Core Insights - The article discusses the long-term investment strategy of 37 Interactive Entertainment in hard technology sectors, emphasizing the extended timeframes for technology commercialization compared to gaming products [1][2][3] Investment Strategy - 37 Interactive Entertainment has made significant moves in the capital market, including investing up to 50 million yuan in the Diao Weihu Shan Fund to enhance its artificial intelligence industry chain [1] - The company's investment portfolio spans various cutting-edge technologies, including lithium niobate films, brain-computer interfaces, large models, XR glasses, and more, indicating a broad focus on foundational computing power and advanced technologies [1][3] Management Perspective - The management of 37 Interactive Entertainment, particularly Chairman Li Weiwei, has expressed a strong belief that AI is a core necessity for current success, transitioning from an optional trend to a mandatory component [2] - The company aims to deepen its integration of technology into entertainment, moving from a focus on hit games to establishing a standardized mechanism for stable revenue generation through technological empowerment [3][9] Industry Context - The article highlights a shift in the gaming industry from creative competition to technological advancement, necessitating companies to develop their own technological foundations rather than relying on external suppliers [9] - The investment strategy has evolved from a focus on gaming entertainment to a broader emphasis on hard technology and its integration with entertainment, driven by advancements in human-computer interaction [11]

"我们脱胎于科研院所，见了太多高科技成果论文一发、专利一申请，就束之高阁的情况。"将那些"锁 在柜子"里的高科技成果转化为现实生产力，支持中国科技创业之星，这是李浩他们的初衷，也是"中科 创星"这一名称的由来。 理想很丰满，现实很骨感。在互联网大潮风起云涌、不断创造暴富神话的年代，投资圈热衷的是快和 热，几乎没人看好又慢又冷的硬科技。还有人直接问李浩：你现在投的这些硬科技企业，什么时候能上 市？他答不上来，"因为项目还处于早期，陪跑十年八年是常态"。 的确，孵化意味着超乎寻常的耐心，硬科技项目孵化尤其如此。有些很有潜力的企业，直到多年后或准 备做IPO时都没有实现盈利，当年决定投资时的情况可想而知。对此，李浩看得很开，"在孵化的过程 中我们支持了该支持的人和企业，至于它五年还是十年后再上市，我们没那么迫切"。 窄边眼镜、蓝色休闲西服，视频连线那头的中科创星创始合伙人李浩，还是那身常常出现在公众视野里 的标志性装束。问及2025年取得哪些成绩，他迟疑片刻，打了个比喻："我们是早期硬科技投资机构， 做的事就像撒种子，今天问哪一粒种子长成参天大树，还为时尚早。" 这种"十年磨一剑"的长期主义，在投资圈里显得有点"不 ...

"水涨船高式的繁荣，正逐步让位于精巧的'价值滴灌'与'生态共建'。" 12月30日下午，在上市公司领航者年度投资座谈会上，中国上市公司协会副会长孙念瑞也表示，在当前 科技创新成为国家战略核心的背景下，上市公司不仅是科创成果的转化平台建设者，更应成为硬科技投 资的引领者和价值共创的实践者。 丁亚明认为，价值共创的核心在于三重维度：一是"时间的尺度"，以产业资本的长期主义匹配硬科技成 长的长周期；二是"能力的嫁接"，将上市公司庞大的产业网络、成熟供应链及市场洞察，转化为科创企 业的成长动能；三是"风险的共担"，通过设计更灵活、更具韧性的资本合作架构，构建共享收益、共抗 波动的信任与安全边界。 科创生态加速构建 随着注册制改革深化与一二级市场估值体系重塑，传统Pre-IPO模式套利空间显著收窄，资本"脱虚向 实"趋势加速。在这一背景下，上市公司角色正从单纯的资本参与者，升级为科创生态的价值投资者与 共建者。 截至2025年12月31日，境内股票市场共有上市公司5470家，沪、深、北证券交易所分别为2299家、 2883、288家，总市值超过119万亿元。 "我们能清晰地发现，随着新'国九条'和证监会'1+N'系列政 ...

编辑｜陶天宇 关注「IP百创」并 与行业IP领袖共成长 文末扫码加入投资人社群 ▎"基金规模不足，将难以参与这些面向未来的前沿头部项目投资。" 作者｜郭虹妘 12月11日，中科创星旗下先导创业投资基金成功完成40.8亿元终关募集。这不仅刷新了国内早期硬科技基金的规模纪录，更在当前市场普遍低迷的背景 下，成为硬科技投资领域的一剂强心针。 与国内早期硬科技基金普遍在10-20亿元的规模相比，中科创星的40.8亿元终关规模优势明显。 "不仅是市场回暖，也是我们提前布局的结果。"中科创星创始合伙人米磊向钛媒体创投家表示。 7月16日，中科创星与国家中小企业发展基金、上海国投先导人工智能基金等19家LP完成首关签约。此次终关不仅新增了太保资本长航母基金、海淀区中 关村科学城科技成长基金、蚂蚁集团等13.9亿元资金，还通过使用科创债资金扩大出资比例，进一步深化"投早、投小、投长期、投硬科技"的差异化策 略。 中科创星的LP结构全面升级为"国家级母基金+险资+产业资本+高校资本+区域资本"的多元协同格局。 米磊强调："这种战略选择不仅有效规避了单一资本来源的波动风险，也增强了基金在市场波动中的稳定性，是中科创星在硬科技投资 ...

