今天，史上最大创投活水来了

Core Viewpoint - 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 [2][3]. Fund Structure and Operation - The National Venture Capital Guidance Fund was established on July 21, 2025, with a registered capital of 10 billion RMB, operating under a three-tier structure: guidance fund company, regional funds, and sub-funds [3]. - The fund has 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, with the Beijing-Tianjin-Hebei fund having a registered scale of 29.646 billion RMB [3][4]. Investment Focus - The fund will prioritize investments in cutting-edge fields such as artificial intelligence, quantum technology, hydrogen energy storage, and other areas highlighted in government work reports [7]. - The first batch of signed funds and projects includes 49 funds and 27 direct investment projects, featuring notable names like Yizhuang Chip Innovation and Turing Quantum [7]. Market Positioning and Strategy - The National Venture Capital Guidance Fund aims to operate as a market-oriented fund, with the government not directly involved in daily management and avoiding regional investment requirements [8]. - The fund will collaborate with existing government investment funds and market-oriented funds to avoid overlapping investments and focus on addressing the long-term capital shortage in the venture capital industry [8]. Industry Context - The venture capital market has seen phenomena such as rushes to popular sectors and impatience for quick returns, highlighting the need for state-owned capital to play a role in long-term, patient investments in hard technology [9]. - The establishment of this "aircraft carrier" level national guidance fund marks a significant elevation of the venture capital industry in China [9].