2026.02.25 本文字数：1066，阅读时长大约2分钟 2月23日晚，深圳国资系上市公司中国宝安（000009.SZ）发布公告，公司第十五届董事局第八次会议于2月14日以通讯方式召开，会议全票通过《关于聘 任高级管理人员的议案》，正式聘任鞠彤欣为公司副总裁。这位拥有粤民投履历、熟悉公司治理的90后高管，将进入经营决策层，进一步强化公司管理层 的资本运作与产业整合能力。 公告显示，本次会议应参与表决董事9人，实际参与表决9人，会议召开及表决程序符合法律法规及公司章程规定。鞠彤欣的任职资格已通过董事局提名委 员会审核，任期自本次会议审议通过之日起，至第十五届董事局任期届满之日止。 截至目前，鞠彤欣未持有公司股份，与公司控股股东、实际控制人及其他董事、监事、高级管理人员不存在关联关系，未受到证券监管部门处罚，任职资 格合规。 年仅35岁的鞠彤欣，此次任命后成为了中国宝安管理层中最年轻的副总裁。公开履历显示，鞠彤欣，1991年出生，密歇根大学（安娜堡）精算学学士，哥 伦比亚大学（纽约）统计学硕士。她曾任职于万科战略与投资部，后加入粤民投，担任投资总监、国际业务板块负责人，深度参与新能源、新材料等领域 的产业投资 ...

关注投资家，⭐，您会收到最新推送 2025年以来，许多新设政府投资基金的存续期限长达15-20年，如北京、上海、江苏、广东等地新设政 府引导基金大多存续期在12年以上，部分达到15-20年。并且，对子基金的存续期也更有耐心：据我们 不完全统计，截至2025年底，2025新设引导基金中已有53%允许子基金存续期在10年以上。 作者 | 母基金研究中心 来源 | 母基金研究中心 2026的春节假期，对股权投资行业而言，带来了不少春意。 2月16日出版的第4期《求是》杂志发表中共中央总书记、国家主席、中央军委主席习近平的重要文章 《当前经济工作的重点任务》。值得关注的是，文章中提到"创新科技金融服务，壮大领军创业投资机 构和科技领军企业。" 这可谓是对创投行业的重要部署，是积极的利好信号。这一表述将"壮大领军创业投资机构"与"科技领 军企业"并列提出，凸显了创投机构在国家战略科技力量布局中的重要作用。 2月17日，中国新闻网发布的文章《习近平：我是一贯支持民营企业的》中提到：去年底的中央经济工 作会议指出，有效激发民间投资活力。"十五五"规划建议提出，"完善民营企业参与重大项目建设长效 机制，发挥政府投资基金引导带 ...

就在行业集体踟蹰于周期低谷、陷入规模与回报的两难困局之时，汉鼎系创始人、80 后顶级投资人王麒诚，却以一套完全独立于行业常规 的"零外部募资、全自有资金操盘"模式，在逆周期中完成了千亿级投资帝国的价值跃升。截至2026年初，其投资组合实现25%的项目退出率， 超出行业平均水平3倍；24个月内完成超百亿IPO股权的高效兑现，10亿估值以上的优质项目占比达13%，待兑现IPO股权规模超百亿。这位曾 创下A 股最年轻实控人纪录的80后首富，用一套穿越周期的投资方法论，在行业转型的十字路口，重构了中国股权投资价值创造的核心范式。 破局行业寒冬：自有资金模式的抗周期终极韧性 在股权投资行业，"募资能力"长期被视为机构的核心竞争力，而王麒诚却彻底跳出了这套行业惯性逻辑，以全自有资金的独立姿态，构建起了 无惧周期波动的投资底盘。 传统 PE/VC 机构的核心痛点，在于外部资金的期限约束与 LP 的短期业绩考核压力，这使得多数机构不得不陷入"追热点、拼规模、求快退"的 行业内卷，甚至在市场低谷期被迫割肉离场，错失逆周期布局的黄金窗口。而王麒诚的全自有资金模式，从根源上消解了这一核心矛盾——无 需应对资金赎回压力，无需为短期业 ...

Group 1 - The core viewpoint of the article is that Jianfa Co., Ltd. (600153.SH) is expanding its supply chain operations by collaborating with potential excellent enterprises in the consumer sectors such as catering, food, and home appliances [1] - Jianfa's wholly-owned subsidiary, Jianfa Living Materials, has signed a partnership agreement with Chengqi Investment to invest in a fund aimed at consumer industry enterprises in China [1] - The investment amount from Jianfa Living Materials as a limited partner (LP) is set at 18 million yuan, which will be used to subscribe to shares of the Qicheng Fund initiated by Chengqi Investment as the general partner [1]

