证券时报记者留意到，与首批创投机构科创债相比，第二批发行机构的增信机制更趋工具化与协同性。 从增信机制来看，在第二批4家发行企业中，3家由科创债风险分担工具提供增信，通过所投企业股权或 自身股权提供反担保，构建多方风险共担机制；1家由中债信用增进公司提供市场化增信。此次拟发行 的4家民营股权投资机构分别为基石资本、同创伟业、盛景嘉成和道禾长期。Wind统计显示，盛景嘉成 和道禾长期已发行完毕。 "相比于之前主要由地方提供担保，中债增公司的风险分担工具给予发行人信用增进，提高发行规模， 延长融资周期，降低融资成本，有效补充科创投资资金。"基石资本财务总监巫双宁接受证券时报记者 采访时表示。 事实上，在此次债市科技板推出之前，创投机构尤其是民营机构发债普遍面临成本高、周期短的问题。 据证券时报记者梳理，自2017年以来，部分私募股权投资机构都尝试发行"双创债"、科创债来拓展募资 渠道，其中包括部分头部民营创投机构，如东方富海、天图投资、松禾资本、基石资本等均在不同阶段 发行过债券。 但从债券的票面利率来看，民营创投机构的利率普遍高达6%及以上。根本原因在于，债券市场对民营 企业发债主体信用评级往往比照传统金融机构 ...

此次科创债的增信创新彻底改变了这一局面。首批民营创投机构科创债发行利率显著下降，东方富海低 至1.85%，君联资本2.05%，中科创星2.10%。 继今年6月首批5家民营创投机构成功发行科创债后，第二批科创债风险分担工具支持的科创债也于日前 开展了专场路演，并定于11月26日至28日在银行间市场开启发行。 与首批创投机构科创债相比，第二批创投机构科创债在增信机制、期限设置上进一步升级，并通过"增 信+投资"双轮驱动模式，有效降低融资成本、匹配科技投资周期。受访人士认为，此次创新科创债的 增信模式，标志着政策性工具对民营创投机构的支持正在从试点破冰走向常态化扩容。 增信机制升级：风险分担工具发力 票面利率大幅下降 证券时报记者留意到，与首批创投机构科创债相比，第二批发行机构的增信机制更趋工具化与协同性。 从增信机制来看，在本批4家发行企业中，3家由科创债风险分担工具提供增信，通过所投企业股权或自 身股权提供反担保，构建多方风险共担机制；1家由中债信用增进公司提供市场化增信。此次拟发行的4 家民营股权投资机构分别为基石资本、同创伟业、盛景嘉成和道禾长期。统计显示，盛景嘉成和道禾长 期已发行完毕。 "相比于之前主要 ...

Core Viewpoint - Cultivating and expanding emerging industries and future industries is key to achieving sustainable development [1] Group 1: Role of Equity Investment Funds - Equity investment funds are essential for promoting the development of new productive forces, encouraging innovation, allowing trial and error, and being tolerant of failure [2] - Government investment funds are a crucial part of China's venture capital market, representing a successful combination of an effective market and proactive government [2] - Corporate venture capital (CVC) plays a significant role in driving technological innovation and industrial development, with unique characteristics that align well with cutting-edge projects [2] Group 2: Suggestions for Sustainable Development - The equity investment fund industry should seize opportunities to contribute to sustainable development through innovative thinking and practical actions [3] - Four suggestions for promoting the sustainable development of the equity investment fund industry include improving the financial service system, cultivating patient capital, optimizing exit channels, and enhancing capabilities to empower sustainable development [3] - Developing pension funds and long-term life insurance as important sources of patient capital is recommended, alongside innovating the use of bank savings [3] Group 3: Empowering Invested Enterprises - Equity investment funds should comprehensively empower invested enterprises by deeply engaging in key areas such as talent, management, supply chain, and sales channels [4]

Group 1 - Shenzhen Innovation Investment Group (深创投) plays a significant role in the success of various "star enterprises" such as DJI, Yushu, Moore Threads, SenseTime, and Mindray Medical [1] - Shenzhen's guiding fund has supported over 8,000 industrial projects and helped more than 1,800 companies become "specialized, refined, unique, and innovative" enterprises, with nearly 400 companies successfully listed [4][6] - The guiding fund, established in 2015 with a scale of 100 billion RMB, operates under a "government guidance + market operation" model, allowing professional fund management institutions to manage daily operations without government intervention [1][2] Group 2 - Since its inception, the Shenzhen guiding fund has mobilized nearly 500 billion RMB in capital through 13 government investment guiding funds, establishing over 300 sub-funds [2] - The guiding fund focuses on strategic emerging industries and future industry clusters, providing substantial capital support to key segments of the industrial chain and high-quality innovative projects [4][6] - The fund emphasizes collaboration with various stakeholders, including national and provincial funds, to enhance the effectiveness of fund utilization and resource allocation [6][12] Group 3 - The guiding fund's operational principles include "government guidance, market operation, collaborative synergy, risk prevention, and patient tolerance," ensuring a market-oriented and professional approach [5] - The fund has shifted its investment strategy to focus on specific industry clusters, establishing a "20+8" industrial fund group targeting 20 strategic emerging industries and 8 future industry clusters [6][11] - The fund aims to create a multi-dimensional capital ecosystem by linking fiscal funds with social and industrial capital, focusing on "bottleneck" areas and cutting-edge tracks [11][12] Group 4 - The guiding fund has implemented measures to stimulate investment in hard technology early-stage projects, including increasing venture capital supply and optimizing performance evaluation methods [7][8] - The selection criteria for fund managers emphasize experience in equity investment, sound risk control mechanisms, and the ability to provide industry-specific insights and resources [8][9] - Shenzhen aims to build a more internationally competitive venture capital center by innovating policies and constructing a collaborative ecosystem that integrates various funding sources and research institutions [10][11]

