成长期企业融资困局待解 "C轮死"魔咒背后存四大症结 "以前总说'C轮死'，没想到这么多年过去，这个魔咒还是没被打破。"近期一位投资人的 感慨，戳中了成长期创业企业的集体痛点。 在创投市场，如今已呈现哑铃式融资格局：早期项目靠技术故事吸引资本，成熟期企业 凭稳定业绩冲击IPO，而成长期企业却卡在一个"中间地带"：既没了早期估值的吸引力， 又还没具备成熟期的流动性与"造血"能力，融资难成为横在它们面前的一道鸿沟。这道 鸿沟为何迟迟难以填平？有何破局之道？值得整个行业静下心来深思。 B轮成了"融资坎" "去年我们看了约200个成长期项目，没有一个能达到我们的投资安全边际，最终一个都 没法出手。"融创投资创始合伙人赵俊峰无奈说道。在他看来，所谓的"投资安全边际"， 即企业拥有正向经营现金流，而非账面上不断累积的应收账款与大量存货，不然就不是 高质量增长的表现。 华南一券商资深投行人士解枫（化名）对此有同感："我接触过不少这类卡在中间的企 业。比如一家做非侵入式脑机接口的公司，产品性能已达标，但偏偏卡在商业化落地很 难推进，没有医疗渠道和经销商资源，量产又需要大额预付资金，资金压力陡增。结果 就是B轮之后，早期投资人 ...

Group 1 - The 2026 Enterprise Innovation and Venture Capital Annual Conference focused on key topics such as AI reshaping industries, hard technology investment cycles, and new global rules, aiming to identify growth logic and collaboration opportunities in an uncertain market environment [2] - Li Chunbo, Chairman of Citic Lyon, shared insights on the resilience of the Hong Kong stock market, indicating that 2025 will be a turning point for asset valuation and perception in China, with a shift towards tech-driven enterprises like chips and AI [2] - The report on CVC development in China for 2025 highlighted a significant drop in new fund registrations, with over one-third of new funds registered in Zhejiang, Guangdong, and Shandong, and Lenovo Capital leading in investment events [4] Group 2 - The first roundtable discussion on "AI Investment New Landscape" emphasized a shift in AI investment logic from chasing star teams to focusing on product-market fit and commercialization capabilities, predicting 2026 as a year of explosive AI application growth [6] - The second roundtable on "How AI Reshapes Automotive Intelligence" discussed the importance of high-quality real-world data and safety validation in overcoming technological gaps, with B-end closed scenarios already demonstrating viable business models [8] - The third roundtable on "How Hard Technology Venture Capital Can Be 'Friends of Time'" stressed the need for capital to provide comprehensive industry empowerment beyond funding, to help navigate the challenges from lab to mass production [10] Group 3 - The fourth roundtable on "2026, the Triple Concerto of Globalization: Rules, Markets, Technology" highlighted the evolution of Chinese enterprises' overseas strategies from product export to ecosystem and supply chain expansion, with Southeast Asia being a primary market due to geographical and cultural advantages [12] - The conference facilitated discussions on breaking industry barriers and achieving consensus on cross-border collaboration and ecosystem building, aiming to inject strong momentum into the technology innovation industry for 2026 [14] - The upgrade of the Corporate Venture Capital Alliance to the Corporate Innovation Venture Capital Alliance in 2024 aims to enhance the synergy between large enterprises' internal investments and innovations, accelerating the application of innovations [15]

Core Viewpoint - The event "Linking Global Capital, Driving AI and Technological Innovation Overseas" highlighted the growing synergy between mainland China and Hong Kong in the fields of AI and hard technology, emphasizing the importance of strategic cooperation and capital exchange for the future of technological innovation [4][6]. Group 1: Event Overview - The event was successfully held in Hong Kong, gathering over 40 industry investors, family office representatives, and leaders from tech companies to discuss cutting-edge fields like AI and hard technology [3]. - The event served as a platform for strategic cooperation and showcased the mutual desire to enhance capital exchange between mainland China and Hong Kong [6]. Group 2: Key Insights from Speakers - Zhang Yuhao, CEO of FOFWEEKLY, emphasized the vitality of the markets in both regions and the role of venture capital as a crucial link between national strategy and market dynamism, predicting that investment in China's tech innovation will become a mainstream asset allocation in the next 5-10 years [4]. - Li Haoran, a member of the Hong Kong Legislative Council, pointed out that Hong Kong's advantages as an international capital hub and its legal system can facilitate the "bring in" and "go out" strategies for hard tech companies [7]. Group 3: Future Directions - The Hong Kong government has launched initiatives to support mainland enterprises going overseas, integrating policies and resources to provide one-stop support for businesses [7]. - The event marked the initiation of a long-term strategic platform aimed at establishing stable and efficient communication channels between mainland tech companies looking to expand internationally and global capital [7]. Group 4: Investment Opportunities - The event featured discussions on investment logic in hard technology and cross-border capital collaboration, providing attendees with insights into emerging trends [11]. - A project roadshow showcased high-quality projects from AI, hard technology, and biomedicine, attracting significant interest from investment institutions [11].

