今天，史上最大创投活水来了

Core Insights - The National Venture Capital Guidance Fund has officially launched, aiming to focus on hard technology and expected to leverage trillions of social capital over its 20-year lifespan [1][2][3] - The fund structure includes a guiding fund company, regional funds, and sub-funds, with a registered capital of 10 billion RMB [2][3] Group 1: Fund Structure and Operations - The National Venture Capital Guidance Fund operates under a company structure with a 20-year duration, consisting of a 10-year investment period and a 10-year exit period, which is longer than typical equity investment funds [3] - Regional funds have been established in Beijing, Shanghai, and Shenzhen, utilizing a model of 80% sub-funds and 20% direct investment [4][7] - The Beijing-Tianjin-Hebei fund has a registered scale of 29.646 billion RMB, while the Yangtze River Delta fund is set at 47.1 billion RMB, and the Guangdong-Hong Kong-Macau Greater Bay Area fund targets 50.45 billion RMB [4][7] Group 2: Investment Focus and Strategy - The National Venture Capital Guidance Fund will prioritize investments in cutting-edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage, among others [8] - The fund mandates that at least 70% of sub-fund investments must target seed and early-stage enterprises, with individual investments capped at 50 million RMB and valuations not exceeding 500 million RMB [8] - The first batch of signed funds includes 49 funds and 27 direct investment projects, featuring notable names such as Yizhuang Xinchuan and Hong Kong X [8] Group 3: Market Position and Future Implications - The fund aims to operate as a market-oriented entity, avoiding direct government management in daily operations and focusing on efficiency in capital usage [9] - The fund's establishment reflects a significant shift in the venture capital landscape, with state-owned capital becoming a crucial support for the industry [10][11] - The fund's long-term capital approach is expected to address the chronic shortage of capital in the venture capital sector, promoting sustainable growth in hard technology investments [9][10]