《浙江省关于科技金融赋能创新浙江建设 因地制宜发展新质生产力的若干举措（征求意见稿）》公开 征求意见。其中提到，增进跨境投融资便利程度。用好合格境外有限合伙人（QFLP）试点政策，引导 境外创业投资机构合规开展跨境投资，到2027年，合格境外有限合伙人（QFLP）、合格境内有限合伙 人（QDLP）试点基金规模突破400亿元。支持开展"科汇通"试点，允许境外科研资金直接汇入外资非企 业科研机构。推进科技型企业跨境融资便利化试点，支持符合条件的高新技术、" 专精特新"和科技型 中小企业可在不超过等值1000万美元额度内自主借用外债。 ...

Core Viewpoint - The 13th Venture Capital Conference highlighted the importance of venture capital in supporting technological innovation and emphasized the need for a robust ecosystem to foster growth in the industry [1][2][3]. Group 1: Event Overview - The conference took place on July 25 in Shenzhen Guangming Science City, attracting over 500 participants from more than 20 provinces, including venture capital associations, investment institutions, and startups [1]. - The theme of the conference was "New Trends, Quality Wins the Future," focusing on the current state and future of the venture capital industry [1]. Group 2: Industry Insights - The venture capital industry is experiencing a partial recovery, with a rational restoration of its dynamics, as stated by Cheng Guohui, the president of Securities Times [1]. - The Guangming District is building a world-class science city, establishing a comprehensive innovation ecosystem that includes basic research, technology breakthroughs, and financial support [2]. - The Pearl River Delta is recognized as a key area for venture capital development, leveraging resources to drive economic growth and industrial upgrades [2]. Group 3: Challenges and Opportunities - Challenges in the venture capital sector include weak investment capabilities and low post-investment management levels, as noted by Shen Zhiqun, president of the China Investment Association's Private Equity and Venture Capital Committee [3]. - The establishment of the National Venture Capital Association Alliance Think Tank aims to serve as a "thought engine" and "decision-making advisor" for industry innovation and reform [3].

Group 1 - The 13th Venture Capital Conference was successfully held in Shenzhen Guangming Science City, focusing on the integration of technology and capital [1][3] - The conference attracted over 300 active venture capital institutions and representatives from various sectors, promoting discussions on the new trends and development of the venture capital industry [3][5] - A strategic cooperation agreement was signed between the Securities Times and the Guangming District government to enhance regional economic development and financial innovation [3][30] Group 2 - The venture capital industry is experiencing a recovery, with a focus on discovering and creating value through professional insights and quality services [5][10] - The conference highlighted the importance of artificial intelligence and hard technology sectors, with a shift in entrepreneurial focus towards these areas [16][22] - The establishment of the National Venture Capital Association Alliance Think Tank aims to provide diverse wisdom and support for the industry [3][34] Group 3 - The report on China's city venture capital vitality and innovation index ranked Shanghai, Shenzhen, and Beijing as the top three cities, indicating strong innovation capabilities and active venture capital activities [20] - The conference featured discussions on the challenges and opportunities in the venture capital sector, emphasizing the need for improved project investment capabilities and post-investment management [10][22] - The emergence of "AI for Science" is expected to create significant opportunities for new unicorn companies in various sectors, including pharmaceuticals and materials [25][28] Group 4 - The Guangming Science City is positioned as a new hub for technology innovation and investment, with a comprehensive innovation ecosystem being developed [32][33] - The conference showcased high-potential startups and innovative products, attracting interest from investors [33] - The establishment of the venture capital think tank is aimed at addressing industry challenges and enhancing collaboration among stakeholders [34][37]

Core Viewpoint - The 13th Venture Capital Conference held in Shenzhen's Guangming Science City emphasizes the integration of technology and capital, highlighting the evolving landscape of the venture capital industry and its role in driving innovation and economic development [3][5][30]. Group 1: Event Overview - The conference attracted over 300 active venture capital institutions and industry professionals from more than 20 provinces, focusing on new trends and the future of venture capital [3][5]. - A strategic cooperation agreement was signed between the Securities Times and the Guangming District government to enhance collaboration in the venture capital sector [30][32]. Group 2: Industry Trends - The venture capital industry is experiencing a recovery, with a focus on discovering and creating value through professional insights and quality services [5][7]. - The shift towards hard technology sectors such as artificial intelligence, robotics, and biotechnology is evident, as traditional entrepreneurial models decline [16][24]. Group 3: Investment Opportunities - The report on China's city venture capital vitality indicates that Shanghai, Shenzhen, and Beijing lead in venture capital activity, driven by strong innovation capabilities [20]. - The potential for "super unicorns" is seen in the intersection of artificial intelligence and data, with significant market opportunities anticipated in various sectors [25][28]. Group 4: Collaborative Efforts - The establishment of the National Venture Capital Association Alliance Think Tank aims to provide diverse wisdom and support for the venture capital industry [34][37]. - The conference highlighted the importance of collaboration among various stakeholders to address industry challenges and foster innovation [34][37].

