Core Viewpoint - The 2025 Inclusion·Bund Conference will take place in Shanghai from September 10 to 13, focusing on "Reshaping Innovative Growth" amidst the accelerated integration of artificial intelligence and industry [2] Group 1: Event Overview - The conference will introduce a new segment called "Innovation and Investment Ecosystem" and a sub-event named "Investment Meetup" to enhance interaction between top investors and promising tech startups [2][6] - The Investment Meetup is scheduled for September 12, from 13:30 to 15:30, designed to maximize efficiency by compressing the interaction time to two hours [3] Group 2: Objectives and Format - The primary goals of the Meetup are to showcase outstanding projects to top investors and provide a streamlined platform for startups to present their ideas directly [6][7] - The event will feature four live rooms, each corresponding to a hot sub-sector: AIGC, embodied intelligence, smart hardware, and chips and devices [8] Group 3: Participating Investors - Notable investment firms participating include Mingshi Capital, GSR Ventures, Shoucheng Capital, Yunqi Capital, and others, known for their investments in successful projects like Li Auto and Xiaohongshu [8] - Each investor will engage in 15-minute one-on-one discussions with startup leaders, allowing for rapid assessment of potential [8][10] Group 4: Industry Trends and Insights - The Meetup aims to address the challenge of identifying resilient companies in a fast-evolving technological landscape, where the pace of innovation often outstrips business model validation [9][10] - The event will cover cutting-edge technology sectors, including large language models, humanoid robots, XR hardware, AI chips, quantum computing, and brain-computer interfaces [10] Group 5: Participation Details - Project registration is open from August 12 to September 5, 2025, with the event taking place at the Shanghai Huangpu Expo Park [12]

Group 1 - The core point of the announcement is that Capital Venture (02324.HK) reported an unaudited consolidated net asset value per share of approximately HKD 0.8507 as of July 31, 2025 [1]

Core Viewpoint - Capital Venture (02324.HK) announced that as of July 31, 2025, its unaudited consolidated net asset value is approximately HKD 0.8507 [1] Company Summary - The company reported an unaudited consolidated net asset value of about HKD 0.8507 as of the specified date [1]

Core Viewpoint - Shanghai Future Industry Fund is actively investing in multiple sub-funds to support cutting-edge technologies and future industries, aiming to create a significant impact on the market and foster innovation [4][5][7]. Investment Activities - Shanghai Future Industry Fund plans to invest in six sub-funds, including Shanghai Puqing Bencao Venture Capital and Shanghai Bilingxing Phase IV Venture Capital [4]. - In just four months, the fund has invested in eight sub-funds, focusing on areas such as brain science, synthetic biology, and hard technology [5]. - The fund has a total scale of 10 billion yuan, with 80% allocated to sub-funds and 20% to direct investments, potentially leveraging a total of 30-40 billion yuan in funding [8]. Strategic Focus - The fund emphasizes support for young innovators in sectors like future information, future energy, future health, future space, future manufacturing, and future materials [8]. - Specific areas of interest include intelligent science, large models, quantum computing, embodied intelligence, and silicon photonics within the future information industry [8]. Regulatory Environment - The fund has broken registration location restrictions, allowing investments in sub-funds registered outside Shanghai, aligning with national policy encouraging the removal of such limitations [9]. Broader Investment Landscape - Shanghai is recognized as a highly active city in venture capital, with significant initiatives like the launch of a 20 billion yuan AI seed fund and the selection of sub-funds for three major leading industries [11][13]. - The AI industry in Pudong has grown to over 160 billion yuan, accounting for approximately 40% of the city's total, with a strong focus on foundational research and innovation [12].

Core Viewpoint - The trend of extending the duration of government-guided funds is emerging, with many new funds established in 2025 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]. Group 1: Fund Duration Extension - The Shenzhen Futian guiding fund announced a 2-year extension for its managed sub-funds, setting a precedent in the domestic guiding fund industry [2]. - Various provinces and cities, including Hubei, Jiangsu, Shanghai, Guangdong, Beijing, and Shenzhen, are launching "long-lasting" guiding funds to cultivate patient capital [2]. - The overall trend shows that newly established sub-funds have slightly longer durations compared to previous ones, allowing more time for exits [2][3]. Group 2: Investment and Exit Strategies - Despite the extension of the mother fund's duration, the investment period for sub-funds remains largely unchanged, typically set at 3-4 years [5]. - The strict requirements from Limited Partners (LPs) regarding DPI (Distributions to Paid-In) are influencing the investment strategies, with a focus on quick returns [6]. - The industry is increasingly prioritizing a balanced portfolio that includes both fast-return and long-term projects to enhance DPI [6]. Group 3: Industry Sentiment and Future Outlook - The extension of fund durations is viewed positively, fostering confidence in long-term investments, particularly in hard technology sectors [9]. - The shift towards longer fund durations is expected to alleviate short-term pressures, allowing for a more patient capital approach [9][10]. - There are concerns regarding the natural conflict between long-term fund cycles and the tenure of local officials, who may prioritize immediate investment progress [9].

