7月30日，国家发展改革委会同有关方面起草的《政府投资基金布局规划和投向工作指引（公开征求意 见稿）》（以下简称《指引》）和《加强政府投资基金投向指导评价管理办法（公开征求意见稿）》向 社会公开征求意见。公开征求意见的时间为2025年7月30日至2025年8月28日。 三是地方基金要找准定位，在省级政府统筹管理下综合考虑本地区财力、产业资源基础、债务风险等情 况，因地制宜选择投资领域。新设地方基金直投项目或其子基金投资项目要注重于地区特色优势产业、 区域创新能力提升，以及小微民营企业和科创企业支持孵化，带动社会资本有效参与。 四是政府投资基金要着力增加高端产能供给，聚焦产业技术创新和关键核心技术攻关，推动加快实现高 水平科技自立自强。其中，产业投资类基金要在产业发展方面发挥引领带动作用，围绕完善现代化产业 体系，支持改造提升传统产业、培育壮大新兴产业、布局建设未来产业；创业投资类基金要围绕发展新 质生产力，通过市场化方式投资种子期、初创期企业，兼顾早中期中小微企业，支持科技创新，解决重 点关键领域"卡脖子"难题。 《指引》要求，政府投资基金不得通过明股实债等方式变相增加地方政府隐性债务，除并购重组、定向 增发 ...

Core Insights - The government investment funds are entering a new phase characterized by scientific regulation and improved efficiency [1][3] - Recent guidelines emphasize that the establishment of government investment funds should not focus on attracting investment, encouraging a reduction or elimination of return investment ratios [1][2] Group 1: Policy Changes - The National Development and Reform Commission has solicited public opinions on new guidelines for government investment funds, which align with earlier directives promoting high-quality development [1] - Several provinces and cities, including Guangdong and Shenzhen, have responded to these policies by implementing measures to optimize return investment mechanisms [1][2] Group 2: Challenges in Traditional Models - The return investment requirement has historically been a core conflict between venture capital institutions and local government investment funds, limiting market efficiency and leading to discrepancies between actual outcomes and policy intentions [2] - Traditional return investment models restrict investment institutions to specific regions, potentially missing out on superior projects nationwide, thus reducing capital allocation efficiency [2] Group 3: Regional Disparities - Many local government investment funds focus on strategic emerging industries like AI and renewable energy, which may not align with regional strengths, complicating the identification of quality return investment targets [2][3] - The issue of "return investment difficulty" stems from mismatches between industrial positioning and regional endowments, particularly in underdeveloped areas where suitable projects are scarce [2] Group 4: Innovative Solutions - Regions are actively exploring ways to create a positive cooperation ecosystem with fund managers, such as establishing project pools that meet investment criteria to enhance the quality of return investment projects [3] - Some areas have introduced profit-sharing mechanisms to incentivize private capital participation, exemplified by Shenzhen's angel fund allowing excess returns to be fully passed on to fund managers and investors after recovering initial costs [3] Group 5: Future Outlook - Government investment funds, as a significant source of capital in the primary market, are transitioning towards a more regulated and efficient operational model, which is expected to drive sustainable growth in the venture capital industry [3]

Core Viewpoint - Government investment funds are entering a new stage of scientific regulation and efficiency improvement, as indicated by recent policy changes aimed at optimizing the investment return mechanism and reducing the emphasis on local investment requirements [1][2][3]. Group 1: Policy Changes - The National Development and Reform Commission has solicited public opinions on guidelines that encourage reducing or eliminating return investment ratios, aligning with earlier directives that also discourage local investment as a primary goal [1]. - Since the issuance of the "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds," nearly ten provinces and cities, including Guangdong and Shenzhen, have introduced measures to optimize return investment mechanisms [1][2]. Group 2: Issues with Traditional Models - The traditional return investment model has created significant inefficiencies, limiting investment institutions to specific regions and potentially missing out on high-quality projects nationwide [2]. - Some institutions have resorted to "fake return investments" through shell companies to meet local requirements, which undermines the original intent of guiding funds to support technological innovation and leads to resource wastage [2]. Group 3: Regional Initiatives - Various regions are actively exploring solutions to the return investment dilemma by establishing project pools that meet investment criteria, thereby improving the quality of return projects [3]. - Initiatives such as profit-sharing mechanisms have been introduced, exemplified by Shenzhen's angel fund, which allows excess returns to be fully passed on to fund managers and investors after recovering initial costs [3]. Group 4: Future Outlook - Government investment funds have become a significant source of capital in the primary market, and with the implementation of new regulatory documents, they are transitioning towards a more scientific and efficient operational model, which is expected to drive high-quality development in the venture capital industry [3].

