证券日报网讯 11月21日晚间，金溢科技发布公告称，2025年6月，公司与深圳市深担启新创业投资有限 公司（简称"深担启新"）、深圳担保集团有限公司、深圳市汇通金控基金投资有限公司及深圳市中小担 创业投资有限公司（简称"深担创投"）共同签署了《深圳市深担金溢创业投资合伙企业（有限合伙）之 合伙协议》，共同投资注册成立一家以股权投资为主要业务的有限合伙企业（简称"合伙企业"）。全体 合伙人认缴出资总额为人民币1亿元，出资方式均为货币出资，普通合伙人为深担启新，深担创投为合 伙企业的管理人（简称"基金管理人"）。公司作为有限合伙人认缴出资人民币5，000.00万元，占合伙 企业认缴出资总额的50%，该合伙企业已于2025年7月11日办理完成工商注册登记。该基金重点投向智 能网联汽车、低空经济、智能终端领域。近日，公司收到基金管理人通知，该基金已根据相关法律法规 的要求，在中国证券投资基金业协会完成私募投资基金备案手续，并取得《私募投资基金备案证明》。 （编辑 任世碧） ...

Core Viewpoint - The revised guidelines for private equity fund management aim to address issues related to "missing" or "incapacitated" fund managers, facilitating smoother transitions and protecting investors' rights [3][4]. Group 1: Regulatory Changes - The China Securities Investment Fund Industry Association has released a revised version of the "Private Investment Fund Filing Guidelines No. 3," which clarifies the standard procedures and documentation required for changing fund managers [3][4]. - The revision compresses the original 19 articles into 16, reflecting the need for adaptation to current industry realities and judicial practices [3][4]. Group 2: Key Amendments - The revised guidelines include five main changes: 1. Respect for contractual agreements with the addition of a "living will" clause 2. Simplification of resolution documents to optimize the process for investors to change fund managers 3. Clarification of the basis for processing, enhancing the connection between judicial arbitration and self-regulation 4. Focus on manager changes by removing clauses related to the establishment of liquidation groups 5. Expansion of the applicability of manager changes in response to investor demands [4][5]. Group 3: Judicial Support - The association, in collaboration with the Beijing Financial Court, has published two typical cases addressing the issue of incapacitated fund managers, providing judicial examples for fund risk resolution [5][6]. - These cases illustrate how investor meetings can authorize representatives to handle fund liquidation and legal claims, thereby confirming the legitimacy of such actions in court [5][6]. Group 4: Future Directions - The new guidelines and judicial cases reflect a coordinated effort between financial regulation and judicial enforcement, aiming to enhance the quality and transparency of the private equity fund industry [7]. - The association plans to continue strengthening financial legal cooperation under the guidance of the China Securities Regulatory Commission, promoting deeper governance within the private equity sector [7].

导读： 备案指引3号自2023年发布实施后，实操环节遇到了一些障碍和困难，基金业协会对这些情况及 时进行了跟踪和研究，并形成了有效的解决方案，通过修订备案指引3号的方式予以实施。这一 点也跟最近几年协会加强行业沟通，尊重一线实践，健全行业规范，化解存量风险的工作方式息 息相关。 作者｜汪澍 来源｜VC小乒乓的窝 2025年10月24日，基金业协会修订并发布了《私募投资基金备案指引第3号——私募投资基金变更 管理人》（以下简称"备案指引3号"），对2023年版本的备案指引3号进行了大幅的修订。 协会在《修订说明》中对本次备案指引3号的修订工作进行了详细解释，简言之可以整理为以下几 个方面的内容： 一是尊重合同约定，增加"生前预嘱"要求。过往的规则要求过于刚性，修改后充分尊重意思自治， 投资人和管理人可以在基金合同中明确约定变更管理人的表决机制和表决比例，并在表决方式上也 可以灵活选择，除现场表决以外，书面表决、通讯表决等方式均被接受。而考虑到合同自治优先原 则对合同的完备性有较高要求，因此增加了"生前预嘱"要求，在基金备案时，基金合同中应当明确 约定在管理人失能情况下，决议变更管理人等事项的具体议事方式。 二是 ...

