时值岁末，一级市场的年终成绩单陆续揭晓，募资的阶段性成果成为众多GP今年的关键底气。 与过往两年的沉寂形成鲜明对比，今年下半年的募资市场显著升温，捷报频传。几乎每隔数日，便 有机构宣布完成新基金的首关或终关，且募集规模颇为可观，为本就节奏加快的一级市场持续注入 活力。 据我们观察，仅近一个月内，就有近10家机构宣布新基金的设立/关账，其中不乏美元基金。 募资热 潮重启 曾几何时，"募资难"成为一级市场普遍的共识，尤其是自2022年以来，不仅人民币基金面临挑 战，美元基金的募集更是几近停滞，甚至部分美元机构这两年屡次传出裁员降薪举措。 然而进入2025年，伴随着AI、机器人等热门赛道的火爆，国内二级市场的起来，港股的火热等进 一步带动了一级市场的回暖，LP看到了资产的流动性与潜在回报，投资信心与实际行动逐步得以 修复，一级市场开始热闹起来。 导读： 今年年末的一级市场，迎来久违的温度。 作者｜FOFWEEKLY 近期，一系列机构陆续宣布基金募资的新进展。 12月16日，齐济投资宣布二期人民币基金顺利完成首关募集，首关规模9亿；12月11日，中科创 星科技投资有限公司宣布，旗下中科创星先导创业投资基金最近完成终关 ...

中证报中证网讯（记者 王宇露）12月10日至11日举行的中央经济工作会议，为"十五五"开局之年的经 济工作定下基调、指明方向。中信资本表示，会议深刻分析当前经济形势，作出一系列重要判断和论 述，明确指出"国内供强需弱矛盾突出"，强调要"推动经济实现质的有效提升和量的合理增长"，要"持 续深化资本市场投融资综合改革"，为私募股权投资行业在当前纷繁复杂的内外形势下更有针对性开展 工作指明了方向，也为从业机构更好筹划和开展明年工作提供了重要指引。 会议对"供强需弱"矛盾的判断，精准指出了当前经济结构转型的关键。中信资本认为，解决这一矛盾， 不仅需要培育新动能，更需通过优化存量资源配置，提升供给体系的质量与效率。这正是并购基金能够 发挥核心价值的领域。去年以来，证监会等部门相继出台"并购六条"等一系列政策，积极引导上市公司 开展并购重组，鼓励和支持并购基金发展，为市场注入重要动力。在政策支持与市场需求的双重驱动 下，当前并购基金正迈入黄金发展期，有望在"十五五"及未来一段时期成为推动各行业提质增效、助推 资本市场高质量发展的重要力量。 针对"需弱"的挑战，会议明确了从促消费、增收入两端入手提振居民消费能力的方向。强大 ...

◎林玉莲 记者 徐锐 并购基金与S基金（私募股权二级市场基金）正逐渐成为一级市场的重要力量。 日前，第八届创投责任投资论坛在上海举行。与会嘉宾表示，并购基金从资产收购转向产业赋能，S基 金从单一份额交易升级为重组解决方案，方能破解"价值发现难，价格博弈大，流动性不足"的行业痛 点。 "价值发现的重要性占比超60%" 一村资本创始合伙人、总经理于彤判断，中国并购市场已从"规模扩张"转向"产业链重塑"。并购投资分 为价值发现、价值创造等不同环节，其中价值发现的重要性占比超过60%。 在"并购六条"政策落地满一年、并购市场实现跨越式增长的背景下，并购投资的价值发现与增值逻辑成 为热议焦点。尽管热度居高不下，但市场竞争激烈，如何寻找优质资产始终是摆在投资人面前的一道难 题。 在并购标的选择上，于彤认为，应重点关注四大核心指标：第一，是否形成较高的技术壁垒；第二，是 否拥有稳定的TOB客户资源，如汽车产业链等领域中标的企业拥有大量长期客户，构成重要竞争壁垒； 第三，是否具备持续的造血能力，与小比例股权投资侧重成长性相比，并购投资更看重标的现金流稳定 性与应用场景爆发潜力；第四，能否在持有期间带来额外的价值回报。 上海证 ...

智通财经APP讯，今天国际(300532.SZ)公告，公司拟与专业投资机构深圳市松禾成长私募股权基金管理 有限公司("深圳松禾")、港中大(深圳)资产经营有限公司("港中大公司")、深圳市天使投资引导基金有限 公司("深圳天使基金")、深圳市龙岗区引导基金投资有限公司("龙岗引导基金")合作投资设立产业基金 深圳市港中深松禾一号种子私募创业投资基金合伙企业(有限合伙)，并签署合伙协议，基金规模1亿 元，公司作为产业基金有限合伙人拟以自有资金认缴出资1700万元，出资金额占合伙企业认缴出资总额 的17%。 据公告所示，本次拟设立产业基金将全部投向深圳战略性新兴产业和未来产业的相关领域("20+8产 业")，即：20大战略性新兴产业集群：半导体与集成电路、人工智能、低空经济与空天、新能源、 智 能网联汽车、生物医药、高端医疗器械、机器人、海洋产业、大健康、高端装备与仪器、网络与通信、 超高清视频显示、智能终端、数字创意、现代时尚、安全节能环保、软件与信息服务、智能传感器、高 性能材料。8大未来产业集群：智能机器人、脑科学与脑机工程、合成生物、量子信息、前沿新材料、 光载信息、深地深海、细胞与基因。 ...

