突出基金政策性定位 确保"投得准" 《关于促进政府投资基金高质量发展的指导意见》明确，政府投资基金的发展定位是，聚焦重大战 略、重点领域和市场不能充分发挥作用的薄弱环节，吸引带动更多社会资本，支持现代化产业体系建 设，加快培育发展新质生产力。 1月12日，国家发展改革委会同财政部、科技部、工业和信息化部联合发布《关于加强政府投资基 金布局规划和投向指导的工作办法（试行）》（以下简称《工作办法》），国家发展改革委同步出台 《政府投资基金投向评价管理办法（试行）》（以下简称《管理办法》）。 海南君顾数科研究院院长单福表示，《工作办法》和《管理办法》的出台正当其时，主要目的在于 推动政府投资基金的发展从追求数量和规模的"有没有"，转向注重质量和效益的"好不好"，促进我国政 府投资基金高质量发展。 "《工作办法》和《管理办法》的出台，标志着我国政府投资基金进入以规范发展、提质增效为特 征的新阶段。通过强化布局规划的'导航仪'作用和投向评价的'指挥棒'功能，政府投资基金将更好地肩 负起服务国家战略、推动经济高质量发展的使命。"中国宏观经济研究院经济所研究员刘国艳表示。 单福认为，这些条款为政府投资基金运作划定了清晰、不 ...

《通知》明确，发展壮大长期和耐心资本。全省各级政府要通过制度创新着力破解投早、投小、投长期的堵点和 卡点问题。省级政府投资基金进一步完善制度体系，优化管理运作模式，合理设置基金存续期，对创业投资类基金适 当提高政府出资比例、放宽基金存续期要求、延长基金绩效评价周期，建立奖励让利、容错免责及"以丰补歉"机制， 提升市场竞争力和吸引力。 记者1月9日从省政府办公厅获悉：该厅日前发布《关于做好政府投资基金高质量发展工作的通知》，明确要突出 政府引导和政策性定位，各级政府投资基金要把准战略重点和主攻方向，聚焦陕西重大战略、重点领域和市场不能充 分发挥作用的薄弱环节，通过科学布局、规范管理、高效运作，充分发挥"有为政府"作用，释放"有效市场"活力，更 好服务陕西经济社会高质量发展。 《通知》要求，产业投资类基金要立足陕西产业基础和优势，围绕现代能源、先进制造、战略性新兴产业、文化 旅游、现代服务业等万亿级产业集群，聚焦重点产业链建设，投资产业链关键环节和延链补链强链项目，助力构建具 有陕西特色的现代化产业体系；创业投资类基金要依托西安区域科技创新中心，聚焦"秦创原"创新驱动平台建设和科 技成果转化"三项改革"，坚持投早 ...

21世纪创投研究院研究员 申俊涵 近年来，政府投资基金已经成为中国股权投资行业的主要资金来源。在推动股权投资行业健康发展、培育壮大新兴产业和未来产业、推动传统 产业优化升级、加速新质生产力形成、提高财政资金利用效率、撬动社会资本投入等各方面，政府投资基金都发挥了重要作用。 2025年，国家层面对创业投资、股权投资的重视程度持续提升，对政府投资基金的政策支持力度不断加大。2025年1月7日，国务院办公厅发布 《关于促进政府投资基金高质量发展的指导意见》（国办[2025]1号，简称"1号文"），提出7个方面25项举措，系统覆盖"募、投、管、退"全流 程，进一步完善政府资金引导机制，为行业发展注入强心剂。 "1号文"的落地生根，给各地政府投资基金发展指明了方向。山西、黑龙江、福建、浙江、广东、上海等多地在2025年出台最新政府投资基金 管理办法，这也促进"1+N"制度体系的构建形成。 我们看到，各地愈发重视存量政府投资基金的整合优化、提升效能。新设地方政府投资基金呈现出更加务实的趋势，不再单纯追求单只政府投 资基金的超大规模，而是采取"基金群"模式实现精准滴灌。 从区域视角来看，由于政策规范与财政能力的约束，中西部 ...

从 2025 年 5 月开始，《 21 世纪经济报道》、 21 世纪创投研究院重磅启动 "2024-2025 年度政府投资基金竞争力评价 " 。 我们通过机构走访、问卷调研、数据收集，并参照清科研究中心、投中嘉川 CVSource 数据、执中 ZERONE 、母基金研究中心等数 据，进行综合分析，对各地方政府投资基金的政策目标、财务效益和管理水平等方面进行综合评价。 透过这份政府投资基金竞争力评价研究报告，我们力求客观、公正地展现各地方政府投资基金在培育壮大新质生产力、服务区域 经济发展、推动产生调整升级、提升区域创新创业竞争力等方面的价值与贡献。 21世纪创投研究院研究员 申俊涵 近年来，政府投资基金已经成为中国股权投资行业的主要资金来源。在推动股权投资行业健康发展、培育壮大新兴产业和未来产 业、推动传统产业优化升级、加速新质生产力形成、提高财政资金利用效率、撬动社会资本投入等各方面，政府投资基金都发挥 了重要作用。 2025年，国家层面对创业投资、股权投资的重视程度持续提升，对政府投资基金的政策支持力度不断加大。2025年1月7日，国务 院办公厅发布《关于促进政府投资基金高质量发展的指导意见》（国办[20 ...

