两个月前，债市科技板开闸，首单民营创投科创债落子深圳；26年前，首批人民币创投机构在深圳破土而出。新中国引进的首家外资银行、成立的首个外汇 调剂中心、首家由企业创办的银行，皆在深圳落地。翻开深圳金融的历史，国内金融业的诸多"第一"，无一不镌刻着这座城市的拓荒印记。 45年来，深圳金融业从无到有、从小到大，金融业增加值从特区成立之初的0.16亿元增长到2024年的4710.5亿元，增长近3万倍，年均复合增长率26.3%。 从破解特区建设的资金困局，到培育滋养创新的资本土壤；从孵化初创企业的"第一桶金"到助力龙头企业开拓全球市场的资金活水，深圳金融业始终与城市 产业发展同频共振，不仅托举起深圳"大企业顶天立地、中小企业铺天盖地"的民营经济繁荣格局，更以持续不断的创新探索，打造金融强国建设"深圳样 本"。 深耕内域的同时，深圳亦向外引资。成立初期的深圳，"三来一补"加工贸易、引进外企等为经济发展注入原始动力，可这类对外贸易模式对货币兑换基础设 施要求很高，原本薄弱的金融体系根本无法满足需求。在此背景下，1982年，南洋商业银行深圳分行在罗湖悄然成立。作为新中国引进的首家外资银行，它 不仅为国外企业打通了汇兑服务的通 ...

第一章 总则 华勤技术股份有限公司 对外投资管理制度 第一条 为规范华勤技术股份有限公司（以下简称"公司"）的对外投资行 为，加强公司对外投资管理，防范对外投资风险，保障对外投资安全，提高对外 投资效益，维护公司形象和投资者的利益，依照《中华人民共和国公司法》《中 华人民共和国证券法》等法律、法规、规范性文件的相关规定，结合《华勤技术 股份有限公司章程》（以下简称《公司章程》）及公司的实际情况，制定本制度。 第二条 本制度所称对外投资是指公司为获取未来收益而将一定数量的货 币资金或公司所有的固定资产、其他流动资产、无形资产、股权等可以用货币估 价并可以依法转让的非货币财产作价出资，对外进行各种形式的投资活动。 本制度所称风险投资，是指公司进行私募股权投资（PE）、创投等风险投资 行为，将风险资本投向刚刚成立或快速成长的未上市新兴公司（主要是高科技公 司），在承担投资风险基础上为被投资公司提供长期股权投资和增值服务，再通 过上市、兼并或其它股权转让方式撤出投资，取得高额回报的一种投资方式，但 公司以扩大主营业务生产规模或延伸产业链为目的进行的投资除外。 本制度所称证券投资，是指公司在相关规则允许的情况下，在控制 ...

Group 1 - The South Korean government plans to increase annual venture capital investment to 40 trillion KRW by 2030, aiming to nurture 50 global unicorn companies (valued over 1 trillion KRW) [1] - In the first half of this year, the new venture capital investment amounted to 5.7 trillion KRW, with an expectation that the total for the year will remain at 12 trillion KRW, similar to last year [1] - To achieve these goals, the government will expand the scale of mother funds, support cutting-edge technology companies in phases, improve tax systems and regulations, and prevent technology infringement [1] Group 2 - The "New Start Fund" for debt adjustment for small businesses and individual entrepreneurs will increase the number of beneficiaries from 80,000 to 350,000 [1] - The government aims to attract 30 million foreign tourists to South Korea by 2030, up from 16.37 million last year, by actively developing "K-Tourism" content and improving the tourism environment [1]

风险投资管理制度 天虹数科商业股份有限公司 风险投资管理制度 （2025 年修订） 第一章 总则 《深圳证券交易所股票上市规则》、 《深圳证券交易所上市公司自 律监管指引第 1 号——主板上市公司规范运作》等法律、法规、规范性文件以及 《公司章程》的有关规定，结合公司的实际情况，制定本制度。 第二条 本制度所称的风险投资包括股票及其衍生品投资、基金投资、期货 投资、房地产投资、以上述投资为标的的证券投资产品以及深圳证券交易所认定 的其他投资行为。 以下情形不适用本制度： 有三年以上的证券投资； 第三条 风险投资的原则： 响自身主营业务的正常运行。 第四条 公司风险投资的资金来源为公司自有资金。公司应严格控制风险投 风险投资管理制度 第一条 为规范天虹数科商业股份有限公司（下称"公司"）风险投资行为， 强化风险控制，防范投资风险，保护投资者的权益和公司利益，根据《中华人民 共和国证券法》、 内。 资的资金规模，不得影响公司正常经营，不得使用募集资金进行风险投资。 第五条 公司应当以本公司名义设立证券账户和资金账户进行证券投资，不 得使用他人账户或向他人提供资金进行证券投资。 第六条 公司控股子公司进行风险投资适 ...

