"超级国家队"正式迈入实质性运作阶段。 作者丨黄蓉 开年以来，一级市场喜讯不断。从募资到退出，市场暖意不断在蔓延。 近期，又一重磅消息传来：备受瞩目的国家创业引导基金迎新进展，区域基金迎来增资，险资作为 LP出资。 险资入局 2026年2月28日，京津冀创业投资引导基金工商信息悄然完成变更，注册资本从 296.46 亿元一举 增至 500 亿元。值得关注的是，本次增资引入了新一类关键力量——保险资金。新华保险、中汇 人寿、中再寿险三家险资正式入局，成为首批投资国家创投引导基金区域基金的险资机构。 据悉，京津冀区域基金由中投公司下属中金资本牵头管理。而这三家险资均属于中投生态圈，天然 具备协同优势，堪称"近水楼台"。与增资同步，京津冀基金的执行事务合伙人，也从中金资本变更 为国创中金（北京）运营管理有限公司。 作为国家创业投资引导基金三大区域基金之一，京津冀区域基金于2025年12月22日成立。彼时， 国家发展改革委在专题新闻发布会上就已明确表示，京津冀区域基金将充分调动中央金融企业的积 极性，做好"科技金融"大文章，银行、保险、证券也将重点参与。 此次增资动作，完成了这一兑现时刻。新华保险公开表示，积极赋能新 ...

开年的创投圈，好消息接连不断，从募资端到退出端，暖意正在持续蔓延。 今天（26日），又一振奋消息来了，510亿央企母基金基金出手了，为市场带来耐心活水。 510亿巨舰启航 2月26日，国新基金公开发布央企战略性新兴产业发展基金有限责任公司（以下简称"战新基金"）子基 金管理机构遴选公告。 公告中指出，为深入贯彻党的二十大、二十届历次全会精神，认真落实国务院国资委关于发展战略性新 兴产业和未来产业相关工作要求，大力推动战略性新兴产业和未来产业发展提质增效，加大力度投早、 投小、投长期、投硬科技，服务构建高水平创新生态，根据基金管理人工作安排，现面向社会公开遴选 央企战略性新兴产业发展基金有限责任公司（以下简称战新基金）子基金管理机构。 把视野拉宽一些就会发现，过去一年至今，以央企、国家队、社保基金为代表的"耐心资本"，正呈现出 前所未有的活跃度。 2025年5月，由国务院国资委指导、中国诚通牵头组建的诚通科创投资基金在北京完成工商登记。这只 规划总规模300亿元、首期100亿元的基金，由中国诚通联合中国石化、中国航油及海淀区政府共同设 立，重点布局新材料、先进制造、新一代信息技术三大核心领域。基金期限同样设计为 ...

导读： 开年的创投圈，振奋消息接连不断。 据悉，战新基金拟投资的子基金包括新发起设立的基金和已设立并进行后续募集的基金等，同时， 遴选工作不设申报截止日期，按照"成熟一只，投资一只"原则开展子基金投资工作。 换言之，常态化出资中。 据此前消息，该母基金是由国务院国资委发起，委托中国国新设立和管理，基金于2025年10月29 日在北京启动，首期规模510亿， 其中中国国新拟出资约150亿元。该基金投资期为5年，管理和 退出期为8年，其中投资期最多可延长2年，合计15年，将助力战略性新兴产业加速发展。 作为国务院国资委推动中央企业战略性新兴产业加快发展的专项基金，将支持国资央企补齐产业短 板弱项、布局前沿创新，进一步增强核心功能、提升核心竞争力。将重点支持人工智能、航空航 天、高端装备、量子科技等战略性新兴产业以及未来能源、未来信息、未来制造等未来产业重点领 域。 作者丨FOFWEEKLY 开年的创投圈，好消息接连不断， 从募资端到退出端，暖意正在持续蔓延。 今天，又一振奋消息来了，510亿央企母基金 基金出手了，为市场带来耐心活水。 510亿巨舰启航 2月26日，国新基金公开发布央企战略性新兴产业发展基金有限责 ...

Core Insights - The total management scale of the mother fund industry in China reached 122.7 billion yuan, with investments covering sectors such as aerospace, biomedicine, and advanced manufacturing [1]. Fund Manager Recruitment - Zhejiang: The Zhejiang Provincial Science and Technology Special M&A Mother Fund is recruiting GP [2]. - Jiangsu: The Taizhou Jintai Run City Industrial Fund is recruiting GP [2]. - Guangdong: The Guangzhou Science and Technology Innovation Fund is recruiting GP [2]. - Gansu: The Jiuquan Aerospace Industry Investment Fund is recruiting GP [2]. - Chongqing: The Chongqing Pengshui Industrial Investment Fund is selecting GP [2]. - Fujian: The 200 billion yuan Fujian (Xiamen) Social Security Science and Technology Innovation Fund has officially launched [2]. - Jiangsu: The 100 billion yuan Chengtong Science and Technology Jiangsu Fund has been established [2]. - Beijing: Shengshi Investment has over-recruited to establish the first domestic S Fund for restructuring [2]. - Sichuan: The Neijiang Mother Fund has officially started operations [2]. - Shandong: The Laoshan Science and Technology Industry Mother Fund has been established [2]. - Sichuan: The Shudao High-tech Co-creation Fund has been officially established [2]. - Jiangsu: The Suining County Industrial Mother Fund has completed filing [2]. - Jiangsu: The second phase of the Suzhou Wujiang District Talent Special Fund has been registered [3]. - Jiangsu: The Xinyi Industrial Mother Fund has completed filing [3]. Mother Fund Policies - Shandong: The "Shandong Provincial Government Investment Management Measures" has been released [3]. - Zhejiang: New policies for the Ningbo Strategic Emerging Industry Investment Fund have been introduced [3]. - Zhejiang: The investment fund management measures for the Rui'an government (state-owned enterprises) have been published [3]. - Zhejiang: Zhejiang has issued a compliance exemption list for industrial fund investment due diligence [3]. Other Developments - Guangdong: The Hengqin Guidance Fund has expanded to 30 billion yuan [3]. - Hainan: The Hainan Free Trade Port Construction Fund has increased by 10 billion yuan [3]. - Jiangsu: The Wuxi Huikai Xichuang New Medical Health Industry Investment Fund has been established [3].

