以下文章来源于超越 J Curve ，作者刘惠娴 超越 J Curve . 用数据延伸你的阅读 将投中网设为"星标⭐"，第一时间收获最新推送 市场已从募资驱动的前半场，过渡到退出主导的后半场。 作者丨刘惠娴 来源丨投中嘉川 创投市场正在 显著 回暖。 这是一级市场从业者在过去一年最直观的体感 ， 也是投中嘉川用数据给出的答案。 近期， 投中嘉川联合中国投资协会股权和创业投资专业委员会、北京金融街研究院，重磅 发布 《中国创投市场发展指数报告》。 这是 中国创投行业发展 30余年来首次尝试从系统性数据 " 量化 行业温度 "。 报告构建了一套覆盖面极广的指数体系，包括 " 中国创投 100综合指数 "" 国资创投 50 发展 指数 "" 外资创投 50 发展 指数 " 以及 " 人工智能投资指数 " 。 我们 试图 以多维度的指数，来 回答一个所有人都关心的问题： 中国创投市场到底 处于什么阶段 ？ 未来又将走向何方 ？ 这些指数以投中嘉川 CVSource 私募股权数据库为核心数据源，结合量化分析、定性访谈和典型案 例研究，从募资、投资、退出到机构综合影响力 出发 ，系统呈现行业全景。 今天这篇 文章 就 是 ...

Core Insights - A new venture capital firm, Xiamen Qisheng Guangyao Venture Capital Partnership (Limited Partnership), has been established with a registered capital of 104 million RMB [1] Group 1: Company Formation - The firm is focused on venture capital investments, specifically targeting unlisted companies [1] - The partnership includes contributions from Qipilang Holdings Group Co., Ltd. among other investors [1] Group 2: Business Scope - The operational scope encompasses private equity investments, investment management, and asset management activities [1]

Core Insights - Beijing is enhancing its technology finance service system, focusing on policy innovation, venture capital, credit financing, and other specialized work to support technology enterprises [1][6] Group 1: Investment and Funding - In the first three quarters of this year, equity investment in Beijing reached 112 billion yuan, a year-on-year increase of 47.9% [2] - The government has established 8 municipal investment funds, making investment decisions for 255 enterprises with a total investment amount of 29.8 billion yuan, which has attracted social investment of 104 billion yuan [2] - The total scale of national-level funds established in Beijing exceeds 500 billion yuan, including the third phase of the National Integrated Circuit Fund and the second phase of the Military-Civilian Integration Fund [2] Group 2: Credit and Loan Mechanisms - As of the end of August, the balance of technology loans in Beijing reached 4.2 trillion yuan, reflecting a year-on-year growth of 8.8% [3] - Over 1,400 enterprises have received nearly 70 billion yuan in loans through enhanced bank-enterprise connections and monitoring [3] - The introduction of innovative loan products such as "merger loans" and "technology R&D loans" has led to over 30 billion yuan in applications [3] Group 3: Capital Market and Insurance - More than 60% of listed companies in Beijing are high-tech enterprises, with 475 companies listed [4] - The city has issued over 230 technology innovation bonds, raising more than 520 billion yuan [4] - Beijing has established the first commercial aerospace insurance consortium in the country, providing nearly 5 billion yuan in risk coverage for private aerospace launch projects [4][7] Group 4: Future Plans - Beijing aims to accelerate the establishment of national-level funds and enhance investment in key and emerging industries [6] - The city plans to support banks in exploring innovative loan products with longer terms and optimize the evaluation standards for technology enterprises [6] - Future initiatives include forming a major technology attack insurance community in fields like intelligent driving and biomedicine [7]

苏高新创投作为重点深耕长三角地区的国资投资机构，始终坚持"投早投小投硬科技"的核心策略， 累计参与基金130余只，基金总规模超900亿元（其中自主管理基金规模超190亿元），累计投资项目 1000余个，助推卓兆点胶、贝克微、西典新能、珂玛、中诚咨询等110家企业上市。作为区域早期创业 生态的重要推动者，苏高新创投将持续培育战略性新兴产业标杆，为长三角创新驱动发展注入资本活 力，成为连接资本与区域创新力量的关键纽带。 近日，投中信息重磅发布"投中榜·2025年度长三角地区榜单"。该榜单针对区域内300余家股权投资 机构，通过定量与定性相结合的评选体系（涵盖在管规模、投资退出表现等核心指标，历经初选、信息 核实、最终排名及市场影响力综合评估），最终评定行业标杆机构。苏高新金控下属苏高新创投凭借突 出的早期投资实力与市场声誉，成功入选"长三角地区最佳早期创业投资机构TOP10"，获行业权威认 可。 ...

