国家创业投资引导基金启动，对集成电路、人工智能等领域早期项目和种子企业加大基金投资

Core Insights - The National Venture Capital Guidance Fund has been launched, with three regional funds established in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area, aiming to create a fund scale of trillions [1][6] Fund Structure - The fund operates under a three-tier structure: "Fund Company - Regional Fund - Sub-Fund," with a 20-year lifespan for the National Venture Capital Guidance Fund Company [2] - Regional funds will focus on seed and early-stage investments, with at least 80% of investments directed towards sub-funds [2][4] Investment Focus - The fund emphasizes early-stage investments, targeting seed, startup, and early-mid stage companies, particularly in cutting-edge technology sectors [3][4] - Investment in small enterprises is capped at a valuation of 500 million, with individual investments not exceeding 50 million [5] Long-term Commitment - The fund has a 20-year duration, allowing for a longer investment horizon and accommodating sectors with extended return cycles, such as innovative pharmaceuticals [5][6] - The fund aims to support the transformation of key common technology achievements and invest in enterprises that have made significant breakthroughs [5][6] Sectoral Focus - The fund will increase investment in early-stage projects and seed companies in fields such as integrated circuits, artificial intelligence, aerospace, and future energy [6][7] - The three regional funds are expected to exceed 50 billion in total scale, with plans to establish over 600 sub-funds to support emerging and future industries [7]