2024年是中国股权投资行业的重塑之年。数据显示，2024年，中国股权投资市场新募集基金数量和募资规模延续了紧缩趋势，募资难向下传导，机构的投资 步伐显著放缓。 作为财经媒体和智库，我们致力于成为行业的观察者、记录者和思考者，我们正式启动"2024-2025年度21世纪股权投资竞争力系列调研"。 但与此同时，我们也看到诸多向好迹象。在2024年下半年，多只大额基金完成设立，新募规模降幅持续减小；全年投资案例数及金额降幅较前三季度及2023 年均有所收窄。这无疑展现出市场的韧性与潜力。 进入2025年，一级市场回暖的信号已经愈发明显。随着DeepSeek、宇数科技等中国科创企业的突破与爆火，让市场重新认知中国在科技创新领域的实力， 并引发外资对中国科技企业价值的重估。 在政策层面，今年年初国务院办公厅印发《关于促进政府投资基金高质量发展的指导意见》（国办发〔2025〕1号），为政府投资基金高质量发展注入强心 剂。 同时，金融资产投资公司（AIC）投资范围拓宽与阵营扩容、保险公司对单只创业投资基金最高投资占比提升、债券市场"科技板"启航等政策接连落地，也 让更多长期资金、耐心资本涌入股权投资行业。 当中国叙事得到 ...

来源：瑞恩资本RyanbenCapital 股，他在中国新经济前后投资会加码至最少1.88亿元。今次供股有设供股权，并会在10月20日至30日供 买卖。 中国新经济投资(00080.HK)指，由于其投资未必能产生足够营运资金，加上未来投资需大量资金以供发 展，手头现金不足以应付新发展机遇，因此供股有助其取得可随时运用的资金，用于重点专注于中港及 其他国际市场的Crypto-AI、Web3行业之早期股权投资。 蔡文胜，作为控股股东，目前持股50.77%，亦有意通过供股，进一步增持股权。 美图(01357.HK)创始人蔡文胜旗下的上市公司中国新经济投资(00080.HK)发布公告，拟供股融资，宣布 每两股供一股，每股作价0.35元(港元，以下同)，较昨日(10月2日)收市价0.495元折让29.29%，据此发行 最多6.59亿股，最多集资约2.3亿元。 目前持股50.77%的蔡文胜，将按比例供股，是次供股出资至少1.17亿元。若出现认购不足，他拟额外供 股，但是未有说明拟额外认购股数。 由于今次供股不设包销，若然只有蔡文胜参与供股，换言之该集团至少亦集资到1.17亿元，他旗下公司 在中国新经济的持股，将因此由原有 ...

来源：清科研究 在中部地区崛起的浪潮中，湖南秉持着"创新谋变，敢为人先"的精神，书写着经济发展的精彩答卷。近年来，湖南借助股权投资的力量，将产业转型升级 与创新发展串联起来，推动新质生产力的培育与发展。同时，湖南为创业者提供集政策、基金、孵化、导师、课程、典型、宣传于一体的全方位支持体 系，吸引思维多元、创新动力充足的年轻人来湘创业，以创新创业驱动长期高质量发展。 宏观环境 2025年上半年湖南省GDP总量为2.62万亿元，增速为5.6%，略高于全国平均水平（5.3%）。从全国排名看，湖南省GDP总量自2010年以来一直稳居全国前 十。其中，长沙GDP总量为7,640.38 亿元，占湖南省的29.2%，同比增长5.0%，总量稳居中部第二城。近年来，湖南省着力构建"4×4"现代化产业体系，并 出台系列保障措施从政策、产业、金融、人才、招商等多个维度支持相关工作。 在股权投资领域，湖南省近年密集出台了一系列政策，全方位推动股权投资机构集聚与市场发展，旨在优化湖南省金融资源配置，促进资本与产业深度融 合，有效赋能实体经济。其中，通过设立面向大学生的创业投资基金，并实施大学生创业补贴政策、金融支持政策、税收优惠政策等 ...

