孙正义女儿意外爆红。 本周，日本知名独角兽公司S p i b e r发布一份公告，让软银集团掌门人孙正义的女儿走到 台前。 川名麻耶，刚好出生于软银诞生那年，早年曾在高盛日本任职，也做过几年家庭主妇， 但从未有过在软银任职的经历。她的父亲孙正义，全球创投圈都并不陌生，这几年经历 大起大落，今年重回日本首富。 虽然孙正义放话，软银的接班人不会由血缘来决定。但这次川名麻耶之所以引发轰动， 或多或少是击中当下创投行业的交班话题。 孙正义女儿现身创投圈 根据公告，S p i b e r已与川名麻耶（Ma y a Kawa n a）签署业务支持相关协议。待协议生 效前提条件满足后，川名麻耶将于2 0 2 6上半年开展支持工作，发挥业务协同效应。 交 易 方 的 履 历 赫 然 写 着 ： 川 名 麻 耶 是 " 孙 正 义 的 第 一 个 孩 子 " （ Bo r n a s t h e e l d e st c h i l d o f Ma s a y o s h i S o n）。 联想起接班一幕。 作者/余梦莹 杨文静 报道/投资界PEdaily " 我 的 参 与 不 以 I PO 或 并 购 为 目 标 ， ...

12月26日，备受市场期盼的国家创业投资引导基金(以下简称"引导基金")正式启动。引导基金由国家发 展改革委、财政部共同推动设立，创新性地采用"基金公司—区域基金—子基金"3层架构，在国家层面 由财政出资1000亿元，在区域基金及子基金层面，预计将撬动万亿级社会资本参与。 目前，京津冀、长三角、粤港澳大湾区3只区域基金已设立运行，并形成首批已签约的49只子基金和27 个投资项目。 启动仪式当天，国家发展改革委召开专题新闻发布会。会上，财政部经济建设司司长郭方明在回答证券 时报记者提问时表示，国家创业投资引导基金立足自身特点，通过精准错位发展与其他政府引导基金形 成协同合力，将以差异化风控体系培育创新生态，引导社会资本长期扎根科技创新领域。 投早、投小、投硬科技 据悉，引导基金使用超长期特别国债资金出资，在国家层面由财政出资1000亿元，在区域基金、子基金 层面积极鼓励社会资本参与。 白京羽透露道，引导基金设置20年存续期，其中10年投资期、10年退出期，这样既通过更长久的投资期 限，为企业提供长周期的资金供给，又通过更宽松的退出时限，为企业提供更多的发展空间。 传统的创投基金，生命周期普遍为7—10年，而引导 ...

Core Viewpoint - The stock of Lushin Investment has experienced significant abnormal fluctuations, with a cumulative increase of 40.48% from December 23 to 26, 2025, and a closing price deviation of 20% over three consecutive trading days [1] Group 1: Stock Performance - The stock price increased by 40.48% during the period from December 23 to 26, 2025, with a limit-up on December 26 [1] - The rolling price-to-earnings ratio is reported at 91.00 times, and the price-to-book ratio is at 3.32 times, both significantly higher than industry averages [1] Group 2: Shareholding and Management Actions - The company currently holds only 0.89% equity in Blue Arrow Aerospace through three funds, indicating a minimal impact [1] - The controlling shareholder has previously disclosed a plan to reduce holdings, and there were no stock transactions by directors, supervisors, or controlling shareholders during the abnormal fluctuation period [1]

12月份成都加快基金生态构建，近日，总规模30亿元人民币的蜀道高新共创基金落地成都，此外包括成 华、锦江、大邑等成都区（市）县也纷纷注册新基金。 四川宝盛中试投资创业中心（有限合伙） 12月24日，四川宝盛中试投资创业中心（有限合伙）顺利完成备案，该基金总规模3亿元人民币，由成 都高科、国泰创投、成都技转创投、中信建投资本、国泰创投共同出资设立，并由国泰创投基金担任基 金管理人。基金将紧密围绕成都高新区"3+6+6"现代化产业体系，采取"产业龙头孵化+科技成果转化"双 轮驱动策略，联合算力芯片龙头企业及知名科研院所、高校等创新主体，重点聚焦"AI"与"AI+"领域， 瞄准产业早期硬科技项目，通过成果转化与共同孵化相结合的模式，推动科技创新与产业升级深度融 合。 成都新邑股权投资基金合伙企业（有限合伙） 12月23日，成都新邑股权投资基金合伙企业（有限合伙）顺利完成备案，基金管理人为成都技转创业投 资有限公司。主要股东为成都技转创投、成都西岭兴邑科技发展有限公司、成都邑锦云舍建设发展有限 公司、大邑县虹泽水业有限公司等。 成都高新区蜀道共创合作创业投资基金合伙企业（有限合伙） 12月22日，策源资本联合蜀道资本 ...

