北京商报讯（记者 刘宇阳 实习生 姚榕琰）1月5日，黑龙江证监局发布公告表示，经查，哈尔滨富德恒利创业投资管理有限公司（以下简称"哈尔滨富德恒 利创投"）存在未能及时更新私募基金备案信息；未能妥善保存基金材料；私募基金关联交易制度不健全；未严格履行投资者投资"冷静期"回访确认程序； 违反廉洁从业规定等违规行为。 对于上述行为，黑龙江证监局决定对哈尔滨富德恒利创投采取责令改正的行政监管措施。同时，黑龙江证监局指出，施志坚作为公司法定代表人、总经理， 对上述违规行为负有主要责任，决定对其采取出具警示函的行政监管措施。 | 索 | bm56000001/2026-00000050 | સે 类 | 行政监管措施;行政执法 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2026年01月05日 | | 名 称 | 关于对哈尔滨富德恒利创业投资管理有限公司采取责令改正行政监管措施的决定 | | | | 文 물 | 监管措施〔2025〕58号 | 主题词 | | ...

| 中金公司 | 国泰海通 | | --- | --- | | 高瓴 | 深创投 | | 真格基金 | 顺为资本 | | IDG 资本 | 红杉中国 | | 普华资本 | 五源资本 | | 毅达资本 | 启明创投 | | 同创伟业 | 达晨财智 | | 金浦投资 | 松禾资本 | | 招银国际 | 英诺天使基金 | | --- | --- | | 礼来亚洲 | 汉能基金 | | 高榕资本 | 金沙江创投 | | 源码资本 | 北极光创投 | | 云锋基金 | 蓝驰创投 | | 元璟资本 | 经纬创投 | | 峰瑞资本 | 大钮资本 | | 主办单位: | 1 | 1月4日，上市之家·2026最具期待"上市之星"榜单重磅揭晓。中金公司、国泰海通、高瓴、深创投、真格基金、顺为资本、IDG 资本、红杉中国、普华资本、五源资本、毅达资本、启明创投、同创伟业、达晨财智、金浦投资、松禾资本、招银国际、英诺 天使基金、礼来亚洲、汉能基金、高榕资本、金沙江创投、源码资本、北极光创投、云锋基金、蓝驰创投、元璟资本、经纬创 投、峰瑞资本、大钲资本荣获"顶级投资之星"奖项。 ...

21世纪经济报道记者赵娜上海报道 在一级市场深度调整、退出周期拉长的背景下，创投行业的考核逻辑也在发生变化。 近期，国家发展改革委等部门提出，国家创业投资引导基金建立符合创投市场规律的考核体系，把重点放在整体效益和投后赋能上，"不以单 个项目成败论英雄"。这一表述成为政府投资基金核心评价体系的又一次校准。 考核口径的变化并非单点调整。从相关制度安排和实践进展来看，围绕整体效益和投后赋能，政策层面、机构层面以及地方探索之间，正在逐 步形成更为清晰的关联。 一方面，创投市场运行环境变化、项目周期拉长，单一项目或短期结果无法客观体现机构的长期能力；另一方面，创投机构在地方产业发展中 的参与度还在加深，其价值也要在后续的产业培育和发展周期中逐渐显现。 在这一背景下，基金绩效考核方式的优化成为观察行业转向的重要切口。 正是在这一现实背景下，国家创业投资引导基金提出在管理环节兼顾"放得活""管得好"。 一方面，针对种子期、初创期项目存活率不高的特点，建立符合创投市场规律的考核体系，把重点放在整体效益和投后赋能上，"不以单个项 目成败论英雄"。另一方面，针对早期项目风险高的特点，建立"线上监测网+线下观察员"的管理模式，通 ...

Not for Distribution to US Newswire Services or Dissemination in the United States of AmericaVancouver, British Columbia--(Newsfile Corp. - January 2, 2026) - Naughty Ventures Corp. (CSE: BAD) (OTC Pink: YORKF) (FSE: 5DE0) ("Naughty Ventures" or the "Company") announces a non-brokered private placement "Flow-Through" financing of 2,000,000 units ("FT Units") at $0.10 per Unit for gross proceeds of $200,000. Each FT Unit will consist of one common share issued as a "flow-through share" within the meaning of ...

Core Argument - David Sacks advocates for the establishment of a Y Combinator office in Austin, Texas, emphasizing the city's growing tech ecosystem and the necessity for a more inclusive tech industry [1][2]. Group 1: Y Combinator's Potential Expansion - Sacks urged YC partner Garry Tan to reconsider the decision against opening a YC office in Austin, highlighting the rapid growth of the Austin startup scene and the potential impact of YC's involvement [2]. - Sacks posits that not expanding to Austin would imply that Silicon Valley's network effects are unassailable, which could hinder the tech industry's overall growth [3]. Group 2: Industry Discontent and Predictions - The call for a more inclusive tech industry arises amid rising discontent among tech leaders in California, particularly regarding the proposed 'Billionaire Tax' [4]. - Prominent tech figures, including Sacks, have expressed intentions to leave California if the tax is enacted, indicating a significant shift in the industry's dynamics [4]. - Sacks predicts that Austin could replace San Francisco as the tech capital, while Miami may take over as the finance capital, reflecting a broader shift in the industry's landscape [3][5].