Core Viewpoint - The government is proposing new regulations for the management and investment direction of government investment funds, aiming to enhance the efficiency of fund utilization and prevent the increase of local government hidden debts [1][2]. Group 1: Regulatory Framework - Two new regulations have been released for public consultation, focusing on the planning and evaluation of government investment fund allocations [1][2]. - The regulations include a negative list of behaviors that government investment funds must avoid, such as using funds for招商引资 (investment attraction) purposes and increasing local government hidden debts [1][3]. Group 2: Current Issues and Challenges - Government investment funds have faced common issues such as unreasonable and repetitive investments, with specific examples of funds being misallocated to real estate and overcapacity industries [2]. - The need for high-quality development of government investment funds has been emphasized, with a focus on aligning fund allocations with local industrial development and avoiding low-level redundant construction [2]. Group 3: Investment Restrictions - The proposed regulations impose several restrictions on government investment funds, including prohibiting investments in restricted or eliminated industries as per the industrial structure adjustment guidance [3]. - Funds are discouraged from being established for the same industry by the same government entity and must not engage in practices that could indirectly increase local government hidden debts [3][4]. Group 4: Evaluation and Accountability - The evaluation framework for government investment funds includes a negative behavior list, where funds exhibiting negative behaviors will not be evaluated for that year and may face corrective measures [3][4]. - Serious breaches of trust or negative public sentiment involving fund managers can also lead to restrictions on fund operations [4].

7月30日，据国家发改委网站消息，国家发改委向社会公开征求《政府投资基金布局规划和投向工作指引》(以下简称《工作指引》)和《加强政府投资基 金投向指导评价管理办法》(以下简称《管理办法》)意见。其中提出，政府投资基金要着力增加高端产能供给，聚焦产业技术创新和关键核心技术攻关， 推动加快实现高水平科技自立自强。 《工作指引》规定，政府投资基金要着力增加高端产能供给，聚焦产业技术创新和关键核心技术攻关，推动加快实现高水平科技自立自强。其中，产业投 资类基金要在产业发展方面发挥引领带动作用，围绕完善现代化产业体系，支持改造提升传统产业、培育壮大新兴产业、布局建设未来产业；创业投资类 基金要围绕发展新质生产力，通过市场化方式投资种子期、初创期企业，兼顾早中期中小微企业，支持科技创新，解决重点关键领域"卡脖子"难题。 《工作指引》明确，国家级基金要立足全局、抓大放小，重点支持国家层面现代化产业提质升级、关键核心技术攻关和跨区域重大项目建设，补齐产业发 展短板，突破产业基础瓶颈，聚焦少数关键领域发挥示范引领作用。鼓励国家级基金加强与地方基金联动，在前沿科技领域和产业链关键环节，结合地方 资源禀赋，通过联合设立子基金或对地 ...

国家发改委就《政府投资基金布局规划和投向工作指引（公开征求意见稿）》向社会公开征求意见。意见稿提出，设立政府投资基金要落实建设全国统一大 市场部署要求，不以招商引资为目的，鼓励降低或取消返投比例。政府投资基金投向要符合国家生产力布局宏观调控要求，避免投资于存在结构性矛盾的产 业，在新兴产业领域防止盲目跟风、一哄而上，支持有关行业企业实施兼并重组，加快技术更新换代，推动产业提质升级。 政治局会议强调培育服务消费新增长点 宏观要闻 政治局会议要求宏观政策持续发力 据新华社消息，中共中央政治局周三召开会议，分析研究当前经济形势，部署下半年经济工作。对于接下来的政策走向，会议指出，宏观政策要持续发力、 适时加力。具体来看，会议提到，要落实落细更加积极的财政政策和适度宽松的货币政策，充分释放政策效应。加快政府债券发行使用，提高资金使用效 率。兜牢基层"三保"底线。货币政策要保持流动性充裕，促进社会综合融资成本下行。用好各项结构性货币政策工具，加力支持科技创新、提振消费、小微 企业、稳定外贸等。 发改委将加强政府投资基金投向调控 中共中央政治局会议强调，要有效释放内需潜力。深入实施提振消费专项行动，在扩大商品消费的同时， ...