近日，青岛华通创业投资有限责任公司（简称"华通创投"）2025年面向专业投资者非公开发行科技创新 公司债券（第一期）（简称"25华通K1"，280649.SH）在上海证券交易所成功发行，发行规模3亿元， 发行期限3+2年，票面利率2.30%，全场倍数2.47倍。本次债券募集资金将重点投向新一代信息技术、人 工智能等战略性新兴产业，强化产业协同，为青岛市构建"10+1"创新型产业体系贡献创投力量。 （文章来源：证券日报） 华通创投成立于2015年9月，作为青岛区域国有创投机构，协同行业头部机构与产业资本方构建起开放 的"基金领航+科技驱动+投促招引"产业赋能体系，奋力夯实"资本链"、延伸"产业链"，为国有创投机构 提升行业竞争力、放大国有资本功能提供了有益探索。华通创投通过市场化、专业化运作，引导嫁接产 业资本与产业资源，聚焦青岛"10+1"创新型产业体系，锚定先导产业和新兴产业开展多层次股权投资， 成功培育出多家行业领军企业，助推多家科技型创新企业登陆境内外资本市场，实现经济效益与社会效 益的"双赢"。 本期发行是华通创投在资本市场的首次亮相，彰显了其在创业投资与科技创新领域的价值定位，有力提 升了华通创投在 ...

华通创投成立于2015年9月，作为青岛区域国有创投机构，协同行业头部机构与产业资本方构建起开放 的"基金领航+科技驱动+投促招引"产业赋能体系，奋力夯实"资本链"、延伸"产业链"，为国有创投机构 提升行业竞争力、放大国有资本功能提供了有益探索。华通创投通过市场化、专业化运作，引导嫁接产 业资本与产业资源，聚焦青岛"10+1"创新型产业体系，锚定先导产业和新兴产业开展多层次股权投资， 成功培育出多家行业领军企业，助推多家科技型创新企业登陆境内外资本市场，实现经济效益与社会效 益的"双赢"。 中证报中证网讯(王珞)近日，青岛华通创业投资有限责任公司2025年面向专业投资者非公开发行科技创 新公司债券(第一期)(简称"25华通K1"，280649.SH)在上海证券交易所成功发行，发行规模3亿元，发行 期限3+2年，票面利率2.30%，全场倍数2.47倍。本次债券募集资金将重点投向新一代信息技术、人工智 能等战略新兴产业，强化产业协同，为青岛市构建"10+1"创新型产业体系贡献创投力量。 本期发行是华通创投在资本市场的首次亮相，彰显了其在创业投资与科技创新领域的价值定位，有力提 升了华通创投在资本市场的品牌形象与行业 ...

Core Points - On November 24, 2025, Lushin Investment announced the acquisition of fund shares from Shandong Guoxin for a total of RMB 166.38 million [2] - The company acquired an 18.20% stake in the Shandong Lushin New and Old Kinetic Energy Conversion Venture Capital Fund [2] - Lushin Investment's wholly-owned subsidiary, Shandong High-tech Venture Capital Co., Ltd., acquired an 8% stake in the Anhui Lushin Wanhe Technology Innovation and Entrepreneurship Equity Investment Fund for RMB 37.16 million [2] - The profit and loss from the assessment date of December 31, 2024, until the date of property transfer will be shared between Lushin Investment and its subsidiary [2] - As of November 24, 2025, the total payment for the fund share transfers has been completed, and the company will proceed with the necessary business registration changes [2]

该基金为创业投资基金，原则上投早投小，将主要对具身智能产业链相关的创新企业进行直接或间接的 股权投资、准股权投资或从事与投资相关的活动，包括但不限于上游关键原材料及零部件，如伺服系 统、电机、控制器、减速器、传感器等;关键软件系统及人工智能算法等;中游机器人本体制造与集成， 及机器人下游应用解决方案等。公司作为有限合伙人以自有资金认缴出资2000万元，占认缴出资总额的 15.38%，合伙企业的经营期限为10年，其中投资期为5年。 宁波韵升(600366.SH)发布公告，公司于2025年11月24日与其他各方共同签署了《上海瓴智新创创业投 资合伙企业(有限合伙)合伙协议》。为了借助专业投资机构的资源及投资经验，储备更多的优质标的， 进一步提升公司竞争实力，公司参与认购上海瓴智新创创业投资合伙企业(有限合伙)的基金份额。 ...

