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各地都在“容亏”,国资为何还是不敢投?丨投中嘉川
投中网· 2025-08-22 07:04
以下文章来源于超越 J Curve ,作者刘惠娴、王亚京 超越 J Curve . 用数据延伸你的阅读 将投中网设为"星标⭐",第一时间收获最新推送 一时间,国资创投几乎都有了免责政策。 作者丨 刘惠娴 王亚京 编辑丨 杨博宇 来源丨 超越 J Curve 国资创投的尽职免责制度建设似乎驶入了快车道 。 2024年6月,国办31号文率先将"改革完善基金考核、容错免责机制"写入国家政策;短短半年后, 2025年1月,国办1号文再度强调,进一步把这一议题推向中央决策的核心。 与此同时,各省市也迅速跟进:各层级监管层陆续为区属国企及基金量身定制考核评价与尽职免责办 法;不同地区的政府投资基金管理办法里,更是密集嵌入免责条款。 一时间, 国资创投几乎都有了免责政策 。 然而,近来我们与部分国资 LP调研时发现,形势并没有想象中美好, 规则 "有没有"早已不是最大 痛点,真正的拦路虎出现在落地执行环节——由谁来认定、如何认定、标准是什么 。 实际上,手握这一环节最终解释权的往往是审计与巡视部门,但在政策制定中,鲜少见其身影 。 由此引出一个必须追问的问题:当下的尽职免责制度究竟走到了哪一步?其发文机关是谁、条文如何 演 ...
又做LP!互联网巨头集体杀回创投圈
FOFWEEKLY· 2025-08-21 10:11
Core Viewpoint - The article discusses the resurgence of internet giants like Tencent, Alibaba, and JD.com in the private equity investment market as Limited Partners (LPs), signaling a structural recovery in the investment landscape for 2025 [4][10]. Group 1: Tencent's Investment Activities - On August 20, Shenzhen Zhishu Investment Partnership was established with a capital contribution of 16.08 billion yuan, involving multiple industry giants, including Tencent, which contributed approximately 7.22 billion yuan [6]. - In the preceding week, Tencent became the fifth-largest shareholder in Chengdu Longzhu Equity Investment Fund, contributing 100 million yuan [7]. - Throughout 2023, Tencent has invested nearly 10 billion yuan across various funds, maintaining a significant presence in the private equity landscape [7]. Group 2: Other Internet Giants' Activities - Other internet giants, including Alibaba and JD.com, have also increased their participation in private equity investments since 2025, indicating a strategic shift in asset allocation [8][10]. - JD.com contributed 500 million yuan to the Shenzhen Huakong Frontier Technology Private Equity Fund, while Alibaba participated as a major LP in Tianjin's Infinite Qihang Haihe Investment Partnership [10]. Group 3: Market Trends and Statistics - The private equity market in China is experiencing a structural recovery in 2025, with LP investment activity increasing by 8.15% month-on-month and 41.12% year-on-year as of June [13]. - The IPO market is gaining momentum, particularly in the Hong Kong market, providing more exit opportunities for investors [13]. - Key sectors attracting investment interest include artificial intelligence and robotics, with various LPs showing high investment willingness in these areas [13]. Group 4: Future Outlook - The year 2025 is anticipated to mark a new starting point for high-quality development in the venture capital industry, driven by policy support and technological advancements [14][16].
天图投资,进军数字资产领域!
Group 1 - Tiantu Investment has formed a strategic partnership with HashKey Capital to explore opportunities in the digital asset sector, including the establishment of investment funds [1][2] - Tiantu Asset Management Company Limited (Tiantu AM) is a licensed asset management firm in Hong Kong, holding a license for asset management and virtual asset business [1] - The collaboration aims to enhance Tiantu's investment framework by integrating digital asset and blockchain capabilities, creating value for portfolio companies and investors [2] Group 2 - The partnership reflects a shift in traditional venture capital firms from cautious exploration to strategic positioning in the digital asset space, particularly in regions with clear regulatory frameworks like Hong Kong [2] - The digital economy is seen as a frontier for technological revolution and industrial transformation, with significant growth potential in asset management and investment operations within the digital asset sector [3] - Other Hong Kong-listed companies, such as Huaxing Capital, are also entering the digital asset market, indicating a broader trend among public companies to diversify into Web 3.0 and cryptocurrency assets [3][4] Group 3 - Huaxing Capital's early investment in stablecoin giant Circle has proven lucrative, highlighting the potential for traditional financial institutions to bridge the gap with the crypto world [4] - The increasing interest in digital assets among venture capital firms is driven by the need to diversify risks and capture high-growth opportunities in a challenging investment environment [2][4] - Collaborations between leading institutions are expected to attract more traditional capital into the digital asset space, accelerating the migration of funds and talent [4]
创投行业开始反思
FOFWEEKLY· 2025-08-19 10:07
Core Viewpoint - The investment industry is experiencing a shift from complaints to self-reflection among General Partners (GPs), highlighting a critical issue of inadequate self-assessment and capability within the industry [5][6]. Group 1: Historical Illusions and Capability Gaps - The rapid growth of Renminbi funds led to misconceptions about their strength, with the belief that "scale equals strength" overshadowing the need for market-driven allocation [8]. - The exit channel advantages of Renminbi funds were overestimated, as evidenced by a mere 35% exit rate in 2023 compared to 67% for dollar funds, which have established multiple exit pathways from the outset [9]. - The assumption of local experience superiority was flawed, as Renminbi funds often lack the global resource integration capabilities that dollar funds possess [10]. Group 2: Multi-Dimensional Capability Disparities - Talent disparity is evident, with dollar fund partners averaging 22 years of experience, while over 80% of Renminbi fund analysts are under 30 and lack substantial industry experience [12]. - The exit system of dollar funds is more flexible due to offshore structures, contrasting with the rigid local constraints faced by Renminbi funds [12]. - Historical performance data shows that dollar funds have significantly outperformed Renminbi funds, with dollar fund institutions managing capital that has increased over 20 times in 30 years, while only three Renminbi funds have survived two market cycles [12].
