Group 1 - The new policy aims to enhance the role of government financing guarantee systems to support employment and entrepreneurship by providing guarantees for small and micro enterprises with strong employment capacity [1] - The policy will prioritize guarantees for labor-intensive small and micro enterprises seeking bank loans, reducing the risk for banks and encouraging lending [1] - The government will explore establishing employment contribution indicators for financing guarantees, using employment as a key assessment metric to guide local guarantee institutions [1] Group 2 - The financing threshold for small and micro enterprises will be lowered, with the gradual reduction or elimination of collateral requirements for eligible businesses [1] - Banks and financing guarantee institutions are encouraged to develop tailored financial products for small enterprises, including loans specifically for employee wage payments [1] - The policy also supports ten key groups, including college graduates and veterans, by providing reduced guarantee fees and financial subsidies for entrepreneurial loans [4][6] Group 3 - The average impact of the entrepreneurial loan subsidy policy is significant, with every 1 billion yuan in subsidies potentially leading to 50 billion yuan in new loans and supporting approximately 17,500 entrepreneurs [8] - The government financing guarantee is a crucial tool for supporting employment and entrepreneurship, with estimates indicating that every 1 billion yuan in guarantees can stabilize over 800 jobs [8] - In the first eleven months of the year, the national financing guarantee fund's re-guarantee business reached 1.36 trillion yuan, with nearly 99% of resources allocated to support small and micro enterprises and rural sectors, benefiting around 11 million people [8]

12月26日，由国家发展改革委、财政部推动设立的国家创业投资引导基金正式启动。启动仪式上，该引 导基金出资成立的3只区域基金与49只子基金和27个直投项目签订投资意向，涵盖集成电路、量子科 技、生物医药、脑机接口、航空航天等重点领域。 "科创企业成长壮大是一场旷日持久的'马拉松'，需要资本的耐心陪伴。"白京羽介绍，引导基金设置20 年存续期，其中10年投资期、10年退出期，通过更长久的投资期限，为企业提供长周期的资金供给；同 时通过更宽松的退出时限，为企业提供更多的发展空间，用耐心资本陪伴企业"长跑"，培育千行百业 的"小巨人"和"独角兽"。 不仅如此，国家创业投资引导基金还将坚持投硬科技。财政部经济建设司司长郭方明介绍，财政部门将 会同发展改革部门加强对基金投向的指导，聚焦"十五五"规划等国家规划明确的战略性新兴产业，鼓励 基金更多投向具有战略意义、有利于提高全要素生产率的项目以及外溢性强、社会效益高的领域，支撑 原创性、颠覆性技术创新和关键核心技术攻关，推动重大科技成果向现实生产力转化。 3只区域基金总规模均将超500亿元 为有效发挥中央资金"四两拨千斤"的杠杆效应，逐级吸引社会资本，实现万亿元的市场"造 ...

Core Viewpoint - The National Venture Capital Guidance Fund has been launched, with three regional funds established to attract diverse investments and support early-stage companies in key innovation sectors [1][2]. Group 1: Fund Positioning - The Guidance Fund is positioned around "four persistences": focusing on early-stage investments, maintaining a long-term investment horizon, operating in a market-oriented manner, and serving as a benchmark for other funds [2]. - It targets seed, startup, and early to mid-stage enterprises, emphasizing support for groundbreaking technology and innovation [2]. - The fund has a 20-year lifespan, with a 10-year investment period and a 10-year exit period, allowing for patient capital to support long-term growth [2]. Group 2: Fund Structure - The fund operates under a three-tier structure: a central fund, regional funds, and sub-funds, with a focus on collaboration between central and local governments and social participation [4]. - The regional funds will invest primarily in sub-funds, with at least 80% of investments directed towards sub-funds and a maximum of 10 billion yuan per sub-fund [4][5]. - The management of the funds will be conducted by selected professional teams, ensuring a market-driven approach to fund operations [4]. Group 3: Financial Contributions - The fund is backed by 100 billion yuan from the national treasury, utilizing long-term special government bonds to encourage social capital participation [7]. - The fund aims to support "hard technology" sectors and strategic emerging industries, aligning with national development plans [7]. - It will play the role of an "angel investor," focusing on high-growth potential startups and sharing the risks associated with early-stage investments [8]. Group 4: Performance Management - The fund will implement a performance evaluation system that emphasizes overall effectiveness and post-investment support rather than focusing solely on individual project outcomes [3][8]. - The Ministry of Finance will ensure compliance and effectiveness in fund operations, enhancing risk management across the entire investment lifecycle [8].

