2008年，从硅谷回国的马越创立了"恒拓开源"——用开源软件帮助企业摆脱数据库、ERP等大型软件的束缚，赚到第一桶金之后，马越收购了"开源中国社 区"，后者即是被市场熟知的开源中国。开源中国的发展历经数次转型，从开源社区，拓展到代码托管、代码工具链。商业化探索方面，也经历了从母公司 剥离独立发展，2019年被百度战略控股，最后又在中美竞争、国产替代浪潮中决定重新独立发展，谋求上市的变化。在开源中国最艰难的时候，创始人马越 个人背负了高达1.8亿元的债务，是创业的信念一直支撑他坚持下去。如今的开源中国已经成长为全球第二大的代码托管平台，汇聚了超过1800万开发者。 其自主研发的DevOps工具链已在金融、军工等关键领域广泛使用，市场渗透率达到80%。 昨日，总部位于阿布扎比的阿联酋第二大主权基金穆巴达拉公布了2024年的成绩单。截至2024年末，公司资产管理规模同比增长9.1%，达1.2万亿迪拉姆， 约合2.4万亿人民币，过去五年年化回报率达10.1%。今年是穆巴达拉正式进入中国市场的第十年。在此期间，穆巴达拉已经在华完成了近170亿美元的投 资，约合1230亿人民币，投资超过100个项目，广泛覆盖消费、医疗健 ...

Group 1 - Shenzhen is enhancing its role as a global industrial financial hub through the "Action Plan" aimed at building a high-quality capital market that meets the needs of high-quality economic development [1] - The plan emphasizes the cultivation of "patient capital" to support long-term investments in technology innovation, with a focus on guiding state-owned and government investment funds to become more responsible long-term capital [2] - As of December 2024, Shenzhen has 1,599 private equity and venture capital fund managers, with a total management scale of 1.41 trillion yuan, leading the nation in the number of new private equity and venture capital funds [2] Group 2 - The launch of the "Technology Board" in the bond market coincided with the issuance of innovation bonds by companies like Luxshare Precision and Shenzhen Investment Control, marking a significant step in integrating finance with technology [3] - The "Action Plan" aims to create a diverse financing support system for technology companies, encouraging insurance funds to invest in specific private equity and venture capital funds [3] Group 3 - Shenzhen has 584 listed companies, ranking third in the nation, with a market capitalization of approximately 8.61 trillion yuan, highlighting the city's importance in the capital market [4] - The "Action Plan" focuses on improving the quality of listed companies by enhancing governance and promoting cash dividends, with over 2,300 billion yuan in dividends distributed in 2024 [4][5] - In 2024, Shenzhen's listed companies invested approximately 199.9 billion yuan in R&D, ranking second nationally, with a 9.54% year-on-year increase [5] Group 4 - The "Action Plan" supports the development of leading industry institutions and encourages mergers and acquisitions to strengthen the capital market ecosystem [6] - As of December 2024, Shenzhen has 23 securities companies and 3,107 private fund managers, ranking second and first nationally, respectively [6] Group 5 - The plan promotes high-level opening-up by enhancing cooperation between Shenzhen Stock Exchange and Hong Kong Stock Exchange, aiming to attract quality foreign financial institutions [7] - Shenzhen has five securities companies participating in the first batch of cross-border wealth management pilot programs, leading the nation in this initiative [7]

培育壮大耐心资本 促进资本要素向科创领域集聚 深圳在打造全球产业金融高地上"放大招"！ 5月9日，深圳市地方金融管理局联合深圳证监局发布《深圳市关于发挥资本市场作用 建设产业金融中心行动方案（2025—2026年）》（以下简称《行动方 案》）。《行动方案》明确，从构建一流创新资本形成机制、培育一流标杆企业、建设一流行业机构、构筑一流资本市场生态体系、一流风险防控体系等方 面进一步发挥资本市场枢纽功能，服务深圳现代产业体系建设，力争构建形成适配经济社会高质量发展需求、优质创新资本集聚的高质量资本市场。 在服务新质生产力发展方面，"耐心资本"被中央政策文件多次提及，也被视为坚持科技创新"长跑"、全面提升经济高质量发展的关键之举。 此次《行动方 案》指出，要培育壮大耐心资本，推动国资和政府投资基金成为更有担当的长期资本、耐心资本和大胆资本，引导多层次社会金融资本设立长周期业绩考 核、激励约束和容错机制。 作为全国创投重镇，深圳培育和壮大耐心资本方面有殷实的"家底"。数据显示，截至2024年12月底，深圳私募股权创投基金管理人数量1599家，私募股权投 资、创业投资基金7487只，管理规模1.41万亿元。2024年， ...

