证券代码：601717 证券简称：中创智领 公告编号：2025-058 中创智领（郑州）工业技术集团股份有限公司 关于参与投资私募基金暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 参与投资私募基金的基本情况：中创智领（郑州）工业技术集团股份有限公司（以下简称"公司"）拟 与关联人河南资产管理有限公司（以下简称"河南资产"）、河南资产基金管理有限公司（以下简称"河 南资产基金管理"）等专业投资机构合作，参与投资河南泓楷股权投资基金合伙企业（有限合伙）（以 下简称"合伙企业"、"基金"或"泓楷基金"），以零元价格受让河南资产持有的泓楷基金尚未实缴出资的 20,200.00万元有限合伙份额，并进而作为有限合伙人对泓楷基金认缴出资人民币20,200.00万元，认缴出 资金额占泓楷基金总认缴出资额的25.0935%； ● 本次交易构成关联交易； ● 本次交易未构成重大资产重组； ● 交易实施尚需履行的审批及其他相关程序：本次交易未达到股东会审议标准。泓楷基金尚需履行市场 监督管理部门的合伙人变动工 ...

Core Viewpoint - The 2025 Sixth China Fund of Funds Summit highlighted the importance of diverse exit strategies in the private equity sector, particularly in the context of mergers and acquisitions, and the evolving landscape of investment opportunities and challenges in China [1][2][4]. Group 1: Event Overview - The summit took place from August 30 to 31, 2025, in Beijing, organized by the Fund of Funds Research Center, with over 300 representatives from government, industry associations, and leading investment institutions in attendance [1]. - The event featured discussions on new exit models, including mergers and flexible exits, emphasizing the need for innovative approaches in the current policy and market environment [2][4]. Group 2: Key Discussions on Exit Strategies - The roundtable forum focused on "Breaking the Deadlock and Value Reconstruction: How to Create a New Paradigm for Mergers and Diverse Exits," where industry leaders shared successful case studies and practical experiences [2][3]. - The discussion underscored the significance of aligning fiscal funding with regional industrial planning to enhance investment and economic development [4]. Group 3: Case Studies and Practical Insights - Successful examples included the listing of Yitang Co. on the Sci-Tech Innovation Board through mergers initiated by Yizhuang Guotou, and the acquisition of equity in Zhongxin Beifang by SMIC, which opened exit channels [4]. - The Guangdong Hongtu investment by Yueke Fund in 2000, which evolved from a strategic investor to a controlling shareholder, exemplified the benefits of mergers for asset liquidity and value enhancement [5]. Group 4: Flexible Exit Strategies - The concept of "flexible exit" emerged as a new trend, allowing for more adaptable approaches to exits, particularly in challenging market conditions [7][10]. - Various flexible exit methods were discussed, including phased buyback strategies and non-litigious resolutions to disputes, aimed at supporting companies in distress while ensuring investor returns [8][10]. Group 5: Importance of Management and Long-term Planning - The ability of fund managers to anticipate exit strategies is crucial, with a focus on the role of high-quality assets in facilitating successful exits [6][10]. - Long-term capital investors, such as the Tsinghua University Education Foundation, emphasized the importance of planning for exits from the outset, often requiring a 10 to 15-year horizon for returns [9][10].

