21世纪创投研究院研究员申俊涵 近年来，政府投资基金已经成为中国股权投资行业的主要资金来源。在推动股权投资行业健康发展、培育壮大新兴产业和未来产业、推动传统 产业优化升级、加速新质生产力形成、提高财政资金利用效率、撬动社会资本投入等各方面，政府投资基金都发挥了重要作用。 2025年，国家层面对创业投资、股权投资的重视程度持续提升，对政府投资基金的政策支持力度不断加大。2025年1月7日，国务院办公厅发布 《关于促进政府投资基金高质量发展的指导意见》（国办[2025]1号，简称"1号文"），提出7个方面25项举措，系统覆盖"募、投、管、退"全流 程，进一步完善政府资金引导机制，为行业发展注入强心剂。 "1号文"的落地生根，给各地政府投资基金发展指明了方向。山西、黑龙江、福建、浙江、广东、上海等多地在2025年出台最新政府投资基金 管理办法，这也促进"1+N"制度体系的构建形成。 我们看到，各地愈发重视存量政府投资基金的整合优化、提升效能。新设地方政府投资基金呈现出更加务实的趋势，不再单纯追求单只政府投 资基金的超大规模，而是采取"基金群"模式实现精准滴灌。 从区域视角来看，由于政策规范与财政能力的约束，中西部地 ...

每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 作为国内首只通过系统性筛选并重组S基金存量资产设立的接续重组基金，该 基金规模6.155亿 元，穿透底层资产质量优良、市场表现稳健，预期DPI（预期分配倍数）可观，并获得14家险资及 各省市国资机构共同参与，其中险资出资占比超40%。 来源：天津经开区-泰达 近日，经开科创母基金国投子基金以重要有限合伙人（LP）身份，与国内头部S基金管理机构盛世 投资开展战略合作，完成国内首支S基金接续重组基金投资。 ...

21世纪创投研究院研究员 申俊涵 近年来，政府投资基金已经成为中国股权投资行业的主要资金来源。在推动股权投资行业健康发展、培育壮大新兴产业和未来 产业、推动传统产业优化升级、加速新质生产力形成、提高财政资金利用效率、撬动社会资本投入等各方面，政府投资基金都 发挥了重要作用。 2025年，国家层面对创业投资、股权投资的重视程度持续提升，对政府投资基金的政策支持力度不断加大。2025年1月7日，国 务院办公厅发布《关于促进政府投资基金高质量发展的指导意见》（国办[2025]1号，简称"1号文"），提出7个方面25项举措， 系统覆盖"募、投、管、退"全流程，进一步完善政府资金引导机制，为行业发展注入强心剂。 "1号文"的落地生根，给各地政府投资基金发展指明了方向。山西、黑龙江、福建、浙江、广东、上海等多地在2025年出台最新 政府投资基金管理办法，这也促进"1+N"制度体系的构建形成。 我们看到，各地愈发重视存量政府投资基金基金的整合优化、提升效能。新设地方政府投资基金呈现出更加务实的趋势，大家 不再单纯追求单支政府投资基金的超大规模，而是采取"基金群"模式实现精准滴灌。 从区域视角来看，由于政策规范与财政能力的约 ...

2025年12月25日， 盛世投资成功完成国内首支S基金接续重组基金（即S基金的S）设立。 本期S基金接续重组基金规模超6亿元，共获得14家国资与险资等长期资本作为LP出资，实现 基金超募 。这是国内首支通过从S基金已投资产中系统筛选优质资产、重新进行组合配置而实 现的接续重组基金，也是盛世投资在S基金领域持续深耕与创新的重要成果。 本期S基金接续重组基金通过"重组配置"模式，不仅实现了原有份额的平滑退出，也为LP构建 了清晰可控的资产组合。"S的S"基金模式交易结构复杂，在市场中并无先例可循，展现了盛 世投资S基金的优质资产获取能力、专业估值定价能力、资产组合配置能力、强大复杂交易能 力、主动管理退出能力以及高效决策机制。 在资产组合配置上，盛世投资S基金团队主动进行资产端与资金端匹配，通过系统化资产筛选 与组合，兼顾短期回报与长期成长性，实现DPI与账面浮盈的均衡，为LP量身定制满足其需求 的互补型资产配置。同时，面对多元化诉求，团队通过专业、灵活、复杂、合规的创新交易架 构设计，实现对优质资产的主动管理、价值延续与创新退出，不仅为优秀GP及优质项目提供 更长期陪伴，也为S基金管理人探索出创新性的退出路径 ...

