Core Viewpoint - The implementation opinions from Gansu Province emphasize the need for high-quality development of government investment funds, aligning with the national guidelines issued earlier this year, indicating a tightening of new fund establishment across all levels of government [1][2][3]. Summary by Sections Government Investment Fund Management - The Gansu implementation opinions require all levels of financial departments to manage government investment funds uniformly, strictly controlling the establishment of new funds and promoting the optimization and integration of existing funds [1]. - The document reflects a broader trend where many regions are tightening their policies on new government investment funds in response to national directives [1][2]. Impact on Fund Establishment - The enthusiasm for establishing new government investment funds has decreased, influenced by the national guideline that prohibits setting up funds for the purpose of attracting investment [2][3]. - In the first quarter of 2024, the scale of newly initiated mother funds was 238.7 billion, while in the first quarter of this year, it dropped to 146.2 billion, marking a decline of 38.75% [3]. Changes in Investment Strategy - The national guideline has significantly impacted the previously popular "fund attraction" model, leading to a transformation in local government strategies for investment and fund establishment [3][4]. - Many local governments are now focusing on nurturing local industries rather than attracting external projects, indicating a shift in the investment landscape [5]. Future Policy Developments - Multiple regions are revising their government investment fund policies in accordance with the national guidelines, with new policies expected to be released throughout the year [6].

Core Viewpoint - Guangdong Province is leading reforms in government investment fund management, particularly regarding the linkage of management fees to fund performance [1][3]. Group 1: Fund Management Fee Structure - The new management regulations state that government investment fund management fees should be determined based on market principles and linked to fund performance evaluations [3]. - Management fees are generally calculated based on the actual capital contributions or investments, and should be paid from fund earnings or interest, with prepayment allowed from principal only if no earnings are generated [3][4]. - The regulations aim to eliminate the practice of fund managers profiting without delivering value to limited partners (LPs), potentially leading to a significant reshuffle in the venture capital industry [3][4]. Group 2: Impact on Investment Funds - The Guangdong government plans to establish a comprehensive industrial investment fund system with a total scale exceeding 1 trillion yuan, with provincial funds exceeding 100 billion yuan [6]. - Guangdong has over 50 mother funds with a total managed scale exceeding 400 billion yuan, ranking first in the country [6]. - The management of government-guided funds in Guangdong is currently led by several firms, with notable management scales reported [6][7]. Group 3: Future Developments - The new management regulations are part of broader measures to enhance the capital market and attract investment funds to local projects, moving away from traditional tax incentive models [8]. - The industry is awaiting further details on how the new management fee structure will be implemented and how fund performance will be defined [7].

Core Viewpoint - The Guangdong Provincial Government has issued the "Action Plan for Further Promoting High-Quality Development of Venture Capital" to enhance the venture capital ecosystem through a comprehensive approach covering fundraising, investment, management, and exit mechanisms, aiming to strengthen government guidance and policy support for venture capital in the province [1][2]. Group 1: Key Measures and Initiatives - The Action Plan emphasizes the establishment of a robust industrial fund system, aiming to integrate resources to create a total scale of over 1 trillion yuan for industrial and venture capital funds, with provincial funds exceeding 100 billion yuan [2]. - The plan includes initiatives to attract over 100 investment cooperation projects annually by engaging with international sovereign funds and renowned investment institutions [2]. - Guangdong's mother fund system is highlighted as a national leader, with over 50 mother funds managing more than 400 billion yuan, indicating a strong foundation for venture capital development [2]. Group 2: Fund Management and Support - Government-funded venture capital funds will adopt a "mother fund + sub-fund + direct investment" model to support strategic emerging industries and future industries, focusing on selecting excellent professional investment institutions [3]. - The plan aims to optimize the management of government-funded venture capital funds by reforming assessment mechanisms and extending the duration of fund investments [3]. - There is a push for qualified venture capital institutions to issue corporate bonds and debt financing tools, with government financing guarantees to support investments in technology innovation [3]. Group 3: Innovative Fund Structures - The establishment of regional mother funds is expected to enhance collaboration between provinces and cities, promoting local industries and creating a unified provincial strategy [5]. - The "inter-provincial collaborative development mother fund" initiative is noted as an innovative approach that transcends local thinking, fostering cross-regional cooperation [5]. - The direct investment and sub-fund structures are strategically aligned with industry directions, effectively utilizing capital to drive industrial transformation and technological innovation [5]. Group 4: Policy and Regulatory Framework - The Guangdong government has introduced a new regulatory framework that emphasizes long-term investment and the development of patient capital, which is crucial for fostering innovation [10]. - The recent "Guangdong Province Science and Technology Innovation Regulations" highlight the importance of establishing long-cycle venture capital funds and broadening exit channels [10]. - The government aims to create a differentiated performance evaluation system for state-owned venture capital funds, moving away from traditional capital preservation metrics [10].

