将投中网设为"星标⭐"，第一时间收获最新推送 拥抱变化，坚持不变。 作者丨 簪竹 来源丨 投中网 人民币募资市场，再度传来振奋人心的好消息。 近日，信宸资本（中信资本旗下私募股权投资业务）宣布，其新一期人民币并购基金已顺利完成关 账，规模超 45 亿元。投中网发现， 该基金规模较上一期 30 亿元大幅增长 50% 。 眼下一级市场募资端持续承压，即使 2025 年市场活跃度有所提升，整体数据仍不容乐观 —— CVSource 投中数据显示， 2025 上半年新成立基金 1966 支，同比减少 18% ，环比下降 19% ；募集规模为 10665 亿元，同比减少 32% 。 在市场持续低迷的情况下，募资规模还能实现稳定上行，足以证明 LP 对于机构的高度认可。据了 解，信宸资本此轮募资得到了来自政府引导基金、保险资金、母基金、券商及企业等多元化 LP 的 支持，其中既有信宸资本的长期合作方，也有新 LP 的参与。 过去两年，在新 " 国九条 " 、 " 并购六条 " 等一系列政策红利和产业整合升级需求攀升的双重浪 潮推动下，国内并购市场迎来"黄金窗口期"。但放眼望去，市场上新涌现的并购基金多由地方政 府、上市公 ...

Core Viewpoint - Insurance funds are accelerating their entry into the capital market through private equity funds, driven by regulatory policies and declining interest rates [1][5]. Group 1: Private Fund Establishment - The recently established Honghu Fund Phase 1 and Phase 2 are part of the third batch of long-term investment pilot funds for insurance capital, with a total scale of 225 billion yuan, equally funded by New China Life and China Life [1][2]. - Since the long-term investment reform pilot began at the end of 2023, three batches have been approved, totaling 222 billion yuan, with the first batch fully invested in the stock market [1][2]. - Major insurance companies, including China Life, Ping An, and New China Insurance, have been actively setting up private equity funds since 2025 [2][4]. Group 2: Investment Strategies and Focus - The newly established funds primarily focus on long-term equity investments, targeting companies with stable cash flows and growth potential [6][7]. - The Honghu Fund Phase 1 aims for steady dividend income through low-frequency trading and long-term holding of large-cap A+H shares [5][6]. - Sunshine Insurance's fund will invest in stocks from the CSI 300 Index and Hang Seng Index, utilizing various investment methods to enhance capital market participation [6][7]. Group 3: Market Impact and Trends - The orderly entry of insurance funds into the market is expected to enhance market depth and resilience, fostering the development of high-quality listed companies [5][6]. - The focus of these pilot funds is on companies with good fundamentals and stable dividends, reflecting a long-term investment philosophy [6][7]. - Insurance capital is increasingly concentrated in sectors such as banking, telecommunications, automotive, electronics, and pharmaceuticals, as indicated by recent investment trends [7].

Group 1 - The establishment of the first AIC chain master merger and acquisition equity investment fund, Ningbo Zhongying Xingxiang Fund, marks a new model of collaboration among five parties, including local government and industry leaders, with a total fund size of 1 billion yuan [1][2] - The fund aims to integrate resources within the automotive industry chain, focusing on high-end manufacturing and innovation through equity investments and capital operations [1][6] - The rise of Corporate Venture Capital (CVC) as a popular investment choice among Limited Partners (LPs) reflects a shift towards a "chain master + fund" model in the primary market, emphasizing the importance of chain master enterprises in driving industry growth [3][4][5] Group 2 - The current merger and acquisition trend is supported by numerous local government policies, with over 10 regions announcing initiatives to establish merger and acquisition funds [6][7] - The establishment of significant merger funds, such as the China Pacific Insurance's 30 billion yuan fund, indicates a growing focus on mergers and acquisitions as a strategic investment avenue [6][10] - The introduction of the "924 New Policy" by the China Securities Regulatory Commission encourages private equity funds to participate in mergers and acquisitions, potentially leading to a surge in such activities in the market [12][20][27] Group 3 - The increasing interest in mergers and acquisitions among investment institutions is evident, with many firms establishing dedicated merger departments to explore acquisition opportunities [23][24] - The average salary for merger managers in China can reach up to 500,000 yuan, highlighting the demand for talent in this emerging market [24][25] - The government's push to streamline the merger and acquisition process is expected to facilitate a more vibrant market for private equity involvement in corporate acquisitions [26][27]

