责编：李丹 校对：李凌锋 11月18日，第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展大会在广州举行，国信证券党委委员、副总裁鲁伟围绕"锚定科技金融， 赋能创新发展"发表主题演讲。他表示，创新"沃土"离不开金融"活水"浇灌，资本市场以深化科创板、创业板改革为抓手，积极发展多元股权融资，不断 强化股债联动服务科技创新的优势，支持创新的市场生态持续完善。科技创新、产业创新和资本市场相辅相成，促进三者良性循环是资本市场高质量发 展的必由之路。 鲁伟谈到，为赋能科技创新发展，资本市场围绕科技型企业从初创到成熟的不同发展阶段，构建起一个包容、多元、高效的服务生态。今年以来，科创 板推出深化改革"1+6"政策措施，设置"科创成长层"，重启未盈利企业适用第五套标准上市，更加精准服务科创企业。创业板自开板以来，以制度保障和 资金活水培育一批从初创走向领军、从追赶到并跑甚至领跑的创新力量，高新技术企业占比约九成，近七成公司属于战略性新兴产业。当前，创业板启 动实施深化改革，旨在为创新特征突出的优质企业提供更加精准、包容的资本市场服务。 金融创新方面，今年5月，债券市场"科技板"正式推出，依托央行创设的风险分担 ...

11月18日，第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展大会在广州举行，国信 证券党委委员、副总裁鲁伟围绕"锚定科技金融，赋能创新发展"发表主题演讲。他表示，创新"沃土"离 不开金融"活水"浇灌，资本市场以深化科创板、创业板改革为抓手，积极发展多元股权融资，不断强化 股债联动服务科技创新的优势，支持创新的市场生态持续完善。科技创新、产业创新和资本市场相辅相 成，促进三者良性循环是资本市场高质量发展的必由之路。 鲁伟谈到，为赋能科技创新发展，资本市场围绕科技型企业从初创到成熟的不同发展阶段，构建起一个 包容、多元、高效的服务生态。今年以来，科创板推出深化改革"1+6"政策措施，设置"科创成长层"， 重启未盈利企业适用第五套标准上市，更加精准服务科创企业。创业板自开板以来，以制度保障和资金 活水培育一批从初创走向领军、从追赶到并跑甚至领跑的创新力量，高新技术企业占比约九成，近七成 公司属于战略性新兴产业。当前，创业板启动实施深化改革，旨在为创新特征突出的优质企业提供更加 精准、包容的资本市场服务。 并购重组方面，鲁伟认为，"并购六条"发布后，并购交易的产业逻辑愈发清晰，呈现出"以主业强化为 ...

昨天（11月21日），市政协主席朱民率队赴苏州创新投资集团开展专题调研，了解集团发展情况， 为苏州高质量发展增添新动能建言献策。 苏创投自2022年成立以来，迅速整合资源、优化布局、创新机制，实现了从起步组建到跨越发展的 华丽蜕变。目前，集团旗下共有八大业务主体，注册资本180亿元，主体信用评级达到AAA，累计管理 基金规模超3000亿元，年均直投项目90个，直投金额近20亿元；直投项目综合增值率48%，在持基金综 合增值率16%。 调研组先后实地调研了集团所属的科创投公司和战新基金公司，在随后召开的调研座谈会上，听取 了集团发展情况介绍。委员代表作交流发言，对苏创投下一步发展提出意见建议。 在讲话中，朱民指出，面对新形势新任务，集团要更加勇于担当、创新作为，自觉将自身发展融入 苏州"十五五"发展大局，紧紧围绕推进新型工业化、建设产业科技创新中心等战略部署，持续深 耕"1030"产业体系，聚焦电子信息、高端装备、先进材料、生物医药、新能源等优势产业和未来领域， 敢于重点布局、善于整体谋划。要借鉴国内外优秀创投机构的成功经验，加强国际化、板块化合作，助 力我市打造具有国际竞争力的产业集群。要特别关注产业链薄弱环 ...