导读： 汽车龙头企业携手进军股权市场，以LP身份开始新的布局。 作者｜FOFWEEKLY 临近年末，一级市场的忙碌节奏却丝毫未减，反而透出一股与时节相反的"升温"感。 投资人的日程表被切割成密集的片段：不是在尽调的路上，便是在行业峰会的现场交换名片；飞行 里程与会议纪要同步增长，这份奔波里透着一种久违的、基于忙碌的踏实。 回望数据端，机构LP出资活跃度一路上升，为行业注入切实的暖意。与此同时，伴随着政策与科 技浪潮催生出新的机遇，不仅吸引了一批曾淡出视野的"老LP们"悄然回流，更 点燃了新资金的兴 趣。 日前，一级市场又迎来多家新LP，这次是多家汽车龙头企业携手进入。 据悉该只基金的落地，是沈汽集团以"1+2+N"产业布局为指引，实施"产业发展+资本运作"双轮驱 动战略的具体措施和关键一环。 一个尤为值得关注的亮点是， 该基金是宝马集团在中国参与设立的首只、也是目前唯一一只私募 股权投资基金。 体现了宝马"在中国、为中国"的理念，以及对中国市场的坚定信心，也是宝马集 团与沈汽集团合作领域的进一步拓展。 近年来，汽车巨头做LP的案例不胜枚举，除了本土汽车品牌外，外资汽车巨头也纷纷加入行列。 2024年，保时捷联 ...

Group 1 - The 15th 21st Century Innovation Capital Annual Conference was held in Guangzhou, focusing on the evolution of strategies in mergers and acquisitions, S transactions, and securities investments [1] - Wang Hong, founder and chairman of Yinuo Zhiyuan, emphasized that the core of S investment lies not in the size of the discount but in the quality of the underlying assets and that the RMB S market is moving towards a phase of professional deep division of labor [3] - Yinuo Zhiyuan has invested in over 20 well-known domestic and foreign private equity funds, covering secondary market investments and direct equity investments in sectors like artificial intelligence, high-end manufacturing, new energy, and health care [3] Group 2 - The S investment strategy of Yinuo Zhiyuan focuses on three main aspects: prioritizing the quality of underlying assets over discounts, balancing IRR and DPI, and concentrating investments in specific industries [4] - The company believes that as the exit environment for equity investments improves, the trading activity in the S market will naturally increase [4] - The RMB S market is experiencing structural changes, with state-owned enterprises accelerating their entry and a unique S fund ecosystem forming in China, driven by various factors including the demand for uncalled capital transfers [4][5] Group 3 - The book "Interpreting S Funds," co-authored by Wang Hong, highlights that China's economy is undergoing transformation and that the private equity investment market is entering a phase of steady and high-quality development [5] - The private equity secondary market is seen as a new opportunity for significant development, receiving high attention from the state [6] - The role of the private equity secondary market in value discovery and liquidity realization is becoming increasingly important, with S funds being key participants in this market [6]

Group 1 - The core viewpoint of the article highlights the resurgence of mergers and acquisitions (M&A), S transactions, and multi-strategy allocations as key strategies for institutional investment amidst market restructuring and cyclical transitions [1][3] - The 15th Century Innovation Capital Conference in Guangzhou focused on the evolution of strategies in M&A, S transactions, and securities investment, showcasing insights from various institutional representatives [3][4] - State-owned platforms are adjusting their strategies, emphasizing the importance of M&A and the multifaceted role of S transactions, with a shift towards more focused investments aligned with industrial needs [5][6] Group 2 - Various representatives from state-owned institutions shared their strategies, indicating that M&A is expected to become a primary battleground for local industrial funds, aiding in retaining quality enterprises and strengthening industrial foundations [6][7] - Market-oriented institutions are increasingly adopting M&A as a crucial strategy for driving industrial upgrades and reshaping enterprise value, despite their diverse business coverage [9][10] - The investment landscape is evolving, with institutions recognizing the advantages of M&A over equity stakes or fund investments, particularly in terms of control and direct impact on local economies [11][12] Group 3 - S transactions are gaining traction, with institutions focusing on the quality of underlying assets rather than just discounts, indicating a shift towards a more professionalized S market [13][14] - Zhonghong Insurance has entered the equity investment market as an LP since 2018, with a focus on increasing its allocation to S strategies, which have shown promising returns [15] - The discussions among participants reflect a consensus that the toolbox for equity investment is being reconfigured, with M&A, S transactions, direct investments, and fund-of-funds each playing distinct roles in the evolving market [15]

