今天 上午（ 1 2 月 2 6 日 ） ，国家创业投资引导基金启动仪式在国家发展改革委召开。 据悉， 国家创业投资引导基金 （以下简称国家创投引导基金） 坚持做早期基金、耐心基金、 廉洁基金、标杆基金， 在 启动仪式 上 ， 3只区域基金与首批4 9个子基金以及2 7个项目代表 正式签约 。 签约的基金包括亦庄芯创、水木创投、创新工场、联想之星、基石资本、英诺天 使等，签约项目包括加速进化、图灵量子、芯屏半导体等。 母基金研究中心从国家发展改革委专题新闻发布会上获悉，国家创业投资引导基金坚持做耐心 基金，引导基金设置20年存续期，其中10年投资期、10年退出期。坚持做市场化基金，建立 政府管政策管投向、委托专业团队市场化运作的管理模式。 政府层面不直接参与日常运作管 理，不设地域返投要求 ；市场层面通过竞争择优，选出若干家具有丰富投资经验和运营能力的 管理机构，负责基金"募投管退"全过程，切实提高资金使用效率，确保每一笔投资都用在"刀 刃"上。引导基金将与已设立的各类政府投资基金、市场化基金错位发展，不搞重复投资、不 与市场争利，重在解决创投行业长期资本（20年存续期）短缺的问题。 母基金研究中心关注到，国 ...

Group 1 - The Hubei Social Security Science and Technology Innovation Fund was officially signed in Wuhan, with a first phase scale of 20 billion yuan, focusing on industries such as optoelectronic information, automotive manufacturing, life health, and high-end equipment [2] - The fund aims to support the transformation and upgrading of traditional industries, the cultivation of emerging industries, and the forward-looking layout of future industries, contributing to the establishment of a nationally influential technology innovation hub in Hubei [2] - Recent developments include the establishment of multiple social security science and technology innovation funds across various provinces, including Jiangsu with a scale of 50 billion yuan and Fujian with a scale of 20 billion yuan [4] Group 2 - The fourth Davos Global Mother Fund Summit will be held in January 2026, focusing on multilateral dialogue within the global mother fund industry [6] - The summit will gather over a hundred influential figures from the global mother fund and investment industry to discuss the future development of the sector [6] - The event is anticipated to be a significant occasion for global investment discussions, with preparations underway for participants to secure necessary travel arrangements [6][8]

Group 1 - The core viewpoint of the article emphasizes the strengthening of early-stage, small-scale, long-term, and hard technology investments in the equity investment industry, with a focus on nurturing technological innovation through patient capital [2] - The mother fund industry is evolving into a 3.0 version, transitioning from a "rough" development model to a more refined approach, establishing clusters of guiding funds and emphasizing collaboration among provincial and municipal guiding funds [2] - The 2025 China Mother Fund 50 Forum is set to take place on December 28, 2025, in Beijing, aiming to gather over 300 representatives from mainstream mother funds and top investment institutions to discuss industry development [2] Group 2 - This year's forum will focus on the development of the equity investment industry, particularly the mother fund sector, featuring multiple keynote speeches and roundtable discussions to explore opportunities and challenges faced by the industry [2] - The forum aims to provide a comprehensive analysis of industry trends and LP investment strategies, facilitating communication and collaboration to promote innovation and the development of emerging industries [2]

Core Viewpoint - The Shanghai Jiao Tong University Future Industry Fund Phase II has been officially launched with an expected scale of 1 billion yuan, focusing on accelerating the transformation of scientific achievements from the laboratory to the market through capital empowerment [1][3]. Group 1: Fund Launch and Objectives - The Shanghai Jiao Tong University Future Industry Fund Phase II aims to address the "last mile" challenge in the transformation of scientific achievements by utilizing "patient capital" to connect with "high-value" foundational research results [3]. - The first phase of the fund successfully attracted nearly 1.8 billion yuan in social capital and invested in 54 "Jiao Tong" affiliated enterprises, enhancing the efficiency of transformation through a market-oriented selection mechanism [3]. - The new phase of the fund will further guide capital to focus on the Jiao Tong innovation ecosystem, supporting the creation of the "Zero Bay Innovation Ecosystem" [3]. Group 2: Collaborative Initiatives - The "Zero Bay Technology Innovation Fund," co-initiated by Shanghai Jiao Tong University and Shanghai Guotou Company, has invested in 10 high-quality projects led by top scholars since its operation began in December 2024, covering cutting-edge fields such as integrated circuits and biomedicine [4]. - The fund has a revenue feedback mechanism where part of the investment returns will support the university's research and talent cultivation, creating a sustainable innovation loop [4]. Group 3: Trends in University-led Funds - The establishment of the Shanghai Jiao Tong University Future Industry Fund Phase II represents an innovative exploration in the industry, indicating that universities are increasingly participating in the private equity investment sector as limited partners (LPs) [5]. - More universities are establishing their own funds, with notable examples including South China University of Technology's 3 billion yuan fund and Wuhan University of Technology's 1 billion yuan fund, focusing on hard technology and healthcare sectors [5]. - The trend shows that universities are not only acting as venture capitalists but also as LPs, emphasizing long-term investment strategies and collaboration with general partners (GPs) that have strong industry advantages [5]. Group 4: International Comparisons and Future Prospects - Internationally, university endowment funds are significant long-term LPs in the PE/VC industry, with many renowned venture capital firms having a substantial portion of their LPs from university endowments [8]. - The development of domestic university funds is still in its early stages compared to established international counterparts, but there are pioneering institutions like Tsinghua University leading the way [8]. - The future expectation is for more domestic university funds to emerge, enriching the LP landscape in the private equity investment industry and providing more market-oriented long-term capital [11].

