Core Viewpoint - The current state of China's primary market is at a critical juncture of confidence rebuilding and paradigm reshaping, necessitating investment institutions to reassess their positioning and value [3][27]. Group 1: Confidence Sources - There is a clear consensus among LPs and GPs that confidence stems from a profound understanding of industry rules, a clear recognition of capital attributes, and the continuous construction of cross-cycle capabilities [6][27]. - The market still has ample funds, but they will only flow to those managers with clear strategies and excellent performance [5][27]. Group 2: Investment Strategies - Insurance capital is characterized as "patient capital," and the key to confidently investing in equity lies in defining investment strategies that align with capital attributes [9]. - Investment strategies include focusing on hard technology, collaborating with industry leaders, and investing in stable cash flow opportunities [9][10]. - The emphasis is shifting towards "hard technology" as a primary investment focus, with a willingness to invest in any sector that aligns with local industry collaboration [11]. Group 3: Cross-Regional and Technological Insights - Institutions with sufficient recognition and confidence do not experience "mismatches" in industry and capital [13]. - A global layout allows for early detection of trends, as seen in investments in nuclear fusion technology [14]. - The semiconductor industry is highlighted as a sector with a long-term upward trend, despite cyclical fluctuations [16]. Group 4: Exit Strategies and Liquidity - Long-term capital supply is essential for the healthy development of the industry, with a focus on industry-specific funds and CVCs [18]. - The exit landscape is evolving, with S-funds expected to play a significant role in the future, as the stock market struggles to provide sufficient exit channels [19][21]. - The current market structure shows that over 85% of LP funds come from government sources, indicating an imbalance that needs to be addressed [19]. Group 5: Market Dynamics and Future Outlook - The market is not short of funds, but the willingness of capital to enter the equity market is influenced by past experiences with arbitrage-focused institutions [23]. - The recovery of the A-share market and the normalization of IPOs are expected to alleviate fundraising pressures in the primary market [24]. - The consensus is that confidence is derived from deep industry understanding, global resource integration, and long-term capital alignment [25][27].

Core Viewpoint - The 2025 Sixth China Fund of Funds Summit highlighted the rise of RMB funds in the context of capital market reforms and policy changes, emphasizing the need for strategic investment adjustments in the current market environment [1][2]. Group 1: Rise of RMB Funds - RMB funds are increasingly prominent due to changes in the market environment, shifting from incremental investments to stock integration, particularly in mergers and acquisitions [5]. - Key investment directions for RMB funds include globalization, breakthroughs in AI technology, and ESG (Environmental, Social, Governance) investments [5]. - New types of General Partners (GPs) focusing on early-stage innovation and boutique investments are emerging as significant players in the market [5]. Group 2: Local Government Investment Strategies - Local government investments are often driven by policy directives, focusing on short-term growth and GDP, which can lead to industry oversupply and low profit margins [6]. - Despite challenges, companies that can stand out in the stock market possess high investment value, particularly those demonstrating strong competitiveness through industry consolidation or mergers [6]. - Future investment strategies should balance current stock market opportunities with seed investments in future technology sectors [6]. Group 3: Impact of AIC and CVC on Market Structure - AIC, as a state-owned investment institution, plays a crucial role in equity investment, focusing on hard technology and key areas that require state support [8]. - AIC's investment strategy includes collaborating with local governments and industry leaders to create an efficient fundraising system, employing a "dumbbell strategy" that targets both early-stage companies and those nearing IPO [8][9]. - CVCs are gaining attention for their unique advantages in project discovery and technology validation, particularly in the fields of disruptive technology and AI [9][10]. Group 4: Efficiency and Collaboration - AIC's involvement has positively impacted local markets, particularly in improving investment approval efficiency, significantly reducing the typical approval timeline [10]. - The collaboration between AIC and local investment institutions has led to faster project initiation, enhancing the overall investment landscape [10].

