以下文章来源于LP波谱 ，作者黎曼 作者丨 黎曼 来源丨 LP波谱 广东国资，近期又有大手笔。 12 月 18 日，由广东省财政厅全资控股，注册资本 500 亿元的广东省战略性新兴产业投资引导基金有限责任公司（以下简称 " 广东战略性新兴产业基金 " ）在广州正式成立。 成立仅过四天，在 12 月 22 日就闪电般完成首笔对外投资。这一速度从侧面体现处这只基金早已有备而来。 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗 的执念，认同商业的日常之美。 将投中网设为"星标⭐"，第一时间收获最新推送 聚焦LP出资、新基金、GP招募，捕捉LP圈一周商业情报。 值得细嚼的是，这笔投资没有直接去投具体项目，而是选择将 40 亿巨资注入国家创业投资引导基金旗下的粤港澳大湾区创投 引导基金。 这一基金大有来头。它是"万亿级航母"国家创业投资引导基金于 12 月 22 日同日在北京、上海、深圳三地设立的三只区域子 基金之一，注册资本 450.5 亿元，由国家创业投资引导基金有限公司 ( 出资 200 亿元 ) 、深圳市国创引科创投资合 ...

每经AI快讯，金龙羽（SZ 002882，收盘价：31.7元）12月25日晚间发布公告称，公司于2025年12月25 日召开第四届董事会第十八次（临时）会议，审议通过了《关于公司拟与专业投资机构签署战略合作框 架协议的议案》。根据公司战略发展规划，为抓住新能源与固态电池产业领域的发展机遇，加快公司产 业转型升级，公司拟与投控东海签署《战略合作框架协议》，在产业并购投资和区域业务合作领域展开 合作。公司与投控东海拟共同出资设立产业并购基金，该投资合作事项将遵循基金投资运作的惯例，主 要聚焦于公司主营业务相关项目与参股子公司项目投资，兼顾新能源固态电池产业链行业上下游投资与 并购。 截至发稿，金龙羽市值为137亿元。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 曾健辉） 拟设立的产业并购基金计划认缴规模15亿元人民币，其中，投控东海作为基金管理人和普通合伙人认缴 500万元，公司作为有限合伙人认缴金额不超过5.25亿元，其他份额由投控东海负责募集。具体出资时 间、金额、其他符合条件的有限合伙人、投资策略等相关事宜，以后续各出资主体共 ...

Core Viewpoint - The Guangdong Province has released a financial support plan for enterprises to engage in industrial chain integration and mergers, aiming to resolve structural contradictions in key industries and promote high-quality development of the industrial chain [1] Group 1: Objectives and Goals - The plan aims to enhance the competitive advantage of industrial clusters in the Guangdong-Hong Kong-Macao Greater Bay Area by 2027, improving the efficiency of integration and merger services and establishing a more robust collaborative mechanism [1] - The overarching goal is to support the construction of a modern industrial system in Guangdong and contribute to high-quality economic and social development [1] Group 2: Financial Support Measures - The plan emphasizes the creation of a comprehensive, multi-level financial support system to empower collaborative development among upstream and downstream enterprises in the industrial chain [1] - It proposes 12 specific measures focusing on encouraging integration and mergers, enhancing financial empowerment, and improving policy coordination and work mechanisms [1][2] Group 3: Encouragement of Mergers and Acquisitions - The plan supports listed companies in utilizing various payment tools such as shares, convertible bonds, and cash for mergers and acquisitions, aiming to attract more social capital and enhance sustainable development capabilities [2] - It encourages the establishment of industry acquisition funds by listed companies, targeting key links in the industrial chain [2] Group 4: Capital Market and Investment - The plan aims to broaden direct financing channels in the capital market and improve the fund system to support industrial chain integration [2][3] - It promotes the establishment of a provincial government investment guidance fund system and encourages social capital participation in forming a comprehensive investment system [3] Group 5: Technology and Core Competencies - The plan highlights the importance of supporting technology-driven enterprises in listing on platforms like the ChiNext and STAR Market, thereby enhancing their financing capabilities [3] - It focuses on key areas such as chip manufacturing, industrial software, and high-end medical devices to improve the self-control capabilities of critical core technologies in the industrial chain [3]

