（原标题：中国投资协会股权和创业投资委员会会长沈志群：创投行业呈现三大积极趋势 加速优化重 组迫在眉睫） 在7月25日举办的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，中国投资协会股 权和创业投资委员会会长沈志群在致辞中指出，创业投资行业走出低谷，开创新局，呈现三大趋势。 一是促进创投发展具体政策举措正在落实落细，密集程度之高、政策力度之大、创新突破之多，前所未 有，一个抓创投促科技的政策环境正持续优化。 二是从培育壮大耐心资本入手，大幅扩大"投早投小投创新"的创业投资长期资金规模。国家设立万亿级 的创投引导基金，发挥政府投资基金导向功能，扩大金融资产投资公司试点范围，推动保险资金进入股 权创投，支持股权创投机构发行科创债，鼓励央企和地方国资开展创投等，多年来的募资难题逐步得到 破解。 三是多样化的创投股权退出渠道正在畅通，优质企业上市不断提速，并购投资市场持续升温、模式创 新，特别是股权创投机构反向并购案例不断增加，S基金规模不断扩大等，在提高创投增量资产规模的 同时，加快对创投存量资产的优化整合，促进了创投资本从进入到退出的良性循环。 沈志群强调，我国创投行业逐步缓解了募资和退出两头难后， ...

Group 1 - The Jilin Qizhi Automotive Industry Chain Venture Capital Fund Partnership has been established with a registered capital of 1 billion yuan [1] - The fund is represented by Hongqi Private Fund Management (Jilin) Co., Ltd. and focuses on investment activities using its own funds [1] - The fund's investment scope includes venture capital limited to unlisted companies [1] Group 2 - The company is jointly held by Fuwei Co., Ltd., FAW Equity Investment (Tianjin) Co., Ltd., and Hongqi Private Fund Management (Jilin) Co., Ltd. [1]

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，该公司由乐普医疗、华夏股权投资基金管理(北京)有限公司、北京昭衍新药研究中心股份有限公 司共同持股。 数据来源：天眼查APP ...

（原标题：深交所党委委员、副总经理李鸣钟： 为新质生产力 提供"接力棒"式服务） 证券时报记者 吴少龙 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隆重举行。深交所党委委 员、副总经理李鸣钟在致辞中指出，深交所将聚焦提升制度的包容性和适应性，着力提升服务的精准性 和实效性，推动科技创新与产业创新融合发展，与深圳市、光明区以及包括创投机构在内的市场各方通 力协作，为新质生产力企业提供"接力棒"式的投融资支持和服务，助力培育壮大新质生产力。 一是持续深化创业板改革，完善适配新质生产力发展的制度机制。深交所将进一步深化创业板改革，突 出板块特色、提升板块功能，强化与产业政策协同，支持人工智能、量子信息、集成电路等突破核心技 术企业以及其他优质企业适用创业板第二套、第三套标准申报，支持科技型上市公司做优做强，推动更 多标志性改革举措和典型案例落地，促进更多资源要素向科技创新领域集聚。 二是发挥并购重组主渠道作用，大力提高上市公司质量和投资价值。深交所将进一步规范活跃并购重组 市场，支持上市公司通过并购重组实现产业整合、补链强链，增强核心竞争力，对符合条件的重组项目 精简审核流程，推动产业链升级 ...

（原标题：中国投资协会股权和创业投资委员会会长沈志群： 创投行业呈现三大积极趋势 加速优化重 组迫在眉睫） 二是从培育壮大耐心资本入手，大幅扩大"投早投小投创新"的创业投资长期资金规模。国家设立万亿级 的创投引导基金，发挥政府投资基金导向功能，扩大金融资产投资公司试点范围，推动保险资金进入股 权创投，支持股权创投机构发行科创债，鼓励央企和地方国资开展创投等，多年来的募资难题逐步得到 破解。 三是多样化的创投股权退出渠道正在畅通，优质企业上市不断提速，并购投资市场持续升温、模式创 新，特别是股权创投机构反向并购案例不断增加，S基金规模不断扩大等，在提高创投增量资产规模的 同时，加快对创投存量资产的优化整合，促进了创投资本从进入到退出的良性循环。 沈志群强调，我国创投行业逐步缓解了募资和退出两头难后，长期来被募资难和退出难掩盖的行业自身 项目投资能力不强、投后管理水平不高的问题凸显，创投行业也面临"大而不强，多而不优"的现状，管 理人才专业水平、产业知识，特别是投后管理、增值服务、赋能能力与日新月异的科技创新、产业创新 需求不相适应。他建议在继续推动国家支持创投发展各项政策真正落到实处、取得实效，让创投行业切 身 ...