Group 1 - The core viewpoint of the article is the discussion on the valuation challenges and liquidity issues faced by S funds in the VC/PE industry, emphasizing the need for improved valuation methods and market mechanisms [5][9][10] - The 2025 Sixth China Mother Fund Summit was successfully held in Beijing, gathering over 300 representatives from government departments, industry associations, and leading investment institutions to discuss the development of the mother fund industry [1] - A roundtable forum titled "How S Funds Can Solve Valuation Difficulties and Liquidity Dilemmas" featured discussions among industry leaders on valuation methods, differentiated valuation systems, and improving liquidity in the S trading market [2][4] Group 2 - S funds have rapidly risen in the VC/PE industry, but valuation challenges remain a key bottleneck for healthy development, with a lack of public market pricing and limited asset transparency [5] - The valuation process for S funds is complex, requiring a combination of scientific methods and artistic judgment, as emphasized by industry experts [5][6] - Deepening the understanding of valuation logic involves considering who is valuing, what is being valued, and the reasons behind the valuation, as highlighted by various speakers [6][7] Group 3 - Liquidity issues in the S trading market stem from valuation discrepancies and a scarcity of quality assets, with initiatives like the launch of a standardized valuation framework by the Shanghai Equity Custody Trading Center aimed at addressing these challenges [9][10] - The maturity of core S fund buyers has significantly increased, allowing for more efficient market transactions as they engage closely with GPs and conduct thorough research on key projects [9] - The need for a more robust ecosystem and improved participation from GPs is crucial for overcoming liquidity challenges, as highlighted by industry leaders [10][11]

Core Viewpoint - The S Fund is increasingly recognized as a mainstream exit strategy in the private equity market, providing liquidity and supporting long-term investment strategies in a challenging market environment [1][5][6]. Group 1: S Fund Overview - The S Fund's cumulative trading volume surpassed 100 billion yuan in 2024, reflecting a 46% increase, with 395 transactions covering 374 funds, indicating a strong demand for liquidity in the market [4][6]. - The S Fund is described as the "secondary market of the primary market," playing an irreplaceable role in creating liquidity for the entire equity market [3][6]. - The S Fund is categorized into two types: "transaction-type S Funds," focused on financial returns, and "functional S Funds," established by local state-owned assets to address capital circulation and liquidity issues [7][8]. Group 2: Market Context and Trends - The private equity market is currently facing liquidity challenges, with fund durations ranging from seven to over ten years, making the S Fund's role more critical [3][4]. - The private equity industry in China has seen significant growth, with a total scale exceeding 14 trillion yuan as of July 2025, despite a decline in fundraising and investment activity over the past three years [4][6]. - The market is characterized by a structural adjustment phase, with increasing state-owned capital participation and a focus on early-stage investments in technology [3][6]. Group 3: Investment Logic and Strategy - The investment logic emphasizes finding certainty amid uncertainty, focusing on high-quality assets that have survived the pandemic and demonstrated revenue and profit growth [7]. - The S Fund is not merely an arbitrage tool but is viewed as a means to "mine for gold" within existing assets, supporting their growth and enhancing market liquidity [7][8]. - The operational model of the S Fund allows for the extension of funds or projects, enabling new capital to support projects that have not yet realized their full value [7].

Core Viewpoint - The S Fund is increasingly recognized as a mainstream exit strategy in the private equity market, providing liquidity and supporting long-term investment strategies in a challenging primary market environment [2][5][8]. Summary by Sections S Fund Market Overview - The S Fund's cumulative trading volume surpassed 100 billion yuan in 2024, reflecting a 46% increase, with 395 transactions covering 374 funds, indicating a strong demand for liquidity in the market [4][6]. Current Market Challenges - The primary market faces significant liquidity issues, with fund durations ranging from seven to over ten years, making the S Fund's role more critical [5][6]. - The private equity sector has seen a decline in fundraising and investment activity over the past three years, but there are signs of recovery in 2024 [6][8]. Policy and Economic Context - The development of the S Fund market is driven by supportive policies at both national and local levels, emphasizing the importance of S Funds in capital circulation and liquidity creation [8][9]. - The current economic environment is characterized by structural adjustments, with an increasing proportion of state-owned capital and a focus on early-stage investments in technology [5][8]. Investment Strategy and Characteristics - The S Fund is viewed as a "secondary market for the primary market," essential for creating liquidity and supporting the growth of projects [5][9]. - Investment logic focuses on finding certainty within the 14 trillion yuan private equity market, prioritizing companies that have survived the pandemic and demonstrated revenue and profit growth [8][9]. S Fund Classification and Operation - S Funds are categorized into two types: "transaction-type S Funds," which prioritize financial returns, and "functional S Funds," established by local state-owned enterprises to address capital circulation and liquidity issues [9][10]. - The operational model of S Funds allows for the extension of project timelines and the introduction of new capital to enhance value, ultimately preparing assets for secondary market entry [9][10]. Company Insights - The company has developed a comprehensive S Fund business system based on 15 years of experience in mother funds, emphasizing the high demands of S Fund transactions on team capabilities [10].

