据了解，公司投资孵化业务持续聚焦新一代信息技术、先进制造、新能源新材料、生物医疗等"硬科 技"领域产业，截至报告期末，在投项目共计248个，按投资金额穿透后上述四大领域占比分别为 16.06%、47.35%、15.44%、7.98%。 上半年公司转化了来自北京理工大学、哈尔滨工业大学(深圳)和西安交通大学等高校院所的科技成果， 挖掘智能探测与控制微系统、智能技术驱动零部件制造、低温等离子体装置等早期优质项目。完成了中 科第五纪、生境科技、乐谱兰斯等企业投资，涵盖具身物理底座通用大脑、智能技术驱动家装设计、智 能技术驱动工业零部件设计等领域。已投企业基本半导体、安序源和亦诺微向港交所递交上市申请，程 星通信、津渡生科、福沃药业、迈塔兰斯、清研电子、毅富能源等在投企业完成新一轮融资。 公开资料显示，今年以来，公司投资孵化的清研电子、清力技术、毅富能源、睿思芯科等项目登上央视 相关频道报道，充分展现企业的技术突破、市场拓展、商业模式创新的"科技"含量。(文穗) 8月27日晚间，力合科创（002243）(002243.SZ)发布半年报，上半年公司实现营业收入约10.94亿元，同 比增长4.40%，实现归母净利润约1. ...

将投中网设为"星标⭐"，第一时间收获最新推送 "弱水三千，只取一瓢。" 作者丨 簪竹 来源丨 投中网 一级市场暖意渐显，机构活跃度逐步复苏，硬科技赛道成为各路资本竞相角逐、加速涌入的价值高 地。在这样的背景下，海松资本以其优异的投资业绩尤为引人关注：自去年年中开始，9家被投企业 实现IPO，密集登陆资本市场，上演"九子登科"的盛况。 这9家企业包括晶泰科技、黑芝麻智能、闪送、地平线机器人、正力新能、药捷安康、曹操出行、屹 唐股份和维立志博，均来自于海松资本所聚焦的先进科技、绿色科技和生命科技领域，分别在A股、 美股和港股实现了IPO。 数量之多，让海松资本在中国数以万计的投资机构中脱颖而出；质量之 高，更彰显海松资本坚持深耕硬科技投资的深厚功底。 9家实现IPO的企业中，屹唐股份是今年到目前为止，A股IPO市场账面回报绝对金额最高的明星项 目，晶泰科技、黑芝麻智能和地平线机器人是按照新近推出的港股18C规则实现IPO的前三股， 海 松资本是连中三元的唯一一家投资机构。 如此集中的投资业绩爆发，绝非偶然的运气，而是一场关于产业投资方法论的价值验证——在硬科技 投资的深水区里，海松资本正以风格鲜明的产业投资逻辑， ...

将投中网设为"星标⭐"，第一时间收获最新推送 硬科技赛道 ，"空天科技"成为新风口。 上周，北京穿越者载人航天科技有限公司正式宣布完成天使 +轮超募融资，由启迪之星创投加投。此外，追梦空天科技也在近日宣布连续完成两轮合计超亿元 Pre-A++轮及战略轮融资。Pre-A++轮融资由朝希资本领投，钧山资本、莫干山基金、海邦沣华等 机构跟投，老股东晓池资本持续跟投；战略轮融资由航投基金独家投资。 大健康赛道，合成生物学受青睐。 上周，合成生物学企业微远生物已成功完成近亿元Pre-A轮融 资。本轮融资由熔拓资本领投，道彤投资跟投，种子轮老股东大晶创投、真石资本持续坚定追加投 资。与此同时，合成生物学企业苏州一兮生物宣布完成近2亿元A轮融资，本轮融资由黄山新安江资 本投资管理有限公司管理的黄山供赢一兮股权投资基金投资。 互联网赛道，AI投资聚焦"应用层"。 上周，情感语音交互模型初创公司宇生月伴近日完成新一轮融 资，由靖亚资本和小苗朗程领投，菡源资产（上海交大母基金）跟投，心流资本FlowCapital担任长 期财务顾问。此外，ChatExcel 团队近日已完成近千万天使轮融资。此次融资由上海常垒资本、武 汉东湖天使基 ...

