Group 1 - The core viewpoint of the article highlights the recent research conducted by Donghai Fund on a listed company, Juhe Materials, which has shown promising performance in its copper paste products and plans to launch a second-generation product in Q3 2025 [1] - Juhe Materials has successfully passed multiple reliability tests for its copper paste products and has begun small-scale shipments, indicating strong product performance [1] - The company is expanding into adhesive and high-end electronic paste markets, aiming to break the overseas monopoly and enter the supply chains of leading customers [1] Group 2 - Juhe Materials' perovskite back electrode paste has gained recognition from clients such as CATL, showcasing its competitive edge in the market [1] - The company anticipates a shipment volume of 8 tons for BC paste by the first half of 2025, with monthly shipments exceeding 2 tons, indicating potential for processing fee premiums [1] - Donghai Fund, established in 2013, manages a total asset scale of 28.42 billion yuan, ranking 105th among 210 in public fund management [1]

出品：新浪财经创投Plus 编辑整理：shu 基于公开数据不完全统计，2025年7月新增登记的私募股权、创业投资基金管理人共16家，较6月激增77.8%，达到2024年7月的四倍；新增备案私募股权投 资基金、创业投资基金分别为130只、245只，合计同比增长7.1%，环比下降3.4%。 国内一级股权投资市场共发生552起融资事件，同比、环比分别增长5.1%、11.7%；披露总融资额约717.56亿元，较2024年7月提高142.0%，与2025年6月相比 涨幅超100%；平均单笔融资额接近1.3亿元，创下近7个月内最高点。 而作为西藏自治区首只政府产业基金，拉萨强市股权投资基金合伙企业（有限合伙）总规模15亿元。该基金由拉萨市财政资金出资，毅达资本管理，将重点 布局"一个文化旅游主导产业"和"数字经济、金融产业、绿色工业"三大支柱产业，并在城关区、经开区、高新区、文创园区等重点区域设立相关子基金，构 建"1+N"母子基金架构。 统计区间内，毅达资本公开披露的股权投资事件共9起，而2024年7月仅为1起，与2025年6月相比小幅下降10%。往期数据显示，2024年下半年，毅达资本整 体投资节奏相对缓慢，除了11 ...

Group 1 - The core viewpoint of the article is that Chang's New Materials has successfully completed a nearly 100 million yuan financing round led by Ningbo Yongyuan Hongde Equity Investment Partnership and Taizhou Changde Venture Capital Partnership [2] - Chang's New Materials Technology (Shanghai) Co., Ltd. was established in May 2017 and focuses on the integrated research, production, and sales of optical and electronic nano new materials, with products penetrating seven major sectors including consumer electronics, automotive, construction, semiconductor, new energy, medical, and clothing [3] - The funds from this financing round will be primarily used for the construction and capacity ramp-up of two manufacturing bases in Ningbo and Taizhou, as well as for the iterative research and development of next-generation nano optical films and high-end electronic slurries, and to accelerate the global market network layout [4] Group 2 - The investment rationale provided by Hongfu Asset's partner indicates that Chang's team possesses both scientific expertise and industrial implementation capabilities, with their nano insulation and privacy protection materials already being mass-produced for leading smartphone brands, demonstrating a clear commercialization path [4] - The article highlights that the national "14th Five-Year" new materials plan and the G60 Science and Technology Innovation Corridor policy in the Yangtze River Delta provide multiple incentives such as land, tax, and talent for high-end film material companies, showcasing Chang's resilience in expanding production during a capital winter [4] - The investment community is optimistic about the growth potential in the nano optical film sector, driven by three major market opportunities: consumer electronics upgrades, automotive electrification, and energy-efficient construction [4]

Core Viewpoint - Haining Yunhuang New Materials Co., Ltd. has completed a pre-A round financing of several tens of millions, primarily to supplement cash flow and expand customer markets [1] Group 1: Company Overview - Yunhuang New Materials, established in 2022, focuses on the research and production of high-end electronic pastes, aiming to break the monopoly of foreign giants in the electronic functional materials sector [1][2] - The company has developed nearly 60 products covering applications such as chip resistors, tantalum capacitors, RF devices, and thick film integrated circuits, with plans to achieve large-scale customer supply by the end of 2024 [1][5] Group 2: Market Demand and Strategy - The company targets domestic substitution in the electronic paste market, which is crucial for innovations in AI, smartphones, new energy vehicles, and IoT devices [2] - Yunhuang New Materials has established a rapid response mechanism, reducing the sample delivery time to 2-3 weeks and product iteration cycles to 1-2 weeks, enhancing supply chain efficiency [4] Group 3: Technical Barriers and Challenges - The company faces significant technical barriers in achieving domestic substitution, particularly in high-end electronic pastes where the domestic market penetration is below 10% [5] - The complexity of product systems, high barriers in formula design, and stringent dispersion process requirements contribute to the challenges in the industry [5][6][7] Group 4: Customer Development and Future Plans - After one to two years of customer validation, Yunhuang New Materials has begun bulk supply to nine major clients, with sales orders expected to exceed ten million in the first half of 2025 [7] - The company plans to gradually enhance its product offerings in chip resistors, tantalum capacitors, RF fields, and expand into chip inductors and MLCCs, aiming for comprehensive coverage of core business areas within 3-5 years [7]