Core Insights - AI is a key thread connecting the "Five Major Articles" of China's strategic development, emphasizing the importance of aligning investment strategies with national policies [1][8] - The capital market is experiencing a significant increase in activity, with funds actively seeking investment opportunities closely related to AI [3][4] - The transition of AI from experimental technology to value creation is recognized as a core driver of the "technology + industry" revolution [6][7] Capital Market Dynamics - Since the implementation of the "9·24" policy in 2024, the Chinese capital market has seen two notable phases of upward movement, driven by policy benefits and subsequent market stabilization [4] - M1 money supply increased by 6% in August 2025 compared to a 7.3% decline in the same month of 2024, indicating a shift in asset allocation towards equities [4] - In July, household deposits decreased by 1.1 trillion yuan, while securities and fund accounts increased by 2.14 trillion yuan, reflecting a trend of moving funds from savings to equity markets [4] AI Industry Insights - The AI industry is witnessing a period of significant breakthroughs, with companies like Cambrian Technologies demonstrating the potential for independent development in China's AI sector [7] - The market is expected to see a revaluation of domestic AI-related assets as the gap between China's AI capabilities and global leaders narrows [7] - AI is being integrated across various sectors, including manufacturing, education, finance, and healthcare, indicating a broad transformation driven by AI technologies [7][8] Investment Strategies - Investment institutions are encouraged to align with national strategies and focus on the intersections of AI and the "Five Major Articles" [8] - Companies are advised to invest in AI-related core technologies and software, particularly in early-stage ventures that can leverage AI for operational efficiency [8][9] - The reduction in costs and increased accessibility of AI tools are opening up investment opportunities across industries, making AI integration a key factor in future investment value [9]

Core Viewpoint - AI is a key thread connecting the "Five Major Articles" in China's capital market, representing significant investment opportunities at the intersection of policy, technology, and demand [1][10]. Group 1: Capital Market Dynamics - The Chinese capital market is experiencing a notable increase in activity, with funds seeking investment directions closely related to AI [3][4]. - Since the implementation of the "9·24" policy in 2024, the capital market has seen two significant phases of upward movement, driven by policy benefits and subsequent AI technology breakthroughs [4]. - As of August 2025, M1 (narrow money supply) grew by 6% year-on-year, contrasting with a 7.3% decline in the same period of 2024, indicating a shift in liquidity towards capital markets [4]. - In July, household deposits decreased by 1.1 trillion yuan, while securities and fund accounts increased by 2.14 trillion yuan, showing a trend of reallocating funds from banks to equity assets [4][5]. - The A-share market has seen daily trading volumes exceed 2 trillion yuan, signaling a peak in market activity for the year [4]. Group 2: AI Industry Insights - The AI industry is transitioning from technical exploration to value creation, becoming a core driver of the "technology + industry" revolution [7]. - The performance of companies like Cambrian Technology indicates that China's AI industry is on a path of independent development, narrowing the gap with global leaders [8]. - AI is being integrated across various sectors, including manufacturing, education, finance, and healthcare, fundamentally transforming traditional industries [8][11]. - The greatest value from AI is expected to emerge from its application layer, where it can help businesses reduce costs and improve efficiency [8]. Group 3: Investment Strategies - Investment institutions should align with national strategies and focus on the intersections of AI and the "Five Major Articles" [9][10]. - 弘毅投资 is actively investing in AI-related sectors, including artificial intelligence data centers, smart energy management, and semiconductor technologies [10]. - The investment approach should prioritize early-stage investments in core technologies related to AI, emphasizing the importance of cash flow generation from AI applications [8][10][11]. - The integration of AI into various industries will determine future investment values, as smaller enterprises gain access to AI technologies previously dominated by larger firms [11].

Group 1 - The equity investment industry in China is showing signs of recovery after three years of stagnation, with increased recruitment demand and improved market sentiment, marking a shift from a prolonged "winter" phase [1] - The industry is undergoing a paradigm shift from "rapid expansion" to "high-quality development," with the current market size of RMB investments down nearly 60% from its peak in 2021, indicating the arrival of the VC/PE 2.0 era [2] - The transformation in the technology investment sector is seen as both an opportunity and a challenge, as China moves from a phase of imitation to one of innovation leadership in technology [2] Group 2 - The Chinese equity investment market is transitioning from a "positive beta" environment to a "negative beta" or "flat beta" state, where future returns will depend on the core capabilities of investment institutions rather than overall market growth [3] - The ability to generate "alpha" returns will require institutions to have foresight in technology trends and application, emphasizing the need for experienced teams to identify structural opportunities [3] - The focus on efficiency is critical, as both traditional and tech sectors face challenges in improving operational effectiveness [3] Group 3 - Investment strategies are diversifying, with firms like Junlian Capital shifting towards early-stage investments in hard technology projects, recognizing the importance of early positioning in high-potential sectors [6] - The strategy of focusing on "first-class" founders and high-growth sectors is being adopted by firms like Huaye Tiancheng Capital, which emphasizes long-term potential over immediate excellence [6][7] - Institutions are also adopting cross-cycle investment strategies, focusing on industry cycles and the rotation of different sectors to identify growth opportunities [7]

