事关政府投资基金，国家发改委公开征求意见

Core Viewpoint - The establishment of government investment funds aims to implement the requirements for building a unified national market, not for the purpose of attracting investment, and encourages the reduction or cancellation of reinvestment ratios [4]. Group 1: Guidelines for Government Investment Funds - The guidelines emphasize that government investment funds should align with national macro-control requirements for productivity layout and avoid investing in industries with structural contradictions [4]. - The investment focus should prevent blind following in emerging industries and support mergers and acquisitions, accelerate technological updates, and promote industrial quality upgrades [4]. Group 2: Key Support Areas - The investment areas for government investment funds should comply with national industrial adjustment guidance and encourage foreign investment, focusing on industries that align with national development plans [5]. - National-level funds should support modernization, key technology breakthroughs, and major cross-regional projects, addressing industrial development shortcomings [5][6]. - Local funds should consider regional financial capacity and industry resources, focusing on local特色优势产业 and supporting small and micro enterprises [6]. Group 3: Investment Fund Management - Government investment funds are prohibited from increasing local government hidden debts through disguised methods and from engaging in public trading of stocks or derivatives [7]. - The evaluation of fund direction will be based on a combination of quantitative and qualitative indicators, focusing on policy alignment, layout optimization, and execution capability [7][8]. - Existing funds that do not meet the new guidelines will be encouraged to exit upon expiration, while ensuring the protection of legitimate rights and market order [8].