每经AI快讯，1月12日，南钢股份在互动平台表示，公司积极响应国家号召，"投早、投小、投长期、投 硬科技"。公司于2018年Pre-A+轮投资星际荣耀，持有其2.31%的股权，并为其海上火箭回收船供应钢 材。 （文章来源：每日经济新闻） ...

自2017年成立以来，精锋医疗累计完成6轮融资，总金额超20亿元，投资方涵盖红杉中国、淡马锡、博 裕资本等头部机构，以及社保基金、中国国企混改基金等"国家队"资金。 精锋医疗上市，为祥峰投资在机器人赛道再添重要IPO案例，这也是该机构在半年内斩获的第二个IPO 项目。近日，中国证券报记者专访了祥峰投资中国基金合伙人刘天然，探讨其硬科技投资的逻辑。 关注临床价值 1月8日，精锋医疗在港股上市，上市首日涨幅超过30%。截至IPO前，精锋医疗股东包含红杉中国、淡 马锡、博裕资本、社保基金、祥峰投资等数十家机构，体现出较高的资本认可度。 回顾其融资历程，2018年，精锋医疗A轮融资吸引了中恒汇金、广远众合、嘉兴繸子等多家机构；2020 年，联想之星、国策资本等现身其Pre-B轮融资；2021年，精锋医疗B轮融资超过5亿元，投资机构包括 红杉中国、淡马锡、博裕资本、祥峰投资、国策投资、三正健康等；2021年的交叉轮融资中，社保基 金、中国国企混改基金、OrbiMed、LYFE Capital、祥峰投资等现身，公司融资额超2亿美元，估值超15 亿美元。 □本报记者 张舒琳 1月8日，手术机器人公司深圳市精锋医疗科技股份有 ...

2025年，伴随政策端国家创投引导基金的设立、"国办一号文"的印发与实施，以及市场端AI、机器人等 科技领域大热，综合多份创投市场机构数据显示，今年创投行业在募资情况、新设立创投基金数量、投 融资交易活跃度、退出获益等指标上均有较明显回暖，创投行业正从转型调整走向信心回归。 "国办一号文" 2025年1月7日，国务院办公厅印发《关于促进政府投资基金高质量发展的指导意见》（国办发〔2025〕 1号），首次从国家层面系统规范政府投资基金的设立、募资、运行与退出，分八部分提出25条具体措 施。这份被业内称为"国办一号文"的文件，针对政府投资基金关注的出资方式、返投安排、注册地限 制、退出机制、耐心资本与容错免责等核心环节提出了全面部署，标志着政府投资基金行业迎来重要指 导性政策文件。 其中，明确对基金设立的分级管理要求，县级政府应严格控制新设基金，严控县级政府新设基金管理 人；不以招商引资为目的设立政府投资基金；优化政府出资比例调整机制，鼓励降低或取消返投比例等 举措备受行业关注。 差异化监管 在2025年的政府工作报告中，"创投基金差异化监管制度"作为新词引发关注，差异化监管即针对不同类 型的创投基金，根据投资阶 ...

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 - Shanghai Birun Technology Co., Ltd. officially listed on the Hong Kong Stock Exchange on January 2, 2026, becoming the first GPU stock in Hong Kong and the largest new stock issued since the implementation of the 18C chapter special technology company listing mechanism [3] Investment Background - Birun Technology has attracted a prestigious lineup of investors, including top financial institutions, diverse industrial capital, semiconductor professional funds, and well-known state-owned investment platforms [3] - Huaying Capital made its first investment in Birun Technology in June 2020, when the company was still in its early stages, and further invested in October 2022 [3] Founder's Vision and Capabilities - Zhang Wen, the founder and CEO of Birun Technology, expressed his ambition to create a company with a market value of 100 billion yuan when he approached Huaying Capital for funding in February 2020 [4] - Zhang possesses strong commercialization and operational capabilities, having previously managed two large companies and built the business model for Birun [5] - He demonstrated the ability to quickly assemble a team, successfully recruiting key members from Huawei's HiSilicon GPU R&D team [5] - Zhang's background as a former private equity fund manager on Wall Street supports his financing capabilities for the ambitious GPU project [5] - The company initially focused on developing advanced products, directly targeting the challenging 7nm chip market [5] Investment Strategy and Methodology - Huaying Capital's partner, Zhang Gaonan, had been monitoring the GPU sector since 2019 and recognized the importance of domestic GPU development [7] - After thorough research and interviews with the founding team, Huaying Capital decided to invest 70 million yuan in Birun Technology, exceeding the initial plan of 50 million yuan [7] - Huaying Capital is a selected management unit of the National SME Development Fund, and Birun Technology is the first project of Huaying's sixth phase growth fund [8] Additional Investments and Portfolio - By mid-2022, Huaying Capital decided to make additional investments in high-quality projects, with Birun Technology being the top choice [8] - Huaying Capital has invested in over 50 companies in the hard technology sector, covering mainstream tracks, including notable projects like Hanbo Semiconductor and Shenzhou Semiconductor [8] Investment Dimensions - Huaying Capital's investment approach is not fixed but adapts to industry development cycles and national competition, focusing on three dimensions: 1. Definition of rights, targeting disruptive technologies and early-stage investments [9] 2. Dominance of rights, focusing on large strategic sectors with significant investment potential [10] 3. Participation rights, emphasizing the efficiency upgrade of mature industrial chains and the certainty of revenue for scaling companies [11][12]

