近年来，创投作为推动经济高质量发展的重要引擎，战略地位日益凸显。一方面，中央层面高频、高度 关注创投，顶层制度设计不断出台；另一方面，地方借力创投实现经济高质量发展的需求愈发迫切，创 投行业迎来新的发展机遇。与此同时，行业对于能破解发展难题、指引前行方向的专业智库期盼已久。 基于此，证券时报·全国创投协会联盟于7月25日在证券时报第十三届创业投资大会上，正式设立全国创 投协会联盟智库中心（以下简称"创投智库"）。 证券时报·全国创投协会联盟自成立以来，致力于凝聚行业力量，共塑创投生态。2023年6月9日，在第 十一届中国创业投资论坛上，证券时报携手中国投资协会股权和创业投资专业委员会、深圳市创业投资 同业公会牵头倡议，中关村、上海、广东、江苏、浙江、安徽、山东、湖北、四川、杭州等省 (市、区) 创投协会联合发起成立了全国创投协会联盟，旨在促进各成员间信息沟通、业务合作、资源共享、调查 研究、经验交流、政策协调和行业自律。截至目前，联盟成员已增加到30个，覆盖了主要的经济大省、 金融强市，已然成为推动我国创投行业发展的重要力量。 创投智库成立后，将以智慧驱动创投行业高质量发展，致力于打造成为行业创新变革的 "思 ...

Group 1 - The venture capital industry in China is emerging from a downturn, showcasing three major trends: the implementation of specific policies to promote venture capital, the expansion of long-term funding for early-stage investments, and the diversification of exit channels for equity investments [1] - The government has established a trillion-level venture capital guidance fund to enhance the scale of long-term capital for venture investments, addressing previous fundraising challenges [1] - There is a notable increase in the speed of quality companies going public and a rise in the merger and acquisition market, which is facilitating a positive cycle of capital entry and exit in the venture capital sector [1] Group 2 - Despite alleviating fundraising and exit difficulties, the venture capital industry faces challenges such as weak project investment capabilities and inadequate post-investment management, leading to a situation of "large but not strong" [2] - There is an urgent need for market-driven optimization and restructuring within the industry to enhance the quality of venture capital management and services [2] Group 3 - The upcoming "15th Five-Year Plan" will prioritize the integration of technological innovation and industrial innovation, with a focus on transforming scientific achievements into productive forces [3] - The venture capital sector is expected to play a crucial role in supporting high-quality development, with initiatives aimed at attracting social capital and improving tax policies for venture investments [3] - There is a call for local venture capital associations and institutions to conduct in-depth research on significant issues affecting the industry's development over the next five years [3]

Core Insights - The venture capital industry is showing signs of recovery, with significant improvements in fundraising and investment activities compared to previous years [1][2] - The industry is undergoing profound changes, with a focus on nurturing high-quality projects and adapting to new policies that encourage long-term investments [1][2] Fundraising - In the first half of this year, the amount pledged by institutional LPs increased by 50% year-on-year, ending a continuous decline since 2020 [1] - The overall scale of investment and financing saw a reduction in decline from 50% in the same period last year to just 5% [1] Investment - A total of 131 Chinese companies went public in A-shares, Hong Kong, and US markets in the first half of 2025, with 56% receiving support from VC/PE [1] - The Hong Kong IPO market has shown strong performance, and diverse exit strategies such as mergers and acquisitions are becoming more mature [1] Industry Transformation - The emergence of high-quality projects like DeepSeek, Yushu Technology, and Yingshi Innovation highlights the international competitiveness of Chinese technology brands [1] - Policies such as "Venture Capital Seventeen Articles" and "State Council No. 1 Document" are being introduced to attract long-term capital from banks, insurance funds, and social security [1] Value Creation - The venture capital industry is encouraged to adopt a long-term perspective, moving beyond short-term financial models to discover and nurture value [2][3] - There is a call for venture capital firms to extend their value beyond mere funding, acting as long-term partners to startups and enhancing post-investment support [2] Ecosystem Development - The industry is urged to foster an open and inclusive innovation ecosystem, collaborating with research institutions, industry resources, and local governments to support the growth of innovative technologies [3] - The focus is on creating a vibrant and resilient technological innovation ecosystem that supports the entire lifecycle of innovative enterprises [3]

