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深圳“村民”再掏3亿设立VC基金,投向这些前沿赛道!
证券时报· 2025-08-25 12:58
Core Viewpoint - The establishment of two new VC funds in Shenzhen, focusing on artificial intelligence and strategic emerging industries, marks a significant development in the local investment landscape, particularly involving village enterprises as major investors [1][2][3]. Fund Details - The two funds are the Shenzhen坂田人工智能创投基金 with a total scale of 1 billion and the 深圳龙岗龙兴创投基金 with a total scale of 2 billion, both having a 10-year duration [1][4]. - The funds will invest in sectors such as artificial intelligence, robotics, semiconductors, high-end manufacturing, and biomedicine, with a number of quality projects already in reserve [5][6]. Investor Composition - The main investors (LPs) of the funds include Shenzhen state-owned assets and 12 village cooperative companies from Longgang District, with village enterprises being the primary contributors [2][4]. - The management of both funds is handled by 南岭创投, a professional venture capital institution under 南岭村 [2][6]. Historical Context - The concept of village enterprises setting up funds is not new in Shenzhen, with several such funds established in 2023, which became a focal point in the domestic venture capital market [3][11]. - Shenzhen has nearly 1,000 community cooperative companies with total assets of approximately 2.5 trillion and net assets exceeding 1.2 trillion, primarily engaged in traditional businesses like real estate [9][10]. Investment Strategy and Challenges - Village enterprises have historically been conservative in their investment preferences, focusing on fixed-income projects rather than diversified investments like funds [12][13]. - The shift towards venture capital investment is seen as a necessary exploration for the transformation of collective economies, especially in light of economic pressures [15][16]. Regulatory Environment - The local government has introduced reforms to encourage village enterprises to invest, including a mechanism for risk compensation and streamlined investment decision-making processes [19][20]. - These reforms aim to alleviate the fears associated with investment failures and promote a more proactive investment culture among village enterprises [18][19]. Future Outlook - The success of these funds and their investments will be crucial in determining the viability of this model for collective economies, with the potential for replication in other regions being limited by local conditions [20].
时代的源码,和它的进退两难
Sou Hu Cai Jing· 2025-08-23 02:42
文|高见pro 如果有一家机构的历程能精准映射中国一级市场的十年激荡,无疑是源码资本。 从2014年曹毅离开红杉自立门户,2021年募资70亿元跻身超一线机构,到布局硬科技赛道、分设源码一粟、源码律动,再到从160余人缩减至50人左右, 源码每一个战略节点,都暗合着市场的周期脉动。 颇具意味的是,源码资本的英文名Source Code Capital,其缩写SCC与红杉中国旧称Sequoia Capital China不谋而合。尽管曹毅多次强调这只是巧合,但在 许多人看来,这更像一种心照不宣的隐喻与野望。 如今,红杉中国已更名"HongShan",源码也不再是当年的SCC。 开创者的野望 30岁的"最像沈南鹏的80后投资人"曹毅决定迈出人生关键一步,创立源码资本。2014年的很多时刻,他感觉到了天时、人和、地利。 这一年"注册制改革"被列为资本市场改革之首,流动性宽松与互联网创业浪潮并存,为一级市场提供了爆发式增长的土壤。 在红杉中国工作的五年里,曹毅沉淀了深刻的行业认知。他继承了沈南鹏"100个抽屉"思维,并凭借敏锐眼光,成功主导了红杉中国30%的TMT项目,成 为红杉中国最年轻副总裁。 如果说曹毅在红杉学 ...
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
引言: 昔日互联网巨头们正在密集出手,以LP身份重新杀回股权投资市场。 作者丨 FOFWEEKLY 在2025年结构性回暖的浪潮中,一场关于互联网巨头回归的盛宴正式开启了。腾讯、阿里、京东 等巨头都回来了,与此同时,腾讯系其他巨头也悄然来袭。 腾讯又出手了 8月20日,深圳智薯投资合伙企业(有限合伙)注册成立,出资额高达160.8亿元,经营范围包括 以自有资金从事投资活动;企业管理。 企查查股权穿透信息显示,该企业由多家行业巨头共同出资:包括大连万达商业管理集团股份有限 公司旗下大连万珩企业管理有限公司,以及腾讯关联公司深圳市小薯商业管理有限公司、上海微薯 商业管理有限公司、 以及北京搜狗科技发展有限公司。 值得关注的是,腾讯系企业在此次投资中合计认缴出资约72.23亿元。这却并非腾讯今年在股权投 资领域的首次布局。 就在前一周,成都龙珠股权投资基金合伙企业(有限合伙)发生工商变更,新增腾讯、中金睿盛、 杭州文创等机构投资者。其中,深圳市腾讯产业投资基金有限公司认缴出资1亿元,成为该基金的 第五大股东。 资料显示,成都龙珠股权投资基金成立于2022年,由宁波梅山保税港区美兴私募基金管理有限公 司管理,重点聚焦 ...
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].
广东宝丽华新能源股份有限公司2025年半年度报告摘要
Shang Hai Zheng Quan Bao· 2025-08-18 19:47
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]
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
2 1 Shi Ji Jing Ji Bao Dao· 2025-08-17 15:04
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]
直连顶级资本!首届创投Meetup将亮相2025外滩大会
创业邦· 2025-08-15 10:07
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]