Group 1 - The core viewpoint of the articles highlights the recovery of the A-share IPO market following the "827 policy," which aims to balance the pace of IPOs and enhance the quality of listed companies [1][3][11] - The number of IPOs and the total amount raised in 2023 have shown significant improvement, with 66 companies successfully going public and raising approximately 65.27 billion yuan, nearing the total for the entire previous year [3][6] - The "827 policy" has led to a structural shift in the quality of listed companies, moving from quantity to quality, and has encouraged a dynamic balance in investment and financing [4][10] Group 2 - The A-share market is increasingly focusing on technology-driven companies, with high-tech enterprises accounting for over 70% of new listings in recent years [6][10] - The introduction of the fifth set of listing standards on the Sci-Tech Innovation Board is aimed at supporting innovative companies, particularly those in critical technology sectors [5][6] - Regulatory scrutiny has intensified, with a focus on ensuring the quality of IPOs, leading to a decrease in the number of companies withdrawing their IPO applications [7][10] Group 3 - The future of the IPO market is expected to be characterized by a "slow bull" market, with a gradual and rational increase in IPOs, aligning with market demands and industry development [9][10] - The regulatory framework is shifting towards a more sustainable and predictable issuance mechanism, emphasizing the continuous operational capability and intrinsic value of companies [9][10] - The overall trend indicates a transition from "scale expansion" to "ecological optimization," positioning the IPO market as a core engine for supporting high-quality development [11]

因此，国资LP的取向将直接影响GP(管理合伙人)的取向。有耐心的LP，方有耐心的GP；有大胆的LP， 方有大胆的GP。倘若能在考核机制、出资机制上对引导基金进行松绑，包括提高失败容忍度、减轻短 期考核压力、延长投资期限、提高出资比例等，无疑将能更好地营造鼓励创新的良好环境。 目前国家已经提出要"推动形成鼓励探索、宽容失败的创新环境"，同时，部分地区已经出台了"不以国 有资本保值增值作为主要考核指标""种子直投、天使直投单项目最高允许出现100%亏损""基金内单个 项目最高允许100%亏损"等条例，行业在宽容失败上迈出了重要一步。 在日前举办的第19届中国投资年会上，基石资本董事长张维围绕"如何形成耐心资本与大胆资本"发表主 题演讲。他表示，提出耐心资本和大胆资本本质上是要为科技产业服务。因为耐心资本加上大胆资本， 就是"硬科技资本"、就是"创新资本"。耐心意味着长周期，大胆意味着愿意大投入并承担高风险，二者 根本目的是为了追求高回报，而这正好与硬科技长周期、大投入、高风险、高回报的特点完美契合。 如何才能做到呢？张维指出，首先，要为创投基金提供长期资金，延长基金期限。从耐心资本和大胆资 本的来源来看，长钱才能 ...

Core Viewpoint - The normalization of IPOs is essential for balancing investment and financing, and it is a necessary reform direction for the capital market to serve the real economy [1] Policy Aspects - Since September 2024, the capital market has shown significant recovery due to the implementation of a new round of reforms and technological breakthroughs by enterprises [2] - The absolute values of various liquidity indicators in the A-share market have reached or approached the levels seen during the 2015 bull market, indicating a restoration of the market's financing capacity [2] Market Aspects - The capital market plays a crucial role in attracting incremental funds and supporting industrial structure transformation through IPOs [3] - The current market capitalization of emerging industries in the A+H market is significantly lower than that of the US market, indicating a need to enhance the scale of IPOs in these sectors [3] Market Outlook - The number of IPOs in the A-share market is expected to increase slightly, with projections suggesting around 150 new listings in 2025 [4] - Based on the average IPO financing scale of 680 million in 2024, the total IPO financing scale in 2025 could reach 1,020 billion [4] Industry Impact - Investment banking revenues are expected to stabilize and recover, with a projected increase of approximately 6 billion in underwriting and sponsorship fees in 2025 [6] - The new regulations on underwriting fees are anticipated to smooth cash flow for investment banks [6] Investment Strategy - The normalization of IPOs is a clear policy direction from regulators, aimed at enhancing the capital market's functionality in serving the real economy [8] - Two main lines of focus for the securities industry include: 1. Leading institutions building international first-class investment banks [8] 2. Mid-sized institutions transitioning to specialized operations [8]

以下文章来源于清科研究 ，作者创造价值的 清科研究 . 清科创业（01945.HK）旗下清科研究中心致力于为众多的有限合伙人、VC/PE机构、战略投资者、以 及政府机构、律师事务所、会计事务所、投资银行、研究机构等提供专业的信息、数据、研究和咨询服 务。 年度盘点。 作者 | 清科研究 来源 | 清科研究 （ID：pedata2017） 01 整体回顾 02 市场分布 A股IPO总量同比收缩近七成，创业板上市企业数量相对较多 2024年中企IPO市场总体呈现出阶段性收缩态势，但下半年IPO活跃度环比有所回升。 根据清科创业（01945.HK）旗下清科研究中心统计，2024年中企境内外上市195家 【1】，同比下降51.1%，首发融资额约合人民币1442.66亿元【2】，同比下降 63.6%，上市企业数量和融资金额为近10年新低；其中，下半年有113家中企IPO，首 发融资额约合人民币973.53亿元，环比分别上升37.8%、107.5%。 分市场来看，2024年 A股 共有100家企业上市，同比下降68.1%； 境外市场 共95家 中企上市，同比上升10.5%，其中今年全市场首发融资额前三大中企IPO均于港股 ...