8月20日，由《财经》杂志和福科无限主办的"全球华人风投家TOP50颁奖典礼"在北京三里屯CHAO酒店隆重举行。本次活动以"韧流长歌，共生无界"为主 题，汇聚百余位知名投资机构代表、产业资本领袖及创业者，一起碰撞前沿投资洞见，共探全球投资和创业新机遇，并为入选者举行了隆重的颁奖典礼。 So 福科无限" 6 福科无限* 80 福科无限" > 福科无限 * 50 福科无腺" 8 福科无痕。 ( 福科无限。 福科无限。 To प्रेल्ड So 财经 财经 网登 财经 NAVE 站在线 财经 . . 50 To So 50 . 9 · 福科无限" > 福科无限" 8 福科无限" 。 福科无限" 福科无限* 【 福科无限" 6 福科无限* > 福科无限" io 财经 "To 鳳尾 To 劇经 923 10 财经 财经 To 财经 财经 To 'io MACAZINE 'se o 6 福科无用* 6 福科无限* le 福科无限® 6 福科无限" 6 福科无限" 9 福科无用* 6 福科无限* 6 福科无限* 《财经》全球华人风投家 TOP 50 颁奖 应经 财经 财经 50 财经 ie 财经 ng is io io ...

时隔三年，海外长线资金又开始密集调研中国管理人，海外家族办公室、基金中基金（FOF）尤其受到 关注。 投资人士表示，中国正在发生的变化对全球投资者至关重要，应该对崛起中的中国企业保持开放心态并 获得敞口。 中国"操盘手"被密集调研 过去一个季度，不少中国管理人（包括境内的资产管理机构和位于海外的中国投资机构）接受了海外长 线资金的尽调。 新加坡资产管理机构APS创始人王国辉介绍，两家机构投资者正在对APS进行尽职调查。据其透露，近 期，APS旗下基金获得显著资金流入，资金来自中国境内投资者和新加坡投资者，类型包括FOF、家族 办公室和高净值个人投资者。 方瀛研究与投资首席执行官Steven Luk表示，有四家海外长线投资机构正在对其进行尽调，包括养老 金、财富管理机构和保险机构。 据介绍，方瀛总部位于香港，是一家从事长线股票投资的资产管理公司，以全球视野和长线角度专注发 掘和投资受益于中国转型和增长带来的投资机遇。 Steven Luk介绍，尽调中，海外机构投资者比较关注管理人过往的持仓情况和买卖决策，以此了解管理 人的风格和收益来源。这种面对面的尽调，内容涉及投资理念、投资策略等具体问题，包括投资流程、 买 ...

Core Insights - Overseas long-term investors are intensively conducting due diligence on Chinese asset managers, indicating a renewed interest in the Chinese market after a three-year hiatus [1][2] - The shift in focus towards Chinese investment opportunities is driven by the changing dynamics within China, which are deemed crucial for global investors [1][10] Group 1: Due Diligence Activities - Numerous Chinese asset managers, both domestic and overseas, have been undergoing due diligence from foreign long-term funds in the past quarter [2] - APS, a Singapore-based asset management firm, has seen significant inflows from both domestic and Singaporean investors, including family offices and high-net-worth individuals [2] - Overseas institutions are particularly interested in the historical holdings and trading decisions of asset managers to understand their investment style and sources of returns [2][3] Group 2: Investment Process and Preferences - Establishing a long-term partnership with asset managers requires a scalable and repeatable investment process, as many overseas investors remain cautious despite strong performance [3] - Key areas of focus during due diligence include investment management systems, risk management capabilities, organizational structure, alignment of interests, fee structures, macroeconomic outlook, and geopolitical risk assessments [4] - There is a growing interest among overseas investors in diversifying away from U.S. assets and increasing exposure to the Chinese market, particularly in long/short equity strategies [3][4] Group 3: Market Sentiment and Future Outlook - Despite the interest from family offices and funds of funds, pension funds and sovereign wealth funds have not yet made significant adjustments to their allocations [5] - As of mid-2023, overseas mutual funds have a low allocation to China, with only 11% of the total global fund assets being allocated to the Chinese market [6] - Factors contributing to the cautious stance of global funds include market volatility, economic uncertainties, and concerns over the real estate sector and trade disputes [6][7] Group 4: Investment Opportunities in Technology - There is a notable shift towards hard technology investments, with a focus on sectors such as semiconductors, artificial intelligence, and biotechnology, which are seen as key growth areas for China [9][10] - Companies like SMIC are highlighted for their potential, with expectations of significant improvements in return on equity (ROE) over the next few years [9][10] - The changing landscape in China, including a decline in the importance of real estate and adjustments in industrial policy, presents new opportunities for global investors [10]

