此次落地的陕西战新产业发展基金聚焦新材料、氢能、新型电力、半导体及集成电路、新能源汽车、智 能成套装备、节能环保、航空航天（含低空经济）八大战略性新兴产业，重点布局具备自主知识产权、 硬科技成果转化潜力及核心技术国产化替代属性的优质科技型企业，通过基金各合作方的资源协同，实 现"资本向新、产业向智"，为陕西省"8+9+N"产业格局升级注入持久动力。 12月9日，由工商银行陕西省分行联动工银投资、长安汇通、西部优势资本投资有限公司共同出资设立 的20亿元陕西战新产业发展基金完成工商注册。这标志着陕西AIC（金融资产投资公司）股权投资试点 范围扩大以来，全省单只设立规模最大的AIC股权基金正式落地。 陕西AIC股权投资试点是国家金融监督管理总局推动的金融改革举措，核心是引导银行系长期资本以股 权形式赋能本地硬科技与战略性新兴产业。2024年9月，西安被纳入首批试点，成为全国18个AIC股权 投资试点城市之一。2025年3月，试点扩至全省，目前已落地陕西财金交汇航空航天新动能股权投资基 金、陕西金资工融电子信息产业发展股权投资基金等5只基金，总规模达54亿元。 工商银行陕西省分行相关负责人表示，截至目前，工行陕西省 ...

基金紧扣陕西省"8+9+N"产业发展格局，聚焦新材料、氢能、新型电力、半导体及集成电路、新能源汽车、智能成套装备、节能环保、航空航天 （含低空经济）八大战略性新兴产业，重点布局具备自主知识产权、硬科技成果转化潜力及核心技术国产化替代属性的优质科技型企业。 2025 年12月9日，由西部优势资本投资有限公司（以下简称"西部资本"）担任管理人的陕西战新产业发展基金完成工商注册并正式设立，基金规模 20亿元，是AIC股权投资试点以来陕西省规模最大的股权投资基金，也是工银AIC合作的首支券商系股权投资基金。 据悉，该基金由西部资本联合长安汇通、工银投资共同发起，创新构建"省属国有资本运营平台+本土专业投资机构+全国性金融机构"多元协同生 态。 每日｜荐读 论坛： 新一批敲钟人，已在路上 荐读： 重新发现香港：科创时代的新蓝图 榜单： 全国首只AIC产业母基金来了 热文： 投资人"忙疯了" 来源：西部资本 ...

Group 1 - The AIC (Asset Investment Company) is becoming a new trend in investment and financing, with significant acceleration in the issuance of AIC licenses and active establishment of funds across various regions [1] - As of now, the number of approved AICs has increased to 9, with the establishment of the first joint-stock bank AIC, Xinyin Financial Asset Investment Co., marking a shift from the previous dominance of the five major state-owned banks [1] - The AIC funds are experiencing rapid growth, with notable large-scale funds being established, such as the first AIC mother fund, Jianyuan Zhengxing Fund, with a scale of 7 billion yuan, and the Hubei Zhongying Changjiang Fund targeting a scale of 10 billion yuan [1] Group 2 - Shanghai is the first city in the country to launch the AIC equity investment pilot for technology enterprises, with six major AICs, including the headquarters of Jiaoyin Investment located in Shanghai [2] - In 2025, with the relaxation of policy restrictions and the release of market vitality, regions like Baoshan and Pudong are seizing new investment opportunities by introducing AIC funds, such as the Shanghai Puchuang Qihang Private Investment Fund with registered capital exceeding 3 billion yuan [2] - The Acme Research Institute, initiated by Zhangtong Information Technology Co., focuses on research related to technology enterprises and industries, providing high-quality data products and customized consulting services based on policy guidance and industry development [2]

Core Insights - The AIC equity investment pilot program in Guangzhou has been operational for over a year, with 11 AIC funds established, totaling over 16.8 billion yuan in investment, significantly supporting key projects in advanced manufacturing, new energy, and information technology [2][5][6] Financial Landscape - Guangzhou has nearly 400 licensed financial institutions, with total financial assets exceeding 13 trillion yuan. The financial sector's added value reached 304.9 billion yuan in 2024, making it the city's third-largest pillar industry [3][4] - By the first three quarters of 2025, the financial sector's added value grew by 6.1% year-on-year, contributing 10.6% to the city's GDP, highlighting its role in driving economic growth [3] AIC Fund Development - The AIC pilot program was expanded to Guangzhou and 18 other cities in September 2024, allowing for increased investment limits in equity funds [3][4] - The first AIC fund in Guangzhou was established shortly after the policy announcement, with a strategic cooperation agreement signed to launch a 10 billion yuan fund [4][6] Attraction Factors for AIC Funds - Guangzhou's appeal to AIC funds is attributed to its strong industrial base, supportive policies, and innovative services, creating a conducive environment for investment [6] - The city has developed a modern industrial system and a robust venture capital ecosystem, providing ample project opportunities for AIC investments [6] Future Directions - The next steps for the AIC pilot program in Guangzhou include establishing a regular joint meeting system, leveraging national policies, and promoting project cooperation to enhance the effectiveness of financial services for the real economy [7] - AIC is expected to play a crucial role in supporting technology enterprises and enhancing the financial ecosystem in Guangzhou [9]