收获季。 作者/周佳丽 报道/投资界PEdaily 今 日 （ 1 月 2 日 ） ， 国 产 GPU 独 角 兽 壁 仞 科 技 正 式 登 陆 港 交 所 ， 缔 造 了 " 港 股 GPU 第 一 股"。本次I PO，壁仞科技发行价每股1 9 . 6 0港元， 开盘大涨，市值破1 0 0 0亿港元。 张 文 ， 壁 仞 科 技 的 灵 魂 人 物 。 他 的 职 业 生 涯 始 于 华 尔 街 ， 后 来 回 国 连 续 创 业 ， 于 2 0 1 9 年 正 式 投 身 国 产 GPU 浪 潮 ， 壁 仞 科 技 由 此 诞 生 。 此 后 ， 张 文 率 队 壁 仞 科 技 掀 起 了 国 产 GPU赛道的融资狂潮，集结了一份长长的投资人名单。 随 着 今 日 锣 声 敲 响 ， 松 禾 资 本 又 收 获 一 个 超 级 I PO 。 至 此 ， 从 2 0 2 5 年 1 2 月 1 6 日 科 创 板 I PO的昂瑞微，到1 2月3 0日港交所敲钟的五一视界，以及今天的壁仞科技，松禾资本在 1 8天内连中三元。 壁仞敲钟 松禾收获1000亿IPO "干练"，这是松禾资本创始合伙人厉伟对张文的第 ...

截至2025年12月31日，境内股票市场共有上市公司5470家，沪、深、北证券交易所分别为2299家、 2883、288家，总市值超过119万亿元。 "我们能清晰地发现，随着新'国九条'和证监会'1+N'系列政策落地实施，中国上市公司产业结构持续优 化，内生动能基础稳步夯实，'科技叙事主线'愈加鲜明，新质生产力加速成长。"孙念瑞称。 在孙念瑞看来，上市公司既是资本市场的参与主体，也是硬科技突破的推动者，更是整个产业链资源的 整合者。回顾过往，较多上市公司在科创项目上的投资可能更偏向财务性、被动性；而今天，需要的是 战略性的主动投资、生态性的协同投资以及赋能性的长期投资。 "这就要求上市公司既要成为优秀科创公司的投资人，还要成为有温度的陪伴者与有高度的引领者。以 更长远的眼光、更包容的心态，与科创企业共同成长，构建'创新命运共同体'，以自身实践推动形成'科 技-产业-金融'的良性循环。"孙念瑞说。 张江科学城商会会长、和元生物（688238.SH）董事长潘讴东也体会到，科创生态的繁荣绝非单个主体 的孤军奋战，而是政府、企业、资本、科研机构多方协同的成果。其中，上市公司作为产业资源的整合 者、创新发展的排头兵，正 ...

"水涨船高式的繁荣，正逐步让位于精巧的'价值滴灌'与'生态共建'。" 12月30日下午，在上市公司领航者年度投资座谈会上，中国上市公司协会副会长孙念瑞也表示，在当前 科技创新成为国家战略核心的背景下，上市公司不仅是科创成果的转化平台建设者，更应成为硬科技投 资的引领者和价值共创的实践者。 丁亚明认为，价值共创的核心在于三重维度：一是"时间的尺度"，以产业资本的长期主义匹配硬科技成 长的长周期；二是"能力的嫁接"，将上市公司庞大的产业网络、成熟供应链及市场洞察，转化为科创企 业的成长动能；三是"风险的共担"，通过设计更灵活、更具韧性的资本合作架构，构建共享收益、共抗 波动的信任与安全边界。 科创生态加速构建 随着注册制改革深化与一二级市场估值体系重塑，传统Pre-IPO模式套利空间显著收窄，资本"脱虚向 实"趋势加速。在这一背景下，上市公司角色正从单纯的资本参与者，升级为科创生态的价值投资者与 共建者。 截至2025年12月31日，境内股票市场共有上市公司5470家，沪、深、北证券交易所分别为2299家、 2883、288家，总市值超过119万亿元。 "我们能清晰地发现，随着新'国九条'和证监会'1+N'系列政 ...