Group 1 - The importance of equity investment funds in the development of new productive forces is increasingly recognized, especially in the early stages of technological innovation [1] - Traditional financial services are inadequate to meet the current demands of technology-driven industrial development, necessitating a more integrated financial service system [1] - The trend of deep integration between finance and technology is irreversible, and embracing innovation is essential for modernizing finance and building a strong financial nation [1] Group 2 - Financial institutions, particularly state-owned banks, need to better integrate commercial, policy, and directional requirements to enhance innovation capabilities and service levels [2] - Expanding openness in the financial sector is crucial for improving resource allocation efficiency and international competitiveness [2] - Aligning with international high-standard economic and trade agreements will help streamline restrictive measures and enhance cross-border investment and financing [2]

Core Viewpoint - The article highlights the establishment of a collaborative mechanism for technological innovation in the Yangtze River Delta region, emphasizing the active role of investment funds in supporting technology-driven enterprises and the dual engagement of capital and innovation in the area [2]. Group 1: Regional Development and Collaboration - The Yangtze River Delta region has become a national strategic focus for integrated development, marking its seventh anniversary [2]. - A joint innovation community has been formed among the three provinces and one city, promoting cross-regional collaboration in research and funding [2]. Group 2: Investment Landscape - The region is characterized as a hotbed for investment, with numerous technology innovation enterprises emerging [2]. - Under supportive policies, industrial funds in the Yangtze River Delta are highly active, facilitating a two-way engagement between the technology sector and capital [2]. Group 3: Investment Institution Rankings - The "2025 Best Investment Institutions in the Yangtze River Delta" list was officially released during the "2025 China Mother Fund Conference" held in Suzhou [2]. - The rankings aim for fairness and serve as a reference for investors, although they do not constitute investment advice [4].

9月26日，原中国银保监会副主席陈文辉在"2025·青岛创投风投大会"上表示，金融对于整个经济社会的发展非常重要，但不同时期金融服务的形式有所不 同。当下要推动新质生产力发展，股权投资基金这一金融服务形式起到越来越重要的作用。 面对以间接融资为主的金融体系特点，我国相关部门已从多方面作出创新引导，包括金融资产投资公司（AIC）的扩容等。"虽然现在机遇很好，但是确实 挑战也很多，包括募资难、投资风险、如何退出以及整个行业自身能力不足的问题。"陈文辉说。 最重要的是遵照市场规划优化资源配置。 "确实要避免设定过多的目标，不能既要又要还要，要把目标集中在一点。"陈文辉强调，上述国办1号文提到"不以招商引资为目的设立政府投资基金"，"但 （这）不是说不招商引资。如果不允许招商引资，地方政府设立投资基金的积极性就会大打折扣。" 陈文辉还强调了企业风险投资（CVC）对于推动科技创新产业化发展的重要作用。 "政府投资基金要成功、要避免出现一些问题，市场化运作是非常重要的方面，但是这里面有一些矛盾。怎样使得这股力量真正进一步往前推动，CVC可能 是重要的一块。"他以近期中国第一汽车股份有限公司收购深圳市卓驭科技有限公司股权举 ...

Core Insights - The equity investment industry is currently facing multiple challenges, including fundraising difficulties, high investment risks, poor exit mechanisms, and insufficient industry capabilities [1] - Government investment funds and corporate venture capital (CVC) are expected to play crucial roles in addressing these challenges, particularly in the early stages of technological innovation [1][2] Group 1: Government Investment Funds - Government investment funds have become an important component of China's venture capital market, reflecting policy direction and new requirements [2] - The State Council's "No. 1 Document" emphasizes the need for precise positioning of government investment funds and the optimization of market-oriented operation and exit mechanisms [2] - Local governments are implementing policies to address industry challenges, including extending fund duration, lowering return multiples, and optimizing contribution ratios [2] Group 2: Corporate Venture Capital (CVC) - CVC plays a significant role in promoting the industrialization of technological innovation, as demonstrated by examples such as FAW's acquisition of the unicorn company Zhuoyu in the autonomous driving sector [2][3] - Historical examples show that major internet companies like Tencent and Alibaba have successfully incubated new giants through CVC, indicating its advantages across the entire investment cycle [3] Group 3: Future Development of Equity Investment Funds - Recommendations for the future development of equity investment funds include enhancing the financial service system, optimizing exit mechanisms, and establishing a market-oriented approach with a fault-tolerant mechanism [4] - The exit mechanism is critical, with mergers and acquisitions expected to become a primary exit route as IPOs face capacity limitations [4] - Overall, government investment funds and CVC together form a vital financial force for driving the industrialization of technological innovation, supporting the development of new productive forces through market mechanisms and expanded exit channels [4]