Core Insights - The National Venture Capital Guidance Fund has officially launched with a government investment of 100 billion yuan, expected to leverage over a trillion yuan in social capital [1][5][6] Group 1: Fund Structure and Objectives - The fund employs a three-tier structure: fund company, regional funds, and sub-funds, aiming to create synergy with other government guidance funds [1][6] - The fund focuses on early-stage investments, targeting high-growth seed, startup, and early to mid-stage innovative small and micro enterprises, acting as an "angel investor" to address market funding shortages [2][7] - The fund emphasizes "investing small," with investments in companies valued below 500 million yuan and individual investments capped at 50 million yuan, ensuring funds reach the "front end" and "tail end" of various industries [2][3] Group 2: Investment Focus and Duration - The fund prioritizes hard technology sectors, including integrated circuits, quantum technology, biomedicine, brain-computer interfaces, and aerospace [3][4] - The fund has a long duration of 20 years, with a 10-year investment period and a 10-year exit period, allowing for patient capital support for the growth of innovative enterprises [4][6] - A diversified exit system is established to ensure effective returns, addressing the limited exit channels in the venture capital market [4][6] Group 3: Market Impact and Future Outlook - Since the announcement of the fund's establishment, the venture capital market has shown signs of recovery, with fundraising amounts increasing by 8% and investment amounts by 9% year-on-year [5][6] - The fund's innovative structure is expected to attract social capital effectively, creating a significant market impact and enhancing the overall investment ecosystem [6][7] - The fund aims to complement existing government guidance funds by focusing on the early stages of the innovation chain, thus avoiding redundancy and fostering a comprehensive support system for technological innovation [7]

Core Viewpoint - The document outlines the government's new guidelines aimed at enhancing the role of the government financing guarantee system to support employment and entrepreneurship, focusing on labor-intensive small and micro enterprises and key groups in need of support [1][2]. Group 1: Support for Labor-Intensive Small and Micro Enterprises - The guidelines propose the establishment of a financing guarantee employment contribution index to quantitatively assess the employment impact of financing guarantee institutions [2][3]. - A resource allocation mechanism based on employment contribution will be developed, with the national financing guarantee fund considering employment contribution as a key factor in distributing re-guarantee business credit limits [2][3]. Group 2: Innovation in Financial Products - The guidelines encourage the development of specialized financial products for labor-intensive small and micro enterprises, including loans for wage payments and special loans for maintaining or expanding employment [3][4]. - The document emphasizes reducing the barriers for financing guarantees by minimizing collateral requirements for enterprises that employ a significant number of workers [3][4]. Group 3: Support for Key Groups in Entrepreneurship - The guidelines advocate for supporting key demographics, such as recent graduates and veterans, in applying for entrepreneurial guarantee loans, ensuring equal access to financing for various educational backgrounds [4][5]. - Government financing guarantee institutions are encouraged to provide guarantee services for entrepreneurial loans to ten specific employment groups, including unemployed individuals and rural entrepreneurs [4][5]. Group 4: Financial Cost Reduction and Efficiency - The guidelines suggest local governments explore reducing guarantee fees for eligible entrepreneurial loans and incentivizing trustworthy clients with fee refunds [4][5]. - A mechanism for rapid processing of entrepreneurial guarantee loans is proposed, aiming for expedited approval and disbursement processes [5]. Group 5: Risk Management and Innovation - The guidelines stress the importance of balancing innovation in financial products with risk management, ensuring that financing solutions remain sustainable and within risk control limits [5].

Core Viewpoint - The National Venture Capital Guidance Fund has been launched, signing agreements with three regional funds, 49 sub-funds, and 27 projects, aiming to attract a total capital scale of trillions of yuan to support strategic emerging industries and future industries [1][2]. Group 1: Fund Structure and Investment Strategy - The Guidance Fund is structured in a three-tier system: "Fund Company - Regional Fund - Sub-Fund," leveraging central government funds to attract social capital [2]. - The first three regional funds are established in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area, each with a total scale exceeding 50 billion yuan [2]. - The Guidance Fund focuses on early-stage investments, targeting seed, startup, and early-mid stage companies, with at least 70% of the total fund size allocated to these investments [2][3]. Group 2: Long-term Investment Approach - Unlike traditional venture capital funds with a lifespan of 7 to 10 years, the Guidance Fund has a 20-year duration, including a 10-year investment period and a 10-year exit period, accommodating sectors with longer return cycles [3]. - The fund aims to provide patient capital to support the long-term growth of innovative companies, fostering the development of "small giants" and "unicorns" across various industries [3]. Group 3: Support for Emerging Industries - The Guidance Fund will focus on strategic emerging industries and future industries as outlined in the 14th Five-Year Plan, investing in key common technology projects and companies achieving significant breakthroughs [3]. - The fund will collaborate with existing government and market-oriented investment funds to avoid duplication and competition, addressing the long-term capital shortage in the venture capital industry [3][4]. Group 4: Value-Added Services - In addition to financial support, the Guidance Fund will provide value-added services such as corporate governance, strategic planning, human resources, and industry collaboration to the invested companies [4].

