多地出台政府投资基金新规，严控新设基金、存量提质趋势明显

Core Viewpoint - The recent policies from Gansu and Guangdong provinces emphasize stricter control over the establishment of government investment funds, aligning with the central government's guidance to enhance the quality and management of these funds [1][2][5]. Group 1: Policy Overview - Gansu's implementation opinion highlights the need to "strictly control the establishment of new funds" and to optimize existing funds, reflecting a trend towards improving the quality of existing government investment funds [1][5]. - Guangdong's management measures also stress the importance of government guidance and policy orientation in fund establishment, requiring approval from local governments for new funds [2][7]. - Both provinces have adopted similar measures regarding the classification and management of funds, emphasizing the need for thorough evaluation and approval processes [2][6]. Group 2: Stringency of Regulations - Gansu's policy is noted for its heightened emphasis on strictness, with the term "strict" appearing nine times in its document, covering various aspects such as fund establishment, performance evaluation, and risk control [3][4]. - The Gansu policy explicitly prohibits the establishment of funds for the purpose of attracting investment, indicating a more rigorous approach compared to Guangdong [5][6]. Group 3: Implementation of Central Guidelines - Since the issuance of the central government's "Guidance on Promoting the High-Quality Development of Government Investment Funds," multiple provinces have introduced related policies to strengthen the management of these funds [1][6]. - The central document outlines the need for a well-structured, efficient, and risk-controlled framework for government investment funds, which has been echoed in the provincial policies [6][7]. Group 4: Management Fee Regulations - Guangdong's management measures propose that fund management fees be determined based on performance evaluations, potentially disrupting the traditional practice of fixed management fees [10][11]. - The shift to performance-based management fees aims to align the interests of fund managers and investors, although it may increase short-term performance pressure on investment institutions [10][11].