当前，股权投资行业正在加强投早、投小、投长期、投硬科技，以耐心资本培育更多企业的科 技创新。 在此背景之下， 母基金研究中心（ www. china -f o f. c om，下同）正式开启2 0 2 5专项榜单评选 。母基金研究中心将根据已有的数据支撑与研究分析，于 7月发布2 0 2 5专项榜单，以此鼓励私 募股权母基金与基金行业的优秀机构与人才，促进股权投资行业的健康发展。 奖项包括： 2 0 2 5年以来，股权投资行业迎来众多政策利好。 今年的政府工作报告中特别提到 "健全创投基金差异化监管制度，强化政策性金融支持，加快 发展创业投资、壮大耐心资本"；而后国办发布的《关于做好金融"五篇大文章"的指导意见》 中，不仅再次明确支持发展股权投资、创业投资、天使投资，也切中行业"痛点"，强调优化私 募股权和创业投资基金"募投管退"制度体系，并在退出渠道畅通方面有所安排（上市、并 购）。 5月1 4日，科技部、中国人民银行、金融监管总局、中国证监会、国家发展改革委、财政部、 国务院国资委联合发布《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举 措》，提出发挥创业投资支持科技创新生力军作用，发挥"国 ...

周恒 制图 ◎记者 张欣然 邓贞 困扰股权投资机构多时的融资难题，现在有了新的解题方案。 近日，中国人民银行、中国证监会联合发布新规，明确支持股权投资机构和创业投资机构发行科技创新 债券，这为GP（普通合伙人）打开了一扇低成本、长周期的融资"新大门"。 长期限债券也为GP提供"耐心资本"。上海国投公司副总裁陆雯表示，科创债不仅拓宽了私募股权投资 机构的融资渠道，还提供了长期资本支持，这对资金需求大、回款周期长的GP而言尤为关键。"长期限 债券能有效缓解GP的退出压力，让他们有足够的时间和耐心等待投资项目的收益兑现，并撬动更多社 会资本进入。" 从首批发行案例来看，科创债的优势逐步显现。 5月12日，北京亦庄国际投资发展有限公司公告，计划发行2025年度第一期科技创新债券，发行金额上 限为5亿元，期限为5年，发行利率1.94%。据了解，本次利率为该机构发行债券以来同期限最低，有效 降低了融资成本。此外，所募集资金将全部用于发行人及下属子公司向科技创新领域相关基金的置换及 未来出资。 苏州天使母基金总经理孙远东表示，首批券商科创债的平均利率较低，同时通过引入信用保护工具、担 保机制等措施，不仅增强了债券信用等级， ...

Core Viewpoint - The article discusses the optimization of the Qualified Foreign Limited Partner (QFLP) policy in Guangzhou, focusing on tax treatment for QFLP fund management enterprises and their personnel, in line with the financial system reform outlined in the 20th National Congress of the Communist Party of China [4]. Tax Policies for QFLP Fund Management Enterprises - QFLP fund management enterprises are subject to Value Added Tax (VAT) on management and consulting fees at rates of 6% for general taxpayers and 3% for small-scale taxpayers [5]. - Corporate QFLP fund management enterprises are taxed at a corporate income tax rate of 25% [5]. - Common structures for QFLP funds include corporate, limited partnership, and contractual forms, with operations divided into fundraising, investment, management, and exit stages [5]. Tax Policies for Individual Partners and Fund Personnel - Individual partners and fund personnel working in Nansha, Guangzhou, who are Hong Kong residents can have their personal income tax burden exceeding that of Hong Kong exempted; similar provisions apply to Macau residents [7]. - High-end and scarce talent from overseas working in Nansha may qualify for personal income tax subsidies under the Greater Bay Area tax incentive policies [7][8].

Core Viewpoint - The event "Intelligent Surge in the Yangtze River Delta: Leading the Future" was successfully held in Shanghai, marking the first promotional meeting following the launch of the "Technology Board" policy in the bond market, aimed at enhancing the influence of Shanghai's equity investment industry and supporting the construction of Shanghai as an international financial and technological innovation center [1] Group 1 - The promotional meeting focused on deepening the integration of policies, capital, and industries [1] - The event is part of efforts to elevate Shanghai's status in the equity investment sector [1] - The initiative aligns with the broader goal of establishing Shanghai as a global financial hub and a center for technological innovation [1]