松禾资本厉伟:窄门,必由之路
投资界· 2025-08-19 09:19
Core Viewpoint - The article emphasizes the transformative impact of artificial intelligence on various industries and the importance of adapting investment strategies to align with emerging trends [10][12]. Group 1: Trends in Investment and Technology - Artificial intelligence is poised to fundamentally change the world, necessitating a shift from traditional technologies to innovative solutions [10][12]. - The current landscape shows that many industries face overcapacity, particularly in sectors like new energy vehicles and solar energy, highlighting the need for innovation and a focus on core competencies [10][12]. - The article stresses the importance of talent cultivation, technological barriers, and ecosystem development as critical factors for future growth [10]. Group 2: Characteristics of Successful Entrepreneurs - Successful entrepreneurs are described as long-term thinkers who prioritize sustainable growth over short-term gains [23]. - They possess strong professional capabilities and are willing to be "utilized" by others, fostering collaborative relationships that benefit all parties involved [23]. - Key traits include the ability to effectively manage and utilize talent, a pragmatic approach to business, and a deep understanding of the difference between effortful failure and lack of effort [23][24]. Group 3: Investment Philosophy - Investors should act as "appreciators," possessing aesthetic judgment to identify potential in early-stage ventures [25]. - The ability to integrate resources and support the development of companies is crucial, especially in the early stages of investment [26]. - Investors must also be decisive in managing their portfolios, adhering to principles of loss-cutting and profit-taking [26]. Group 4: Advice for Future Investors - The article encourages a mindset of respect for the industry and a recognition of the importance of continuous learning and adaptation [26]. - It advocates for an open and optimistic attitude towards investment opportunities, regardless of age, and emphasizes the need to collaborate with younger generations [26].
独角兽创投大赛山东临沂站启动 数智产业迎新机遇
8月17日,"数智焕新 IP,创投赋能产业"独角兽创投大赛山东(临沂)站在阿里巴巴全球速卖通(临 沂)跨境电商产业园站启动。全球独角兽研究院、临沂商贸物流科技产业研究院、山东兰华集团、儒商 联合会·儒商品牌路演大赛组委会联合主办,同步揭牌独角兽网格化研究院临沂站,吸引200余家企业及 机构参与。在启动仪式上,山东兰华集团张绍杰、临沂商贸物流科技产业研究院潘皓明等相关领导及创 投界代表毕船长、并做了重点发言。 李牧强调:"大赛链接大湾区创投资源与山东产业基础,为独角兽企业创造独特成长条件,加速培育新 质生产力。" 资源对接:联动100余家顶级机构提供支持; 导师护航:50位专家全程辅导; 品牌推广:整合百家媒体提升曝光。 当天下午,举办了独角兽创投大赛山东(临沂)第一场海选赛,创业导师团、资本观察团和专家评审团 等专家和评委分别对参赛项目做了精彩点评, 活动期间,12家企业与投资机构达成合作意向。严选出来的好项目陆续入驻全球独角兽项目超市,通过 蜂巢网格全国落地。(完) 张赫介绍核心赋能板块时提出,将通过营销优化、模式迭代、品牌IP构建三大维度助力项目成长,"打 通企业业绩增长'主动脉'"。 陆思恺表示:"面向 ...
