21世纪经济报道记者 赵娜 上海报道 国庆节前，在苏州吴江一场股权投资行业论坛的圆桌讨论环节上，来自多地的母基金管理人和创投机构 代表共同探讨"长三角母基金如何助推区域一体化高质量发展"。 圆桌主持人、上海科创基金总裁杨斌的一问，引出了一个核心议题：当长三角的产业链越织越密，母基 金该如何实现跨区域统筹与协同？ 这正呼应了母基金研究中心创始人、水木资本董事长唐劲草在大会致辞中的呼吁，大力发展兼具"大胆 资本"风险承受力与"耐心资本"长期陪伴特性的"放心资本"，通过引入长期资金、完善风控、创新退出 机制及完善对创业投资的差异化监管等方式破局。 事实上，近年来各地母基金的角色早已超越单一的出资功能，正成为创新生态的重要参与者，甚至是关 键构建者之一。谈及如何优化跨区域基金布局与返投机制，地方母基金管理人们大多认可：一体化的关 键，不在谁得分更多，而在谁的位置最合适。在他们看来，把环节放在最具比较优势的地方，并建立可 复用的利益与治理机制，才是一体化的核心。 南京市创新投资集团副总经理王正明则重点谈到了"三张地图""两种机制"与"一个导向"，其中："三张 地图"侧重于产业链、价值链与资本链在长三角跨行政区划的共同" ...

中国母基金行业资讯（ 9 . 2 7 - 1 0 . 1 0 ） 【资讯解读】 本周资讯涉及的母基金管理规模达 1 6 8 5 亿元，主要分布在 北京、上海、广东、浙江、江苏、 天津、湖南、湖北、四川、河北、山东 等地区，投资覆盖 高端装备制造、未来产业、新材料 等 。以下是内容提要和具体资讯。 【内容提要】 1 6、天津：天津 市科技局 、 市财政局关于修订《天津市天使投资引导基金管理暂行办法》的 通知 1、浙江：最高出资 7 0%，一倍返投，这支5 0亿母基金招GP 2、河北： 3 2 0亿，中金资本又设母基金了 3、北京： 5 0 0亿央企母基金来了 4、上海： 上海未来产业基金扩募至 1 5 0亿元 5、山东： 滨州创新领航创业投资母基金 成功备案 6、湖北 ： 咸宁长证高新产业投资基金 成功备案 7、广东： 东莞松山湖产业投资母基金成立 8、江苏： 江苏省战略性新兴产业专项基金 发布申报指南 9、湖南： 湖南湘江新区产业基金 招 GP 1 0、浙江： 关于公开遴选 浙江甬元财通富浙高端装备 基金 子基金管理人库的补充说明 11、浙江： 杭州市文化创意产业投资引导基金 拟出资 6家GP 1 2、四川： ...

以下文章来源于梧桐树资本 ，作者佰仁荟 本届佰仁荟以 "百湖联长江，资本汇江城——母基金驱动下的产业新格局" 为主题，首次让"产业"站上C位，深度探讨如何以母基金为纽带，撬动产 业升级，构筑区域经济发展的新引擎。 大会将继续秉持"非商业、不盈利，无媒体、不报道，无邀请、不参会"的办会原则，旨在为同业提供一个闭门、私密、高端、高效的沟通平台。 第五届「母基金·佰仁荟」由武汉市投促局、武汉市政府驻北京办事处主办，武汉长江新区管理委员会、江夏区人民政府、梧桐树资本承办，武汉市 委金融办协办，同时获得了兴业银行、母基金周刊、执中及LP投顾的鼎力支持。 梧桐树资本 . 梧桐树资本是一家平台型、综合性的私募股权投资机构。专注于投资硬科技、半导体、新能源新材料和医疗健康等战略新兴产业，包括母基金、风险投资 和并购基金（PE基金）三大业务板块，公司于2013年在北京成立。 2025年10月22-23日，中国母基金行业年度盛会——第五届「母基金·佰仁荟」将正式启幕"江城"武汉。 这一次，我们不谈"募资难"，只谈"产业兴"； 这一次，让母基金真正成为产业生态的"超级接口"。 感受中部崛起战略脉搏，抢占政策与市场先机 随着国家"中 ...

