Core Insights - The 13th Venture Capital Conference highlighted the increasing support from the central government for the development of venture capital in China, indicating a positive shift in the industry [1] Group 1: Government Support and Policy Environment - The central and local governments have reached a consensus on promoting venture capital and technology, leading to an optimized policy environment [1] - A series of important directives and major decisions from the central government have guided the venture capital industry out of its low period [1] Group 2: Fundraising and Investment Climate - The long-standing issue of fundraising difficulties during the "capital winter" is gradually being resolved [1] - The venture capital industry is experiencing a recovery, with improved conditions for raising funds [1] Group 3: Exit Channels and Market Dynamics - Diverse exit channels for venture capital investments are becoming more accessible, facilitating a healthy cycle from investment entry to exit [1] - The development of these exit channels is promoting a positive dynamic within the venture capital ecosystem [1]

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。证券时报社党委 书记、社长兼总编辑程国慧在致辞中指出，当前，创投行业局部回暖、理性修复的良好态势正在巩固。 创投作为一个发现和创造价值的行业，从来不是简单的资本流动，而是时代前沿的探路者（300005）， 是技术浪潮的弄潮儿。围绕"价值"这个关键词，创业投资应该要以专业的眼光发现价值、以优质的服务 培育价值、以开放的心态做大价值，继续发挥科技创新的核心引擎作用，继续成为创新萌芽与产业参数 大树连接的关键桥梁。(人民财讯) ...

Core Insights - Guangdong is a significant hub for venture capital in China, driven by a combination of supportive policies and market dynamics [1][2] - The Guangdong Provincial Venture Capital Association plays a crucial role in fostering the development of the venture capital industry by facilitating communication between enterprises and government, and enhancing resource integration [2][3] Group 1: Industry Development - Guangdong has seen a surge in hard technology investment opportunities, attracting capital from various regions, particularly as the nation emphasizes hard technology development [2] - The provincial government has implemented a series of policies since 2017 to promote venture capital, establishing a solid foundation for the industry's growth [1] - By the end of 2024, the total subscribed scale of government-guided funds in Guangdong is expected to reach 4,913 billion yuan, ranking first in the country in both scale and number [1] Group 2: Role of the Guangdong Provincial Venture Capital Association - Since its establishment in 2010, the Guangdong Provincial Venture Capital Association has become integral to the local venture capital ecosystem, gathering various resources and facilitating industry growth [2] - The association has developed a closed-loop system of "resource integration - project matching - financing services," currently serving over 2,300 startups through its network of more than 600 member units [2] - In 2024, the association assisted in completing 87 financing projects, amounting to 3.25 billion yuan, providing comprehensive support for the development of the venture capital ecosystem [2] Group 3: Future Outlook - The association maintains a positive outlook for the future of the venture capital industry, anticipating increased market activity, enhanced policy support, and diversified exit channels [3] - There is an expectation for further clarification of investment areas and ongoing improvements in the industry ecosystem [3]

周恺秉介绍，协会在构建行业生态方面主要通过活动链接各方面资源，典型代表就是在杭州每年举办万 物生长大会，积聚创投、创业企业等，打造整个创投生态，并且不断拓展和海外地区的沟通衔接，近年 来和东盟等地监管机构、创投机构、创业企业保持频繁互动，做专场的活动交流。协会还设立独角兽俱 乐部，对杭州的独角兽企业保持两周一次的走访频率，得到会员机构较好的认可。 （文章来源：证券时报） 杭州的民营创投氛围也十分浓厚。周恺秉介绍，协会的会员以杭州本土成长起来的创投机构为主，规模 不是特别大，但从起步发展阶段就更重视投早投小投科技，形成独特的本地化投资逻辑：更早介入（本 土机构以早期投资为主要投资阶段）、更重技术（硬科技项目在投资组合中的占比普遍较高）、更长周 期（愿意陪跑企业成长平均投资周期长）。据杭州市创投协会不完全统计，目前在杭州市注册的创业投 资基金约3000只，认缴规模约4000亿元。 根据周恺秉的观察，今年以来，杭州投资机构最关注三大领域。首先是以人工智能为代表的AI企业； 其次是以机器人为代表的具身智能、智能设备领域；最后就是生物医药赛道的创新企业，尤其是和AI 相结合的方向。与其他地方创投机构相比，杭州创投机构之 ...