Core Viewpoint - The article discusses the return of Bao Fan, the founder of Huaxing Capital, after a prolonged investigation period of 894 days, highlighting the implications for the company and the venture capital industry in China [3][13]. Summary by Sections Bao Fan's Investigation and Return - Bao Fan was reported to have ended his cooperation with the investigation on August 8, 2023, after being involved in the process since February 26, 2023 [3][4]. - During the investigation, Huaxing Capital faced significant operational challenges, including the premature closure of fundraising for its funds due to the impact of Bao Fan's situation [4][5]. Company Management Changes - Following Bao Fan's departure from daily operations, significant management changes occurred, including the appointment of Xu Yanqing as a non-executive director and later as chairperson, and Wang Lixing as the new CEO [5][6]. - The company emphasized a shift towards a new identity, referred to as "Huaxing 2.0," indicating a strategic pivot in its operations and management philosophy [5][10]. Industry Context and Changes - The article reflects on the broader changes in the venture capital landscape during Bao Fan's absence, noting the emergence of new leaders and shifts in investment strategies among peers [6][7]. - The concept of "de-Bao Fanization" has been discussed as a significant trend in the industry, marking a transition in how Huaxing Capital and its competitors operate [6][8]. Financial Adjustments and Agreements - Huaxing Capital entered into a settlement agreement regarding its fourth RMB fund, recovering investments and waiving interest, which reflects the company's efforts to stabilize its financial position [9][10]. - The valuation of the underlying assets in the fund remained relatively stable despite market fluctuations, indicating a careful management of investments during a turbulent period [9][10]. Future Outlook - The article suggests that Bao Fan's return may not have the anticipated impact on the company, as the industry has evolved during his absence, and new leadership is now in place to guide Huaxing Capital forward [11][13]. - The narrative around Bao Fan has become symbolic of the challenges and transformations within the venture capital sector in China, representing a broader shift in the industry's dynamics [12][13].

Core Viewpoint - Intel's newly appointed CEO Lip-Bu Tan faces pressure from President Trump to resign due to alleged serious conflicts of interest, leading to a 3.14% drop in Intel's stock price on the same day [1][3]. Group 1: CEO Background and Experience - Lip-Bu Tan was born in Malaysia and has a diverse background, having studied in Singapore and the United States, where he has built a successful career in various industries [1][5]. - He has a strong academic and engineering background, having earned degrees in physics and nuclear engineering from prestigious institutions, but shifted his focus to business after the Three Mile Island nuclear accident in 1979 [5][6]. - Tan founded Walden International, a venture capital firm, in 1987, growing its capital from $20 million to $2 billion by 2001, earning recognition as an "Asian venture capital pioneer" [8]. Group 2: Investment and Leadership Achievements - Under Tan's leadership, Cadence Design Systems saw its stock price increase by over 3200% from 2008 to 2021, showcasing his effective management and investment strategies [8][9]. - He has made significant investments in Chinese semiconductor companies, accounting for over 40% of U.S. venture capital participation in China's semiconductor deals from 2017 to 2020 [8]. - Tan is noted for his unique combination of technical expertise, economic knowledge, and strong industry connections, which led to his appointment as Intel's CEO in March 2025 [9][11].