Core Viewpoint - Venture capital in the Pearl River Delta (PRD) is becoming a crucial driver for regional economic transformation and development, particularly as China shifts from high-speed to high-quality economic growth [1][2]. Group 1: Role of Venture Capital - Venture capital in the PRD acts as an "accelerator" for industrial upgrading by focusing investments on high-tech industries such as semiconductors, artificial intelligence, low-altitude economy, new energy, and biomedicine [2]. - The PRD venture capital landscape is characterized by a funding structure that integrates government guidance, social participation, and international collaboration, enhancing the region's ability to attract both domestic and international capital [2]. - The development of venture capital is also seen as a "nurturer" of innovation ecosystems, leveraging the region's extensive industrial clusters to support disruptive innovation among small and medium-sized enterprises [2]. Group 2: Policy and Talent Integration - The PRD's venture capital initiatives are designed to align closely with talent recruitment policies to address talent and technology bottlenecks [2]. - Innovative recruitment models, such as "coffee + recruitment" and "recruitment night markets," have been introduced to facilitate precise matching between talent and industry needs [2][3]. - The transition from "demographic dividend" to "talent dividend" is emphasized, with initiatives like the "Yueke Rong" program supporting Hong Kong and Macau tech enterprises and promoting the transformation of intellectual property into assets [3]. Group 3: Recognition of Private Sector Contributions - The opening of the Chinese Academy of Engineering's membership to private enterprise leaders marks a significant recognition of the contributions of private innovators to the scientific community [3]. - The establishment of specific nominations for private technology leaders in the academic evaluation process is seen as a historic step towards inclusivity in scientific recognition [3].

（原标题：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） 证券时报记者 卓泳 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。 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。 在数据背后，行业生态正发生深刻变革。一方面，优质项目在创投机构的长期培育下持续涌现，DeepSeek、宇树科技、影石创新等企业的崛起， 彰显了中国科技品牌的国际竞争力；另一方面，"创投十七条""国办一号文"等政策密集出台，推动银行、险资、社保等长线资金入场，为行业注 入源头活水。 当前创投行业局部 ...

Group 1 - The core viewpoint is that the venture capital industry in China is emerging from a downturn, showcasing three major trends: the implementation of specific policies to promote venture capital development, the expansion of long-term funding for early-stage investments, and the diversification of exit channels for venture capital investments [1][2][3] Group 2 - The first trend highlights the unprecedented intensity and innovation of policies aimed at fostering a supportive environment for venture capital and technology [1] - The second trend involves the establishment of a trillion-level venture capital guidance fund, which aims to alleviate long-standing fundraising challenges by encouraging various financial institutions to participate in venture capital [1][2] - The third trend indicates that exit channels for venture capital are becoming more accessible, with an increase in quality company listings and a growing market for mergers and acquisitions, thereby enhancing the overall asset management cycle within the venture capital sector [1][2] Group 3 - The venture capital industry is facing challenges related to investment capability and post-investment management, which have been overshadowed by fundraising and exit difficulties [2] - There is a pressing need for market-driven optimization and restructuring within the industry to enhance the quality and effectiveness of venture capital entities [2][3] Group 4 - The upcoming "15th Five-Year Plan" is expected to prioritize the integration of technological innovation and industrial development, with venture capital playing a crucial role in supporting high-quality development [3] - Recommendations include attracting more social capital into venture investments, improving tax policies, and enhancing the overall quality and competitiveness of domestic venture capital brands [3]

Group 1 - The core viewpoint of the report indicates that Shanghai, Shenzhen, and Beijing are leading the Chinese venture capital market in both vitality and innovation indices for 2024 [1][2] - The report highlights a significant gap between the top three cities and the subsequent ones, showcasing a "head-led, tiered differentiation" pattern in venture capital vitality [2] - In terms of fundraising, investment, and exit indices, Beijing ranks first in fundraising due to its concentration of top financial institutions and national funding platforms [2] Group 2 - In the innovation index, Beijing maintains a clear lead, supported by national laboratories, central enterprise R&D headquarters, and top universities [2] - The semiconductor integrated circuit sector ranks among the top three in most major cities, indicating a strong capital aggregation effect [3] - The healthcare sector, particularly biopharmaceuticals and medical devices, remains highly active across multiple cities, reflecting sustained interest in the medical health field [3]

Group 1: Market Trends - The 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 [2] - Patient capital is becoming a significant trend, with long-term funds like banks and insurance companies accelerating their entry into the venture capital space, exemplified by the establishment of 9 financial asset investment companies (AIC) with a total scale of 150 billion yuan [2][3] - The shift in the role of state-owned guiding funds from "招商思维" (investment attraction mindset) to "产业构建思维" (industry construction mindset) is notable, focusing on matching industrial elements rather than short-term metrics [2] Group 2: Exit Strategies - Innovation in exit strategies is crucial, with a focus on balancing DPI (Distributions to Paid-In) and IRR (Internal Rate of Return) as a core challenge for venture capital institutions [3] - The adoption of diverse exit channels is showing initial success, with S funds becoming a significant part of investment strategies, providing a new exit route for general partners (GPs) [3] - The current IPO market in Hong Kong is viewed as a "first aid channel" rather than a "golden channel," with differing opinions on its long-term stability [4] Group 3: Industry Collaboration - Emphasizing long-termism and value investing is seen as essential for overcoming industry challenges, with a focus on high IRR to support overall fund DPI [5] - Full-chain collaboration is becoming a key strategy for many state-owned enterprises, leveraging mother funds to attract social capital and focusing on critical nodes in the industrial chain [5] - Suggestions for future industry development include structural problem-solving, embracing change while maintaining core principles, and deepening engagement in hard technology sectors [5]