Core Insights - The National Venture Capital Guidance Fund has been launched, with three regional funds established in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area, aiming to create a fund scale of trillions [1][6] Fund Structure - The fund operates under a three-tier structure: "Fund Company - Regional Fund - Sub-Fund," with a 20-year lifespan for the National Venture Capital Guidance Fund Company [2] - Regional funds will focus on seed and early-stage investments, with at least 80% of investments directed towards sub-funds [2][4] Investment Focus - The fund emphasizes early-stage investments, targeting seed, startup, and early-mid stage companies, particularly in cutting-edge technology sectors [3][4] - Investment in small enterprises is capped at a valuation of 500 million, with individual investments not exceeding 50 million [5] Long-term Commitment - The fund has a 20-year duration, allowing for a longer investment horizon and accommodating sectors with extended return cycles, such as innovative pharmaceuticals [5][6] - The fund aims to support the transformation of key common technology achievements and invest in enterprises that have made significant breakthroughs [5][6] Sectoral Focus - The fund will increase investment in early-stage projects and seed companies in fields such as integrated circuits, artificial intelligence, aerospace, and future energy [6][7] - The three regional funds are expected to exceed 50 billion in total scale, with plans to establish over 600 sub-funds to support emerging and future industries [7]

记者丨申俊涵 赵娜 编辑丨林坤 视频丨 柳润瑛 12月26日，"航母级"的国家创业投资引导基金（简称"引导基金"）正式启动，为耐心资本实践立下新标杆。 据悉，引导基金使用超长期特别国债资金出资，在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。 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。 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；架构上，开创性设立"基金公司—区域基金—子基金"的3层架构； 投资上，坚持投早、投小、投长期、投硬科技的"4投"导向；期限上，设置20年存续期；绩效考核方面，不简单以单个项目或单一年 度的盈亏作为考核依据。 据悉，在此次的启动仪式上，3只区域基金共与49只子基金、27个直投项目签订投资意向，管理团队已经与各只基金和项目充分沟 通，预计近期可完成一批重点子基金和直投项目投资。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。 "引导基金最大的亮点 ...

近日，南山区出资30亿元参与的"粤港澳大湾区创业投资引导基金合伙企业（有限合伙）"（下称"国创 粤港澳基金"）在南山注册成立。该基金由国家发改委、财政部牵头组建，目标规模504.5亿元，是南山 区迄今参与规模最大、层级最高的国家级引导基金。此举标志着国家级创投资本与南山创新沃土深度融 合，南山科技与金融融合水平迎来历史性提升。 据悉，基金将重点围绕硬科技领域展开投资，聚焦战略性新兴产业和未来产业领域，采用"子基金投资 +项目直投"相结合的模式，旨在为处于种子期、初创期的科技企业提供长期、稳定的资金支持。这一 投资方向与深圳市及南山区的重点产业规划高度契合，预计将有力推动一批创新主体突破关键核心技 术、加速科技成果转化，为培育和发展新质生产力注入强劲动力。 以此为契机，南山区将进一步优化创新创业生态，吸引全球优质创投机构集聚，持续扩大科创投资"朋 友圈"，着力构建"投早、投小、投科技"的良性循环，为打造具有国际影响力的风投创投核心区奠定坚 实基础。 此次国家级基金的落户，不仅是资本层面的重要布局，更是南山深度融入国家创新体系、提升核心竞争 力的里程碑。下一步，南山区将围绕基金运营推出一系列配套服务与联动举措，全 ...

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, focusing on early and small investments in the technology sector, which inherently involves high risks [1] Group 1: Fund Characteristics - The Guidance Fund emphasizes strategic emerging industries and future industries, supporting original and disruptive technological innovations and key core technology breakthroughs [1] - Unlike other market-oriented funds, the Guidance Fund prioritizes national strategic service over investment return rates [1] - The fund aims to allocate resources to areas that are "more in need of funding," ensuring that necessary investments for innovation are fully realized [1] Group 2: Institutional Innovations - The Guidance Fund introduces institutional innovations in funding allocation, duration, execution processes, and exit mechanisms, designed to encourage social capital to invest more confidently and profitably [1] - The goal is to leverage a small amount of government funding to attract larger investments from private sectors, enabling more extensive and impactful projects [1] Group 3: Focus Areas - The fund will accelerate the development of strategic emerging industry clusters such as new energy, new materials, aerospace, and low-altitude economy, while also laying the groundwork for future industries [1] - It aims to promote new economic growth points in areas like quantum technology, biomanufacturing, hydrogen energy, nuclear fusion energy, brain-computer interfaces, embodied intelligence, and sixth-generation mobile communication [1] Group 4: Long-term Commitment - National capital is prepared to support technology companies in the long run, allowing social capital to focus on incubating disruptive technologies [2]

Group 1 - The National Venture Capital Guidance Fund has officially launched, focusing on early-stage and small-scale technology projects [1][26] - The fund aims to address high-risk investments in strategic emerging industries and support disruptive technological innovations [2][27] - The fund's structure includes a multi-layered design of guidance funds, regional funds, and sub-funds, with at least 70% of sub-fund investments directed towards seed and early-stage enterprises [10][39] Group 2 - The fund has a unique 20-year duration, the longest among national-level funds, signaling a commitment to long-term support for technology enterprises [41][42] - The fund operates with a limited partner model, allowing for professional management while respecting market-driven decisions [44] - The fund is expected to mobilize nearly 1 trillion in local and social capital, enhancing the investment landscape for early-stage companies [46] Group 3 - The fund will prioritize investments in sectors such as renewable energy, new materials, aerospace, and low-altitude economy, aiming to foster future industries [47] - Specific regional focuses include high-end chips and foundational software in Beijing, smart product innovation in Zhejiang, and an AI-robotics cluster in Guangdong [52][53] - The fund's approach is designed to avoid duplication of investments across regions, aligning national strategies with local resources and industry foundations [52][53]

国家创业投资引导基金日前宣布启动，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，资 本与创新迎来更多"双向奔赴"。 "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，形成万亿元资金规模。"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。 近年来，我国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。但新兴产业、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。 "针对创业投资市场在募资、退出等环节上出现的难点堵点，在国家层面由中央全额出资设立国家创业 投资引导基金，是发展创业投资、提振市场预期的重要布局。"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说。 在募资环节，引导基金设立"基金公司—区域基金—子基金"3层架构，旨在通过发挥中央资金"四两拨千 斤"的杠杆效应，逐级吸引社会资本。据介绍，自2025年初宣布设立引导 ...