【导读】上海证监局向辖区私募管理人发送通知，股权创投、主观和量化证券基金自评自纠要点出炉 近日，上海证监局向辖区私募基金管理人发送了《关于规范上海辖区私募基金管理人经营运作的通知》 （以下简称《通知》），要求私募管理人开展学习和自评，并在2025年6月15日之前完成自评自纠，形 成相关报告，并及时整改发现的问题。《通知》对股权创投基金、主观策略证券基金、量化策略证券基 金提出了不同的自查要求。 具体来看，《通知》要求私募对公司基本情况、存续私募基金运行情况、出资设立未备案合伙企业情况 开展自评自纠，但2025年5月31日之前已发布清算公告的私募基金或已提起工商注销流程的未备案合伙 企业，可不纳入本次自评自纠。 投资运作方面，《通知》对三类不同私募基金提出了不同的自评自纠要求： 一是股权创投类基金，自评是否聘请专业托管机构，如无，是否明确保障私募基金财产安全的制度措施 和纠纷解决机制；是否将投资管理职能部分或全部交由第三方或投资者行使；是否按照合同约定进行投 资；投资前是否开展尽职调查，是否存在自融自用、明股实债等情况；是否存在滚动发行、分离定价、 募新还旧等资金池运作情形；涉及关联交易是否履行约定的审核程序并 ...

21世纪经济报道记者 赵娜 上海报道 在经历调整与低迷后，亚太私募股权（PE）显现复苏迹象。交易活跃度回升、大型并购频现，投资人 对中长期前景的信心正逐步恢复。 贝恩发布的《2025年亚太私募股权报告》显示，2024年亚太PE市场交易额增长11%至1760亿美元。不仅 如此，区域内的平均交易规模相比于2023年增加22%到1.33亿美元，单笔超10亿美元的超大额投资交易 量的增长幅度达50%。 谈到亚洲市场，近年最显著的变化之一是全球机构对印度和日本市场的配置。前述报告显示，2024年印 度和日本市场的活跃PE机构数量相对2023年分别增加了29%和14%。 尽管如此，大中华地区仍是亚太交易规模占比最高的地区，PE交易总额较2023年有所回升，2024年中 国私募股权市场投资交易总额上升7%达到470亿美元。成长型投资仍是中国私募股权市场的主力交易类 型，但控股型投资对价值创造的推动作用进一步提升，以投资交易总额29%的占比创下历史新高。 贝恩认为中国私募股权市场调整进入下半场，并正处于"转型待启新章"的阶段。贝恩公司全球合伙人、 大中华区私募基金业务主席周浩分析表示，中国私募基金从传统成长型投资向控股型投资 ...

Group 1 - In April 2025, there were 12 new registered private equity and venture capital fund managers in China, a month-on-month decrease of 36.8% [1] - A total of 417 new private equity and venture capital funds were filed, showing a year-on-year and month-on-month increase of nearly 20 percentage points [1] - The domestic primary equity investment market recorded 518 financing events, a month-on-month increase of 10.0%, but a year-on-year decrease of 16.0% [1] Group 2 - The total disclosed financing amount was approximately 23.227 billion yuan, nearly halved compared to April 2024 and down 21.8% from March 2025 [1] - The average single financing amount was about 44.8391 million yuan, slightly above the lowest point by 761.53 thousand yuan [1] - Investment institutions are continuously clearing out, with both fundraising and investment showing an increase in volume but a decrease in price [1] Group 3 - Zhongke Chuangxing, founded by the Xi'an Institute of Optics and Fine Mechanics, has a cumulative fund size exceeding 11 billion yuan, focusing on hard technology fields [2] - As of the end of April 2025, Zhongke Chuangxing registered only one new fund, with a registered capital of 22.01 million yuan [2] - Zhongke Chuangxing disclosed 10 equity investment events during the reporting period, a significant month-on-month increase of 42.9% [2] Group 4 - 80% of the projects Zhongke Chuangxing invested in this month were in the early stage, with 60% in Series A [4] - The sectors of new materials, new energy, and enterprise services accounted for 80% of the invested companies [4] - Zhongke Chuangxing also invested in innovative drug company Saiyun Biotechnology and high-precision optical component company Zhiwei Optics, solidifying its layout in healthcare and manufacturing sectors [4] Group 5 - Kai Fu Optoelectronics, a developer of efficient and stable perovskite solar cells, recently completed angel round financing led by Zhongke Chuangxing [6] - The funds will be used to accelerate the industrialization of their core product, addressing challenges in the manufacturing process of large-area perovskite films [6] - Established in May 2023, Kai Fu Optoelectronics focuses on large-area perovskite film crystallization technology and has undertaken a national key research and development plan [6][7]

大家好，我是佩妮。 五一出去玩儿了，刚回来。 看到 东方富海 成为科创债首批参与试点的民营机构，将发行 5 个亿科技创新债券的新闻。 证监会 5 月 7 号发的公告： 和群友们讨论了一下，大致结论就是，是利好，但是主要 利好国资和头部公司， 对目前一级市场的增益 不大 。 具体分析如下： 1）其实以前 2016 年，"大众创新，万众创业"时期，就试点过 双创债 ，那几年股权市场也火热，相对股权回报的高预期，双创债感觉没啥水花。 （拿着债的收益，担着股的风险……） 2017-2024 年，双创债累计发行只有1117.3亿，可以看下面的图，23 年开始就基本没了，现在市场上发的基本上只有 科创债和科创票据 了。所以大 家也不用关心两者的区别了。 2） 科创债呢，号称 债券市场"科创板" ，2021 年在双创债的基础上开始试点。21 年到现在已经累计发行 1.19 万亿 ，是双创债 10 倍以上。 核心还是想让各类主体能够发行科创债券，募集资金投往科技创新型企业，更好地"投小，投早，投长期，投硬科技"。 哪三种主体可以发呢？ 各大商业银行，证券公司等金融机构； 大的私募股权投资机构（国资，头部民资，比如这次的东方富 ...