长期以来，返投要求始终是创投机构与地方政府投资基金合作中的核心矛盾点，既制约了基金的市场化 运作效率，也导致实际效果与政策初衷出现偏差。业内一线投资人普遍认为，"基金注册本地化+硬性 返投任务"的传统管理模式，已难以适配当前资本市场的发展节奏。 具体来看，记者与业内人士交流了解到，传统返投模式的弊端集中体现在两个层面：一方面，投资机构 为满足地域限制，被迫将目光局限于特定区域的固定赛道，可能错失全国范围内更优质的科创项目，制 约了资本配置效率；另一方面，部分机构为完成指标，通过设立空壳公司等"假返投"手段规避监管，不 仅背离了引导基金支持科技创新的初心，更造成地方产业重复建设、财政资源浪费等问题。这种现象在 欠发达地区尤为突出——由于本地缺乏符合要求的项目，部分管理人不得不"为返投而投资"，陷入"乱 投资""重复投资"的困境。 追根溯源，"返投难"的核心症结在于产业定位与区域禀赋的错配。当前，多数地方政府投资基金扎堆聚 焦人工智能、生物医药、新能源、高端装备制造等战略性新兴产业，但这类产业与不同区域的优势产业 未必匹配，导致基金管理人难以找到真正优质的返投标的。 政府投资基金正逐步迈入科学规范、提质增效的新阶 ...

Core Viewpoint - The meeting organized by the Shandong Provincial Development and Reform Commission aims to leverage state capital to promote high-quality development in venture investment in Binzhou City [1] Group 1: Policy and Framework - The meeting discussed the interpretation of the Shandong Provincial venture investment development subsidy fund application policies [1] - Participants exchanged views on the "3+3+N" fund matrix, the collaboration between state-owned enterprises at the municipal and county levels, and the review of subsidy fund applications [1] Group 2: Investment Initiatives - Binzhou City has emphasized the role of state-owned enterprises as demonstrative leaders, organizing annual meetings to promote venture investment [1] - The city has initiated multiple venture capital funds with a total scale exceeding 2 billion yuan, focusing on the "5210N" industrial cluster [1] Group 3: Future Plans - The Binzhou Development and Reform Commission plans to further implement national, provincial, and municipal policies that encourage state-owned enterprises to develop venture investments [1] - There will be efforts to strengthen collaboration with state-owned assets, technology, and finance departments, and to establish a platform for government-investor-enterprise connections [1]

《浙江省关于科技金融赋能创新浙江建设 因地制宜发展新质生产力的若干举措（征求意见稿）》公开 征求意见。其中提到，增进跨境投融资便利程度。用好合格境外有限合伙人（QFLP）试点政策，引导 境外创业投资机构合规开展跨境投资，到2027年，合格境外有限合伙人（QFLP）、合格境内有限合伙 人（QDLP）试点基金规模突破400亿元。支持开展"科汇通"试点，允许境外科研资金直接汇入外资非企 业科研机构。推进科技型企业跨境融资便利化试点，支持符合条件的高新技术、" 专精特新"和科技型 中小企业可在不超过等值1000万美元额度内自主借用外债。 ...

Core Viewpoint - The 13th Venture Capital Conference highlighted the importance of venture capital in supporting technological innovation and emphasized the need for a robust ecosystem to foster growth in the industry [1][2][3]. Group 1: Event Overview - The conference took place on July 25 in Shenzhen Guangming Science City, attracting over 500 participants from more than 20 provinces, including venture capital associations, investment institutions, and startups [1]. - The theme of the conference was "New Trends, Quality Wins the Future," focusing on the current state and future of the venture capital industry [1]. Group 2: Industry Insights - The venture capital industry is experiencing a partial recovery, with a rational restoration of its dynamics, as stated by Cheng Guohui, the president of Securities Times [1]. - The Guangming District is building a world-class science city, establishing a comprehensive innovation ecosystem that includes basic research, technology breakthroughs, and financial support [2]. - The Pearl River Delta is recognized as a key area for venture capital development, leveraging resources to drive economic growth and industrial upgrades [2]. Group 3: Challenges and Opportunities - Challenges in the venture capital sector include weak investment capabilities and low post-investment management levels, as noted by Shen Zhiqun, president of the China Investment Association's Private Equity and Venture Capital Committee [3]. - The establishment of the National Venture Capital Association Alliance Think Tank aims to serve as a "thought engine" and "decision-making advisor" for industry innovation and reform [3].