Core Viewpoint - The Fourth Davos Global FOF Summit will take place in Davos, Switzerland from January 19 to January 23, 2026, hosted by the Global FOF Association, aiming to facilitate discussions among leading figures in the global fund of funds industry [2][25]. Group 1: Attendance Confirmation - Seven prominent European institutions have confirmed their attendance at the summit, including Postfinance Venture, LGT Bank, Redalpine Ventures, H Capital Ventures, and EMCORE Asset Management AG [3][6][8][13][19]. - Christian Renner from Postfinance confirmed participation, highlighting Postfinance's significant role in Switzerland's financial landscape with total assets of approximately CHF 102 billion and a net profit of around CHF 164 million for 2023 [4][5]. - Christian Friede from LGT Bank confirmed attendance, emphasizing LGT's focus on wealth management and sustainable investment solutions for high-net-worth individuals and institutions globally [6][7]. Group 2: Summit Highlights - The summit will feature over 100 leading figures from global funds and venture capital cities, discussing strategies for navigating economic cycles and exploring future directions for the fund industry [25][26]. - The Global FOF Association will release the "2025 World's Best FOF Investment Institutions List" during the summit, continuing its tradition of recognizing top investment institutions for six consecutive years [27][28]. - The event will provide a unique opportunity for participants to engage with leading global LPs, discussing investment logic and needs, particularly in the context of RMB and USD funds [29][31]. Group 3: Special Activities - Participants will experience scenic train rides in the Alps and engage in special forums, enhancing networking opportunities in a picturesque setting [33][36]. - The summit aims to foster dialogue between Chinese GPs and international LPs, with previous summits resulting in over USD 1 billion raised by domestic GPs [29][31].

Core Viewpoint - The establishment of the Guangdong Strategic Emerging Industry Investment Guidance Fund, with a registered capital of 500 billion RMB, signifies a substantial commitment to fostering venture capital and private equity investments in strategic emerging industries in Guangdong Province [1][4]. Group 1: Fund Establishment and Initial Investments - The Guangdong Strategic Emerging Industry Investment Guidance Fund was established with a registered capital of 500 billion RMB and is fully owned by the Guangdong Provincial Finance Department [1][2]. - Within four days of its establishment, the fund committed 40 billion RMB to invest in the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund [1][2]. Group 2: Government Initiatives and Support - The Guangdong Provincial Finance Department plans to create a trillion-level provincial government investment guidance fund system, aiming to attract various social capital to invest in strategic emerging industries [1][4]. - The "Guidance Fund - Mother Fund - Sub-Fund" three-tier system is designed to enhance the overall investment ecosystem and support the development of venture capital in the province [4][5]. Group 3: Recent Policy Developments - In May 2025, the Guangdong Provincial Government issued an action plan to promote high-quality development in venture capital, focusing on nurturing high-quality investment institutions and improving the investment environment [5][6]. - The plan includes establishing a comprehensive industrial fund system with a total scale exceeding 1 trillion RMB, with provincial funds exceeding 100 billion RMB [6]. Group 4: Innovative Fund Structures - The establishment of regional mother funds and inter-provincial collaborative development mother funds is a notable innovation, promoting synergy and resource integration across regions [9]. - The Guangdong province has initiated a regular selection process for sub-fund management institutions, which is relatively rare and beneficial for the venture capital market [7][9]. Group 5: Focus on Technology and Innovation - The Guangdong government emphasizes early, small, long-term, and hard technology investments, aiming to stimulate innovation and entrepreneurship [10][12]. - The introduction of differentiated performance evaluation and risk tolerance mechanisms for government guidance funds is expected to encourage higher-risk investments in promising projects [12].