时隔三年，股权投资行业终于迎来回暖信号——招聘需求回升、市场情绪改善，告别了此前长期"熬 冬"的状态。然而，回暖并非简单的周期回归，而是底层逻辑的重构与变革。在近日举行的2025母基金 年度论坛暨第六届鹭江创投论坛上，多位一线投资人表示，当前行业正站在范式转型的关键节点，既是 挑战，也是中国VC/PE迈向2.0时代的契机。 告别野蛮生长：科创投资范式迎变革 谈及行业变化，华映资本创始管理合伙人季薇表示，近年来股权投资行业的发展与我国与时俱进的科技 实力存在落差，人民币投资市场规模与2021年峰值相比，回落了近六成。 这一变化并非短期调整，而是行业从"高速扩张"向"高质量发展"转型的范式性变革，更被认为是中国 VC/PE2.0时代到来的标志。 华控基金董事长张扬表示，中国在科技创新投资领域面临的巨大变革，既是机遇也是挑战。他认为，科 创投资的变革随着科技发展以及中国科技发展而演变。 "我国科技发展经历了三个阶段，21世纪第一个10年是'跟随模仿、消化引进'阶段；第二个10年是'追随 追赶、对标头部'阶段；而当前正进入'引领创新'的新阶段。"张扬说，投资领域同样如此，过去投资互 联网、半导体，我们跟随和复制美国的 ...

Core Insights - Beijing's Changping District has launched a series of investment activities, focusing on 74 key projects with a total investment of 51.35 billion yuan and a financing demand of 7.08 billion yuan [1] - The "Pingyuan New City Venture Capital Roadshow" series began on September 16, 2025, with Changping as the first stop, aimed at promoting coordinated development in the Beijing-Tianjin-Hebei region [1] - Changping District has shown strong economic growth, with an average GDP growth rate of 6.2% since the 14th Five-Year Plan, and a notable 7.1% growth in the first half of this year [1] Investment and Project Highlights - The investment event saw on-site agreements totaling 250 million yuan, involving various companies and investment funds [2] - Key sectors targeted include life sciences, advanced manufacturing, and future industries, with a focus on innovation and integration of education and industry [1][2] - Changping District is home to 88 national and provincial key laboratories and 210 engineering technology centers, with significant projects like Tsinghua South Base under construction [2]

Core Viewpoint - The fundamental rules of the primary market are undergoing significant changes, with mergers and acquisitions (M&A) becoming a core competency that general partners (GPs) must master to achieve value reconstruction in industries rather than merely capital arbitrage [2][4]. Group 1: Evolution of Private Equity Investment - The U.S. private equity market has evolved through a clear trajectory characterized by "a century of evolution and four stages of leap," starting from the late 19th century with industrial investments [6]. - The development of the U.S. M&A market has synchronized with private equity, showcasing five distinct waves that have reshaped the industrial landscape [7][8]. - The current phase of private equity in the U.S. is driven by technological innovation, particularly in emerging fields like AI and digital transformation [6][8]. Group 2: China's Private Equity Investment Phases - The 1.0 era (2000-2015) was marked by internet-driven model innovation, where investment opportunities were abundant, and the requirements for investment institutions were relatively low [10]. - The 2.0 era (2015-2025) signifies a shift towards technology innovation, with hard technology becoming a focal point for investment, supported by national policies [11][12]. - The 3.0 era (2025-2035) indicates a trend towards industry consolidation through M&A, driven by increasing exit pressures and government encouragement, with M&A activity in China seeing over 50% year-on-year growth in the first half of 2025 [13]. Group 3: Strategic Focus of Haisheng Capital - Haisheng Capital has recognized structural changes in the industry and elevated M&A to a core strategic level, leveraging its unique advantages accumulated in the hard technology sector [15]. - The firm has built a mature ecosystem in key hard technology areas, enabling it to provide substantial resources and support to acquired companies [16]. - The success of M&A is attributed not only to selecting the right targets but also to effective management post-acquisition, with a team that possesses deep industry backgrounds [18]. Group 4: Timing and Focus in Investment - Haisheng Capital has demonstrated a keen ability to identify investment opportunities at critical market junctures, allowing it to capitalize on undervalued companies during cyclical fluctuations [19]. - The firm maintains a clear strategic focus on advanced technology, green technology, and life sciences, ensuring that it targets sectors with long-term value [20]. - The overarching philosophy of Haisheng Capital emphasizes that M&A is not merely about capital gains but is a vital engine for optimizing and upgrading industrial structures [20][21].

