财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 国家发展改革委召开专题新闻发布会。会上，国家发展改革委创新和高技术发展司司长白京羽表示，国 家创业投资引导基金的定位具备四个特点： 一是坚持做早期基金。今天的科技领军企业都是曾经的种子企业、初创企业，这类种子企业和初创企业 成长性好，前景广阔，但同时风险也比较高，不确定性比较大。社会资本对他们普遍很关注，但投资持 谨慎态度。针对这一问题，引导基金将种子期、初创期、早中期企业作为投资的重点，支持企业聚焦前 沿领域，开展原创性、颠覆性的技术攻关；二是坚持做耐心基金。三是坚持做市场化基金。中央出资设 立创业投资引导基金，需要统筹兼顾政策目标和市场化原则；四是做标杆基金。引导基金不搞重复投 资，不与市场争利，重在解决创投行业长期资本短缺的问题。 ...

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, aiming to stimulate the venture capital market by focusing on early-stage, small, and long-term investments in hard technology sectors [1] Investment Strategy - The fund emphasizes early investments, targeting seed and startup companies, with at least 70% of the total fund size allocated to these types of enterprises [1] - The fund will invest in small enterprises with valuations below 500 million yuan, and individual investments will not exceed 50 million yuan, ensuring funds reach the front and back ends of various industries [1] Fund Duration and Flexibility - The guidance fund has a 20-year duration, breaking the traditional venture capital fund lifecycle of 7 to 10 years, allowing for longer investment periods in sectors like innovative pharmaceuticals that have extended return cycles [1]

涨停表现 封板率 12月26日，市场早盘冲高回落，三大指数盘中集体跳水翻绿。沪深两市半日成交额1.45万亿，较上个交易日大幅放量2513亿。 盘面上热点快速轮动，全市场超3900只个股下跌。截至收盘，沪指跌0.19%，深成指涨0.17%，创业板指跌0.15%。 从板块来看，锂电产业链快速走强，天际股份4天3板，宏源药业、永兴材料等多股涨停。商业航天概念反复活跃，神剑股份7连板，九鼎新材4连板，佳缘科 技、中超控股涨停。光伏概念局部拉升，协鑫集成、亿晶光电涨停。海南自贸概念表现活跃，海南发展6天5板。下跌方面，算力硬件概念表现较弱，长光华 芯跌超10%。 60.00% 封板 51 触及 34 昨涨停今表现 2.07% 高开率 61% 获利率 ...

转自：北京日报客户端 今天，国家发展改革委举行专题新闻发布会，介绍国家创业投资引导基金有关工作。 有关负责人表示，今天正式启动的国家创业投资引导基金，将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，形成万亿资金规模。引导基金将种子期、初创 期、早中期企业作为投资重点，支持企业聚焦前沿领域开展原创性、颠覆性的技术攻关。引导基金设置 20年存续期，其中10年投资期、10年退出期，用耐心资本陪伴企业"长跑"。 来源：央视新闻客户端 作者: 丁雅妮 张艺瑾 ...

Core Viewpoint - The National Venture Capital Guidance Fund has been launched, with a 20-year duration, breaking the traditional 7-10 year lifecycle of venture capital funds, particularly benefiting sectors like innovative pharmaceuticals with longer return cycles [2] Group 1 - The fund aims to promote long-term investment strategies in sectors that require extended periods for returns, such as innovative drugs [2] - The initiative is part of a broader effort by the National Development and Reform Commission to support innovation and entrepreneurship in China [2]

