战集中于技术判断的专业性、长周期回报的容错机制、 人才 ...

Core Insights - The Ministry of Industry and Information Technology and eight other departments have issued a plan for the non-ferrous metals industry aimed at stabilizing growth from 2025 to 2026, targeting an average annual growth of around 5% in added value and a 1.5% increase in the production of ten non-ferrous metals [1][2][3][4][5]. Group 1: Industry Growth and Development - The plan anticipates an average annual growth of approximately 5% in the added value of the non-ferrous metals industry from 2025 to 2026 [1]. - Production of ten non-ferrous metals is expected to grow by about 1.5% annually, with significant progress in domestic resource development for copper, aluminum, and lithium [1][2]. - The production of recycled metals is projected to exceed 20 million tons, enhancing the supply capacity of high-end products [1][2]. Group 2: Financial and Policy Support - The plan includes utilizing long-term special government bonds and other funding channels to support resource development, high-end material research, energy conservation, and digital transformation [2]. - It emphasizes the importance of expanding important non-ferrous metal futures trading varieties and financial derivatives [2]. Group 3: Project Management and Infrastructure - The plan advocates for a scientific and reasonable layout of projects related to alumina, copper smelting, and lithium carbonate to avoid redundant low-level construction [3]. - It aims to accelerate the approval processes for mineral resource development projects through the establishment of green channels [3]. Group 4: Innovation and High-End Product Development - The initiative promotes innovation in high-end products, focusing on the needs of key industries such as new-generation information technology and new energy vehicles [4]. - It encourages breakthroughs in high-quality raw materials and advanced rare earth materials, enhancing the performance of aluminum and magnesium alloys [4][5]. Group 5: Application of Rare Metals - The plan aims to elevate the application levels of rare metals in emerging industries such as integrated circuits, industrial mother machines, and artificial intelligence [5]. - It promotes the validation of high-end products like high-purity gallium and tungsten hard alloys, as well as the innovative application of frontier materials [5].

Core Viewpoint - The investment in future industries is characterized by high uncertainty, and the key to overcoming challenges lies in the collaboration of state-owned capital, market-oriented institutions, and industrial capital to identify genuine opportunities in cutting-edge fields such as quantum technology, AI, and semiconductors [2][3][21]. Group 1: Challenges in Future Industry Investment - The main challenges in future industry investment include the professional judgment of technology, the tolerance for long investment cycles, and the cross-disciplinary capabilities of talent teams [3][4][12]. - State-owned capital plays a crucial role as "patient capital" and in building industrial ecosystems, while market-oriented institutions focus on early-stage investments to uncover technological potential [4][6]. - The investment cycle for early-stage projects can extend up to 7 to 10 years, requiring a high tolerance for risk and a long-term vision [7][8]. Group 2: Strategies for Overcoming Challenges - Investment institutions should enhance their capabilities by collaborating with top general partners (GPs) and nurturing local emerging investment firms [6][7]. - The integration of traditional industries with future industries through mergers and acquisitions is becoming a new growth driver, allowing for collaborative development [4][15]. - The need for investment teams to include technology experts who understand the nuances of future industries is emphasized to improve investment logic and decision-making [9][10][11]. Group 3: Relationship Between Traditional and Future Industries - Traditional industries are seen as stable but face slow growth, while future industries, though uncertain, hold significant growth potential [14][15]. - Mergers and acquisitions are highlighted as a key method for integrating emerging assets into traditional frameworks, facilitating synergy and value creation [18][21]. - The focus on innovation and upgrading within traditional sectors is essential for attracting investment and fostering sustainable growth [15][16]. Group 4: Conclusion and Future Outlook - The investment landscape for future industries is evolving into a systemic ecological competition, where the ability to secure long-term funding, invest in top projects, and achieve ideal returns remains a significant challenge for most GPs [20][21]. - The collaboration of state-owned capital, market-oriented VC/PE, and industrial capital is crucial for accelerating commercialization and linking traditional industries with technological innovation [21].

基金业协会备案信息显示，成都未来产业天使基金已于9月20日提交"私募股权、创业投资基金"备案申请，预计10月底前完成备案。 基金计划未来3-5年投资培育100家以上高潜力初创企业，推动至少20家企业成长为细分领域龙头，助力成都打造全国未来产业创新高地，为经济圈建设提 供重要产业支撑。 文：韦亚军 据公开资料，成都产业投资集团（简称"成都产投"）由成都市国资委100%控股，是成都唯一获得AAA主体评级的国有资本运营平台，2024年末合并资产 总额3,880亿元，全年实现净利润42.7亿元。 预计10月底前完成备案。 成都产业投资集团（简称"成都产投"）由成都市国资委100%控股，是成都唯一获得AAA主体评级的国有资本运营平台，2024年末合并资产总额3,880亿 元，全年实现净利润42.7亿元。 近日，据天眼查信息显示，一家名为"成都未来产业天使投资基金合伙企业（有限合伙）"的基金正式完成工商登记，注册资本高达50亿元人民币。 据了解，该基金不仅是成都今年规模最大的天使基金，也是全国为数不多的由地方国资全额出资、专注"投早、投小、投未来"的直投工具。 股权穿透显示，该基金成都产业投资集团有限公司和成都技转创业投 ...

Group 1 - The U.S. Senate narrowly passed President Trump's "big and beautiful" tax and spending bill, with the House of Representatives set to vote on it [1] - Elon Musk expressed strong opposition to the bill, stating he would establish a new political party, "American Party," if it passed [1][3] - Musk criticized both the Democratic and Republican parties as essentially a single entity, highlighting their contradictory promises regarding spending cuts [3] Group 2 - Musk has been vocal on social media about his intention to form a new party, having made at least eight posts promoting the idea [3] - The proposed "American Party" aims to focus on fiscal conservatism and increased investment in "future industries," targeting the politically neutral majority of Americans [3] - Musk's net worth is reported at $363 billion, indicating he has the financial capability to fund a political party [4] Group 3 - There is skepticism regarding the potential impact of a new political party in the U.S., with experts noting the difficulty of breaking the two-party system [4] - A Gallup poll indicated that a significant portion of Americans, including 69% of independents and 53% of Democrats, are open to the idea of a new political party [4] - Concerns have been raised that Musk's focus on personal interests may limit the appeal of the "American Party" to a broader electorate [4]

Core Insights - Shanghai Future Industry Fund aims to establish a robust ecosystem for early-stage technology investments, targeting sectors such as brain-computer interfaces, synthetic biology, AI for Science, and quantum technology [1][2] - The fund, with a total scale of 10 billion yuan, is expected to leverage at least 30 to 40 billion yuan in additional funding [1] - The fund's structure includes direct investments in major strategic projects and investments in sub-funds, with a maximum contribution of 50% to sub-funds [1] Investment Strategy - The fund's management emphasizes the need for increased investment and time for disruptive technological innovations, as the "valley of death" for tech innovation has deepened [2] - The strategy focuses on identifying future directions in technology, aiming to create a platform that gathers top angel investors and fund managers for early-stage project incubation [2][3] Community Development - A key initiative for the fund this year is the establishment of the Shanghai Future Point Community, designed to bring together talents, investors, entrepreneurs, scientists, and project managers [3] - The goal is to create an open innovation platform that connects talent, capital, industry, and technology, fostering an ecosystem for innovation and entrepreneurship in Shanghai [3]