Group 1 - The event "Venture Capital Development Conference" was held in Beijing, emphasizing the critical role of venture capital in promoting the "technology-industry-finance" cycle, with policies supporting the growth of patient capital and the establishment of national venture capital guidance funds [1][2] - The integration of banking and venture capital is highlighted as a key path to activate innovation and drive industrial upgrades, with Beijing Bank focusing on a comprehensive service model that combines equity and debt financing [2][5] - A report titled "China Venture Capital Market Development Index Report" was released, providing multidimensional research results including various development indices that reflect the operational status and structural changes in the Chinese venture capital market [4] Group 2 - Beijing Bank has committed to serving technological innovation as a strategic core, establishing a private equity business center and expanding its network to nearly 3,000 VC/PE institutions, while providing significant credit support to technology-oriented SMEs [5] - The bank has provided over 1.4 trillion yuan in credit to 58,000 technology SMEs, serving a large proportion of listed companies on various stock exchanges, demonstrating its commitment to supporting specialized and innovative enterprises [5] - A strategic cooperation agreement was signed between Beijing Bank and the China Investment Association Venture Capital Committee to enhance collaboration and create integrated solutions for equity empowerment and debt support [4]

Core Insights - The article discusses the establishment of the Hangzhou Runmiao Fund, which focuses on early-stage investments in technology startups, aiming to foster innovation and support the growth of the local tech ecosystem [1][2]. Group 1: Fund Overview - The Runmiao Fund has an initial scale of 2 billion yuan and a long duration of 20 years, emphasizing early, small, long-term investments in talent and hard technology [1]. - It is part of the broader "Runmiao Plan," which aims to reshape Hangzhou's innovation ecosystem by covering the entire lifecycle of enterprises, from small tech firms to leading technology companies [2][3]. Group 2: Investment Strategy - The fund targets "seed" and "good seedling" enterprises, defined as tech startups established within five years, with fewer than 100 employees and revenue not exceeding 20 million yuan [4]. - The investment strategy includes a focus on companies with significant R&D expenditures, aiming to provide the first investment before the A-round financing [5][6]. Group 3: Goals and Metrics - The Runmiao Plan aims to cultivate 50,000 tech SMEs, 3,000 "good seedlings," 20,000 high-tech enterprises, 300 "new eagles," and 100 leading tech companies by 2027, creating a pyramid structure of enterprises [3]. Group 4: Decision-Making and Governance - The fund's decision-making committee consists of seven members, with four external experts, shifting the focus from internal to expert-led decision-making [6][7]. - The fund will not evaluate based solely on individual project profits, allowing for a more flexible and supportive investment environment [7][8]. Group 5: Long-Term Vision - The Runmiao Fund represents a shift in Hangzhou's approach to innovation, prioritizing long-term ecological growth over immediate returns, and fostering a culture that embraces failure and encourages experimentation [8][9]. - The city aims to create a vibrant innovation ecosystem akin to a tropical rainforest, emphasizing patience and support for startups in their early stages [9].

Core Insights - Shenzhen's capital market has shown remarkable performance in the "14th Five-Year Plan" period, with a total of 424 A-share listed companies and a market capitalization exceeding 11 trillion yuan, ranking second nationwide [1][6] - The direct financing scale in Shenzhen has reached a historic high of over 2.8 trillion yuan, marking a more than 50% increase compared to the "13th Five-Year Plan" period, positioning it third among major cities in China [3] - The innovation and competitiveness of market entities in Shenzhen have significantly improved, with total market capitalization surpassing 11.5 trillion yuan and projected revenues exceeding 6.8 trillion yuan for 2024 [6] Financing and Investment - The cumulative equity financing in Shenzhen has exceeded 400 billion yuan, with 110 companies raising over 110 billion yuan through IPOs [3] - The bond market financing, including ABS, has surpassed 2.4 trillion yuan, with public REITs leading in fundraising [3] - Shenzhen's private equity and venture capital fund scale is expected to reach nearly 1.37 trillion yuan by September 2025, supporting over 13,800 small and medium-sized enterprises [4] Market Dynamics - The R&D investment of Shenzhen-listed companies is projected to reach 210.3 billion yuan in 2024, a 91.35% increase from 2020, with BYD leading the investment at over 54 billion yuan [6] - In the first three quarters of this year, 24 securities companies in Shenzhen achieved revenues exceeding 100 billion yuan, while 31 public fund management companies managed assets totaling 12.3 trillion yuan [6] Financial Innovations and Investor Protection - Shenzhen has made significant strides in financial innovations, with over 800 billion yuan raised through technology-themed public funds and more than 5 trillion yuan in total assets for these funds [8] - The city has implemented various investor protection mechanisms, with nearly 990 billion yuan in cumulative dividends distributed by listed companies during the "14th Five-Year Plan" period [9] Future Outlook - Looking ahead to the "15th Five-Year Plan," Shenzhen aims to focus on developing new productive forces, deepening reforms, enhancing financial services for the real economy, and protecting investors' rights [10]

