（来源：经济参考报） 近日，国家发展改革委公布《政府投资基金投向评价管理办法（试行）》，对于怎么投、投向哪、咋考 核做出规定。业内人士认为，该政策将对创投市场带来深远影响，因为2025年以来，国资背景的资本已 成创投市场主导型参与者。随着数千亿元资金陆续到位，叠加人工智能、具身智能、低空经济等热门赛 道吸金能力强劲，业内普遍认为，中国创投市场已过冬入春，但市场分化趋势则对创业者提出更高要 求。 触底企稳 过冬入春 回顾2025年创投市场，业内人士普遍感受是"回暖"。 创投平台IT桔子数据显示，2025年，中国新经济一级市场共发生9058起投资交易，同比增加28%；共 7627家公司获得投资，同比增幅19.4%。不过，2025年投资总金额为8213.68亿元，同比下降0.44%。 对此，IT桔子分析师刘晓庆告诉记者，2025年市场活跃度显著提升，这说明投资人的信心在恢复，创业 环境在改善，资本市场的"春天"确实来了。但投资总金额还未回到2021年的高点，则说明市场还处在理 性恢复的阶段。尽管如此，过去两年的复苏轨迹为2026年的进一步发展奠定了坚实基础。 投资数据平台烯牛数据显示，2025年融资事件数和融资金额 ...

Core Viewpoint - The company, Lushin Venture Capital, announced that its stock experienced an abnormal fluctuation with a cumulative closing price drop of 20% over three consecutive trading days from January 14 to January 16, 2026 [1] Group 1 - The company confirmed that its operations are normal and there are no undisclosed significant information apart from what has already been disclosed [1] - During the period of abnormal fluctuation, the company's directors, executives, and controlling shareholders did not engage in any buying or selling of the company's stock [1] - The company had previously disclosed a share reduction plan by its controlling shareholder on December 25, 2025 [1] Group 2 - The company advised investors to make rational investment decisions and to be aware of risks [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 专题：2026全球与中国资本市场展望论坛 田轩强调，支持科技创新首要需打造更加包容的创投市场，既要包容创业者的独特特质，也要包容创新 过程的高风险性。他结合学术研究指出，超级创业者往往兼具孤僻、非传统、多疑等"非主流特质"，这 些看似负面的特质正是其实现"从0到1"无中生有创新的重要基础。"对于这类特立独行的潜在创业者， 我们应给予更多包容与支持，甚至在其创业时给予资本投入而非单纯借贷。" 从资本端看，中美创投市场的核心差距在于基金存续期与LP结构。田轩表示，美国风投基金存续期普 遍达10-12年，98%的LP为养老基金、社保基金等耐心资本，能够从容陪伴早期硬科技项目成长；而我 国风投基金存续期仅5-7年，80%以上LP为国资背景，受年度考核、单项目追责及国有资产保值增值压 力影响，避险情绪较强，难以真正落实"投早、投小、投硬"要求。他援引顶刊研究成果佐证，领投VC 对失败的容忍度越高，被投企业上市后的创新质量与数量越优。 "低活性"二级市场：护航长期创新定力 针对二级市场，田轩提出"不太积极"的发展理念，核心是规避过度短期投机与波动，引导市场聚焦长期 价值。 ...

