21世纪经济报道记者 赵娜 申俊涵 报道 近年来，国家发展改革委深入贯彻落实党中央和国务院决策部署，持续推进科技创新和产业创新深度融合，大力推动战略性新 兴产业和未来产业发展，培育了一批代表国家参与全球竞争的科技领军企业。 "我国新兴产业、未来产业发展还存在资金等创新要素投入不足等问题，亟需通过发展耐心资本加以解决，这也是我们设立引导 基金的初心和使命。"白京羽表示，下一步引导基金将从两个方面持续发力：第一，汇聚各类社会资本，为新兴产业、未来产业 注入金融活水；第二，集聚各类创新要素，为创新型企业发展提供优质服务。 12月26日上午，国家发展改革委召开专题新闻发布会，介绍国家创业投资引导基金（以下简称"引导基金"）有关工作。 国家发展改革委创新和高技术发展司司长白京羽介绍，引导基金发挥中央资金引领带动作用，广泛吸引地方政府、中央企业、 金融机构、民间资本等多方参与，形成万亿资金规模，通过投基金、投企业、投项目，加大对战略性新兴产业和未来产业支持 力度，加快培育和发展新质生产力。 21世纪经济报道记者了解到，引导基金在定位上坚持做早期基金、耐心基金、市场化基金和标杆基金；机制上设立"基金公司- 区域基金-子基金 ...

12月26日上午，国家发展改革委召开专题新闻发布会，介绍国家创业投资引导基金(以下简称"引导基 金")有关工作。 (作者：赵娜,申俊涵编辑：林坤) 国家发展改革委创新和高技术发展司司长白京羽表示，引导基金发挥中央资金引领带动作用，广泛吸引 地方政府、中央企业、金融机构、民间资本等多方参与，形成万亿资金规模，通过投基金、投企业、投 项目，加大对战略性新兴产业和未来产业支持力度，加快培育和发展新质生产力。 ...

Core Insights - The upcoming year 2026 marks the start of China's 15th Five-Year Plan, emphasizing the implementation of industrial innovation projects to enhance the country's industrial structure and establish a modern industrial system with global competitiveness [1] Group 1: Industrial Innovation Strategy - China aims to create emerging pillar industries and strategically position future industries, focusing on sectors like new energy, aerospace, and quantum technology, which are characterized by long-term and dynamic features [3] - The strategy includes a new national system to concentrate resources on technological advancements and infrastructure, leveraging the complete industrial system and vast market advantages to facilitate the commercialization of new technologies [4] Group 2: Global Innovation Standing - According to the 2025 Global Innovation Index, China ranks 4th globally, achieving its highest position ever, while also being the second in key technology fields like biotechnology and quantum technology, closing the gap with the U.S. [5] - China has 24 of the world's top 100 innovation clusters, with the Shenzhen-Hong Kong-Guangzhou cluster now ranked first globally, surpassing the Tokyo-Yokohama cluster [5] Group 3: Policy and Financial Support - Various government departments have issued guidelines to promote strategic emerging industries, emphasizing the need for comprehensive financial services throughout the innovation lifecycle [6] - The government is focusing on creating application scenarios in digital economy and AI, aiming to build a robust ecosystem for emerging and future industries [6] Group 4: Industry Development and Collaboration - China has seen the emergence of around 350 companies in the brain-computer interface sector, and has established the largest solar panel production base globally, showcasing a collaborative approach to industrial innovation [7] - The government is promoting a systematic approach to accelerate the development of industrial clusters, emphasizing the integration of infrastructure, technology research, and market needs [9] Group 5: Future Industry Challenges and Strategies - Future industries face more complex risks, necessitating a diversified technological approach and the establishment of pilot application scenarios to foster innovation [10] - Regulatory frameworks are evolving to support innovation, including the introduction of "regulatory sandboxes" and a focus on digital regulation to create a conducive environment for future industries [11] Group 6: Investment and Risk Management - Establishing a risk-sharing mechanism is crucial for future industry development, with a focus on a tiered layout system and government-market collaboration to attract investment [12] - Innovative financial tools are being developed to support long-term investments in future industries, including insurance products tailored for technology transfer and key equipment development [12] Group 7: Talent and Innovation Ecosystem - Cultivating a high-level innovation ecosystem is essential, with initiatives to support leading enterprises and foster new entities in future industries [13] - There is a shared policy focus on enhancing infrastructure, original innovation, and the integration of technology and industry to strengthen the overall innovation capacity [13]

