直接或间接投资于中国境内的智能制造、新信息技术、半导体等相关领域的私募股权投资基金（包括但 不限于IPO战配基金）、未上市企业、上市企业非公开发行和交易的普通股（含上市公司定向增发、大 宗交易、协议转让等），也可以投向其他行业和领域的私募股权投资基金或企业/项目。闲置资金（包 括但不限于待投资、待分配及费用备付的现金资产）可投资于银行活期存款、国债、中央银行票据、货 币市场基金等中国证监会认可的现金管理工具。 格隆汇7月31日丨荣泰健康(603579.SH)公布，公司与深圳丰厚沃天创业投资有限公司（简称"丰厚沃 天"）签订了《天津鼎汇二号股权投资合伙企业（有限合伙）合伙协议》，在确保满足日常经营资金需 求、总体投资风险可控的前提下，为了进一步拓展新兴领域的投资，充分利用专业机构的经验和资源， 公司作为有限合伙人以自有资金人民币1,000万元出资认购天津鼎汇的基金份额，持股比例占合伙企业 目前已募集认缴出资总额的10.3648%。 ...

一是要以专业的眼光发现价值。当前国内外经济形势风云变幻，机会和挑战并存，创投机构要进一步摒 弃短期思维，超越简单的财务模型和短期估值，以更敏锐的产业洞察力、更深厚的专业积淀，以望远镜 的远见和放大镜的细致穿透市场迷雾，坚持投早、投小、投硬科技，唤醒和发现价值，助力更多成长 型、创新型企业脱颖而出。 二是要以优质的服务培育价值。在国有资本、金融机构加码入场的行业新格局之下，我们应把创投行业 本身的价值进行延伸和深化。创业投资价值远不止资金的注入，创投机构应该并能够成为创业企业的长 期合伙人，为创业企业构建强大的增值服务体系，不断拓展投后赋能的广度和深度，呵护陪伴新技术从 实验室到走下生产线，转化为可感可及的新动能。 三是要以开放的心态做大价值。要实现科技创新活力持续迸发，离不开市场各方面共建开放、包容的创 新生态。以当前备受资本关注的人形机器人、AI大模型等新技术、新产业（300832）为例，尽管大家 都认为这是引领未来产业变革、经济高质量发展的新动能，但仍面临商业转化和资本退出通道不确定性 的挑战，创投机构应与科研院所、产业资源、各金融要素主体、地方政府携手共进，共同耐心培育适合 前沿技术生长的土壤，构建充满 ...

珠三角作为中国改革开放的前沿阵地，创投发展在当下经济环境中具有至关重要地位。2025年，广 东省出台《进一步促进创业投资高质量发展行动方案》，重点优化政府引导基金考核机制，强调容错免 责；加大险资入粤力度，支持保险机构投资创投基金；完善创业投资退出机制，推动IPO绿色通道、S 基金试点，并强化"贷款+直投"联动，鼓励银行等机构与创投机构合作。 "这一份省级文件始终坚持以企业为主体，以创投为导向。"周汉民说。 在周汉民看来，珠三角创投发展有四大作用。一是产业升级的"加速器"。通过定向布局高精尖产 业，珠三角创投凭借资金倾斜和产业引导，紧密围绕半导体、人工智能、低空经济、新能源、生物医药 等新兴产业，推动科技创新与产业创新深度融合。除本土资本外，珠三角创投的特点之一是积极引入港 澳及国际资本，形成"政府引导+社会参与+国际联动"的资金格局。他同时指出，广东应将创投活动与 人才引进政策深度结合，以破解人才与技术瓶颈。 二是创新生态的"培育器"。珠三角作为"世界工厂"，拥有电子信息、高端装备、生物医药等万亿级 产业集群，为创投提供了丰富的优质项目储备。为赋能中小企业颠覆性创新，珠三角创投突破对传 统"大院大所"的依赖 ...