种下梧桐树，引得凤凰来。 新能源的赛道上，技术迭代加速突破；低空经济的蓝天下，创新企业蓬勃发展……科技创新生态跃迁的 背后，一股关键力量——政府投资基金，始终在场。 从上海张江的科创孵化园到珠江畔的产业基金集群，再到天府之国的创投工坊，政府投资基金的身影遍 布培育、壮大新质生产力的关键环节。它们既是滋养创新的"活水"，更是驱动产业升级的"引擎"。 据执中ZERONE统计，2025年前三季度，全国私募股权市场政府资金认缴出资规模达7744亿元，报告期 内各级政府合计发布基金遴选公告372条。全国社保基金等国家级长线资本加速布局浙江、江苏等科创 高地，精准滴灌硬科技与战略性新兴产业。 2025年初，《国务院办公厅关于促进政府投资基金高质量发展的指导意见》发布，提出了高质量发展的 纲领。各地政府紧随其后出台了一系列政策，引导基金调整投资策略，重点关注"两端"，细化放宽基金 考核机制，落实基金"长钱"定位等。 面向"十五五"，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，完善民营企 业参与重大项目建设长效机制，发挥政府投资基金引导带动作用，激发民间投资活力、提高民间投资比 重，增强市场主导的有效投 ...

近日，四川省人民政府办公厅印发《促进全社会加大研发投入工作方案》，其中提出， 加大金 融支持科技创新力度。优化国有创新投资基金考核机制， 政府引导基金和国资基金投资损失容 忍率最高 6 0%，对于投资种子期企业或未来产业的基金可进一步提高到8 0%，单个企业（项 目）最高允许1 0 0%亏损 。引导和支持股权投资机构加大对成果转化项目和科技型企业的投资 力度，鼓励有条件的市（州）按经济贡献给予一定比例的奖励。 又见 "最高允许1 0 0%亏损"。我们认为，四川的政策不仅规定了容亏率，更难能可贵的是容亏 不仅有针对单个项目的，也有针对基金层面的。 在容亏方面，我们关注到，最近，能容亏 1 0 0%的地方国资越来越多了： 可见，基金内单个项目最高允许 1 0 0%亏损，有望成为越来越多地区国资的容亏机制建设的参 考。这可谓是全国"天花板"级别的容亏率，我们认为，这是一种积极的引导与带动。科技创新 股权投资尤其"投早投小"的风险大，出现项目失败也是可能的，但只要管理规范、投资稳健及 盈利满意的，则应宽容少数项目的投资失败。 "国资的容亏机制建设越来越'大胆'了，如果说去年是国资容亏的大门打开，今年就是全面敞 开。信 ...

Group 1: Legal Framework Development in Shandong - The Shandong Provincial Committee held a meeting to promote comprehensive rule of law in the province, focusing on legislative, administrative, and judicial improvements [1][2] - Emphasis was placed on scientific legislation, optimizing the business environment, and enhancing public legal services [1][2] - The meeting aims to strengthen the rule of law as a foundation for high-quality economic and social development in Shandong [2] Group 2: Government Investment Fund Development - Shandong issued implementation opinions to promote the high-quality development of government investment funds, aligning with national guidelines [3] - The opinions stress a structured approach to fund management, emphasizing risk-sharing and regulatory compliance [3] - The initiative aims to enhance the effectiveness of government investment funds in supporting economic and social development [3] Group 3: Shandong's Top Enterprises - The 2025 list of Shandong's top 200 enterprises shows a total revenue of 10.34 trillion, with Shandong Energy Group leading at 866.48 billion [4][5] - The top ten companies include major players like Weiqiao Pioneering Group and Haier Group, reflecting a strong industrial base [4][5] - Industrial enterprises contribute 76.8% of the revenue among the top 200, highlighting the industrial characteristics of Shandong's economy [4] Group 4: Innovation in Power Generation - The world's first commercial supercritical carbon dioxide power generation unit was successfully commissioned in Guizhou, marking a significant technological milestone [6][7] - This technology improves efficiency by over 50% and reduces water consumption by 50%, showcasing advancements in energy generation [6][7] - The project represents a key step for Jinan Steel Group in transitioning from traditional manufacturing to green technology [7]

