以下文章来源于超募研究所 ，作者FOFWEEKLY 导读： 产业资本以高频出资布局多行业领域，政策系以大体量引导基金推动发展，险资与AIC加速入 场，市场流动性与出资规模均有所提高。 作者｜FOFWEEKLY 今年以来，机构LP出资活跃度一路上升，11月出资活跃度呈 正向发展 趋势， 环比增长14.7%，同比增长31.8% ，同比维度则延续了对去年同期的显著增长，市场活跃度整体向好。 超募研究所 . 结合公域&私域数据以及实操咨询业务，为私募股权行业从业者（FOF、LP、GP、企业等）提供专业、垂直类研究内 容。 从基金备案数据来看，11月新备案私募股权、创投基金总数为404只， 环比10月增长2.5%，同比增长29.5% ； 其中私募股权投资基金备案134只，创业投资基金备案270只。 同比维度则延续了对去年同期的显著增长，市场活跃度整体向好。这一趋势表明，私募股权市场正经历从阶段性调 整向持续复苏的过渡，机构LP出资意愿的提升为私募股权市场带来维稳支持，而备案数量的环比改善则反映市场参 与者对行业前景的乐观预期。 11月机构LP出资呈现出清晰的结构性分化特征，不同资本属性在出资节奏、资金体量与配置方式上形 ...

母基金研究中心据公开信息统计， 2 0 2 5年11月1日至11月3 0日资讯涉及的募资动态共1 6起， 折合人民币规模合计超过1 2 8 0亿元。以下是内容提要与具体资讯。 【内容提要】 01 源码资本完成新一期双币成长基金募资总规模达6亿美元 1 . 源码资本完成新一期双币成长基金募资 总规模达 6亿美元 2 . Mo n o lit h募集4 . 8 8亿美元 3 . 2 0亿，杭州润苗基金正式启动 4 . 5 0 亿元央企产业基金扎根武汉，信科产业基金助力产业升级再提速 5 . 凯德投资募资超 6 . 5亿美元 6 . 深投控与交通银行签约新基金，规模 2 0亿 7 . 芯联资本完成首支主基金 1 2 . 5亿元募集，预计终关超1 5亿 8 . 菜鸟联合中国人寿设立 1 7亿仓储基金 9 . 联想上海基金成立，首期 1 0亿 1 0 . 南京金雨茂物战新软信人工智能基金落地，规模 1 0亿元 11 . 力合天使基金设立，规模 1 0亿元 1 2 . 北极光创投 1 0 0 0万美金合格境外有限合伙人（QFLP）项目落地 1 3 . 中银集团在湖北成功落地第二只 AIC股权投资基金，首期规模1 0亿 1 ...

Core Insights - The article focuses on the investment landscape in various regions of China, highlighting the establishment of new funds and their strategic focus areas, particularly in emerging industries and technological innovation [6][7][9][12][13][14][15][17][18][19][20][21]. Fund Establishments - The Shaoxing Industrial Fund, with a total scale of 15 billion RMB, aims to support strategic industry projects and technological innovation in Shaoxing [7]. - The Wuhan Future Intelligent Venture Fund has been established with a total scale of 1 billion RMB, focusing on artificial intelligence and humanoid robotics [9]. - The Henan Lihua Angel Fund has been successfully set up with a total scale of 1.77 billion RMB, targeting investments in AI, 5G, and new energy sectors [10][11]. - The Jiangmen High-tech Guangdong Science and Technology Industrial Development Fund has been established with a total investment of 1 billion RMB, focusing on emerging industries like new energy and AI [12]. - The Xiamen Industrial M&A Equity Investment Fund has been registered with a total scale of 2 billion RMB, focusing on key industries such as new energy and semiconductor [18]. - The Jimei Specialized Fund has been established with a scale of 100 million RMB, targeting strategic emerging industries and traditional industry upgrades [19]. Strategic Focus Areas - The funds are primarily directed towards high-tech sectors such as integrated circuits, biomedicine, and advanced equipment, reflecting a strong push for technological innovation and industrial transformation [7][12][13][14]. - The collaboration between Cainiao and China Life to establish a logistics investment fund of over 1.7 billion RMB emphasizes the importance of modern logistics infrastructure in key economic regions [17]. - The establishment of the Xin Ke Industry Investment Fund, with a total scale of 5 billion RMB, aims to enhance the communication network and support the development of cutting-edge technologies like AI and quantum communication [13]. Regional Highlights - Shaoxing is recognized for its traditional industries, particularly textiles, which have evolved significantly since the 1980s [6]. - Wuhan is positioning itself as a hub for light communication technology, leveraging its strong industrial base and strategic partnerships [13]. - The Hebei Free Trade Zone is focusing on high-end manufacturing and digital economy sectors, with the establishment of the Yunfan Equity Investment Fund to fill the investment gap in these areas [20][21].