Core Insights - The article highlights the successful fundraising of Huaye Tiancheng's fifth fund, which raised a total of 1.76 billion yuan, showcasing the firm's strength in a challenging fundraising environment [4][5]. - Huaye Tiancheng's ability to exceed its initial fundraising target by 260 million yuan indicates strong demand and confidence from investors, particularly in the context of a declining VC/PE market [5][6]. - The fund's LP composition is notable, with 80% of the investors being market-oriented, reflecting a high-quality investor base that includes major industry players and international institutions [8][9]. Fund Performance and Market Context - The fifth fund's performance is underscored by its active investment strategy, with 10 investments made within the first year, including significant stakes in companies like NPU chip firm Fangqing Technology [6]. - Despite a general decline in VC/PE fundraising by over 20% annually, Huaye Tiancheng's ability to maintain a high re-investment rate from existing LPs demonstrates strong trust and confidence in the firm [6]. LP Composition and Strategic Value - The fund's LP structure is diverse, featuring large industry players, insurance giants, and international investors like SOFINA, which marks a significant breakthrough for Chinese RMB funds in attracting foreign capital [9][10]. - SOFINA's involvement not only enhances Huaye Tiancheng's credibility but also opens doors for future fundraising opportunities, particularly for potential USD-denominated funds [10]. Industry Positioning and Strategy - Huaye Tiancheng's founders bring extensive industry experience, positioning the firm as a strong player in the hard technology investment space, which is increasingly recognized as a valuable asset in the current market [12][13]. - The firm emphasizes a hands-on approach to value creation, providing detailed support to portfolio companies, which is crucial for navigating the complexities of the tech sector [15]. Conclusion and Future Outlook - The successful fundraising of Huaye Tiancheng sets a high standard for RMB funds, suggesting a potential shift in the VC landscape towards more industry-focused investment strategies [17][18]. - The article posits that as the market evolves, firms that can effectively support entrepreneurs and provide certainty in uncertain times will emerge as leaders in the investment space [18][19].

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. has officially listed on the STAR Market, becoming the first company in the semiconductor probe card sector to do so, marking the 600th listing on the STAR Market [1] Company Overview - Qiangyi Semiconductor's IPO price was 85.09 yuan per share, with an opening increase of over 200%, resulting in a market capitalization exceeding 33 billion yuan [1] - The company has become a significant player in the semiconductor probe card industry, achieving rapid growth and establishing itself as a leader in the domestic market [11] Investment Insights - Fengnian Capital, the largest institutional investor in Qiangyi Semiconductor, has seen substantial returns, with the investment yielding nearly three times the fund's total size based on current stock performance [1] - The investment by Fengnian Capital was made during a time when the probe card market was dominated by foreign companies, demonstrating a strategic foresight in identifying domestic opportunities [5][6] Financial Performance - Qiangyi Semiconductor's revenue for 2022, 2023, and 2024 is projected to be 254 million yuan, 354 million yuan, and 641 million yuan respectively, with a compound annual growth rate of 58.85% [11] - The net profit for the same years is expected to be 15.62 million yuan, 18.66 million yuan, and 233 million yuan, with a forecasted profit of 355 million to 420 million yuan for 2025, indicating a year-on-year growth of 52.30% to 80.18% [11][12] Market Potential - The global semiconductor probe card market is projected to reach 2.651 billion USD in 2024 and is expected to grow to 3.972 billion USD by 2029, highlighting significant growth potential for Qiangyi Semiconductor [12] - The company has developed a range of technologies and holds 182 authorized patents, positioning itself as a key player in the semiconductor industry [11] Investment Trends - The successful IPO of Qiangyi Semiconductor is part of a broader trend in the hard technology investment space, with Fengnian Capital achieving multiple successful IPOs in 2023 [13][14] - The firm has established a reputation for identifying and investing in high-potential technology companies, contributing to the growth of the domestic tech sector [15]