《中共中央关于进一步全面深化改革、推进中国式现代化的决定》提出，鼓励和规范发展天使投资、风 险投资、私募股权投资，更好发挥政府投资基金作用，发展耐心资本。培育壮大耐心资本、引导更多耐 心资本进入科技创新领域，是做好科技金融这篇大文章的应有之义。 转自：经济日报 耐心资本是指对资本回报有较长期限展望且对风险有较高承受力的资本，不以追求短期收益为首要目 标，而更重视长期回报的项目或投资活动，通常不受市场短期波动干扰。从全球实践看，耐心资本主要 来源于政府投资基金、养老基金、保险资本等，是私募创投基金、公募基金等引入中长期资金的重要来 源，能够为投资项目、资本市场提供长期稳定的资金支持，是科技创新和产业创新的关键要素保障，是 发展新质生产力的重要条件和推动力。与传统资本相比，耐心资本具有长期主义导向、价值深耕理念、 风险耐受特质，致力于获取持久稳健的回报。 科技创新更需要耐心资本的支持。科技创新是发展新质生产力的核心要素，原创性、颠覆性的科技创新 活动同时也具有创新成果的不确定性，不易产生立竿见影的投资回报，多数尚在初创期的科技企业通常 会面临融资难、融资贵等问题。耐心资本不只关注企业的短期收益状况，更看重企业的技 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the A-share market in China, particularly regarding the inflow of incremental funds and the impact of various financial instruments and investor behaviors on the stock market. Core Insights and Arguments - **Incremental Funds from Resident Deposits**: It is estimated that the scale of resident deposit migration will reach between 1 trillion to 4 trillion yuan by 2026, with an annual inflow of approximately 1 trillion yuan into the stock market. This migration is expected to enhance M2 growth, providing additional funds for the stock market [1][2] - **Insurance Funds as a Stable Investment Source**: Insurance funds are projected to contribute over 1 trillion yuan annually to the stock market. By Q3 2025, the equity asset allocation of life and property insurance companies has significantly increased, indicating a strong trend towards stock and fund holdings [1][5] - **Growth of Private and Public Funds and ETFs**: The rapid development of private equity, public funds, and ETFs is noted, with ETFs attracting many investors due to their flexibility and low costs. The annual growth potential in these areas is estimated to be between 1 trillion to 2 trillion yuan [1][6][12] - **IPO Contributions to Market Liquidity**: A-share IPOs are expected to inject several hundred billion yuan into the market annually, particularly benefiting hard manufacturing and hard technology companies during favorable market conditions [3][10] - **Impact of Resident Deposit Migration on Stock Market**: The migration of resident deposits is a crucial indicator, with significant increases in non-bank financial institution deposits suggesting that funds are gradually entering the stock market. The ratio of new resident deposits to GDP is expected to decline, indicating more funds will be available for investment [4][15] - **Long-term Role of Insurance Funds**: Insurance funds are seen as a key driver for medium to long-term capital entering the market. The allocation towards technology stocks has increased, with expectations of substantial funds waiting to enter the market in the coming years [5][8] - **Market Outlook and Slow Bull Trend**: The A-share market is anticipated to enter a slow bull phase, with long-term funds gradually allocating to equity assets. The market is expected to rely on technology and new consumption sectors in 2025, shifting focus to manufacturing in 2026 [1][7] - **Contributions from Active Funds and Private Equity**: Active funds in the secondary market contribute approximately 100 billion yuan, while private equity could bring in over 1 trillion yuan annually, especially considering stock price increases [11] - **Financing Balance and Market Expansion**: The financing balance is currently high but not at peak levels seen in 2015, indicating potential for upward movement. The annual incremental space for financing balance is estimated at around 100 billion yuan [13][14] Other Important Insights - **Investment Behavior Trends**: The gradual shift of long-term funds into equity assets is a notable trend not seen in the past two decades, with policy direction favoring a slow bull market rather than a rapid rise [7] - **Sector-Specific Investment Focus**: Future allocations by insurance funds are expected to diversify beyond financial stocks to include leading companies in sectors with favorable economic conditions [8][9]