Core Viewpoint - The article highlights significant developments in the private equity fund market in China, focusing on various government-led initiatives and new fund establishments aimed at promoting innovation and industrial upgrades across multiple sectors, particularly in technology and healthcare [5][6][8][23]. Fund Establishments - China Pacific Insurance has launched two funds totaling 50 billion RMB, focusing on state-owned enterprise reform and long-term equity asset allocation [5]. - The Cheng Tong Science and Technology Investment Fund has been established with a planned scale of 30 billion RMB, targeting hard technology sectors [6]. - A 50 billion RMB humanoid robot industry investment fund has been set up in Hubei, aimed at enhancing the local robotics industry [6]. - The Jiangsu Province has introduced a 500 billion RMB strategic emerging industry mother fund, focusing on long-term investments in high-tech sectors [11]. Government Initiatives - Guangdong Province has issued a new management method for government investment funds to enhance operational efficiency and support modern industrial systems [23]. - Fujian Province has revised its government investment fund management method to lower return ratios and adapt to long-term technology investments [24]. - Hangzhou has released a management method for a 100 billion RMB high-quality development industry fund, emphasizing market-driven operations and support for emerging technologies [8][24]. Sector Focus - Various funds are concentrating on sectors such as artificial intelligence, biomedicine, advanced manufacturing, and new materials, reflecting a strategic push towards high-tech industries [6][8][11][20]. - The establishment of funds in regions like Shenzhen and Jiangsu aims to bolster the local economy by investing in innovative startups and technology-driven enterprises [9][10][11]. Investment Strategies - Many funds are adopting a "patient capital" approach, allowing for longer investment horizons to support the growth of innovative companies [6][16]. - The focus on seed and angel investments indicates a trend towards nurturing early-stage companies in critical technology sectors [11][18]. Collaboration and Ecosystem Development - The article emphasizes the importance of collaboration between government, industry leaders, and financial institutions to create a robust investment ecosystem that supports technological innovation [6][10][11]. - Initiatives like the Tianjin Chip Fire Fund aim to integrate various resources to accelerate the commercialization of technology [14].

Core Insights - The insurance industry is experiencing a surge in the establishment of private equity funds, driven by regulatory encouragement for long-term capital investment in the market [2][4][7] - Major insurance companies like China Pacific Insurance, Ping An, and China Life are launching private funds with a focus on long-term and value investment strategies [3][5][6] Fund Establishments - China Pacific Insurance has launched two funds with a total scale of 500 billion yuan, including a 300 billion yuan private equity fund focused on state-owned enterprise reform in Shanghai [3] - Ping An has received approval to establish a private fund management company with an initial fund size of 300 billion yuan, targeting high-quality listed companies [5] - Sunshine Insurance and Taikang Asset have also initiated private funds, with Sunshine planning to invest 200 billion yuan in its fund [5][6] Regulatory Support - The regulatory framework has been supportive, with initiatives aimed at increasing the proportion and stability of insurance capital in the A-share market [7][8] - The second batch of long-term investment pilot programs for insurance funds has been approved, with a total scale of 1,120 billion yuan, including new participants [7] - The third batch of pilot programs is being accelerated, focusing on innovative investment models and expanding participation to smaller insurance companies [8] Investment Focus - The new funds are expected to concentrate on sectors such as artificial intelligence, healthcare, and advanced manufacturing, aligning with national strategic goals [3][8] - The investment strategies emphasize long-term capital and dividend value, aiming to enhance the stability and efficiency of capital market investments [5][8]

Core Viewpoint - China Pacific Insurance (CPIC) has launched two major funds totaling 500 billion yuan, aimed at supporting national strategies and enhancing financial services in the capital market [1][2]. Group 1: Fund Details - The Taibao Zhanxin M&A Private Fund has a target size of 300 billion yuan, with an initial scale of 100 billion yuan, focusing on the reform of state-owned enterprises and the development of key industries in Shanghai [1]. - The Taibao Zhiyuan No. 1 Private Securities Investment Fund aims for a target size of 200 billion yuan, responding to the call for expanding private securities investment funds by insurance institutions [1]. Group 2: Strategic Focus - CPIC emphasizes long-term capital advantages and aims to enhance the long-term equity asset allocation system, focusing on core investment strategies centered around dividend value [1]. - The company has been actively involved in supporting the development of Shanghai's three leading industries and technology enterprises, particularly in healthcare, advanced manufacturing, and artificial intelligence [2]. Group 3: Impact and Achievements - CPIC has provided insurance services to over 10,000 enterprises, with a technology investment scale exceeding 100 billion yuan, contributing to high-quality development aligned with national strategies [2]. - The company has achieved significant coverage in inclusive insurance, reaching over 200 million people, and has a green investment scale exceeding 260 billion yuan [2].

Group 1 - China Pacific Insurance (CPIC) officially launched two private equity funds with a total scale of 50 billion yuan, including the Taibao Zhanxin M&A Private Fund with a target scale of 30 billion yuan and the Taibao Zhiyuan No. 1 Private Securities Investment Fund with a target scale of 20 billion yuan [1] - The Taibao Zhanxin M&A Private Fund aims to focus on key areas of state-owned enterprise reform and modern industrial system construction in Shanghai, promoting the development of strategic emerging industries and enhancing industrial chains [1] - The Taibao Zhiyuan No. 1 Private Securities Investment Fund is designed to respond to the call for expanding long-term investment reforms in insurance funds, emphasizing a core investment strategy focused on dividend value [1] Group 2 - The establishment of the Taibao Zhanxin M&A Private Fund and the Taibao Zhiyuan No. 1 Private Securities Investment Fund is part of the ongoing long-term investment reform pilot for insurance funds, which has seen three batches of approvals, with the total amount reaching 222 billion yuan after the third batch [2] - Research institutions believe that the long-term investment pilot helps insurance companies stabilize profits and enhances equity investment, contributing to the stable operation of the capital market [2] - The trend of insurance institutions actively exploring equity investments is driven by policy support for the real economy and the declining interest rate environment, indicating a potential growth in the scale of insurance private equity funds [2]