2025年，中国创投业走出了持续两年的低谷，以"募投管退"全链条回暖的态势重拾向上动能。 这一年，资金端与项目端亮点频出，市场暖意渐浓叠加政策精准发力，退出端的向好预期持续升温，投 资人的体感愈发向好、信心稳步提振、布局节奏也明显加快。年终岁末，创投人依旧马不停蹄的身影， 预示着新一年行业的满血回归，在新一轮技术变革的浪潮与政策红利的持续释放下，中国创投业这一驱 动创新的巨大齿轮，正再度加速转动，奔赴新程。2026年即将来临之际，本报携手证券时报·全国创投 协会联盟各成员单位，共同评选出创投行业十大新闻，以飨读者。 国办一号文重磅发布，配套细则落地护航 1月7日，国务院办公厅印发《关于促进政府投资基金高质量发展的指导意见》，明确从严控新设基金、 优化出资比例及返投政策等关键方向，推动政府投资基金实现从规模扩张向质量提升的战略转型。为切 实落实该文件精神，今年7月，国家发改委面向社会公开征求《政府投资基金布局规划和投向工作指 引》与《加强政府投资基金投向指导评价管理办法》意见：前者聚焦基金投资方向与核心目的，作出系 统性规范与引导；后者构建科学全面的评价指标体系，并明确评价结果应用路径，为全国政府投资基金 形成 ...

以下文章来源于商业弧光 ，作者李佳琪 当一个投资人去打碟 出品｜虎嗅商业消费组 作者｜李佳琪 编辑｜苗正卿 头图｜青山资本 商业弧光 . 听风者，捕光人，最准点的商业节拍 11月中旬，在位于北京三元桥某写字楼的青山资本办公区，虎嗅见到了创始人张野。 几周前，他刚从国际知名音乐节Untold演出回来。但眼前这位身着基础款黑色T恤和休闲裤的男士，看起来 似乎更像一位技术极客亦或大学青年教师，而非舞台上光芒四射的DJ。 "上台前和上台后都是无感状态，"张野告诉虎嗅。他说这话时语气平静，"我不知道为什么，在那么刺激喧 闹的场域里，就是没有任何生理学上的紧张。" 2025 年全球百大 DJ 榜单公布时，创投圈流传着一个荒诞又合理的八卦：排名 108 位、成为该榜单最高排 位华人的 "电子音乐人ZHANGYE"，竟是青山资本创始人张野。 张野的生活似乎是"割裂"的。左手在莫斯科柴可夫斯基音乐学院的殿堂里斩获国际作曲大奖，右手在创投 圈以 1200% 的 DPI（投入资本分红率）创下投资神话。既能在录音棚里调试合成器到凌晨，也能在项目会 上用两分钟拍板千万级投资。 "别人总问我音乐和投资怎么平衡，其实它们从来不是对立项。" ...

Core Viewpoint - The expectation for a December interest rate cut by the Federal Reserve has significantly diminished, leading to challenges in adjusting investment strategies for dollar-denominated assets as global markets face potential yield shrinkage [2][3][4]. Economic Data Impact - The U.S. Labor Department announced a delay in the release of the November employment report to December 16, which will include some October data, causing the market to largely abandon bets on a December rate cut [2][4]. - The adjusted non-farm payroll data for September showed an increase of 119,000 jobs, far exceeding the expected 50,000, with the unemployment rate remaining stable at 4.3%-4.4% [2]. Market Reactions - Following the announcement of the employment data delay, the yield on U.S. Treasury bonds rose across various maturities, with the 2-year yield increasing by 2.95 basis points to 3.591%, and the 10-year yield rising by 2.52 basis points to 4.137% [4]. - U.S. stock markets experienced declines, with the Dow Jones Industrial Average falling by 386.51 points (0.84%) to 45,752.26, and the S&P 500 dropping by 103.4 points (1.56%) to 6,538.76 [5]. Currency Trends - The offshore RMB/USD exchange rate reached a high of approximately 7.09 on November 14, contributing to the stability of dollar deposits in the offshore interbank market [2][5]. - Analysts predict that the RMB will maintain a strong position against the dollar, with potential fluctuations influenced by various factors, including central bank policies [6][7]. Investment Strategies - The delay in the Fed's rate cut and the strong RMB are expected to have significant effects on the liquidity of dollar-denominated assets, particularly impacting dollar deposits and investments in U.S. stocks and bonds [8]. - There is a growing trend of investment in Hong Kong stocks, with a notable increase in IPO financing, which has reached 250.5 billion HKD, a 172.44% increase compared to the previous year [10]. Emerging Market Outlook - Analysts suggest that the current strong dollar may represent a temporary rebound within a longer-term weak dollar trend, encouraging investors to consider emerging market assets as a favorable entry point [11].

