原标题：王旭：海南封关新规列表：企业与个人能享受到哪些税务优惠（内附新规下载链接） 一、海南启动封关运作，诸多新政正式施行 海南省政府网于本月16日发布《海南省人民政府关于海南自由贸易港正式启动全岛封关的通告》，自2025年12月18日起，海南自由贸易港正式启动全岛封 关。随着全岛封关政策的落实，海南自贸港建设进入了下一个崭新阶段，为企业提供对接全球市场、集聚优质资源的广阔舞台，也为高净值个人提供优化 全球资源配置的新路径。 随着全岛封关运作政策的实施，一系列配套法规正式生效，标志着海南自由贸易港"零关税"制度体系进入实质性运行阶段。在全岛封关运作后，适用"零 关税"政策的商品范围将进一步扩大至约6600个税目，约占全部商品税目的74%，为货物在海南的进出口与自由流转奠定了制度基础，显著提升了民营企 业在海南开展国际贸易与加工制造业务的灵活性与便利性。 二、12月18日正式生效的法规及其主要内容 | 海南封关政策相关文件 | 文件主要内容介绍 | | --- | --- | | 《中华人民共和国海关对海南自由贸易港 | 是海关部门对海南自由贸易港实施监管的综合性、基础性规范。该办法系统性地构建了一套与自由贸易 ...

创投2025： 投硬投新，已是春来？ ◎记者 何漪 "回望中国创投市场，起起伏伏。在过去一个周期里，我们经历了冬天，现在大家普遍感受到拐点的到 来。"12月初，清科集团董事长倪正东在第二十五届中国股权投资年度大会上的发言，是创投行业2025 年的一个写照——在经过两年多的深度调整之后，创投行业最冷的寒冬已然过去，暖意悄然到来。 在募资端，国资、银行系AIC、险资等多元长线资金不断汇入；在投资端，投向半导体、生物医药、人 工智能等"硬科技"领域的案例层出不穷；在退出端，并购重组如火如荼、IPO加速回暖、S基金加大布 局等，退出渠道进一步顺畅……创投行业生态优化的"齿轮"正在加速转动。 资金结构迎来优化 2025年，创投市场在资金端呈现出"国资领航，市场协同"的多元格局。人民币基金持续巩固主导地位， 国资平台加速进场成为行业"压舱石"，银行、保险等长线资金稳步入市，形成有效资金供给。 倪正东在回顾中国创投行业20多年的发展历程时提到，国资渐渐成为中国创投的主力军。到今年，国资 LP比例进一步上升，达到了55%，国资控股比例也从15年前的27%增长到今年的81%。此外，今年国资 参股基金也占到了8%。也就是说，在当 ...

Core Viewpoint - The article highlights a significant resurgence in interest from dollar LPs (Limited Partners) towards Chinese investments, particularly in technology sectors, indicating a shift in market sentiment and investment strategies after a period of stagnation [3][4][7]. Group 1: AGM Season and Market Sentiment - The AGM season has become a critical communication mechanism between investment institutions and LPs, with many dollar funds actively scheduling meetings to engage with LPs [2]. - There is a noticeable increase in the enthusiasm and willingness to communicate among LPs, with many expressing a renewed confidence in the Chinese market [3][5]. Group 2: Investment Trends and Fundraising - Dollar funds are experiencing a revival, with significant fundraising activities reported, such as Monolith raising $488 million and Source Code Capital securing $600 million for new funds [6]. - The successful fundraising efforts signal a shift in investment focus from mere business model innovation to technological breakthroughs, attracting renewed interest from dollar LPs [7]. Group 3: Global Interest in Chinese Technology - Global interest in investing in China is at its highest level in three years, with overseas investors actively seeking information on Chinese tech companies [4][8]. - Notable investments include Singapore's Fong Long Group planning to establish a QFLP fund to invest in China's tech sector, indicating a strategic move towards Chinese innovation [4]. Group 4: Sector-Specific Opportunities - There is a growing recognition of the potential in China's AI and robotics sectors, with investors believing that these areas will lead the next wave of technological advancement [8]. - The resurgence of interest in innovative pharmaceuticals is also evident, with many dollar funds completing new fundraising rounds focused on biotech, reflecting strong market confidence [9].