Market Overview - The Shanghai Composite Index recorded an eight-day winning streak, with the market's trading volume increasing to 2.18 trillion yuan [1] - The market anticipates two interest rate cuts by the Federal Reserve next year, totaling 50 basis points, influenced by political factors such as the upcoming U.S. midterm elections and the change in Fed leadership [1] Currency and Trade - The offshore RMB broke the "7" threshold against the USD for the first time in 15 months, reaching a high of 6.9985, while the onshore RMB also approached the "7" mark, hitting 7.0053 [2] - The appreciation of the RMB is driven by a weaker U.S. dollar index due to Fed rate cut expectations and seasonal demand for currency settlement by domestic companies [2] - China's export scale and trade surplus have reached historical highs, indicating resilience in export structure and direction, with expectations for continued strong performance in exports next year amid improving Sino-U.S. trade relations [1] Investment Initiatives - The National Development and Reform Commission announced the launch of the National Venture Capital Guidance Fund, with a total scale exceeding 120 billion yuan, focusing on cutting-edge technology sectors such as AI and quantum technology [2] - This initiative aims to attract more social capital to support early-stage and startup tech companies, potentially benefiting the A-share market and the venture capital sector [2] Monetary Policy - The People's Bank of China conducted a 400 billion yuan MLF operation to maintain liquidity in the banking system, with a net injection of 100 billion yuan in December [3] - The total net injection of medium-term liquidity since the beginning of the year has reached 49.61 billion yuan, indicating a continued "stable and slightly loose" monetary policy approach [3] Market Performance - On December 26, the A-share market saw the Shanghai Composite Index close at 3963.68 points, up 0.10%, while the Shenzhen Component and ChiNext Index rose by 0.54% and 0.14%, respectively [4] - The sectors showing the highest gains included non-ferrous metals, electric equipment, and steel, with increases of 3.69%, 1.40%, and 1.34% respectively [4] - A total of 1,819 stocks rose while 3,239 stocks fell on the same day [4] Capital Flow - The market's trading volume reached 21.81 billion yuan, an increase from the previous trading day, with the margin financing balance reported at 25.45 billion yuan, also showing an increase [5]

12月26日，由金融界主办的"启航·2025金融年会"在北京举行。本次年会以"新开局、新动能、新征程"为主题，来自政、商、学、研等领域的100多位嘉宾、 500余家金融机构和上市公司齐聚一堂，共赴这场思想盛宴。 责任编辑：钟离 田轩称，需要设计一些机制，把企业的创新者、高管保护起来，让他们专注长期的创新，不受短期资本的干扰。他提出五条建议，包括要有强有力的反收购 条例、不太高的股票流动性、要有长期的机构投资者、不太多的分析师追踪以及不太频繁的信息披露。 第三，完善健全的法治环境。从宏观角度讲，市场经济就是法治经济，我们要把企业家很好地保护起来，才能够让他们专注长期的创新。 第四，稳定的宏观政策导向。政策本身对于科技创新没有任何影响，不管这个国家的政策是偏激进还是偏保守一点。田轩称，"因为市场是非常有效率的， 企业家们非常聪明，企业家们可以根据国家的宏观政策去调整自己的投资决策，但最要命的是政策的不确定、不稳定。" 财经频道更多独家策划、专家专栏，免费查阅>> 第一，更加包容的创投市场。对于人，我们要鼓励支持科技创新。发展新质生产力，我们必须要对他们更多的包容，允许他们有我们常人很难容忍的各种各 样的缺点，从而 ...

21世纪经济报道记者 曹媛 深圳报道 近日，智谱AI通过港交所上市聆讯、正式递交招股书，向"大模型第一股"发起冲刺。 21世纪：从数据看，今年一级市场在募资、投资、退出三方面有所回暖，作为资深投资人你今年对市场的体感如何？ 刘昼：确实是在回暖。我们观察到一级市场经历了前两三年的低谷后开始复苏，今年上市和挂牌的数量、融资总额，呈现持续 增长的状态。无论是同行还是我们自身，上市（退出）的速度都在加快。 在募资端，明年对于头部GP而言，募资机遇较多，最大的机会是获得国家级大基金，例如国家发改委主导的万亿级别的引导基 金以及与社保基金的合作。随着大基金数量的增加，优质GP将有更多机会获得资金，我相信在明年募资端是比较好的。 （备注：近日国家创业投资引导基金以及 3 只区域基金完成工商注册； 12 月 26 日举办启动仪式， 3 只区域基金与首批 49 个子基金 以及 27 个项目代表正式签约。） 这家历经8轮融资、斩获超83亿融资额的明星企业背后，集结了诸多顶尖投资机构。作为早期领投方之一的达晨财智，也即将迎 来"收获期"。早在2021年5月，智谱AI完成A轮过亿元融资，由达晨财智等机构领投，后不断追加投资。 近年来 ...