Core Viewpoint - Guangdong Province has launched a financial support plan to promote industrial chain integration and mergers, aiming to enhance the quality and competitiveness of key industries by 2027 [1][2]. Group 1: Financial Support for Industrial Integration - The plan emphasizes a market-oriented, legal, and international approach to build a comprehensive financial support system for the modern industrial system in Guangdong [2][5]. - It aims to strengthen the collaboration between upstream and downstream enterprises in the industrial chain, facilitating financial resources to key integration and merger processes [2][6]. - Specific measures include supporting mergers and acquisitions (M&A) in key industries, enhancing the quality of listed companies, and promoting the integration of state-owned enterprises [3][4]. Group 2: Encouragement of Cross-Border Mergers - The plan encourages the establishment of cross-border integration funds with Hong Kong and Macau, optimizing mechanisms for qualified foreign and domestic limited partners [4][5]. - It supports enterprises in issuing offshore RMB bonds in Hong Kong and Macau to finance industrial chain integration and encourages the use of RMB for cross-border M&A settlements [4][6]. Group 3: Financing Channels and Mechanisms - The plan outlines strategies to broaden direct financing channels in the capital market and improve the fund system to empower industrial chain integration [5][6]. - It encourages local governments to enhance comprehensive services for enterprise listings and supports technology-driven companies in accessing capital markets [5][6]. - The establishment of provincial government investment guidance funds and M&A funds is promoted to attract social capital for investment in key industrial chain segments [6][7]. Group 4: Support for Technology and Innovation - The plan highlights the need for financial institutions to develop innovative financial products tailored for technology enterprises, addressing their unique asset-light and high-risk characteristics [7]. - It encourages collaboration among banks, insurance, and investment institutions to create a comprehensive financial service system that supports technology innovation and green transformation [7].

Core Insights - The article discusses the transition of industrial merger and acquisition (M&A) funds in China from "financial investment" to "industrial operation," emphasizing the need for quality enhancement in overseas investments as companies globalize [1][3]. Investment Logic - Industrial M&A funds focus on maximizing industrial value rather than short-term financial returns, distinguishing them from traditional financial private equity [3][4]. - The investment strategy involves actively managing and restructuring undervalued assets, targeting three types of companies: high-quality assets affected by industry cycles, inefficient potential enterprises, and industry chain nodes with synergy gaps [4]. Core Competencies - The competitive edge of industrial M&A funds lies in their combined understanding of industry dynamics and financial capabilities, requiring deep industry knowledge and cross-domain resource integration [5]. - Teams in leading industrial M&A funds often have dual backgrounds in industry and finance, ensuring expertise throughout the investment process [5]. Value Orientation - The investment cycle for industrial M&A funds typically spans 5-7 years, focusing on long-term value creation through systematic restructuring rather than quick exits [7]. - An example illustrates how a fund improved a supermarket's profitability through supply chain integration and digital transformation before exiting at a significant premium [7]. Comprehensive Management - Successful industrial M&A funds manage the entire investment process, including selection, management, and exit strategies, with each phase requiring specialized expertise [8]. Target Selection - The selection of targets is crucial, focusing on assets with clear paths for improvement, including mature industry stages, core competitive advantages, and healthy financial conditions [9]. Valuation and Pricing - Valuation for industrial M&A funds incorporates control premiums, synergy effects, and risk discounts, moving beyond traditional financial valuation methods [10]. Integration Management - Post-merger integration is vital for value creation, requiring both hard restructuring and soft cultural integration to ensure success [11]. Exit Strategy - Exit strategies must be diversified and aligned with investment and industry cycles, with various options available depending on market conditions [12]. Industrial Empowerment - Industrial M&A funds play a significant role in enhancing industry competitiveness and addressing challenges in traditional sectors through strategic restructuring and management upgrades [13][14]. Risk Isolation - The structure of industrial M&A funds provides natural risk isolation, allowing for the separation of merger risks from the parent capital [17]. Professional Support - Specialized institutions provide comprehensive support for industrial M&A funds, including fundraising, investment execution, post-merger integration, and exit planning [18][19]. Conclusion - Industrial M&A funds are positioned as key players in China's transition from scale expansion to quality enhancement, focusing on understanding industries, transforming enterprises, and creating value [20].

