投资领域的"国家队"——政府投资基金迎来重磅政策。 今日，国家发改委向社会公开征求《政府投资基金布局规划和投向工作指引》和《加强政府投资基金投向指导评价管理办法》意见。其中提出，政府投资 基金要着力增加高端产能供给，聚焦产业技术创新和关键核心技术攻关，推动加快实现高水平科技自立自强。 《政府投资基金布局规划和投向工作指引》提到，政府投资基金要避免投资于存在结构性矛盾的产业，在新兴产业领域要防止盲目跟风、一哄而上，支持 有关行业企业实施兼并重组，加快技术更新换代，推动产业提质升级。 另外，《加强政府投资基金投向指导评价管理办法》明确，建立突出基金投向政策取向评价、覆盖基金运营管理全流程、定量和定性相结合的评价指标体 系。 发改委重磅发布 7月30日，据国家发改委网站消息，国家发改委向社会公开征求《政府投资基金布局规划和投向工作指引》（以下简称《工作指引》）和《加强政府投资 基金投向指导评价管理办法》（以下简称《管理办法》）意见。其中，《工作指引》拟规定，政府投资基金投资领域应符合《产业结构调整指导目录》 《鼓励外商投资产业目录》《西部地区鼓励类产业目录》等国家级产业目录中的鼓励类产业，符合国有经济布局优化和结构 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has proposed significant policies for government investment funds, focusing on enhancing high-end production capacity, promoting technological innovation, and achieving high-level self-reliance in technology [2][4]. Group 1: Government Investment Fund Guidelines - The proposed guidelines emphasize that government investment funds should avoid investing in industries with structural contradictions and prevent blind following in emerging industries [2][6]. - The guidelines require that investments align with national industrial policies and support the upgrading of traditional industries while fostering new industries [4][5]. - Government investment funds are encouraged to collaborate with local funds to leverage regional resources and enhance funding effectiveness [5]. Group 2: Evaluation and Management - The management measures outline a comprehensive evaluation system that combines quantitative and qualitative assessments of fund operations, focusing on policy alignment, investment optimization, and execution capability [3][7]. - The evaluation results will be communicated to provincial governments and relevant departments, with incentives for high-performing funds and corrective measures for underperforming ones [8].

Core Viewpoint - The National Development and Reform Commission (NDRC) has released a draft for public consultation aimed at enhancing the role of government investment funds in supporting national strategies, industrial upgrades, and innovation, while attracting more social capital for the construction of a modern industrial system [1][2]. Group 1: Government Investment Fund Objectives - The government investment funds will focus on supporting the modernization of industries, tackling key core technology challenges, and major cross-regional projects, while addressing industrial development shortcomings and bottlenecks [2][3]. - The funds will aim to increase high-end production capacity, emphasizing technological innovation and core technology breakthroughs to achieve high-level technological self-reliance [2][3]. Group 2: Investment Guidelines and Restrictions - The draft specifies that government investment funds must not invest in restricted or eliminated industries as outlined in the "Industrial Structure Adjustment Guidance Catalog" and other relevant policy documents [4]. - The funds are encouraged to avoid blind investments in emerging industries and to support mergers and acquisitions, technological upgrades, and the enhancement of traditional industries [4]. Group 3: Evaluation and Performance Metrics - An evaluation index system will be established to strengthen the control of fund investments, focusing on policy alignment, optimization of investment layout, and execution capability [5][6]. - The evaluation will cover three main areas: compliance with policy direction (60% weight), optimization of production layout (30% weight), and policy execution capability (10% weight) [6]. Group 4: Focus Areas for Investment - The investment focus will include nurturing emerging and future industries such as new-generation information technology, renewable energy, advanced manufacturing, and artificial intelligence [6][7]. - There will also be an emphasis on upgrading traditional industries through major technological transformations and supporting the digital transformation of small and medium-sized enterprises [6][7].

