Core Viewpoint - The national industrial and information technology work conference held on December 25-26 outlines the achievements and future tasks for the industrial economy, emphasizing steady growth and resilience in the face of new challenges. Group 1: Industrial Economic Performance - The industrial economy is expected to show steady progress, with telecommunications business volume and software business revenue projected to grow by approximately 9% and 12% year-on-year, respectively, while digital industry revenue is expected to increase by around 9% [1] - The resilience of industrial and supply chains continues to strengthen, with key manufacturing industry chains advancing high-quality development and breakthroughs in several landmark technologies and products [1] Group 2: Technological Innovation and Development - Significant breakthroughs in industrial technology innovation have been achieved, with the added value of high-tech manufacturing and equipment manufacturing industries increasing by 9.2% and 9.3% year-on-year, respectively, from January to November [1] - The core industry of artificial intelligence has surpassed one trillion yuan, and exports of new energy vehicles have exceeded 2 million units [1] Group 3: Manufacturing Transformation and Upgrading - Over 7,000 advanced-level and 500 excellent-level smart factories have been established, with more than 20,000 industrial 5G private network projects and over 8,000 5G factories nationwide [2] - The cumulative number of technology and innovation-oriented small and medium-sized enterprises has exceeded 600,000, with high-tech enterprises reaching 504,000 [2] Group 4: Key Focus Areas for 2026 - The conference emphasizes ten key areas for 2026, including consolidating the positive trend of the industrial economy, enhancing the resilience and safety of industrial chains, and accelerating technological innovation capabilities [4][5][6] - Specific initiatives include promoting high-quality development of key industry chains, optimizing traditional industries, and fostering emerging and future industries such as integrated circuits and biotechnology [5][6] Group 5: Information and Communication Industry Development - The information and communication industry is set to undergo high-quality development, with initiatives like the "broadband upgrade" project and the acceleration of mobile IoT development [6] - The total number of 5G base stations reached 4.758 million by the end of October, with 5G technology integrated into 91 out of 97 national economic categories [2] Group 6: Governance and Policy Implementation - The modernization of industry governance is progressing steadily, with significant reform measures being implemented to address "involution" competition [3][7] - The focus will be on enhancing the effectiveness of industry governance, improving the quality of supply, and fostering international cooperation [7]

Core Insights - The conference highlighted the expected growth in telecommunications and software business revenues by approximately 9% and 12% respectively for 2025, with digital industry revenue also projected to grow by around 9% [1] - The manufacturing sector is undergoing a transformation, with significant increases in high-tech and equipment manufacturing value added, and the establishment of numerous advanced smart factories and green factories [1] - The meeting outlined ten key focus areas for 2026, emphasizing the cultivation of emerging industries such as integrated circuits, new materials, and artificial intelligence [2] Group 1 - The total telecommunications business volume and software business revenue are expected to grow by 9% and 12% respectively in 2025 [1] - The value added of high-tech manufacturing and equipment manufacturing increased by 9.2% and 9.3% year-on-year [1] - The core AI industry has surpassed 1 trillion yuan, and exports of new energy vehicles have exceeded 2 million units [1] Group 2 - The conference set a focus on nurturing emerging industries, including integrated circuits, new displays, and aerospace [2] - There is a strong emphasis on the deep integration of information technology and industrialization, with initiatives to create high-quality industry data sets and digital transformation scenarios [2] - The meeting also stressed the importance of improving industry governance efficiency and curbing low-price, low-quality competition [2]

Group 1 - The conference emphasized the cultivation and expansion of emerging and future industries, including integrated circuits, new displays, new materials, aerospace, low-altitude economy, and biomedicine, while supporting artificial intelligence initiatives and orderly commercial trials for satellite IoT [1][2] - Key focus areas for 2026 include consolidating the industrial economy's stable growth, enhancing the resilience and security of industrial chains, and accelerating technological innovation capabilities in industries [1][2] - The conference outlined ten priority areas for development, including optimizing traditional industries, promoting green and low-carbon industrial development, and fostering deep integration of information technology and industrialization [2][3] Group 2 - The conference highlighted the importance of creating national emerging industry development demonstration bases and building innovative industrial clusters, as well as advancing key innovation tasks in future industries [2] - It was noted that by 2025, the telecommunications business volume and software business revenue are expected to grow by approximately 9% and 12% respectively, with digital industry revenue also projected to increase by around 9% [3] - The conference reported significant growth in high-tech manufacturing and equipment manufacturing, with respective increases of 9.2% and 9.3% year-on-year from January to November [3]