Core Insights - The article discusses the collaboration between private equity (PE), industrial investment, and listed companies to create a symbiotic investment ecosystem that bridges the gap from laboratory to market, particularly in hard technology and infrastructure sectors [2][20]. Group 1: Industry Collaboration - The current phase of the equity investment industry is characterized by a return to fundamentals and capability restructuring, emphasizing the need for deep coupling of policy resources, industrial foundations, and capital operation capabilities [2]. - The forum titled "Collaborative Industrial Investment Ecosystem" focused on how to address pain points such as differing interests and ineffective collaboration mechanisms among PE, industrial investment, and listed companies [2][20]. Group 2: Company Profiles - Ushan Investment, founded by Chen Shiyou, manages approximately 16 billion yuan and has invested in 45 direct projects, with plans for 10 more to go public this year [3]. - Geely Capital, led by CEO Cao Xiang, aims for over 4.1 million global vehicle sales by 2025 and has diversified into smart mobility and hard technology sectors, including low-altitude flight and Robotaxi services [3]. - Lingxiong Technology, represented by He Jingwei, focuses on Device as a Service (DaaS) and has been listed on the Hong Kong Stock Exchange since 2022, with major shareholders including Tencent and JD [4]. - Frontier Investment, led by Li Cheng, specializes in mid-to-late-stage investments in advanced manufacturing sectors, managing around 5 billion yuan across eight funds [4]. - Shenzhen Dash Smart, represented by Lü Feng, provides smart office and park management solutions leveraging IoT and AI technologies [5]. - Guolian New Venture, led by Shen Guangping, manages about 10 billion yuan and focuses on integrated circuits and AI, with over 120 investment projects [6]. - Haier Capital, represented by Zhang Jiacheng, has invested in nearly 200 projects with a focus on smart home ecosystems and digital economy sectors [6]. - Nuoyan Capital, led by Zhuang Yingming, focuses on industrial mergers and acquisitions, managing around 20 billion yuan [7]. Group 3: Investment Strategies - Effective collaboration requires clear positioning and advantages among PE, industrial investment, and listed companies, establishing a mechanism for risk-sharing and benefit-sharing [8][31]. - The investment process should involve phased resource injection to control risks and ensure collaborative benefits, with specific goals for each stage [8]. - Listed companies have inherent advantages in direct investment due to their ability to validate products and technologies, but they must avoid over-involvement in decision-making to maintain market independence [10][11]. Group 4: Challenges and Solutions - The dual nature of listed companies' investments can lead to hesitance in decision-making due to their deep understanding of technology, necessitating a balance between industry experience and independent judgment [11][12]. - Disagreements often arise in unfamiliar fields or with innovative technologies, requiring extensive communication and understanding among stakeholders [13][14]. - The success rate of mergers and acquisitions is generally low, with key factors including the commitment of the controlling shareholders and focusing on industry-specific mergers rather than cross-industry ones [19]. Group 5: Ecosystem Development - The integration of PE, industrial investment, and listed companies is crucial for facilitating technology transfer from R&D to market application, with a focus on collaborative models for resource sharing and project incubation [20][29]. - The establishment of innovation centers and partnerships with local governments can enhance the incubation process, ensuring that projects meet market needs and have opportunities for trial applications [29][30]. - A flexible profit-sharing mechanism is essential to align the interests of PE, industrial investors, and listed companies, ensuring that all parties benefit from the growth of invested enterprises [31][32].

围绕这些问题，融中第十五届中国资本年会暨大虹桥科创投资大会上，以"技术迭代，VC投资的创新模式"为题，进行了专场论坛讨论。中科育成投资董 事长、总经理陈静鹤，金投致源董事长方健，天图投资创始合伙人、CEO冯卫东，唐兴资本创始人、董事长宫蒲玲，创维投资创始合伙人马友杰，达晨财 智合伙人、执行总裁齐慎，创东方投资总裁、管理合伙人阮庆国，永鑫方舟董事长兼管理合伙人韦勇参与了论坛讨论，浙科投资董事长顾斌作为论坛主 持。 敢重仓，才是真拥抱 当前，股权投资行业正步入认知回归与能力重塑的"淬炼期"：长期资本持续扩容，耐心资本日益成为支撑科技创新的核心力量，投资机构聚焦硬科技与战 略性新兴产业，深化布局、深挖价值；多元退出与投资路径不断拓展，加速构建"投早、投小、投科技"的良性生态；政府引导基金与国资投资平台已成长 为产业发展的"稳定器"与"助推器"，携手产业方及各类资本，共建深度融合、共创共享的产融生态。 作为"十五五"规划的开局之年，融中第十五届中国资本年会暨大虹桥科创投资大会应势启幕。本届峰会以《淬·炼》为主题，汇聚政府部门代表、头部投 资机构、顶尖经济学家及行业领军企业，于新年伊始展开深度对话，共议投资趋势、产业发 ...