Group 1 - The core point of the article is that Shenling Environment (301018.SZ) has signed a partnership agreement with several investment firms to jointly invest in a private equity fund focused on various high-tech industries [1] - The total investment amount for the partnership is approximately 200 million yuan, with the company committing 50 million yuan, representing a 24.99% stake in the fund [1] - The fund aims to invest in sectors related to the data center industry, hard technology, artificial intelligence, and renewable energy, including wind power, photovoltaics, and energy storage [1]

格隆汇1月7日丨申菱环境(301018.SZ)公布，根据广东申菱环境系统股份有限公司战略规划的需要，公 司于近日与时石私募基金管理（嘉兴）有限公司（简称"时石私募"）、宁波汇鑫富企业管理有限公司 （简称"宁波汇鑫富"）、深圳科士达科技股份有限公司（简称"科士达"）签订了《嘉兴沐桐股权投资合 伙企业（有限合伙）合伙协议》，各方共同投资嘉兴沐桐股权投资合伙企业（有限合伙）（简称"产业 投资基金"、"合伙企业"）。合伙企业总出资额为人民币20,010万元，公司认缴出资5,000万元人民币， 持有合伙企业24.99%的份额比例。本次投资旨在借助专业基金管理团队的力量，整合各方资源，发掘 具有高成长潜力的优质项目。通过与专业投资机构合作投资产业投资基金的方式搭建投资基金平台，投 向以数据中心产业为核心的上下游产业链、硬科技、AI及新能源(风电、光伏、储能）等相关领域，有 利于公司紧跟产业发展趋势，拓展业务机会。 ...

格隆汇1月7日丨申菱环境(301018.SZ)公布，根据广东申菱环境系统股份有限公司战略规划的需要，公 司于近日与时石私募基金管理（嘉兴）有限公司（简称"时石私募"）、宁波汇鑫富企业管理有限公司 （简称"宁波汇鑫富"）、深圳科士达科技股份有限公司（简称"科士达"）签订了《嘉兴沐桐股权投资合 伙企业（有限合伙）合伙协议》，各方共同投资嘉兴沐桐股权投资合伙企业（有限合伙）（简称"产业 投资基金"、"合伙企业"）。合伙企业总出资额为人民币20,010万元，公司认缴出资5,000万元人民币， 持有合伙企业24.99%的份额比例。本次投资旨在借助专业基金管理团队的力量，整合各方资源，发掘 具有高成长潜力的优质项目。通过与专业投资机构合作投资产业投资基金的方式搭建投资基金平台，投 向以数据中心产业为核心的上下游产业链、硬科技、AI及新能源(风电、光伏、储能）等相关领域，有 利于公司紧跟产业发展趋势，拓展业务机会。 ...

人民财讯1月7日电，申菱环境（301018）1月7日公告，公司参与投资嘉兴沐桐股权投资合伙企业(有限 合伙)，认缴出资5000万元，持有合伙企业24.99%的份额比例。产业投资基金总出资额为2亿元，投资方 向以数据中心产业为核心的上下游产业链、硬科技、AI及新能源(风电、光伏、储能)等相关领域。 ...

随着公募仓位新一轮布局切换的窗口正式开启，数字经济或成为基金开年后角逐的重点。 在AI投资逻辑先硬件后软件的策略引导下，沉寂一年的数字经济赛道近期表现极为凌厉，或预示着基金在新 一年布局主线的微妙变化，公募此前配置的前四大行业有三个指向硬科技。 多位基金经理认为，新年赛道行情变化，反映公募在不同赛道间的"高低切换"与"多退少补"，也预示着基金对 AI技术从"修路"（算力基础设施建设）向"开店通车"（应用落地变现）递进转变预期强烈。 数字经济主题基金开年领跑 券商中国记者注意到，相较于硬科技主题基金，以数字经济为代表的"软科技"赛道在2025年整体表现相对平 淡。尽管股票市场的科技叙事主导了过去一年，但核心主角却围绕半导体、芯片为代表的硬科技，数字经济赛 道虽有AI技术赋能，却始终未能成为行情的主唱，数字经济主题基金在2025年的整体表现平淡，显著落后同 期的算力基金、半导体基金等硬科技产品。例如，近期弹性表现突出的申万菱信数字产业基金、银华数字经 济、中欧港股数字经济、银河康乐等基金，在2025年全年的收益率分别约为21%、32%、15%、17%。 新年开启的三个交易日，数字经济赛道表现凌厉，整体弹性在各行业 ...