Core Insights - The establishment of local government investment funds has shown a differentiated trend across regions, with strong momentum in Guangdong and Jiangsu, while some central and western regions have seen a decline in the number of new funds [1][3][4] Group 1: Government Investment Fund Establishment - The pace of establishing local government investment mother funds has slowed down, with a 2.5% year-on-year decrease in the number of funds and a 19.04% decrease in total scale to 338.41 billion yuan in the first quarter of 2025 [2][3] - The enthusiasm for setting up mother funds remains high in coastal developed areas, while central and western regions have seen a reduction in new fund establishments, with only 15 county-level government guiding funds registered in the first quarter of 2025, a decrease of 3 from the previous year [3][4] Group 2: Policy Impact and Regional Differences - The release of the "Guiding Opinions" in January 2023 has influenced local governments, leading to a more cautious approach in establishing new funds, particularly in terms of not using funds solely for attracting investment [4][5] - Different regions interpret and implement the policy variably, with some areas still actively establishing funds despite the guidelines, particularly in Zhejiang where fund establishment has continued as planned [3][4] Group 3: Direct Investment Funds - Many local governments are increasingly favoring direct investment funds as a more effective means of attracting investment, with several regions establishing direct investment fund clusters, such as a 15 billion yuan technology industry fund cluster in Beijing [6][7] - Direct investment funds allow local governments to participate directly in investment decisions, contrasting with the traditional mother fund model, which may not align with local industrial needs [6][7] Group 4: Risk Management Mechanisms - Local governments are implementing error tolerance mechanisms to support direct investment funds, allowing for significant losses on individual projects, which encourages more aggressive investment strategies [7] - Policies in regions like Shenzhen and Guangzhou allow for high levels of project loss, promoting a more risk-tolerant investment environment [7]

新一页。 作者 I 周佳丽 报道 I 投资界PEdaily 开年重磅一幕来了。 昨晚（1月7日），国务院办公厅正式印发《关于促进政府投资基金高质量发展的指导意 见》（以下简称：《指导意见》）。 这是今年国务院办公厅1号文件，也是首个国家级政府投资基金指引文件。 《指导意见》涵盖政府投资基金设立、募资、运行、退出全流程，分八部分提出2 5条具 体措施。其中印象深刻的有： 首次对基金分类管理、分级管理提出明确要求；省市级政 府投资基金审批从严，县级政府应严格控制新设基金；明确建立健全容错机制，鼓励取消 基金及管理人注册地限制，鼓励降低或取消返投比例；完善基金退出机制等。 至此，走过十余年井喷式生长的政府引导基金迎来崭新一页。 实行差异化管理机制 延长基金绩效评价周期 首先，《指导意见》提到，政府投资基金应明确基金定位——聚焦重大战略、重点领域和 市场不能充分发挥作用的薄弱环节，吸引带动更多社会资本，支持现代化产业体系建设， 加快培育发展新质生产力。 按照投资方向，政府投资基金主要分为产业投资类基金和创业投资类基金：一方面，优化 产业投资类基金功能。重点投资产业链关键环节和延链补链强链项目，推动提升产业链供 应链韧 ...