导读： 在当下复杂的投资环境下，投资人一定要顺势而为，拥抱贝塔。 作者｜矛哥 来源 ｜常垒创投 2025，我是如何实现：硬科技，从入门到彻底放弃。 上面这句话不是我说的，但不止一个人跟我说过，无论是一级投资的朋友还是二级的朋友。 之前一个VC投资的朋友曾跟我说过，他们只投资两类商业模型的企业： 要么上来就巨额亏损，需要持续融资； 要么上来就赚钱，后续不太需要融资。 因为其余的业务模型都不支撑VC的投资框架，我觉得还蛮有道理。 当下的科创投资周期跟当年TMT时代的互联网投资越来越像。 都是巨额融资，巨额亏损； 都是商业模式看不懂，花钱补贴客户，短期算不过账； 大洋彼岸，都有成功对标企业；投资机构都要抱团站队，因为结局都看不清。 但也有不同之处。 在TMT时代，钱主要花在了流量获取和补贴C端用户上。 在科创时代，钱也投在了流量上，不过主要是为了博领导的眼球，而补贴主要用在B端大客户上。 在TMT投资时代，政府国资的钱不敢上。 在当下科创时代，市场信仰派的钱却不敢上了。 投资的信仰和价值观本没有对错，只是在不同周期，各种价值观获得的收益反馈却截然不同。 在往期的文章里我们曾提出，2023年会出现一个投资的分水岭，本 ...

Core Viewpoint - The establishment of the Science and Technology Innovation Investment Professional Committee aims to enhance the transformation of scientific research achievements from universities into practical applications through early-stage investment and support services [1][3]. Group 1: Committee Objectives and Structure - The committee focuses on integrating resources from universities, venture capital institutions, financial organizations, industrial entities, and intermediary agencies to create a bridge between technological achievements and capital [3]. - The committee's mission includes building a service system for the transformation of scientific achievements, promoting high-quality transformation, and increasing the success rate of industrialization [1][3]. Group 2: Key Strategies and Focus Areas - The committee emphasizes the importance of "building bridges, strengthening services, and setting benchmarks" to meet strategic needs and promote deep integration of various chains [3]. - The committee will focus on early-stage "hardcore" needs and aims to establish a robust system for capital and regulatory norms to better serve its members and university-affiliated enterprises [3]. Group 3: Practical Implementation and Examples - The committee's establishment coincides with a seminar that discusses the promotion of transformation of scientific achievements, addressing the challenge of converting abundant research results into practical applications [1][4]. - Zhejiang University has developed a comprehensive transformation system that includes laboratory work, concept validation, pilot incubation, and industrial implementation, fostering projects like Angke Technology and Qingshi Yongjun [4].

Group 1: Investment Strategy and Market Outlook - The core viewpoint of the conference is the emphasis on multi-asset allocation for 2026, with a focus on the macroeconomic trends and investment opportunities in the technology sector [1][2] - The Chief Investment Officer of Bosera Fund highlighted that the technology investment framework involves two key valuation phases: initial valuation elasticity during the early growth stage and quality of growth during the profit realization phase [1] - Artificial intelligence is identified as a significant investment direction for 2026, with opportunities in overseas computing power, domestic computing power, AI large models, commercial aerospace, humanoid robots, quantum computing, and controlled nuclear fusion [1] Group 2: Fixed Income and Equity Market Analysis - The Senior Investment Director of Bosera Fund expects a marginal improvement in bond market returns in 2026, with fiscal policy maintaining a reasonable expansion and monetary policy keeping interest rates low [2] - The equity market is projected to show signs of stabilization in 2025, with A-share profits expected to maintain a growth rate above 0%, and a recovery in profitability indicated by a 11.3% growth rate in the latest quarterly reports [2][3] - The report suggests that while there may be short-term fluctuations in A-share earnings in Q4 2025, leading indicators point towards a clearer direction for profit recovery in 2026, supported by a weak recovery in PPI [3] Group 3: Sector Rotation and Investment Opportunities - The report indicates that cyclical sectors are likely to become important rotation themes, with communication, electronics, and non-ferrous metals sectors expected to maintain balanced valuations amid high prosperity [3][4] - The investment landscape for 2026 suggests a more balanced style between large and small-cap stocks, influenced by the recovery of PPI and liquidity trends [4]

