Core Insights - The 25th China Private Equity Annual Conference was successfully held in Shenzhen from December 2 to 5, 2025, focusing on the theme "Towards the Future, Empowering New Life" and integrating AI technology elements throughout the event [1] - The private equity market is showing a positive trend, with over 70% of funds directed towards hard technology companies, while state-owned funds manage 65% of the market, indicating a shift in investment dynamics [3][4] - The conference featured various forums and discussions aimed at fostering high-quality development in the venture capital industry and aligning with national innovation-driven development strategies [1][11] Group 1: Industry Trends and Opportunities - The conference highlighted the ongoing transition of China's technology industry from following to leading in various sectors, with significant achievements noted in recent years [3] - Key discussions included the importance of identifying investment opportunities in emerging fields such as AI, innovative pharmaceuticals, and nuclear fusion, which are expected to yield substantial potential and wealth [3] - The event showcased a dual approach to investment strategies, with one group focusing on frontier technologies and disruptive innovations, while another concentrated on traditional industries and structural opportunities [4] Group 2: Investment Strategies and Challenges - A roundtable discussion addressed the challenges of exits in the industry, emphasizing the need for a healthy capital market to facilitate successful exits [7] - Insights were shared on the importance of maintaining reasonable valuations and cash flow to support leverage and dividends, ensuring the preservation of equity value [7] - The conference also explored the strategic considerations for overseas investments, highlighting the risks associated with different market choices and the necessity for thorough research before entering new markets [7] Group 3: Focused Discussions on Emerging Sectors - Specialized summits on AI and innovative pharmaceuticals provided a platform for in-depth discussions on technological advancements and market expansion [8] - The AI summit emphasized the shift in investment logic from model competition to practical applications, with a focus on embodied intelligence and its opportunities in China [8] - The innovative pharmaceuticals summit discussed the potential for original innovations in drug development and the integration of AI in healthcare, projecting significant future investment themes [8] Group 4: Networking and Collaboration - The conference facilitated various networking opportunities, including the "X-Day" roadshow for showcasing tech innovation projects and the launch of the "Nanshan Sci-Tech Investment Partner Program" [10] - Activities such as the investment community's friendly badminton match and interactive exhibits created an engaging atmosphere for industry professionals to connect [10] - The event concluded with a strong emphasis on the role of venture capital in driving industrial upgrades and high-quality economic development, reinforcing the commitment to innovation [11]

Core Insights - The 25th China Venture Capital & Private Equity Annual Forum highlighted the recovery of the secondary market, with the value of newly invested Chinese companies' IPO shares held by VC/PE institutions exceeding 410 billion yuan, marking a three-year high [6] - The forum emphasized the importance of inclusivity in the private equity market to drive innovation, aligning with the central government's strategy to enhance the attractiveness and inclusivity of domestic capital markets [9] - There is a strong belief in maintaining a steady investment pace in early-stage ventures, as innovation opportunities are more influenced by industry development trends than by the current investment environment [14] Investment Trends - The AI, energy, and biomedicine sectors are viewed as promising areas for future investment [30] - The upcoming year is expected to see a surge in mergers and acquisitions, supported by new financial policies and increased bank lending for such activities [36] - There is a recognition that the current valuation discrepancies in the IPO market could create a false perception of company values, particularly in the Hong Kong market [27] Market Dynamics - The current low debt levels of listed companies in China present a favorable environment for mergers and acquisitions, indicating strong demand for such activities [47] - The forum discussed the cyclical nature of financial bubbles, suggesting that past technological revolutions have often been preceded by periods of speculative excess [39] - The importance of maintaining reasonable valuations and strong cash flow to support leverage and dividends was highlighted as critical for controlling risks in merger investments [45] Future Outlook - The next five years are deemed crucial for companies like Kingdee, which aims to significantly increase revenue from AI, focusing on large-scale acquisitions of overseas AI startups [52] - The rapid development of generative AI is expected to accelerate application growth in the coming year, despite current slower-than-expected adoption rates [78] - The competition in the AI field is characterized as a race between Chinese and overseas talents, with ongoing learning and adaptation between the two [75]