Government Guidance Funds - Hangzhou plans to establish a direct investment fund with a scale of 2 billion yuan, focusing on early-stage investments in technology startups, aiming to support at least 100 projects annually [5][6] - Fujian Province has launched a 1 billion yuan biopharmaceutical industry fund, targeting innovative drugs, vaccines, and medical devices [6] - Yunnan's new industry guidance fund has been established with a scale of 5 billion yuan, focusing on growth and mature non-listed enterprises [6] Market-oriented Funds - Suzhou Tai Meng No.1 Equity Investment Fund has completed registration with a total investment of 3.1 billion yuan, focusing on high-end manufacturing and health sectors [12] - Changshi Capital's hard technology phase III fund has raised 728 million yuan, targeting AI infrastructure and applications [12] - Shanghai Baoshan has launched a 500 million yuan AIC fund, focusing on new energy and high-end equipment manufacturing [13] Industry Funds - Guangzhou Baiyunshan Pharmaceutical Group plans to invest 1.4985 billion yuan in a biopharmaceutical fund, focusing on medical and healthcare sectors [16] - Shenhuo Co., Ltd. intends to invest 1.2 billion yuan in a high-quality industrial development fund, targeting new materials and intelligent manufacturing [17] - Guanghe Technology has committed 30 million yuan to a new industry fund focusing on AI and robotics [18]

Core Viewpoint - The company is actively exploring a second growth curve and accelerating its strategic transformation by establishing an industrial merger and acquisition fund in collaboration with professional investment institutions [1][2]. Group 1 - The company approved the establishment of an industrial merger and acquisition fund with a total subscription scale of 481 million yuan, aiming to invest in cutting-edge technology fields such as new generation information technology, new materials, new technologies, and advanced manufacturing [1][2]. - The subsidiary Zhuhai Hengqin Yidong Investment Partnership (Limited Partnership) will contribute 240 million yuan of its own funds to the fund, partnering with related parties including Guangdong Shunde High-tech Venture Capital Management Co., Ltd. and Guangdong Shunde Science and Technology Innovation Management Group Co., Ltd. [1][2]. - The fund's objective is to promote industrial innovation, intelligent transformation, and quality improvement and efficiency enhancement within the company [2].

Group 1 - A total of 110 listed companies in the A-share market have announced their participation in establishing industrial merger and acquisition funds, with a combined expected fundraising scale exceeding 128 billion yuan [1] - The investment direction of these industrial funds is significantly synergistic with the main business of the companies, helping them grasp industry development trends and inject new momentum for technological innovation and business upgrades [1][2] - Companies frequently mention "strong chain" and "supplement chain" as reasons for participating in the establishment of industrial merger and acquisition funds, indicating a strategic significance for high-quality development [1][3] Group 2 - Industry experts suggest that industrial merger and acquisition funds are effective tools for listed companies to achieve "internal growth + external expansion," emphasizing the importance of strategic focus and risk control [2] - Companies are advised to balance short-term financial returns with long-term industrial value when participating in these funds, and to establish a comprehensive risk control system [2][3] - The investment scope of these funds includes cutting-edge technology industries such as renewable energy, energy algorithms, IoT technology, and intelligent manufacturing [2] Group 3 - The establishment of industrial merger and acquisition funds allows companies to optimize resource allocation and promote strategic expansion, leveraging social capital to amplify investment scale [3] - Concerns have been raised regarding the effectiveness of these funds in supporting the main business development, especially when companies have previously transferred shares after establishing funds [3] - Companies are encouraged to ensure compliance with information disclosure and protect the interests of small investors, particularly if the funds do not make substantial investments over time [3]