Core Viewpoint - The venture capital (VC) industry is increasingly recognized as a vital engine for promoting high-quality economic development, with heightened attention from central authorities and the establishment of new institutional frameworks [1][3]. Group 1: Establishment of the National VC Association Alliance Think Tank - The National VC Association Alliance officially launched the National VC Association Alliance Think Tank (referred to as "VC Think Tank") on July 25 during the 13th Venture Capital Conference, aiming to address development challenges and provide guidance for the industry [1]. - The VC Think Tank will leverage the National VC Association Alliance's strong resource integration capabilities across capital, industry, and policy sectors, with members including leading VC firms, third-party data, legal, accounting service providers, and academic experts [3]. Group 2: Objectives and Functions of the VC Think Tank - The VC Think Tank plans to collaborate with third-party professional organizations to enhance the efficiency of services to the VC industry through various formats such as thematic seminars, think tank reports, news planning, industry indices, data products, and forums [3]. - The establishment of the VC Think Tank aims to drive high-quality development in the VC industry, positioning it as an "ideological engine" and "decision-making advisor" for industry innovation and transformation [4]. Group 3: Growth of the National VC Association Alliance - Since its inception, the National VC Association Alliance has focused on uniting industry forces to reshape the VC ecosystem, with membership expanding to 30, covering major economic provinces and financial cities [3]. - The alliance aims to facilitate information exchange, business cooperation, resource sharing, research, experience exchange, policy coordination, and industry self-regulation among its members [3].

Core Insights - The 13th Venture Capital Conference highlighted the increasing support from the central government for the development of venture capital in China, indicating a positive shift in the industry [1] Group 1: Government Support and Policy Environment - The central and local governments have reached a consensus on promoting venture capital and technology, leading to an optimized policy environment [1] - A series of important directives and major decisions from the central government have guided the venture capital industry out of its low period [1] Group 2: Fundraising and Investment Climate - The long-standing issue of fundraising difficulties during the "capital winter" is gradually being resolved [1] - The venture capital industry is experiencing a recovery, with improved conditions for raising funds [1] Group 3: Exit Channels and Market Dynamics - Diverse exit channels for venture capital investments are becoming more accessible, facilitating a healthy cycle from investment entry to exit [1] - The development of these exit channels is promoting a positive dynamic within the venture capital ecosystem [1]

7月25日，第十三届创业投资大会暨全国创投协会联盟走进光明科学城活动隆重举行。证券时报社党委 书记、社长兼总编辑程国慧在致辞中指出，当前，创投行业局部回暖、理性修复的良好态势正在巩固。 创投作为一个发现和创造价值的行业，从来不是简单的资本流动，而是时代前沿的探路者（300005）， 是技术浪潮的弄潮儿。围绕"价值"这个关键词，创业投资应该要以专业的眼光发现价值、以优质的服务 培育价值、以开放的心态做大价值，继续发挥科技创新的核心引擎作用，继续成为创新萌芽与产业参数 大树连接的关键桥梁。(人民财讯) ...