Core Insights - Zhongke Chuangxing is a prominent early-stage investment institution focusing on "hard technology" sectors, aiming to create an ecosystem that integrates research, early investment, entrepreneurial platforms, and post-investment services [1] - The institution has managed funds exceeding 14 billion yuan and has incubated over 550 "hard technology" companies, highlighting its significant role in the sector [1] - Despite its success, Zhongke Chuangxing faces challenges in financing due to the long R&D cycles and high capital requirements typical of "hard technology" investments [1] Investment Environment - Equity investment institutions have played a crucial role in supporting technological innovation in China, contributing to nearly 90% of Sci-Tech Innovation Board listings and 60% of the Growth Enterprise Market listings [2] - The People's Bank of China and the China Securities Regulatory Commission have introduced policies to support equity investment institutions in issuing technology innovation bonds, which can provide stable funding for long-term projects [2] Bond Issuance - On June 16, Zhongke Chuangxing successfully issued a targeted technology innovation bond with a scale of 400 million yuan and a coupon rate of 2.10%, with a subscription multiple of 3.58 [2] - The funds raised will be allocated to sectors such as new generation information technology, artificial intelligence, and semiconductors [2] Risk Management - The bond issuance reflects market confidence in Zhongke Chuangxing's value investment philosophy and the optimistic outlook for "hard technology" industries [3] - The bond was fully guaranteed by Zhongzhai Credit Enhancement Investment Co., Ltd., with additional backing from local financing guarantee companies, enhancing the security of the issuance [3][4] Fund Development - The initial closing of Zhongke Chuangxing's leading venture capital fund has signed agreements totaling 2.617 billion yuan, with investments already made in several projects [5]

Core Viewpoint - The development of technology finance is crucial for building a financial powerhouse and advancing socialist modernization during the "14th Five-Year Plan" period, with both opportunities and challenges expected in the "15th Five-Year Plan" period [1]. Achievements during the "14th Five-Year Plan" - Commercial banks have played a significant role in indirect financing, with technology loans increasing by 30% over the past five years, exceeding 40 trillion yuan as of mid-2023, particularly notable in long-term loans for the manufacturing sector [1][2]. - The average weighted interest rate for loans has dropped to 2.9%, benefiting over 1 million technology enterprises, with an 80% loan acquisition rate for "little giant" demonstration enterprises, alleviating issues of "difficult and expensive loans" [1][2]. - The capital market has seen increased support, with over 500 technology enterprises listed on the Sci-Tech Innovation Board, accounting for 41% of total listed companies in Shanghai, and 70% of new listings being technology firms, representing over 30% of market capitalization [1][2]. Opportunities and Challenges in the "15th Five-Year Plan" - Six major opportunities include the continuous improvement of policy frameworks, strong financial institution capabilities, increasing market demand driven by self-reliance in technology, new support from AI and big data for risk assessment, and deepening capital market openness [2][3]. - Three main challenges involve insufficient evaluation and identification capabilities for early-stage technology projects, systemic contradictions in venture capital assessments, and slow expansion of venture capital scale with concerns from private capital [2][3]. Future Development Directions - Emphasize the role of national commercial banks as the main force, deepen the reform of investment-loan linkage, and enhance cooperation with external direct investment institutions [3]. - Highlight the policy-oriented and open financial functions, focusing on areas that commercial banks find difficult to cover [3]. - Expand direct financing through equity and bond markets, and develop a high-yield bond market [3]. - Cultivate patient capital and optimize risk-sharing and profit-sharing mechanisms between state-owned and private capital [3]. - Promote differentiated allocation of technology finance resources based on local conditions to avoid homogenization [3]. - Improve the technology finance service ecosystem, expand technology insurance coverage, and foster specialized institutions like technology investment banks and intellectual property assessment [3]. - Strengthen talent and technology collaboration to enhance the digital and intelligent capabilities of financial institutions [3]. - Optimize the organizational management system of financial institutions, decentralize credit issuance authority, and improve assessment and incentive mechanisms [3].