12月26日，由国家发展改革委、财政部推动设立的国家创业投资引导基金正式启动。启动仪式上，该引 导基金出资成立的3只区域基金与49只子基金和27个直投项目签订投资意向，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。 "科创企业成长壮大是一场旷日持久的'马拉松'，需要资本的耐心陪伴。"白京羽介绍，引导基金设置20 年存续期，其中10年投资期、10年退出期，通过更长久的投资期限，为企业提供长周期的资金供给；同 时通过更宽松的退出时限，为企业提供更多的发展空间，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"。 不仅如此，国家创业投资引导基金还将坚持投硬科技。财政部经济建设司司长郭方明介绍，财政部门将 会同发展改革部门加强对基金投向的指导，聚焦"十五五"规划等国家规划明确的战略性新兴产业，鼓励 基金更多投向具有战略意义、有利于提高全要素生产率的项目以及外溢性强、社会效益高的领域，支撑 原创性、颠覆性技术创新和关键核心技术攻关，推动重大科技成果向现实生产力转化。 3只区域基金总规模均将超500亿元 为有效发挥中央资金"四两拨千斤"的杠杆效应，逐级吸引社会资本，实现万亿元的市场"造 ...

Core Viewpoint - The National Venture Capital Guidance Fund has been launched, signing agreements with three regional funds, 49 sub-funds, and 27 projects, aiming to attract a total capital scale of trillions of yuan to support strategic emerging industries and future industries [1][2]. Group 1: Fund Structure and Investment Strategy - The Guidance Fund is structured in a three-tier system: "Fund Company - Regional Fund - Sub-Fund," leveraging central government funds to attract social capital [2]. - The first three regional funds are established in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area, each with a total scale exceeding 50 billion yuan [2]. - The Guidance Fund focuses on early-stage investments, targeting seed, startup, and early-mid stage companies, with at least 70% of the total fund size allocated to these investments [2][3]. Group 2: Long-term Investment Approach - Unlike traditional venture capital funds with a lifespan of 7 to 10 years, the Guidance Fund has a 20-year duration, including a 10-year investment period and a 10-year exit period, accommodating sectors with longer return cycles [3]. - The fund aims to provide patient capital to support the long-term growth of innovative companies, fostering the development of "small giants" and "unicorns" across various industries [3]. Group 3: Support for Emerging Industries - The Guidance Fund will focus on strategic emerging industries and future industries as outlined in the 14th Five-Year Plan, investing in key common technology projects and companies achieving significant breakthroughs [3]. - The fund will collaborate with existing government and market-oriented investment funds to avoid duplication and competition, addressing the long-term capital shortage in the venture capital industry [3][4]. Group 4: Value-Added Services - In addition to financial support, the Guidance Fund will provide value-added services such as corporate governance, strategic planning, human resources, and industry collaboration to the invested companies [4].

近年来，鲁信创投充分发挥国有创投机构在"长周期"项目上的投资优势，整合并优化要素资源，在管理 提升、产业协同、市场开拓等诸多方面发挥关键支撑作用，助力投资项目"抬头看路"，持续激发企业发 展活力。"我们不追求短期快速的资本回报，而是更加关注投资项目的创新性与成长性，助力科创企业 成功跨越从实验室到产品化、从商业化到产业化的漫长周期，让其能够更加专注于长期目标。"鲁信创 投党委书记、董事长王旭冬说。 目前，鲁信创投已累计投资企业300余家，90%以上的资金投资"硬科技"领域，过半项目为初创期和成 长期企业，民营企业数量占比逾九成，并先后助推44家企业登陆境内外主要资本市场。 "我们既耐心陪伴科技型创业公司成长发展，点亮创新火种，又全力推动标志性产业延链补链强链，锻 造产业脊梁。"王旭冬说，鲁信创投将持续聚焦新一代信息技术、高端装备制造、生命科学、新能源、 新材料、航空航天等战略性新兴产业，"长周期"扶持创新型科技企业做大做强、全流程赋能产业高端高 质高效发展。 "这两块蜂巢夹芯板内置公司研发的高效传热器件，不久后将随卫星翱翔天际。目前，公司基于高效传 热打造的一整套卫星结构热控解决方案，已应用于超300颗卫星及 ...

（来源：河北日报） 转自：河北日报 据新华社北京12月26日电（记者魏玉坤）记者从国家发展改革委获悉，12月26日，国家创业投资引导基 金启动，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3只区 域基金设立运行。 四是坚持做标杆基金。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，重在解决创投 行业长期资本短缺的问题。 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，形成万亿元资金规模，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。归纳起来，引导基 金的定位是"四个坚持"： 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表示，12月26 日，3只区域基金已与49只子基金和27个直投项目签订投资意向，管理团队已经与各只基金和项目充分 沟通，预计近期可完成一批重点子基金和直投项目投资。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。 一是坚持做早期基金。引导基金将种 ...