政府投资基金

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放宽注册限制,这个省两支子基金招GP
母基金研究中心· 2025-09-12 09:42
1 4、 四川 : 出台推进科技创新实施方案 01 湖南: 放宽注册限制,这个省两支子基金招GP 1、湖南:放宽注册限制,这个省两支子基金招GP 2、浙江: 杭州余杭创新发展产业基金 招 GP 3、山东: 青岛科技创新母基金 发布 申报指南 4、江苏: 无锡集成电路战新产业母基金拟投子基金对外公示 5、 湖北 : 港航发展基金 招 GP 6、浙江: 台州市并购母基金招 GP 7、江苏: 苏州人才壹号创业投资合伙企业第二批拟参股子基金公示 8、四川: 德阳投控产业投资引导基金完成备案 9、云南:昆明市 官渡区产业投资基金成立 , 规模 2 0亿元 1 0、广东:深圳 龙岗 区政府引导基金 首支科创种子基金正式设立 11、河南: 洛阳市首只天使子基金成功设立 1 2、湖北: 湖北交投首支母基金迎来历史性突破 1 3、 河南 : 发布 《关于促进政府投资基金高质量发展的实施意见》 中国母基金行业一周资讯( 9 . 6 - 9 . 1 2) 【资讯解读】 本周资讯涉及的母基金管理规模达 5 3 5 亿元,主要分布在 广东、浙江、江苏、湖北、湖南、 四川、云南、河南、山东等 地区,投资 新材料、集成电路、高端装备制造等 ...
“北京日”成果颇丰:140个招商合作项目发布,规模近1400亿元!
Bei Jing Shang Bao· 2025-09-11 15:14
"数据说明,服务贸易增长很快、占比较高,在国民经济当中的作用日益凸显,同时也说明中国服务贸 易和北京服务贸易发展的空间、发展的潜力巨大。"蔡兴华表示。 9月11日,由北京市投资促进服务中心承办的"北京日"暨投资北京大会活动在首钢园召开,大会围绕全 球投资趋势、国际技术合作、高端资源聚合等维度,阐释服务贸易与制造业、服务业融合价值,为北京 产业协同发展锚定方向,传递开放合作强信号。大会上,释放合作机遇与政策红利,在新一代信息技 术、医药健康等领域发布140个招商合作项目,招商规模达1397.5亿元;推出20个"人工智能+"应用场 景,助力科技成果转化落地,集中呈现北京的合作机遇、"两区"建设开放成果、惠企政策,向全球释放 开放合作商机与务实举措。 北京服务贸易发展潜力巨大 当前,服务贸易已经成为全球贸易的关键支柱和经济增长的新引擎。 在当日的会议中,中国银行北京市分行行长蔡兴华介绍道,2024年,全球服务贸易总额8.7万亿美元, 增长9%,而同期,全球贸易的增速仅3.7%;服务贸易占全球贸易的26.4%。 从我国来看,2024年,我国服务贸易的总量为1万亿美元,是全球的1/8;服务贸易占比为14.6%。再具 体 ...
多地专项债券注入政府投资基金
Sou Hu Cai Jing· 2025-09-10 13:36
Core Viewpoint - The recent policy shift allows local governments to allocate special bonds to government investment funds, enhancing the leverage effect of fiscal funds and attracting more social capital to support the real economy and industrial upgrades [5][6]. Group 1: Special Bonds Allocation - In August, several local governments announced the allocation of special bond funds to government investment funds, including Jiangsu (90 billion), Guangzhou (72.5 billion), Ningbo (50 billion), and Shaanxi (50 billion) [3][4]. - Beijing and Chengdu have also initiated similar practices, with Beijing planning to issue 100 billion in special bonds for its government investment guiding fund and Chengdu establishing a future industry fund exceeding 1 trillion [4]. Group 2: Policy Changes - The previous regulation prohibited the use of special bonds for government investment funds, but recent policy adjustments have removed this restriction, allowing for deeper integration of special bonds and funds [5]. - The State Council's recent guidelines have expanded the scope of special bonds, enabling them to be used for projects not included in a negative list, thus facilitating their application in various sectors [5]. Group 3: Fund Activities - The Shanghai Future Industry Fund, with a scale of 100 billion and a duration of 15 years, focuses on supporting future industries such as manufacturing, information, materials, energy, space, and health [6]. - The fund has actively invested in multiple private equity firms and has broadened its registration restrictions, responding to national guidelines aimed at promoting high-quality development of government investment funds [6].