最近，胖东来在新乡新店试营业，引起了不少关注。 就在几天前，蜜雪冰城也在爱喝可乐的美国，开出首家门店。 民营企业的蓬勃发展，折射出河南民营经济的活力。 "十五五"时期，无论是融入服务全国统一大市场，还是建设现代化产业体系，都离不开众多民营企业。 聚焦省委经济工作会议，大象新闻"豫观察"推出特别报道《何以"豫"时俱进》，今日推出第四篇，一起 关注民营经济的深层次变化。 01 河南的民营经济主体，为何增长这么快？ 最近几年，河南的民营经济，质和量，都提升很快。 拿河南民营企业100强榜单来说，入围门槛，从2021年的约25.69亿元，提高到今年的约32.9亿元，增幅 超过20%。 全省首家营收超过2000亿的企业——洛阳钼业，也是民营企业。 从总量上看，河南省民营经济高质量发展系列新闻发布会透露，全省民营经济主体的数量，如今已超过 1100万户。 这比"十三五"末，全省各类市场主体总数加起来，还多了将近一半。 全省个体工商户的数量，也增加了将近250万户。 可能有人会说，数量增加，意味着市场竞争更加激烈。 但细想就能明白，不管开公司还是做小生意，都会选择营商环境好、有希望的地方。 新企业不断增加、头部企业实力越来 ...

Core Viewpoint - The article discusses the "Guangdong Province Financial Services for Technology-Strong Province Construction Work Plan," emphasizing the role of multi-level capital markets in supporting technological innovation and the development of technology-oriented enterprises at various growth stages [5][6]. Group 1: Overall Goals - The plan aims to establish a modern technology financial matrix system by the end of 2027, focusing on providing comprehensive financial services across different stages of technology enterprises, including seed, startup, growth, expansion, and maturity phases [6]. - It targets to position Guangdong's technology-related loans and loans for technology industries among the top in the nation, with growth rates exceeding the average loan growth rate [6]. Group 2: Key Focus Areas - The plan emphasizes the importance of focusing on key regions such as the Greater Bay Area, particularly platforms like Hengqin, Qianhai, Nansha, and He Tao, to enhance financial support for regional development [7]. - It encourages financial resources to concentrate on emerging and future industries, including integrated circuits, new energy vehicles, biomedicine, and artificial intelligence [8]. - The initiative aims to support the cultivation of key enterprises, including 50 leading technology companies and 1,000 manufacturing champions, to drive the development of small and medium-sized technology enterprises [9]. Group 3: Main Tasks - The plan outlines several tasks, including the establishment of a technology innovation investment fund relay system to guide social capital towards early-stage investments in technology [11]. - It aims to optimize a full-cycle technology credit system to support technology enterprises at various growth stages, enhancing the credit evaluation system based on technology-related metrics [12]. - The plan seeks to leverage the bond market to support technology innovation, encouraging the issuance of technology innovation bonds to finance technological advancements [13]. - It emphasizes the importance of multi-level capital markets in supporting technology enterprises through various financial instruments and encourages the establishment of a standardized listing cultivation system [11][13]. - The plan also includes measures to enhance cross-border financial services for technology enterprises, facilitating their access to international financing [15]. Group 4: Implementation of Financial Ecosystem - The plan proposes to establish a risk-sharing and compensation mechanism to reduce financing costs for high-tech enterprises, with a maximum annual subsidy of 20 million yuan per enterprise [12]. - It aims to develop a comprehensive insurance product system covering the entire lifecycle of technology enterprises, addressing risks associated with research and development [13]. - The initiative encourages the use of data and financial technology to create credit loan products based on multidimensional data from technology enterprises [14].