作者 |吴梅梅 排版 | 王梓璇 来源 | IT桔子 图片 | 豆包AI生成 2025年12月26日，创投行业迎来历史性时刻 —— 国家创业投资引导基金正式启动运行。 这只由国家发改委、财政部共同设立的 "航母级" 基金，以 1000亿元财政出资为核心，撬动万亿级社会 资本，凭借20年超长存续期与"投早投小投硬科技"的鲜明导向，直接改写行业游戏规则。 从首批 49 只子基金集中签约到三大区域基金落地运营，一场聚焦硬科技的投资革命已然拉开序幕。 二是 70% 资金投向种子期、初创期企业，要求标的估值不超过 5 亿元，单笔投资上限 5000 万元，确保 资金直达创新前端； 三是聚焦集成电路、人工智能、航空航天、低空经济、生物制造、量子科技等战略性新兴赛道，与 "十 五五" 新兴支柱产业规划高度契合； 核心规则拆解：三层架构 + 四大硬约束，资金流向清晰 国家引导基金采用 "基金公司 — 区域基金 — 子基金" 的三层架构，确保资金精准滴灌至创新源头。 顶层由国家创业投资引导基金有限公司统筹1000亿元财政资金，中层是京津冀、长三角、粤港澳大湾区 三只区域基金。 · 京津冀创业投资引导基金规模约296.46亿元，由 ...

Core Insights - The article discusses the confusion in evaluating AI companies using traditional SaaS metrics, highlighting that while AI companies show high value density, they often appear unattractive when assessed through familiar SaaS models due to lower gross margins and complex cost structures [1][2] - It emphasizes the need to abandon the obsession with SaaS gross margins and suggests that high usage of real products in the AI era will outperform "unreleased" luxury financing projects [2] - The article argues that the true moat for companies remains in technology rather than distribution or capital, and that rational analyses often mask a lack of intuition among decision-makers [2] Group 1 - AI companies demonstrate significant value density, with users willing to pay more than for traditional software, yet they often show lower gross margins and complex cost structures when analyzed through SaaS models [1] - The venture capital industry has relied on a set of validated standards over the past decade, such as gross margins and predictable growth curves, which may not adequately explain value creation in the AI context [1][2] - A new perspective is emerging that challenges the traditional metrics used to evaluate companies, particularly in the AI sector, where the focus should shift to absolute gross profit per customer rather than gross margins [22][23] Group 2 - The article highlights the importance of understanding the absolute gross profit dollars per customer in AI applications, which can be significantly higher than traditional SaaS companies despite lower gross margins [23][24] - It provides an example comparing a traditional SaaS company with a 75% gross margin contributing $200,000 in gross profit per customer to an AI company with a 50% gross margin contributing $500,000, illustrating the potential for greater economic value [23] - The discussion includes the notion that the AI coding market is rapidly expanding, with projections of significant net new ARR growth, indicating that AI applications are creating new opportunities that traditional SaaS metrics may not capture [21][22] Group 3 - The article asserts that the moat for AI companies remains in technology, as building excellent AI products is complex and requires deep integration into workflows, which is different from traditional SaaS products [27][28] - It warns that rapid growth can be unsustainable if companies do not establish sufficient value to retain customers, citing Jasper as an example of a company that struggled to maintain its growth trajectory [27] - The article emphasizes that the ability to create differentiated AI products is crucial, as the competitive landscape is evolving rapidly with new benchmarks set by labs like OpenAI [27][28] Group 4 - The article discusses the evolving landscape of venture capital, noting that firms like Benchmark focus on deep engagement with founders rather than merely chasing large funding rounds, which allows them to maintain relevance in the AI space [30][32] - It highlights the importance of being a meaningful partner to founders throughout their journey, rather than solely focusing on ownership percentages [32][33] - The article concludes that while the VC industry is shifting towards faster capital deployment, firms like Benchmark continue to prioritize high-touch, craft-oriented investment strategies [45][46]

Core Viewpoint - The establishment of the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund aims to support strategic emerging industries and innovative technology enterprises, enhancing the region's technological self-reliance and innovation capabilities [2][3] Group 1: Fund Overview - The Guangdong-Hong Kong-Macao Fund has a total scale of 50.45 billion yuan and is part of the National Venture Capital Guidance Fund, which has a registered capital of 100 billion yuan [2] - The fund will focus on seed and early-stage technology companies in strategic emerging industries, supporting original and disruptive technological innovations [2] - The fund's management is undertaken by Shenzhen Capital Group, with a structure that includes a "fund company - regional fund - sub-fund" model [2] Group 2: Local Impact and Collaboration - The investment of 200 million yuan by Jiangmen City Investment Co., Ltd. is part of a broader strategy to link high-quality innovation resources in the Greater Bay Area and support local economic development [3] - Jiangmen aims to attract core elements such as capital, technology, and talent to key industries, accelerating the transformation of technological achievements into productive forces [3] - The city plans to deepen collaboration with fund management institutions and other cities to guide fund resources towards local quality SMEs, enhancing the industrial ecosystem [3]