Core Insights - Shenzhen has emerged as a leading hub for venture capital in China, alongside Beijing and Shanghai, due to its early exploration and establishment of local venture capital practices and significant government-led funds [1][3] Group 1: Current Trends in Shenzhen's Venture Capital Industry - The number and scale of funds in Shenzhen have seen six consecutive increases, with 3,429 private equity venture capital funds registered by the end of 2024, managing a total of 410.34 billion yuan, which is a 2.25 times increase since 2018, reflecting an annual growth rate exceeding 20% [1] - The fundraising structure has improved, with long-term capital increasing its share; by 2024, government guidance funds, social security, and insurance capital contributed 238.11 billion yuan, a year-on-year increase of 16.74%, accounting for 59.01% of total investments [1] - The top 10% of institutions manage 74% of the fund size, with six funds exceeding 5 billion yuan in total size reaching 68.65 billion yuan, marking an 11.02% year-on-year growth [1] Group 2: Key Investment Areas - Prominent sectors attracting investment include semiconductors and hard technology (30%), new energy and energy storage (18%), and biomedicine and medical devices (20%), with artificial intelligence and robotics comprising 14% [2] - Emerging markets such as low-altitude economy and digital economy are also witnessing some trading activity [2] Group 3: Ecosystem and Strategic Initiatives - Shenzhen Venture Capital Association has developed a comprehensive venture capital ecosystem over 25 years, managing over 70% of the city's fund size and connecting over 100 high-growth tech companies, LP institutions, and professional service providers [2] - The association addresses fundraising challenges by hosting annual LP conferences to connect with 100 active market-oriented mother funds and government guidance funds, and organizes seminars on mergers and acquisitions to explore exit strategies [2] - The association has established a cross-border private equity investment fund committee to promote international development and orderly cross-border capital flow, facilitating connections with global resources [2] Group 4: Government Support and Policy Environment - The venture capital industry is receiving unprecedented attention and support from national and local governments, with a series of policies being introduced to foster development [3] - The successful issuance of the first batch of technology innovation bonds for venture capital institutions in June is seen as a significant institutional innovation, indicating a shift from debt capital to equity investment [3]

Core Viewpoint - The current operation of the venture capital (VC) industry in China faces several challenges, including difficulties in fundraising, investment, exit strategies, and tax improvements. To address these issues, it is essential to enhance the VC system to better support entrepreneurship and innovation [1]. Fundraising Challenges - The capital introduction mechanism needs improvement to diversify long-term capital sources. This includes encouraging the development of mother funds, which should be fully market-oriented and attract high-net-worth individuals, insurance funds, and corporate idle funds [2]. - There is a need to distinguish between policy-oriented VC guiding funds and state-owned commercial mother funds to avoid overlapping functions and ensure that guiding funds focus on early-stage investments [2]. - Insurance funds should be allowed to operate in a market-oriented manner, with an initial focus on lower-risk investments before gradually moving to higher-risk early-stage investments. Additionally, an incentive and error-correction mechanism based on fund performance should be established for insurance institutions [2]. Investment Strategies - VC institutions should shift their focus from chasing potential IPO projects to identifying early-stage projects, particularly innovative ones during economic downturns. Policy-oriented guiding funds should emphasize early investments to naturally lead to long-term investments in technology [3]. - There should be minimal restrictions on industry selection, except for critical sectors, to provide sub-funds with the autonomy to choose their investments [3]. Exit Strategies - The exit process is crucial for maintaining a healthy cycle of fundraising, investment, management, and exit. The core of this process is to advance the registration system to facilitate multiple exit channels [3]. - A well-implemented registration system would create stable expectations for listing and financing for quality enterprises, allowing VC institutions to have predictable capital exit options through mergers or public offerings. This would also establish a fair price reference system for equity transactions [3].

