1月1 0日，在第三十届（2 0 2 6年度）中国资本市场论坛期间，中国国家创新与发展战略研究 会学术委员会常务副主席、重庆市原市长黄奇帆作演讲。 黄奇帆在会上表示，多渠道提高直接融资比重，要 "两个轮子"一起转，既要发展好股票市 场，也要发展好企业股权投资基金、完善企业股本市场化补充机制。他建议， 可考虑设立一 个由银行资金、社保基金、商业保险资金以及外汇资金等参与的股权引导基金 。 黄奇帆 指出 ，在银行资金方面，国际上，商业银行 3%的资本金可用于股权投资。我国银行 资本金规模庞大，若按照3%的比例，可有约1万亿元资本金作为股权投资基金母基金的来 源。 在社保资金方面，若按照 3 0%的比例用于股权投资，我国社保基金预计可形成约2万亿元作 为股权投资基金母基金的来源。 在保险资金方面，根据商业保险公司每年资产收入，按照 3 0%用作股权投资的比例，预计可 形成约3万亿至4万亿元作为股权投资基金母基金的来源。 黄奇帆表示，银行、社保、保险、外汇四个渠道的资金汇总起来，可以形成十几万亿股权引 导基金，并引导社会资本进一步跟投后， 预计可形成四五十万亿元规模的股权投资基金 ， 用以支持补充企业股本。在具体运作 ...

公司近期与LCatterton Asia Advisors（路威凯腾）签订战略合作框架协议 根据协议，双方在全球市场扩张、收购及战略投资、资本结构进一步优化、人才引进与治理方面达成战 略合作意向。路威凯腾将利用其全球化投资布局与战略伙伴网络，协助并赋能集团旗下品牌拓展海外高 端零售渠道；双方拟共同组建专注于全球高端美妆领域的股权投资基金；同时在资本结构优化、人才引 进与治理方面进行合作。路威凯腾为全球领先的消费投资机构，通过私募股权、信贷及房地产三大多元 产品平台管理约390亿美元股权资本。机构全面布局消费领域全行业优质标的，并具备覆盖企业全生命 周期的多元投资能力，单笔投资规模可覆盖500万至50亿美元。依托于全球消费行业内深厚的行业洞察 力、卓越的运营管理能力及广泛的战略资源网络，路威凯腾在全球18个办公室部署200余名投资与运营 专家，与管理团队深度协作，持续为投资组合创造差异化价值。自1989年成立以来，路威凯腾已在全球 累计投资超过300个全球知名消费品牌。 智通财经APP获悉，华源证券发布研报称，毛戈平(01318)作为国内高端彩妆品牌，创始人IP深度赋能品 牌，护肤&彩妆品类稳步增长，线下&线上 ...

Core Viewpoint - Jinko Power Technology Co., Ltd. is participating as a limited partner in establishing a private equity fund, contributing RMB 17 million, which accounts for 17% of the total fund commitment of RMB 100 million, aimed at investing in industrial-side energy storage projects [2][4][25]. Investment Details - The fund, named Quanzhou Fengquan Jinko Green Energy No. 1 Equity Investment Partnership (Limited Partnership), is established with a total commitment of RMB 100 million, with the first capital contribution being no less than 20% of each partner's commitment [4][16]. - Jinko's initial contribution is RMB 3.4 million, with the total investment being made in stages based on project progress [4][25]. Partnership Overview - The partnership includes several entities, such as Quanzhou Xing Shui Water Industry Investment Partnership and Shanghai Shuzheng Chuangxin Management Co., among others, to enhance strategic cooperation in the energy storage sector [4][25]. - The fund management will be handled by Fengquan Capital, which has a management scale of RMB 5 billion and has cumulatively committed over RMB 1.5 billion to external investments [8][25]. Fund Management and Operations - The fund will have a lifespan of 7 years, including a 3-year investment period, followed by 2 years of operational period and 2 years for exit [17][18]. - Management fees will be charged at 1% of the unpaid capital contributions annually, and profits will be distributed based on the contributions of each partner [22][23]. Strategic Impact - This investment allows the company to leverage professional investment institutions, broadening its investment channels and enhancing its strategic layout in the energy storage business [25]. - The investment aligns with the company's development goals and shareholder interests, without causing competition or affecting normal operations [25].

Core Viewpoint - Cultivating and expanding emerging industries and future industries is key to achieving sustainable development [1] Group 1: Role of Equity Investment Funds - Equity investment funds are essential for promoting the development of new productive forces, encouraging innovation, allowing trial and error, and being tolerant of failure [2] - Government investment funds are a crucial part of China's venture capital market, representing a successful combination of an effective market and proactive government [2] - Corporate venture capital (CVC) plays a significant role in driving technological innovation and industrial development, with unique characteristics that align well with cutting-edge projects [2] Group 2: Suggestions for Sustainable Development - The equity investment fund industry should seize opportunities to contribute to sustainable development through innovative thinking and practical actions [3] - Four suggestions for promoting the sustainable development of the equity investment fund industry include improving the financial service system, cultivating patient capital, optimizing exit channels, and enhancing capabilities to empower sustainable development [3] - Developing pension funds and long-term life insurance as important sources of patient capital is recommended, alongside innovating the use of bank savings [3] Group 3: Empowering Invested Enterprises - Equity investment funds should comprehensively empower invested enterprises by deeply engaging in key areas such as talent, management, supply chain, and sales channels [4]