Core Insights - The establishment of the Chengtong Science and Technology Innovation Fund in Jiangsu, with a total scale of 10 billion yuan, marks a significant step in injecting "patient capital" into the recovering venture capital industry [2][3] - The fund aims to support technological innovation and industrial development, focusing on early-stage investments in hard technology sectors [2][3] - The venture capital industry is showing signs of recovery, with increased fundraising, investment activities, and improved exit channels [4][5] Fund Establishment - The Chengtong Science and Technology Innovation Fund in Jiangsu was officially registered, following the establishment of a similar fund in Beijing [2][3] - The fund is part of a broader initiative by the State-owned Assets Supervision and Administration Commission to promote high-quality development of central enterprise venture capital funds [2][3] - The fund will collaborate with the previously established 10 billion yuan Chengtong Science and Technology Innovation Fund in Beijing to create a "mother fund + direct investment fund" synergy [3] Market Recovery - The venture capital industry is gradually recovering after a period of adjustment, with positive changes observed in fundraising, investment, and exit activities [4] - In November 2025, the fundraising activity of institutional LPs showed a positive trend, with a 14.7% month-on-month increase and a 31.8% year-on-year increase [4] - The number of newly registered private equity and venture capital funds in November reached 404, marking a 2.5% month-on-month increase and a 29.5% year-on-year increase [4] Investment Activity - In 2025, there were 6,462 financing events in the domestic primary market, representing a 7.25% year-on-year increase, marking the first rebound in four years [5] - The number of Chinese companies listed domestically and internationally reached 247, with a 26.7% year-on-year increase, and the total financing amount was approximately 326.63 billion yuan, a 126.4% increase [5] Long-term Capital Trends - Many government-guided funds are innovating mechanisms to reshape the "long money" ecosystem, with some funds having a lifespan of 15 to 20 years [5] - The decision-making speed of state-owned LPs has improved significantly, with a trend towards cross-regional and cross-level joint investments becoming mainstream [5] Future Outlook - The next few years are expected to be a critical window for national-level fund investments, potentially addressing 20% to 30% of the market funding gap [6] - The venture capital ecosystem is anticipated to enter a healthier and more sustainable development phase, supported by ongoing policy benefits and the return of market-oriented LPs [7]

Core Viewpoint - The article highlights the recovery of the primary market, driven by significant capital inflows and supportive policies, particularly in the venture capital sector [2][3]. Group 1: New Capital Inflows - The establishment of the Chengtong Science and Technology Innovation Jiangsu Fund, with a total scale of 10 billion yuan, marks a significant addition to the market, following the Beijing fund [5]. - The fund aims to support technological innovation and industrial development, focusing on early-stage investments in hard technology sectors [6]. - The Chengtong Science and Technology Innovation Fund (Beijing) has already set a precedent, with a total scale of 30 billion yuan planned for a central enterprise venture capital fund by the end of 2024 [5][6]. Group 2: Market Recovery Indicators - The venture capital industry is showing signs of recovery, with a notable increase in fundraising, investments, and exits across various segments [8]. - In November 2025, the activity level of institutional LPs increased by 14.7% month-on-month and 31.8% year-on-year, indicating a positive trend in fundraising [8]. - The number of new private equity and venture capital funds registered in November 2025 reached 404, reflecting a 2.5% month-on-month and 29.5% year-on-year increase [8]. Group 3: Investment and Exit Trends - In 2025, there were 6,462 financing events in the domestic primary market, a year-on-year increase of 7.25%, marking the first rebound in four years [9]. - The number of Chinese companies listed domestically and internationally reached 247, with a 26.7% year-on-year increase, and the total financing amount was approximately 326.63 billion yuan, up 126.4% year-on-year [9]. Group 4: Structural Changes in Venture Capital - Local venture capital reforms are deepening, with many government-guided funds adopting longer durations of 15 to 20 years, reshaping the "long money" ecosystem [10]. - The decision-making speed of local state-owned LPs has improved significantly, with a trend towards cross-regional and cross-level joint investments becoming mainstream [10]. - The next few years are expected to be a critical window for national-level fund contributions, potentially addressing 20% to 30% of the market funding gap [10]. Group 5: Future Outlook - The primary market is anticipated to continue its recovery into 2026, supported by ongoing policy benefits and the further backing of state-owned "patient capital" [12]. - The healthy development of the IPO market and the continuous opening of exit channels are expected to foster a more sustainable venture capital ecosystem [12].