人民财讯12月17日电，12月15日，中国国新党委召开扩大会议，认真传达学习中央经济工作会议精神， 紧密结合国有资本运营公司实际，研究部署贯彻落实举措。会议强调，要聚焦功能发挥，在因地制宜发 展新质生产力、培育壮大新动能等方面加大支持力度，高质量运营中央企业战略性新兴产业发展专项基 金、国新创投基金，加强前瞻性、引领性投资布局。积极服务新一轮重点产业链高质量发展行动，助力 增强产业链韧性和竞争力。筹设好、运营好区域中心，支持重点区域打造国际科创中心。要深化改革创 新，确保国有企业改革深化提升行动圆满收官。新一轮国资国企改革即将拉开序幕，要前瞻谋划、研究 制定运营公司深化改革具体方案。优化总部管控模式，动态调整授权放权机制，持续健全激励约束和考 核分配机制。 ...

2025 年 10 月 VC/PE 市场数据报告 数据来源：投中嘉川 CVSource 报告时间：2025.11 2025 李洋洋 数据分析师 yangyang.li@chinaventure.com. | | 核心发现 2 | | | --- | --- | --- | | 李洋洋 | | | | 数据分析师 | 募资表现 2 | | | yangyang.li@chinaventure.com. | | | | cn | 新设基金数量 2 | | | | 基金新设地区情况 3 | | | | 基金新设及完成募资情况 | 4 | | 报告口径 | 投资表现 6 | | | 本报告图表数据来源均为  | | | | 投中嘉川 CVSource | 投资频次及投资规模 | 6 | | 新成立基金：于统计期限内，  | 热点地区投资交易数量及规模 | 7 | | 新注册成立的基金 | 热点行业投资热度 7 | | | 完成募集基金：于统计期限  | 投资轮次 9 | | | 内，宣布募集完成的基金 | 投资交易规模细分量级 | 9 | | 融资规模：统计市场公开披露  | | | | | 投资交易重点案例 ...

最近，一级市场 在基金设立方面很 热闹。 先是两支首期 5 0 0亿规模的社保科创基金： 1 0月3 1日，江苏社保科创基金在南京正式签约。母基金研究中心获悉，社保基金会与江苏省拟 共同组建总规模1 0 0 0亿元的江苏社保科创基金，重点支持战略性新兴产业、未来产业及产业链 关键环节高质量发展。其中，首期设立规模为5 0 0亿元的江苏社保科创基金，由苏州市政府主 导。 江苏社保科创基金由社保基金会、江苏省、中国工商银行共同出资，基金管理人为苏创投集 团，主要关注国家级战略性新兴产业集群、江苏省 " 1 6 5 0 "产业体系、" 5 1 0 1 0 "战略性新兴产业 集群、苏州市" 1 0 3 0 "产业链体系及其细分领域，聚焦先进制造、人工智能及集成电路、新能 源、生物医药、新材料等五大方向。 11月1 9日，由浙江省、全国社会保障基金理事会、中国农业银行共同发起设立的浙江省社保科 创股权投资基金合伙企业（有限合伙）顺利通过中国证券投资基金业协会备案，标志着全国社 会保障基金理事会与地方政府的合作成功落地。至此，浙江社保科创基金正式启航、迈入实质 性运作阶段。浙江社保科创基金首期规模5 0 0亿元， 通 过 ...

Group 1 - The article highlights the establishment and recruitment of various mother funds across regions such as Sichuan, Guangxi, Jiangsu, Hunan, and Zhejiang, focusing on sectors like electronic information, equipment manufacturing, green food, aerospace, artificial intelligence, low-altitude economy, and new energy [2] - Chengdu's "Jiaozi Manyuan Industrial Development Fund" was launched with an initial scale of 1 billion yuan and a long-term goal of 5 billion yuan, aiming to support local industrial development [3][4] - The "Hechi Venture Capital Mother Fund" in Guangxi has completed registration with a total scale of 1 billion yuan, focusing on strategic emerging industries and traditional industry upgrades [6][7] - The "Nanjing Advanced Manufacturing Mother Fund" has been established with a scale of 5 billion yuan, targeting strategic emerging industries and optimizing the local industrial system [8][9] - The "Xingwang Mother Fund" in Hunan has been registered with a focus on advanced manufacturing and new energy sectors, employing a multi-layered investment model [12] - The "Dongguan Songshan Lake Industrial Investment Mother Fund" has been established with a total scale of 10 billion yuan, aiming to support strategic emerging industries and regional industrial upgrades [22][23] Group 2 - The "Central Enterprise Strategic Emerging Industry Development Fund" has been launched with an initial scale of 51 billion yuan, focusing on supporting state-owned enterprises in strategic emerging industries [24][25][26] - The "Zhejiang Social Security Science and Technology Innovation Fund" has been established with a scale of 50 billion yuan, aimed at supporting innovation-driven development in Zhejiang [27] - The "Jiangsu Social Security Science and Technology Innovation Fund" has also been launched with a scale of 50 billion yuan, focusing on strategic emerging industries and enhancing regional industrial resilience [28] - The "Wuxi High-Tech Investment Fund" has been registered with a scale of 2 billion yuan, focusing on the integrated circuit industry and supporting local enterprises [29][30] - The "Huatai New Energy Fund" has been established with a scale of 1 billion yuan, targeting new energy sectors and leveraging market-oriented operations [31] - The "Chengdu High-Level Talent Innovation and Entrepreneurship Fund" has been established to promote talent-driven industrial development [32] - The "Xiong'an Concept Verification Fund" has been set up with a scale of 20 million yuan, focusing on key industries such as artificial intelligence and biotechnology [33] - The "Zhuhai Zuguang New Intelligence Fund" has been registered, focusing on high-end intelligent manufacturing [34] - The "Nanning New Generation Information Technology Fund" has been established with a scale of 100 million yuan, focusing on artificial intelligence and regional economic development [35]

