对于许多创新型企业为何不约而同地选择在这里扎根生长，赛智伯乐董事长陈斌日前在接受中国证券报 记者采访时表示，浙江创投的成功不是偶然，而是政府、资本、人才多方协同、培育创新雨林生态的结 果。杭州历届政府高度重视孵化市场化基金管理团队，杭州资本通过母基金培养了一大批优秀的管理公 司，正是这些市场化、专业化的"伯乐"成就了一批又一批科技创新企业。 陈斌认为，浙江民营创投群体不是航空母舰性质的，而是一批由特色小船组成的集群舰队。这种模 式"船小好调头"，适应市场生态环境，能够提高决策效率。 "失败比成功更加重要" 作为一家长期专注人工智能、机器人等领域投资的专业机构，早在2013年，赛智伯乐就在美国硅谷布局 人工智能领域，投资了外骨骼机器人等创新项目。 回顾这些投资经历，陈斌认为失败项目反而具有更加重要的价值。"那些没有成功的项目，帮助我们提 升了对人工智能行业的认知。从AI深度学习角度来说，失败比成功更加重要，因为只有通过失败才能 找到问题的根源。"陈斌表示。 这种认知也体现在对云深处的投资上。最打动陈斌的，是云深处创始人朱秋国遇到困难时眼睛"冒光"的 神情。陈斌说："我最喜欢的就是碰到困难眼睛冒光的人。这种持之以 ...

Core Insights - The Shanghai Xinju Ceyuan Phase I Venture Capital Fund focuses on the transformation of scientific and technological achievements from universities and research institutions [1] - The fund has a total scale of 450 million yuan and aims to invest in high-end manufacturing, new materials, new energy, integrated circuits, biomedicine, artificial intelligence, quantum technology, and synthetic biology [1][2] - The fund represents a new exploration of city-district collaboration and regional cooperation, involving multiple stakeholders including Shanghai Guotou Company and the Xinjiang Production and Construction Corps [1][2] City-District Collaboration - Shanghai Guotou Company leverages its expertise in project discovery, value assessment, and capital empowerment to identify promising tech innovation seeds [2] - Jing'an District will provide physical space and ecosystem support for seed companies, facilitating seamless integration of capital and services [2] Regional Cooperation - The fund is seen as a new exploration of "East-West linkage" for industrial co-prosperity, aiming to create a collaborative development model of "Shanghai R&D + Xinjiang production + global market" [2] - Shanghai's advanced technologies in chemical and modern agriculture can be scaled and industrialized in Xinjiang, utilizing the region's abundant raw materials and energy resources [2] - Among the 11 signed companies, one in the chemical sector plans to establish its R&D center in Shanghai while leveraging Xinjiang's application scenarios for its operations [2]

Core Viewpoint - The article discusses the challenges and failures faced by professor-founders in the startup ecosystem, highlighting a growing skepticism among investors towards investing in projects led by academic professionals due to their lack of commercial acumen and commitment to entrepreneurship [3][9][12]. Group 1: Challenges Faced by Professor-Founders - Many professor-founders treat their startups as side projects, leading to conflicts with their academic responsibilities and ultimately resulting in project failures [6][8]. - A significant number of professor-led startups struggle to transition from laboratory to market, with over 50% of new material companies failing during this critical phase [9]. - The failure rate of startups founded by professors in the U.S. is alarmingly high, with estimates suggesting a failure rate of 96%-97% [9]. Group 2: Investor Sentiments and Experiences - Investors express frustration over the unpredictability of professor-founders, with some vowing to avoid investing in projects led by individuals with academic backgrounds [5][11]. - The article recounts specific instances where professors abruptly decided to abandon their startups, leaving investors in difficult positions [5][6]. - Investors emphasize the importance of having a balanced team that includes marketing and management expertise to bridge the gap between technology and market needs [11][12]. Group 3: The Need for a Shift in Mindset - There is a call for a shift in the perception of professor-led startups, recognizing that while technical expertise is crucial, it must be complemented by commercial understanding and operational capabilities [11][12]. - The article suggests that not all professors should be dismissed as potential entrepreneurs, as there are successful cases where academic professionals have made significant contributions to the startup landscape [12][13]. - The need for a supportive ecosystem that helps scientists navigate the complexities of entrepreneurship is highlighted, advocating for a more nuanced approach to investing in academic-led ventures [12].

