每经热评︱从规模扩张到质量提升 中国母基金转型正当时

Core Insights - The Chinese mother fund market is experiencing a "reduction in quantity and improvement in quality" in the first half of 2025, with a total of 33 new mother funds established, of which 31 are government-guided funds and only 2 are market-oriented funds [1] - The total scale of government-guided funds reached 79.804 billion yuan, while market-oriented funds amounted to 8 billion yuan, representing year-on-year declines of 66% and 50% respectively [1] - The shift from a focus on quantity expansion to quality enhancement is driven by the introduction of a "long-duration" guiding fund mechanism, extending fund lifespans to 20 years, which supports long-term investment in technology innovation [1][2] Industry Trends - The State Council issued guidelines for promoting high-quality development of government investment funds, categorizing them into industrial investment and venture capital, and encouraging a mother-child fund structure while controlling fund layers to prevent excessive nesting [2] - The decline in the scale of government-guided funds is not a contraction but a focus on precise functional positioning, efficient resource coordination, and scientific assessment mechanisms [2] - Recent policy changes in several provinces, such as Anhui, Zhejiang, and Shaanxi, have extended the lifespan of government-guided funds to 20 years, addressing current industry pain points and promoting high-quality development [2][3] Investment Dynamics - Startups, particularly in hard technology sectors, require long periods for technology development, product launch, and market acceptance, which traditional government-guided funds with 7-10 year lifespans struggled to support [3] - The extension of fund lifespans enhances risk tolerance and enables "cross-cycle investment," allowing funds to support companies over longer periods and better match capital with innovation needs [3] - This "long-duration" mechanism shifts the assessment criteria for government-guided funds from scale-oriented to long-term effectiveness, focusing on metrics such as the number of specialized enterprises nurtured and regional industrial chain collaboration [3] Future Outlook - The Chinese mother fund industry is undergoing a critical transformation, with short-term scale declines seen as a necessary pain point for achieving high-quality development in the long term [4] - Future mother funds will be evaluated not by size but by their ability to act as catalysts for innovation ecosystems and boosters for industrial development, aiming for a win-win scenario among policy goals, capital value, and real economic growth [4]