审计揭示一些地方政府投资基金定位不清、资金闲置
Di Yi Cai Jing Zi Xun· 2025-09-10 07:23
2025.09.10 本文字数:1695,阅读时长大约3分钟 作者 |第一财经 陈益刊 近期,一些省份陆续公开了2024年当地预算执行和其他财政收支审计工作报告(下称"审计报告"),在肯 定政府投资基金对经济社会事业发挥引导促进作用的同时,也指出一些政府投资基金去年存在的问题, 其中之一就是资金闲置。 比如,湖北审计报告称,因前期手续不到位等原因,14只基金长期闲置,涉及金额28.85亿元。 河北审计报告指出,当地部分政府投资基金长期闲置,绩效管理仍需加强。3支省级政府投资基金闲置 比例较高,如2019年财政出资5000万元要求设立科技成果转化引导子基金,截至2024年底,该笔资金仍 在相关单位滞留未发挥效益。 福建审计报告称,基金整合效果有待加强,目前已整合的省级政府投资基金尚未开展投资,导致资金闲 置。 粤开证券首席经济学家罗志恒曾告诉第一财经,政府投资基金虽然不以营利为目的,但国有资产属性要 求保值增值,管理人怕出错担责,不敢将资金投入处于种子期、初创期的创新创业领域。部分政府投资 基金实际投资于成熟期等偏后期项目,或直接购买理财产品,甚至直接闲置,没有达到促进创新创业企 业、引导产业结构升级的政策目标 ...
审计揭示一些地方政府投资基金定位不清、资金闲置
第一财经· 2025-09-10 07:16
2025.09. 10 福建审计报告称,基金整合效果有待加强,目前已整合的省级政府投资基金尚未开展投资,导致资金 闲置。 粤开证券首席经济学家罗志恒曾告诉第一财经,政府投资基金虽然不以营利为目的,但国有资产属性 要求保值增值,管理人怕出错担责,不敢将资金投入处于种子期、初创期的创新创业领域。部分政府 投资基金实际投资于成熟期等偏后期项目,或直接购买理财产品,甚至直接闲置,没有达到促进创新 创业企业、引导产业结构升级的政策目标。 此外,部分政府投资基金定位不清,投向存在问题。 江西审计报告称,部分基金的投资项目支持方向与基金目标定位不完全相符,支持省内重点产业发展 不足。 湖北审计报告指出,当地基金落实促进产业转型升级、服务创新创业政策有差距。12只基金未聚焦 服务省委、省政府决策部署。16只基金未按协议约定支持省内产业发展。 河北审计报告称,部分政府投资基金已运行多年,仍未明确投向领域,投资分散。科技投资引导子基 金投资偏离投向1.43亿元。 本文字数:1695,阅读时长大约3分钟 作者 | 第一财经 陈益刊 近期,一些省份陆续公开了2024年当地预算执行和其他财政收支审计工作报告(下称"审计报告"), 在肯 ...
8月地方债发行规模近万亿
21世纪经济报道· 2025-09-03 23:45
Core Viewpoint - The issuance of local government bonds remains strong, with a focus on special bonds for debt replacement, stabilizing the real estate market, and funding government investment projects [1][3][5]. Group 1: Local Government Bond Issuance - In August, the issuance of local government bonds reached 977.6 billion yuan, with new special bonds accounting for 486.6 billion yuan, representing about half of the total [1]. - From January to August, the cumulative issuance of new special bonds was 3.26 trillion yuan, which is 74% of the annual quota of 4.4 trillion yuan [3]. - The issuance of special bonds has accelerated in recent months, with amounts of 443.2 billion yuan, 527.1 billion yuan, 616.9 billion yuan, and 486.6 billion yuan from May to August [3]. Group 2: Debt Replacement and Financial Management - Over 40% of the new special bonds issued in August were allocated for government stock investment projects, primarily for debt replacement [1][3]. - The issuance of refinancing special bonds for replacing hidden debts reached 1.93 trillion yuan from January to August, with only about 70 billion yuan remaining for the year [1][3]. - The total issuance of special bonds for debt replacement from January to August was 9.68 trillion yuan, accounting for 30% of all new special bonds issued [3]. Group 3: Funding Allocation and Project Focus - The funds from new special bonds are primarily directed towards project construction, including municipal infrastructure, transportation, and social services [3][4]. - The issuance of land reserve special bonds has increased, with a total of 324 billion yuan issued across ten provinces from January to August [4]. - Special bonds for "stabilizing the real estate market" amounted to approximately 595 billion yuan from January to August, making it the second-largest category of funding after municipal infrastructure [5]. Group 4: Support for Government Investment Funds - A significant portion of the special bonds issued in August was directed towards government investment funds to support technological innovation and emerging industries [7][8]. - Various provinces, including Beijing and Shanghai, have issued special bonds to inject capital into government investment funds, with amounts ranging from 50 billion yuan to 100 billion yuan [7][8]. - The shift in the use of special bonds towards supporting strategic emerging industries reflects a broader trend of reallocating funds from traditional infrastructure to new infrastructure and innovation-driven projects [8][9].