有关负责人表示，国家创业投资引导基金将通过投基金、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。 央视网消息：12月26日，国家创业投资引导基金正式启动运行。在国家发展改革委举行的专题新闻发布会上，有关负责人表示，引 导基金将发挥中央资金引领带动作用，广泛吸引多方参与，形成万亿资金规模。 将坚持做早期基金，引导基金将种子期、初创期、早中期企业作为投资重点。支持企业聚焦前沿领域开展原创性、颠覆性的技术攻 关。 坚持做耐心基金，引导基金设置20年存续期，其中，10年投资期、10年退出期。用耐心资本陪伴企业"长跑"，培育千行百业的"小巨 人"和"独角兽"。 国家发展改革委创新和高技术发展司司长白京羽介绍，引导基金将与已设立的各类政府投资基金、市场化基金错位发展，不搞重复 投资、不与市场争利，重在解决创投行业长期资本短缺的问题，这个存续期是20年。打造理念创新、机制灵活、政策务实的"试验 田"，更好引领创投行业高质量发展。 坚持做市场化基金。政府层面不直接参与日常运作管理，不设地域返投要求。市场层面通过竞争择优，选出若干家具有丰富投资经 验和运营能力的管理机构，负责基金"募投管退 ...

Core Viewpoint - The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guiding Fund has been established with a target size of 50.45 billion yuan, aiming to support early-stage technology enterprises and promote technological innovation [1] Group 1: Fund Overview - The fund has a maximum duration of 20 years and is managed by Shenzhen Capital Group, with joint general partners being Shenzhen Capital and China Resources Capital [1] - The fund's investment strategy focuses on "early, small, long-term, and hard technology" through a dual approach of "sub-funds + direct investment" [1] Group 2: Investment Focus - The fund primarily targets seed and early-stage technology companies in strategic emerging industries and future industries [1] - It aims to support original and disruptive technological innovations and key core technology breakthroughs, facilitating the transformation of major scientific and technological achievements into productive forces [1] Group 3: Strategic Role - Shenzhen Capital Group emphasizes the role of Shenzhen as a "bridgehead" for reform and opening up, encouraging diverse market participants to engage [1] - The fund aims to leverage professional and market-oriented fund management advantages to cultivate new productive forces tailored to local conditions [1]

白京羽表示，引导基金的定位是"四个坚持"。 "一是坚持做早期基金。引导基金将种子期、初创期、早中期企业作为投资重点，支持企业聚焦前沿领 域开展原创性、颠覆性的技术攻关，为企业搭建成果转化的平台和桥梁，促成资本与创新的'双向奔 赴'。"他说，二是坚持做耐心基金。引导基金设置20年存续期，其中10年投资期、10年退出期，这样通 过更长久的投资期限，为企业提供长周期的资金供给；又通过更宽松的退出时限，为企业提供更多的发 展空间。 新华财经北京12月26日电（记者余蕊）国家发展改革委创新和高技术发展司司长白京羽26日在专题新闻 发布会上表示，国家创业投资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。 今年3月，国家发展改革委主任郑栅洁在全国两会经济主题记者会上提出"组建国家创业投资引导基金， 聚焦硬科技、坚持长周期、提高容错率，通过市场化方式投向科技型企业。"近日，国家创业投资引导 基金以及3只区域基金完成工商注册，3只区域基金与首批49个子基金以及27个项 ...