Core Insights - In 2025, China embarks on a new chapter of high-quality development driven by technology and economic growth, with significant advancements in AI and quantum computing [1] - The "Taiduhao" platform by TMT Media recognizes self-media creators who provide unique insights and high-quality content, contributing to industry discussions and knowledge sharing [1] Summary by Categories Self-Media Creators - @半导体产业纵横 focuses on the semiconductor industry, publishing over 200 articles in 2025, with several articles achieving over 400,000 and 500,000 views [1] - @表外表里 published over 50 deep analysis articles in AI, TMT, and new consumption sectors, with notable articles receiving over 900,000 and 700,000 views [2] - @刀客Doc published around 65 articles on digital marketing, with a total reading volume of approximately 16 million and several articles widely shared in the advertising and marketing sectors [3] - @高见pro concentrated on venture capital and AI, with multiple articles achieving over 400,000 views [4] - @海豚研究 focused on core assets in Hong Kong and the US markets, with articles like "The Return of the Wolf" and "Google: AI Wolf Hasn't Arrived" garnering over 400,000 views [5] - @沈素明 published over 100 articles, with many achieving over 400,000 views, providing valuable insights for business managers [6] - @新品略财经 published over 100 original articles, with several achieving over 400,000 views [8] - @新质动能 published over 60 articles, with multiple pieces achieving over 400,000 views [9] - @一口老炮 also published over 60 articles, with several achieving over 400,000 views [10] - @伯虎财经 produced over 100 original videos, with single video views exceeding 800,000 [11] - @财经无忌 created videos that reached a maximum of 6 million views, combining financial logic with social context [12] - @大橘观商业 produced over 40 original videos, with single video views exceeding 1.04 million [12] - @金角财经 created videos that achieved over 3 million views, focusing on financial and industry changes [13] - @科学声音 produced videos that reached over 2 million views, emphasizing scientific knowledge dissemination [14] - @圈内师老师 published multiple deep and valuable content pieces, with single video views exceeding 2 million [16] - @探长唠前沿 produced over 100 original videos, with single video views exceeding 1.2 million [17] - @投资者老丁's videos received over 200 million views, with the highest single video view reaching 3.5 million [18] - @万联万象 produced over 100 original videos, with single video views exceeding 900,000 [19]

格隆汇1月15日丨首都创投(02324.HK)公告，于2025年12月31日，首都创投有限公司每股股份未经审核 综合资产净值约为0.9866港元。 ...

在完善科技金融政策举措方面，推动银行、保险公司和创投机构创新金融产品及服务模式，加强对国家 重大科技任务和重点科技领域的金融支持。制定推动科技保险发展的政策，推广实施"创新积分制 2.0"，持续提高科技型中小企业融资获得感。 在深化科技金融创新实践方面，央地协同，加强三大国际科技创新中心等重点地区综合金融服务，鼓励 各地开展科技金融政策先行先试，共同做好科技金融大文章。 在强化科金协同方面，发挥好科技金融统筹推进机制作用，强化政策落实、制定增量政策、开展总结评 估。建立健全重点科技领域融资对接机制。 1月14日，据新华社，科技部党组书记、部长阴和俊表示，2026年，我们将与金融管理部门和金融机构 紧密合作，持续加强对国家重大科技任务和科技型中小企业的金融服务。 ...

公司13日晚间发布公告称，公司股票价格最近10个交易日累计上涨86.92%，存在股价短期涨幅较大后 续下跌的风险。当前可能存在市场情绪过热、非理性炒作风险，请广大投资者注意二级市场交易风险， 理性决策，审慎投资。 公司注意到近期市场对商业航天领域以及公司参股基金在该领域的投资情况关注度较高。截至目前，公 司参股的三只股权投资基金合计仅持有蓝箭航天空间科技股份有限公司0.89%股权，股权穿透后对公司 财务状况和经营成果影响较小。 鲁信创投(600783)14日盘中大幅跳水，触及跌停，成交超17亿元。此前的13个交易日，该股斩获11个涨 停板，累计涨近150%。 ...