Core Viewpoint - After the decline of dividends, the company is shifting its focus towards investment opportunities, initiating a second share buyback plan in 2025 to maintain company value and protect shareholder rights [2][3]. Group 1: Share Buyback and Stock Performance - The company announced a share buyback plan on October 14, 2025, intending to use 300 million to 600 million yuan of its own funds and special loans [2]. - Despite the buyback, the company's stock price has decreased over 7% since the last buyback announcement, while the broader market has increased by over 20% during the same period [2]. - The company's stock price has fallen below its latest net asset value per share, prompting the buyback to protect shareholder interests [2]. Group 2: Financial Performance and Investment Strategy - The company experienced a significant increase in net profit, reaching 9.2 billion yuan in the first half of 2025, a year-on-year growth of over 50%, despite a decline in revenue from its core internet medical products and services [5]. - The unusual situation of declining revenue but rising profits is attributed to substantial investment income, with fair value changes contributing 734 million yuan, ten times the previous year's figure [5]. - The company has engaged in various investments, including venture capital funds, with a total estimated investment of approximately 4.363 billion yuan since September 2022 [6]. Group 3: Historical Context and Growth - The company’s growth trajectory began during the COVID-19 pandemic, achieving significant sales increases due to timely inventory management and product demand [4]. - In 2022, the company reported a revenue of 26.315 billion yuan, a staggering increase of 997.8% year-on-year, driven by large orders for COVID-19 testing kits [4]. - The company has received over 2.4 billion USD in orders from U.S. federal and state governments from December 2021 to 2023, marking a significant achievement in the IVD sector [4]. Group 4: Investment Expansion - The company has made strategic investments in various sectors, including hard technology, healthcare, artificial intelligence, and new materials, aiming for long-term returns [6][8]. - Recent investments include acquiring a 20% stake in iHealth from Xiaomi for approximately 459.1 million USD, increasing its ownership to 100% [8]. - The company is also exploring opportunities in the electric vehicle sector, holding shares in several automotive companies, including Tesla and NIO [9].

Core Insights - Dongyuan Venture Capital has successfully listed its investment project Nengzhiguang on the Beijing Stock Exchange, marking it as Ningbo's first A-share listing by 2025, increasing the number of listed companies in which Dongyuan has invested to eight [2] - The company has invested in over 30 enterprises across various sectors including advanced manufacturing, new energy, new materials, semiconductors, IT and software services, biomedicine, and energy conservation and environmental protection, demonstrating a preference for local enterprises and a long-term holding strategy [2][3] Company Overview - Established in May 2005 with a registered capital of 100 million yuan, Dongyuan Venture Capital is the first venture capital institution in Ningbo, with its equity structure showing that Ningbo Electronic Information Group holds 51.25% of the shares, followed by two state-owned enterprises [3] - The company has experienced significant growth, doubling its asset management scale since its inception, and has undergone three key phases: foundational exploration, industry focus, and platform operation [3] Investment Strategy - The decisive factor for investment decisions is the "scientific content" of the target enterprises, which has been a guiding principle since the company's early investments [3] - Dongyuan has adopted a "patient capital" approach, exemplified by its long-term investment in Jinlang Technology, which has yielded good returns for shareholders [4] - The company has shifted to a dual investment strategy since 2016, focusing on both early-stage and more mature projects, leading to successful investments in several notable listed companies [4] Market Positioning - Dongyuan Venture Capital strategically invests in industries before they experience significant growth, such as the solar energy sector, where Jinlang Technology achieved a market value of over 100 billion yuan shortly after its listing [7] - The company emphasizes the importance of understanding the target enterprises and their industries to capitalize on market opportunities effectively [7] Operational Challenges - The company faces challenges in exit strategies due to tightening IPO channels and a cooling primary market, which necessitates a focus on quality over quantity in investment decisions [7][8] - Dongyuan has developed internal standards for evaluating potential investments, considering factors such as the industry chain, local industrial support, and the characteristics of the founders [8] Future Outlook - Dongyuan plans to enhance its investment strategies by expanding long-term capital supply, innovating investment approaches, and improving exit mechanisms to strengthen the relationship between capital markets and quality enterprises [8]

Market Overview - On October 21, several stocks in Hubei, including Hubei Broadcasting, Huilv Ecology, Donghu Gaoxin, and others, experienced a collective surge, with many reaching their daily limit [1] - Notable increases were also observed in investment companies such as Luxin Venture Capital and China High-Tech [1] Event: Deepening State-Owned Asset Management Reform in Hubei - Hubei is focusing on the principles of assetization, securitization, and leveraging of state-owned resources, aiming to deepen the management reform of state-owned "three assets" [3] - As of the end of September, the total amount of state-owned "three assets" in Wuhan exceeded 6 trillion yuan, with 206.15 billion yuan of assets revitalized and 111.05 billion yuan in revitalization income achieved [3] Institutional Insights - The dividend retention effect of central enterprises is significant, with the proportion of local state-owned enterprises' securitization having greater potential for increase [4] - It is expected that mergers and acquisitions among central state-owned enterprises will progress during the 14th Five-Year Plan, driven by various factors including optimization of traditional businesses and exploration of new sectors [4] - The emergence of "state-owned + industry" acquisition models is noted, with an increase in local state-owned enterprises partnering with industrial capital to enter the A-share market [4] - In Xinjiang, state-owned enterprises are both beneficiaries of regional development and participants in business restructuring, with significant potential for asset integration and management optimization [4]

