21世纪经济报道记者 赵娜 报道 12月11日，中科创星宣布旗下中科创星先导创业投资基金（以下简称"基金"）完成终关募集，总规模达到40.8亿元。 自今年7月首关落地以来，该基金在不足半年内实现规模快速扩容，LP出资集聚了国家级母基金、险资、产业资本、高校资本与区域资本，为 中科创星创始合伙人米磊近年大力呼吁构建的科技金融"郑国渠"体系提供了新的实践样本。 作为国内长期深耕硬科技早期的机构，中科创星提出的"郑国渠"体系，强调以大体量、低成本、市场化的资金精准滴灌源头创新。该基金的募 资成果，是这一体系在市场化场景中的现实验证：既实现了多类型LP的协同配置，也体现出顶级LP对硬科技早期投资方式的认可。 记者了解到，中科创星先导创业投资基金的LP阵容中，国家中小企业发展基金、海淀区中关村科学城科技成长基金与蚂蚁集团等多家机构选 择"重复出资"，复投金额占比超过36%。与此同时，太保资本长航母基金、广州产投、珠海科技产业集团、南京市创投集团等机构的加入，使 得基金的LP结构呈现出"国家级母基金+险资+产业资本+高校资本+区域资本"同框的协同格局。 中科创星方面表示，科技竞争加速，也带动顶尖项目往头部科创城市聚集。上 ...

将投中网设为"星标⭐"，第一时间收获最新推送 耐心资本扩容 打造科技金融"郑国渠"体系范本 7 月 16 日，中科创星先导创业投资基金与 19 家 LP 完成首关签约，金额 26.17 亿元。 LP 包括国 家中小企业发展基金、上海国投先导人工智能基金、浦东创投、上海未来产业基金、上海科创基金、宁 波开投、台州科创、西科控股等。 本次终关签约的新增 LP 涵盖太保资本长航母基金、海淀区中关村科学城科技成长基金、蚂蚁集团、广 州产投、珠海科技产业集团、南京市创投集团、复旦科创母基金、国联民生等多元化机构，体现出跨领 域顶级资本对硬科技长期主义的认可。 据介绍，其中太保资本长航母基金的加入，匹配硬科技产业"研发周期长、资金需求大、回报慢、培育 久"的行业特性，有效缓解了早期硬科技项目的资金缺口难题。复旦科创母基金的出资，则有助于为基 金与以复旦大学为代表的高校搭建起科研成果与资本市场的直接桥梁，助力精准挖掘实验室阶段"从 0 到 1 "的原始创新项目。 打造科技金融"郑国渠"体系范本。 来源丨 投中网 专注于硬科技领域的早期投资机构中科创星科技投资有限公司 12 月 11 日宣布，旗下中科创星先导创 业投资基金最 ...

Core Viewpoint - Shanghai Future Industry Fund is actively investing in multiple sub-funds to support innovative industries, aiming to create a comprehensive ecosystem for early-stage investments in future industries [5][9]. Investment Activities - The Shanghai Future Industry Fund plans to invest in five new sub-funds, bringing the total to 23 sub-funds this year [5][6]. - The fund's total scale has increased from 10 billion to 15 billion, with 8 billion already in place [9]. Fund Structure and Strategy - Established in 2024, the fund is a government-guided, market-oriented investment vehicle with a focus on early-stage investments in future industries [7]. - The fund employs a "direct investment + sub-fund investment" model, targeting major strategic projects in future industries [7][9]. Future Industry Focus - The fund emphasizes disruptive technologies and interdisciplinary applications in sectors such as future information, energy, health, space, manufacturing, and materials [7]. - Shanghai aims to achieve a future industry output value of 500 billion by 2030, focusing on key technologies like brain-computer interfaces and quantum computing [10][11]. Ecosystem Development - Shanghai is building a supportive ecosystem for future industries, including research institutes and innovation clusters [10][11]. - The city has launched multiple initiatives to foster high-quality incubators and innovation resources, with significant investments in emerging industries [11][12].

Group 1 - The core viewpoint of the article emphasizes the opportunities presented by the "14th Five-Year Plan" in terms of industry investment and the capital market environment [3][4] - The "4+5" industry investment opportunities include optimizing traditional industries, nurturing emerging and future industries, promoting high-quality service development, and building a modern infrastructure system [3][4] - Specific investment growth points identified for the "14th Five-Year Plan" period include modern agriculture, health care, green transformation, national security, and military industry [3] Group 2 - The impact of the "14th Five-Year Plan" on the capital market is highlighted in six aspects, including macroeconomic stability, improvement of capital market systems, and optimization of the macro tax framework [4] - The current tax system in China does not effectively distinguish between long-term and short-term investment returns, which hinders the encouragement of long-term investments [5] - The role of government investment funds is emphasized as essential in the venture capital industry, but it is suggested that private venture capital should take the lead [5][6]