天眼查 显示，近日，中金河钢（河北）发展股权投资基金合伙企业（有限合伙）成立，执行事 务合伙人为中金资本运营有限公司， 出资额 3 2 0亿人民币 ，经营范围包括创业投资，以私募 基金从事股权投资、投资管理、资产管理等活动。合伙人信息显示，该基金由河钢集团有限公 司、河钢集团投资控股有限公司、中金资本运营有限公司共同出资。 | 企业名称 | 中金河钢(河北)发展股权投资基金合伙企业 (有限合伙) | | | | --- | --- | --- | --- | | 执行事务合伙人 | 0 中金资本运营有限公司 空港電影 | 登记状态 2 | 存续 | | | | 成立日期 | 2025-09-30 | | 统一社会信用代码 2 | 91130108MAG0AJT31Y | 出盗题 | 3200000万人民币 | | 工商注册号 | 130108200128288 | 纳税人识别号 2 | 91130108MAG0AJT31Y | | 营业期限 | 2025-09-30 至 无固定期限 | 纳税人资质 | | | 作者 | 有限合伙企业 | 行业 | 咨本市场服务 | | 参保人数 | | 英文名称 | | | ...

Core Insights - The total management scale of the mother fund industry in China reached 549.33 billion yuan, primarily distributed across regions such as Hong Kong, Guangdong, Zhejiang, Jiangsu, Henan, Fujian, Sichuan, Hainan, Jilin, and Shanxi, focusing on investments in biomedicine, technological innovation, and future industries [2]. Group 1: Hong Kong Developments - Hong Kong's Chief Executive announced the establishment of a "Innovation and Technology Industry Guidance Fund" set to launch in the 2026-2027 fiscal year, aimed at guiding market investments in strategic emerging and future industries [6]. Group 2: Zhejiang Initiatives - Zhejiang Province has released a draft for the management of provincial government investment funds, seeking public feedback to enhance the management system [7]. - The Zhejiang Provincial Science and Technology Innovation Mother Fund Phase IV and the Future Industry Science and Technology Fund are set to be established within the year, contributing to a total of 110 billion yuan across three phases of the mother fund system [10]. Group 3: Jiangsu Investments - The Nanjing Aerospace Mother Fund plans to invest in the Nanjing Tianqi Low-altitude Economy Investment Fund, which has a target scale of 303 million yuan, focusing on low-altitude economy and aerospace-related industries [12]. Group 4: Guangdong Fundraising - Guangdong's Nankong No.1 Industry Investment Fund is actively recruiting general partners (GPs) to support industrial transformation and strategic emerging industry clusters in Foshan [13]. - The Guangzhou Industrial and Information Development Fund is also seeking GPs to promote high-quality development in the city's industrial and information sectors [14]. Group 5: Henan and Fujian Initiatives - Zhengzhou's Angel Investment Fund, with a scale of 1 billion yuan, is open for GP selection to enhance the innovation and entrepreneurship ecosystem [17]. - The Xiamen Huli Science and Technology Industry Promotion Fund aims to raise 500 million yuan, with an initial phase of 200 million yuan, to support technological innovation [18]. Group 6: Sichuan and Hainan Developments - The Chengdu Future Industry Investment Fund has been established with a capital of 4 billion yuan, focusing on private equity investments and asset management [20]. - Hainan's Lingao Industry Sub-Fund is being set up to support industrial development in the Lingao Gold Port Development Zone, with a target scale of 330 million yuan [23]. Group 7: Jilin and Shanxi Initiatives - The Changchun Revitalization Industry Development Venture Capital Guidance Fund is set to invest in various sub-funds, with public announcements regarding potential investments [26]. - Shanxi's Angel Investment Fund aims to raise at least 2 billion yuan, focusing on early-stage technology companies in advanced manufacturing and renewable energy sectors [28].