"当中国科技成为全球资本瞩目的焦点，其背后既有中国科技创新十年磨一剑的积淀，也得益于创投机 构从'猎人'到'农夫'的角色蜕变。"普华资本董事长曹国熊在接受中国证券报记者采访时表示。 曹国熊表示，从坚持科技赛道的长期主义，到孵化模式的创新突破，创投机构的价值不仅在于发现未 来，更在于参与创造未来。在让"创新浙江"成为中国式现代化省域先行的鲜明标识，以及全球资本纷纷 聚焦中国科技的背景下，创投机构的新探索正为行业提供新的破局思路。普华资本持续看好人工智能 （AI）、创新药、商业航天等赛道的投资机遇。 科技赛道爆火有其深层逻辑 "科技赛道的热度，不是突然出现的。"提及杭州"六小龙"引发的关注，曹国熊表示，这背后离不开创投 机构十年磨一剑的前瞻布局。 他举例说，普华资本早在2015年就组建了三支聚焦硬科技的团队，2016年切入生物医药领域，2018年布 局商业航天赛道等，这些看似超前之举，实则是基于对国家科技创新趋势的精准把握。 "今年是普华资本成立的第21年，站在新起点，普华资本确立了三大业务板块：普华创投、普华科技 （孵化）和普华国际，协同聚焦硬科技领域。近期，普华科创中心正式揭牌，标志着孵化业务从零星探 索阶段 ...

"当中国科技成为全球资本瞩目的焦点，其背后既有中国科技创新十年磨一剑的积淀，也得益于创投机 构从'猎人'到'农夫'的角色蜕变。"普华资本董事长曹国熊在接受中国证券报记者采访时表示。 曹国熊表示，从坚持科技赛道的长期主义，到孵化模式的创新突破，创投机构的价值不仅在于发现未 来，更在于参与创造未来。在让"创新浙江"成为中国式现代化省域先行的鲜明标识，以及全球资本纷纷 聚焦中国科技的背景下，创投机构的新探索正为行业提供新的破局思路。普华资本持续看好人工智能 （AI）、创新药、商业航天等赛道的投资机遇。 科技赛道爆火有其深层逻辑 "科技赛道的热度，不是突然出现的。"提及杭州"六小龙"引发的关注，曹国熊表示，这背后离不开创投 机构十年磨一剑的前瞻布局。 他举例说，普华资本早在2015年就组建了三支聚焦硬科技的团队，2016年切入生物医药领域，2018年布 局商业航天赛道等，这些看似超前之举，实则是基于对国家科技创新趋势的精准把握。 在曹国熊看来，杭州拥有"热带雨林"式的创新生态，明星项目的涌现既得益于这种氛围，也离不开资本 市场支持新质生产力的系列举措以及港股市场的持续活跃。 "耐心资本"同样是支撑科技企业长周期发展的 ...

Group 1 - The issuance of technology innovation bonds in Jiangsu has reached a total of 94 bonds with a total issuance amount of 52.7 billion yuan since the new regulations were implemented on May 7 [1] - Long-term bonds are becoming more prevalent, with 64% of the bonds having a maturity of over 3 years and approximately 27% over 5 years [1] - A diverse range of issuers is participating, including AAA-rated manufacturing leaders and AA-rated venture capital groups, with funds primarily allocated for working capital needs [1] Group 2 - Private equity investment institutions have emerged as a significant issuer category under the new regulations, with the first private venture capital institutions successfully issuing technology innovation bonds [2] - The first bank-intermediated technology innovation bonds were issued by Yuanhe Holdings, featuring a 3-year term and a coupon rate of 1.92%, setting a new low for similar bonds [2] - Financial institutions are actively participating, with Dongwu Securities issuing 1.2 billion yuan in technology innovation bonds at a rate of 1.74%, attracting significant interest from various institutional investors [2]

● 本报记者 昝秀丽 "当中国科技成为全球资本瞩目的焦点，其背后既有中国科技创新十年磨一剑的积淀，也得益于创投机 构从'猎人'到'农夫'的角色蜕变。"普华资本董事长曹国熊在接受中国证券报记者采访时表示。 曹国熊表示，从坚持科技赛道的长期主义，到孵化模式的创新突破，创投机构的价值不仅在于发现未 来，更在于参与创造未来。在让"创新浙江"成为中国式现代化省域先行的鲜明标识，以及全球资本纷纷 聚焦中国科技的背景下，创投机构的新探索正为行业提供新的破局思路。普华资本持续看好人工智能 （AI）、创新药、商业航天等赛道的投资机遇。 科技赛道爆火有其深层逻辑 "科技赛道的热度，不是突然出现的。"提及杭州"六小龙"引发的关注，曹国熊表示，这背后离不开创投 机构十年磨一剑的前瞻布局。 他举例说，普华资本早在2015年就组建了三支聚焦硬科技的团队，2016年切入生物医药领域，2018年布 局商业航天赛道等，这些看似超前之举，实则是基于对国家科技创新趋势的精准把握。 管理规模超过300亿元；累计投资600多个项目，其中三分之一已完成退出；投资字节跳动、中际旭创、 三六零、中控技术、毛戈平等80家赛道龙头……这是普华资本投资20多年来 ...