Core Viewpoint - The collaboration between Cainiao and China Life has resulted in the establishment of a logistics investment fund with a total asset scale exceeding 1.7 billion RMB, focusing on high-standard logistics infrastructure in key cities of the Yangtze River Delta and the middle reaches of the Yangtze River [1][2] Group 1: Fund Details - The newly established fund aims to create an intelligent, green, and efficient modern logistics network, attracting diverse institutional investors including Shentong Express and AIA Life [1][2] - This fund marks the third collaboration between Cainiao and China Life in the logistics infrastructure sector, with previous asset management totaling over 15 billion RMB [2] - The fund manager, Guoshou Capital Investment Co., Ltd., is a wholly-owned subsidiary of China Life Group, managing over 30 funds with a cumulative signed scale exceeding 230 billion RMB [2] Group 2: Strategic Partnerships - The partnership with Shentong Express represents a shift from project-level trials to strategic ecosystem co-construction, enhancing investment precision in the express logistics sector [3] - Cainiao's technological empowerment and network collaboration with Shentong Express are expected to promote high-quality development of the real economy [3] Group 3: Industry Context - The logistics and warehousing industry in China is at a critical stage of high-quality development, driven by the robust growth of the e-commerce sector and systematic government policy guidance [4] - New market demands from live e-commerce, instant retail, and omnichannel fulfillment are leading to significant growth in logistics demand, while government strategies aim to lower logistics costs and enhance infrastructure [4] - The focus is on accelerating the evolution towards intelligent, green, networked, and efficient logistics systems, with Cainiao responding actively through smart logistics networks and digital upgrades [4] Group 4: Investment Focus - The fund will invest in high-standard, modern warehousing facilities located in core cities of the Yangtze River Delta and the middle reaches of the Yangtze River, including high-standard intelligent transfer hubs [5] - Intelligent transfer hubs are critical nodes in modern logistics, integrating automation and digital technologies to enhance efficiency in cargo transfer and distribution [5] - Cainiao's global logistics network serves as a physical infrastructure foundation, exemplifying the deep integration of digital technology and logistics operations [5]

Core Viewpoint - Modern logistics infrastructure is becoming a new favorite for insurance capital real estate investment, with a focus on high-standard warehousing and logistics facilities in key urban areas of the Yangtze River Delta and the middle reaches of the Yangtze River [1][5]. Group 1: Investment Fund Details - A new logistics investment fund has been established with a total asset scale exceeding 1.7 billion RMB, co-founded by Cainiao and China Life [1]. - The fund aims to create an intelligent, green, and efficient modern logistics node network, although it currently does not target Henan province [1][5]. - The fund has attracted diverse institutional investors, including Shentong Express and several life insurance companies, reflecting a strong consensus on the value of modern logistics infrastructure [3]. Group 2: Previous Collaborations - This collaboration builds on previous successful partnerships between Cainiao and China Life, with a total asset management scale exceeding 15 billion RMB from prior projects [3]. - The management of the fund is handled by Guoshou Capital Investment Co., Ltd., a wholly-owned subsidiary of China Life Group, which manages over 30 funds with a cumulative signed scale exceeding 230 billion RMB [3]. Group 3: Industry Trends - The logistics and warehousing industry in China is transitioning from scale expansion to quality upgrading, with a focus on possessing intelligent and efficient core assets at key nodes [6]. - High-standard intelligent transfer hubs are critical in the modern logistics system, enhancing the efficiency of cargo transfer and overall service levels [5][6]. - The "light-heavy separation" model is emerging as a mainstream approach in modern logistics infrastructure construction, allowing logistics companies to expand network influence while avoiding heavy balance sheets [6].