上海科创基金是上海国际集团根据上海市委、市政府部署要求，在2017年发起设立的全国首家以服务上 海科创中心建设为核心使命的市场化母基金，成立8年来已累计管理规模超170亿元，投资子基金超100 只，带动子基金管理总规模超2500亿元，培育上市企业166家、国家级专精特新"小巨人"企业超500家。 业内人士表示，此次通过QFLP渠道引入丰隆星河的国际资本，正是上海市国资委支持科创基金实现专 业化升级、产品化创新与生态化延展的重要举措，将有效拓宽上海科创企业融资渠道，为成长期硬科技 企业提供稳定资金支持。同时，丰隆集团的国际产业资源与投资视野，将助力被投企业对接全球市场、 技术与人才，加速科技成果转化，推动人工智能、生物医药等关键领域形成产业集群优势。 近日，上海科创基金与新加坡丰隆星河在沪签订QFLP合作暨上海科创三期基金投资意向协议。丰隆星 河拟设立5亿元规模QFLP基金，专项投资上海科创三期基金。此次丰隆星河通过QFLP渠道投资上海科 创基金，开创了境外企业家以个人名义设立QFLP基金参与上海科创中心建设的先例，将成为国际长期 资本参与上海科创中心建设可复制、可推广的一次成功案例。 此次合作是上海市国资委落 ...

Core Viewpoint - Fenglong Xinghe plans to establish a QFLP fund with a scale of 500 million yuan to invest in the Shanghai Science and Technology Innovation Fund, marking a significant step in attracting international long-term capital to support Shanghai's innovation ecosystem [1][2] Group 1: Fund Establishment and Investment - Fenglong Xinghe has signed an agreement with Shanghai Science and Technology Innovation Fund to set up a QFLP fund of 500 million yuan, specifically aimed at investing in the third phase of the Shanghai Science and Technology Innovation Fund [1] - The Shanghai Science and Technology Innovation Fund, initiated by Shanghai International Group in 2017, has managed over 17 billion yuan and invested in more than 100 sub-funds, leading to the cultivation of 166 listed companies and over 500 national-level specialized "little giant" enterprises [1] Group 2: Strategic Importance and Future Outlook - The collaboration is a key achievement of the Shanghai State-owned Assets Supervision and Administration Commission in promoting major projects and attracting foreign long-term capital, highlighting Shanghai's unique advantages as an international financial and innovation center [2] - The introduction of Fenglong Xinghe's international capital through the QFLP channel is a significant measure to support the professional upgrade and innovative product development of the Science and Technology Innovation Fund, effectively broadening financing channels for hard-tech enterprises [2] - Shanghai's state-owned enterprises will continue to leverage QFLP and other open channels to attract more foreign long-term capital, enhancing the synergy between state-owned funds and foreign capital to empower the innovation ecosystem [2]

Group 1: Core Insights - The QFLP system is becoming the main channel for foreign investment in China's equity market, with institutions like Jifeng Asia benefiting from its advantages over traditional dollar funds [2][3] - The QFLP mechanism simplifies the investment process by eliminating complex procedures and allowing direct use of RMB for business operations, thus enhancing efficiency for invested companies [2] - Policy optimization suggestions include implementing a "classified review" mechanism for foreign fund managers and clarifying tax and exchange guidance for project exits [3] Group 2: Investment Logic Evolution - Hans Group's investment strategy has evolved through four stages, adapting to market changes and focusing on core assets in key locations, while also exploring partnerships with domestic financial institutions [4] - The interest of Middle Eastern capital in new economy real estate is contingent on clear exit paths and managing supply risks, emphasizing the importance of location and management expertise [5] Group 3: Hard Technology Investment - The challenge of attracting global Fortune 500 companies to invest in China's hard technology startups lies in addressing their core needs for innovative resources and leveraging China's unique advantages [6][7] - Recommendations for enhancing hard technology investment include tax exemptions for limited partnerships and the establishment of a loan mechanism for evergreen funds to improve liquidity for investors [7] Group 4: QFLP Policy Recommendations - Key factors influencing foreign institutions' choice of QFLP locations include investment threshold compatibility, fund allocation flexibility, and approval efficiency [8] - Suggestions for deepening Shanghai's QFLP policy include introducing new regulations, relaxing entry barriers for traditional equity investments, and improving inter-departmental coordination for tax, foreign exchange, and approval processes [9]