Group 1 - SoftBank Group plans to lead a group of Indian startup founders to Silicon Valley next month to explore artificial intelligence technology, aiming to inject more AI elements into its investment portfolio [1] - Sumer Juneja, head of investments for SoftBank Vision Fund in Europe, the Middle East, Africa, and India, stated that the company is assisting its portfolio companies in adopting AI technology and has arranged for founders to engage with top companies in the field [1] - SoftBank intends to arrange for up to 20 Indian startup founders to participate in the trip, with investments in companies such as Oyo, Ola, and Swiggy [1] Group 2 - SoftBank has been active in the venture capital space but paused investments due to investor disappointment with loss-making startups, resuming investments in the second quarter of this year [1] - The company currently has over $40 billion in cash and is preparing for the IPO of chip design company Arm to raise additional funds [1] - Juneja emphasized the importance of having a top-tier technology team and being in an industry that can leverage AI to enhance business model efficiency when considering new investments [1] Group 3 - The rise of ChatGPT has led investors to accelerate support for AI companies, with Juneja warning that many industries, including SaaS, could see a significant number of companies become redundant if they fail to quickly utilize AI technology [1] - The biggest challenge today is how to fully leverage AI technology [1] - SoftBank has invested over $140 billion in startups since the establishment of the Vision Fund in 2017, supporting the development of new technologies like AI [2]

Core Insights - The meeting held on November 26 focused on empowering high-quality development in Shandong Province through financial and industrial collaboration [1] - Two investment funds, the China-New Ruixin Smart Fund and the KJJS Fund, are being established to invest in green low-carbon, life sciences, and advanced manufacturing sectors in Shandong [1][2] Group 1: Fund Details - The China-New Ruixin Smart Fund has a total scale of 500 million yuan, with an initial phase of 200 million yuan, co-established by Ruixin Venture Capital and other institutions [1] - The KJJS Fund will focus on life sciences and advanced manufacturing, initiated by Ruixin Venture Capital in collaboration with Jinan Lixia Holding Group and Zibo High-tech Investment [2] Group 2: Strategic Focus - The China-New Ruixin Smart Fund aims to support Shandong's industrial transformation towards high-end, intelligent, green, and clustered development, aligning with the "dual carbon" goals [1] - The KJJS Fund will leverage the Longling High-tech Biopharmaceutical Industrial Cluster as a key platform for project incubation and development in the life sciences sector [2] Group 3: Institutional Role - Ruixin Venture Capital is recognized as the largest professional venture capital institution in Shandong, actively collaborating with various cities to establish market-oriented funds tailored to local economic development [2]

Core Insights - The issuance of technology innovation bonds (科创债) has effectively addressed challenges such as small scale, short duration, and difficulty in credit enhancement, injecting stable and patient capital into the venture capital industry [2][3] - As of November 21, 230 technology companies and 46 private equity institutions have issued technology innovation bonds totaling over 530 billion yuan, indicating strong market activity and interaction between product innovation and financing for tech companies [2][4] Group 1: Market Activity - The technology innovation bond market has seen 230 tech firms and 46 private equity institutions participate, with a total issuance exceeding 530 billion yuan [2][4] - Notably, 55 private enterprises have issued 107.4 billion yuan in technology innovation bonds, representing 20% of the total issuance in the interbank market and 88% of the total for private enterprises [4] - Four private equity institutions are set to issue a combined 930 million yuan in technology innovation bonds, reflecting increased participation from private equity under supportive policies [2][4] Group 2: Structural Changes - The average duration of technology innovation bonds has extended to over three years, with more than 60% of the issuance being five years or longer, aligning better with the long-term nature of tech development [5] - The introduction of risk-sharing tools has been a key innovation, alleviating concerns for both issuers and investors, and enhancing the financing chain for tech innovation [6][8] Group 3: Investment Focus - The funds raised through technology innovation bonds are being directed towards critical sectors such as integrated circuits, artificial intelligence, biomedicine, and new materials, demonstrating a strong leverage effect in promoting investment [6][7] - The establishment of the technology innovation bond market has accelerated the pace of setting up venture capital funds, with significant investments already made in "hard tech" companies across various innovative fields [7] Group 4: Future Directions - Industry experts suggest that improving risk tolerance and focusing on non-financial indicators like intellectual property strength and R&D investment are essential for better serving tech innovation [3] - The collaborative risk-sharing mechanisms being developed are expected to further enhance the long-term capital sources for private equity institutions, supporting the growth of "hard tech" enterprises [8][9]