上海市委常委、常务副市长吴伟在致辞中强调，股权投资市场是金融支持实体经济发展、促进科技创新 不可或缺的重要力量，上海将聚焦建设"五个中心"重要使命，积极做好以科技金融为首的"五篇大文 章"，不断加大对科技创新的金融支持力度，进一步推动国际金融中心建设与国际科创中心建设相互赋 能、联动发展。 本次推介会旨在通过推动政策、资本与产业的深度融合，进一步提升上海股权投资行业影响力，助推上 海国际金融中心和国际科创中心建设。来自上海、北京、深圳等全国各地的知名股权投资机构、行业代 表性母基金管理人、大型金融机构及科创企业等共300余位嘉宾出席会议。(完) 中新网上海5月15日电 (高志苗)中国人民银行金融市场司副司长曹媛媛15日在上海表示，自5月7日中国 人民银行、中国证监会联合发布关于支持发行科技创新债券有关事宜的公告以来，市场反应热烈，多家 机构积极参与。截至14日，科技创新债券已发布1500亿元人民币，发行人区域覆盖北京、上海、江苏等 13个省市自治区，行业汇集了人工智能、芯片制造、高端装备制造、生物医药等技术领域。 （文章来源：中国新闻网） 当天，以"智涌浦江·创领未来"为主题的上海市股权投资营商环境推介会举行 ...

Core Insights - The central point of the news is the announcement by the central bank and the China Securities Regulatory Commission regarding the support for the issuance of technology innovation bonds by private equity investment institutions, allowing them to raise funds for establishing and expanding private equity investment funds [1] Group 1: Announcement and Market Response - The central bank and the CSRC have jointly issued an announcement to support the issuance of technology innovation bonds by qualified private equity investment institutions [1] - Several private equity institutions, including Xike Holdings, Luxin Investment, and others, have announced successful issuance or plans to issue technology innovation bonds, with some coupon rates exceeding 2% and others below 2% [1] - As of May 8, 24 private equity institutions have registered to issue technology innovation bonds, with an expected total scale of 15.5 billion [1][13] Group 2: Specific Issuances - Xike Holdings successfully issued its first phase of targeted technology innovation bonds with a scale of 300 million, a term of 3 years, and a coupon rate of 2.5% [4] - Luxin Investment issued its first phase of technology innovation bonds with a scale of 500 million, a term of 5 years, and a coupon rate of 2.6% [4] - Xichuang Investment announced a planned issuance of 250 million technology innovation bonds with a coupon rate of 2.10% [7] - Yizhuang Guotou issued its first phase of technology innovation bonds with a scale of 500 million and a coupon rate of 1.94%, marking the lowest rate for the company [8] - Yuanhe Holdings plans to issue 600 million technology innovation bonds, with funds allocated to support strategic emerging industries [10] - Jinhesheng Holdings also plans to issue 600 million technology innovation bonds, focusing on sectors like healthcare and advanced manufacturing [12] Group 3: Considerations for Issuance - Private equity institutions are considering the issuance of technology innovation bonds while evaluating factors such as issuance costs, terms, and risk-sharing mechanisms [14] - Institutions aim to lower financing costs through policy-backed credit enhancement tools and prefer longer terms to match the investment cycles of hard technology projects [14]

科创债新政落地后，私募股权投资机构、创业投资机构和国有资本投资公司等股权投资机构反响热烈， 多家机构正紧锣密鼓地筹备发行事宜。事实上，在上交所债券市场，股权投资机构早已探索试点发行科 创债，借此为种子期、初创期、成长期等各阶段科创企业注入资金，大力培育新质生产力，全力赋能战 略性新兴产业发展。 上海国投公司科创债募资将投向集成电路、生物医药、人工智能等上海三大先导产业领域，而且长达15 年的期限则体现了长期资本、耐心资本、战略资本的属性，有助于新质生产力的培育。 股权机构踊跃试水科创债 自2021年以来，上交所即率先试点科创债，助力科创投资类企业发力创新链与资金链的深度融合。 目前，已有多家股权投资机构在上交所发行科创债。国家开发投资集团有限公司(以下简称"国投集团") 作为首批国有资本投资公司，自2022年以来累计发行科创债95亿元，为服务国家战略、优化产业布局提 供了长期稳定的资金保障。 地方国资平台亦借科创债发力科创股权投资。今年4月15日，上海国投公司在上交所成功发行50亿元科 创债，期限长达15年，利率2.1%。该机构相关负责人表示，尝试发行长期限债券，实际成本低于预 期，"上交所投资者结构多元，险 ...