Core Insights - The resurgence of USD funds in China is driven by policy incentives and continuous technological innovations, particularly in the AI sector, which presents a significant opportunity for global capital [1] Group 1: Fundraising Activity - November has seen a concentrated surge in USD fund fundraising, with notable announcements including Monolith's dual-currency fund totaling $488 million (approximately 3.5 billion RMB) and Source Code Capital's new growth fund of $600 million [2] - Blue Pool Capital is reportedly raising $750 million (approximately 5.3 billion RMB) for its first direct private equity fund, focusing on global consumer, finance, and technology sectors [2] - Kwan Bridge Capital announced the completion of its second USD fund with a total size of $500 million, aimed at supporting medical innovation and sustainable growth globally [2] Group 2: Foreign Investment Institutions - Foreign institutions are accelerating their presence in China, with notable examples including Kasikorn Bank establishing a wholly-owned subsidiary for private equity investments and KKR launching a domestic private investment entity [3] Group 3: Focus on AI Sector - Both Monolith and Source Code Capital have identified AI as a core investment focus, with Source Code Capital targeting "AI+" related fields and Monolith covering the entire AI industry chain [4] - Monolith's new funds experienced oversubscription, achieving approximately 160% of their initial target with total subscriptions around $630 million, although they opted to reduce the final fundraising size to $488 million [4] - Source Code Capital has introduced an unconventional 25-year fund lifespan, reflecting LPs' long-term confidence in the Chinese market [5] Group 4: Market Dynamics and Valuation - The current fundraising wave is indicative of a market recovery, with global capital increasingly optimistic about Chinese tech assets, especially in AI [6] - There exists a significant valuation disparity between Chinese and U.S. AI companies, with Chinese firms like Yushu Technology valued at around 10 billion RMB compared to U.S. counterparts at approximately $39 billion (around 280 billion RMB) [6] - The number of financing events in China's AI sector has increased significantly, with 163 events reported in August 2025, up by 66 from the previous year [6] Group 5: Competitive Landscape - The competition in the global AI sector is primarily between China and the U.S., with China holding unique advantages in application fields and a wealth of entrepreneurial talent [7] - Family offices and other financial return-focused investors view allocation to the Chinese market as essential, particularly in consumer and emerging market sectors [7] - The ongoing recognition of Chinese tech assets by global capital, coupled with the continuous evolution of the AI industry, suggests that the USD fundraising trend in China's private equity market is likely to persist [7]

Core Insights - The resurgence of dollar funds in China is attributed to policy benefits and continuous technological innovations, particularly in the AI sector, which is seen as a significant investment opportunity for global capital [1][7]. Fundraising Activity - November has seen a concentrated wave of fundraising for dollar funds, with notable announcements including Monolith's dual-currency fund totaling $488 million (approximately 3.5 billion RMB) and Source Code Capital's new growth fund of $600 million [2]. - Blue Pool Capital is reportedly raising $750 million (approximately 5.3 billion RMB) for its first direct private equity fund, focusing on global consumer, financial, and technology sectors [2]. - Kwan Bridge Capital announced the completion of its $500 million dollar fund aimed at healthcare innovation [2]. Foreign Investment Trends - Foreign institutions are accelerating their investments in China, with notable examples including Kasikorn Bank establishing a wholly-owned subsidiary for private equity investments and KKR launching a domestic private equity entity [3]. Focus on AI Sector - Both Monolith and Source Code Capital have identified AI as a core investment area, with Source Code focusing on "AI+" sectors and Monolith covering the entire AI industry chain [4]. - Monolith's new fund experienced oversubscription, achieving around 160% of its initial target, but chose to reduce the final fundraising amount to $488 million to maintain investment discipline [4]. Fund Duration and Investor Confidence - Source Code Capital's new fund features an unconventional 25-year lifespan, reflecting long-term confidence from limited partners (LPs) in the Chinese market [5]. - Monolith's investor base includes long-term funds from Europe, the Middle East, and Southeast Asia, providing a stable funding source [6]. Global Capital Dynamics - The renewed interest in Chinese assets, particularly in AI, is seen as a response to the undervaluation of these assets compared to similar ones in the U.S., with significant valuation discrepancies noted [7]. - The number of financing events in China's AI sector increased by 66 compared to the previous year, indicating a more selective investment approach despite a decrease in total financing amounts [7]. Competitive Landscape - The competition in the global AI sector is primarily between China and the U.S., with China having unique advantages in application fields and a wealth of entrepreneurial talent [8]. - Family offices and other financial return-focused investors are increasingly interested in Chinese markets, particularly in consumer and emerging market sectors [8].