Group 1 - The 13th Venture Capital Conference was successfully held in Shenzhen Guangming Science City, focusing on the integration of technology and capital [1][3] - The conference attracted over 300 active venture capital institutions and representatives from various sectors, promoting discussions on the new trends and development of the venture capital industry [3][5] - A strategic cooperation agreement was signed between the Securities Times and the Guangming District government to enhance regional economic development and financial innovation [3][30] Group 2 - The venture capital industry is experiencing a recovery, with a focus on discovering and creating value through professional insights and quality services [5][10] - The conference highlighted the importance of artificial intelligence and hard technology sectors, with a shift in entrepreneurial focus towards these areas [16][22] - The establishment of the National Venture Capital Association Alliance Think Tank aims to provide diverse wisdom and support for the industry [3][34] Group 3 - The report on China's city venture capital vitality and innovation index ranked Shanghai, Shenzhen, and Beijing as the top three cities, indicating strong innovation capabilities and active venture capital activities [20] - The conference featured discussions on the challenges and opportunities in the venture capital sector, emphasizing the need for improved project investment capabilities and post-investment management [10][22] - The emergence of "AI for Science" is expected to create significant opportunities for new unicorn companies in various sectors, including pharmaceuticals and materials [25][28] Group 4 - The Guangming Science City is positioned as a new hub for technology innovation and investment, with a comprehensive innovation ecosystem being developed [32][33] - The conference showcased high-potential startups and innovative products, attracting interest from investors [33] - The establishment of the venture capital think tank is aimed at addressing industry challenges and enhancing collaboration among stakeholders [34][37]

Core Viewpoint - The 13th Venture Capital Conference held in Shenzhen's Guangming Science City emphasizes the integration of technology and capital, highlighting the evolving landscape of the venture capital industry and its role in driving innovation and economic development [3][5][30]. Group 1: Event Overview - The conference attracted over 300 active venture capital institutions and industry professionals from more than 20 provinces, focusing on new trends and the future of venture capital [3][5]. - A strategic cooperation agreement was signed between the Securities Times and the Guangming District government to enhance collaboration in the venture capital sector [30][32]. Group 2: Industry Trends - The venture capital industry is experiencing a recovery, with a focus on discovering and creating value through professional insights and quality services [5][7]. - The shift towards hard technology sectors such as artificial intelligence, robotics, and biotechnology is evident, as traditional entrepreneurial models decline [16][24]. Group 3: Investment Opportunities - The report on China's city venture capital vitality indicates that Shanghai, Shenzhen, and Beijing lead in venture capital activity, driven by strong innovation capabilities [20]. - The potential for "super unicorns" is seen in the intersection of artificial intelligence and data, with significant market opportunities anticipated in various sectors [25][28]. Group 4: Collaborative Efforts - The establishment of the National Venture Capital Association Alliance Think Tank aims to provide diverse wisdom and support for the venture capital industry [34][37]. - The conference highlighted the importance of collaboration among various stakeholders to address industry challenges and foster innovation [34][37].

Core Viewpoint - The venture capital (VC) industry is increasingly recognized as a vital engine for promoting high-quality economic development, with heightened attention from central authorities and the establishment of new institutional frameworks [1][3]. Group 1: Establishment of the National VC Association Alliance Think Tank - The National VC Association Alliance officially launched the National VC Association Alliance Think Tank (referred to as "VC Think Tank") on July 25 during the 13th Venture Capital Conference, aiming to address development challenges and provide guidance for the industry [1]. - The VC Think Tank will leverage the National VC Association Alliance's strong resource integration capabilities across capital, industry, and policy sectors, with members including leading VC firms, third-party data, legal, accounting service providers, and academic experts [3]. Group 2: Objectives and Functions of the VC Think Tank - The VC Think Tank plans to collaborate with third-party professional organizations to enhance the efficiency of services to the VC industry through various formats such as thematic seminars, think tank reports, news planning, industry indices, data products, and forums [3]. - The establishment of the VC Think Tank aims to drive high-quality development in the VC industry, positioning it as an "ideological engine" and "decision-making advisor" for industry innovation and transformation [4]. Group 3: Growth of the National VC Association Alliance - Since its inception, the National VC Association Alliance has focused on uniting industry forces to reshape the VC ecosystem, with membership expanding to 30, covering major economic provinces and financial cities [3]. - The alliance aims to facilitate information exchange, business cooperation, resource sharing, research, experience exchange, policy coordination, and industry self-regulation among its members [3].