导读： LP出资意愿加强，决策效率提升，反投比例降低…… 作者丨 FOFWEEKLY 年底又至，盘点时刻，市场已是另一番光景。 去年此刻，GP们大多还深陷悲观情绪中；而今年，在政策红利与技术突破的双轮驱动下，一级市 场正逐渐走出阴霾，"忙"成了不少投资人的年度关键词。 FOFWEEKLY近期发布的《LP全景报告2025》显示：2025年前三季度，机构LP认缴出资规模约 1.24万亿元人民币，同比增长9%；新备案基金3434只，同比上涨15.18%。 体感温度同样如此。 今年大多数机构出手节奏明显加快，募资效率也同步提升。北京一家早期投资机构合伙人曾向我们 透露，由于某一线区域政府引导基金主动推进、希望尽早出资，他们原定于明年启动的新一轮募 资，今年就已提前展开。 事实上，从年初开始，多地国资LP的决策效率就已显著提升——而其中最引人瞩目的，莫过于江 浙沪以及北京了。 LP 高频出手 今年以来，随着AI、机器人、低空经济等赛道热度攀升，一级市场投资情绪明显回暖，LP出资意 愿持续增强，尤以江浙沪及北京等一线区域尤为明显。 据《LP全景报告2025》指出：2025年，凭借国家级基金的出资，北京、上海成为出资规模最 ...

Group 1 - Hangzhou has established a "seed" fund with a total scale of 2 billion RMB, focusing on long-term investments and hard technology, with a duration of 20 years [2] - The Zhejiang Social Security Innovation Fund has officially launched with an initial scale of 500 billion RMB, targeting key industries such as artificial intelligence and biomedicine [3] - Chengdu's Future Industry Fund has signed agreements for its first batch of sub-funds, totaling 6.5 billion RMB, aimed at advancing key technology sectors [4] Group 2 - Hong Kong's Innovation and Technology Fund has begun recruiting fund managers for a 10 billion HKD fund, with a focus on life sciences and artificial intelligence [5][6] - Sichuan has launched a 100 billion RMB electronic information sub-fund, the largest in its government-guided fund system [7] - Guangdong has established an artificial intelligence and robotics investment fund with a capital of 1 billion RMB [8] Group 3 - Nanjing has initiated a 1 billion RMB artificial intelligence fund, focusing on core areas such as industrial software and cloud computing [9] - Wuhan has set up a 1 billion RMB future intelligent venture capital fund, targeting early-stage hard technology projects [10] - Sichuan's high-end energy equipment sub-fund has been established with a scale of 1.5 billion RMB, focusing on high-end industrial equipment [11] Group 4 - Zhengzhou's Tianjian Talent Fund has been registered with a total scale of 200 million RMB, focusing on early-stage hard technology [12] - The Chuchang Tongda Industrial Fund in Wuhan has completed registration with an initial scale of 14 million RMB, focusing on the health sector [13] - Anhui's Huidao Transportation Science and Technology Fund has been established with a total scale of 1 billion RMB, focusing on transportation technology [14] Group 5 - Yantai has launched a 1 billion RMB urban development mother fund, focusing on private equity investments [15] - The Yulin Science and Innovation City Investment Fund has been established with a scale of 200 million RMB, targeting strategic emerging industries [16] - Shenzhen's Hongtu Xingjian Fund has been registered with a scale of approximately 1.68 billion RMB, focusing on private equity investments [17] Group 6 - Foshan's New Momentum Industry Fund has announced its first batch of sub-funds, with a total scale of 200 billion RMB, focusing on new energy and semiconductor industries [18][19] - Zhengzhou's Angel Investment Fund has publicized its third batch of proposed sub-funds [20] - Hunan's Jin Furong Industry Guidance Fund has announced its management institution for the high-end equipment industry sub-fund [21] Group 7 - Zhengzhou's Strategic Emerging Industry Mother Fund has publicized the results of its management institution selection [22] - Nantong's Baoyuehu Science and Technology Mother Fund has been established with a total scale of 5 billion RMB, focusing on strategic emerging industries [23] - Hainan's Haicheng Innovation and Entrepreneurship Fund is seeking to establish a sub-fund focused on healthcare [24] - Nanjing is looking to establish a silicon-based micro-display industry fund and is currently selecting fund managers [25]