21世纪经济报道记者 申俊涵 赵娜 广州报道 12月5日，第15届21世纪创新资本年会在广州·南方财经大厦成功举办。本届年会以"重构价值投资"为主题，由南方财经全媒体集 团指导、21世纪经济报道主办、21世纪创投研究院提供首席智库支持，活动还得到中宏保险的特别支持。 专家把脉政策方向与趋势 2025年收官在即，回望这一年，虽然外部环境仍面临不确定性，中国股权投资行业仍然交出一份回暖复苏的靓丽答卷。 21世纪经济报道执行总编辑陈晨星在致辞中表示，过去一年，中国股权投资市场在静默中积蓄力量、在变革中探寻新路。从 DeepSeek的惊艳表现到宇树科技全球领跑，一轮由硬科技驱动的创新浪潮正以前所未有的力量，重塑产业格局，也重构着全球 创投的价值图谱。 她指出，二级市场的回暖，不仅为行业打开了IPO退出的希望之窗，更让"募投管退"的良性循环有了更坚实的落脚点。与此同 时，一场由产业龙头、投资机构与地方政府共同主导的并购整合大戏已然启幕。 今年是"十四五"收官之年，同时，"十五五"规划蓝图即将展开，政策风雷激荡，资本航向正在重新校准。湖南大学股权与创业 投资研究院院长、清华大学全球私募股权研究院首席专家刘健钧，带来题为《 ...

Core Insights - The Chinese private equity investment industry has shown signs of recovery in 2025, despite external uncertainties, with significant contributions from national funds and social security funds [1] - Technological innovations in China, such as DeepSeek's large model and humanoid robots, are reshaping the global venture capital landscape and prompting a reevaluation of Chinese asset values [1] - The increase in IPOs and diverse exit channels has created a favorable environment for private equity investments, leading to a wave of mergers and acquisitions driven by policy, industry, and capital [1] Industry Developments - National-level funds and social security funds are accelerating their entry into the market, providing essential capital for the industry [1] - The emergence of a "carrier-level" national venture capital guidance fund is anticipated, alongside the establishment of science and technology innovation funds across various regions [1] - The trend of investing in early-stage, small, and technology-focused ventures has become a consensus within the industry [4][5] Market Trends - The recovery of the secondary market has opened up opportunities for private equity IPO exits, allowing institutions to realize cash returns [1] - A new wave of mergers and acquisitions is emerging, characterized by cross-border resource integration and the entry of large-scale acquisition funds [1] - The upcoming "15th Innovation Capital Annual Conference" will focus on reconstructing value investment and adapting to the new market environment [2][4] Future Outlook - The investment landscape is expected to continue evolving, with a focus on technology transfer and innovation [4][5] - The industry is preparing for a new round of differentiation as it adapts to the changing environment [2] - The conference aims to share insights and experiences to inspire innovative thinking and strengthen confidence in navigating the investment cycle [7][8]