日前，中国人民银行与中国证监会联合发布支持发行科技创新债券的公告，从丰富科技创新债券产品体系、完 善配套支持机制等方面，提出了一系列支持科技创新债券发行的有力举措。 此次发行新主体主要聚焦三类。一是金融机构，商业银行、证券公司、金融资产投资公司等；二是科技型企 业，重点扶持处于成长期和成熟期的科技型企业发行中长期债券；三是私募股权投资机构，支持投资经验丰富 的头部私募股权投资机构和创业投资机构发行长期限科技创新债券。 随着商业银行、证券公司、股权投资机构、科创企业等科技创新生态中的主要参与者共同投身于科技创新债的 建设发展，以及科技创新债发行注册流程、配套机制的进一步完善，全社会科技创新领域将构建起"债—贷—股 —保"联动的全周期支持体系，科技创新将获得全方位、接力式的资金支持，为科技创新生态的蓬勃发展注入强 大动力。 责编：叶舒筠 校对： 彭其华 早在今年两会期间，政策层面便已"酝酿"创新推出债券市场"科技板"。如今，随着一系列指导细节与配套机制 的相继落地，债市"科技板"正式亮相，进一步消除了科技与资本之间的阻碍。 当前科创债券仍存在一些有待完善的地方。从发行人结构看，以建筑装饰、煤炭、公用事业、非银金融 ...

Core Viewpoint - The Shanghai Securities Regulatory Bureau has issued a notice to enhance the compliance and operational standards of private fund managers in the region, emphasizing the need for self-assessment and rectification amidst increasing regulatory scrutiny [1][2][3] Regulatory Requirements - Private fund managers in Shanghai are required to organize collective learning sessions on relevant laws and regulations, including the Securities Investment Fund Law and the Private Investment Fund Supervision Regulations [2] - Participation in compliance training is mandated, with the Shanghai Securities Regulatory Bureau providing guidance and resources for private fund managers to improve their operational compliance [2] - A self-assessment and rectification process must be conducted by private fund managers, focusing on their operational status, fund performance, and any unregistered partnerships [2][3] Self-Assessment Focus Areas - The notice outlines specific self-assessment requirements for different types of private funds, including checks on investment management practices, compliance with fund contracts, and the handling of fund assets [4][5] - For equity investment funds, managers must verify the use of professional custodians and assess potential conflicts of interest and fund pooling practices [4] - For quantitative strategy funds, self-assessment must include evaluations of risk management, model testing, and the adequacy of IT systems [5] Market Activity - Despite stricter regulations, the enthusiasm for new private fund products remains high, with a nearly 40% year-on-year increase in the number of private fund product registrations in 2024 [1][6] - In April, 638 private securities managers registered a total of 1,170 private securities products, marking a 12.18% increase from March and the highest monthly registration in nearly two years [6][7] - Equity strategy products accounted for over 64% of the total registrations in April, indicating a renewed investor interest in stock assets [6][7]

Group 1 - The number of private equity securities products registered in April continued to grow, with 638 private equity fund managers registering a total of 1,170 products, reflecting a month-on-month increase of 12.18%, marking a new high for single-month registrations in nearly two years and indicating a significant rebound in investor confidence [1] Group 2 - Among the registered products, stock strategy products dominated with 752 registrations, accounting for 64.27% of the total, indicating a clear recovery in investor enthusiasm for stock assets [2] - Multi-asset strategy products and futures and derivatives strategy products followed with 173 and 133 registrations, representing 14.79% and 11.37% respectively [2] - The CSI A500 Index Enhanced product emerged as a notable innovation, with 50 registrations in April, a month-on-month increase of 6.38%, bringing the total for the year to 165 [2] Group 3 - The increase in registrations for the CSI A500 Index Enhanced product is attributed to a rise in investor risk appetite and enhanced promotional efforts from distribution channels, alongside favorable policies and a general rebound in the A-share market [3] - The CSI A500 Index Enhanced strategy is characterized by a diverse range of factors contributing to excess returns, making it appealing for quantitative private equity institutions [3] Group 4 - As competition intensifies among private equity institutions, developing differentiated competitive strategies has become a core challenge [4] - Quantitative private equity institutions are advised to leverage their comprehensive strengths, particularly in research and investment capabilities, while increasing investments in technology, talent, and risk management [4] - A robust risk management system and a strong reputation are essential for long-term stability and success in the competitive landscape [4]