Core Viewpoint - Jiangxia District in Wuhan is emerging as a model for high-quality development in Central China, showcasing significant industrial and technological advancements [1][3]. Innovation and Growth - Jiangxia District is developing a technology innovation service system in collaboration with the Greater Bay Area, focusing on artificial intelligence and technical intelligence to enhance enterprise innovation capabilities [3][5]. - The district has established a technical manager training system and will host its first technical manager competition in 2024, aiming to create an innovation ecosystem that integrates technology and market needs [5][6]. Industrial Development - Jiangxia has restructured its industrial layout, establishing four major industrial parks that contribute to nearly 80% of the district's economic output [7][11]. - The district is focusing on diversifying its industrial structure by promoting traditional industry upgrades and nurturing emerging industries, particularly in the automotive and optical sectors [12][14]. Investment and Financial Strategies - Jiangxia District is implementing a "fund investment" strategy to address economic challenges, aiming to raise 20 billion yuan over five years through a government investment fund system [16][17]. - The district is actively attracting social capital into emerging industries, with fixed asset investment reaching 16.765 billion yuan in the first quarter of this year, a year-on-year increase of 11% [19].

Core Viewpoint - The article discusses the differentiated development of government investment funds across various regions in China, particularly highlighting the active role of the Yangtze River Delta region in establishing new funds and promoting mergers and acquisitions as a new investment strategy following the release of the State Council's No. 1 document. Group 1: Fund Development in the Yangtze River Delta - The Yangtze River Delta region is noted for its active government investment funds, with Shanghai leading in both mother fund contributions and the establishment of direct investment funds [2][3] - Shanghai Future Industry Fund, with a total investment of 10 billion yuan, aims to invest in cutting-edge fields such as brain science and synthetic biology, adopting a "direct investment + sub-fund investment" model [2] - Jiangsu Province has launched a strategic emerging industry mother fund with a total scale of 500 billion yuan, which has already signed contracts for 14 specialized funds totaling 506 billion yuan [3][4] Group 2: Innovative Fund Structures and Mechanisms - Jiangsu's mother fund operates a "mother-mother fund" structure, with three types of specialized funds designed to attract various types of capital, creating a collaborative investment environment [4] - Zhejiang Province is preparing a 100 billion yuan future industry fund and has established a flexible investment mechanism to support the entire lifecycle of fund investments [5] - Anhui Province has introduced a regulatory collaboration mechanism to ensure the healthy development of government investment funds, focusing on risk prevention and comprehensive oversight [5] Group 3: Shift Towards Mergers and Acquisitions - There is a growing trend of "merger and acquisition招商" (M&A investment) as a new strategy for local governments to attract investment, reflecting a shift from traditional land and fund招商 models [8][9] - The State Council's recent guidelines emphasize that government investment funds should not be established solely for招商 purposes, leading to a transformation in investment strategies [8][9] - Over 10 regions have released policies supporting M&A and the establishment of M&A funds, indicating a significant shift in focus towards this investment strategy [11] Group 4: Market Dynamics and Future Outlook - The article highlights that many local governments are increasingly emphasizing the linkage between investment and招商, with specialized招商 funds being established [9][10] - The potential for M&A activities is significant, with over 60% of listed companies on the main board having a market value of less than 10 billion yuan, indicating a ripe environment for M&A growth [12] - The expectation is set for more specialized M&A mother funds to be established, contributing positively to the primary market [13]