Core Insights - The article highlights the successful fundraising of Huaye Tiancheng's fifth fund, which raised a total of 1.76 billion yuan, showcasing the firm's strength in a challenging fundraising environment [4][5]. - Huaye Tiancheng's ability to exceed its initial fundraising target by 260 million yuan indicates strong demand and confidence from investors, particularly in the context of a declining VC/PE market [5][6]. - The fund's LP composition is notable, with 80% of the investors being market-oriented, reflecting a high-quality investor base that includes major industry players and international institutions [8][9]. Fund Performance and Market Context - The fifth fund's performance is underscored by its active investment strategy, with 10 investments made within the first year, including significant stakes in companies like NPU chip firm Fangqing Technology [6]. - Despite a general decline in VC/PE fundraising by over 20% annually, Huaye Tiancheng's ability to maintain a high re-investment rate from existing LPs demonstrates strong trust and confidence in the firm [6]. LP Composition and Strategic Value - The fund's LP structure is diverse, featuring large industry players, insurance giants, and international investors like SOFINA, which marks a significant breakthrough for Chinese RMB funds in attracting foreign capital [9][10]. - SOFINA's involvement not only enhances Huaye Tiancheng's credibility but also opens doors for future fundraising opportunities, particularly for potential USD-denominated funds [10]. Industry Positioning and Strategy - Huaye Tiancheng's founders bring extensive industry experience, positioning the firm as a strong player in the hard technology investment space, which is increasingly recognized as a valuable asset in the current market [12][13]. - The firm emphasizes a hands-on approach to value creation, providing detailed support to portfolio companies, which is crucial for navigating the complexities of the tech sector [15]. Conclusion and Future Outlook - The successful fundraising of Huaye Tiancheng sets a high standard for RMB funds, suggesting a potential shift in the VC landscape towards more industry-focused investment strategies [17][18]. - The article posits that as the market evolves, firms that can effectively support entrepreneurs and provide certainty in uncertain times will emerge as leaders in the investment space [18][19].

Core Viewpoint - Suzhou has emerged as a vibrant hub for IPOs in 2023, with a total of 16 new companies listed domestically and internationally, leading the nation in new A-share listings [2] Group 1: IPO Achievements - In November 2023, Suzhou celebrated a "three-day three consecutive launches" with the listings of Fengbei Bio on the Shanghai Stock Exchange, Wangshan Wangshui on the Hong Kong Stock Exchange, and Zhongcheng Consulting on the Beijing Stock Exchange [2] - Suzhou has added 16 new listed companies this year, including 9 new domestic A-share companies, ranking first in the country [2] - The total number of listed companies in Suzhou has reached 281, with 227 being domestic A-share companies, placing it fifth nationwide [2] Group 2: Investment Fund Developments - From January 1, 2023, to December 28, 2025, Suzhou has registered 795 new funds with a total registered capital exceeding 350 billion, averaging over 20 new funds each month [3] - A significant fund, the Jiangsu Social Security Science and Technology Innovation Fund, was established with a total scale of 1 trillion, focusing on strategic emerging industries and high-quality development [3] - The first phase of the Jiangsu Social Security Science and Technology Innovation Fund is set at 500 billion, primarily managed by Suzhou's government [3] Group 3: Fund Management and Structure - Suzhou Innovation Investment Group has managed funds exceeding 3000 billion, covering various stages of enterprise growth from incubation to maturity [4][5] - The fund matrix includes a combination of mother funds, direct investment, and sub-funds, effectively supporting the entire lifecycle of enterprises [5] - Suzhou has established a collaborative investment matrix that includes angel funds, specialized industry funds, and market-oriented funds [5] Group 4: National and Provincial Collaborations - Suzhou has partnered with national entities to establish funds totaling 645 billion, focusing on industrial upgrades and strategic emerging industries [6] - The city has also collaborated with Jiangsu's provincial funds to create a second batch of 240 billion for the Suzhou Strategic Emerging Fund, which has seen rapid investment progress [6] - Suzhou's approach to fund establishment emphasizes a unified innovation framework across the city, enhancing the effectiveness of capital deployment [6] Group 5: The "Suzhou Model" - The "Suzhou Model" is characterized by its comprehensive support for enterprises at different stages, from early-stage investments to growth and maturity phases [7] - Suzhou has become a prominent city in the venture capital and private equity landscape, known for its clear planning in nurturing industries [7] - The city has developed a unique investment ecosystem that effectively combines capital and projects, making it one of the best cities for investment in China [7] Group 6: Future Trends in Fund Development - The domestic guiding fund industry is evolving into a 3.0 version, focusing on establishing fund clusters and enhancing collaboration among various levels of government [8] - Regions that establish fund clusters are expected to expand by 2025, with government-led funds acting as catalysts for industrial transformation and technological innovation [8]