耐心资本扩容 打造科技金融"郑国渠"体系范本 7月16日，中科创星先导创业投资基金与19家有限合伙人(LP)完成首关签约。LP包括国家中小企业发展 基金、上海国投先导人工智能基金、浦东创投、上海未来产业基金、上海科创基金、宁波开投、台州科 创、西科控股等。 本次终关签约的新增LP涵盖太保资本长航母基金、海淀区中关村科学城科技成长基金、蚂蚁集团、广 州产投、珠海科技产业集团、南京市创投集团、复旦科创母基金、国联民生（601456）等多元化机构， 体现出跨领域顶级资本对硬科技长期主义的认可。 据介绍，其中太保资本长航母基金的加入，匹配硬科技产业"研发周期长、资金需求大、回报慢、培育 久"的行业特性，有效缓解了早期硬科技项目的资金缺口难题。复旦科创母基金的出资，则有助于为基 金与以复旦大学为代表的高校搭建起科研成果与资本市场的直接桥梁，助力精准挖掘实验室阶段"从0到 1"的原始创新项目。 值得注意的是，国家中小企业发展基金、海淀区中关村科学城科技成长基金与蚂蚁集团等LP"重复出 资"，复投金额占比超36%，将进一步助力中科创星在AI与硬科技融合领域加大投资。广州产投、珠海 科技产业集团、南京市创投集团等机构的参与， ...

图片来源：元宝 12月11日，中科创星旗下先导创业投资基金成功完成40.8亿元终关募集。这不仅刷新了国内早期硬科技基金的规模纪录，更在当前市场普遍低迷的背景下， 成为硬科技投资领域的一剂强心针。 "不仅是市场回暖，也是我们提前布局的结果。"中科创星创始合伙人米磊向钛媒体创投家表示。7月16日，中科创星与国家中小企业发展基金、上海国投先 导人工智能基金等19家LP完成首关签约。此次终关不仅新增了太保资本长航母基金、海淀区中关村科学城科技成长基金、蚂蚁集团等13.9亿元资金，还通过 使用科创债资金扩大出资比例，进一步深化"投早、投小、投长期、投硬科技"的差异化策略。 中科创星的LP结构全面升级为"国家级母基金+险资+产业资本+高校资本+区域资本"的多元协同格局。米磊强调："这种战略选择不仅有效规避了单一资本来 源的波动风险，也增强了基金在市场波动中的稳定性，是中科创星在硬科技投资新纪元中实现战略定力的关键支撑。" 基金自首关后，不足半年便交出了一份"高效投资答卷"。截至2025年11月底，中科创星先导创业投资基金已决策投资46笔交易，其中前两轮项目42笔，占比 超90%，重点覆盖人工智能、生物技术和颠覆性技术领域 ...

Core Viewpoint - The article announces the rebranding of Zijin Port Capital to Haiyuan Capital, emphasizing a commitment to hard technology investment with a global perspective and a long-term vision [3][7]. Group 1: Company History and Achievements - Over the past 11 years, the company has focused on hard technology investments, managing a total scale of 7 billion yuan and successfully investing in over 120 innovative enterprises, with 8 companies already listed [5]. - The company has maintained its core philosophy of investing early, small, well, and in hard technology, navigating through multiple market cycles [5]. Group 2: New Brand Significance - The new name "Haiyuan" symbolizes a global vision and a commitment to international hard technology investment, aiming to establish deep collaborations with top overseas institutions [7][8]. - The brand change reflects a deepened understanding of the brand and an exploration of international strategies in hard technology investment [7]. Group 3: Future Commitments - Haiyuan Capital will focus on two main lines: "Top Three in Domestic Substitution" and "Globally Leading Innovation," while continuing to identify hidden champions in niche sectors [10]. - The company aims to enhance its global resource and innovation network, facilitating technology collaboration and market integration between domestic and international enterprises [10]. Group 4: Team and Operational Strength - The core team possesses an average of 20 years of experience in investment and enterprise management, combining technical and financial expertise to identify valuable investment opportunities [9]. - Haiyuan Capital employs a dual-core model of "Investment + Empowerment," providing comprehensive support for enterprises from technology transformation to global expansion [9]. Group 5: Vision for the Future - The company envisions becoming a bridge connecting Chinese innovation with global markets, believing in the potential of Chinese hard technology to shine on the world stage [10][11]. - Haiyuan Capital is committed to nurturing resilient entrepreneurs and fostering innovation that can change the world, particularly in fields like artificial intelligence, quantum computing, and life sciences [12][14].

