导读： LP出资意愿加强，决策效率提升，反投比例降低…… 作者丨 FOFWEEKLY 年底又至，盘点时刻，市场已是另一番光景。 去年此刻，GP们大多还深陷悲观情绪中；而今年，在政策红利与技术突破的双轮驱动下，一级市 场正逐渐走出阴霾，"忙"成了不少投资人的年度关键词。 FOFWEEKLY近期发布的《LP全景报告2025》显示：2025年前三季度，机构LP认缴出资规模约 1.24万亿元人民币，同比增长9%；新备案基金3434只，同比上涨15.18%。 体感温度同样如此。 今年大多数机构出手节奏明显加快，募资效率也同步提升。北京一家早期投资机构合伙人曾向我们 透露，由于某一线区域政府引导基金主动推进、希望尽早出资，他们原定于明年启动的新一轮募 资，今年就已提前展开。 事实上，从年初开始，多地国资LP的决策效率就已显著提升——而其中最引人瞩目的，莫过于江 浙沪以及北京了。 LP 高频出手 今年以来，随着AI、机器人、低空经济等赛道热度攀升，一级市场投资情绪明显回暖，LP出资意 愿持续增强，尤以江浙沪及北京等一线区域尤为明显。 据《LP全景报告2025》指出：2025年，凭借国家级基金的出资，北京、上海成为出资规模最 ...

11月23日，中信银行发布的一则开业批复公告，引发金融业界广泛关注——该行全资子公司信银金融资 产投资有限公司（下称 "信银金投"）已于 11月21日获国家金融监督管理总局正式开业批复（金复 [2025]666号）。 该公司注册资本达100亿元，注册地落户广州天河CBD，标志着股份制银行系AIC（金融资产投资公 司）再添重要一员。 作为连接金融资本与产业发展的关键纽带，AIC自2016年启动市场化债转股试点以来，历经近十年发 展，业务范围持续扩大，成长为服务科技创新与产业升级的新生资本力量。 信银金投在此时开业，恰逢AIC行业试点政策持续放宽、业务布局不断优化的关键阶段，其设立不仅是 中信银行布局股权投资的关键一步，更释放出一个强烈信号：AIC作为银行系"耐心资本"的主力军，正 凭借其独特的优势，在科技金融与产业升级中扮演愈发核心的角色。 在广州这一区域金融中心的承载下，信银金投有望依托AIC在风险权重、资金期限和股债联动等方面的 制度优势，进一步放大资本与产业的协同效应，为培育新质生产力、构建现代化产业体系注入强劲金融 动能。 AIC的制度优势：何以成为银行系股权投资的"新宠"？ AIC的崛起，是金融体系适 ...

然而，即便是这样一家已成功培育出一批"硬科技"企业的创投机构，同样面临融资难题，这也恰恰 反映了"硬科技"投资本身以及市场环境的特殊性。"'硬科技'投资具有研发周期长、资金需求大、回报慢 的显著特点，这与传统的基金存续期存在矛盾。"李浩说。 智元机器人、智谱AI、驭势科技……细数这些备受瞩目的科技新锐，在他们的融资图谱中，都闪 现着同一家创投机构的身影——中科创星。 "像光电芯片、人工智能、航空航天、生物技术、信息技术、新材料、新能源、智能制造等，这些 都是我们重点投资的领域。"中科创星创始合伙人李浩对《金融时报》记者表示，"我们最终想要打造 的，是以'研究机构+早期投资+创业平台+投后服务'为一体的'硬科技'创业生态。" 中科创星是一家专注于"硬科技"领域的早期投资机构，主要投向具有成长潜力、拥有自主创新能力 的初创期、早期科技型中小企业。截至目前，该公司旗下管理基金累计总规模超140亿元，已投资孵化 超过550家"硬科技"企业。 李浩坦言，对于民营股权投资机构来说，由于是轻资产运营，主要资产就是股权和基金份额，因此 使用传统企业的评级方法，评级很难提升，融资成本相对较高。同时，这也使得可获得的担保额较低、 ...

Core Insights - The establishment of two new financial asset investment companies (AICs) in Guangdong, namely Xinyin Financial Asset Investment Co., Ltd. and Zhaoyin Financial Asset Investment Co., Ltd., marks a significant development in the region's financial landscape [1][2][3] - Xinyin Financial Asset Investment has a registered capital of 10 billion yuan, while Zhaoyin Financial Investment has a registered capital of 15 billion yuan, positioning them as the second and third AICs approved in China [1][2] - The move is part of Guangzhou's strategy to enhance its financial sector, which has seen substantial growth, with financial industry value added reaching 304.9 billion yuan in 2024, making it the third-largest pillar industry in the city [2][4] Company Developments - Xinyin Financial Asset Investment is a wholly-owned subsidiary of CITIC Bank, focusing on debt-to-equity swaps and equity investments, leveraging CITIC Bank's comprehensive financial advantages [3][6] - The company aims to enrich Guangzhou's financial market product system and attract various investment institutions, thereby enhancing the resource allocation function of the financial market [3][5] - Recruitment efforts for Xinyin Financial Asset Investment are underway, with multiple positions available in finance, legal compliance, and project evaluation [2] Industry Context - Guangzhou's financial sector is rapidly expanding, with nearly 400 licensed financial institutions and total financial assets exceeding 13 trillion yuan [2][4] - The financial industry in Tianhe District, where Xinyin Financial Asset Investment is located, accounted for approximately 51.2% of the district's economic output in 2024, highlighting its significance [4] - The introduction of AICs is part of a broader initiative to enhance the equity investment market in Guangzhou, which also includes the establishment of various funds aimed at supporting technology innovation and industrial development [7]