本报讯（四川日报全媒体记者 张红霞）12月3日，记者从成都市金牛区了解到，该区近日推 出"1+9"产业发展支持政策，"真金白银"支持企业，激发经营主体活力。 据悉，"1+9"产业发展支持政策包括《金牛区加快培育现代产业促进经济高质量发展若干政策（试 行）》，以及先进制造、科技创新、都市文旅、商贸商务、医药健康、轨道交通等9个专项政策。 对前沿赛道和战略性新兴产业给予高强度支持。其中，细胞、基因等前沿生物药物研发，可分4个 阶段给予最高4800万元奖励；量子科技领域单个项目最高可获1000万元奖励。在金融支持方面， 对新设立规模1亿元以上股权投资基金的机构，符合条件的给予100万元奖励。 值得关注的是，政策显著提升了"免申即享"比例，推动惠企资金直达快享。例如，对新引入的国 内首店、西南首店、成都首店，经认定即分别给予10万元、5万元、3万元一次性奖励，企业无需 主动申报。同时，多项政策的"免申即享"率提升超一倍，其中人力资源服务业等政策更是达到 58%，远超成都市不低于30%的要求。 此外，政策还突出"立园满园"导向，鼓励产业集聚。对首次集聚10家以上轨道交通企业的产业 园，给予运营主体50万元奖励；对在产业 ...

专题：第二十五届中国股权投资年度大会 专题：第二十五届中国股权投资年度大会 12月2日-5日，"第二十五届中国股权投资年度大会"在深圳举行。君联资本总裁李家庆出席并演讲。 12月2日-5日，"第二十五届中国股权投资年度大会"在深圳举行。君联资本总裁李家庆出席并演讲。 在谈及人工智能行业的泡沫争论时，李家庆指出，一级市场和创业领域，基本上泡沫并不大。"我每次 跟这些创业团队在一起，心情特别好，特别有信心，尤其对于中长期特别有信心。我觉得中国没有可能 不赢，至少说是要共赢的"。 但他也强调要关注两方面，第一，市场是不是对需要面向中长期达成了共识，这包括一级市场和二级市 场。第二，资金供应端和一级市场投早投小投硬，投大难长的这批人，是不是也有共识？ "大家如果是 在打短线，或者一拥而上，而且急于在两三年内见分晓，短平快是行不通的"。 李家庆强调，自己对中国中长期出现千亿、万亿（市值）的科技公司是充满信心的，而且必然是这样。 但是在这个过程当中，资金的效率，和一些规律性的东西，市场各方要达成一致。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证 ...

股权投资行业信用风险展望（2025 年 11 月） 工商评级二部 丨 孔祥一 股权投资行业募资情况 股权投资行业投资情况 股权投资行业退出情况 股权投资行业信用风险展望丨 2026 摘要 公司邮箱：lianhe@lhratings.com 网址：www.lhratings.com 电话：010-85679696 传真：010-85679228 地址：北京市朝阳区建国门外大街 2 号中国人保财险大厦 17 层 www.lhratings.com 信用风险展望 0 2025 年以来，国家层面聚焦股权投资领域培育耐心资本、畅 通私募股权"募投管退"全流程、规范政府投资基金运作等 核心方向，出台了一系列举措。《中共中央关于制定国民经济 和社会发展第十五个五年规划的建议》围绕股权投资对现代 化产业体系的支撑作用深化聚焦，通过募资、投资、退出三 大维度构建政策闭环，为耐心资本壮大及创业投资高质量发 展铺就清晰路径。 2025 年前三季度，中国股权投资募资端和投资端均持续回 暖，完成募集基金数量和募资规模、投资案例数和投资金额 同比均有增长；退出端的下滑趋势较上半年有所收窄，在政 策鼓励引导下，并购类退出数量强势增长，IP ...

（记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：注意到此次大洋电机参与设立合伙企业，对本末动力 （北京）科技有限公司进行股权投资，相关公告中提及本末动力主营业务包含机器人等业务，请问公司 参与设立的合伙企业，与大洋电机是不是同一家？ 津荣天宇（300988.SZ）12月4日在投资者互动平台表示，公司参与设立的嘉兴上河古宗股权投资合伙企 业（有限合伙）与大洋电机参与的合伙企业为同一主体。 ...