Core Viewpoint - The collaboration between Cainiao and China Life aims to establish a logistics investment fund with total assets exceeding 1.7 billion RMB, focusing on high-standard logistics infrastructure in key cities of the Yangtze River Delta and Central Yangtze region [1] Group 1: Investment Fund Details - The newly established logistics investment fund has a total asset scale of over 1.7 billion RMB [1] - The fund will primarily invest in modern logistics infrastructure that is intelligent, green, and efficient [1] - A diverse range of quality institutional investors are participating in the fund, including Shentong Express, AIA, Zhonghong Life, and Caixin Life, alongside Cainiao and China Life [1]

Core Insights - The partnership between Cainiao and China Life has been strengthened through the establishment of a logistics investment fund with total assets exceeding 1.7 billion RMB [1] - The fund will focus on high-standard warehousing and logistics infrastructure in key cities of the Yangtze River Delta and the middle reaches of the Yangtze River [1] - The initiative aims to create a modern logistics node network that is intelligent, green, and efficient [1] - A diverse range of quality institutional investors, including Shentong Express, AIA, Zhonghong Life, and Caixin Life, have participated in the fund [1]

Core Viewpoint - The strategic partnership between Cainiao and China Life has been deepened with the establishment of a logistics investment fund exceeding 1.7 billion RMB, focusing on high-standard logistics infrastructure in key cities of the Yangtze River Delta and Central Yangtze region [1][3]. Group 1: Fund Overview - The newly established fund aims to create a modern logistics node network that is intelligent, green, and efficient, attracting diverse institutional investors including Shentong Express and AIA Life [1][3]. - This fund marks the third collaboration between Cainiao and China Life in the logistics infrastructure sector, with previous asset management totaling over 15 billion RMB [3]. Group 2: Industry Context - The logistics and warehousing industry in China is at a critical stage of high-quality development, driven by the robust growth of the e-commerce sector and systematic government policy guidance [5]. - The government has outlined plans to reduce logistics costs through various reforms and initiatives, emphasizing the need for intelligent, green, and efficient logistics systems [5]. Group 3: Project Focus - The fund will invest in high-standard, modern logistics facilities, including intelligent transfer hubs that integrate automation and digital technologies for efficient cargo transfer [6]. - These transfer hubs are crucial for enhancing logistics efficiency and service levels, forming an integral part of a robust logistics network [6].

Group 1 - The core point of the article is the strategic cooperation between Cainiao and China Life to establish a logistics investment fund with a total asset scale exceeding 1.7 billion RMB [1] - The fund will focus on high-standard warehousing and logistics infrastructure in key cities of the Yangtze River Delta and the middle reaches of the Yangtze River [1] - The initiative aims to create a modern logistics node network that is intelligent, green, and efficient [1] Group 2 - The fund has attracted a diverse range of quality institutional investors, including Shentong Express, AIA, Zhonghong Life, and Caixin Life, in addition to Cainiao and China Life [1]

Core Insights - The partnership between Cainiao and China Life has been strengthened through the establishment of a logistics investment fund with total assets exceeding 1.7 billion RMB [1] - The fund will primarily focus on high-standard warehousing and logistics infrastructure in key cities of the Yangtze River Delta and the middle reaches of the Yangtze River [1] - The fund has attracted a diverse range of institutional investors, including Shentong Express, AIA, Zhonghong Life, and Caixin Life, in addition to Cainiao and China Life [1]