Core Viewpoints - The article discusses two significant policies released by the Liaoning Provincial Government aimed at promoting the high-quality development of private equity investment funds and government investment funds, emphasizing the importance of these funds in fostering innovation, entrepreneurship, and the modernization of the industrial system in Liaoning [2][10]. Group 1: Overall Requirements - The policies are guided by Xi Jinping's thoughts and aim to implement the spirit of the 20th National Congress of the Communist Party of China, focusing on creating a multi-level, diverse, and comprehensive private equity investment fund system by the end of 2027, with a target of raising over 180 billion yuan in subscribed capital [4][12]. - By 2030, the goal is to exceed 250 billion yuan in subscribed capital, significantly contributing to the province's high-quality development [4]. Group 2: Strengthening Investment Institutions - The policies encourage the cultivation of diverse investment entities, promoting investment in original and leading technology innovation enterprises in Liaoning through policy incentives [5]. - The development of regional private equity investment institution clusters in Shenyang and Dalian is prioritized, aiming for a double-digit annual growth in fund subscriptions [5]. - Financial institutions are urged to collaborate with private equity funds to innovate financial services, including loan and direct investment combinations [5]. Group 3: Expanding Fundraising Channels - Government investment funds are to play a guiding role, with plans to expand their scale through various initiatives, including the establishment of provincial venture capital guiding funds [6]. - The policies emphasize attracting national-level funds to set up special funds in Liaoning, enhancing collaboration in due diligence, project research, and post-investment management [6]. - The development of patient capital is encouraged, with support for insurance institutions to invest in venture capital funds targeting strategic emerging industries [6]. Group 4: Fund Management and Operation - The policies aim to standardize the operation of government investment funds, promoting the integration and optimization of existing funds [8]. - A mechanism for investment linkage and profit-sharing is to be established, encouraging market-oriented participation from various levels of government [8]. - The establishment of a risk tolerance and exemption mechanism is proposed to foster a more innovative investment environment [8]. Group 5: Fund Exit Channels - The policies advocate for facilitating the listing and acquisition processes for invested enterprises, aiming to broaden exit channels for private equity investment institutions [9]. - Enhancements to the equity trading market's functionality are planned to improve services related to equity investment exits [9]. - The development of secondary market funds (S funds) is encouraged to expand investment exit options [9]. Group 6: Building a Healthy Ecosystem - A comprehensive management mechanism for promoting the high-quality development of private equity investment funds is to be established, ensuring collaboration among various departments [8][16]. - The policies highlight the importance of utilizing policy tools to support the development of private equity investment funds, including tax incentives for venture capital entities [8][16]. - Strengthening industry supervision and enhancing credit environments for private equity investment institutions are emphasized to ensure healthy industry growth [8][16].

Core Viewpoint - The Liaoning Provincial Government has issued implementation opinions to promote the high-quality development of government investment funds, focusing on expanding fund scale and enhancing collaboration among various funding sources [1] Group 1: Fund Expansion - The plan includes orderly expansion of fund scale, with a focus on increasing the provincial government investment fund size based on fiscal capacity [1] - Support will be provided for the rapid development of municipal government investment funds in Shenyang and Dalian, with a gradual increase in the actual capital contribution rate [1] Group 2: Collaboration and Marketization - The initiative emphasizes deepening collaboration among provincial, municipal, and county levels to promote synergy between fiscal contributions and state-owned, private, and foreign investments [1] - There is a push to accelerate the establishment of market-oriented sub-funds and explore new cooperation models with government investment funds and state-owned enterprise funds from other provinces [1] Group 3: New Fund Types - The government is considering the establishment of corporate venture capital (CVC) funds, merger and acquisition funds, and other specialized market-oriented funds [1]

Core Viewpoint - The article discusses the rapid growth of government-led investment funds in technology innovation projects in China, particularly in the context of the "AI+" wave, while highlighting the risks associated with this trend due to the overwhelming enthusiasm of state-owned funds [2][3]. Summary by Sections Government Investment Fund Regulations - Shanghai has introduced new regulations to strictly control government investment funds, establishing a comprehensive management system for the entire process of fundraising, investment, management, and exit [2][4]. - The regulations prohibit the same government from establishing multiple funds in the same industry or sector, aiming to prevent redundancy and ensure effective operation and risk management [2][5]. Response to National Guidelines - The new regulations are a response to the State Council's Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds issued in January 2023, which aims to create a more scientific and efficient management system for these funds [3][4]. - The national guidelines emphasize the need for a reasonable scale, proper layout, standardized operations, and risk control in government investment funds [4][5]. Fund Structure and Management - The Shanghai management approach categorizes government investment funds into industrial investment funds and venture capital funds, clarifying their investment focuses [5][6]. - The regulations require district-level governments to optimize existing funds and strictly control the establishment of new funds to avoid disorderly competition [6][7]. Ecosystem Development - Local governments have taken a leading role in industrial investment, establishing large-scale funds that often exceed billions, with a focus on creating a sustainable ecosystem involving funds, industrial parks, and market-oriented investment institutions [7][8]. - As of mid-2025, state-owned management firms account for 34.5% of the registered private equity fund managers, controlling 70% of the total fund management scale in the market [7][8]. Challenges and Future Outlook - The management regulations address challenges such as fund positioning, returns, exits, and the potential for government overreach in fund management [8][9]. - The new regulations are expected to enhance the efficiency of fiscal fund usage, promote orderly fund operations, and serve as a model for other local governments, contributing to a healthier and more efficient venture capital ecosystem in China [9].