湖南湘江新区梅溪湖国际新城 ◎记者 夏子航 9月24日，湖南推动股权投资高质量发展座谈会在长沙举办。本次座谈会由湖南省人民政府主办，湖南 省委金融办、湖南湘江新区管委会承办。湖南省副省长王俊寿主持会议并作总结讲话。 这是湖南省政府层面首次举办的股权投资高质量发展座谈会。会议层次高、内容实、导向明，汇聚了业 内40余家省外头部私募基金、券商及本省机构代表。会议主要任务是深化湖南与创投资本、金融资本的 交流对接，进一步促进建立长期稳定的合作关系，加快推动湖南省多层次资本市场建设，促进湖南股权 投资事业蓬勃发展，持续助力湖南擘画"三高四新"美好蓝图。 深化湖南与创投、金融资本交流对接 在本次座谈会上，国家中小企业发展基金、国新基金、国寿股权、浦东科创、中芯聚源、中金资本、深 创投、同创伟业、中信建投、中信证券、申万宏源证券等13家国内头部股权投资机构和证券公司代表发 言，表达了进一步"投资湖南"的期待，并为湖南股权投资事业发展建言献策。 国家中小企业发展基金通过中小企业发展基金锐正（上海）创投基金，正与湘江新区开展深入合作，目 前基金总投资额超5亿元，投资项目17个，主要投资对象为种子期、初创期成长型中小企业。 深 ...

Group 1 - China Everbright Holdings (00165) saw a significant stock increase of over 12%, with a current rise of 9.86% to HKD 10.25, and a trading volume of HKD 586 million [1] - The company is a leader in China's private equity investment, focusing on private asset management and proprietary capital investment [1] - According to Guotai Junan Securities, the company has concentrated its fund management efforts on the technology sector, with all newly established funds since 2021 targeting high-tech industries, which is expected to yield substantial returns [1] Group 2 - At the 25th China International Industry Fair held on September 23, Chipone Microelectronics showcased several new products and won the highest honors, including the CIIF Award and the Integrated Circuit Innovation Achievement Award [2] - Shanghai Micro Electronics Equipment (SMEE) publicly displayed the parameters of its extreme ultraviolet (EUV) lithography machine for the first time at the fair [2] - Semitool Shanghai announced the launch of its first KrF process front-end coating and developing equipment, with the first system scheduled for delivery to a leading logic wafer foundry in China by September 2025 [2]

Group 1 - The article emphasizes the role of mother funds as a crucial force in promoting technological innovation and the development of new productive forces, with many regions establishing large-scale comprehensive mother funds to create a matrix of "fund clusters" [2] - Suzhou has developed a unique "Suzhou model" for mother funds and venture capital, providing a complete set of government investment fund combinations that cater to different stages of enterprise development, from angel investments to growth and maturity stages [2] - The upcoming "2025 China Mother Fund Conference" aims to gather over 200 representatives from mainstream domestic mother funds and top investment institutions to explore industry development trends, innovative models, and investment opportunities [3] Group 2 - The conference will feature leading figures from the mother fund sector, well-known direct investment fund representatives, and industry experts to discuss the integration of capital with the real economy and promote high-quality economic development in the Yangtze River Delta and nationwide [3] - The event is organized by the Mother Fund Research Center and hosted by Suzhou Wujiang Oriental State-owned Capital Investment and Operation Co., Ltd., highlighting the importance of collaboration in the mother fund industry [3]