Core Viewpoint - The 2026 investment strategy conference hosted by Bosera Fund emphasized the importance of macroeconomic trends and investment opportunities in various sectors, including technology and fixed income, amidst a complex global environment [3][4][6]. Group 1: Macroeconomic Outlook - Bosera Fund's chairman highlighted that China's economic stability and continued openness will enhance the attractiveness of RMB assets globally [4]. - The upcoming "15th Five-Year Plan" will focus on technology innovation, green transformation, and rural revitalization, injecting continuous industrial momentum into the capital market [4]. - The coordination of fiscal and monetary policies is expected to be more flexible and precise, aiming for a dynamic balance between growth stabilization, transformation promotion, and risk prevention [4]. Group 2: Investment Strategies - The equity market presents structural opportunities, particularly in sectors like technology independence, energy transition, and consumer recovery, where companies with real competitiveness will continue to be revalued [7]. - The bond market remains valuable for allocation, with the role of interest rate bonds and high-grade credit bonds acting as stabilizers in a low-interest-rate environment [7]. - Asset allocation should focus on balance and flexibility, transitioning from "single Beta" to "multiple Alpha," allowing investors to seek low-correlation combinations across various asset classes [7]. Group 3: Sector-Specific Insights - The conference featured insights from industry experts on global macroeconomic trends, liquidity, and the impact of AI on capital markets [8]. - Bosera Fund's Chief Investment Officer discussed the importance of understanding industry trends for successful technology investments, identifying two key valuation phases in the growth of tech companies [8][10]. - Key investment opportunities in 2026 are expected to focus on artificial intelligence, particularly in areas like overseas computing power, domestic computing power, and AI large models [10]. Group 4: Asset Allocation Recommendations - Bosera Fund's senior investment director emphasized the potential for multi-asset allocation, predicting that "fixed income plus" strategies may perform better in 2026 [11]. - The report anticipates a slight increase in fiscal policy expansion and a stable low-interest-rate environment, with a focus on liquidity and the impact of various economic factors on market performance [13]. - The report also noted that while the A-share market may experience more rotation, the Hong Kong stock market remains attractive due to its relative valuation [14].

Group 1 - The core point of the article is the establishment of Chengtong Kechuang Investment Fund (Jiangsu) Co., Ltd. with a registered capital of 10 billion RMB [1] - The legal representative of the company is Liu Siyong [1] - The business scope includes venture capital, equity investment, and investment activities using its own funds [1] Group 2 - The shareholders of the company include China Chengtong Holdings Group Co., Ltd., Jiangsu Provincial Strategic Emerging Industry Mother Fund Co., Ltd., and Unicom Innovation and Entrepreneurship Investment Co., Ltd. [1]

Group 1 - The core point of the news is the establishment of the Chengtong Science and Technology Investment Fund (Jiangsu) Co., Ltd. with a capital contribution of 10 billion yuan, focusing on venture capital and private equity investments in unlisted companies [1][2] - The fund's business scope includes venture capital limited to investments in unlisted enterprises, private equity fund activities, investment management, and asset management [1][2] - The company is registered in Nanjing, Jiangsu Province, and has a legal representative named Liu Siyong, with a registration status of "active" [2] Group 2 - The shareholders of the fund include China Chengtong Holdings Group Co., Ltd. with a 35.29% stake, Jiangsu Strategic Emerging Industry Mother Fund Co., Ltd. with a 29.41% stake, and other state-owned enterprises [3][4] - The fund is classified under the capital market services industry [2] - The registered address of the company is located at Yangtze River Smart Center, Nanjing [2]