本报记者 吴晓璐 10月28日上午，北京金融法院与中国证券投资基金业协会（以下简称"中基协"）在2025金融街论坛年会"在法治轨道上推 进金融发展的创新、变革和重塑"金融法治平行论坛上共同发布《私募投资基金备案指引——私募投资基金变更管理人（2025 年修订）》与《私募投资基金典型案例》。这是在资本市场全面深化改革、加快推进金融强国建设背景下，中基协与北京金融 法院聚焦管理人失联失能引发的行业堵点、难点问题同向发力、协同治理的重要成果。 随着私募基金行业发展，私募基金管理人优胜劣汰加速，部分机构失联失能等问题引发基金治理与清算难题，制约行业高 质量发展。 据悉，为贯彻中央金融工作会议和新"国九条"工作要求，切实保护投资者权益，维护金融市场秩序，北京金融法院与中基 协协同联动，从司法保障和自律监管方面共同研究破解失联、失能管理人引发的基金清算和治理僵局。在中国证监会的指导和 北京金融法院的支持下，中基协系统构建变更管理人的规范路径，完善投资者救济途径，完成了《私募投资基金备案指引—— 私募投资基金变更管理人》的修订。 成果充分体现了金融司法与自律监管的协同联动，是贯彻落实最高人民法院、中国证监会《关于严格公正执 ...

此次修订稿要求新设私募基金应在合同约定"生前遗嘱"条款；简化决议文件，优化投资者决议变更管理人程序；明确办理依据，畅通司法仲裁与自律衔 接；聚焦管理人变更，删除成立清算组相关条款；响应投资者诉求，扩大管理人变更适用范围。 【导读】协会发布修订后的《私募投资基金备案指引第3号——私募投资基金变更管理人》 10月24日，中国证券投资基金业协会（以下简称协会）发布修订后的《私募投资基金备案指引第3号——私募投资基金变更管理人》（以下简称《备案指 引3号》），优化私募投资基金变更管理人机制，有效化解存量风险，进一步强化投资者权益保护。 优化私募基金变更管理人机制 协会修订《备案指引3号》 关于《备案指引3号》发布的背景，协会提到，随着近年私募基金行业的快速发展，私募基金管理人优胜劣汰加速，部分机构"失联""失能"等问题引发基 金治理及清算难题，制约行业高质量发展。 目前投资者的救济方式主要有：一是选任新的基金管理人，由其接替行使基金管理职能；二是推选专业机构或者投资者代表等，由其代为行使后续基金财 产处置、分配、清算等职能。 由于私募基金特别是契约型私募基金存在对外维权主体不明、基金清算难等问题，协会于2023年9月 ...

Core Viewpoint - The company, Zhongwei Company, has announced its participation in establishing a private equity investment fund, focusing on the semiconductor and emerging strategic sectors, with a total fund size of 1.5 billion yuan [1]. Group 1: Stock Performance - As of September 22, 2025, Zhongwei Company (688012) closed at 256.6 yuan, up 1.02% from the previous trading day, with a total market capitalization of 160.669 billion yuan [1]. - The stock opened at 254.0 yuan, reached a high of 260.67 yuan, and a low of 248.53 yuan, with a trading volume of 5.616 billion yuan and a turnover rate of 3.52% [1]. Group 2: Fund Establishment Details - Zhongwei Company’s subsidiary, Zhongwei Lingang, plans to co-establish the Shanghai Zhiwei Panfeng Venture Capital Partnership (Limited Partnership) with Zhiwei Capital and others, with a fund size of 1.5 billion yuan [1]. - Zhiwei Capital will act as the fund manager and has committed 15 million yuan, while Zhongwei Lingang will contribute up to 735 million yuan [1]. - As of the announcement date, the fund has completed business registration and has been filed with the Asset Management Association of China, with a filing code of SBEN20 dated August 28, 2025 [1]. - The total committed amount reached 1.5 billion yuan after the second closing, and the first phase of contributions has been completed, totaling 600 million yuan, with Zhongwei Lingang contributing 294 million yuan [1].

