「 Debuff拉满如何走向happy ending？ 」 文 ｜ 陈之琰 在盘活存量资产的多个解药中，S基金是被多方寄予厚望的那一个。 近半年内，包括浙江、福建、江西、安徽在内的多个省份纷纷成立S基金。直到最近，央行等七部委还在8月5日联合印发《关于金 融支持新型工业化的指导意见》。其中提出：发展创业投资二级市场基金，优化创业投资基金份额转让业务流程和定价机制，推动 区域性股权市场与创业投资基金协同发展。 然而，在「暗涌Waves」与从业者们的交流中发现，身处"退出"前线的人们则可能有着不同的体感：国有资产不得流失的铁律与S基 金普遍要求20-30%折扣之间的矛盾，存在大量国资选手而市场化S基金难觅的窘境等。 目前，双创时代诞生的大量基金正在走向退出的关键节点，彼时入场的青涩国资也走到了属于自己的成年时。一笔市场中真实而典 型的S交易是如何发起、又如何结束的？S基金对于存量时代的资本市场，是否真的是一剂解药？其中还有哪些问题亟待解决？ 今年4月，早期投资机构原子创投完成了成立以来的第一笔S交易，博瑔资本成为其四期基金的新LP。这笔交易的特殊性在于，卖方 为国资属性，买方为市场化S基金，涉及资产包是市场上最不 ...

在深圳市南山区，高新技术企业如繁星般密布，清华、北大、南科大、哈工大、深大等一众高校恰似珍珠散落其间，6个双创示范基地、9个诺奖实验室与 4500多家高新技术企业错落分布，共同编织成一条脉络清晰的产学研资源带。而力合科创（002243），正是这条资源带上的耐心"编织者"，它整合各方资 源优势，构建起一套完备的科技成果转化系统。 科技成果转化向来是公认难啃的"硬骨头"。经过几十年的发展，国际上已将其大致拆解为几个关键步骤：首先是概念验证，随后进入中试阶段，接着是创 业孵化与股权投资，最终实现转化落地。尽管"投早、投小"的重要性已成为当前中国创投业共识，但概念验证和中试环节，因技术路线不确定、产品未定 型、市场前景难预测、创业团队不完整等因素，仍是难以攻克的薄弱环节，就连传统的VC机构也难以把握。 然而，作为整个科技成果转化的重要环节，这一难关必须被攻克。起源于深圳清华大学研究院(简称"清研院")的力合科创，成为了首批敢于"吃螃蟹"的先 行者。从200多万元起家，到孵化4000多家企业，它不仅助力学术成果从"小书架"走向"大货架"，更见证了中国硬科技的崛起之路。近期，证券时报记者 走进力合科创，倾听力合科创董事长 ...

Core Viewpoint - The article highlights the role of Lihua Science and Technology in bridging the gap between scientific research and market application, emphasizing its unique approach to early-stage investment in hard technology projects and the importance of a comprehensive support system for technology commercialization [1][2][5]. Group 1: Company Background and Development - Lihua Science and Technology originated from the Tsinghua University Research Institute and has evolved from an initial capital of over 2 million yuan to incubating over 4,000 enterprises, playing a significant role in the rise of China's hard technology [2][5]. - The company was established in 1999 as one of the first investment institutions focused on technology transfer, aiming to convert academic achievements into marketable products [5][6]. Group 2: Investment Strategy and Approach - Lihua Science and Technology distinguishes itself by investing in early-stage hard technology projects that others may avoid, and it has built a team with engineering backgrounds to support these investments [6][8]. - The company has invested in over 500 high-tech enterprises, successfully nurturing projects in hydrogen energy, semiconductors, and medical technology [6][10]. Group 3: Challenges in Technology Transfer - The article discusses the inherent challenges in technology transfer, particularly in the early stages where teams often lack market and operational expertise, necessitating a supportive ecosystem for successful commercialization [8][9]. - Lihua Science and Technology provides comprehensive support throughout the project lifecycle, from concept validation to product development, ensuring that teams receive the necessary resources and guidance [9][10]. Group 4: Ecosystem and Collaboration - The company has established a robust ecosystem by collaborating with various universities and research institutions, creating a continuous flow of quality projects for investment [14][15]. - Lihua Science and Technology has developed a "three-run" model to support projects, acting as a companion, relay, and leader in the commercialization process [14][15]. Group 5: Future Outlook - The article concludes with a positive outlook on the future of technology transfer in China, suggesting that with the continued growth of institutions like Lihua Science and Technology, the commercialization of scientific achievements will become more efficient and impactful [15].