8月地方债发行规模近万亿 多地专项债注资政府投资基金
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-03 13:46
Core Viewpoint - The issuance of local government bonds in August reached 977.6 billion yuan, maintaining strong momentum despite a decline compared to June and July, with special bonds accounting for about half of the total issuance [1] Group 1: Bond Issuance and Utilization - From January to August, the cumulative issuance of new special bonds reached 3.26 trillion yuan, accounting for 74% of the annual quota of 4.4 trillion yuan, with a notable acceleration in issuance since May [2][3] - In August, 44% of the newly issued special bonds were allocated for debt repayment, totaling 212.9 billion yuan, while the cumulative amount for debt repayment from January to August was 968 billion yuan, representing 30% of the total new special bonds issued [2] - The funds from new special bonds are primarily directed towards project construction, including municipal infrastructure, transportation, and social projects, with significant allocations for municipal and industrial park infrastructure [2][5] Group 2: Land Reserve Bonds - The issuance of land reserve special bonds has increased, with a total of 3.24 trillion yuan issued by ten provinces from January to August, with Shanghai leading at 568 billion yuan [3] - Local governments are utilizing special bonds to recover idle land, which helps alleviate financial pressure on developers and promotes stability in the real estate market [3] Group 3: Acquisition of Existing Properties - Some provinces are initiating projects to acquire existing residential properties, with 32 projects identified across four provinces, primarily funded by special bonds [4][5] - The total funding for "stabilizing the housing market" through special bonds reached approximately 595 billion yuan from January to August, making it the second-largest category of funding after municipal infrastructure [5] Group 4: Support for Innovation and Emerging Industries - A significant trend in August was the issuance of special bonds to support government investment funds aimed at enhancing local technological innovation and strategic emerging industries [6][7] - Various provinces, including Beijing and Shanghai, have allocated special bonds to government investment funds, indicating a shift in investment focus from traditional infrastructure to new infrastructure and emerging sectors [7][8]
8月地方债发行规模近万亿,多地专项债注资政府投资基金
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-03 12:28
Core Viewpoint - The issuance of local government bonds in August reached 977.6 billion yuan, maintaining strong momentum despite a decline compared to June and July, with new special bonds accounting for about half of the total issuance [1] Group 1: Bond Issuance and Utilization - From January to August, the cumulative issuance of new special bonds reached 3.26 trillion yuan, accounting for 74% of the annual quota of 4.4 trillion yuan, with a notable acceleration in issuance in recent months [2][1] - In August, over 40% of the new special bonds were allocated for government existing investment projects, termed "debt reduction" funds, with a total of 2.129 trillion yuan issued for this purpose [2] - The issuance of special bonds for land reserve reached 600 billion yuan in August, with ten provinces issuing over 320 billion yuan in land reserve special bonds [1][3] Group 2: Debt Reduction and Project Funding - The demand for "debt reduction" remains significant, with 30% of the new special bonds issued from January to August allocated for this purpose, totaling 9.68 trillion yuan [2] - The primary use of new special bond funds, excluding "debt reduction," was for project construction, including municipal infrastructure, transportation, and social projects [2] Group 3: Land Reserve and Housing Market Stabilization - The issuance of land reserve special bonds has increased, with a total of 3.24 trillion yuan issued by ten provinces from January to August, aimed at recovering idle land and alleviating financial pressure on developers [3] - Some provinces are also initiating projects to acquire existing residential properties, with 32 projects reported across four provinces, primarily funded by special bonds [4][5] Group 4: Support for Innovation and Emerging Industries - A significant trend in August was the issuance of special bonds to support government investment funds, enhancing support for local technological innovation and strategic emerging industries [6] - Various provinces, including Beijing and Shanghai, issued special bonds for government investment funds, indicating a shift in investment focus from traditional infrastructure to new infrastructure and emerging sectors [7][6] Group 5: Economic Impact and Future Outlook - Experts suggest that the increased investment in strategic emerging industries through special bonds is a necessary shift to adapt to high-quality economic development and innovation-driven growth [7][8] - The potential for growth in strategic emerging industries is highlighted, with expectations for positive contributions to GDP and tax revenue, indicating a favorable outlook for the effectiveness of these investments [8]
