对政府投资基金，国家发改委发布重磅文件

Core Viewpoint - The National Development and Reform Commission (NDRC) has solicited public opinions on the "Guidelines for the Layout Planning and Investment Direction of Government Investment Funds" and the "Measures for Strengthening the Guidance and Evaluation Management of Government Investment Fund Investment Direction," which are significant for the government investment fund industry [1][2][3]. Summary by Sections Guidelines - The guidelines emphasize strengthening the planning and investment direction of government investment funds, highlighting government guidance and policy positioning to prevent homogeneous competition and crowding out of social capital [1][2]. - It encourages national funds to strengthen collaboration with local funds, particularly in cutting-edge technology fields and key links in the industrial chain, leveraging local resources through joint establishment of sub-funds or contributions to local funds [1][2]. Investment Direction - Establishing government investment funds should align with the requirements of building a unified national market and should not aim at attracting investment. It encourages lowering or eliminating the return investment ratio [2][11]. - Investment directions must comply with national macro-control requirements, avoiding investments in industries with structural contradictions and preventing blind following in emerging industries [2][3]. Evaluation Measures - The measures propose a comprehensive evaluation index system that combines quantitative and qualitative assessments, covering the entire process of fund operation management [2][3]. - Evaluation indicators include policy orientation compliance, investment layout optimization, and policy execution capability [2][3]. Industry Transformation - The government investment fund industry is transitioning from a "coarse" development model to a more refined approach, focusing on establishing clusters of guiding funds and enhancing collaboration at provincial and municipal levels [12][13]. - The emergence of specialized fund clusters targeting specific sectors indicates a trend towards more segmented and professional investment strategies [14]. Regulatory Context - The recent emphasis on not establishing government investment funds for the purpose of attracting investment aligns with the broader regulatory framework aimed at standardizing local investment attraction practices [5][10]. - The decline in average return investment ratios over the past six years reflects a shift in industry practices, with many funds now requiring lower return multiples [11].