Core Viewpoint - The article highlights the renewed interest of foreign LPs in China's primary market, contrasting with the relative quietude of 2023-2024, indicating a positive shift in fundraising, talent acquisition, and institutional arrangements [4]. Group 1: Foreign Investment in Shanghai - On November 23, Shanghai Kechuang Fund signed a QFLP cooperation and investment intention agreement with Singapore's Yonglong Xinghe, planning to establish a QFLP fund with a scale of 500 million yuan to invest in the Shanghai Kechuang Phase III Fund [7]. - This collaboration aims to broaden financing channels for Shanghai's tech enterprises, particularly those in growth stages and high-tech sectors, providing stable and patient funding support [8]. - The international investment perspective and industrial resources from firms like Yonglong Xinghe will help connect invested companies with global markets, enhancing their international operational capabilities [8]. Group 2: Return of Foreign LPs - The primary market in 2025 is showing signs of new opportunities, with positive changes in fundraising trends and talent demand, indicating a warming sentiment among dollar funds [10]. - There has been a noticeable increase in recruitment for dollar IR positions, reflecting a shift in strategy as institutions prepare to restart fundraising or expand overseas operations [10]. - Various regions are actively working to attract foreign capital, exemplified by Shenzhen's recent announcement of a plan to attract global sovereign funds, aiming to deepen cross-border capital cooperation [11]. Group 3: Policy Signals and Market Sentiment - The Shanghai Stock Exchange has emphasized its commitment to expanding institutional openness and cross-border financing channels, signaling a shift from short-term trading to long-term value investment based on industrial competitiveness [12]. - The change in foreign attitudes towards Chinese assets is driven by a rediscovery of asset value, with a clear preference for investing in sectors like AI, reflecting a new recognition of China's innovative capabilities [12][14]. - The re-evaluation of the value of Chinese assets by international capital is influenced by policy benefits, technological innovations, supply chain resilience, and improved exit channels [14].

将投中网设为"星标⭐"，第一时间收获最新推送 " 创投的下一个黄金时代会更伟大。 " 对话嘉宾丨 靳海涛 杨晓磊 编辑丨 刘燕秋 韦香惠 来源丨 投中网 都知道，我们最近出了一本书，《中国风险投资史》。一整年，围绕这个话题，我们还策划了一系列访谈，本文就是其中一场 对话实录。捋一捋人民币基金的图谱，无论是作为深创投曾经的掌舵人，还是前海母基金的董事长，靳海涛都是一个绕不开的 关键人物。 在对杨晓磊的后采中，我们谈到一个有趣的现象——往期《拾日谈》很少对话人民币基金的管理人。这本身正是人民币基金在 中国创投行业现状的一个缩影。如今在风险投资生态中体量巨大的人民币基金，似乎没有那么擅于塑造品牌，也无意于抢夺话 语权和定义价值观，因而在创投舆论场上总显得沉默。 追本溯源，本文刚好能解答外界对于人民币基金的一些困惑：它从何处来，被什么推动，有着怎样的行事逻辑，又将向何处 去。对历史的回顾也有助于思考另一个问题：所谓的来自硅谷的那套"正统"风险投资游戏规则就一定是对的，好的吗？必须被 奉为圭臬吗？硬要拿那套标准来套在人民币基金身上，是否有失公平？ 如果把目光聚焦在靳海涛这个人身上，这无疑是一个了不起的人民币风格的投资家 ...

一、关联交易的基本概述 2025年6月4日，鲁信创业投资集团股份有限公司（以下简称"鲁信创投"、"公司"）披露了《关于公司及 全资子公司受让基金份额暨关联交易的公告》（公告编号：临2025-16），公司以人民币16,638.49万元 的价格受让山东省国际信托股份有限公司（以下简称"山东国信"）持有的山东省鲁信新旧动能转换创投 母基金合伙企业（有限合伙）18.20%份额，由全资子公司山东省高新技术创业投资有限公司（以下简 称"高新投"）以人民币3,715.88万元的价格受让山东国信持有的安徽鲁信皖禾科技创新创业股权投资基 金（有限合伙）8%份额，评估基准日2024年12月31日至产权交割日期间的损益由鲁信创投、高新投分 别享有。 证券代码：600783 股票简称：鲁信创投 编号：临2025-35 债券代码：155271 债券简称：19鲁创01 债券代码：163115 债券简称：20鲁创01 债券代码：137784 债券简称：22鲁创K1 债券代码：240884 债券简称：24鲁创K1 鲁信创业投资集团股份有限公司关于公司及全资子公司受让基金份额暨关联交易 进展公告 本公司董事会及全体董事保证本公告内容不存在任何 ...