Core Insights - The private equity market shows clear signs of recovery, with policy-driven LPs increasing both activity and funding scale, with total funding up 8% month-on-month and activity up 26% from July [4][12]. - Financial LPs and institutional LPs have also seen increased activity, with financial institutions' funding rising by 36% month-on-month and financial LPs' activity up 7% with a funding increase of 119% [4][21]. Policy-Driven LPs - Policy-driven LPs dominate the market, with a funding share of 42.34%, focusing on hard technology, strategic emerging industries, green low-carbon initiatives, and infrastructure [9][10]. - Government funding platforms are the core drivers, with a 15% month-on-month increase in government institutions and funding platforms, while government-guided funds saw a slight decrease of 3% [12]. Investment Focus Areas - Key investment areas include hard technology and strategic emerging industries, with significant funding directed towards integrated circuits, artificial intelligence, and low-altitude economy sectors [13][15]. - Green low-carbon initiatives and infrastructure projects are also receiving substantial funding, with various regions establishing green development funds and infrastructure investment funds [15][20]. Industry-Specific LPs - The activity and scale of industrial LPs have decreased, with non-listed companies reducing funding due to cash flow pressures, while listed companies are increasing investments, particularly in hard technology [16][18]. - Listed companies' funding surged by 56% month-on-month, highlighting their strategic positioning during market adjustments [19]. Financial Institutions - Financial institution LPs have seen a 36% month-on-month increase in funding, primarily driven by insurance funds, which accounted for 68.4% of the total [20]. - Banks also increased their funding by 51%, focusing on infrastructure REITs and green economy projects, while brokerages and AMCs faced declines [20]. Foreign Investment - Financial LPs are experiencing a recovery, with foreign investments showing significant growth, aided by favorable policies such as the QFLP pilot in the Yangtze River Delta [21]. - Foreign entities are establishing local subsidiaries or partnering with domestic firms to access local projects and resources [21]. Regional Dynamics - Zhejiang province has surpassed Jiangsu in funding scale, attributed to optimized QFLP rules and the establishment of large mother funds [7][26]. - The region's funding strategy aligns with the "415X" advanced manufacturing cluster policy, focusing on strategic emerging industries [27]. Conclusion - The August 2025 LP funding landscape illustrates a clear picture of "policy support, market positioning, and regional breakthroughs," with policy-driven LPs actively deploying funds in key sectors [32]. - The collaborative efforts among diverse LPs and the focus on specific industries and regional characteristics reflect a strategic alignment with national goals, enhancing the capital's effectiveness in supporting the real economy [32].

Group 1 - The establishment of QFLP funds is enhancing the integration of international capital with local industries, providing financial support to companies in Kunshan and promoting a new development pattern of dual circulation in the economy [1][4] - As of mid-2023, Wuxi has established 51 QFLP funds with a total scale exceeding $5 billion, focusing on strategic emerging industries such as IoT and biomedicine [1][2] - Local governments are actively revising QFLP pilot policies to facilitate fund establishment and attract foreign investment, indicating a strong commitment to the QFLP initiative [2][3] Group 2 - QFLP funds are becoming a crucial tool for supporting technology innovation by providing new equity financing channels for startups in fields like biomedicine and advanced manufacturing [3][6] - The collaboration between local governments and QFLP fund managers is aimed at aligning investment strategies with local industrial development, enhancing the regional innovation ecosystem [3][6] - The QFLP fund established in Chongqing is expected to fill funding gaps for long-cycle projects in innovative drug development and high-end medical equipment [6][7] Group 3 - QFLP funds are evolving from a mere financing tool to a vital link that promotes the deep integration of industry, technology, and capital [5][7] - The flexibility and efficiency of QFLP funds make them an attractive option for private equity and venture capital managers, facilitating the entry of long-term capital into China [7] - Continuous improvements in QFLP regulations and the establishment of more funds are expected to enhance capital structure optimization and regional innovation ecosystem development [7]