Core Insights - The article highlights the establishment of various investment funds across different regions in China, focusing on strategic industries and innovation-driven sectors. Group 1: Fund Establishments - A central enterprise strategic emerging industry development fund was launched in Beijing with an initial scale of 510 billion RMB, involving major state-owned enterprises as contributors [2] - The Zhejiang Social Security Science and Technology Innovation Fund was established with an initial scale of 500 billion RMB, aimed at supporting key areas of technological innovation [3] - The first biomanufacturing industry fund in Shanghai was initiated, combining resources from industry leaders and venture capital to drive technological breakthroughs [4] Group 2: Regional Funds - Chengdu established a high-level talent innovation and entrepreneurship fund, focusing on early-stage investments to support talent and technology transfer [5][6] - Dongguan's Songshan Lake completed the registration of a 100 billion RMB mother fund to promote technological finance and regional industrial upgrades [7] - Wuhan launched its first concept verification fund group with an annual funding pool of 112.5 million RMB to support startup projects [8] Group 3: Sector-Specific Funds - The Hebei Xiong'an concept verification fund was set up with a focus on aerospace information and biotechnology, with an initial scale of 20 million RMB [9] - The Jilin Province Ice and Snow Economy Fund was established with a total scale of 500 million RMB, targeting the ice and snow tourism and technology sectors [11] - The Zhuhai Zuguang New Intelligence Fund was launched to support high-end intelligent manufacturing, marking a significant step in the region's industrial investment [12] Group 4: Investment Strategies - The Chengdu fund emphasizes market-oriented operations to facilitate talent and technology commercialization [6] - The Dongguan fund aims to create a comprehensive fund system covering the entire lifecycle of enterprises through collaboration with various investment institutions [7] - The Jiangsu Yangzhou Aerospace Industry Fund focuses on strategic emerging industries, leveraging a significant capital structure to enhance investment capabilities [14]

Core Insights - The article highlights the recent influx of capital from state-owned enterprises and social security funds into strategic emerging industries in China, indicating a strong governmental push towards innovation and development in key sectors [6][7][8]. Group 1: National-Level Funds - The Central Enterprise Strategic Emerging Industry Development Fund, initiated by the State-owned Assets Supervision and Administration Commission, has a first-phase scale of 51 billion RMB, with a focus on AI, aerospace, high-end equipment, and quantum technology [7]. - The Zhejiang Social Security Science and Technology Innovation Fund has been established with a scale of 50 billion RMB, aimed at leveraging social capital for innovation in key areas [9]. Group 2: New Fund Establishments - The Hebei Xiong'an Zhongke Concept Verification Fund has been set up with an initial scale of 20 million RMB, focusing on early-stage technology verification in sectors like AI and biotechnology [11]. - The Shanghai Biomanufacturing Industry Fund has been launched, utilizing a "C + VC" model to integrate resources from enterprises and research institutions [13]. - The Chengdu High-Level Talent Innovation and Entrepreneurship Investment Fund has been established with a total scale of 1 billion RMB, aimed at attracting top talent and supporting innovative projects [15]. Group 3: Regional and Sector-Specific Funds - The Chongqing Automotive Industry Fund has been established with a total commitment of 1 billion RMB, focusing on smart and new energy vehicles [14]. - The Wuxi Cloud Star Intelligent Computing Investment Partnership has been formed with an investment of approximately 6.67 billion RMB, targeting AI and intelligent computing projects [18]. - The Jiangxi Fanghong Fund has been set up with a scale of 100 million RMB, focusing on early-stage investments in hard technology sectors [29]. Group 4: Fund Management and GP Recruitment - The Sichuan University Technology Achievement Transformation Fund is seeking GP management for its 10 billion RMB fund, focusing on AI and advanced materials [32]. - The Jiangsu Wuxi Biomedical Industry Special Fund is also recruiting GPs, with a scale of 4 billion RMB, aimed at promoting strategic emerging industries [33].