Core Viewpoint - The "14th Five-Year Plan" emphasizes the importance of emerging and future industries, identifying key sectors such as new energy, new materials, aerospace, and low-altitude economy, which are crucial for building a modern industrial system and fostering new productive forces [3][4]. Emerging Industries - The four major emerging industries highlighted are new energy, new materials, aerospace, and low-altitude economy, while six future industries include quantum technology, biomanufacturing, hydrogen and nuclear fusion, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication [3]. - Emerging industries have established clear industrial forms and development models, transitioning from "quantitative accumulation" to "qualitative leaps," presenting significant growth opportunities [3]. Investment Insights - Investment in emerging industries requires a deep understanding of the entire cycle from technological emergence to commercial realization, focusing on pioneering companies that can define the future and build competitive barriers [3]. - The core themes of advanced manufacturing revolve around "development, safety, and low carbon," indicating a strategic focus for investors [3]. New Energy and New Materials - New energy is essential for economic operation, with the "14th Five-Year Plan" introducing the "Energy Power" strategy to accelerate the construction of a new energy system and expand green electricity applications [6]. - New materials are critical for modern economies and high-end manufacturing, with increasing demand driven by technological advancements and applications in AI and new energy [6]. - The investment landscape includes over 15 actively managed funds focused on new energy and new materials, with notable performance metrics indicating substantial returns [8]. Aerospace and Low-altitude Economy - The aerospace sector is becoming a strategic focal point for national competition, with significant market opportunities emerging from commercial space exploration and advancements in green aviation and smart manufacturing [11]. - The low-altitude economy is recognized as a new growth engine, with a clear market scale and timeline outlined by the government, presenting investment opportunities across various sectors [11]. Fund Performance - Several funds have shown exceptional performance, such as the Jia Shi Environmental Low Carbon Fund, which has achieved a net value growth of 223.4% since its inception, significantly outperforming its benchmark [8]. - The Jia Shi New Energy and New Materials Fund has also demonstrated strong returns, with a net value increase of 173.43% since its establishment [8]. Product Offerings - Jia Shi Fund has systematically laid out a range of products in the new energy and new materials sectors, including ETFs that cover upstream materials, power generation, and energy storage, ensuring comprehensive market coverage [9]. - The high-end equipment ETF tracks a specialized index, providing investors with targeted exposure to the aerospace and high-end manufacturing sectors [12].

【导读】国家创业投资引导基金正式启动运行 来源：中国基金报 记者 张舟 重磅利好来了！ 今天，国家创业投资引导基金正式启动运行。 1．财政部相关负责人表示，国家创业投资引导基金预计形成万亿资金规模。 引导基金发挥中央资金引领带动作用，广泛吸引地方政府、中央企业、金融机构、民间资本等多方参 与，形成万亿资金规模，通过投基金、投企业、投项目，加大对战略性新兴产业和未来产业支持力度， 加快培育和发展新质生产力。 2．目前京津冀创业投资引导基金、长三角创业投资引导基金、粤港澳大湾区创业投资引导基金均已完 成工商注册，3只区域基金与首批49个子基金以及27个项目代表正式签约。未来三只区域基金总规模均 将超过500亿元。 3．国家发改委：未来，国家创业投资引导基金将推动在三个区域设立超过600只子基金，服务新兴产业 和未来产业发展。 4．财政部：引导基金将以差异化风控体系培育创新生态。 财政部经济建设司司长郭方明表示，在落实国家战略的侧重点方面，国家创业投资引导基金立足自身特 点，通过精准错位发展与其他政府引导基金形成协同合力。 12月26日，国家创业投资引导基金正式启动。京津冀创业投资引导基金、长三角创业投资引导基金、 ...