Group 1 - Algeria's Securities Exchange Organization and Supervision Commission (COSOB) has officially approved the establishment of Afiya Investments, the first private investment fund in the form of a risk capital mutual fund (FCPR) aimed at financing startups [1] - The establishment of Afiya Investments marks a significant step in Algeria's efforts to create a new financing ecosystem, complementing traditional bank financing and providing dedicated financing services for productive investments [1] - Afiya Investments will specifically provide financing support for non-listed companies in sectors such as healthcare, pharmaceuticals, and renewable energy [1] Group 2 - COSOB is set to introduce new regulations regarding risk capital mutual investment companies (OPCR) in October 2024 [1] - According to regulatory requirements, Tell Markets must commence the actual operation of the fund within three months of its approval [1] - FCPR is part of OPCR, which acquires shares in non-listed companies and directly invests in startups and innovative projects based on the principle of shared risk and profit between investors and entrepreneurs [1]

Core Viewpoint - The article discusses the evolving landscape of investment in AI, questioning whether AI should be treated as an "absolute truth" and highlighting the differences between the current AI wave and the previous mobile internet boom [2][11][17]. Group 1: AI and Investment Landscape - The current AI startup scene is compared to the past mobile internet era, with a sense of nostalgia for the opportunities that have since diminished [2][11]. - The concept of AI is seen as a buzzword that may not hold the same transformative power as previously believed, with the focus shifting to large models rather than AI as a whole [13][15]. - The investment community is characterized as being caught in a consensus game, where collective belief drives investment decisions, even in the face of potential bubbles [25][43]. Group 2: Historical Context and Future Predictions - The discussion reflects on the historical context of investment, suggesting that the current AI wave may be the last hurrah of a previous investment era [11][15]. - The article posits that the AI revolution may not lead to the same level of societal change as past technological revolutions, as the underlying structures and user behaviors remain largely unchanged [17][23]. - The notion that AI will fundamentally reshape industries is challenged, with the argument that many existing applications may not deliver the expected efficiency gains [19][21]. Group 3: Investment Philosophy and Strategy - The article emphasizes a shift in investment philosophy, suggesting that future investments should focus on societal benefits rather than merely financial returns [46][48]. - The role of government in shaping investment strategies is highlighted, indicating that collaboration with governmental initiatives may become increasingly important for investors [43][47]. - The discussion concludes with a call for investors to adapt to the changing landscape, moving away from traditional metrics of success towards a more holistic view of societal impact [46][49].

Core Viewpoint - The Ministry of Commerce emphasizes the need to enhance the convenience for foreign capital to engage in equity and venture investments in China, aiming to attract more high-quality foreign investments into the capital market [1] Group 1: Foreign Investment Policy - The Ministry of Commerce plans to orderly expand the opening of the capital market to foreign investments [1] - There is a focus on increasing the participation of foreign capital in venture investments and equity investments [1] - The government aims to guide foreign investors to implement strategic investments in listed companies in an orderly and regulated manner [1] Group 2: Investment Direction and Structure - The Ministry intends to revise and expand the "Encouraged Foreign Investment Industry Directory" to promote foreign investment in advanced manufacturing, modern services, and high-tech sectors [1] - There is encouragement for foreign enterprises to establish regional headquarters and R&D centers in China [1] - The strategy includes optimizing the structure of foreign investment to direct more capital towards the central and northeastern regions of China [1]

Core Viewpoint - The article discusses the establishment of the Hunan Jin Furong Investment Fund and the Changsha Government Guidance Fund to promote technology innovation and attract early-stage investments in Changsha Economic Development Zone [1] Group 1: Fund Structure and Objectives - The Changsha Economic Development Zone has initiated the Changsha Economic Development Science and Technology Innovation Industry Fund to recruit sub-funds, focusing on early-stage investments in technology [1] - The fund aims to stimulate social innovation and adjust financial funding guidance methods, concentrating on early-stage enterprise development through various incentive mechanisms [1] Group 2: Sub-Fund Categories - The sub-funds under the Science and Technology Innovation Fund are categorized into Seed Sub-Funds and Angel Sub-Funds [1] - Seed Sub-Funds will focus on technology transfer projects from universities, research institutes, and early-stage technology companies, with a minimum scale of 30 million yuan [1] - Angel Sub-Funds will target early-stage technology companies, requiring a minimum scale of 50 million yuan, primarily attracting social capital [1] Group 3: Investment and Return Requirements - During the fund's term, sub-funds must return at least 0.4 times the amount contributed by the Science and Technology Innovation Fund, adhering to specific investment stages and return implementation guidelines [2]