Core Viewpoint - The current state of China's primary market is at a critical juncture of confidence rebuilding and paradigm reshaping, necessitating investment institutions to reassess their positioning and value [3][27]. Group 1: Confidence Sources - There is a clear consensus among LPs and GPs that confidence stems from a profound understanding of industry rules, a clear recognition of capital attributes, and the continuous construction of cross-cycle capabilities [6][27]. - The market still has ample funds, but they will only flow to those managers with clear strategies and excellent performance [5][27]. Group 2: Investment Strategies - Insurance capital is characterized as "patient capital," and the key to confidently investing in equity lies in defining investment strategies that align with capital attributes [9]. - Investment strategies include focusing on hard technology, collaborating with industry leaders, and investing in stable cash flow opportunities [9][10]. - The emphasis is shifting towards "hard technology" as a primary investment focus, with a willingness to invest in any sector that aligns with local industry collaboration [11]. Group 3: Cross-Regional and Technological Insights - Institutions with sufficient recognition and confidence do not experience "mismatches" in industry and capital [13]. - A global layout allows for early detection of trends, as seen in investments in nuclear fusion technology [14]. - The semiconductor industry is highlighted as a sector with a long-term upward trend, despite cyclical fluctuations [16]. Group 4: Exit Strategies and Liquidity - Long-term capital supply is essential for the healthy development of the industry, with a focus on industry-specific funds and CVCs [18]. - The exit landscape is evolving, with S-funds expected to play a significant role in the future, as the stock market struggles to provide sufficient exit channels [19][21]. - The current market structure shows that over 85% of LP funds come from government sources, indicating an imbalance that needs to be addressed [19]. Group 5: Market Dynamics and Future Outlook - The market is not short of funds, but the willingness of capital to enter the equity market is influenced by past experiences with arbitrage-focused institutions [23]. - The recovery of the A-share market and the normalization of IPOs are expected to alleviate fundraising pressures in the primary market [24]. - The consensus is that confidence is derived from deep industry understanding, global resource integration, and long-term capital alignment [25][27].

Group 1 - The article emphasizes the role of mother funds as a crucial force in promoting technological innovation and the development of new productive forces, with many regions establishing large-scale comprehensive mother funds to create a matrix of "fund clusters" [2] - Suzhou has developed a unique "Suzhou model" for mother funds and venture capital, providing a complete set of government investment fund combinations that cater to different stages of enterprise development, from angel investments to growth and maturity stages [2] - The upcoming "2025 China Mother Fund Conference" aims to gather over 200 representatives from mainstream domestic mother funds and top investment institutions to explore industry development trends, innovative models, and investment opportunities [3] Group 2 - The conference will feature leading figures from the mother fund sector, well-known direct investment fund representatives, and industry experts to discuss the integration of capital with the real economy and promote high-quality economic development in the Yangtze River Delta and nationwide [3] - The event is organized by the Mother Fund Research Center and hosted by Suzhou Wujiang Oriental State-owned Capital Investment and Operation Co., Ltd., highlighting the importance of collaboration in the mother fund industry [3]