11月20日，在中国保险业资产负债管理年会上，平安集团副首席投资官路昊阳发表主题演讲表示，借鉴海 外市场的经验，在低利率环境下增配权益资产是不二选择，中国股票的吸引力愈发凸显，平安二级市场权 益投资规模已超8000亿元。 "自2021年至2025年上半年，公司二级市场权益投资复合增速超17%，大幅超越公司保险资金规模增速。"路昊 阳表示，平安采用了"高股息+成长"双轮驱动的均衡权益配置策略。 他认为，成本相对刚性、资金体量大，负债久期长是保险资金的主要特性，决定了保险资金天生就是"耐心资 本"——因此，险资不是来股市"炒股"的，而是来选择可以长期投资的公司，用长期主义分享其利润的增长和 估值的扩张。 平安保险资产已超6万亿元，权益投资规模超8000亿元 可以预见的是，中国股市未来有望在经济转型和制度建设下进一步提升长期收益率。保险资金可以通过长期布 局中国资本市场，坚定持有优质中国资产，既能助推中国经济高质量发展，也必将受益于中国经济长期向好的 发展红利。 提到耐心资本，人们第一个联想到的就是保险资金，这与保险资金的特性密不可分。保险资金不同于资本市场 中的"热钱"，它是负债，是投保人的保费，是对客户的长期赔 ...

Group 1 - The article emphasizes the successful integration of capital markets in Dalian, which has facilitated significant advancements in local industries, particularly in the port and petrochemical sectors [1][3][4] - Dalian's capital market has played a crucial role in optimizing port resources, with the first domestic listed company merger through stock swap occurring in 2021, resulting in Liaoport's total assets exceeding 55 billion yuan and a significant increase in its market position [3][4] - The article highlights the strategic importance of capital markets in supporting the transformation and upgrading of industries, with a focus on high-quality development and innovation [2][5] Group 2 - Dalian's capital market has supported technology innovation by facilitating financing of 50.355 billion yuan, with 11.628 billion yuan from the stock market and 38.727 billion yuan from the bond market, enhancing the growth of new productive forces [6][7] - The article notes the successful issuance of the first technology innovation corporate bond in Dalian, raising 7.5 billion yuan for renewable energy projects, showcasing the effectiveness of capital markets in driving industry upgrades [7] - The local government has implemented measures to enhance the role of government investment funds in supporting high-quality industrial development, focusing on ten key industrial clusters [4][6] Group 3 - The article discusses the stringent regulatory measures in place to prevent systemic financial risks, with Dalian's regulatory bodies actively addressing illegal financial activities and enhancing compliance within the private equity sector [9][10] - Dalian's regulatory authorities have established a collaborative mechanism with local government departments to share information and manage risks effectively, ensuring the stability of the financial environment [9][10] - The article highlights the importance of maintaining investor rights and the proactive measures taken to address issues related to private fund management and compliance [10]

Core Insights - The article discusses the achievements and developments of Dalian's capital market during the "14th Five-Year Plan" period, highlighting its role in supporting industrial upgrades and economic growth in the region [13][14]. Group 1: Market Growth - As of the end of Q3 2025, Dalian has 29 domestic listed companies, an increase of 31.82% from 22 companies at the end of 2020 [2]. - The total market capitalization of Dalian's listed companies reached 457.67 billion yuan, reflecting a growth of 14.62% from 399.28 billion yuan at the end of 2020 [3]. - The total operating revenue of Dalian's listed companies amounted to 398.51 billion yuan in the first three quarters of 2025, marking a 37.07% increase compared to 200.72 billion yuan in the first two quarters of 2020 [3]. Group 2: R&D Investment - In 2024, Dalian's listed companies invested a total of 5.75 billion yuan in R&D, which is a 74% increase from 3.30 billion yuan in 2020 [7]. Group 3: Key Companies - As of the end of Q3 2025, Hengli Petrochemical (600346) had a market capitalization of 120.65 billion yuan [9]. - Hengli Petrochemical reported revenue of 236.40 billion yuan in its 2024 annual report [10]. - Guodian Power (600795) achieved a net profit of 9.83 billion yuan according to its 2024 annual report [12]. Group 4: Capital Market Innovations - Dalian's capital market has facilitated significant projects, including the first stock swap merger in the domestic port industry and the successful issuance of technology innovation corporate bonds [13][14]. - The capital market has played a crucial role in integrating innovation resources and supporting key industries, particularly in the port and petrochemical sectors [14][15]. Group 5: Financial Support for Agriculture - Dalian's capital market has implemented financial tools like "insurance + futures" to support agricultural development, benefiting over 300,000 farmers with a total insurance amount exceeding 3 billion yuan [18]. Group 6: Regulatory Measures - Dalian's regulatory bodies have strengthened risk prevention measures, focusing on compliance and the elimination of illegal financial activities [19][20]. - The Dalian Securities Regulatory Bureau has actively pursued enforcement actions against violations, ensuring a stable financial environment [19].