Core Insights - The establishment of the Central Enterprise Strategic Emerging Industry Development Special Fund (referred to as "Central Enterprise Emerging Fund") aims to enhance investment in strategic emerging industries, with a total fundraising of 51 billion yuan [3][4] - The fund has a total duration of 15 years, including a 5-year investment period and an 8-year management exit period, with a possible 2-year extension [3][4] - The fund's primary investment focus includes artificial intelligence, high-end equipment, quantum technology, and future industries such as future energy, future information, and future manufacturing [3] Fund Structure and Contributions - The fund has 15 contributors, with China Reform Holdings Corporation Limited (China Reform) being the largest shareholder, contributing 15 billion yuan and holding a 29.4% stake [3] - Other contributors include state-owned enterprises such as China Mobile (6 billion yuan), Sinopec (5 billion yuan), and China National Offshore Oil Corporation (3 billion yuan), among others [3] - The total scale of various central enterprise venture capital funds established this year is approaching 100 billion yuan, focusing on technology attributes and emerging fields [4] Policy and Investment Strategy - The fund is part of a broader initiative to support the development of strategic emerging industries as mandated by the central government [4] - The investment strategy emphasizes early-stage, small-scale, long-term investments in hard technology, creating a new model of integration between industry and finance [4][6] - Recent policy measures aim to address concerns regarding state-owned capital's risk tolerance and investment willingness, establishing a lifecycle assessment mechanism for venture capital funds [7][8] Market Impact and Collaboration - State-owned capital is expected to stimulate market-oriented funds' investment enthusiasm, particularly in larger financing projects where state capital can lead the investment [8] - Central enterprises possess rich application scenarios for collaboration, as evidenced by recent procurement orders in the robotics sector [8]

Group 1 - The core viewpoint of the article is the launch of a special fund aimed at accelerating the development of strategic emerging industries in China, initiated by the State-owned Assets Supervision and Administration Commission (SASAC) [1][2] - The first phase of the fund has a scale of 51 billion yuan, with China Guoxin planning to contribute approximately 15 billion yuan [2] - The fund has an investment period of 5 years and a total management and exit period of 8 years, which can be extended to a maximum of 15 years [2] Group 2 - The fund will focus on supporting state-owned enterprises (SOEs) in addressing industrial weaknesses and enhancing core competitiveness, particularly in strategic emerging industries such as artificial intelligence, aerospace, high-end equipment, and quantum technology [2] - The SASAC's deployment emphasizes serving national strategic needs, strengthening and supplementing industrial chains, and promoting the simultaneous improvement of scale and quality in emerging industries [2]

Core Viewpoint - The establishment of the Central Enterprise Strategic Emerging Industry Development Fund, initiated by the State-owned Assets Supervision and Administration Commission (SASAC), aims to accelerate the development of strategic emerging industries among central enterprises, with an initial scale of 51 billion yuan [4][6]. Fund Overview - The fund has an initial size of 51 billion yuan and is managed by China Reform Holdings Corporation, with major contributions from state-owned enterprises such as China Mobile, Sinopec, and China National Petroleum [6]. - The fund's investment period is set for 5 years, with a total duration of 15 years, including management and exit phases [6]. Investment Focus - The fund will primarily support strategic emerging industries such as artificial intelligence, high-end equipment, quantum technology, and future industries like future energy and future manufacturing [7]. - The fund aims to enhance the scale and quality of central enterprises in strategic emerging industries, aligning with national strategic needs [7]. Market Context - The establishment of this fund is part of a broader trend where state-owned capital is increasingly being mobilized to support venture capital initiatives, particularly in hard technology sectors [9][11]. - Previous initiatives include the establishment of other venture capital funds by state-owned capital operating companies, indicating a growing commitment to long-term investment strategies [10][11].

Core Viewpoint - The establishment of the Central Enterprises Strategic Emerging Industries Development Fund aims to accelerate the development of strategic emerging industries in China, with an initial scale of 51 billion yuan [1][3]. Fund Details - The fund has a total initial scale of 51 billion yuan, with China Guoxin contributing approximately 15 billion yuan [1]. - The investment period for the fund is set at 5 years, with a management and exit period of 8 years, potentially extendable to a total of 15 years [1]. - Other contributors to the fund include major state-owned enterprises such as Beijing Financial Street Capital Operation Group, China Mobile Capital, Sinopec Capital, and China National Petroleum Corporation [1]. Strategic Focus - The fund will primarily support industries such as artificial intelligence, aerospace, high-end equipment, quantum technology, future energy, future information, and future manufacturing [3][4]. - It aims to enhance the core functions and competitiveness of state-owned enterprises by addressing industrial weaknesses and promoting innovation [3]. Alignment with National Strategy - The fund's focus aligns with the "14th Five-Year Plan" which emphasizes building a modern industrial system and strengthening the real economy [3][4]. - The plan outlines key tasks including optimizing traditional industries, nurturing emerging industries, and developing modern infrastructure [4]. Economic Impact - The development of these strategic industries is expected to create significant economic growth opportunities, potentially equivalent to recreating China's high-tech industry over the next decade [5]. - The establishment of the fund is seen as a favorable development for hard technology sectors, providing numerous opportunities in the upcoming growth cycle [5]. Competitive Advantage - China possesses several advantages, including institutional, market, system, and talent advantages, which can facilitate the transformation of rapidly advancing technologies into industrial and economic growth [5]. - The country is well-positioned to leverage these advantages to capture strategic opportunities in emerging and future industries, potentially leading to the creation of trillion-yuan markets [5].