Group 1 - The establishment of the "China International Science and Technology Promotion Association Mother Fund Branch" aims to promote the development of technology finance and industrialization, leveraging government resources to guide social capital towards innovative enterprises and the real economy [1][20][22] - The "Changxing Guangkong Mother Fund," initiated by China Everbright Holdings and Changxing County, has a first-phase subscription scale of RMB 1 billion, managed by the Everbright Holdings mother fund team, to enhance investment in the Yangtze River Delta region [3][6][7] Group 2 - "Jifeng Fund" achieved a successful investment with "Muxi Integrated Circuit (Shanghai) Co., Ltd." listing on the Sci-Tech Innovation Board, with a market capitalization exceeding RMB 330 billion on its first trading day [8][9] - Dongguan Science and Technology Innovation Group signed a strategic cooperation agreement with Dongguan Bank to enhance financial support for technology innovation, focusing on a comprehensive financial service chain [10][12][13] Group 3 - Hengjian Holdings received approval for TDFI qualification from the China Interbank Market Dealers Association, marking a significant breakthrough in direct financing capabilities [14][15] - The "Fujian Jintou" initiative supports the establishment of a solid methionine production project in Quanzhou, enhancing domestic production capacity and reducing reliance on imports [19]

Core Viewpoint - The article discusses the recent policy initiatives by the Sichuan Provincial Government aimed at increasing financial support for technological innovation, particularly through a more lenient loss tolerance mechanism for investment funds [2][3]. Group 1: Policy Initiatives - Sichuan's new plan allows for a maximum investment loss tolerance of 60% for government-guided and state-owned funds, which can be increased to 80% for funds investing in seed-stage companies or future industries, and up to 100% for individual projects [2]. - The policy encourages equity investment institutions to increase their investments in technology-driven enterprises and projects that focus on results transformation [2][3]. Group 2: Loss Tolerance Mechanism - The article highlights a growing trend among local state-owned assets to adopt a 100% loss tolerance for individual projects, indicating a significant shift in investment risk acceptance [3]. - This trend is seen as a positive signal for the venture capital landscape, suggesting that local state-owned assets are becoming more open to the idea of total loss in investments [3]. Group 3: Government and State-Owned Fund Management - Recent policies emphasize the need for optimizing the management and accountability mechanisms of government investment funds, including the establishment of a fault tolerance mechanism [4][5]. - The government aims to create a supportive environment for innovation by allowing for a more flexible evaluation system that does not solely rely on the performance of individual projects or annual profits [5]. Group 4: Long-term Investment Strategies - Sichuan's initiatives reflect a commitment to "patient capital," which is characterized by long-term support and a high tolerance for risk and failure, particularly in the context of technological innovation [6][7]. - The province aims to establish a significant number of private equity and venture capital management institutions by 2030, with a target fund management scale of 4 trillion yuan [8]. Group 5: Fund Duration and Investment Conditions - The article notes that many newly established funds have extended durations of 15 to 20 years, with a significant portion of new funds allowing for a longer investment horizon [9]. - Sichuan's policies also propose that the duration for sub-funds can be extended up to 15 years, demonstrating a commitment to long-term capital [10]. Group 6: Investment Return Requirements - There is a noticeable trend towards lowering the return requirements for government investment funds, with average return multiples decreasing significantly over the past six years [11][13]. - The article mentions that many local governments are increasingly flexible regarding return requirements, allowing for lower ratios and broader definitions of what constitutes a return [12]. Group 7: Future Expectations - The article anticipates that more regions will adopt similar policies to enhance the incentive and fault tolerance mechanisms for government and state-owned funds, promoting the development of long-term, patient capital [13].

Core Viewpoint - The establishment of the Jiangsu Social Security Science and Technology Innovation Equity Investment Fund marks a strategic collaboration between the National Social Security Fund Council and Jiangsu Province, entering a substantive operational phase with an initial scale of 500 billion yuan [1]. Group 1 - The fund aims to focus on key national strategic emerging industries, including advanced manufacturing, artificial intelligence, integrated circuits, new energy, biomedicine, and new materials, to attract more social capital into core areas of technological innovation [1]. - The fund will adopt a "two-tier, joint management" structure to effectively support the development of Jiangsu's industrial system and enhance its influence in technology innovation [1]. - The fund's operational principles emphasize market-oriented, rule-of-law, and professional management, aiming to create a comprehensive service system covering project reserve, investment implementation, and industry empowerment [2]. Group 2 - The fund will adhere to governance requirements led by party building, continuously improve its institutional framework, and optimize cross-regional innovation resource allocation [2]. - The long-term and patient capital will support the integration of technological innovation and industry development, contributing to high-quality economic and social development in Jiangsu [2].

Group 1 - The event "Tide Surging Capital Gathering: Seeking Quality for a New Future" is held in Nantong, focusing on the high-quality development of the multi-level capital market [2][4] - The event is co-hosted by the Nantong Municipal Party Committee, the Nantong Municipal Government, and Shanghai Securities Journal, featuring various specialized sessions on artificial intelligence, marine economy, and biomedicine [4] - Notable speakers include Tang Jincao, former Vice President of Renmin University Wu Xiaoqiu, and others, discussing the collaboration between Nantong and national funds [5] Group 2 - Several funds, including the National Service Trade Fund and the National Investment Biomanufacturing Fund, were officially launched during the event, along with strategic cooperation agreements signed with provincial financial groups [5] - In 2023, Nantong established over 30 new funds with a total scale exceeding 50 billion, and initiated more than 130 new capital investment projects with planned investments exceeding 30 billion [5]