12月26日，国家发展改革委、财政部发起设立的国家创业投资引导基金（简称"引导基金"）启动仪式在 北京举行。引导基金开创性设立"基金公司—区域基金—子基金"3层架构。其中，国家层面由财政出资 1000亿元，在区域基金、子基金层面积极鼓励社会资本参与。 《证券日报》记者获悉，12月22日，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已完成工商注册。在启动仪式现场，三只区域基金与首批49个子基金以及27个项目 代表正式签约，项目涵盖集成电路、量子科技、生物医药、脑机接口、航空航天等重点领域。 随后，在国家发展改革委举行的专题新闻发布会上，国家发展改革委创新驱动发展中心主任、国家创业 投资引导基金有限公司董事长霍福鹏称，首批三只区域基金已具备投入运作的条件，预计近期可完成一 批重点子基金和直投项目投资。未来，三只区域基金总规模均将超过500亿元。 另据霍福鹏透露，未来，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。 面对近年来创业投资市场在募资、退出等环节上出现的一些难点、堵点，国家创业投资引导基金的设 立，是发展创业投资、提振市场预期的重要布局。 ...

Group 1 - The National Venture Capital Guidance Fund will better support the development of emerging and future industries, establishing a national comprehensive service platform to provide value-added services to invested enterprises [1] - The fund will focus on early-stage projects and seed companies in key areas such as integrated circuits, artificial intelligence, aerospace, low-altitude economy, biomanufacturing, and future energy, increasing investment efforts [1] - The guidance fund aims to create a high-quality, comprehensive entrepreneurial investment service system, offering governance, strategic planning, human resources, and industry cooperation services to accompany the growth of enterprises over the long term [1]

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, with three regional funds established to support technology-driven enterprises and strategic emerging industries, aiming to mobilize a total funding scale of trillions of yuan through market-oriented approaches [1][7]. Fund Structure and Investment Strategy - The fund is structured in a three-tier system: "Fund Company - Regional Fund - Sub-Fund," designed to leverage central government funds to attract social capital effectively [3]. - At least 70% of the fund's total scale will be allocated to seed and early-stage enterprises, with a focus on small investments in companies valued below 500 million yuan [5][7]. - The fund emphasizes a long-term investment horizon, with a 20-year lifespan, particularly for sectors like innovative pharmaceuticals that require extended return periods [5]. Market Impact and Performance - Since the announcement of the fund's establishment, the venture capital market has shown signs of recovery, with fundraising amounts increasing by 8% and investment amounts by 9% year-on-year in the first three quarters [4]. - The fund aims to act as an "angel investor," addressing market funding shortages and supporting high-growth seed and early-stage enterprises [7]. Management and Risk Control - A comprehensive management system will be implemented, focusing on overall effectiveness and post-investment support rather than solely on individual project outcomes [6]. - The fund will establish a diversified exit strategy to ensure that investments can be recouped, addressing the current reliance on IPOs for exits [6]. Government Support and Policy Alignment - The fund is backed by 100 billion yuan from the national treasury, with an emphasis on supporting "hard technology" sectors as outlined in national strategic plans [7][8]. - The fiscal department will enhance performance evaluation and risk management to ensure the fund's effectiveness in achieving policy goals and compliance [8].

此外，记者注意到，国家创业投资引导基金有限公司董事长霍福鹏还有另外一个身份，就是国家发展改 革委创新驱动发展中心主任。按照国家发展改革委官网信息，该中心主要职责是为国家创新驱动发展和 数字经济发展提供研究和重大任务落实等服务和支撑。由此看，中心负责人同时担任首任国家创投引导 基金负责人，有望打通创新政策研究、重大任务落地与资本赋能的全链条，进而实现"政策-资本-产 业"高效协同，为创新驱动发展与新质生产力培育提供更加丝滑顺畅的支撑。这场撬动新一轮科技创新 的大布局，你看明白了吗？ （总台央视记者 吴昊 张艺瑾） 本文转自【央视新闻客户端】； 今天，被外界视为"航母级"的国家创业投资引导基金正式揭开面纱。基金将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。引导基金将 种子期、初创期、早中期企业作为投资重点，支持企业聚焦前沿领域开展原创性、颠覆性的技术攻关。 那么，哪些领域的科技企业最有可能受益？根据此前记者了解到的信息，人工智能、量子科技、氢能储 能等战略性新兴产业和未来产业将是基金关切的重点领域。 据了解，国家创业投资引导基金旗下的京津冀、长三角、粤港 ...