Group 1 - The Shenzhen Technology Innovation Bureau has announced the proposed funding projects for the 2025 Shenzhen Kunpeng Youth Innovation Project, with a total of 144 projects listed [1] - Among the proposed projects, 131 projects, including "IoT Smart Sensor Development for Landslide Displacement Prediction" by Shenzhen Ruifen Technology Co., are set to receive funding of 0.5 million yuan [1] - Nine projects, such as "Development of High-Performance Aluminum-Nickel Composite Materials for New Energy Batteries" by Shenzhen Zhongjin Lingnan Technology Co., are proposed to receive 2 million yuan in funding [1] Group 2 - Four projects, including "LUXI Brain-like Edge Model" by Shenzhen Luxi Technology Co., are proposed to receive 5 million yuan in funding [1] - The Kunpeng Youth Innovation and Entrepreneurship Project supports university students and youth in innovation and entrepreneurship activities through reward or post-funding mechanisms [1] - The funding is included in the annual budget of the Shenzhen municipal technology administration department, and the project adopts a "first-in, then-support" mechanism [1]

（来源：河北日报） 转自：河北日报 据新华社北京12月26日电（记者魏玉坤）记者从国家发展改革委获悉，12月26日，国家创业投资引导基 金启动，京津冀创业投资引导基金、长三角创业投资引导基金、粤港澳大湾区创业投资引导基金3只区 域基金设立运行。 四是坚持做标杆基金。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，重在解决创投 行业长期资本短缺的问题。 国家发展改革委创新和高技术发展司司长白京羽表示，引导基金发挥中央资金引领带动作用，广泛吸引 地方政府、中央企业、金融机构、民间资本等多方参与，形成万亿元资金规模，通过投基金、投企业、 投项目，加大对战略性新兴产业和未来产业支持力度，加快培育和发展新质生产力。归纳起来，引导基 金的定位是"四个坚持"： 国家发展改革委创新驱动发展中心主任、国家创业投资引导基金有限公司董事长霍福鹏表示，12月26 日，3只区域基金已与49只子基金和27个直投项目签订投资意向，管理团队已经与各只基金和项目充分 沟通，预计近期可完成一批重点子基金和直投项目投资。未来，引导基金将推动在三个区域设立超过 600只子基金，服务新兴产业和未来产业发展。 一是坚持做早期基金。引导基金将种 ...

"年初宣布设立引导基金以来，创投市场加速回暖，前三季度募资金额同比增长8%，投资金额增长 9%，投资案例总数增长近20%，这充分证明了引导基金对于提振市场信心、激发市场活力的重要作 用。"白京羽说。 国家创业投资引导基金开创性设立"基金公司-区域基金-子基金"三层架构。财政部经济建设司司长郭方 明介绍，引导基金使用超长期特别国债资金出资，在国家层面由财政出资1000亿元，在区域基金、子基 金层面积极鼓励社会资本参与。 ● 本报记者 欧阳剑环 12月26日，国家创业投资引导基金启动仪式在北京举行。中国证券报记者从现场了解到，引导基金已出 资成立3只区域基金，在集成电路、量子科技、生物医药、脑机接口、航空航天等领域签署一批意向子 基金和直投项目。 在同日举行的国家发展改革委专题新闻发布会上，国家发展改革委创新和高技术发展司司长白京羽介 绍，引导基金广泛吸引多方参与，形成万亿资金规模，加大对战略性新兴产业和未来产业支持力度，加 快培育和发展新质生产力。 设置三层架构 今年3月，国家发展改革委主任郑栅洁宣布，组建国家创业投资引导基金，聚焦硬科技、坚持长周期、 提高容错率，通过市场化方式投向科技型企业。 在投资环节，引 ...

粤芯半导体技术股份有限公司（以下简称"粤芯半导体"）IPO有了新进展。 近日，深交所发行上市审核信息公开网站显示，粤芯半导体IPO审核状态更新为"已受理"，粤芯半导体 将募资75亿元用于12英寸集成电路模拟特色工艺生产线项目（三期项目）、特色工艺技术平台研发项 目、基于65nm逻辑的硅光工艺及光电共封关键技术研发项目等。 粤芯半导体是"广东强芯"工程的核心项目，是广东省首个量产的12英寸晶圆制造平台。粤芯半导体的发 展速度可以用迅猛来形容，"从无到有到量产" 仅用18个月便实现。 天使投资人、资深人工智能专家郭涛对《中国经营报》记者表示，粤芯半导体进行IPO，意在抓住半导 体国产替代机遇，借助资本市场加速产能扩张与技术升级。当前政策支持与市场景气度高，粤芯半导体 凭借本土化优势有望抢占份额，但也面临技术迭代和国际竞争的挑战。 中经记者 陈佳岚 广州报道 营收大幅反弹但仍巨亏 粤芯半导体成立的时间并不长，其2017年在广州成立，是专注模拟芯片制造的12英寸芯片制造公司，也 是粤港澳大湾区第一家实现量产的12英寸芯片制造企业，其代工服务涵盖了12英寸混合信号、高压显示 驱动、图像传感器、电源管理、功率分立器件等多 ...