今日（7月30日），国家发改委向社会公开征求《政府投资基金布局规划和投向工作指引》和《加强政府投资基金投向指导评价管理办法》意见。 其中《政府投资基金布局规划和投向工作指引（公开征求意见稿）》指出： ·加强对政府投资基金布局规划和投向指导，突出政府引导和政策性定位，防止同质化竞争和对社会资本产生挤出效应。 ·不以招商引资为目的，鼓励降低或取消返投比例。 ·在新兴产业领域防止盲目跟风、一哄而上。 ·同一政府原则上不在同一行业或领域重复设立政府投资基金，但基金可按市场化原则对同一项目集合发力、接续支持。在本指引印发前已设立的政府投 资基金所覆盖行业领域，原则上不再新设同级基金。 ·本指引印发前已设立的政府投资基金投向领域不符合本指引要求的，以及同一地区同类基金较多、投资领域明显交叉重合的，原则上存续期满后应有序 退出；鼓励相关基金整合重组。 想起不久前，人民网官方曾在《习近平：有些事要打攻坚战，有些事要久久为功》一文中指出发展症结："上项目，一说就是几样：人工智能、算力、新 能源汽车，是不是全国各省份都要往这些方向去发展产业？" 如此一问，引发创投圈深思。 众所周知，政府投资基金已经成为国内创投行业的重要力量，政 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) has released a draft guideline to enhance the role of government investment funds in supporting national strategies, industrial upgrades, and innovation, while attracting more social capital for the construction of a modern industrial system [1][4]. Group 1: Government Investment Fund Objectives - The government investment funds will focus on supporting the modernization and upgrading of key industries, addressing industrial development shortcomings, and promoting technological innovation [4][5]. - The funds will aim to increase high-end production capacity and support the development of new productive forces through market-oriented investments in early-stage and small to medium enterprises [4][5]. Group 2: Investment Guidelines and Restrictions - The draft guidelines emphasize that government investment funds should not invest in restricted or eliminated industries as per the Industrial Structure Adjustment Guidance Catalog [7][8]. - The funds are encouraged to avoid blind investments in emerging industries and should support mergers and acquisitions, technological upgrades, and the enhancement of traditional industries [8]. Group 3: Evaluation and Monitoring - An evaluation index system will be established to assess the alignment of fund investments with policy objectives, optimization of investment layout, and execution capabilities [10]. - The evaluation will include three main indicators: policy alignment (60% weight), layout optimization (30% weight), and execution capability (10% weight) [10]. Group 4: Focus Areas for Investment - Key investment areas include the cultivation of emerging industries such as new-generation information technology, renewable energy, and advanced manufacturing [11]. - The funds will also focus on upgrading traditional industries and stimulating innovation in the digital economy, including support for artificial intelligence applications and smart manufacturing [11].

Core Viewpoint - The National Development and Reform Commission (NDRC) is seeking public opinions on guidelines for government investment funds, indicating a shift towards more strategic and regulated investment practices in the venture capital industry, which has been a significant source of funding in China [1][2]. Group 1: Overall Requirements - The guidelines emphasize the importance of aligning government investment funds with national strategies and preventing homogeneous competition, ensuring that funds are used effectively to support key industries and innovation [5][6]. - The focus is on creating a high-quality development framework for government investment funds that is well-structured, efficient, and risk-controlled [5][6]. Group 2: Key Investment Areas - Government investment funds should target industries that align with national development plans and encourage innovation, particularly in emerging sectors such as technology and green energy [7][8]. - National-level funds are encouraged to support major projects and technological advancements, while local funds should focus on regional strengths and support small and medium enterprises [7][8]. Group 3: Investment Direction Control - Investment funds are prohibited from investing in restricted or eliminated industries as outlined in national guidelines, and there is a push to avoid blind following of trends in emerging industries [9][10]. - The guidelines discourage the establishment of multiple funds in the same sector by the same government entity, promoting consolidation and restructuring of existing funds where necessary [9][10]. Group 4: Organizational Support - The approval process for fund establishment will involve assessments by development and reform departments to ensure compliance with the new guidelines [11][12]. - Each province is required to create a list of key investment areas for government funds, which must be approved and submitted to the NDRC by the end of 2025 [11][12]. Group 5: Evaluation and Accountability - The guidelines establish a framework for evaluating the performance of government investment funds, focusing on their alignment with national strategies and effective resource allocation [15][16]. - Funds will be subject to annual evaluations, and those that perform poorly may face restrictions or be required to adjust their investment strategies [21][22].