以下文章来源于清科研究 ，作者创造价值的 清科研究 . 清科研究中心致力于为众多的有限合伙人、VC/PE机构、战略投资者、以及政府机构、律师事务所、会计事务所、投资银行、研究机构等提供专业的信 息、数据、研究和咨询服务。 回暖复苏。 作者 / 清科研究 来源 / 清科研究 （ID：pedata2017） 2 0 2 5年中国股权投资市场募投退全方位回暖。 募资方面，2 0 2 5年新募集基金 数量和规模分别为5 , 0 3 9只，1 . 6 5万亿元，同比分别上升2 6 . 6 %、1 4 . 1 % ，政府投资基金、地方国资 平台、险资、AIC等出资人活跃出资，成为推动募资市场回暖的核心力量。币种结构上，人民币基金主导地位进一步提升，募资规模 同比上升1 6 . 1 %；外币基金募资延续下滑态势，全年仅3 3只外币基金完成新一轮募集，募集规模超3 5 0亿元，同比分别下滑1 5 . 4 %、 3 6 . 0 %。 投资方面，2 0 2 5年投资案例数和金额分别为1 0 , 7 9 5起、9 , 2 8 7 . 1 6亿元，同比上升2 8 . 4 %、4 5 . 6 %。分行业看，硬科技仍是投资主流 领 域 ...

Group 1: Market Overview - The Chinese private equity market has entered a deep adjustment period since reaching a historical peak in 2021, with fundraising difficulties and a decline in scale expected to recover by 2025 as market confidence gradually rebounds[4] - The structure of the LP market has fundamentally changed, with government, industrial, and financial institution LPs forming the main support for the private equity market[5] - By 2024, the total disclosed subscription amount from LPs in new RMB funds exceeded 1.34 trillion RMB, with government funds contributing nearly 600 billion RMB, accounting for 44.4% of the total[7] Group 2: LP Types and Contributions - Government LPs are the dominant force, focusing on industrial cultivation and regional economic upgrades, with a significant role in guiding social capital towards strategic emerging industries[11] - Industrial LPs, including listed companies and large enterprises, contributed over 280 billion RMB in 2024, representing 20.9% of total contributions, but saw a decline of 5.8 percentage points compared to 2023[7] - Financial institution LPs, including insurance and banks, increased their contributions to over 210 billion RMB, with a rise of 4.8 percentage points from 2023, highlighting their growing role in the market[7] Group 3: Policy Environment - The policy framework aims to optimize the entire fundraising and investment process, encouraging long-term capital to enter the private equity market[17] - Recent policies have simplified fundraising procedures and lowered thresholds, enhancing fundraising efficiency and stability in the long-term capital supply[17] - The establishment of the National Venture Capital Guidance Fund, with a fiscal contribution of 100 billion RMB, aims to create a fund scale exceeding one trillion RMB and focus on early-stage investments[13] Group 4: Future Trends - The expansion of patient capital is expected to be a core trend in the future development of the LP ecosystem in China's private equity market, driven by systematic and market-oriented policy guidance[19] - Local and national government guidance funds are transitioning from scale expansion to quality improvement, fostering a multi-layered and diversified local patient capital supply system[19]

原创 投资家研究院 投资家 2026年1月29日 18:48 北京 2025年，中国股权投资行业在调整中重塑格局。 股权投资市场在持续数年的调整后，呈现冷暖交织的复杂图景。 2025年，股权投资行业在募资端呈现"总量回暖、结构分化、国资主导"的特征。投资家研究院统计显示，2025年前三季度，股权投资行业新募基金数量超 3500支，同比增长18%。这一增长主要由人民币基金驱动，其数量同比上升19%，规模占比超99%；外币基金募资则延续低迷，同比下滑55%。地域分布 上，浙江、江苏等地新募基金数量和规模位居前列。 当下，国资LP已成为股权投资行业的绝对主导力量。其中，地方引导基金、地方国资等出资占比超50%。这一格局导致人民币基金地位进一步强化。强化 背后，是政策与市场选择的"双重驱动"。一方面，国家首次将"股权投资"纳入政策框架，多地通过设立百亿级母基金协同创新。另一方面，市场化机构募 资难度加大，国资成为填补资金缺口的核心角色。 尽管募资总额回升、新募基金数量增长，但大额基金（含50亿元及以上规模）的集中度却有所下降。其中，新募集的大额基金数量约22支，同比下降 29%。新募集金额1438亿元，同比下降45% ...

陕西建兴湛卢股权投资合伙企业(有限合伙)(暂定名，以市场监督管理部门核名为准)基金规模为3亿元人 民币(最终以实际募集金额为准)。建信北京、中兴通讯、陕西科创母基金、无锡高新创投、深圳垣华、 矽力杰、源杰科技共7家参与主体认缴出资3亿元人民币，出资方式均为现金出资；各合伙人分两期出资 缴付，每期实缴出资比例分别为认缴出资额的40%、60%。该基金拟投资于新一代信息技术产业、新能 源、人工智能、先进制造领域。合伙企业对投资项目阶段不做特殊要求，对中小微型、初创期企业、成 长期和成熟期企业均可投资。 格隆汇2月2日丨中兴通讯(00763.HK)发布公告，公司拟作为有限合伙人出资1.17亿元人民币认购陕西建 兴湛卢股权投资合伙企业(有限合伙)(暂定名，以工商登记部门最终核定为准，简称"建兴湛卢基 金"或"基金")份额(简称"本次投资")。 ...