Group 1 - The launch of the technology innovation bonds on May 7 has received a positive market response, with active participation from technology companies and private equity institutions [1] - A total of 930 million yuan has been successfully issued and listed by four private equity institutions, supported by risk-sharing tools [1] - The application of risk-sharing tools is a core innovation in this bond issuance, addressing concerns of both issuers and investors, thereby filling a critical gap in the financing chain for technology innovation [1] Group 2 - The investor types for the recent technology innovation bonds include risk-sharing tools, banks, wealth management subsidiaries, and securities firms, indicating a diverse investor structure and high subscription multiples [2] - Nearly 300 companies have issued technology innovation bonds in the interbank market, including around 250 technology companies and nearly 50 private equity institutions [2] - The current technology innovation bonds have expanded scale and reduced costs compared to earlier pilot programs, effectively addressing challenges such as small scale, short duration, and difficulty in obtaining guarantees [2] Group 3 - The long-term structure design of "5+5" aligns with the duration requirements of many local government guidance funds in the venture capital field, enhancing the willingness of social limited partners (LPs) to participate [3] - The issuance of technology innovation bonds has introduced an intangible asset guarantee, replacing the previous requirement for physical asset guarantees, which reflects market recognition of quality fund managers' business models [3] - This new financing path is tailored to the characteristics of light asset operations in the venture capital industry, opening up new opportunities for funding [3]

面对创投环境与行业格局的快速演变，本次大会聚焦前沿趋势，通过举办系列论坛及多样交流活动，成 为趋势的风向标、观点的交锋地，更是资源高效链接的枢纽，致力于凝聚行业共识，深化产业协同，进 一步推动创投行业的高质量发展。 清科集团创始人、董事长，清科控股董事长兼CEO倪正东代表主办方发表致辞，他回顾了中国创投行业 25年的发展历程，指出行业正逐渐融入国家创新体系，未来将大有可为。他结合清科研究数据指出，国 资渐渐成为中国创投的主力军。"到今年，国资LP比例进一步上升达到了55%，国资控股比例也从15年 前的27%增长到今年的81%，此外今年国资参股基金也占到了8%。也就是说，当前中国股权投资市场， 国资体系已经快占到了90%。" 倪正东表示，这意味着，中国股权投资市场资金结构已经发生历史性转变，从全民参与变成了由国资主 导。而更大的一个变化是，按照中基协统计的存续基金管理人数据，国资背景管理人数量占比35.3%， 其所管理的基金规模占比64.5%。换言之，35%的国资机构管理了行业内超六成的钱。 前海方舟资产管理有限公司董事长、前海母基金首席执行合伙人靳海涛在演讲中表示，针对投资基金的 核心需求，提出了应围绕五大进 ...

Core Insights - The 25th China Private Equity Annual Conference has officially opened in Shenzhen, upgraded to "Qingke·Nanshan Venture Week," focusing on industry development and future planning [1] - The conference aims to address the rapidly evolving venture capital environment and industry landscape, serving as a hub for resource linkage and industry consensus [1] - A significant collaboration, the "Nanshan Sci-tech Investment Partner Program," has been launched to enhance the innovation ecosystem in Nanshan District, integrating various investment representatives [1] Industry Developments - The conference features specialized forums, including discussions on AI and innovative pharmaceuticals and life sciences [2] - The event is positioned as a platform for industry leaders and innovators to exchange ideas and strategies for high-quality development in the venture capital sector [1]

中证报中证网讯（记者 张兴旺）12月3日，由清科控股、投资界主办，汇通金控、南山战新投联合主办 的第二十五届中国股权投资年度大会在深圳召开。本届大会全面升级为"清科·南山创投周"，携手行业 头部投资机构、产业领袖与科技创新者，为行业发展把脉、为未来篇章布局。 据了解，面对创投环境与行业格局的快速演变，本次大会聚焦前沿趋势，通过举办系列论坛及多样交流 活动，成为趋势的风向标、观点的交锋地，更是资源高效链接的枢纽，致力于凝聚行业共识，深化产业 协同，进一步推动创投行业的高质量发展。 据介绍，南山科创投资伙伴计划汇聚了多家早期投资、创业投资以及上市基石投资代表，旨在深入推进 南山区"基础研究+技术攻关+成果转化+科技金融+人才支撑"全过程创新生态链建设，充分激活科技创 新与资本融合的乘数效应。 本次"清科·南山创投周"上，一系列合作在落地生花。在南山区金融发展服务中心指导下，由汇通金 控、南山战新投、清科控股共同统筹的"南山科创投资伙伴计划"启动。 ...