Group 1 - The core point of the article is the establishment of the Chengtong Kechuang Investment Fund (Jiangsu) Co., Ltd. with a capital contribution of 10 billion yuan [1] - The fund's business scope includes venture capital (limited to investments in unlisted companies), private equity investment, investment management, and asset management activities [1] - The company is jointly held by China Chengtong Holdings Group Co., Ltd., Jiangsu Provincial Strategic Emerging Industry Mother Fund Co., Ltd., and Unicom Innovation and Entrepreneurship Investment Co., Ltd. [1]

Core Viewpoint - The recent establishment of equity investment funds initiated by bank-affiliated financial asset investment companies (AIC) is driven by multiple factors, including the expansion of AIC's initiating entities from state-owned banks to national joint-stock banks, and the provision of more quality investment opportunities through pilot expansions [1] Group 1: AIC Fund Establishment and Characteristics - AIC equity investment funds are characterized by large amounts, long cycles, strong professional research capabilities, and high risk tolerance, making them typical "patient capital" focused on early-stage, small, and hard technology investments [1] - The first provincial AIC equity investment fund in Guangdong, with a total scale of 10 billion yuan and an initial scale of 2 billion yuan, focuses on the entire industrial chain of artificial intelligence and robotics [2] - The Nanjing AIC pilot fund, with a scale of 1 billion yuan, participated in a D-round financing for a communication company, showcasing the application of patient capital [2] - The first AIC mother fund in Shenzhen has a scale of 7 billion yuan and targets industries related to the "20+8" industrial cluster, including digital economy and high-end manufacturing [3] Group 2: Expansion of AIC Initiating Entities - As of 2025, the initiating entities of AIC have expanded from the first batch of state-owned banks to include national joint-stock banks, with several banks announcing plans to establish AICs with significant capital contributions [4][5] - The expansion of AIC initiating entities is a policy-level adjustment to adapt to a diversified market, with considerations for capital adequacy and risk tolerance of regional banks [5] Group 3: Regulatory Support and Optimization - The regulatory environment for AIC has been relaxed, allowing for broader investment scopes and increased limits on investment amounts and ratios [6][7] - AICs are now encouraged to engage in equity investments without the primary goal of debt-to-equity swaps, marking a shift in their operational focus [6] - The regulatory framework emphasizes the need for AICs to enhance risk management capabilities and optimize internal management processes [7] Group 4: Strategic Recommendations for AIC - AICs are advised to adopt a "loan-equity linkage" model to mitigate risks associated with high-risk, long-cycle investments, utilizing structured designs to distribute risks [8] - Collaboration between AICs and their parent banks should evolve from merely being a "funding channel" to "ecosystem co-construction," enhancing product innovation and organizational synergy [8]

Core Viewpoint - A new venture capital partnership named Zhejiang Sci-Tech Future Industry Venture Capital Partnership (Limited Partnership) has been established with a total investment of 10.103 billion RMB, focusing on venture capital activities including private equity investment, investment management, and asset management [1][1]. Group 1 - The executing partner of the new venture capital firm is Zhejiang Innovation Technology Private Fund Management Co., Ltd. and Agricultural Bank of China Capital Management Co., Ltd. [1][1]. - The partnership is funded by multiple entities including Zhejiang Social Security Sci-Tech Equity Investment Fund Partnership (Limited Partnership), Zhejiang Innovation Technology Private Fund Management Co., Ltd., Agricultural Bank of China Capital Management Co., Ltd., and Hangzhou Jinchuang Shengling Management Consulting Partnership (Limited Partnership) [1][1]. - The operational scope of the partnership includes venture capital activities, private equity investment, investment management, and asset management [1][1].

Core Viewpoint - Shenzhen has established a new venture capital partnership with a total investment of 18.9 billion yuan, aimed at investing in innovative and technology-driven enterprises [1] Group 1 - Shenzhen City Guochuangyin Technology Innovation Investment Partnership (Limited Partnership) has been formed with a capital contribution of 18.901 billion yuan [1] - The operational scope of the partnership includes engaging in investment activities using its own funds and venture capital, specifically limited to investing in unlisted companies [1] - The partnership is co-funded by Shenzhen Guiding Fund Investment Co., Ltd. and other contributors [1]