本期S基金接续重组基金通过"重组配置"模式，不仅实现了原有份额的平滑退出，也为LP构建了清晰可控的资产组 合。"S的S"基金模式交易结构复杂，在市场中并无先例可循，展现了盛世投资S基金的优质资产获取能力、专业估 值定价能力、资产组合配置能力、强大复杂交易能力、主动管理退出能力以及高效决策机制。 将投中网设为"星标⭐"，第一时间收获最新推送 本期S基金接续重组基金规模超6亿元。 来源丨 投中网 2025年12月25日，盛世投资成功完成国内首支S基金接续重组基金（即S基金的S）设立。本期S基金接续重组基金 规模超6亿元，共获得14家国资与险资等长期资本作为LP出资，实现基金超募。这是国内首支通过从S基金已投资产 中系统筛选优质资产、重新进行组合配置而实现的接续重组基金，也是盛世投资在S基金领域持续深耕与创新的重要 成果。 在资产组合配置上，盛世投资S基金团队主动进行资产端与资金端匹配，通过系统化资产筛选与组合，兼顾短期回报 与长期成长性，实现DPI与账面浮盈的均衡，为LP量身定制满足其需求的互补型资产配置。同时，面对多元化诉 求，团队通过专业、灵活、复杂、合规的创新交易架构设计，实现对优质资产的主动管理、价值延续 ...

政府投资基金是支持产业发展和创新创业的重要政策工具，对社会资金具有"四两拨千斤"的撬动作 用。"十五五"规划建议提出，发挥政府投资基金引导带动作用。然而，各地在产业投资领域常面临不敢 投、投不好的局面。对此，成都高新区坚持培育耐心资本，设立规模庞大的产业基金集群，推动资本与 优势项目高效对接，为区域高质量发展注入不竭动能。 什么是好的产业投资？在成都高新区，有一笔长达10年的投资回答了这个问题。 好的产业投资是战略价值与财务回报的完美融合，要"看得准、投得巧、管得好、退得出"，不仅追求短 期盈利，更致力于长期产业价值创造。成都国资作为海光信息的耐心资本，投入周期近10年。截至今年 三季度末，成都国资旗下3家投资平台合计持有海光信息股票3.952亿股。据估算，成都国资这笔投资浮 盈超千亿元。 除了盈利回报，当地还通过投资引入重大项目，带动产业链发展。投资之后，海光信息两家核心子公司 ——海光集成、海光微电子落地成都高新区，此后以海光集成为链主企业，成都市集成电路产业蓬勃发 展。2024年，成都市电子信息产业实现营收1.34万亿元。 投资成就绝非一日之功，是对长期主义的坚守，是科技、产业、金融逐渐形成的良性循环， ...

Core Viewpoint - The article discusses the emerging landscape of mergers and acquisitions (M&A) in China, highlighting the increasing opportunities and the evolving market dynamics that are driving this trend. Group 1: Market Environment - The current year is seen as a pivotal moment for new types of M&A, with expectations for rapid growth in the scale of M&A funds over the next five years [3][6] - The Chinese economy has matured, leading to a shift in focus from growth to efficiency and market positioning, which is conducive to M&A activities [9][16] - The concentration of industries in China is low compared to developed markets, creating a fertile ground for consolidation through M&A [9][16] Group 2: Institutional Perspectives - Various investment firms, such as CITIC Jinshi and Fangyuan Capital, have been actively establishing M&A funds and have extensive experience in the field [3][4][5] - The panelists emphasize the importance of understanding market demands and building capabilities to meet the growing need for M&A [8][17] - The role of private equity (PE) firms is crucial in connecting capital with quality assets, facilitating the M&A process [17] Group 3: Strategic Considerations - M&A is increasingly viewed as a necessary strategy for companies to diversify and develop second core businesses, especially for those that have reached a plateau in their primary sectors [6][8] - The need for professional management and strategic integration post-acquisition is highlighted as a key factor for successful M&A [20][29] - The importance of identifying unique and differentiated businesses for acquisition is emphasized to avoid market saturation and price wars [14][26] Group 4: Future Outlook - The article suggests that the current market conditions present a unique opportunity for M&A, with many quality companies available at attractive valuations due to recent market adjustments [17][28] - The potential for significant growth in the M&A sector is anticipated, driven by both domestic and international factors [17][27] - The development of a robust ecosystem of mid-sized and large M&A funds is seen as essential for sustaining industry growth [17][30]