中国母基金达460家总规模超3万亿,北上粤苏皖规模突出
Nan Fang Du Shi Bao· 2025-09-03 08:04
Core Insights - The report indicates a shift in China's mother fund industry from quantity expansion to quality improvement, influenced by significant policy changes such as the "State Council No. 1 Document" [1][7] Summary by Categories Overall Industry Trends - As of June 30, 2025, there are 460 mother funds in China with a total management scale of 34,845 billion RMB, a decrease of 23.7% compared to the end of 2024 [2][4] - The total planned management scale of these mother funds is 60,778 billion RMB [2] Fund Composition - Among the 460 mother funds, 338 are government-guided funds with a management scale of 29,973 billion RMB, down 24.0% from the end of 2024 [4] - There are 112 market-oriented mother funds with a management scale of 4,829 billion RMB, a decrease of 22.4% [4] - The report also includes 10 S funds with a management scale of 43 billion RMB [4] Investment Activity - In the first half of 2025, the total investment scale of mother funds was 3,338 billion RMB, down 7.2% from 3,791 billion RMB in the same period of 2024 [5] - Government-guided fund investments totaled 2,741 billion RMB, a decline of 5.59% from 2,903 billion RMB [5] - Market-oriented mother fund investments were 442 billion RMB, down 6.62% from 473 billion RMB [5] New Fund Establishments - A total of 33 new mother funds were established in the first half of 2025, including 31 government-guided funds and 2 market-oriented funds, with a total scale of 1,970.17 billion RMB [5] - Regions such as Jiangsu, Hubei, and Fujian saw the highest number of new fund establishments, while Beijing, Guangdong, and the Yangtze River Delta maintained scale advantages [5][6] Policy and Regulatory Changes - The "State Council No. 1 Document" has introduced systematic regulations for the establishment, fundraising, operation, and exit of government investment funds, marking a significant policy shift [6][7] - The focus is now on quality over quantity, with an emphasis on long-term orientation and capital efficiency [7] Operational Adjustments - Many regions have increased the contribution ratios and extended the duration of funds, with some allowing contribution ratios to exceed 70% [8] - The tolerance for losses has also increased, with some funds allowing for 100% loss on individual projects [9] - Management fee structures are becoming stricter, with a trend towards lower rates and performance-based fees [9]
政府投资基金如何平衡多元化目标? 业内:尊重市场化运作机制
Sou Hu Cai Jing· 2025-08-20 16:38
Core Insights - Government investment funds are increasingly playing a crucial role in driving industrial upgrades and innovation while facing various challenges [1][2][3] Group 1: Role and Impact of Government Investment Funds - Government investment funds have become more significant in recent years, with a notable increase in the number of institutional LPs, reaching 2,709 in 2024, accounting for nearly 60% of the total, a year-on-year increase of 19.55% [2] - In 2024, government investment funds are projected to contribute 39,933 investments, representing 65.5% of the total, with a cumulative subscribed capital of 1.25 trillion yuan, accounting for 82% of the total [2] - The focus of state-owned capital institutions is primarily on hard technology sectors, with semiconductor and electronic equipment investments leading in both case numbers and amounts [2] Group 2: Challenges Faced by Government Investment Funds - Government investment funds encounter several challenges, including insufficient risk tolerance in assessments, leading to hesitance in investment [3][4] - The traditional evaluation mechanisms emphasize short-term financial returns, lacking support for long-term industrial cultivation [3] - The exit paths for investments are relatively limited, with insufficient scale in merger funds and S funds, and low efficiency in cross-departmental collaboration [3][4] Group 3: Strategies for Improvement - To enhance the effectiveness of government investment funds, it is suggested to build a multi-layered product system and deepen participation in industries [5][6] - The design of return mechanisms should consider regional industrial characteristics and development needs, promoting local quality projects while attracting external quality projects [6][7] - Emphasizing the importance of human capital, investment strategies should focus on connecting with leading figures in relevant fields and fostering collaboration with technical communities [7][8] Group 4: Balancing Diverse Fund Objectives - Government investment funds need to balance diverse objectives, including financial returns and social benefits, by formulating diversified investment strategies [8] - It is essential to respect market mechanisms and industry development rules to avoid issues like overcapacity and internal competition [8][9] - The transformation of investment actions should follow market-oriented and commercial paths, ensuring that scientific innovations effectively reach the market [9][10]