Group 1: Investment Landscape - Venture capital has become a crucial tool for local economic development in China, with cities focusing on government investment funds and optimizing the investment ecosystem [1] - The 2024 China Urban Venture Capital Vitality Index ranks Shanghai, Shenzhen, and Beijing as the top three cities, indicating a significant lead over other cities [2][1] - The report highlights a downward trend in venture capital vitality indices from 2018 to 2024, with Beijing experiencing the most significant fluctuations [5] Group 2: Fundraising Insights - Beijing leads in fundraising index due to its concentration of top financial institutions and national funding platforms, followed by Shanghai and Suzhou [7] - The overall fundraising index for the top 10 cities has seen significant fluctuations and a general decline from 2018 to 2024, with only Beijing showing a slight increase in 2024 due to national fund contributions [10] Group 3: Investment Performance - Shanghai ranks first in investment index for 2024, with Beijing and Shenzhen following closely, indicating a competitive investment environment among top cities [11] - The number of funded projects and investment events in Shanghai and Shenzhen accounts for 37% of the total in the top 10 cities, showcasing their role as innovation engines [13] Group 4: Exit Strategies - Shenzhen leads in exit index, breaking the dominance of Beijing and Shanghai in fundraising and investment, highlighting its efficiency in capital exit [15] - The strong performance of the Yangtze River Delta region is noted, with cities like Suzhou and Hangzhou making it into the top 10 for exits [15] Group 5: Innovation Capacity - The innovation capacity index is closely linked to venture capital vitality, with Beijing, Shanghai, and Shenzhen leading in both indices [17] - Beijing's innovation strength is bolstered by its national laboratories and top universities, while Shanghai benefits from its industrial advantages [19] Group 6: Sector Concentration - The semiconductor and integrated circuit sector is identified as the core area of investment across major cities, with significant capital concentration [20] - The healthcare sector, driven by biopharmaceuticals and medical devices, remains a hot area for investment, with multiple cities ranking highly in these fields [21] Group 7: Regional Characteristics - Beijing focuses on artificial intelligence as its primary investment sector, while Shenzhen excels in computer vision, reflecting the deep connection between local resources and capital choices [22] - Suzhou and Hangzhou are emerging as strong players in venture capital and innovation, with significant investment activity reported in 2024 [22] Group 8: Shenzhen's Growth - Shenzhen's private equity and venture capital funds are growing, with a notable increase in LP contributions and a high number of investment events in 2024 [23] - The Guangming District in Shenzhen is highlighted for its ability to attract external funding, with a significant portion of its capital coming from outside the region [23][24]

Group 1 - The core viewpoint of the article emphasizes that Guangming District is rapidly becoming a new hub for technological innovation, industrial development, and investment entrepreneurship, supported by optimal policies and services [1][2]. - Guangming is accelerating the construction of a world-class science city and aims to establish a comprehensive national science center in the Greater Bay Area, focusing on a core area known as "One City, Three Districts" [1][2]. - The district has established 23 major technological innovation platforms, with significant advancements in synthetic biology, brain research, and materials genetics, and has attracted a high concentration of talent, including 59 academicians and over 19,000 various talents [1][2]. Group 2 - Guangming District is focusing on three main industrial directions: life and health, new generation information technology, and artificial intelligence, forming a "3+3+1" key industrial cluster [2]. - The district has gathered nine billion-level enterprises, 35 listed companies, and 1,921 enterprises above designated size, showcasing its industrial strength and innovation capabilities [2]. - A comprehensive and efficient technology finance support system is being established, including the creation of a national science center venture capital fund and various industry funds, to stimulate innovation and industrial vitality [2]. Group 3 - The article highlights a recent event where nearly 40 representatives from venture capital institutions and industry experts visited Guangming to explore its technological innovation landscape [4][5]. - The visit included a tour of the Weiguang Life Science Park, which focuses on the transformation of scientific achievements and houses over 40 enterprises and research institutions [5]. - The Guangming District's urban planning exhibition showcased its strategic vision for becoming a world-class science city, receiving positive feedback from visitors regarding its vibrant development and business environment [6].

Core Viewpoint - Venture capital has become a crucial lever for local economic development in China, with cities actively enhancing their investment environments and attracting quality investment institutions and innovative enterprises [1]. Group 1: City Venture Capital Activity - The 2024 China City Venture Capital Activity Index ranks Shanghai, Shenzhen, and Beijing as the top three cities, showing a significant lead over other cities [3]. - From 2018 to 2024, the overall trend of city venture capital activity indices has shown a fluctuating decline, with Beijing experiencing the most significant drop from 4302 in 2020 to 2166 [6]. - In terms of fundraising, Beijing ranks first due to its concentration of top financial institutions and national-level funding platforms, followed by Shanghai and Suzhou [8][11]. Group 2: Investment Trends - Shanghai leads the investment index in 2024, with Beijing and Shenzhen following closely behind, indicating a strong investment cluster in the Yangtze River Delta [12]. - The number of investment projects and financing events in Shanghai and Shenzhen accounts for 37% of the total in the top 10 cities, highlighting their roles as innovation engines [14]. Group 3: Exit Efficiency - Shenzhen has the highest exit index, breaking the previous dominance of Beijing and Shanghai in fundraising and investment, showcasing its exit efficiency advantage [15]. Group 4: City Innovation Power - The city innovation power index is closely linked to venture capital activity, with Beijing, Shanghai, and Shenzhen leading in both indices, indicating a symbiotic relationship between innovation and venture capital [19]. - Beijing's innovation power is bolstered by its national laboratories and top universities, while Shanghai benefits from its leading enterprises [20]. Group 5: Sector Concentration - The semiconductor and integrated circuit sector is the dominant investment area across major cities, with significant capital concentration [21]. - In terms of regional characteristics, Beijing leads in artificial intelligence, while Shenzhen excels in computer vision, reflecting the deep integration of local industrial resources and capital choices [22]. Group 6: Investment Activity in Key Cities - In 2024, Suzhou recorded 697 financing events with an estimated total financing amount of 272.67 billion, while Hangzhou had 577 events with 212.47 billion [22][23]. - Shenzhen's venture capital ecosystem is growing, with a notable increase in registered LP contributions, reaching 127.5 billion in 2024 [25].