Core Viewpoint - Guangdong Jiuan Intelligent Technology Co., Ltd. (referred to as "Jiuan Intelligent") has successfully submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise 1.064 billion yuan for various projects and working capital [1][5]. Company Overview - Jiuan Intelligent is a manufacturer of intelligent visual products, an IoT service provider, and a technology solution provider, focusing on visual imaging and analysis technology, wireless transmission technology, IoT platform technology, and AI visual application models [3][4]. - The company has developed from providing hardware products to terminal brand owners to offering comprehensive solutions that include hardware product technology solutions, IoT cloud platform deployment, and end-user operations, collaborating with over 200 terminal brand partners [3][4]. Market Context - The global smart camera market has reached a scale of hundreds of billions, characterized by diverse scenarios and personalized demands [3]. Technological Advancements - Jiuan Intelligent has developed proprietary algorithms for multi-channel intelligent network selection and transmission control, achieving synchronous transmission of 16 channels of 4K video over distances of 350-400 meters [4]. - The company has implemented a deep learning-based AI video summary function and real-time fire detection capabilities through visual algorithms combined with flame detection sensors [4]. IoT Cloud Platform - The "Jiushangtong" IoT cloud platform and "Yishi Cloud" app have high concurrency processing capabilities, supporting 30 million devices online daily and 400 million alarm information pushes [4]. - The DMP IoT platform features an open ecological architecture, supporting both proprietary product access and third-party SDK integration, providing end-to-end solutions from hardware deployment to user operations [4]. Financial Performance - Jiuan Intelligent reported revenues of 645 million yuan, 780 million yuan, and 323 million yuan for the years 2023, 2024, and the first half of 2025, respectively, with net profits of 86 million yuan, 102 million yuan, and 45 million yuan during the same periods [4]. IPO Fund Utilization - The IPO proceeds will be allocated to the construction of intelligent visual product industrialization, embedded intelligent visual product R&D upgrades, IoT cloud platform upgrades, and the establishment of a headquarters base to enhance production efficiency, innovation capabilities, and overall operational capacity [5].

Group 1 - The National Venture Capital Guidance Fund has officially launched, with three regional funds established: Beijing-Tianjin-Hebei Venture Capital Guidance Fund, Yangtze River Delta Venture Capital Guidance Fund, and Guangdong-Hong Kong-Macau Greater Bay Area Venture Capital Guidance Fund [1]

钛媒体App 12月26日消息，国家发改委创新和高技术发展司司长白京羽在国家创业投资引导基金启动仪 式上表示，国家创业投资引导基金坚持做早期基金的管理。今天的科技领军企业都是曾经的种子企业、 初创、企业，这类种子企业和初创，企业成长性好，前景广阔，但同时风险也比较高，不确定性比较 大。社会资本对他们普遍很关注，但投资持审慎态度。针对这一问题，引导基金将种子期、初创、期、 早中期企业作为投资的重点，支持企业聚焦前沿领域，开展原创性颠覆性的技术宏观，为企业搭建成果 转化的平台和桥梁，促进资本和创新的双向奔赴。（智通财经） ...

Core Viewpoint - The National Venture Capital Guiding Fund has officially commenced operations, aimed at promoting venture capital development and encouraging long-term investments in hard technology [1][4]. Group 1: Fund Structure and Purpose - The guiding fund employs a three-tier structure consisting of guiding fund companies, regional funds, and sub-funds, which is crucial for directing financial capital towards early-stage, small, and long-term investments in hard technology [1]. - The establishment of the guiding fund is a significant measure to enhance patient capital and stimulate investment in key areas [1]. Group 2: Fund Scale and Progress - The first batch of three regional funds has been confirmed, each with a scale exceeding 50 billion yuan (approximately 7.1 billion USD) [4]. - All three regional funds have signed investment agreements, completed business registration, and established 49 signed sub-funds along with 27 investment projects [4].

Core Insights - The National Venture Capital Guiding Fund has officially commenced operations, aimed at developing venture capital and enhancing patient capital to encourage financial investments in early-stage, small, long-term, and hard technology sectors [1] Group 1 - The guiding fund employs a three-tier structure consisting of guiding fund companies, regional funds, and sub-funds, with a focus on accelerating the establishment of regional funds in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area [1] - The chairman of the National Venture Capital Guiding Fund Company, Huo Fupeng, stated that the initial three regional funds have secured funding commitments, each with a scale exceeding 50 billion [1] - All three regional funds have signed investment agreements, completed business registration, and established 49 signed sub-funds along with 27 investment projects [1]