Core Insights - Suzhou has established a robust investment ecosystem by optimizing its venture capital environment, attracting significant capital through various funds, including a 100 billion RMB merger fund, a 1 trillion RMB industrial fund, and a 10 trillion RMB innovation fund [1][4][15] Fund Landscape - As of June 2023, Suzhou has 431 registered private fund managers and 2,979 private funds, with a total subscribed capital exceeding 1 trillion RMB, ranking first in the province [1] - In the past year, Suzhou raised 192 new funds, ranking second nationally, with a fundraising amount exceeding 60 billion RMB and 784 investment cases totaling 36.687 billion RMB, both ranking fourth nationally [1][4] Industrial Advantages - Suzhou boasts a solid industrial foundation, leading the nation in the number of national-level technology business incubators and ranking third in the number of companies listed on the Sci-Tech Innovation Board and potential unicorns [2] - The city has a high concentration of high-tech enterprises and is home to numerous national laboratories and major innovation platforms, supported by over 200 universities [2] Investment Ecosystem Development - Suzhou has optimized the entire chain of private equity fund operations, enhancing coordination between funds and industries, and has introduced measures to promote high-quality development of private equity funds [3][4] - The city has established a merger and acquisition service platform and a restructuring alliance to facilitate effective resource matching and enhance the exit channels for private equity funds [3][4] Fund Types and Strategies - National funds, such as the National Integrated Circuit Industry Investment Fund, have established a total scale of 74 billion RMB in Suzhou, attracting 47 billion RMB in high-level capital investments [4] - The city has seen a significant number of financing events, particularly in the healthcare and hardware sectors, which accounted for nearly half of the total financing cases [5] Future Goals - Suzhou aims to build a modern industrial system with world-class competitiveness, targeting the establishment of four trillion-level industries and 15 super-hundred-billion industries by 2026 [7] - The city’s investment strategy focuses on aligning with its "1030" industrial plan, particularly in sectors like biomedicine, integrated circuits, and new materials [9][14] Diverse Fund Matrix - The diverse fund matrix in Suzhou includes various types of funds, such as acquisition funds and talent funds, which collectively enhance the investment ecosystem and support the growth of traditional and emerging industries [13][15] - The establishment of a 10 billion RMB talent fund aims to support projects in the "1030" industrial track, attracting high-level talent and fostering innovation [14]

Core Viewpoint - The expansion of AIC equity investment pilot business in Shenzhen has led to the establishment of three AIC funds with a total scale of 5 billion yuan, indicating a significant increase in investment activity in key industries such as technology and innovation [1][2][3]. Group 1: Fund Establishment and Scale - Three AIC funds have been registered in Shenzhen, with a combined scale of 50 billion yuan [1]. - The Shenzhen Deep Investment Control Qianfan Qihang Science and Technology Private Equity Investment Fund has a scale of 2 billion yuan and focuses on over 30 projects in key industries like semiconductors and artificial intelligence [2]. - The Shenzhen Guangming Zhongying Fuyao Science and Technology Private Equity Investment Fund has a scale of 1 billion yuan, targeting the "3+3+1" industrial system in the Guangming District [2]. - The Shenzhen Deep Investment Control Gongrong Science and Technology Private Equity Investment Fund also has a scale of 2 billion yuan, focusing on strategic emerging industries [3]. Group 2: Collaboration Models - The primary collaboration model for the new funds is "municipal and district state-owned enterprises + banking AIC," which aims to support the development of hard technology sectors [4]. - Deep Investment Control, a state-owned capital operation platform, is a partner in two of the funds, with a total fund scale exceeding 150 billion yuan [5]. Group 3: Broader AIC Developments - The AIC equity investment pilot program has expanded from Shanghai to 18 cities, leading to a surge in fund establishment and investment projects [5]. - Major banks, including Agricultural Bank of China and Bank of China, have established AICs, with a total intended cooperation scale of 30 billion yuan in Tianjin and 17.5 billion yuan in Ningbo [6]. - In 2024, AIC investment activity reached a historical peak, with 156 investment cases totaling 57.6 billion yuan [6]. Group 4: Impact on Technology Innovation - The role of AIC in supporting technological innovation is expected to become increasingly significant, leveraging the advantages of state-owned commercial banks in various aspects [7].

Core Viewpoint - The expansion of the Financial Asset Investment Company (AIC) equity investment pilot program is creating new opportunities in the equity investment market, with a focus on integrating banking services to better support enterprises [1][4]. Group 1: AIC's Role and Market Position - AIC is becoming a vital force in the equity investment market, differentiating itself from traditional investment institutions by leveraging the multi-license capabilities of commercial banks to provide comprehensive financial services [1][4]. - Shanghai is identified as the most active market for equity investment in China, serving as the headquarters for the only AIC institution, which is committed to utilizing its local advantages to support equity investment initiatives [3][4]. Group 2: Investment Achievements and Future Plans - As of March 2025, the company has completed 45 equity investment projects in Shanghai, with a total investment amount of 145 billion yuan in debt-to-equity conversion projects and 16.83 billion yuan in pure equity projects [3][4]. - The AIC pilot program is set to expand to 18 cities by September 2024, enhancing the fundraising capabilities and influence of AIC institutions, which will further support local economic transformation [5][4]. Group 3: Strategic Collaborations and Sector Focus - The company has engaged in multiple rounds of equity support for traditional automotive manufacturers transitioning to new energy, exemplified by its collaboration with Changan Automobile, which has seen significant growth in electric vehicle sales [6][7]. - AIC institutions are positioned to meet the long-term capital needs of both technology innovation and traditional enterprise upgrades, emphasizing the importance of patient capital in supporting these sectors [7][8]. Group 4: Professional Capability Development - The company is focusing on enhancing its professional capabilities in equity investment, including fundraising management, project expansion, risk control, and post-investment management [8][9]. - A new system called "New Seed System" has been introduced to target early-stage enterprises, with a project reserve of approximately 500 projects already established [9]. Group 5: Future Outlook - The company anticipates that with strengthened professional capabilities and improved mechanisms for risk management, it will play a significant role in the equity investment market, supporting national economic transformation and acting as a key player in the investment landscape [10].