Core Viewpoint - Bidetech (605298) has transferred 29.9% of its shares to Dinglong Qishun, a hard technology-focused investment firm, without changing its actual controller [1] Group 1: Share Transfer Details - The controlling shareholders Wang Jianqun, Liu Ying, and their associates signed a share transfer agreement with Dinglong Qishun on August 8, transferring a total of 56.1672 million shares, representing 29.90% of the total share capital, for a total price of 897 million yuan, equating to a transfer price of 15.97 yuan per share [1] - The estimated discount rate for the transaction is approximately 11%, based on Bidetech's closing price of 17.89 yuan per share on the same day [1] - Following the transaction, the shareholding of the original shareholders will decrease from 71.41% to 41.51%, while Dinglong Qishun will hold 29.90% [1] Group 2: Company and Investment Background - Dinglong Qishun is a limited partnership with Wu Yenan as its actual controller, focusing on integrated circuit and information technology investments [2] - The investment firm has over 10 billion yuan in assets under management and has invested in more than 100 companies, primarily targeting the semiconductor sector and related fields [2] - Bidetech, listed on the Shanghai Main Board in 2021, specializes in railway passenger car components, including cable protection and air conditioning systems, with applications in high-speed trains and urban rail systems [2] Group 3: Financial Performance Outlook - Bidetech has forecasted a net profit attributable to shareholders of 18 million to 25 million yuan for the first half of 2025, representing a year-on-year increase of 97.85% to 174.79% [3] - The increase in profit is attributed to the growth in high-speed train component business and optimization of product structure [3]

Group 1: KKR's Investment in China - KKR has completed the registration of its RMB fund in China, indicating confidence in the long-term growth potential of the Chinese market despite a complex global economic environment [2] - The registered scale of the fund is 410 million RMB, with major LPs including Ping An Capital, TPC Group, and Schroders [2] - KKR is one of the largest alternative asset management companies globally, managing approximately $664 billion in assets across various sectors [2] Group 2: Longstone Capital's Fundraising - Longstone Capital has successfully raised 728 million RMB, with contributions from industry players and financial institutions [3] - The firm focuses on hard technology investments and has previously invested in 24 projects, with 11 having completed IPOs [3] - Longstone Capital aims to adapt to market uncertainties by becoming a "symbiotic entity" within the industry ecosystem [3] Group 3: M&A Activity Involving Tencent - Zhongwei Capital, in collaboration with Tencent, has completed a controlling acquisition of Hangzhou Huacheng Network Technology Co., Ltd. [4] - The acquisition is part of a broader strategy to enhance capabilities in the global consumer IoT market [4] - The deal represents a significant move towards "hardware cloudification" in the IoT sector [4] Group 4: Major Investment in Fusion Energy - China Fusion Energy Co., Ltd. has announced a joint investment of 11.492 billion RMB, marking the largest investment in Shanghai this year [6] - The company aims to position itself in the emerging fusion energy sector, which is seen as a key future energy source [6] - The investment reflects a national strategy to seize leadership in future energy technologies [6] Group 5: JD's Investment in Robotics - JD has led a financing round for Zhongqing Robotics, indicating a strong interest in humanoid robots as a future productivity tool [7] - The company has developed advanced robotic technologies, including a high-precision control system [7] - This investment aligns with JD's strategy to enhance its competitiveness in retail and logistics through innovative technologies [7] Group 6: AI Infrastructure Investment - Beijing JZ Ruizi Technology Co., Ltd. has completed a 200 million RMB A+ round of financing, focusing on enterprise-level AI agents [9][10] - The company provides a comprehensive infrastructure for AI agents, targeting strategic industries such as energy and military [9] - The significant funding reflects strong confidence in the B-end AI agent market and its potential for cost reduction and efficiency improvement [10] Group 7: AI Computing Infrastructure Development - Baseflow Technology has raised nearly 100 million RMB in A+ round financing, with a focus on AI computing infrastructure [8] - The investment is part of a broader strategy to establish Shanghai as a digital hub and accelerate the domestic AI computing ecosystem [8] - The company aims to enhance the stability and utilization of AI computing clusters, reducing total cost of ownership for users [8]