Core Viewpoint - The National Venture Capital Guidance Fund has officially commenced operations, aiming to enhance venture capital development and support strategic emerging industries through a multi-trillion yuan funding initiative [1][2]. Group 1: Fund Structure and Scale - The National Venture Capital Guidance Fund is expected to form a funding scale of 1 trillion yuan, leveraging central funds to attract participation from local governments, central enterprises, financial institutions, and private capital [3]. - Three regional funds have been established: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area, each with a total scale exceeding 50 billion yuan [3]. - The fund aims to establish over 600 sub-funds in the three regions to support the development of emerging and future industries [4]. Group 2: Investment Focus and Strategy - The fund will focus on early-stage projects in sectors such as integrated circuits, artificial intelligence, aerospace, and low-altitude economy, with a commitment to invest at least 70% of its total scale in seed and early-stage enterprises [5][8]. - The investment strategy emphasizes "early, small, long-term, and hard technology" to address the capital shortage in the venture capital industry [8][10]. - The fund will adopt a differentiated risk control system to cultivate an innovative ecosystem, ensuring long-term capital is directed towards technology innovation [5][6]. Group 3: Operational Framework - The fund will operate with a 20-year lifespan, including a 10-year investment period and a 10-year exit period, allowing for a patient capital approach to support the growth of innovative enterprises [10][11]. - A market-oriented management model will be established, where the government sets policy directions while professional teams manage fund operations, ensuring efficient use of funds [11]. - The fund aims to serve as a benchmark for the industry, avoiding duplication of investments and focusing on solving the long-term capital shortage in the venture capital sector [11].

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, establishing three regional funds to support emerging industries and future industry development, leveraging fiscal funds for policy effectiveness [1][4]. Fund Structure and Operation - The National Venture Capital Guidance Fund employs a three-tier structure: "Fund Company - Regional Fund - Sub-Fund," effectively utilizing central funds to attract social capital and achieve a market scale of one trillion yuan [2]. - The fund focuses on early-stage investments, targeting seed and startup companies, with at least 70% of investments directed towards these stages [2][3]. - Investment limits are set for small enterprises, with valuations below 500 million yuan and individual investments capped at 50 million yuan [2]. - The fund has a 20-year lifespan, allowing for long-term investments in sectors with extended return cycles, such as innovative pharmaceuticals [2][3]. Investment Focus - The fund emphasizes "hard technology," targeting strategic emerging industries and supporting key technology projects in fields like integrated circuits, quantum technology, and aerospace [3]. - A management system is established to monitor and evaluate investments, focusing on overall effectiveness rather than individual project outcomes [3]. Fiscal Policy Effectiveness - The fund is backed by 100 billion yuan from the central government, utilizing long-term special treasury bonds to maximize fiscal policy effectiveness [4]. - The fund aims to support "hard technology" projects and early-stage innovative enterprises, acting as an angel investor to mitigate market funding shortages [5]. Support for Emerging Industries - The fund seeks to inject financial resources into emerging and future industries, focusing on sectors like artificial intelligence and low-altitude economy [6]. - It plans to create a comprehensive service platform to provide governance, strategic planning, and human resources support to invested companies [6]. Strategic Alignment - The fund aims to complement other government guidance funds by focusing on early-stage innovation financing and avoiding overlap with funds that target later-stage development [7]. - It will build a differentiated risk control system to foster a sustainable innovation ecosystem [7]. Regional Fund Progress - The three regional funds have completed registration and are set to exceed 50 billion yuan each, with significant investment intentions already established [8][9]. - The funds are managed by different teams, with specific focuses on leveraging local strengths and attracting diverse capital participation [9].

12月26日上午10时许，一行人面带笑容从国家发改委的中配楼走出，原来，他们刚刚参加了国家创业投 资引导基金启动仪式，并完成了一批项目签约。 启动仪式结束后，国家发改委随即召开新闻发布会，介绍国家创业投资引导基金（以下简称引导基金） 的有关情况。 今年3月，国家发改委主任郑栅洁在全国两会经济主题记者会现场曾释放组建国家创业投资引导基金的 消息，以此来引导金融资本投早、投小、投长期、投硬科技。目前引导基金已完成工商注册和管理制度 建设，中央财政出资1000亿元。同时，引导基金在京津冀、长三角、粤港澳大湾区发起3只区域基金，3 只区域基金在启动仪式上与首批49个子基金以及27个项目代表正式签约。 国家发展改革委创新和高技术发展司司长白京羽在发布会上表示，引导基金发挥中央资金引领带动作 用，广泛吸引地方政府、中央企业、金融机构、民间资本等多方参与，形成万亿资金规模，通过投基 金、投企业、投项目，加大对战略性新兴产业和未来产业支持力度，加快培育和发展新质生产力。 引导基金解决什么问题？帮助科创企业渡过"死亡之谷" 社会公众比较好奇，为什么要设立引导基金，这还要从全球科技革命加速演进和我国的战略布局谈起。 在第20届中 ...