Group 1 - The core viewpoint of the articles highlights the significant progress and achievements of the Qianhai Cooperation Zone in promoting cross-border collaboration between Hong Kong and mainland China, particularly in the construction and financial sectors [1][2][3] - The completion of the Qianhai Innovation Education Group's school marks the first government investment project fully constructed by a Hong Kong enterprise, showcasing the successful implementation of a tripartite management model involving the construction unit, architect team, and contractor [1] - Since the introduction of policies in 2020 to facilitate Hong Kong enterprises and professionals operating in Qianhai, there has been a notable increase in the number of registered Hong Kong enterprises, with nearly 10,000 currently established [4] Group 2 - Qianhai has become a testing ground for institutional reforms, successfully implementing 14 pioneering financial innovations, including cross-border RMB loans and dual-currency bond issuance [2][3] - The QFLP (Qualified Foreign Limited Partner) fund established in Qianhai has attracted significant foreign investment, with a total approved quota of $200 million, focusing on sectors such as healthcare and advanced manufacturing [2] - The Qianhai area has seen a 42.4% year-on-year increase in imports and exports, reaching 706.65 billion yuan in 2024, indicating robust growth in trade activities [5]

Core Insights - The article highlights the recent developments in Limited Partner (LP) activities, showcasing various funds and investments across different regions and sectors in China [2][5][6][8][12]. Group 1: Major LP Activities - Tencent has made a new investment in Chengdu Longzhu Equity Investment Fund, indicating its continued engagement in the venture capital space [2]. - KKR has successfully registered a private equity fund in Shanghai, marking its entry into the RMB fund market [3]. - A new Tencent-affiliated fund, Shenzhen Zhishu Investment Partnership, has been established with a registered scale of approximately 16.08 billion RMB [4]. Group 2: Fund Establishments and Investments - The QFLP project by Qiming Venture Partners has been launched with a total commitment of 200 million USD, focusing on early-stage investments in technology and healthcare [5]. - Jiangsu Xuzhou has registered a new mother fund with a total scale of 3 billion RMB, targeting emerging industries such as new energy and integrated circuits [7]. - A 3 billion RMB fund has been established in Hunan, focusing on digital economy and artificial intelligence [8]. Group 3: Sector-Specific Funds - The Changjiang Gengzhi Innovation Development Fund has been registered with a focus on new materials and high-end equipment [9]. - A new fund in Chongqing has been set up to invest in the new energy intelligent connected commercial vehicle sector [10]. - The Fujian Province has launched a cultural industry fund with a total scale of 1 billion RMB, focusing on the cultural industry ecosystem [12]. Group 4: Regional Fund Developments - Tianjin has registered its first QFLP fund with a capital of 54.5 million RMB, focusing on domestic substitution and digital economy sectors [14]. - The Ezhou city has established a semiconductor industry fund with a total commitment of 300 million RMB [15]. - Hebei Province has set up a 150 million RMB electronic information venture capital fund, focusing on early-stage technology companies [19]. Group 5: Government Initiatives and Policies - The Anhui Provincial Government is establishing a general artificial intelligence industry fund with a target scale of 20 billion RMB [28]. - The Shaanxi Province has introduced a technology innovation mother fund with a maximum loss tolerance of 100% for certain investment categories [26][27]. - The Guangxi Province is launching a technology achievement transformation mother fund with a total scale of 2 billion RMB, focusing on high-end technology projects [25].