Core Insights - Qingdao has developed into a representative city for venture capital and private equity in Northern China since the launch of its "Global Venture Capital Center" strategy in 2019 [1][2] - The Qingdao Equity and Venture Capital Industry Association currently has over 90 member units managing funds exceeding 200 billion yuan, including prominent venture capital institutions, banks, and service agencies [1] - Since 2025, three major trends have emerged in Qingdao's venture capital industry: early and small investments led by state-owned assets, a focus on attracting major projects, and a shift towards hard technology investments [2] Group 1 - The state-owned assets in Qingdao are leading investments that are early-stage, small-scale, and technology-focused, with the Qingdao Innovation Investment Co., Ltd. investing in 1,152 projects totaling 58.7 billion yuan, over 50% of which are early-stage and mid-stage enterprises [1][2] - The local government has established a capital matrix involving national and local guiding funds along with bank capital, achieving a target scale of 9 billion yuan within a month through the AIC equity investment pilot policy [2] - Hard technology investments have become mainstream, with over 60% of new venture capital projects in the first half of 2025 focusing on sectors like semiconductors, artificial intelligence, and smart manufacturing [2] Group 2 - The Qingdao Equity and Venture Capital Industry Association has built a comprehensive service system over the past decade, assisting member institutions throughout the fundraising, investment, and exit processes [2][3] - The association maintains a robust network to provide various services to member projects, including follow-up financing, policy advocacy, talent recruitment, and legal and financial recommendations [3] - Regular visits to member institutions and their invested projects help the association address the common challenge of project exits by matching suitable investment institutions with projects [3]

Core Insights - Changshi Capital's hard technology Phase III fund has successfully raised 728 million yuan, indicating strong market recognition of its investment capabilities in the hard technology sector [2][3] - The fund's limited partner (LP) structure is diverse, including local governments, leading financial institutions, market-oriented mother funds, and a high proportion of founders and executives from listed companies, which enhances funding stability and investment efficiency [2] - The investment strategy is based on the "Founders' Fund" philosophy, emphasizing deep industry collaboration and a unique methodology of "70%/90%/100%" for project understanding, service time, and exit goals, respectively [3] Investment Performance - The first two phases of Changshi Capital's hard technology fund have demonstrated an over 50% IPO hit rate and a 100% profitable exit rate, validating the effectiveness of its investment strategy [3] - The Phase III fund has already invested in several companies in the AI infrastructure and embodied intelligence sectors, laying a solid foundation for future investment returns [3] Market Context - The global competition in technology, particularly in AI and embodied intelligence, is intensifying, with new rounds of equipment competition underway [3] - Investment institutions like Changshi Capital, which can maintain rapid iteration capabilities and explore new sectors, may serve as valuable case studies for understanding how investment firms navigate through cycles [3]