Group 1 - Guangdong Province has issued measures to strengthen the industrial fund system, aiming to establish over 1 trillion yuan in total scale for industrial investment and venture capital funds, with provincial funds exceeding 100 billion yuan [2][4] - The province plans to integrate resources to create a comprehensive investment system, including angel investment, venture capital, private equity, and corporate mergers, focusing on early-stage, small, future-oriented, and hard technology investments [2][4] - Guangdong has over 50 mother funds with an actual managed scale exceeding 400 billion yuan, ranking first in the country [2][4] Group 2 - The establishment of regional mother funds promotes collaboration between provinces and cities, enhancing local industries and creating a unified provincial strategy [4] - The signing of inter-provincial collaborative development mother funds is a rare and innovative initiative, breaking away from local thinking and fostering cross-regional cooperation [4] - The fund cluster in Guangdong effectively utilizes "capital attraction" and "fund attraction" to drive industrial transformation and technological innovation [4][5] Group 3 - Guangdong emphasizes the importance of venture capital in supporting technological innovation, advocating for early, small, long-term, and hard technology investments [5][8] - The province has introduced mechanisms for market-oriented exit channels for equity investments, including pilot projects for equity fund share transfers and physical stock distribution [5][8] - The measures also incorporate the performance evaluation of attracting local investment funds into the broader investment attraction strategy [5][8] Group 4 - The recent national guidelines emphasize that government investment funds should not be established solely for attracting investment, indicating a shift in the investment landscape [6][8] - The emergence of the "fund attraction" model reflects a transformation in investment strategies, moving from attracting external projects to nurturing local industries [6][8] - There is a growing emphasis on long-term capital and patient capital, with a focus on developing equity and venture investments [7][9] Group 5 - Guangdong's new measures reflect a commitment to nurturing local industries and demonstrate the core of capital and fund attraction models [8][9] - The province's regulatory framework encourages high-risk investments by reducing constraints on state-owned capital, fostering a more dynamic venture capital market [9][10] - The establishment of a more market-oriented mother fund system is anticipated to stimulate innovation and support the development of strategic emerging industries [9][10]

近期，各地直投基金群设立的如火如荼，如3月北京昌平成立1 5 0亿元科技产业基金群；5 0 0亿 上海市产业转型升级二期基金、5 0 0亿国资并购基金矩阵启动。 "感觉今年，各地新设的政府基金基本都是直投，大家都不设母基金了。去年这个时间点，还 是有很多百亿、千亿母基金群的动态的。"北京某VC机构IR负责人陈晨（化名）对母基金研究 中心表示。 多位IR告诉母基金研究中心，体感今年的母基金设立数量是"腰斩"。数据也基本符合了大家的 感受——据母基金研究中心数据统计，2 0 2 4年第一季度新发起母基金规模2 3 8 7亿，今年第一 季度新发起母基金规模1 4 6 2亿， 下跌3 8 . 7 5% 。 "个人观点， 国办1号文'不以招商引资为目的设立政府投资基金'影响还是比较大 。招商引资 是目前各地政府设立母基金的动力之一，政府投资基金失去招商引资功能可能会影响地方设立 政 府 引 导 基 金 的 积 极 性 ， 再 加 上 县 级 政 府 严 控 新 设 基 金 ， 预 计 未 来 中 国 母 基 金 数 量 可 能 会 减 少、规模可能会逐步下降，创投类的尤甚。我们也确实观察到， 因应国办1号文，今年以来各 ...