广东宝丽华新能源股份有限公司2025年半年度报告摘要
Group 1 - The company reported a revenue of 4.357 billion yuan for the first half of 2025, representing a year-on-year increase of 17.33% [5] - The net profit attributable to shareholders was 559 million yuan, showing a significant year-on-year growth of 52.62% [5] - The company plans to distribute a cash dividend of 0.50 yuan per 10 shares, totaling approximately 108.79 million yuan, which is 19.48% of the net profit [56][57] Group 2 - The electricity consumption in China reached 4.84 trillion kilowatt-hours in the first half of 2025, with a year-on-year growth of 3.7% [3] - The installed power generation capacity in the country was 3.65 billion kilowatts, reflecting a year-on-year increase of 18.7% [3] - Renewable energy sources, including wind and solar, accounted for 89.9% of the newly added power generation capacity [3] Group 3 - The company has maintained its core competitiveness without significant changes during the reporting period [4] - The company is focused on optimizing its financial investments and enhancing asset operation efficiency [7] - The company’s subsidiary, Meizhou Commercial Bank, reported total assets of 43.095 billion yuan and a net profit of 195 million yuan for the first half of 2025 [7]
宝新能源2025年上半年净利5.59亿元 同比增长52.62%
Zheng Quan Ri Bao· 2025-08-18 13:36
公告显示,今年上半年,在电力市场化改革逐步深入、市场竞争日益激烈、火电出力增速下行的发展环 境下,宝新能源对内强化设备改造升级,深挖机组节能潜能;对外紧密关注市场动态,灵活调整经营策 略;千方百计稳生产促销售、降费用促增长,扎实筑牢梅县荷树园电厂稳健发展基础,优化提升陆丰甲 湖湾电厂增长驱动效应,创新发挥宝新售电灵活运营优势,多措并举推动能源电力主业稳步增长。 (文章来源:证券日报) 本报讯 (记者丁蓉)8月18日晚间,广东宝丽华新能源股份有限公司(以下简称"宝新能源")发布2025 年半年度报告。公司上半年实现营业收入43.57亿元,同比增长17.33%;实现归属于上市公司股东的净 利润5.59亿元,同比增长52.62%。 2025年上半年,国民经济平稳运行,全社会用电量同比增长。受益于煤炭价格下行,火电企业成本压力 缓解,但受新能源发电增长等因素影响,火电出力增速下行。宝新能源以稳健运营、高效决策夯实电力 主业,以严控风险、优化整合提升投资质效,以合规管理、控本增效筑牢发展基石,持续锻造新质生产 力,扎实推动高质量发展。 同时,宝新能源坚持审慎投资,进一步优化整合存量资产,提升资产运营效率。宝新能源发起设 ...
粤港澳大湾区创业大赛开赛,7146个项目参赛,近两成启动融资
Group 1 - The Guangdong-Hong Kong-Macao Greater Bay Area Entrepreneurship Competition attracted 7,146 entrepreneurial projects, with a wide geographical distribution including participation from over 10 countries and regions [1] - Among the registered projects, 4,704 are from Guangdong Province and 2,442 from outside the province, with significant participation from Beijing, Jiangsu, Shandong, Hubei, and Sichuan [1] - The competition features five industry tracks, with the Modern Service and Cultural Creativity track leading with 2,563 registered projects, followed by Artificial Intelligence and Robotics with 1,558, and Pharmaceutical Health and Biomanufacturing with 1,058 [1] Group 2 - Approximately 1,370 projects, nearly 20% of the total, have initiated or completed financing, indicating a strong investment potential and interest from the capital market [1] - The competition aims to connect top venture capital institutions in the Greater Bay Area to identify and support promising entrepreneurial projects, facilitating a comprehensive service system for project development [2] - After the preliminary rounds, 150 projects will advance to the finals, with each track contributing 30 projects, and various supporting activities will be held to enhance policy support and investment opportunities [2]
“长续航版”政府引导基金频出,让耐心资本更有耐心
Zheng Quan Shi Bao· 2025-08-15 12:55
Core Insights - The trend of extending the duration of government-guided funds is emerging, with many new funds having a lifespan of over 10 years, some even reaching 20 years, which is a significant shift from the previous norm of 7-8 years [1][2] - This change is expected to foster a more patient capital environment, potentially altering the fundraising, investment, and exit dynamics within the venture capital industry [1][6] Group 1: Fund Duration Changes - Local government-guided funds are increasingly extending their durations, with regions like Shenzhen leading the way by announcing a 2-year extension for existing funds [1][2] - New funds are being established with longer durations, typically around 10 years, compared to previous funds which had shorter lifespans [2][4] - Despite the extension of mother funds' durations, the actual operational time for sub-funds remains limited, often around 10-12 years due to investment and exit periods [2][4] Group 2: Investment Strategies and LP Expectations - The investment periods for sub-funds have not significantly changed, with most still set at 3-4 years, as LPs demand quicker returns on investment [4][5] - The focus on achieving a high DPI (Distributions to Paid-In) ratio has led to a more strategic approach in project selection, balancing quick returns with long-term investments [4][5] - The management fee structures are also evolving, with a decrease in fees despite longer fund durations, as the exit period's fee base remains small [5][6] Group 3: Industry Sentiment and Future Outlook - The extension of fund durations is seen as a positive signal, promoting a more relaxed and patient investment mindset within the industry [6][7] - There is a recognition of the challenges related to exits, with concerns that unresolved exit issues could lead to a backlog of projects, creating a "backwater" effect [6][7] - The introduction of flexible operational models, such as "recycling investment" clauses, is being explored to enhance fund efficiency and address previous limitations [6][7]