Core Insights - The insurance capital is increasingly favoring S funds due to their alignment with long-term investment strategies and the need for stable returns in a low-interest-rate environment [1][2] - The investment scale of S funds in China reached 33.5 billion yuan in the first half of 2025, a significant increase of 95.9% compared to 17.1 billion yuan in the same period of 2024, indicating a growing market interest [1] Group 1: Reasons for Insurance Capital's Preference for S Funds - S funds match the long duration of insurance liabilities, effectively mitigating duration mismatch risks [2][3] - They provide stable, cross-cycle returns by holding non-liquid assets, which is appealing for insurance capital seeking sustainable long-term returns [2] - S funds enhance portfolio diversification and volatility resistance, serving as an alternative asset allocation path [2][3] Group 2: Characteristics of S Funds - S funds invest in funds with clear underlying assets, avoiding the "blind pool risk" associated with traditional private equity funds, thus enhancing safety [3] - The underlying project information is relatively complete, facilitating due diligence and compliance with regulatory requirements [3] - Many existing funds are in the exit phase, providing clear cash return schedules that align with insurance capital's liability needs [3] Group 3: Selection Criteria for S Funds - Insurance capital focuses on asset quality and GP (General Partner) capabilities when selecting S funds [4] - Evaluation criteria include management capabilities, exit success rates, and post-investment management efficiency [5] - Preference is given to projects with clear exit paths, such as IPOs or acquisitions, and those with established revenue and profit [4][5] Group 4: Challenges in S Fund Investment - Valuation difficulties arise due to the diverse nature of underlying assets and information asymmetry between buyers and sellers [6][7] - Conducting thorough due diligence is complicated by the opacity of some underlying projects and potential restrictions in sensitive industries [6] - The complexity of multi-layered structures and the subjective nature of valuations pose additional challenges [6][7] Group 5: Recommendations for Market Improvement - Establishing long-term assessment mechanisms is suggested to align with the nature of S funds as mid-to-long-term equity investment tools [7] - Maintaining policy continuity and developing a robust equity share trading market are recommended to enhance the S fund investment environment [7] Group 6: Future Trends for S Funds - An increase in structured transactions is anticipated, with debt-like structures seeking high certainty and equity-like structures targeting high growth potential [8] - The rise of active management strategies is expected, as buyers with pricing and project selection capabilities will take a more proactive approach [8] - M&A exits are projected to become a significant option, shifting from the traditional reliance on IPOs, necessitating GPs to have M&A experience and resources [8]

以下文章来源于超募研究所 ，作者FOFWEEKLY研究 为了帮助GP及市场参与者穿透市场迷雾把握配置风向，我们对一级市场各类LP进行了最新、最 全的梳理，本系列梳理预计6-8篇，计划涵盖国家级引导基金、地方政府引导基金、险资、银行 系、CVC、S基金等相对活跃的LP类型。希望本系列研究可以给到行业一些帮助，也欢迎各同仁 与我们交流。 作者丨FOFWEEKLY S基金作为特殊的一类LP，虽然在市场的资金端并未起到增量的作用，但却能很好地消化市场的存 量资产，疏通整个一级股权市场的资金循环。 当前，中国一级股权市场进入存量博弈的阶段，资金回流问题日渐严峻，在IPO政策变化和宏观经 济面临调整的背景下，S市场作为退出端的角色戏份将会更重。2024～2025年，国内市场与海外市 场走向分化，海外市场出现反弹并持续走高，但国内市场持续低迷。交易端看，虽然卖方诉求及标 的数量增长，但整体交易转化率仍然偏低。 超募研究所 . 结合实操业务及公域&私域数据，为私募股权行业从业者（FOF、LP、GP等）提供专业性、垂直类研 究内容输出。 导读： （一）S市场整体概况 国内市场概况 1）市场规模 市场信心回升推动交易规模反弹：过 ...