Group 1 - The core viewpoint of the article highlights the formation of a core small circle ecosystem in the venture capital market, where institutions leverage resource advantages to capture quality targets, with a trend of "club investment" among leading firms [1][4] - The venture capital industry has transcended mere capital operations, becoming crucial for industrial development and national future, with "refining core competitiveness" identified as key for future growth [1][4] - In 2025, the number of newly registered funds and their subscribed scale are expected to rebound significantly, reaching 4,925 funds and 25,723 billion yuan, representing increases of 19% and 14% compared to 2024 [1][4] Group 2 - The private equity management sector saw a decrease in new managers, with 103 added in 2025, a 13% decline year-on-year, with the peak registration occurring in July at 16 [2][6] - The investment landscape is showing a recovery, particularly in hard technology sectors, with 6,943 investment events recorded in 2025, a 16% increase, and total investment amounting to 8,079 billion yuan, up 28% [2][6] - The merger and acquisition market is characterized by stable volume and rising prices, with 2,169 M&A events in 2025, a 9.7% increase, and transaction amounts reaching 9,937 billion yuan, an 83.4% surge [3][6]

其中，为积极发挥国有资本引领带动作用，助力山东省人工智能产业高质量发展，鲁信集团直管企业鲁 信创投（600783），拟联合工银金融资产投资有限公司及其全资子公司工银资本管理有限公司、山东省 新动能绿色先行投资中心（有限合伙），共同发起设立山东省鲁信工融新动能人工智能创投基金合伙企 业（有限合伙）（下称"人工智能基金"），总认缴规模10亿元。鲁信创投及其全资子公司山东省高新技 术创业投资有限公司合计认缴4亿元。 中国发展网讯 记者高杨报道 1月13日上午，"投资齐鲁·共赢未来"高质量发展资本对接活动在首个国家 科创金融改革试验区济南市拉开序幕。国家级基金、金融机构、头部创投机构、产业投资方及优质科创 企业等共探产业与资本对接新模式，并落地签约一批重大基金及项目。一批拥有关键核心技术、创新能 力突出的科创企业，即将迎来"汩汩活水"。 "该基金成立后，将重点投向人工智能及相关前沿科技领域，围绕人工智能等新一代信息技术的上下游 产业链，例如新材料、核心设备、机器人、芯片、数据与下游应用等，以及山东省内重点支持的高端装 备、新材料、新能源等产业进行前瞻布局。"鲁信创投党委书记、董事长王旭冬表示。 作为山东省内最大、国内 ...

Core Viewpoint - The recent surge in the stock price of Lushin Venture Capital is attributed to the rising interest in the "commercial aerospace" sector, particularly due to the upcoming IPO of Blue Arrow Aerospace, which has a valuation exceeding 20 billion yuan [1][3][4]. Group 1: Stock Performance - On January 13, Lushin Venture Capital's stock hit a five-year high of 39.44 yuan per share, with a market capitalization of 29.36 billion yuan, marking an increase of over 140% in just 13 trading days [1][2]. - Since September 24, the company's stock has risen by more than 200% [2]. Group 2: Investment in Blue Arrow Aerospace - Lushin Venture Capital holds a total of 0.89% equity in Blue Arrow Aerospace through three funds, which has generated significant market interest [1][4]. - The funds under Lushin Venture Capital own approximately 320,340 shares of Blue Arrow Aerospace, valued at around 17.8 million yuan based on the company's 20 billion yuan valuation [4]. Group 3: Broader Investment Strategy - Lushin Venture Capital has invested in various hot concepts, including commercial aerospace and semiconductors, with stakes in companies like Beijing Aerospace and Chengdu Rongxi Semiconductor [1][6]. - The company has also invested in embodied intelligence projects such as Lush Stone Robotics and in the biomedicine sector with companies like Yingsais Intelligent and Weimai Medical [7]. Group 4: Financial Performance - For the first three quarters of 2025, Lushin Venture Capital reported revenues of 58.91 million yuan, a slight decrease of 0.03% year-on-year, while net profit increased by 3.43% to 321 million yuan [7]. - The investment income for the company reached 286 million yuan, a significant increase of 273.69% year-on-year, primarily due to stock disposals and gains from non-listed equity [7]. Group 5: IPO Pipeline and Challenges - Lushin Venture Capital has a total of 20 projects in its IPO pipeline, with three projects having their applications accepted by stock exchanges [9]. - The company has faced challenges with some of its investment projects, including the termination of the IPO application for Fujian Del Technology [11].