Core Insights - The 2025 New Quality Productivity Investment Institution Soft Power Ranking was released at the 2025 Mother Fund Annual Forum, highlighting the exceptional capital operation and industry empowerment capabilities of Chengdu Science and Technology Innovation Fund [1][3] - The year 2025 is seen as a potential "new birth" year for the equity investment industry, with a structural recovery in the market and a profound restructuring of the industrial environment and competitive landscape due to the rise of a new generation of technological revolutions [1][3] Group 1: Chengdu Science and Technology Innovation Fund Achievements - Chengdu Science and Technology Innovation Fund debuted on the "S Fund TOP 20" list, showcasing its strong positioning in the hard technology sector, focusing on technological innovation potential, industrial upgrade contribution, and value creation ability [3] - Since its establishment in 2021, Chengdu Science and Technology Innovation Group has been recognized for four consecutive years in the soft power rankings, becoming a leading institution in the western region [3][6] - The fund, established just over a year ago, is the first S Fund in Sichuan and emphasizes "patient capital" to support local technology enterprises [3][4] Group 2: Fund Scale and Investment Focus - The total scale of mother and child funds has exceeded 10 billion yuan, covering strategic emerging industries such as integrated circuits, aerospace, artificial intelligence, and biomedicine, while also focusing on future industries like satellite internet and new materials [4] - Chengdu Science and Technology Innovation Group has grown its fund scale to over 100 billion yuan since its inception, increasing by more than 11 times, and has nearly 70 billion yuan under management, growing by over 37 times [6] Group 3: Investment Strategy and Collaboration - The group has invested in over 600 technology innovation enterprises and future projects, demonstrating full-cycle operational capabilities from the initial stages to growth and integration [7] - The investment strategy includes a diverse product matrix covering angel, VC, PE, S funds, and mergers, addressing various functions such as technology transformation and industry chain cultivation [7] - The group actively links with national innovation centers and collaborates with over 50 universities and research institutions, investing in technology transfer enterprises and establishing regional venture capital platforms [8]

Core Viewpoint - The article highlights the establishment of a collaborative mechanism for technological innovation in the Yangtze River Delta region, emphasizing the active role of investment funds and the encouragement of policy support for the growth of technology-driven enterprises [2]. Group 1: Regional Development and Collaboration - The Yangtze River Delta region has seen the establishment of a joint innovation cooperation mechanism among the three provinces and one city, promoting cross-regional collaboration in research tasks, funding, and management [2]. - The region is characterized as a hotbed for investment, with numerous technology innovation enterprises emerging and active industrial funds under supportive policies [2]. Group 2: Investment Opportunities - The Mother Fund Research Center has initiated the selection of the best investment institutions in the Yangtze River Delta for 2025, aiming to encourage excellence in private equity mother funds and the fund industry [2]. - The upcoming announcement on September 28 will reveal the 2025 best investment institutions list, promoting healthy development in the equity investment sector [2]. Group 3: Award Categories - The awards include categories such as the Best Government Guidance Fund TOP20, Best Market-oriented Mother Fund TOP20, Best VC Fund TOP30, Best PE Fund TOP20, and Best Early-stage Fund TOP10 for 2025 [5]. Group 4: Upcoming Events - The Fourth Davos Global Mother Fund Summit and the First World Investment Conference will soon take place, highlighting the growing importance of investment discussions and collaborations [7].