Group 1 - The 2025 PE Shenyang Investment and Financing Activity Week was successfully held in Shenyang, focusing on "Innovation, Development, Opportunities" to support the construction of an open and innovative regional financial center [1] - The event featured over twenty projects from various fields such as artificial intelligence and healthcare, engaging with more than a hundred investment institutions through online roadshows [1] - The Shenyang PE Index was released, indicating strong growth for two consecutive years, particularly in fundraising, and highlighting a new pattern of "dual growth in fundraising and investment, structural optimization, and value reshaping" in the private equity market [1] Group 2 - The president of Shenyang Fund Industry Association outlined a high-quality development path for the fund industry, emphasizing the integration of government-led funds to leverage social capital and enhance the value chain in key industries [2] - The district mayor emphasized the need for precise financial support for technology enterprises, aiming to create a symbiotic relationship between technology and finance through improved resource allocation and digital technology [2] - The president of Zhongbao Investment discussed the role of insurance funds in supporting technological innovation, highlighting the need for a multi-tool matrix and regulatory reforms to better align with national technology strategies [3] Group 3 - The general manager of Guokai Jiahe shared insights on the importance of enhancing investment institutions' capabilities in identifying and supporting technological innovations, while also focusing on how technology can empower traditional industries [4] - The event included diverse activities such as project roadshows, investment institution visits to key industrial parks, and educational practices, showcasing a comprehensive approach to investment and financing [4]

Investment Rating - The report indicates a downward trend in the Chinese private equity investment market for 2024, with expectations for a further narrowing of declines in operational indicators by 2025 [2][29]. Core Insights - The Chinese private equity investment market is experiencing a challenging fundraising environment, with a significant decline in the number and scale of newly raised funds in 2024, although the decline is less severe than in previous years [4][5]. - State-owned limited partners (LPs) remain the primary contributors to funds, with a notable shift towards high-quality projects, particularly in the semiconductor and electronic equipment sectors, as well as artificial intelligence [2][8]. - The exit environment continues to face pressure, with a growing number of funds in the extension period and a decrease in IPO activity, leading to a search for diversified exit strategies [15][17]. Fundraising Overview - In 2024, the number of newly raised funds dropped to 3,981, a 43.0% decrease year-on-year, with total fundraising amounting to approximately 1.444 trillion RMB, down 20.8% [4][5]. - The majority of funds raised are in RMB, accounting for 99.0% of the number and 96.1% of the amount, with state-owned entities contributing approximately 88.8% of the LP structure [5][7]. - Large funds (over 5 billion RMB) showed stability, with 37 funds raising a total of 305.34 billion RMB, representing 21.1% of the total market fundraising [7]. Investment Activity - The number of investment cases in 2024 reached 8,408, with disclosed amounts totaling approximately 603.65 billion RMB, reflecting a year-on-year decline of 10.4% and 10.3% respectively [8][11]. - State-owned institutions increased their investment, contributing 57.1% of the total market investment amount, which is a 5.2 percentage point increase from the previous year [9][11]. - The semiconductor and electronic equipment sectors remain the most attractive for investment, despite a decline in both the number of cases and investment amounts [13][14]. Exit Environment - The exit market saw a total of 3,696 cases in 2024, a decrease of 6.3% year-on-year, with IPOs accounting for 36.1% of exits, down 37.2% from 2023 [15][17]. - The number of IPO cases fell significantly, leading institutions to explore alternative exit routes, including equity transfers and mergers [17][18]. Government Guidance Fund Development - The establishment of government guidance funds slowed in 2024 due to fiscal pressures and stricter regulations, with a total of 2,178 funds set up, targeting approximately 12.84 trillion RMB [19][20]. - The new national-level guidance fund, focusing on the integrated circuit industry, was established with a subscribed capital of 344 billion RMB, marking it as the largest industrial guidance fund to date [19][20]. Industry Policy - The report outlines a series of policies aimed at promoting the development of the private equity investment sector, focusing on enhancing market vitality and supporting the real economy [21][24]. - Key policies include encouraging venture capital and optimizing the management of investment funds, with a focus on fostering long-term capital and addressing structural challenges in the capital market [25][27]. Industry Outlook - The private equity investment sector is expected to play an increasingly important role in the economy, with a narrowing of operational declines anticipated in 2025 [29][30]. - Emerging industries such as artificial intelligence, commercial aerospace, and biotechnology are projected to become new investment hotspots, with state-owned LPs expected to deepen their involvement [30].

今日，多家银行、企业已正式披露科技创新债券发行文件。其中，包括京东方、恒力集团、万华化学等 科技型企业，也包括鲁信创业投资集团、苏州元禾控股股份有限公司、无锡创业投资集团等股权投资机 构，还包括中信银行、国家开发银行等。（智通财经记者 彭科峰） 首批科技创新债券发行文件亮相 多家银行参与承销 智通财经5月8日电，今日晚间，中信银行相关人士向智通财经记者介绍，由中信银行主承销的15单全国 首批科技创新债券于当日集中公告发行。其中，中信银行发挥主导推动作用的牵头承销项目9单。另外 一家头部股份制银行人士也向智通财经记者介绍，该行正在筹备科技创新债券发行的相关事项，"预计 数天后会有进展"。 ...