截至2025年8月25日收盘，鲁信创投报13.30元，较前一交易日上涨0.04元，涨幅0.30%。当日成交量为 115424手，成交金额达1.54亿元。 鲁信创投主要从事创业投资业务，属于非金属材料行业。公司业务涵盖创业投资、投资管理及咨询等。 公司方面表示，2025年半年度报告将于8月30日正式披露。投资者可通过届时公布的定期报告了解公司 最新业绩情况。 资金流向方面，8月25日主力资金净流出54.99万元，近五个交易日累计净流入1094.49万元。 风险提示：以上信息仅供参考，不构成投资建议。股市有风险，投资需谨慎。 ...

Group 1 - The core viewpoint of the article is the successful establishment of the Gengzhi Fund, which aims to leverage cross-provincial resources for investment in Hubei, focusing on new materials and high-end equipment sectors [1] - The Gengzhi Fund has a total scale of 3 billion yuan, with an initial phase of 500 million yuan, initiated by the Changjiang Industrial Group in collaboration with Shandong Land Development Group and Qingshan Investment Group [1] - The fund management will enhance investment management capabilities and resource integration to support high-quality industrial development in Hubei, while deepening strategic cooperation with Shandong Land Development Group [1]

Core Viewpoint - The successful launch of the QFLP project by Qiming Venture Partners and its collaboration with Kunshan Chuangkong Group aims to enhance investment in early and growth-stage companies in technology and medical innovation sectors, leveraging Kunshan's strong industrial foundation and favorable business environment [1][2]. Group 1 - The Kunshan Qishun Equity Investment Partnership has received pilot qualification approval, with a committed capital of $200 million, focusing on early and growth-stage companies in technology and medical innovation [1]. - The QFLP project is managed by Qiming Weichuang Equity Investment Management (Shanghai) Co., Ltd., with nearly $20 million allocated for investments in innovative medical devices, technology services, and equipment manufacturing [1]. - Qiming Venture Partners aims to leverage the QFLP project to innovate investment models and strengthen investment layouts in Kunshan's key industrial sectors, contributing to high-quality development [1][2]. Group 2 - The collaboration between Qiming Venture Partners and Kunshan Chuangkong Group integrates top investment capabilities in technology and medical innovation with Kunshan's robust industrial resources, injecting capital and innovation into the local industry [2]. - QFLP offers advantages such as flexible currency exchange, convenient investment, favorable conditions for invested companies, simplified tax structure, and preferential treatment for divestment, making it a primary pathway for foreign investors into China's private equity and venture capital markets [2]. - Qiming Venture Partners has managed a total of $9.5 billion in assets and invested in over 580 high-growth innovative companies, demonstrating its significant presence in the investment landscape [2].

Core Insights - The QFLP project by Qishun has successfully launched, with a total subscription scale of $200 million, focusing on early and growth-stage companies in technology and medical innovation sectors [1][3] - Qishun's first external investment has been completed, with nearly $20 million allocated to innovative medical devices, technology services, and equipment manufacturing [1][3] Group 1 - The QFLP project aims to introduce international cutting-edge technology information and industrial development experience to Kunshan, enhancing the collaboration between the local industrial system and capital [1] - Qiming Venture Partners, managing the QFLP project, has a total managed asset of $9.5 billion and has invested in over 580 high-growth innovative companies [3] Group 2 - Qiming Venture Partners sees strong potential in Kunshan's industrial vitality and investment environment, planning to innovate investment models and strengthen investment layout in key industrial sectors [3] - A comprehensive cooperation agreement has been signed between Qiming Venture Partners and Kunshan Chuangkong Group to integrate top investment capabilities in technology and medical innovation with Kunshan's robust industrial resources [3]