Core Viewpoint - The trend of extending the duration of government-guided funds is emerging, with many new funds set to last over 10 years, indicating a shift towards more patient capital in the venture capital industry [1][2]. Group 1: Fund Duration Extension - The typical duration of RMB venture capital funds has historically been around 7-8 years, limiting their ability to support technology projects until they reach significant growth [1]. - By 2025, many newly established guiding funds in regions like Beijing, Shanghai, and Guangdong are now set for durations exceeding 10 years, with some reaching up to 20 years [1]. - Existing guiding funds are also modifying management rules to extend their durations, with some second-phase funds extending their terms compared to the first phase [1]. Group 2: Impact on Sub-Funds - While mother funds are extending their durations, the actual duration of sub-funds has not significantly changed, typically remaining around 10-12 years due to investment and exit periods [2][3]. - Sub-funds generally have investment periods of 3-4 years, with few extending to 5 years, and their investment strategies remain unchanged despite the overall fund duration extension [3][4]. - The need for a balance in the duration of sub-funds is emphasized, as overly long durations could lead to complacency in fund management [2]. Group 3: Investor Expectations and Strategies - Limited Partners (LPs) are increasingly demanding quicker returns, leading to a focus on projects that can generate rapid capital returns [4][5]. - The emphasis on portfolio diversification has increased, with funds seeking a mix of fast-return projects and longer-term investments [4]. - The management fee structures are also being affected, as longer fund durations do not necessarily translate to higher management fees due to the nature of fee negotiations [4]. Group 4: Industry Sentiment and Future Challenges - The extension of fund durations is seen as a positive signal, fostering a more patient investment approach within the industry [6][7]. - There is a recognition of the challenges associated with exits, as unresolved exit issues could lead to a backlog of projects, creating a "dam" effect in the market [6]. - The alignment of fund durations with the tenure of local officials poses a challenge, as officials may prioritize short-term investment progress over long-term strategies [6].

Core Viewpoint - The trend of extending the duration of government-guided funds is emerging in 2025, which may significantly impact the venture capital industry by fostering patient capital and altering the fundraising, investment, and exit ecosystem [2][3][9]. Group 1: Extension of Fund Duration - Historically, RMB venture capital funds had a lifespan of no more than 10 years, often only 7-8 years, limiting their ability to support technology projects through their growth phases [2]. - In 2025, many newly established guiding funds in regions like Beijing, Shanghai, Jiangsu, and Guangdong have durations exceeding 10 years, with some reaching up to 20 years [2][3]. - Existing guiding funds are also modifying management rules to extend their durations, with some second-phase funds extending their terms compared to the first phase [2][3]. Group 2: Impact on Sub-Funds - The extension of the main fund's duration is being reflected in sub-funds, with many sub-funds also seeing their durations extended by 2-3 years [3][4]. - However, the actual operational time for sub-funds remains limited due to the investment period typically set at 5 years, leading to a practical exit period of only a few years [4][6]. - The balance between fund duration and the need for timely exits remains a concern, as overly long durations could lead to complacency among sub-funds [4]. Group 3: Investment Strategies and LP Requirements - Despite the extended duration of main funds, the investment periods for sub-funds have not changed significantly, with most set at 3-4 years [6]. - Limited Partners (LPs) are increasingly demanding strict DPI (Distributions to Paid-In) requirements, emphasizing the need for quicker returns on investments [6][7]. - The focus on a balanced portfolio that includes both quick-return and long-term projects is becoming more pronounced in the industry [6]. Group 4: Industry Sentiment and Future Challenges - The extension of fund durations is viewed positively, fostering a more patient investment mindset within the industry [9][10]. - However, the challenge of ensuring successful exits remains critical, as unresolved exit issues could lead to a backlog of projects [9][10]. - The natural conflict between long-term fund durations and the short-term focus of local officials may pose ongoing challenges for the effective management of these funds [9].