Core Insights - The annual China Private Equity Annual Conference will be held from December 2-5, 2025, in Shenzhen, focusing on observing China's technological innovation [2][18] - The chairman of Qianhai Ark Asset Management shared insights on the strategic role of venture capital and the development trends in China's venture capital landscape [2][19] Group 1: National Strategic Demand - Innovation is a core development strategy for every country, with two main paths: innovation investment-driven strategy and traditional investment-driven strategy [3][20] - Countries like the US, Israel, and China exemplify the innovation investment-driven strategy, which supports small enterprises and disruptive technologies, leading to significant capital inflow into the tech innovation sector [3][20] - In contrast, countries like Japan and Russia follow a traditional investment-driven strategy, relying on conventional financing channels and often missing out on technological advancements [4][20] Group 2: Impact of Venture Capital on China's Economy - Since the emergence of venture capital in 1999, China's GDP has grown over 13 times, with venture capital contributing more than 43% to this growth [5][21] - Venture capital has played a crucial role in nurturing high-quality enterprises, with over 90% of companies listed on the Sci-Tech Innovation Board and over 50% on the ChiNext Board being supported by venture capital [5][22] - The sector has significantly contributed to the development of key industries, including semiconductors, renewable energy, communication, transportation technology, artificial intelligence, and biomedicine [6][22] Group 3: Five Key Investment Directions - The first direction is the "short board" process, focusing on technological breakthroughs to ensure supply chain security and autonomy, with over 2 billion yuan invested in semiconductor companies [7][24] - The second direction is the digitalization process, which aims to transform traditional industries using digital technology, with significant investments in projects like 聚玻网 and autonomous driving [7][24] - The third direction is the carbon neutrality process, which has evolved from being finance-driven to policy-driven and now demand-driven, with investments in emerging technologies [7][25] - The fourth direction is the health sector, shifting from symptomatic treatment to root cause resolution, with predictions that China will lead in biopharmaceuticals in the next 7-8 years [7][26] - The fifth direction is consumer upgrade, emphasizing the importance of consumer sectors in economic growth and the need for investment support [7][26] Group 4: Recommendations for Future Development - The industry should focus on "early, small, and future" investments, promoting "patient capital" as a fundamental requirement for a healthy venture capital ecosystem [11][28] - There is a need to optimize the capital source structure in the venture capital industry, aiming for a balanced approach involving government capital, financial capital, and family wealth [12][29] - Emphasis should be placed on post-investment management and support, moving away from solely chasing "blockbuster" investments [12][30] - The development of S funds and follow-up funds is crucial for creating a sustainable innovation investment ecosystem [12][30] - A balanced support for various industries is essential to avoid over-concentration and to foster innovation across sectors [12][31]

Core Insights - The 25th China Private Equity Annual Conference highlighted five key processes for venture capital funds to focus on, which are expected to yield good investment returns [1][3] Group 1: Five Key Processes - The first process is the "short board" process, aimed at addressing critical supply chain issues to ensure safety and self-control [1][3] - The second process is the digital transformation process, which involves using digital technology to reform traditional industries and alter work and life scenarios [1][3] - The third process is the carbon neutrality process, emphasizing the importance of transitioning energy structures [1][3] - The fourth process is the "big health" process, where significant changes in China's biomedicine sector, particularly in gene and cell innovation, are attracting investment [1][3] - The fifth process is the consumption upgrade process, which supports economic growth and enhances the quality of life, with consumption enterprises continuously evolving and deserving capital market support [1][3] Group 2: Market Outlook and Recommendations - The first recommendation is to "invest early, invest small, invest in the future," promoting the development of "patient capital" [2][4] - The second recommendation suggests optimizing the sources of capital for private equity investments [2][4] - The third recommendation indicates that private equity finance and capital attraction are becoming important means for local governments to transition from land finance, necessitating changes in commercial strategies and product designs of venture capital institutions [2][4] - The fourth recommendation emphasizes the need for venture capital institutions to focus more on post-investment management and services, adhering to a "30% investment, 70% management" principle [2][4] - The fifth recommendation calls for the development of S funds and follow-up funds from central to local levels to create a sustainable innovation investment ecosystem [2][4] - The sixth recommendation advocates for a diverse approach, where venture capital funds and capital markets support balanced development across various industries [2][4] - The seventh recommendation stresses the importance of maintaining a healthy secondary market, supporting IPOs of innovative enterprises and participating in mergers and acquisitions [2][4]

Core Insights - Shanghai has established new industrial mother funds and S funds, with a focus on enhancing the private equity market's liquidity and providing exit channels for investors [2][4] - The city is actively promoting venture capital and private equity (VC/PE) investments, with significant government support and a growing number of funds being established [9][10] Group 1: New Fund Establishments - The Shanghai Qingpu Industrial Development Fund and S Fund were launched to inject financial resources into the region's new productive forces [2] - The Minhang District has created a comprehensive fund matrix with a total investment of 100 billion, aiming to leverage social capital and achieve a "100 billion fund, 1 trillion scale" ecosystem [2] - The establishment of the Jing'an Capital Investment Operation Company with a registered capital of 12 billion aims to integrate state-owned fund operations and focus on strategic emerging industries [3] Group 2: Policy Support and Framework - Shanghai's government has introduced measures to optimize the equity investment industry, including the establishment of equity investment clusters with a minimum of 10 billion in district-level guiding funds [3][4] - The city has implemented a series of supportive policies for the equity investment sector, including facilitating the establishment of CVC funds and promoting the development of secondary market funds [3][10] Group 3: Fund Performance and Strategy - The Shanghai Future Industry Fund has been active in investing in multiple sub-funds across cutting-edge fields, completing decisions for 18 sub-funds in five months [5][6] - The fund focuses on "early and small" investments in hard technology, targeting six future industries, including health, information, energy, space, materials, and manufacturing [5][6] Group 4: Market Dynamics and Trends - The establishment of large-scale funds and the active participation of government in the VC/PE space have made Shanghai a focal point for investment institutions [9][10] - The city has seen a surge in the establishment of significant funds, including a 500 billion industrial transformation fund and a 100 billion state-owned enterprise merger fund [8][9]