Core Insights - Guangdong is a significant hub for venture capital in China, driven by a combination of supportive policies and market dynamics [1][2] - The Guangdong Provincial Venture Capital Association plays a crucial role in fostering the development of the venture capital industry by facilitating communication between enterprises and government, and enhancing resource integration [2][3] Group 1: Industry Development - Guangdong has seen a surge in hard technology investment opportunities, attracting capital from various regions, particularly as the nation emphasizes hard technology development [2] - The provincial government has implemented a series of policies since 2017 to promote venture capital, establishing a solid foundation for the industry's growth [1] - By the end of 2024, the total subscribed scale of government-guided funds in Guangdong is expected to reach 4,913 billion yuan, ranking first in the country in both scale and number [1] Group 2: Role of the Guangdong Provincial Venture Capital Association - Since its establishment in 2010, the Guangdong Provincial Venture Capital Association has become integral to the local venture capital ecosystem, gathering various resources and facilitating industry growth [2] - The association has developed a closed-loop system of "resource integration - project matching - financing services," currently serving over 2,300 startups through its network of more than 600 member units [2] - In 2024, the association assisted in completing 87 financing projects, amounting to 3.25 billion yuan, providing comprehensive support for the development of the venture capital ecosystem [2] Group 3: Future Outlook - The association maintains a positive outlook for the future of the venture capital industry, anticipating increased market activity, enhanced policy support, and diversified exit channels [3] - There is an expectation for further clarification of investment areas and ongoing improvements in the industry ecosystem [3]

周恺秉介绍，协会在构建行业生态方面主要通过活动链接各方面资源，典型代表就是在杭州每年举办万 物生长大会，积聚创投、创业企业等，打造整个创投生态，并且不断拓展和海外地区的沟通衔接，近年 来和东盟等地监管机构、创投机构、创业企业保持频繁互动，做专场的活动交流。协会还设立独角兽俱 乐部，对杭州的独角兽企业保持两周一次的走访频率，得到会员机构较好的认可。 （文章来源：证券时报） 杭州的民营创投氛围也十分浓厚。周恺秉介绍，协会的会员以杭州本土成长起来的创投机构为主，规模 不是特别大，但从起步发展阶段就更重视投早投小投科技，形成独特的本地化投资逻辑：更早介入（本 土机构以早期投资为主要投资阶段）、更重技术（硬科技项目在投资组合中的占比普遍较高）、更长周 期（愿意陪跑企业成长平均投资周期长）。据杭州市创投协会不完全统计，目前在杭州市注册的创业投 资基金约3000只，认缴规模约4000亿元。 根据周恺秉的观察，今年以来，杭州投资机构最关注三大领域。首先是以人工智能为代表的AI企业； 其次是以机器人为代表的具身智能、智能设备领域；最后就是生物医药赛道的创新企业，尤其是和AI 相结合的方向。与其他地方创投机构相比，杭州创投机构之 ...

Core Insights - Shenzhen has emerged as a leading hub for venture capital in China, alongside Beijing and Shanghai, due to its early exploration and establishment of local venture capital practices and significant government-led funds [1][3] Group 1: Current Trends in Shenzhen's Venture Capital Industry - The number and scale of funds in Shenzhen have seen six consecutive increases, with 3,429 private equity venture capital funds registered by the end of 2024, managing a total of 410.34 billion yuan, which is a 2.25 times increase since 2018, reflecting an annual growth rate exceeding 20% [1] - The fundraising structure has improved, with long-term capital increasing its share; by 2024, government guidance funds, social security, and insurance capital contributed 238.11 billion yuan, a year-on-year increase of 16.74%, accounting for 59.01% of total investments [1] - The top 10% of institutions manage 74% of the fund size, with six funds exceeding 5 billion yuan in total size reaching 68.65 billion yuan, marking an 11.02% year-on-year growth [1] Group 2: Key Investment Areas - Prominent sectors attracting investment include semiconductors and hard technology (30%), new energy and energy storage (18%), and biomedicine and medical devices (20%), with artificial intelligence and robotics comprising 14% [2] - Emerging markets such as low-altitude economy and digital economy are also witnessing some trading activity [2] Group 3: Ecosystem and Strategic Initiatives - Shenzhen Venture Capital Association has developed a comprehensive venture capital ecosystem over 25 years, managing over 70% of the city's fund size and connecting over 100 high-growth tech companies, LP institutions, and professional service providers [2] - The association addresses fundraising challenges by hosting annual LP conferences to connect with 100 active market-oriented mother funds and government guidance funds, and organizes seminars on mergers and acquisitions to explore exit strategies [2] - The association has established a cross-border private equity investment fund committee to promote international development and orderly cross-border capital flow, facilitating connections with global resources [2] Group 4: Government Support and Policy Environment - The venture capital industry is receiving unprecedented attention and support from national and local governments, with a series of policies being introduced to foster development [3] - The successful issuance of the first batch of technology innovation bonds for venture capital institutions in June is seen as a significant institutional innovation, indicating a shift from debt capital to equity investment [3]