Group 1 - China's VC market is experiencing a significant turnaround with several leading VC firms restarting USD fundraisings, totaling over $2 billion, marking the largest scale of USD capital inflow since 2019 [2] - Key participants in this fundraising include Lightspeed China, Monolith Capital, Black Ant Capital, and others, focusing on deep technology, AI, new consumption, and overseas expansion [2] - The revival is driven by a notable recovery in the Hong Kong IPO market and breakthroughs in hard technology sectors, prompting international investors to reassess the Chinese market [2] Group 2 - Guangxi has launched its first industrial venture capital mother fund to support industrial development, aiming to accelerate the cultivation of emerging industries and upgrade traditional industries [3] - The fund has a diverse funding structure, including government guidance funds, state-owned enterprises, and social capital, allowing for macroeconomic regulation and resource advantages [3] - Changshi Capital's hard technology fund has successfully raised 728 million yuan, indicating strong market recognition of its investment capabilities [3] Group 3 - The management fee structure in the VC/PE industry is undergoing a structural adjustment, moving from a traditional "2% management fee + 20% performance share" model to more diversified and flexible arrangements [4] - Government guidance funds have reduced management fees to as low as 1.5%, with performance extraction mechanisms becoming more common, linking fees to investment progress and returns [4] - The shift is influenced by changes in LP funding structures, with a significant focus on social benefits and audit risks driving fee rate reforms [4] Group 4 - Lithium Tai New Energy has completed a 10 million yuan angel round financing, which will be used for the industrialization of fire suppression agents for lithium batteries and smart fire control systems [5] - The company has developed a fire suppression agent that outperforms traditional agents, addressing safety concerns in the lithium battery sector [5] - Qianxun Intelligent has raised nearly 600 million yuan in Pre-A+ financing, led by JD.com, to enhance its capital and industrial synergy for technology innovation and industrialization [6] Group 5 - The IPO application of Shenzhen Beixin Life Technology has been approved, focusing on innovative medical devices for cardiovascular disease treatment, with plans to raise 952 million yuan for industrialization and R&D [9] - Hango Group has initiated a new stock subscription, aiming to raise funds for smart home hardware manufacturing and R&D, with an attractive issuance price [10] - Several companies have seen their Hong Kong IPO applications expire, necessitating the resubmission of updated financial data to continue the listing process [10]

Core Viewpoint - China's hard technology investment is not overheated but is significantly insufficient, requiring collective efforts from society to enhance the financial system's confidence and understanding of technology [1] Group 1: Investment Landscape - Zhongke Chuangxing, founded in 2013, is a pioneer in hard technology investment, focusing on the transformation of excellent scientific research achievements from research institutions and universities [1] - As of June this year, the fund's managed scale exceeds 12 billion yuan, having invested in and incubated over 530 hard technology companies [1] - Zhongke Chuangxing maintains a rapid investment pace despite the contraction of dollar funds and difficulties in GP fundraising [1] Group 2: Investment Strategy - Zhongke Chuangxing is one of the fastest institutions in the market, with last year's project count equivalent to the total of 30 GPs [2] - The firm employs a unique risk-hedging logic, emphasizing a large project pool to diversify risks, where 50 out of 100 projects may fail, but top projects can cover losses [2] - The company is particularly focused on the AI sector, which, despite being hot, is still in its early development stage, and values breakthroughs in underlying technologies such as quantum computing and controlled nuclear fusion [2] Group 3: Long-term Vision - Hard technology investments require "patient capital," with many projects co-invested with local future industry funds due to long investment cycles that can last up to 20 years [2] - Zhongke Chuangxing aims to balance long-term value with short-term exits by constructing a "research-incubation-industry" flywheel, binding early with research projects and later introducing industrial capital [2] - The company emphasizes the need for more "last-mile" participants to improve the low conversion rate of China's scientific and technological achievements [3]

Core Viewpoint - The article emphasizes the importance of collaboration between financial capital and industrial capital to foster the development of technology-driven industries, highlighting the need for a sustainable investment model that supports long-term economic growth and innovation [1][2]. Group 1: Financial Capital and Industrial Collaboration - Participants at the conference discussed the necessity for patient capital to build a matrix that supports the development of technology-oriented industries, creating a strong capital engine to inject continuous momentum into new productive forces [2]. - Wu Guoyuan, Chairman of Zhejiang Bank Wealth Management, stated that wealth management institutions should focus on creating a sustainable "common prosperity" asset management model, converting scattered resident funds into long-term capital to support the construction of common prosperity demonstration zones [4]. - Nanhua Futures General Manager Jia Xiaolong highlighted the role of China's futures market in serving the real economy and managing risks, emphasizing the increasing demand for overseas hedging as commodity and foreign trade grow [4]. Group 2: Case Studies in Innovation and Investment - Fan Jianxun, Vice President of Betta Pharmaceuticals, shared insights on the G-CVC model (Government-Industry Capital Venture) that the company employs to create an innovative ecosystem, managing four industry funds totaling 3 billion yuan, with successful investments in oncology and autoimmune diseases [5]. - Chen Mian, founding partner of Dian Shi Capital, discussed the firm’s long-term commitment to hard technology investments, focusing on semiconductors, chips, and artificial intelligence, and how this strategy has gained recognition over the past decade [6]. - The article notes that Betta Pharmaceuticals has seen three companies go public during the "capital winter," with expectations of 8 to 10 new drug launches in the next two years, benefiting humanity [5].