Core Viewpoint - Wuxi Innovation Investment Group (referred to as "Xichuangtou") is leveraging a unique "patient capital" approach to drive industrial upgrades in the hard technology sector, balancing strategic missions with market returns [1] Group 1: Strategic Role and Investment Approach - Xichuangtou defines its role as a "three-dimensional integration," focusing on strategic guidance, strengthening local industrial chains, and empowering ecosystems by integrating policies, scenarios, technologies, and talent resources [1] - The company employs a "classification and combination management" strategy to address the dual demands of high-risk hard technology investments and the preservation and appreciation of state assets [2] - Xichuangtou manages overall risk through an "olive-shaped" portfolio, investing in high-risk early-stage projects and high-certainty late-stage projects while focusing on growth-stage projects in between [2] Group 2: Investment Achievements and Future Plans - As of 2025, Xichuangtou aims to manage a cumulative scale of 287 billion yuan, with total investments exceeding 130 billion yuan, having invested in over 800 local projects since the 14th Five-Year Plan [3] - The company emphasizes "deep localization" in its investment strategy, aligning investment decisions closely with local industrial chain needs, and aims to support hard technology with "patient capital" to effectively reduce innovation risks [3] - Looking ahead to the 15th Five-Year Plan, Xichuangtou plans to strategically develop S funds to revitalize existing assets and optimize capital structures, while focusing on AI and integrated circuits, as well as biomedicine sectors for future investments [3]

在全球科技竞争日趋白热化的今天，科技创新已成为国家综合国力博弈的核心战场。我国正处在科技自 立自强与高质量发展的关键阶段，"十五五"规划建议提出"科技自立自强水平大幅提高"的目标。如何高 效支持企业研发、打通从基础科学到产业应用的转化通道、构建支撑长期创新的科技金融体系，是在新 一轮科技革命和产业变革中占据主动、为高质量发展注入不竭动力的关键。 面向"十五五"新征程，科技金融的使命愈发重大，希望能进一步打通体制机制障碍，完善长期资本培育 体系，培育出更多像建发新兴投资这样的市场化机构，以专业体系链接资本与创新；希望创投机构能够 以长期的心态，让资本精准滴灌每一个研发项目。唯有如此，才能让科技创新与产业发展深度融合，让 科技金融持续赋能研发突破，让中国在全球科技竞赛中跑稳跑快，以创新之基筑就强国之路，为实现科 技自立自强、推动高质量发展提供坚实有力的保障。 实践充分证明，国家战略与市场化盈利并不矛盾。那些早期愿意去理解、按照国家战略方向去布局新质 生产力以及未来产业的创投机构，其被投项目近期纷纷登陆资本市场并收获亮眼的市值表现，其原因是 中国作为巨量经济体，其战略需求本身就蕴含巨大市场价值，为战略落地提供坚实的 ...

Core Insights - The company, Yuanchuang Duoying, focuses on technology innovation and has adopted a "three-depth" investment strategy to drive industrial investment and leverage technological value in Shandong province [1][2]. Investment Strategy - The "three-depth" strategy includes "deeply exploring industries," "deeply cultivating regions," and "deeply serving projects," which allows the company to identify and invest in promising projects early [2]. - The company emphasizes early-stage investments, starting from the patent stage of projects, and evaluates the number of published papers and patents in relevant fields [2]. Sector Focus - The company is optimistic about four key sectors: thermal power, electric power, computing power, and life sciences [1]. - In the semiconductor materials sector, Yuanchuang Duoying has invested in approximately 10 next-generation semiconductor material companies, managing over 10 billion yuan in funds and over 130 investment projects [1][4]. Regional Development - The company has established a presence in 15 cities, focusing on cities with either a GDP of over 1 trillion yuan or rich educational resources [4]. - In Jinan, the company has initiated the "Periodic Table Action" to focus on next-generation semiconductor materials, including indium phosphide, gallium arsenide, silicon carbide, and gallium nitride [4]. Life Sciences Sector - The life sciences sector is a major focus, with plans to allocate over 50% of future investments to this area, driven by increasing healthcare spending as GDP per capita exceeds $13,000 [4][5]. - The company aims to invest in synthetic biology, cell and gene therapy, and advanced medical devices, among other promising sub-sectors [5][6]. Market Trends - The domestic life sciences sector has shown significant innovation, transitioning from generic drug production to original innovations, with a notable increase in the number and value of overseas authorizations for innovative drugs [5]. - The market has experienced a complete cycle of bubble formation and burst, leading to more rational valuations and a mature perspective on long-term development in the life sciences sector [6]. Future Outlook - The company is exploring mergers and acquisitions and aims to support traditional enterprises through industrial integration [7]. - Yuanchuang Duoying plans to maintain its commitment to technology investment and aims to achieve a managed scale of 10 billion yuan by 2029 [7].