Core Insights - The successful launch of the QFLP project by Qiming Venture Partners and Kunshan Chuangkong Group signifies strong confidence in Kunshan's investment environment and potential for deep integration of international capital with local industries [1][2][3] - The QFLP project aims to inject financial resources into Kunshan's key industries, particularly in technology and medical innovation, with a committed fund size of $200 million [2][3] Group 1: Project Launch and Economic Impact - The QFLP project was initiated in March, established in May, and completed its first external investment in July, showcasing a rapid execution timeline [1] - Kunshan's GDP is projected to reach 538 billion yuan in 2024, reflecting a growth rate of 6.1% compared to the previous year [1] Group 2: Strategic Collaboration - Qiming Venture Partners plans to leverage the QFLP project to innovate investment models and enhance investment layouts in Kunshan's key industries [2] - A comprehensive cooperation agreement was signed between Qiming Venture Partners and Kunshan Chuangkong Group to integrate investment capabilities with local industrial resources [2] Group 3: QFLP Advantages and Investment Focus - The QFLP structure offers advantages such as flexible currency exchange, investment convenience, and favorable tax conditions, making it a primary pathway for foreign investors into China's private equity and venture capital markets [3] - The QFLP project will focus on early and growth-stage companies in technology and medical innovation, aiming to bring cutting-edge technology and industry experience to Kunshan [2][3]

Core Viewpoint - The number of new unicorns globally has significantly decreased, with only 108 new unicorns in 2024, an 85% drop from the peak of 720 in 2021. This decline is attributed to the slowdown in the growth of unicorn companies and challenges in the venture capital market in China [1]. Group 1: Challenges in Venture Capital - The venture capital market in China is facing significant challenges, with a continuous decline in investment scale and quantity [1]. - There is a notable information asymmetry between startups and investment institutions, leading to difficulties in securing investments for startups and hesitance from investors [3]. Group 2: Government Initiatives - Guangdong Province has launched the "Yue Chuang Jin Qiao" initiative to bridge the gap between projects and financial institutions, aiming to foster a healthy cycle among technology, industry, and finance [1][3]. - The initiative includes 19 specific measures to promote high-quality development in venture capital, focusing on the entire investment chain from fundraising to exit [3]. Group 3: Event and Platform Development - The "Yue Chuang Jin Qiao" initiative will host a series of events, both online and offline, to facilitate connections between startups and investors, featuring lectures from renowned economists and industry leaders [4]. - An online platform will be established to support project financing needs and match suitable projects with investment institutions through AI and professional screening [4]. Group 4: Expectations from Startups - Startups, such as Guangzhou Sait Intelligent Technology Co., express high expectations for the "Yue Chuang Jin Qiao" platform, highlighting its potential to streamline the project selection process and reduce the time and cost of finding quality projects [6]. - There is a call from several tech companies for increased participation from industrial capital in the "Yue Chuang Jin Qiao" platform to enhance resource coordination and mutual empowerment [7]. Group 5: Strategic Focus Areas - Investment institutions are optimistic about Guangdong's strategic value in areas such as AI innovation, high-end manufacturing, and new energy, aiming to support emerging industries in the Greater Bay Area [6][7].

Core Insights - The article emphasizes the importance of a healthy and efficient venture capital ecosystem in driving technological innovation in China's economy, with Xiamen Jianfa Emerging Industry Equity Investment Co., Ltd. (Jianfa Emerging Investment) highlighted as a key player in this landscape [2][3]. Group 1: Company Overview - Jianfa Emerging Investment has transformed from a newcomer to a mainstream participant in the venture capital industry over the past ten years, supported by state-owned capital [2][3]. - The company has invested in over 70 GP management institutions and more than 120 funds, covering over 2,000 technology innovation projects, with a total investment exceeding 29 billion yuan and generating over 4 billion yuan in net profits [4]. Group 2: Role of LP and GP - The company identifies itself as a Limited Partner (LP), emphasizing its role as a "nurturer" and "enabler" in the venture capital ecosystem, while General Partners (GPs) are seen as the "cultivators" responsible for project discovery and management [3]. - The first five years were crucial for establishing trust and recognition in the market, leading to a solid reputation and positioning for Jianfa Emerging Investment [3]. Group 3: Ecosystem Dynamics - The article describes the technology innovation industry as a vibrant ecosystem, where various participants must work closely together for optimal efficiency [5]. - The current challenge in China's venture capital industry is the relatively underdeveloped "water source" and "reservoir" (LPs), which limits the overall effectiveness of the ecosystem [5][6]. Group 4: Future Directions - The company advocates for the cultivation of "patient capital" and the need for enhanced professionalization among LPs to better manage and allocate resources [6]. - It calls for a more integrated approach between state-owned and market-driven capital to foster innovation and economic development, emphasizing the need for a supportive regulatory environment and diverse capital structures [7][8].