Summary of Key Points Core Viewpoint The article discusses the recent developments in China's mother fund industry, highlighting the establishment of various funds across different regions, with a total management scale of 732 billion yuan. The focus is on sectors such as semiconductors, life sciences, and new materials, indicating a strategic push towards innovation and industrial development. Group 1: Hong Kong Developments - The Hong Kong Innovation and Technology Commission announced the launch of a 10 billion HKD "Innovation and Technology Industry Guiding Fund," which aims to attract social capital into the innovation and technology sector by leveraging government funds [2][3]. - The fund will focus on five major investment themes: life and health technology, artificial intelligence and robotics, semiconductors and smart devices, digital transformation, and sustainable development [3]. Group 2: Beijing Initiatives - The Zhongguancun Science City Technology Growth Fund has been established to support the diversified layout of the modern industrial system in Haidian District, with a focus on early-stage, growth-stage, and acquisition funds [5][6]. Group 3: Sichuan Fund Establishment - Sichuan's guiding fund has launched a 10 billion yuan electronic information sub-fund, which is the largest in the province's guiding fund system, aiming to support strategic projects in the electronic information industry [9][10]. Group 4: Shandong and Jiangsu Developments - The Yantai Happiness New City Mother Fund has been established with a capital of 1 billion yuan, focusing on private equity investments and asset management [11]. - The Yangzhou Jiangdu Industrial Investment Mother Fund has successfully completed registration, marking a significant step in supporting industrial transformation in the region [12]. Group 5: Hubei and Zhejiang Initiatives - Hubei has registered a 10.5 billion yuan humanoid robot industry investment mother fund, aimed at promoting the industrialization of humanoid robots [13][14]. - The Hangzhou West Science and Technology Innovation Corridor Industry Fund plans to invest in two general partners (GPs) to support local innovation [15][16]. Group 6: Other Regional Funds - Jiangsu's Silicon-based Micro-display Industry Fund is seeking GPs with a target scale of 200 million yuan, focusing on the micro-display industry [17]. - The Lishui New Intelligent Productivity Industry Fund in Zhejiang has a total scale of 6 billion yuan, supporting various sub-funds and projects [19]. - The Hainan Tropical High-efficiency Agriculture New Quality Productivity Fund aims to raise 1.6 billion yuan, focusing on tropical agriculture and related sectors [20][21].

Core Insights - The resurgence of USD funds in China is attributed to policy benefits and continuous technological innovations, particularly in the AI sector, which is seen as a significant opportunity for global capital [1][6]. Fundraising Activity - November has seen a surge in USD fund fundraising, with notable announcements including Monolith's dual-currency fund totaling $488 million (approximately 3.5 billion RMB) [2] - Source Code Capital announced a new growth fund of $600 million, also in dual currency [2] - Blue Pool Capital is reportedly raising $750 million (approximately 5.3 billion RMB) for its first direct private equity fund, focusing on global consumption, finance, and technology [2] - Kangqiao Capital completed fundraising for its second USD fund, totaling $500 million, aimed at supporting healthcare innovation globally [2][3]. Focus on AI Sector - Both Monolith and Source Code Capital have identified AI as a core investment focus, with Source Code Capital targeting "AI+" related fields and Monolith covering the entire AI industry chain [4]. - Monolith's new funds received subscription interest exceeding 160% of their initial target, totaling around $630 million, but they opted to reduce the final fundraising amount to $488 million to maintain investment discipline [4]. - Source Code Capital's new fund features an unconventional 25-year lifespan, reflecting LPs' long-term confidence in the Chinese market [5]. Investor Landscape - The LP structure for Monolith includes long-term funds from Europe, the Middle East, and Southeast Asia, providing a stable funding source [5]. - Successful fundraising for USD funds is largely attributed to the strong past performance of these institutions, which has built global capital trust [6]. Global Capital Dynamics - The current fundraising wave coincides with the explosive growth of China's AI industry, which is perceived as undervalued compared to similar assets in the U.S. [6][7]. - The competition in the AI sector is primarily between China and the U.S., with China having unique advantages in application fields, particularly in B2B scenarios [7]. - As global capital increasingly recognizes the value of Chinese tech assets, the trend of USD fundraising in China's private equity market is expected to continue [7].