Group 1 - The core viewpoint of the news highlights the significant growth in asset-backed plans registered by insurance asset management institutions, totaling 130 billion yuan, with a total of 50 plans registered this year, exceeding 200 billion yuan, indicating a substantial increase compared to the same period last year [1] - The insurance asset-backed securities (ABS) are becoming important tools for asset allocation in a low-interest-rate environment, driven by policy regulatory reforms and changes in market conditions [1] - The report indicates that the debt investment plans are shrinking, while the asset-backed plans are rapidly growing, reflecting a shift in investment strategies within the insurance industry [1] Group 2 - The banking sector is facing intense competition, leading to a situation where banks are engaging in price wars, which is eroding industry profits, particularly affecting small and medium-sized banks [2] - Regulatory bodies in various regions are implementing measures to combat this "involution" in the banking industry, encouraging banks to adopt innovative service models and differentiated competition strategies [2] - Southwest Securities has reported a more than 20% year-on-year increase in both revenue and net profit for the first half of 2025, reflecting a positive trend in the A-share market [2] Group 3 - The macroeconomic environment varies across major economies, with central banks adopting different monetary policy paths, leading to a focus on interest rate differentials [3] - Over 300 A-share companies have disclosed their semi-annual reports, with nearly 200 companies reporting year-on-year profit growth, indicating strong growth momentum in sectors like automotive and power equipment [3] - Leading companies such as China Mobile and Kweichow Moutai have reported stable growth in their operating performance for the first half of 2025, with net profits exceeding 10 billion yuan [3] Group 4 - There has been a noticeable increase in the number of A-share companies experiencing "no bidders" in judicial auctions, with 52 companies facing this issue this year, marking an over 80% increase compared to the previous year [4] - The core reasons for the lack of bidders include poor operational conditions, high participation thresholds, and insufficient liquidity [4] Group 5 - The duration of RMB venture capital funds has traditionally been short, but recent changes have seen new guiding funds established with durations exceeding 10 years, allowing for better support of technology projects [5] - The extension of fund durations provides more flexibility for both parent and subsidiary funds in their exit strategies, enhancing the overall investment process [5] Group 6 - Local state-owned assets are increasingly engaging in acquisitions of listed companies, driven by policy encouragement and the need for industrial integration [6] - Analysts are actively researching listed companies to adjust stock ratings based on the latest business developments, with a focus on sectors like pharmaceuticals and machinery [6] Group 7 - The Ministry of Industry and Information Technology has released typical application cases of artificial intelligence in the field of biological manufacturing, showcasing how AI can address traditional manufacturing challenges [7] - The People's Bank of China has conducted significant reverse repurchase operations to maintain liquidity in the banking system, totaling 12 billion yuan in operations for August [7] Group 8 - Various local governments are promoting the construction of high-quality housing to meet the improving demands of the population, with several regions introducing related standards [8] - Measures such as phased payment of land transfer fees and increased housing provident fund loan limits are being implemented to support the construction of quality housing [8]

一直以来，人民币创投基金的存续期通常不超过10年，多数仅有7—8年，导致很多基金不得不在企业尚 未迎来爆发式增长便退出市场。大部分人民币基金很难长期、完整支持一个科技项目。 这一难题在2025年迎来转机。证券时报记者观察到，包括北京、上海、江苏、广东等省市新设的多只引 导基金存续期均在10年以上，有的甚至长达20年。部分地区原有的引导基金也修改规则延长存续期，引 导基金的二期基金也较一期基金延长了期限。存续期延长给母基金和子基金的退出留出更多空间，创 投"募投管退"将更从容。 地方政府引导基金纷纷延期 去年年底，深圳市福田引导基金宣布支持延长在管子基金存续期2年，推动各子基金按照合伙协议约定 程序执行延长存续期操作，在国内引导基金行业开"先河"。进入2025年，越来越多的省市引导基金开始 主动延长期限。据记者不完全统计，截至目前，包括湖北、江苏、上海、广东、北京等省市，已纷纷推 出"长续航版"引导基金，以实际行动积极培育耐心资本。 母基金主动延长存续期，是否已经传导至子基金层面？深圳一创投机构负责人对记者表示："我们近期 准备设立一只基金，期限为10年，比前一只基金长了约3年。"对于这个基金期限，国资有限合伙 ...

Core Viewpoint - The extension of the duration of RMB venture capital funds is expected to positively impact the industry by allowing for longer-term investments and exits, fostering a more patient capital environment [1][5]. Group 1: Fund Duration Extension - Historically, RMB venture capital funds had a lifespan of no more than 10 years, with many lasting only 7-8 years, limiting their ability to support technology projects until they reached significant growth [1]. - As of 2025, many newly established guiding funds in regions like Beijing, Shanghai, Jiangsu, and Guangdong have durations exceeding 10 years, with some extending up to 20 years [1]. - Shenzhen's Futian guiding fund has set a precedent by extending the duration of its managed sub-funds by 2 years, prompting other regions to follow suit [1][2]. Group 2: Impact on Sub-Funds - New sub-funds are being established with longer durations, typically around 10 years, which is an increase of approximately 3 years compared to previous funds [2]. - Despite the extension of mother fund durations to 15-20 years, the actual operational time for sub-funds remains around 10-12 years due to the investment period constraints [2][3]. - The investment period for sub-funds is generally set at 3-4 years, and this has not changed significantly despite the overall extension of fund durations [3][4]. Group 3: Industry Sentiment and Future Outlook - The extension of fund durations is seen as a positive signal, enhancing confidence in long-term investments and the development of patient capital within the venture capital ecosystem [5]. - Government guiding funds are expected to play a crucial role in fostering patient capital, as the shift towards longer fund durations helps alleviate short-term pressures [5]. - Some regions are exploring more flexible operational models for mother funds, such as eliminating the distinction between investment and exit periods, which could further enhance investment efficiency [5].