Core Viewpoint - The National Development and Reform Commission (NDRC) is soliciting public opinions on the "Guidelines for the Layout Planning and Investment Direction of Government Investment Funds" and the "Management Measures for Strengthening the Guidance and Evaluation of Government Investment Fund Investment Direction," emphasizing the need for government investment funds to focus on enhancing high-end production capacity and promoting technological innovation and key core technology breakthroughs [1][3][4]. Group 1: Investment Guidelines - Government investment funds should avoid investing in industries with structural contradictions and prevent blind following in emerging industries, while supporting mergers and acquisitions and accelerating technological upgrades [1][5]. - The investment areas must align with national industrial adjustment guidance, foreign investment encouragement directories, and regional planning requirements, with a focus on key industries [3][4]. - The guidelines specify that funds should control the investment amount or proportion for individual enterprises and avoid increasing local government hidden debts through indirect means [4][5]. Group 2: Evaluation and Management - The "Management Measures" propose a comprehensive evaluation system that combines quantitative and qualitative indicators, focusing on policy alignment, investment layout optimization, and execution capability [7][8]. - The evaluation results will be communicated to provincial governments and relevant departments, with incentives for top-performing funds, including recognition and support for collaboration with local funds [8][9]. - For underperforming funds, the NDRC will enhance guidance and may implement corrective measures, including warnings and adjustments to fund management [9].

Core Viewpoint - The National Development and Reform Commission (NDRC) has proposed significant policies for government investment funds, focusing on enhancing high-end production capacity, promoting technological innovation, and achieving high-level self-reliance in technology [2][4]. Group 1: Government Investment Fund Guidelines - The proposed guidelines emphasize that government investment funds should avoid investing in industries with structural contradictions and prevent blind following in emerging industries [2][6]. - The guidelines require that investments align with national industrial policies and support the upgrading of traditional industries while fostering new industries [4][5]. - Government investment funds are encouraged to collaborate with local funds to leverage regional resources and enhance funding effectiveness [5]. Group 2: Evaluation and Management - The management measures outline a comprehensive evaluation system that combines quantitative and qualitative assessments of fund operations, focusing on policy alignment, investment optimization, and execution capability [3][7]. - The evaluation results will be communicated to provincial governments and relevant departments, with incentives for high-performing funds and corrective measures for underperforming ones [8].

Core Viewpoint - The National Development and Reform Commission (NDRC) has released a draft for public consultation aimed at enhancing the role of government investment funds in supporting national strategies, industrial upgrades, and innovation, while attracting more social capital for the construction of a modern industrial system [1][2]. Group 1: Government Investment Fund Objectives - The government investment funds will focus on supporting the modernization of industries, tackling key core technology challenges, and major cross-regional projects, while addressing industrial development shortcomings and bottlenecks [2][3]. - The funds will aim to increase high-end production capacity, emphasizing technological innovation and core technology breakthroughs to achieve high-level technological self-reliance [2][3]. Group 2: Investment Guidelines and Restrictions - The draft specifies that government investment funds must not invest in restricted or eliminated industries as outlined in the "Industrial Structure Adjustment Guidance Catalog" and other relevant policy documents [4]. - The funds are encouraged to avoid blind investments in emerging industries and to support mergers and acquisitions, technological upgrades, and the enhancement of traditional industries [4]. Group 3: Evaluation and Performance Metrics - An evaluation index system will be established to strengthen the control of fund investments, focusing on policy alignment, optimization of investment layout, and execution capability [5][6]. - The evaluation will cover three main areas: compliance with policy direction (60% weight), optimization of production layout (30% weight), and policy execution capability (10% weight) [6]. Group 4: Focus Areas for Investment - The investment focus will include nurturing emerging and future industries such as new-generation information technology, renewable energy, advanced manufacturing, and artificial intelligence [6][7]. - There will also be an emphasis on upgrading traditional industries through major technological transformations and supporting the digital transformation of small and medium-sized enterprises [6][7].

今日（7月30日），国家发改委向社会公开征求《政府投资基金布局规划和投向工作指引》和《加强政府投资基金投向指导评价管理办法》意见。 其中《政府投资基金布局规划和投向工作指引（公开征求意见稿）》指出： ·加强对政府投资基金布局规划和投向指导，突出政府引导和政策性定位，防止同质化竞争和对社会资本产生挤出效应。 ·不以招商引资为目的，鼓励降低或取消返投比例。 ·在新兴产业领域防止盲目跟风、一哄而上。 ·同一政府原则上不在同一行业或领域重复设立政府投资基金，但基金可按市场化原则对同一项目集合发力、接续支持。在本指引印发前已设立的政府投 资基金所覆盖行业领域，原则上不再新设同级基金。 ·本指引印发前已设立的政府投资基金投向领域不符合本指引要求的，以及同一地区同类基金较多、投资领域明显交叉重合的，原则上存续期满后应有序 退出；鼓励相关基金整合重组。 想起不久前，人民网官方曾在《习近平：有些事要打攻坚战，有些事要久久为功》一文中指出发展症结："上项目，一说就是几样：人工智能、算力、新 能源汽车，是不是全国各省份都要往这些方向去发展产业？" 如此一问，引发创投圈深思。 众所周知，政府投资基金已经成为国内创投行业的重要力量，政 ...