Core Insights - The primary focus of the article is the resurgence of dollar funds in the primary market, indicating a renewed confidence among investors in China's market [2][3][4]. Group 1: Market Dynamics - A notable fundraising wave has emerged in the primary market, with several institutions announcing successful fundraising rounds, particularly for dollar funds [3][4]. - The dollar fund sector is experiencing a revival, with significant changes in recruitment trends, particularly for Investor Relations (IR) positions, signaling a potential increase in fundraising activities [6][7]. - Many institutions that previously focused on RMB funds are now expanding into overseas markets, particularly in Southeast Asia and the Middle East, by adding dollar IR positions [7]. Group 2: Investor Sentiment - There is a marked increase in engagement from foreign Limited Partners (LPs), with many foreign family offices conducting intensive research trips to China, indicating a renewed recognition of China's technological innovation and asset value [7][8]. - Recent fundraising successes by firms like Monolith Capital and Source Code Capital have bolstered market confidence [7][8]. Group 3: Strategic Opportunities - Blue Pool Capital, backed by Alibaba's co-founder, is launching its first direct private equity fund with a target of $750 million, focusing on global investments, including in China [8]. - The shift in foreign investment sentiment is attributed to ongoing policy benefits and significant breakthroughs in domestic technology, leading to a recovery in market confidence [10][15]. Group 4: Regional Initiatives - Shenzhen has introduced a comprehensive plan to attract overseas sovereign funds, aiming to enhance cross-border capital cooperation and support local industries [11][12]. - The Shanghai Stock Exchange is also focusing on expanding institutional openness and cross-border investment channels, encouraging long-term value investments rather than short-term trading [12]. Group 5: Asset Valuation - The article emphasizes the re-evaluation of Chinese assets, particularly in competitive sectors like manufacturing and the vast consumer market, which are seen as undervalued [13]. - The global competitive landscape is shifting, with Chinese entrepreneurs and tech companies gaining parity with their U.S. counterparts, leading to increased foreign interest in China's innovation capabilities [13][15].

Core Viewpoint - The current exchange rate between the US dollar and the Chinese yuan shows slight fluctuations, with the central parity at 7.0928 and market rates at 7.1230 for onshore and 7.1253 for offshore, indicating a stable yet slightly stronger yuan [1][2][4]. Exchange Rate Dynamics - The central parity rate set by the central bank reflects a reasonable level for the yuan, with a small decrease suggesting a slight strengthening of the currency [2][4]. - The onshore market rate remains stable, while the offshore rate shows a minor premium, indicating confidence in the yuan from international markets [2][4]. Economic Fundamentals - The resilience of the yuan is attributed to strong domestic economic fundamentals, including stable manufacturing and recovering consumer demand, alongside a more accommodative monetary policy from the Federal Reserve [4][8]. - The narrowing price gap between onshore and offshore rates suggests that foreign capital is not fleeing but rather observing the market with a degree of optimism [4][8]. Practical Tips for Currency Exchange - For individuals looking to exchange currency, it is advisable to monitor rates closely, especially one week prior to travel, to avoid significant fluctuations [6][8]. - Utilizing platforms that allow for real-time exchange rate monitoring can help consumers save on costs when purchasing imported goods or investing in dollar-denominated assets [6][8]. Long-term Outlook - The exchange rate is expected to experience short-term fluctuations, but the long-term outlook for the yuan remains positive due to stable domestic policies and strong export competitiveness [8]. - Individuals are encouraged to enhance their financial literacy regarding exchange rates to better navigate currency fluctuations and optimize their spending [8].

Core Viewpoint - The article discusses the resurgence of USD funds in 2025, highlighting a significant fundraising round exceeding $2 billion, which is seen as a potential turning point for USD investments in China after a prolonged period of stagnation [5][6][14]. Fundraising Dynamics - Several institutions, including Lightspeed Venture Partners and Black Ant Capital, are reportedly raising new USD funds, with a total target exceeding $2 billion, marking the largest USD fund return in recent years [6][14]. - The primary market views this fundraising positively, interpreting it as a sign of global capital reassessing the Chinese market [7][14]. - The fundraising process is described as low-key, with key details such as closing times and LP composition remaining undisclosed [9]. Investment Trends - Despite caution in sectors like semiconductors and AI, areas such as AI+, robotics, and pharmaceuticals are emerging as key investment directions for this fundraising round [11]. - International investors are increasingly interested in China's advancements in hard technology, with a consensus that the pharmaceutical sector has become attractive due to valuation adjustments [11][12]. - There is a shift in the expectations of US LPs, who are now looking for Chinese GP to establish funds focused on pipeline acquisitions rather than traditional equity financing [11][12]. Market Context - The overall fundraising situation for USD funds remains challenging, with a reported 32% decrease in China's private equity market fundraising, totaling over 1,066.5 billion yuan [14]. - The actions of leading USD fund institutions are viewed as a potential precursor to a broader recovery in the market [14][15]. Structural Changes - The article outlines a structural transformation in USD funds, moving from a focus on internet-based investments to deeper engagement in non-sensitive sectors and innovative opportunities [18]. - The shift in investment strategy is reflected in the language used by fund managers, moving away from terms like "burning money" to concepts like "patent licensing" and "cross-cultural networks" [18]. Historical Perspective - The peak expansion period for USD funds in China was from 2000 to 2015, driven by regulatory arbitrage and significant returns from investments in major tech companies [17]. - The decline from 2015 to 2023 was attributed to the rise of RMB funds and external market pressures, leading to a drastic drop in USD fundraising from $17.2 billion in 2021 to $1.3 billion in 2024 [17]. Future Outlook - While the current fundraising activities are seen as a trial, the long-term outlook for USD funds in China is cautiously optimistic, with expectations of increased influence and scale in the coming years [16][18].