Group 1 - Hainan Province is focusing on tourism, modern services, high-tech industries, and tropical agriculture as its leading sectors, leveraging its resource endowment and free trade port policies to drive innovation and structural transformation [1] - In the first seven months of this year, Hainan's industrial added value above designated size increased by 10.4% year-on-year, while the total service import and export value reached 40.338 billion yuan, a year-on-year growth of 23.9% [1] - The Wenchang International Aerospace City aims to cultivate an aerospace industry cluster, targeting a revenue of 10 billion yuan by 2027, with plans for significant projects like an aerospace theme park [1] Group 2 - Sanya has achieved several "firsts" in innovative offshore international trade and carbon trading, indicating a significant upgrade in industrial development through institutional innovation [2] - The Secretary of the Hainan Provincial Committee emphasized that Hainan's open policy framework and competitive business environment present substantial opportunities for investment [2]

Core Viewpoint - The article highlights recent developments in the investment landscape, focusing on various funds being established and their strategic objectives, reflecting a trend towards targeted investments in emerging industries and sectors. Group 1: Government and Institutional Funds - Hebei and Hubei provinces reported issues with government investment funds, including long-term idle funds and unclear positioning, indicating challenges in the current investment environment [2] - The Zhejiang Provincial Industrial Structure Adjustment Fund was established with a scale of 3 billion RMB, aimed at optimizing industrial structure and supporting strategic emerging industries [11] - The Kunming City Industrial Development Equity Investment Fund was registered with a scale of 2 billion RMB, focusing on five key industrial chains [12] Group 2: Private Equity and Venture Capital Funds - Carlyle Group announced the successful fundraising of a global S fund totaling 20 billion USD (approximately 1,400 billion RMB), marking it as one of the largest S funds in history [3] - GCL and Jinko jointly established an overseas fund, PROFUSION POWER FUND, with a target size of up to 300 million USD, focusing on renewable energy sector investments [5] - Apex Capital completed the fundraising of its fifth advanced manufacturing theme fund, achieving a high re-investment rate of 66% from existing LPs [8] Group 3: New Fund Initiatives - The establishment of the Shenzhen Baoan District "Baoqi Jinfu" investment conference led to the signing of multiple key projects, with a total signed amount exceeding 500 billion RMB [7] - Blackstone announced the completion of fundraising for its latest infrastructure secondary fund, reaching a total scale of 5.5 billion USD, making it the largest fund focused on infrastructure [10] - The establishment of the Bayer Co.Lab Venture Alliance in China aims to connect venture capital institutions and support biotech startups [20] Group 4: Sector-Specific Funds - The establishment of the Shenyang Automotive Industry Investment Fund, with an initial scale of 800 million RMB, focuses on the intelligent, electrified, and low-carbon directions of the automotive industry [23] - The Jiangsu Wuxi Integrated Circuit Mother Fund aims to invest in the semiconductor industry chain, with a total scale of 2 billion RMB [30] - The establishment of the Zhejiang Provincial Talent Development Venture Capital Fund, with a scale of 200 million RMB, focuses on supporting high-level talent projects [15]

Core Viewpoint - The article discusses the implementation opinions issued by the provincial government to promote the high-quality development of government investment funds, outlining 25 measures across eight areas to enhance market-oriented operations, standardize management, and mitigate risks [1][10]. Group 1: Fund Duration and Management - The maximum duration for industry investment mother funds is set at 15 years, while venture capital mother funds can last up to 20 years, and funds using direct investment models can last up to 10 years [2][14]. - Fund managers must be selected through market-oriented methods, demonstrating fundraising, professional, investment, and management capabilities, along with relevant experience [3][16]. Group 2: Transaction Regulations - Fund managers are prohibited from engaging in improper transactions or benefit transfers with related parties, requiring a robust management system for related transactions [4][20]. - The government investment portion must exit according to the terms set in the fund's articles or partnership agreements, with market-based evaluations for transfer pricing [6][23]. Group 3: Encouragement of Fund Types and Exit Strategies - The implementation opinions encourage the development of secondary market funds (S funds) and merger funds, aiming to broaden exit channels for government investment funds [5][22]. - Early exit options are supported, allowing non-fiscal investors to purchase government shares under specific conditions, with varying terms based on the time of purchase [5][22]. Group 4: Performance Evaluation and Risk Management - A comprehensive evaluation system will be established, focusing on the overall performance rather than individual projects or annual profits, promoting a culture of innovation and tolerance for failure [7][25]. - The article emphasizes the importance of strict financial discipline and risk management, including the establishment of a dedicated account for public funds and regular audits [19][20]. Group 5: Organizational Support and Collaboration - The provincial government will enhance collaboration among various departments to improve project collection and fund management, ensuring effective communication and coordination [26][10]. - The government aims to strengthen partnerships with national funds and well-known fund management institutions to enhance the overall effectiveness of investment funds [9][25].