Core Insights - Guangdong is a significant hub for venture capital in China, driven by a combination of supportive policies and market dynamics [1][2] - The Guangdong Provincial Venture Capital Association plays a crucial role in fostering the development of the venture capital industry by facilitating communication between enterprises and government, and enhancing resource integration [2][3] Group 1: Industry Development - Guangdong has become a breeding ground for hard technology investment opportunities, attracting capital from various regions, particularly as the nation emphasizes industrial transformation and upgrading [2] - The provincial government has implemented a series of policies since 2017 to promote venture capital development, establishing a solid policy framework for the industry [1] - As of the end of 2024, the total subscribed scale of government-guided funds in Guangdong has reached 491.3 billion yuan, ranking first in the country in both scale and number [1] Group 2: Role of the Association - The Guangdong Provincial Venture Capital Association has evolved into a vital part of the venture capital ecosystem, gathering resources and facilitating collaboration among stakeholders since its establishment in 2010 [2] - The association has developed a closed-loop system of "resource integration - project matching - financing services," currently serving over 2,300 startups through its network of more than 600 member units [2] - In 2024, the association assisted in completing 87 financing projects, amounting to 3.25 billion yuan, thereby empowering the development of the venture capital ecosystem [2] Group 3: Future Outlook - The association maintains a positive outlook for the future of the venture capital industry, anticipating increased market activity, enhanced policy support, clearer investment areas, and more diversified exit channels [3]

Core Insights - Qingdao has developed into a representative city for venture capital and private equity in Northern China since the launch of its "Global Venture Capital Center" strategy in 2019 [1][2] - The Qingdao Equity and Venture Capital Industry Association currently has over 90 member units managing funds exceeding 200 billion yuan, including prominent venture capital institutions, banks, and service agencies [1] - Since 2025, three major trends have emerged in Qingdao's venture capital industry: early and small investments led by state-owned assets, a focus on attracting major projects, and a shift towards hard technology investments [2] Group 1 - The state-owned assets in Qingdao are leading investments that are early-stage, small-scale, and technology-focused, with the Qingdao Innovation Investment Co., Ltd. investing in 1,152 projects totaling 58.7 billion yuan, over 50% of which are early-stage and mid-stage enterprises [1][2] - The local government has established a capital matrix involving national and local guiding funds along with bank capital, achieving a target scale of 9 billion yuan within a month through the AIC equity investment pilot policy [2] - Hard technology investments have become mainstream, with over 60% of new venture capital projects in the first half of 2025 focusing on sectors like semiconductors, artificial intelligence, and smart manufacturing [2] Group 2 - The Qingdao Equity and Venture Capital Industry Association has built a comprehensive service system over the past decade, assisting member institutions throughout the fundraising, investment, and exit processes [2][3] - The association maintains a robust network to provide various services to member projects, including follow-up financing, policy advocacy, talent recruitment, and legal and financial recommendations [3] - Regular visits to member institutions and their invested projects help the association address the common challenge of project exits by matching suitable investment institutions with projects [3]

投资界7月23日消息，近日，《天津市支持创业投资高质量发展若干措施》发布，旨在为天津创投发展提供政策指引和原则规范。其中提到，对创业投资类 政府投资基金，市或者区单独一级财政出资比例上限可提高至70％，市、区两级财政合计出资比例上限可提高至80％；对创业投资类政府投资基金，允许财 政出资部分在退出时以投资超额收益为限给予让利，并根据出资比例、绩效目标实现情况等因素合理确定让利比例；鼓励创业投资类政府投资基金以退出本 金及投资收益开展滚动投资。适当延长创业投资类政府投资基金存续期，合理设置投资期和退出期，健全基金退出管理制度，简化项目退出流程，构建更加 畅通的退出机制。 | 名 | 称 ： 天津市人民政府办公厅关于印发天津市支持创业投资高质量发展若干措施的通知 | | --- | --- | | 索 引 号： 111200000001250229/2025-00024 | 发 布 机 构 : 天津市人民政府办公厅 | | 发 文 字 号： 津政办发〔2025〕18号 | H 题： 国民经济和社会发展\经济运行 | | 成 文 日 期： 2025年06月28日 | 发 文 日 期： 2025年07月07日 | 附 ...

Core Viewpoint - Guanghe Technology (001389.SZ) has announced a partnership with Shenzhen Jiupai Capital Management Co., Ltd. to establish a new investment fund focused on entrepreneurial investments in humanoid robots and related fields [1] Group 1 - The company will participate as a limited partner in the Jiupai Hongtao Emerging Industry Venture Capital Fund (Suzhou) with a capital commitment of 30 million yuan, representing 33.31% of the total subscribed capital of the partnership [1] - The investment areas of the Jiupai Hongtao Fund include AI intelligent industrial equipment, AI basic software, AI applications, humanoid robots, and upstream components [1]