Group 1 - Financial services play an irreplaceable role in supporting technological innovation and industrial transformation, with Xinda Capital focusing on private equity investment to support high-tech enterprises and contribute to the construction of a technology-driven nation [1] - As of September 30, Xinda Capital has served 14 technology companies across various cutting-edge fields, including semiconductors, artificial intelligence, biomedicine, and new materials, showcasing the breadth and depth of technology financial services [1] - Xinda Capital has been actively supporting the semiconductor industry, particularly in wafer manufacturing, by empowering key enterprises like SMIC to overcome advanced process bottlenecks and optimize mature process capacity since 2020 [1] Group 2 - In response to the intensifying global computing power competition, Xinda Capital is strategically investing in chip design to facilitate the transition of domestic chips from "catching up" to "keeping pace" [2] - Investments in companies like Haiguang Information and Shanghai Zhaoxin are aimed at enhancing the development and supply chain systems of core products such as server chips and AI chips, promoting large-scale applications in critical sectors like telecommunications and finance [2] - Xinda Capital is focusing on new materials, supporting breakthroughs in high-temperature alloys and rare earth functional materials to aid in the import substitution of strategic materials for aerospace and high-end equipment manufacturing [2] Group 3 - In the biotechnology sector, Xinda Capital emphasizes green development and technological breakthroughs, supporting companies like Zhongxin Co. to achieve a full industry chain advantage through eco-friendly packaging solutions [3] - The company is also investing in "hard technology" projects and potential enterprises in strategic fields such as semiconductors, intelligent digitalization, and new materials, continuously enhancing the industrial ecosystem [3] - The deep integration of finance and technology is seen as essential for building a modern industrial system and promoting high-quality development, with Xinda Capital committed to expanding its technology financial service system [3]

Core Viewpoint - The article discusses the emerging landscape of mergers and acquisitions (M&A) in China, highlighting the increasing opportunities and the evolving market dynamics that are driving this trend. Group 1: Market Environment - The current year is seen as a pivotal moment for new types of M&A, with expectations for rapid growth in the scale of M&A funds over the next five years [3][6] - The Chinese economy has matured, leading to a shift in focus from growth to efficiency and market positioning, which is conducive to M&A activities [9][16] - The concentration of industries in China is low compared to developed markets, creating a fertile ground for consolidation through M&A [9][16] Group 2: Institutional Perspectives - Various investment firms, such as CITIC Jinshi and Fangyuan Capital, have been actively establishing M&A funds and have extensive experience in the field [3][4][5] - The panelists emphasize the importance of understanding market demands and building capabilities to meet the growing need for M&A [8][17] - The role of private equity (PE) firms is crucial in connecting capital with quality assets, facilitating the M&A process [17] Group 3: Strategic Considerations - M&A is increasingly viewed as a necessary strategy for companies to diversify and develop second core businesses, especially for those that have reached a plateau in their primary sectors [6][8] - The need for professional management and strategic integration post-acquisition is highlighted as a key factor for successful M&A [20][29] - The importance of identifying unique and differentiated businesses for acquisition is emphasized to avoid market saturation and price wars [14][26] Group 4: Future Outlook - The article suggests that the current market conditions present a unique opportunity for M&A, with many quality companies available at attractive valuations due to recent market adjustments [17][28] - The potential for significant growth in the M&A sector is anticipated, driven by both domestic and international factors [17][27] - The development of a robust ecosystem of mid-sized and large M&A funds is seen as essential for sustaining industry growth [17][30]

公开资料显示，港投公司成立于2022年，是香港特别行政区政府的耐心资本投资平台。港投公司目前管 理香港增长组合、大湾区投资基金、策略性创科基金和共同投资基金。现阶段选定三大主要投资赛道， 为硬科技、生命科技、新能源和绿色科技。截至2024年末，港投公司总资产规模超640亿港元。 普洛斯中国区首席战略官、隐山资本董事长及管理合伙人东方浩表示："隐山资本将凭借在物流供应 链、人工智能、机器人技术以及可再生能源等新经济领域中积累的产业洞察，发掘拥有前沿技术和规模 化应用潜力的创新企业，助力港投公司生态圈可持续扩展，并取得协同发展。" 中证报中证网讯(记者黄一灵)12月9日，普洛斯旗下私募股权投资平台隐山资本宣布获得香港投资管理 有限公司(下称"港投公司")委托管理3亿港元基金。 据介绍，该基金属于香港特别行政区政府"新资本投资者入境计划"下"投资组合"2025资金组别，将投向 早期阶段、具有高增长潜力的企业。 ...