【导读】国家创业投资引导基金正式启动运行 来源：中国基金报 记者 张舟 重磅利好来了！ 今天，国家创业投资引导基金正式启动运行。 1．财政部相关负责人表示，国家创业投资引导基金预计形成万亿资金规模。 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。 2．目前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均已完 成工商注册，3只区域基金与首批49个子基金以及27个项目代表正式签约。未来三只区域基金总规模均 将超过500亿元。 3．国家发改委：未来，国家创业投资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。 4．财政部：引导基金将以差异化风控体系培育创新生态。 财政部经济建设司司长郭方明表示，在落实国家战略的侧重点方面，国家创业投资引导基金立足自身特 点，通过精准错位发展与其他政府引导基金形成协同合力。 12月26日，国家创业投资引导基金正式启动。京津冀创业投资引导基金、长三角创业投资引导基金、 ...

Core Viewpoint - The National Venture Capital Guidance Fund has officially commenced operations, aiming to enhance venture capital development and support strategic emerging industries through a multi-trillion yuan funding initiative [1][2]. Group 1: Fund Structure and Scale - The National Venture Capital Guidance Fund is expected to form a funding scale of 1 trillion yuan, leveraging central funds to attract participation from local governments, central enterprises, financial institutions, and private capital [3]. - Three regional funds have been established: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area, each with a total scale exceeding 50 billion yuan [3]. - The fund aims to establish over 600 sub-funds in the three regions to support the development of emerging and future industries [4]. Group 2: Investment Focus and Strategy - The fund will focus on early-stage projects in sectors such as integrated circuits, artificial intelligence, aerospace, and low-altitude economy, with a commitment to invest at least 70% of its total scale in seed and early-stage enterprises [5][8]. - The investment strategy emphasizes "early, small, long-term, and hard technology" to address the capital shortage in the venture capital industry [8][10]. - The fund will adopt a differentiated risk control system to cultivate an innovative ecosystem, ensuring long-term capital is directed towards technology innovation [5][6]. Group 3: Operational Framework - The fund will operate with a 20-year lifespan, including a 10-year investment period and a 10-year exit period, allowing for a patient capital approach to support the growth of innovative enterprises [10][11]. - A market-oriented management model will be established, where the government sets policy directions while professional teams manage fund operations, ensuring efficient use of funds [11]. - The fund aims to serve as a benchmark for the industry, avoiding duplication of investments and focusing on solving the long-term capital shortage in the venture capital sector [11].

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, establishing three regional funds to support emerging industries and future industry development, leveraging fiscal funds for policy effectiveness [1][4]. Fund Structure and Operation - The National Venture Capital Guidance Fund employs a three-tier structure: "Fund Company - Regional Fund - Sub-Fund," effectively utilizing central funds to attract social capital and achieve a market scale of one trillion yuan [2]. - The fund focuses on early-stage investments, targeting seed and startup companies, with at least 70% of investments directed towards these stages [2][3]. - Investment limits are set for small enterprises, with valuations below 500 million yuan and individual investments capped at 50 million yuan [2]. - The fund has a 20-year lifespan, allowing for long-term investments in sectors with extended return cycles, such as innovative pharmaceuticals [2][3]. Investment Focus - The fund emphasizes "hard technology," targeting strategic emerging industries and supporting key technology projects in fields like integrated circuits, quantum technology, and aerospace [3]. - A management system is established to monitor and evaluate investments, focusing on overall effectiveness rather than individual project outcomes [3]. Fiscal Policy Effectiveness - The fund is backed by 100 billion yuan from the central government, utilizing long-term special treasury bonds to maximize fiscal policy effectiveness [4]. - The fund aims to support "hard technology" projects and early-stage innovative enterprises, acting as an angel investor to mitigate market funding shortages [5]. Support for Emerging Industries - The fund seeks to inject financial resources into emerging and future industries, focusing on sectors like artificial intelligence and low-altitude economy [6]. - It plans to create a comprehensive service platform to provide governance, strategic planning, and human resources support to invested companies [6]. Strategic Alignment - The fund aims to complement other government guidance funds by focusing on early-stage innovation financing and avoiding overlap with funds that target later-stage development [7]. - It will build a differentiated risk control system to foster a sustainable innovation ecosystem [7]. Regional Fund Progress - The three regional funds have completed registration and are set to exceed 50 billion yuan each, with significant investment intentions already established [8][9]. - The funds are managed by different teams, with specific focuses on leveraging local strengths and attracting diverse capital participation [9].

12月26日上午10时许，一行人面带笑容从国家发改委的中配楼走出，原来，他们刚刚参加了国家创业投 资引导基金启动仪式，并完成了一批项目签约。 启动仪式结束后，国家发改委随即召开新闻发布会，介绍国家创业投资引导基金（以下简称引导基金） 的有关情况。 今年3月，国家发改委主任郑栅洁在全国两会经济主题记者会现场曾释放组建国家创业投资引导基金的 消息，以此来引导金融资本投早、投小、投长期、投硬科技。目前引导基金已完成工商注册和管理制度 建设，中央财政出资1000亿元。同时，引导基金在京津冀、长三角、粤港澳大湾区发起3只区域基金，3 只区域基金在启动仪式上与首批49个子基金以及27个项目代表正式签约。 国家发展改革委创新和高技术发展司司长白京羽在发布会上表示，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。 引导基金解决什么问题？帮助科创企业渡过"死亡之谷" 社会公众比较好奇，为什么要设立引导基金，这还要从全球科技革命加速演进和我国的战略布局谈起。 在第20届中 ...

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 ...