Core Viewpoint - The speech by Liu Jianjun at the "2025 Sci-Tech Investment Conference" highlights significant development opportunities for equity and venture capital funds in China, driven by the "14th Five-Year Plan" recommendations, focusing on two main aspects: investment opportunities in "4+5" industries and creating a favorable investment environment [1][2]. Investment Opportunities - The "4" major industry investment opportunities include optimizing traditional industries, nurturing emerging and future industries, promoting high-quality development in the service sector, and constructing a modern infrastructure system, particularly in new infrastructure [1]. - The "5" special industry investment opportunities focus on emerging sectors such as modern agriculture, health care, green transformation, national security, and military industries. Examples include implementing seed industry revitalization, advancing traditional Chinese medicine, supporting innovative drugs and medical devices, and enhancing national security capabilities in emerging fields like AI and biotechnology [1]. Investment Environment - Liu Jianjun emphasizes the importance of a stable macroeconomic environment, a healthy capital market, and a stable macro tax environment to foster the development of equity and venture capital funds. Key measures include leveraging government investment funds, innovating regulatory approaches, and improving the overseas investment environment for enterprises [2]. - The need for proactive macroeconomic policies, including monetary policy adjustments, is highlighted to address unprecedented global changes and ensure stable growth, employment, and expectations [2]. Policy Environment - The "14th Five-Year Plan" is expected to create a stable macro tax environment through enhancing fiscal sustainability, refining tax policies, and improving income distribution systems. This includes supporting the expansion of the middle-income group and regulating excessive income [3]. - Liu Jianjun suggests that structural tax incentives for venture capital funds should be carefully designed, taking into account China's unique circumstances and learning from international experiences, particularly focusing on promoting long-term investment incentives [3].

证券之星消息，根据天眼查APP数据整理，近日，无锡高易昆腾创业投资合伙企业（有限合伙）成立， 法定代表人为江苏高易创业投资管理有限公司，注册资本10500万元，经营范围包含：一般项目：创业 投资（限投资未上市企业）；股权投资（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，该公司由恒坤新材、蒋琳华、李桐等共同持股。 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，无锡高易昆腾创业投资合伙企业（有限合伙）成立， 法定代表人为江苏高易创业投资管理有限公司，注册资本10500万元，经营范围包含：一般项目：创业 投资（限投资未上市企业）；股权投资（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，该公司由恒坤新材、蒋琳华、李桐等共同持股。 数据来源：天眼查APP ...

记者丨崔文静 编辑丨张伟贤 在12月5日至6日举行的南方财经论坛2025年年会上，清华大学国家金融研究院院长、清华大学五道口金 融学院副院长田轩发表主题演讲，为中国资本市场如何支撑高水平科技自立自强提出清晰路径。 他指出："我们需要，一是更加包容的创投市场；二是'不太积极'的二级市场，形成一个组合拳。" 本届论坛主题为"共识的力量——创新涌动，中国资产重估"。田轩在演讲中深入剖析了"十五五"规划对 于科技自立自强的战略强调，指出当前已进入"战略机遇与风险挑战并存"的时期，金融体系必须以历史 主动精神进行适配性变革，方能服务于科技创新这一经济增长的本质驱动力。 前端包容： 以"耐心资本"滋养从0到1的创新火种 田轩强调，金融支持科技创新的首要环节，在于打造一个真正包容的创业投资市场，其核心是引入并壮 大"耐心资本"。 他回顾了中国创投行业自1998年以来的发展，指出尽管长期处于相对小众的地位，但近年来"耐心资 本"的概念在中央多项重要政策文件中被反复强调，凸显了创投对于培育新质生产力的源头性作用。 包容性的基石在于对"人"的深刻理解与接纳。田轩引用了一项针对二十余位超级独角兽创业者的学术研 究，将这些改变行业的 ...

人民财讯12月4日电，企查查APP显示，近日，常州灵仲创业投资合伙企业(有限合伙)成立，出资额约1 亿元，经营范围包含：创业投资(限投资未上市企业)；股权投资。企查查股权穿透显示，该合伙企业由 圣湘生物、江苏鱼跃科技发展有限公司等共同持股。 ...

Core Insights - The 25th China Private Equity Annual Conference, upgraded to "Qingke·Nanshan Venture Week," commenced on December 3, 2025, in Shenzhen, focusing on industry development and future planning [1][8] - The conference aims to address rapid changes in the venture capital environment and industry landscape, serving as a hub for resource linkage and industry consensus [1][8] - Keynote speeches and discussions highlighted the strategic role of venture capital and the differentiated responses of leading institutions to market changes [3][10] Group 1 - The "Nanshan Sci-tech Investment Partner Program" was officially launched, aiming to enhance the innovation ecosystem in Nanshan District by integrating research, technology, and financial support [5][12] - A strategic cooperation agreement was signed to empower early-stage investments and facilitate the transformation of academic achievements, involving several prominent investment firms and universities [7][14] - The conference featured specialized summits on AI and innovative pharmaceuticals, showcasing over twenty cutting-edge tech companies and products, fostering interaction and engagement among participants [16] Group 2 - The event included various activities such as "Investment Carnival" and "Investment Talk," designed to create a deep, accessible, and interconnected industry exchange ecosystem [16] - The dialogue session featured twelve industry leaders discussing future challenges and solutions, categorized into "Exploration Strike Team" and "Value Cultivation Team" [3][10] - The overall atmosphere of the conference was vibrant, with numerous innovative technology products attracting significant attention from attendees [16]

Core Insights - Shenzhen-based investment firm, Shenzhen Shenjihongtu Venture Capital Partnership (Limited Partnership), has been established with a capital contribution of 97.95 million yuan [1] - The firm's business scope includes venture capital limited to investments in unlisted companies and investment activities using its own funds [1] - The company is co-owned by Huifeng Diamond and Li Tifeng among others [1]