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{
"url_hash": "9612490c1f27dfcf",
"source_id": "cls",
"title": "加速切入硬科技投资,燧原科技、粤芯半导体IPO浮现多家银行身影",
"text": "标题:加速切入硬科技投资,燧原科技、粤芯半导体IPO浮现多家银行身影\n[sentiment=neutral importance=3 event_type=其他 公司=燧原科技,粤芯半导体,农业银行,建设银行,兴业银行 行业=半导体,GPU,晶圆制造]\n摘要:燧原科技与粤芯半导体过会,背后多家银行资金参与投资,银行系资本加速布局半导体产业链。\n正文:财联社6月16日讯(记者 邹俊涛)\n银行资金再度现身硬科技投资领域。\n6月15日,国产GPU企业燧原科技与晶圆制造企业粤芯半导体双双通过上市审核。财联社记者梳理发现,两家拟上市企业背后均出现银行资金的身影。\n其中,粤芯半导体获得农业银行、建设银行旗下金融资产投资公司(AIC)直接投资;燧原科技则吸引了兴业银行、中信银行体系资金通过私募基金等形式间接参股。\n今年以来,银行资金对半导体产业链的布局明显提速。4月,五大国有银行旗下AIC集体现身长鑫科技、长江存储等存储芯片龙头企业股东名单引发市场广泛关注。\n业内认为,在政策鼓励“投早、投小、投长期、投硬科技”的背景下,银行资金正逐渐从传统信贷支持向“股权+债权”综合金融服务延伸,成为半导体产业融资生态中的重要增量力量。\n银行资金持续加码半导体赛道\n从此次过会企业情况来看,银行资金已深度参与部分半导体企业成长过程。\n根据粤芯半导体披露的招股书,农银投资早在2021年公司首轮融资阶段便已入场,并于2022年11月第三轮融资中继续增持。截至目前,农银投资持有粤芯半导体4.09%股权,为公司第六大股东。建信投资则参与了粤芯半导体第三轮融资,目前持股比例为1.19%。\n相比之下,燧原科技获得的银行资金支持更多体现为间接投资。\n招股说明书显示,兴业银行全资子公司兴银理财作为合伙人持有49.40%份额的私募基金上海信霁持有燧原科技0.8749%股权;同时,控股公司兴业财富(兴业基金全资子公司)作为合伙人持有12.52%份额私募基金武岳峰三期持有燧原科技1.7725%股权。\n天眼查数据显示,两只私募基金均为武岳峰资本旗下,最早在2020年燧原科技B轮融资就已参投。\n另外,信银(香港)投资设立的私募股权公司作为合伙人持有武岳峰三期3.24%份额,得以间接参与投资燧原科技。信银(香港)投资为中信银行旗下的海外投行平台,为其全资子公司。\n业内人士认为,从GPU、存储芯片到晶圆制造,银行系资本的布局已覆盖半导体产业链多个关键环节,显示出金融机构对于国产替代和先进制造产业长期成长空间的看好。\n一位长期关注半导体行业的券商机构研究人士向财联社记者表示,当前国内半导体行业已进入“资本密集+技术密集”阶段,单纯依赖风险投资难以满足企业长期资金需求。银行体系资金规模庞大、资金成本较低,其进入股权投资领域有助于缓解行业融资压力,也有利于推动科技创新成果转化。\n撬动银行业内形成“投贷联动”效应\n银行资金频频现身半导体企业背后,与近年来AIC股权投资试点扩容密切相关。\n今年4月,在第二届AIC股权投资研讨会上,工银投资董事长冯军伏透露,截至2025年末,全国AIC股权投资试点签约意向金额已突破3800亿元,2025年新增股权投资规模接近1000亿元,占全国新增股权投资规模约10%。\n地方层面亦在持续推动相关业务落地。\n四川金融监管局今年4月披露数据显示,目前全省意向组建AIC股权投资基金10只,已落地9只、规模80亿元,实现五家试点AIC机构全覆盖。同时,辖内大型银行通过“先贷后投”“先投后贷”等模式向企业提供融资支持4.18亿元,有效发挥股权投资基金的撬动作用。\n广东金融监管局数据显示,截至2026年一季度末,辖内AIC累计落地项目投资29.75亿元,带动存款沉淀近60亿元,贷款投放超过15亿元,形成较为明显的投贷联动效应。\n业内分析人士指出,AIC的独特优势在于能够打通银行传统信贷业务与股权投资之间的壁垒。一方面,通过股权投资分享企业成长红利;另一方面,借助银行体系资源为企业提供授信、结算、供应链金融等综合服务,形成“股权投资+债权融资”的协同模式。\n特别是在半导体、人工智能、新能源等技术门槛高、研发周期长的行业,AIC有望成为培育“耐心资本”的重要力量。\n银行做好科技投资仍面临挑战\n不过,在银行加速布局科技投资的同时,相关业务仍面临诸多现实挑战。\n财联社记者注意到,中金公司研究近期报告指出,当前商业银行开展AIC股权投资业务仍存在投研能力建设不足的问题。传统银行风险管理主要围绕企业偿债能力、现金流及信用资质展开,而科技企业股权投资则更强调技术路线判断、产业趋势研判以及商业模式验证,两者能力体系存在明显差异。\n与此同时,考核机制与业务特征之间的匹配问题亦受到关注。中金公司认为,从行业规律看,半导体等科技企业往往需要5年至7年甚至更长时间才能进入成熟收获期,而商业银行普遍以年度或季度作为绩效考核周期,短期业绩压力与长期投资逻辑之间存在一定矛盾。\n此外,业内人士认为,未来AIC股权投资业务的发展仍有赖于监管政策进一步完善,包括资本占用认定、风险权重安排、税收支持以及股权退出渠道建设等方面。随着相关制度持续优化,银行资金参与科技创新的空间有望进一步打开。",
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