Core Insights - The resurgence of USD funds in China is driven by policy incentives and continuous technological innovations, particularly in the AI sector, which presents a significant opportunity for global capital [1] Group 1: Fundraising Activity - November has seen a concentrated surge in USD fund fundraising, with notable announcements including Monolith's dual-currency fund totaling $488 million (approximately 3.5 billion RMB) and Source Code Capital's new growth fund of $600 million [2] - Blue Pool Capital is reportedly raising $750 million (approximately 5.3 billion RMB) for its first direct private equity fund, focusing on global consumer, finance, and technology sectors [2] - Kwan Bridge Capital announced the completion of its second USD fund with a total size of $500 million, aimed at supporting medical innovation and sustainable growth globally [2] Group 2: Foreign Investment Institutions - Foreign institutions are accelerating their presence in China, with notable examples including Kasikorn Bank establishing a wholly-owned subsidiary for private equity investments and KKR launching a domestic private investment entity [3] Group 3: Focus on AI Sector - Both Monolith and Source Code Capital have identified AI as a core investment focus, with Source Code Capital targeting "AI+" related fields and Monolith covering the entire AI industry chain [4] - Monolith's new funds experienced oversubscription, achieving approximately 160% of their initial target with total subscriptions around $630 million, although they opted to reduce the final fundraising size to $488 million [4] - Source Code Capital has introduced an unconventional 25-year fund lifespan, reflecting LPs' long-term confidence in the Chinese market [5] Group 4: Market Dynamics and Valuation - The current fundraising wave is indicative of a market recovery, with global capital increasingly optimistic about Chinese tech assets, especially in AI [6] - There exists a significant valuation disparity between Chinese and U.S. AI companies, with Chinese firms like Yushu Technology valued at around 10 billion RMB compared to U.S. counterparts at approximately $39 billion (around 280 billion RMB) [6] - The number of financing events in China's AI sector has increased significantly, with 163 events reported in August 2025, up by 66 from the previous year [6] Group 5: Competitive Landscape - The competition in the global AI sector is primarily between China and the U.S., with China holding unique advantages in application fields and a wealth of entrepreneurial talent [7] - Family offices and other financial return-focused investors view allocation to the Chinese market as essential, particularly in consumer and emerging market sectors [7] - The ongoing recognition of Chinese tech assets by global capital, coupled with the continuous evolution of the AI industry, suggests that the USD fundraising trend in China's private equity market is likely to persist [7]

Core Insights - The Hong Kong Innovation and Technology Commission has announced the launch of a HKD 10 billion "Innovation and Technology Industry Guiding Fund," which is now in the public selection phase for fund managers [1] - The fund aims to align with the national "patient capital" development strategy and promote efficient collaboration among government, industry, academia, research, and investment [1][2] - The fund will focus on five key investment themes: life and health technology, artificial intelligence and robotics, semiconductors and smart devices, digital transformation, and future sustainable development [1] Investment Requirements - Each sub-fund under the guiding fund must invest 100% of its capital in companies related to Hong Kong's innovation and technology industry and its industrial chain [2] - At least 50% of the fund's capital must be allocated to local Hong Kong enterprises or non-Hong Kong enterprises planning to operate in Hong Kong [2] - A minimum of 25% of the fund's capital must be used by the investment targets to establish and operate manufacturing bases in Hong Kong during the investment period [2] Background and Context - The establishment of the guiding fund was previously mentioned in the policy address by Hong Kong's Chief Executive on September 17, indicating its launch in the 2026-2027 fiscal year [2] - The fund has attracted significant interest from mainland VC/PE institutions, including state-owned equity investment institutions and early-stage investment firms in the technology sector [2][3] - The Hong Kong Innovation and Technology Commission had previously launched the "Innovation and Technology Venture Fund" optimization plan, which allows for the establishment of joint funds to invest in strategic industries [3] Investment Management and Performance - The Hong Kong Investment Management Company, established in 2022, has reported over HKD 2 billion in investment returns in 2024, benefiting from investments in IPOs and biotech companies [3][4] - The initial investment fund of the Hong Kong Investment Management Company amounts to HKD 62 billion, with less than 20% of the funds deployed as of the end of last year [4] - The company is currently seeking partnerships with sovereign wealth funds, pension funds, and corporations for larger-scale investments [4] Strategic Implications - The guiding fund's establishment is seen as a move to attract more domestic and international resources to Hong Kong's innovation and technology sector, enhancing its role as an international innovation center [4] - The approach to setting up the guiding fund draws inspiration from investment attraction models used in mainland cities, particularly Shenzhen [4]