7月25日，第十三届创业投资大会暨全国创投协会联盟走进光明科学城活动，在深圳成功举行，来自全国20多个省市的创投协会相关负责人，超300家创投机构， 以及上市公司、产业资本、券商投行、创业企业等共计超500人参会，大会围绕创投行业新形势踊跃交流，为行业发展建言献策。以下撷取部分嘉宾观点。 证券时报社党委书记、社长兼总编辑程国慧：持续发挥创投科技创新"引擎"作用 7月25日，证券时报社党委书记、社长兼总编辑程国慧在第十三届创业投资大会暨全国创投协会联盟走进光明科学城活动上发表致辞，深入剖析当前创投行业的发 展态势与未来方向。 证券时报社党委书记、社长兼总编辑程国慧 程国慧回顾，去年第十二届创业投资大会在上海张江举办时，创投行业正经历全流程堵点带来的阵痛。而如今，市场已逐步走出低谷，呈现显著回暖迹象。募资 端，今年上半年机构LP认缴出资额同比大幅提升50%，终结了2020年以来的连续下滑趋势；投资端，整体投融资规模降幅从去年同期的50%收窄至5%，显现探 底信号；退出端，2025年上半年131家中企在A股、港股和美股上市，其中56%获VC/PE支持，港股IPO表现亮眼，并购、回购等多元化退出方式日益成熟。 在数据 ...

Group 1: Core Views - The venture capital industry is currently in a phase of fundraising recovery and exploring diverse exit channels, with patient capital accelerating its entry into the market [1][3] - Full-chain collaboration is identified as a key strategy for breaking through challenges in the industry [1][7] Group 2: Fundraising Market Trends - The overall fundraising market is in a recovery phase, with a projected decline of 20.8% in 2024, narrowing to 2.9% in Q1 2025, indicating a gradual restoration of market confidence [4] - The role of state-owned guiding funds has shifted from a "招商思维" (investment attraction mindset) to an "产业构建思维" (industry construction mindset), focusing on matching industrial resources [4] - Patient capital is becoming a significant trend, with long-term funds from banks and insurance companies increasingly entering the venture capital space, exemplified by Guangzhou Industrial Investment's establishment of 9 financial asset investment companies totaling 150 billion [4] Group 3: Exit Strategies - Innovation and balance in exit strategies are crucial for venture capital institutions, with a focus on achieving a Distribution to Paid-In (DPI) ratio of at least 1 for Limited Partners (LPs) [5][6] - The diversification of exit channels is showing positive results, with the introduction of S funds as a new exit route gaining traction among institutions [6] - The current hot IPO market in Hong Kong is viewed as a short-term liquidity solution rather than a long-term stable option, while reforms in the A-share market present new opportunities for unprofitable hard tech companies [6] Group 4: Industry Development and Collaboration - Long-termism and value investing are emphasized as core principles for overcoming industry challenges, with a focus on high Internal Rate of Return (IRR) to support overall fund DPI [7] - Full-chain collaboration is being adopted by many state-owned enterprises, leveraging mother funds to attract social capital and focusing on key nodes in the industrial chain [7] - Suggestions for future industry development include structural problem-solving, embracing change while maintaining core principles, and deepening engagement in hard tech sectors [7]

证券之星消息，根据天眼查APP数据整理，近日，共青城优创超越创业投资合伙企业(有限合伙)成立， 法定代表人为深圳蓝海优创基金管理有限公司，注册资本2102万元，经营范围包含：一般项目：以私募 基金从事股权投资、投资管理、资产管理等活动(须在中国证券投资基金业协会完成登记备案后方可从 事经营活动)，创业投资(限投资未上市企业)(除依法须经批准的项目外，凭营业执照依法自主开展经营 活动)。天眼查APP股权穿透显示，该公司由中光防雷、深圳蓝海优创基金管理有限公司、王明望等共 同持股。 数据来源：天眼查APP ...

数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，华夏致远创业投资基金(北京)合伙企业(有限合伙)成 立，法定代表人为华夏股权投资基金管理(北京)有限公司，注册资本3500万元，经营范围包含：一般项 目：创业投资(限投资未上市企业)；以私募基金从事股权投资、投资管理、资产管理等活动(须在中国证 券投资基金业协会完成登记备案后方可从事经营活动)。(除依法须经批准的项目外，凭营业执照依法自 主开展经营活动)(不得从事国家和本市产业政策禁止和限制类项目的经营活动。)。天眼查APP股权穿透 显示，该公司由昭衍新药、华夏股权投资基金管理(北京)有限公司、乐普(北京)医疗器械股份有限公司 共同持股。 ...