宜宾升级基金矩阵，用"一流朋友圈"集聚"一流产业 生态圈" 招商引资是促进区域经济发展的重要手段，也是区域竞争的一个重要维度。但随着产业发展阶段和发展 要素资源的变化，招商引资模式的创新和变革势在必行。 在3月25日举行的宜宾市2025长三角投资推介会暨项目合作协议签署仪式上，作为"万里长江第一城"的 宜宾，在长江入海口的上海，再次收获丰富的合作成果：共签约项目130个，签约总金额达493.3亿元。 3月25日， 宜宾市2025长三角投资推介会暨项目合作协议签署仪式现场。 宜宾市经济合作和新兴产业局 图 值得注意的是，相较于合作成果，这次宜宾与上海的"牵手"，一个更引人瞩目的细节是，大会参会嘉 宾，一半以上来自国内头部基金机构及其参投的企业。而签约环节中，基金机构及其推荐的落地项目占 了大部分。整个活动上的"基金"含量可以说非常高。这背后就不得不提当前宜宾大力推进的基金招商 2.0模式。 就在今年1月10日，宜宾市产业投资基金群发布超600亿元基金矩阵和首期13支基金合作榜单，聚焦新能 源、新材料、数字经济等产业，邀请优秀基金管理机构参与宜宾新一轮产业投资基金组建，充分发挥基 金在项目推荐、股权投资方面的优势 ...

"虽然不以招商引资为目的设立政府投资基金，但各地招商需求还在，所以并购招商火了，当 前多地国资都有收购上市公司的探索。"王尔对母基金研究中心表示。 最近，并购招商作为各地国资招商的最新打法，正在兴起。 " 我们正在组建一支并购基金，专门用来收购上市公司 ，主要围绕我们当地的特色产业锻长补 短。一方面，借着一系列并购支持政策的东风，发掘新机会；另一方面，这能够实现更具有确 定性的招商。"华东地区某国资机构人士告诉母基金研究中心。 "这体现出在今年国办1号文发布后，招商模式的最新变革。 并购招商时代来了 。从土地招 商、基金招商到并购招商，地方的招商需求总要有个得力的工具，并购就是各地发现的最新机 会。"VC投资人王尔（化名）向母基金研究中心分析道。 我们关注到，今年1月7日，国务院办公厅印发《关于促进政府投资基金高质量发展的指导意 见》（国办发〔2 0 2 5〕1号，以下简称《指导意见》），这是首次国家层面出台促进政府投资 基金发展的重要文件。 其中提出"不以招商引资为目的设立政府投资基金"，这对此前业内十分火热的"基金招商"模式 无疑产生深远影响。 随着国令7 8 3号《公平竞争审查条例》从去年8月起正式施行 ...

作者 I 刘博 报道 I 投资界PEdaily 国资轮正在排队诞生。 最新一幕则是珠海国资华发集团宣布战略投资大模型企业智谱，金额5亿元。颇为戏剧性 的是，智谱不久前刚刚完成一笔金额超10亿元的战略融资，投资方包括杭州城投产业基 金、上城资本等杭州国资。 至此短短半月内，智谱接连打动杭州、珠海两地国资。 深刻变化。 由此望去，当下一级市场的国资活跃程度不言而喻。这几年各地招商激烈，国资渐渐成为 一级市场主力军，正如一位投资人开玩笑： "如果今年还没有和国资打过交道，那融资基本没戏。" 最新一幕 地方国资排队出手 一路走来，智谱留给创投圈深刻印象。 据不完全统计，智谱自20 1 9年成立至今，已至少完成超1 0轮融资。尤其后期国资身影开 始密集出现——2 02 4年初，智谱被爆完成新一轮融资，北京市人工智能产业投资基金参 与投资。同年9月，中关村科学城公司又宣布以投前2 00亿估值领投智谱，用于支持国产 基座大模型的技术创新和生态发展。 这一次，杭州、珠海国资先后出手。 先是来自杭州的国资机构——杭州城投产业基金成立于202 3年6月，是杭州城投资本集团 旗下的产业投资基金；上城资本的实际控制人则是杭州市上城区 ...