Core Viewpoint - The 2025 Sixth China Mother Fund Summit highlighted the significant role of mother funds in driving innovation and industrial development in China, particularly through the experiences shared by Suzhou Innovation Investment Group [1][2][11]. Group 1: Event Overview - The summit took place from August 30 to 31, 2025, in Beijing, organized by the Mother Fund Research Center with over 300 representatives from government, industry associations, and investment institutions [1]. - The event served as a platform for discussing the development of mother funds and their impact on the economy [2]. Group 2: Suzhou's Investment Landscape - Suzhou has established itself as a hub for private equity, with over 3,000 registered private funds and a management scale of 1.2 trillion yuan [4]. - The city has seen significant growth in its economic indicators, ranking sixth in GDP and second in industrial output in 2024, with new funds raising over 600 billion yuan [5]. Group 3: Suzhou Innovation Investment Group's Role - Suzhou Innovation Investment Group has focused on high-quality development and technological innovation, creating a comprehensive support system for projects throughout their lifecycle [6]. - The group has achieved substantial growth in direct investments and mother fund operations, with expectations to complete 150 direct investment projects in 2025 [7]. Group 4: Strategic Investment Approaches - The group emphasizes three key strategies: early-stage investment to cultivate innovation ecosystems, strategic sector investments to bolster market confidence, and building an ecological network to address industrial pain points [8][9][10]. - The establishment of the Suzhou Angel Mother Fund in 2020 marked a significant step in early-stage investment, with 65 sub-funds raising approximately 17 billion yuan [8]. Group 5: Future Directions - The group aims to continue supporting strategic emerging industries and key sectors, aligning with national development strategies to enhance the innovation ecosystem [11][12]. - The focus will be on leveraging capital to connect current investments with future outputs, fostering a sustainable growth environment for technological advancements [11].

Group 1 - The company Shandong Guoxin (01697) announced the conditional sale of fund shares to Lushin Chuangtou and Shandong High-tech, with total consideration amounting to RMB 166 million and RMB 37.1588 million respectively, resulting in a total expected proceeds of RMB 204 million [1] - The net proceeds from the fund share transfer, after deducting relevant transaction costs and taxes, are expected to be approximately RMB 196 million, which will be used to supplement the company's operating capital and optimize financial and regulatory indicators [1] - The fund share transfer is part of the company's key stage of deepening reform and promoting business transformation, effectively converting existing equity assets into cash, thereby improving overall financial status and optimizing asset structure [1] Group 2 - Following the fund share transfer, the company will effectively complete the rectification requirements as mandated by the China Banking and Insurance Regulatory Commission, aligning its inherent asset investment direction with regulatory guidance [2] - The company will further focus on the development of its trust main business and accelerate its return to core operations [2]

Core Viewpoint - Recent audit reports from various provinces highlight issues in government investment funds, including lack of clear direction, idle funds, and insufficient performance management, while also acknowledging their role in promoting economic and social development [1][2][3]. Group 1: Audit Findings - Multiple provinces reported that government investment funds have been poorly managed, with funds remaining idle and lacking clear investment targets [1][2]. - In Hebei, a specific fund of 500 million yuan established for technology transformation has not been utilized effectively, remaining idle as of the end of 2024 [1]. - Hubei's audit revealed that 14 funds totaling 2.885 billion yuan have been idle due to procedural issues, and 12 funds failed to align with provincial development goals [2]. Group 2: Policy Developments - The State Council issued a guiding document on January 7, 2025, aimed at standardizing the establishment, fundraising, operation, and exit strategies of government investment funds, marking a significant regulatory advancement [3][4]. - The document encourages the use of mother-fund structures for venture capital funds and proposes adjustments to government funding ratios and performance evaluation periods, particularly benefiting long-cycle sectors like hard technology [3][4]. Group 3: Future Directions - The guiding document emphasizes the need for government investment funds to align with national productivity and avoid investing in structurally problematic industries, shifting focus from attracting external projects to nurturing local industries [5][6]. - The document also promotes the development of private equity secondary market funds and acquisition funds to enhance exit strategies for government investment funds [5][6]. - As of June 30, 2025, there are 460 mother funds in China, with 338 being government-guided funds, collectively managing approximately 299.73 billion yuan [6]. Group 4: Upcoming Events - The 29th World Investment Conference and the 8th Sharjah Investment Forum will take place from October 21 to 23, 2025, focusing on emerging industry development and foreign investment collaboration [7][10].