Group 1 - The company has approved a proposal to participate in the establishment of an investment fund, committing up to RMB 60 million for a 20% stake in the Shanghai Delian Bojian Venture Capital Partnership (Limited Partnership) [1] - The fund has completed the private investment fund filing procedures with the Asset Management Association of China and has obtained the Private Investment Fund Filing Certificate [2][4] - The fund is classified as a limited partnership with a business scope focused on venture capital investments in unlisted companies [2] Group 2 - The fund's operational period is from August 25, 2025, to August 24, 2055, with its registered address in Shanghai [2] - The fund manager is Dazi Delian Investment Management Co., Ltd., and the custodian is Hangzhou Bank Co., Ltd. [4] - The filing date for the fund was September 17, 2025 [4]

Group 1 - The company has officially changed its name from "恒泰证券股份有限公司" to "金融街证券股份有限公司" as of September 9 [1] - Financial Street Securities, established in 1992, is a fully licensed securities company with 108 branches and 7 subsidiaries across the country [1] - The change in name reflects a shift in the ownership structure, with Financial Street Group becoming the largest shareholder after acquiring 30% of the company [1][2] Group 2 - The new controlling shareholder, Beijing Financial Street Investment Group, is expected to provide significant support through its financial resources, risk management systems, and business collaboration opportunities [2] - Financial Street Securities reported a net profit growth of 346.86% in its 2025 semi-annual report, achieving a net profit of 241 million yuan [3] - The company’s revenue reached 1.666 billion yuan, marking a year-on-year increase of 42.45%, with significant growth in various business segments [3]

Core Viewpoint - ST Huatuo (002602.SZ) has announced an investment in the Wuxi Cangqiong No.1 Private Investment Fund, aiming to expand its presence in the commercial aerospace and satellite communication sectors [1] Group 1: Investment Details - Wuxi Qiku Investment Co., Ltd., a wholly-owned subsidiary of ST Huatuo, has signed a partnership agreement to invest in the Wuxi Cangqiong No.1 Private Investment Fund [1] - The subsidiary will contribute 14 million RMB, representing 45.16% of the total investment in the fund [1] Group 2: Strategic Implications - The partnership is expected to leverage the fund's industry insights and financial advantages, broadening the company's investment scope [1] - The focus on commercial aerospace and next-generation satellite communication technology aligns with the company's goals for sustainable development and stable growth [1]

Core Viewpoint - The newly released regulations for commercial banks' agency sales business aim to clarify requirements for selling public and private fund products, enhancing investor protection and promoting industry stability [1][2]. Group 1: Regulatory Changes - The new regulations will take effect on October 1, 2025, and provide comprehensive guidelines for banks, public funds, and private funds, reducing uncertainty in the industry [1]. - Commercial banks must conduct a comprehensive evaluation of asset management products targeting private funds, requiring approval from senior management [2][3]. Group 2: Private Fund Access - The regulations set minimum thresholds for private fund management, including a total of at least 500 million yuan for private equity funds and 300 million yuan for private securities funds [2][4]. - Banks are prohibited from directly selling private fund products, but can sell products that invest in private funds under certain conditions [3][5]. Group 3: Approval Process - The approval responsibility for agency sales products lies with the bank's head office, which must authorize the range of products for its branches based on specific criteria [6][8]. - The requirement for senior management approval for products targeting private funds indicates a stricter approach to risk management [6][8]. Group 4: Investor Protection - The regulations emphasize the need for banks to design sales processes and contracts that are understandable for elderly clients and those with limited civil capacity [8]. - Banks are restricted to selling agency products through their own channels, prohibiting outsourcing or embedding sales processes in third-party platforms [9].