At present, the government guidance fund, as a major innovative tool for the transformation of fiscal capital investment, have spread across the country and have been recognized and advocated by the National Ministry of Finance, the National Development and Reform Commission and governments at all levels. After going through the initial stage of exploration, the gradual pilot stage, the standardized operation stage and the all-round development stage, now, China’s government guidance funds market has reached the target size of RMB10TN, and the amount of funds already in place exceeds RMB4TN. The financial guidance has been gradually released and has become an important innovation tool to promote economic restructuring and upgrading of traditional industries. Under this background, Zero2IPO Research has issued the Report on China’s Government Guidance Funds 2019, which is divided into two parts, making analysis from the perspectives of the establishment, fundraising, investment strategies, operation, exit methods and incentive mechanics of funds. The Part I makes full analysis on the establishment of China’s government guidance funds through the data from PEdata under Zero2IPO, in order to provide authoritative and comprehensive view on the market. This report is mainly divided into the following five chapters: Chapter 1 mainly introduces the development of the current government guidance funds and the policy environment. First, it gives a detailed introduction to the four stages of exploration, gradual pilot, standardized operation and all-round development experienced by the government guidance funds in China. Second, it sorts out government policies and regulatory environment for the market. Chapter 2 mainly introduces three main establishment models, including FOF, direct investment and PPP. At the same time, the source of funds, the fundraising and the distribution of the fund term of the established guidance funds according to the Zero2IPO Research survey are studied. Chapter 3 focuses on the number, target size and capital in place of guidance funds, including the distribution of total amount and size, fund types, and administrative levels. Through detailed data, the report summarizes and refines the distribution characteristics of current China’s guidance funds. Chapter 4 studies the regional distribution and financial support of government guidance funds in China as of the first half of 2019. And by comparing the total GDP of provinces and cities in recent years with the financial input of guidance funds, the relationship between them in different regions is unveiled. In addition, this part also studies the relationship between the industrial planning and economic development of provinces and cities in setting up industrial, venture capital and PPP guidance funds. Chapter 5 puts forward potential problems and gives suggestions on the current establishment and fundraising of government guidance funds. Zero2IPO Research is trying the best to contribute to the healthy and standardized development of the market. Moreover, the Part II carries on the previous report and conducts in-depth research on the investment strategies, operation models, exit options, income distribution models and incentive mechanisms of China’s guidance funds through questionnaire survey and institutional interviews, in order to provide authoritative and valuable information reference for the market.

清科私募通统计：截至本周五下午，投资、上市和并购共94起事件，涉及总金额160.93亿元人民币。从交易金额来看，本周金额较大事件是：2020年3月27日，明略科技完成3.00亿美元（折合人民币约：21.21亿元）E轮战略融资，本轮投资由淡马锡、腾讯领投，快手跟投，华兴资本担任本次交易财务顾问。从交易事件地域分布看，目前主要分布在北京市、上海市和广东省，占比分别为19.3%，15.5%和15.5%。

疫情影响下，全球经济进入调整期，股权投资市场募、投活跃度双双下滑。而在此期间，被投企业则面临着更为焦灼的局面，在经历了停产、停工、市场需求下滑、订单无法交付、现金流承压等种种困局之后，近期，企业开始逐步复工、复产，重启“日常”。在全球隔离的情况下，投资机构与被投企业一同面临着这场“疫情大考”。

科创板自2019年3月落地以来已成功运行近一年，截至2020年1月31日，科创板已上市企业数量共79家，累计融资额超过900亿元。2020年3月，新《证券法》正式实施，奠定了“注册制”全面推行的法律基础。科创板作为先行者，也将起到引领和借鉴作用。 对此，清科研究中心推出《2020年科创板上市情况统计分析报告》，从科创板总体上市情况统计（上市历时、成立时长、首发情况、行业对比）、科创板与A股其他板块对比（市值、市盈率、机构收益率）、科创板企业上市前财务数据表现（成长性、盈利能力、科创能力）、红筹和同股不同权企业审核关注问题解析（华润微电子和优刻得）四大方面，全面解析了截至2020年第一季度科创板上市情况。

2020年3月20日，证监会发布《科创属性评价指引（试行）》（以下简称“《指引》”），对申报企业是否具有科创属性提出了具体的评价指标体系。《指引》是在什么市场背景下发布？主要包含哪些内容？已上市企业是否满足指引要求？指引对于VC/PE机构来说有哪些影响？清科研究中心也提出一些自己的思考和解读。

清科私募通统计：截至本周五下午，投资、上市和并购共78起事件，涉及总金额312.59亿元人民币。

受新冠疫情影响，1月27日，教育部发布《关于2020年村级学期延期开学的通知》，线下培训机构全面停课，各类学校延期开学。为顺应市场变化，在线教育机构纷纷推出免费线上课程，支持“停课不停学”；部分线下教育机构，转为线上授课，承接线下需求；在线技术提供商/平台面向学校和教育机构提供免费技术支持。各大教育企业推出线上课程、直播课程等一系列措施，在最长春节假期进行厮杀，积极自救，寻找新的发展方向。

随着中国股权投资市场不断发展，行业逐渐显现出兼容并蓄的特色，产业集团开始利用股权投资方式达到战略驱动、核心业务赋能、新兴行业布局等目的，公司创业投资/战略投资者（CVC）也在我国股权投资市场占据一席之地。2018年清科私募股权投资50强机构中，腾讯投资、阿里资本、小米集团、百度投资、京东均榜上有名，2019年清科发布中国战略投资者（CVC）10强，CVC在股权投资领域的地位越来越不容忽视。战略投资者具有产业资源优势能够充分发挥协同作用，因此获得众多优质创业企业的青睐。对创业企业来说，战略投资不但有利于其实现整合产业上下游商业生态的战略目的，还可以帮助企业获取新技术、拓展新领域。对于整个创业生态来说，战略投资的加入有助于行业内兼并重组乃至达到产业整合升级的效果，有利于传统产业运作效率的提升，以及行业创新项目的价值挖掘。 清科研究中心2018年曾发布《2017年中国创业投资（CVC）发展研究报告》，报告对全球CVC投资的历史、发展现状、我国CVC投资现状进行了阐述，本篇将进一步总结国内外CVC发展趋势、探讨CVC投资机构的运营模式、梳理重点产业CVC投资案例等，旨在新形势下为产业集团开展或优化CVC投资提供参考。

本次发布的《2020年中国创业投资（CVC）发展研究报告》将进一步总结国内外CVC发展趋势、探讨CVC投资机构的运营模式、梳理重点产业CVC投资案例等，旨在新形势下为产业集团开展或优化CVC投资提供参考。

清科私募通统计：截至本周五下午，投资、上市和并购共83起事件，涉及总金额244.42亿元人民币。