今年7月底，一份投资协议的签署，为西安汇智医疗集团有限公司的发展注入了新动能。 这家国家级专精特新"小巨人"企业已取得多项核心技术突破，累计申请专利180项，拥有15项软件 著作权。"此次投资将助力企业成长为高端医疗器械细分领域龙头。"11月17日，汇智医疗创始人陈旭良 表示。 秦创原科技创新投资股份有限公司对汇智医疗的独家投资，是陕西以"耐心资本"破解科创企业融资 难题的探索。 破冰：创新释放"敢投"活力 "我们曾拒绝了上海投资机构的'橄榄枝'。对方给的估值不低，但科技企业需要的不仅仅是钱，还 有'耐心的陪伴'。"陈旭良道出了不少科创企业在融资中的困境。秦创原"耐心资本"让他看到了"懂行 业、真赋能"的资本力量。 这份"懂与真"的背后，是秦创原科技金融的探索与创新。"陕西科创基金长期存在'J曲线'痛点：早 期创投基金稀缺导致科创企业价值被低估，后期PE基金扎堆又推高成熟项目的估值泡沫。"秦创原创投 公司副总经理薛晓芹介绍。 为破解这一难题，陕西设立省级科创母基金，明确以早期投资为主，引导国有资本"投早、投小、 投硬科技、投未来"。与此同时，省级科创母基金与长安汇通存量基金协同，打造纵向贯穿种子、天 使、VC ...

Core Viewpoint - The People's Bank of China and 12 departments have issued a plan to enhance financial support for consumption in Beijing, focusing on developing equity financing to address funding challenges across different stages of consumption enterprises [1][2]. Group 1: Financial Support and Equity Financing - The plan aims to facilitate equity financing for quality enterprises in the consumption industry through methods such as public listings and "New Third Board" listings [2][3]. - As of November 19, 18 consumer companies have gone public this year, raising a total of 19.8 billion yuan, with a significant number from the automotive sector, indicating a trend of consumption structure upgrading and technological innovation [2][6]. Group 2: Long-term Capital and Investment - The plan emphasizes the need for long-term and patient capital to support long-cycle consumption industries like cultural tourism and health care, which require stable funding over extended periods [4][5]. - Long-term capital is characterized by a higher risk tolerance and a long-term outlook on returns, which can help companies navigate transformation and development phases [5][6]. Group 3: Comprehensive Financing Support System - The plan establishes a comprehensive equity financing support system for consumer enterprises, covering all stages from seed to maturity, enabling production, channel, and terminal enterprises to expand capacity and enhance brand influence [6][7]. - This system aims to resolve financing bottlenecks and create a positive feedback loop between capital and the consumption market, ultimately strengthening the foundational role of consumption in the economy [7].

日前，中国人民银行北京市分行等12部门印发《金融支持北京市提振和扩大消费的实施方案》(以下简 称《方案》)。在"提升金融机构服务水平，扩大消费供给"方面，《方案》提出，积极发展股权融资。 国研新经济研究院创始院长朱克力对《证券日报》记者表示，资本市场助力提振和扩大消费可从多方面 发力。一方面，优化上市审核机制，让更多优质消费企业快速上市融资。比如，对符合新消费趋势的企 业，加快其上市进程。另一方面，加强资本市场与消费产业的深度融合。鼓励上市公司通过并购重组等 方式，整合消费产业链资源，提升产业集中度。此外，引导投资者树立长期投资理念，关注消费企业长 期价值，为消费企业提供稳定资金支持，推动消费产业持续健康发展。 强化全周期资金支持 长周期消费产业如文化旅游、健康养老等，前期投入大、回报周期长，需要长期稳定的资金支持。《方 案》提出，引导社会资本加大对服务消费重点领域投资，通过"长期资本""耐心资本"，满足长周期消费 产业融资需求。 朱克力表示，长期资本和耐心资本能陪伴企业成长，避免短期行为，助力企业打造核心竞争力。 从私募股权融资到"新三板"挂牌，再到发行上市，《方案》旨在打通消费产业从早期初创到成熟壮大的 ...