11月26日，全国社会保障基金理事会原副理事长陈文辉在2025年金牛企业可持续发展论坛上表示，培育 壮大新兴产业和未来产业是实现可持续发展的关键。 ● 本报记者 彭扬 多元资本共塑科创未来 谈及股权投资基金，陈文辉表示，股权投资基金是推动新质生产力发展过程中"鼓励创新，允许试错， 宽容失败"的制度性保证，我国数字经济、生物医药、"新三样"等科创产业的蓬勃发展，离不开股权投 资基金的全方位赋能。 从政府投资基金看，陈文辉认为，政府投资基金是当前我国创投市场的重要组成部分，"政府投资基金 是中国特色的有效市场与有为政府有机结合的成果，关键要构建好有效市场的实现途径，从而在发挥好 有为政府作用的同时规避过度行政干预等造成的问题。" 此外，企业创投（CVC）对推动科技创新和产业化发展具有重要作用。尤其是，CVC在"募投管退"方面 的特点与前沿科创项目相匹配。在募资方面，陈文辉表示，CVC以自有资金为主，不受募资周期限 制，能够陪伴企业跨越技术商业化的长周期，因而对长期科技创新项目具有更高的包容度。 "股权投资基金行业要把握好时代机遇，为可持续发展贡献力量。以创新思维、务实行动推动行业迈向 新高度，实现自身的可持续发展 ...

Core Viewpoint - The accumulation of pension funds relies heavily on investment, which will significantly advance the construction of a modern industrial system [1] Group 1: Pension Fund and Investment - The growth of long-term patient capital is crucial for the development of the modern industrial system [1] - Patient capital will positively impact the development of the entire science and technology innovation industry and enhance pension funds [1] Group 2: Financial Tools and Sustainable Development - It is essential to leverage various financial tools to achieve sustainable development in pension finance [1] - Promoting the development of the science and technology innovation industry is a vital pathway for financial functions [1] - The sustainability of the financial industry is linked to the successful commercialization of science and technology, which also provides significant returns [1] Group 3: Equity Investment Funds - Among various financial tools, equity investment funds are the most significant for the commercialization of science and technology, despite their smaller scale [1]

Group 1 - The current capacity for IPO exits is limited, and mergers and acquisitions (M&A) will be the main focus for future development [1] - There is a significant amount of existing assets that need to be addressed through M&A, which is crucial for revitalizing these assets and promoting economic transformation [1] - The optimization of exit channels is essential for the high-quality development of equity investment funds, with exit being the most challenging aspect of the investment process [1] Group 2 - The demand for M&A is driven by changes in economic development requirements, including the succession of private enterprises and policy adjustments [2] - The State-owned Assets Supervision and Administration Commission (SASAC) is encouraging state-owned enterprises to increase investments in strategic emerging industries, with venture capital funds established by these enterprises nearing 100 billion [2] - Regulatory support, such as the encouragement from the China Securities Regulatory Commission for equity investment funds to acquire listed companies, is expected to broaden exit opportunities [2]

Group 1 - In 2025, Guangzhou Guanghe Technology Co., Ltd. participated as a limited partner in establishing the Jiupai Hongtao Emerging Industry Venture Capital Fund (Suzhou) with its own funds of 30 million yuan, accounting for 33.31% of the total subscribed capital [1] - The partnership has completed the private investment fund registration procedures with the Asset Management Association of China and obtained the Private Investment Fund Registration Certificate on September 17 [1] - The fund is managed by Shenzhen Jiupai Capital Management Co., Ltd. and custodied by Industrial Bank Co., Ltd., with a registration code of SBAG46 [1] Group 2 - The company highlights that equity investment funds have a long investment cycle and low liquidity, which may lead to long recovery periods and uncertain returns [1] - The company will enhance management and risk control, and will disclose progress in a timely manner [1]

Group 1 - The board of directors of Guolian Minsheng Securities held its 28th meeting on August 14, 2025, with all 9 directors present, and the meeting was conducted in accordance with legal and regulatory requirements [1][2] - The board approved the 2025 semi-annual report with a unanimous vote of 9 in favor, 0 against, and 0 abstentions [1][2] - The board also approved the comprehensive risk management report for the mid-year with the same voting results [2] Group 2 - The board approved a special report on the use of raised funds for the first half of 2025, again with unanimous support [2] - The board agreed to revise the basic compliance management system, with the proposal having been pre-reviewed by the risk control committee [2] - The establishment of the Guolian Tongzhi Technology Asset Equity Investment Fund and related transactions was approved, with 6 votes in favor and 3 directors abstaining from the vote due to conflicts of interest [3]

Group 1 - The establishment of the Changji Prefecture Mineral Resource Exploration and Development Equity Investment Fund Partnership has been announced, with a total investment of 2 billion yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The fund is co-funded by Changji Prefecture Lixin Investment Guidance Fund Management Co., Ltd. and other partners [1]