政府投资基金迎重磅。 为更好发挥政府投资基金在服务国家战略、推动产业升级、促进创新创业等方面的积极作用，吸引带动更多社会资本支持现代化产业体系建设和培育发展 新质生产力，推动政府投资基金高质量发展，7月30日，国家发展改革委员会发布消息称，国家发展改革委会同有关方面起草了《政府投资基金布局规划 和投向工作指引（公开征求意见稿）》和《加强政府投资基金投向指导评价管理办法（公开征求意见稿）》（下称《征求意见稿》），现向社会公开征求 意见。 推动有效市场和有为政府更好结合 《征求意见稿》显示国家级基金要立足全局、抓大放小，重点支持国家层面现代化产业提质升级、关键核心技术攻关和跨区域重大项目建设，补齐产业发 展短板，突破产业基础瓶颈，聚焦少数关键领域发挥示范引领作用。 同时，政府投资基金要着力增加高端产能供给，聚焦产业技术创新和关键核心技术攻关，推动加快实现高水平科技自立自强。 其中，产业投资类基金要在产业发展方面发挥引领带动作用，围绕完善现代化产业体系，支持改造提升传统产业、培育壮大新兴产业、布局建设未来产 业；创业投资类基金要围绕发展新质生产力，通过市场化方式投资种子期、初创期企业，兼顾早中期中小微企业，支持科技 ...

投资界消息，7月30日，国家发改委发布公告，为贯彻落实《国务院办公厅关于促进政府投资基金高质量发展的指导意见》，加强政府投资基金布局规划和 投向指导评价，国家发改委会同有关方面起草了《政府投资基金布局规划和投向工作指引（公开征求意见稿）》和《加强政府投资基金投向指导评价管理办 法（公开征求意见稿）》，现向社会公开征求意见。 其中指出，加强政府投资基金投向调控。政府投资基金不得投资于《产业结构调整指导目录》中的限制类、淘汰类产业，以及其他有关规划和政策文件中明 确要求调控限制的产业领域。设立政府投资基金要落实建设全国统一大市场部署要求，不以招商引资为目的，鼓励降低或取消返投比例。 附：《政府投资基金布局规划和投向工作指引（公开征求意见稿）》、《加强政府投资基金投向指导评价管理办法（公开征求意见稿）》 战略、推动产业升级、促进创新创业等方面的积极作用,引导各地 围绕当地产业发展实际调整投资布局,推动政府投资基金高质量发 展,根据《国务院办公厅关于促进政府投资基金高质量发展的指导 意见》(国办发〔2025〕1号),制定本指引。本指引所称国家级基 金指经国务院批准、中央各部门及其直属机构出资设立的政府投资 基金,地方 ...

Core Viewpoint - The establishment of government investment funds aims to implement the requirements for building a unified national market, not for the purpose of attracting investment, and encourages the reduction or cancellation of reinvestment ratios [4]. Group 1: Guidelines for Government Investment Funds - The guidelines emphasize that government investment funds should align with national macro-control requirements for productivity layout and avoid investing in industries with structural contradictions [4]. - The investment focus should prevent blind following in emerging industries and support mergers and acquisitions, accelerate technological updates, and promote industrial quality upgrades [4]. Group 2: Key Support Areas - The investment areas for government investment funds should comply with national industrial adjustment guidance and encourage foreign investment, focusing on industries that align with national development plans [5]. - National-level funds should support modernization, key technology breakthroughs, and major cross-regional projects, addressing industrial development shortcomings [5][6]. - Local funds should consider regional financial capacity and industry resources, focusing on local特色优势产业 and supporting small and micro enterprises [6]. Group 3: Investment Fund Management - Government investment funds are prohibited from increasing local government hidden debts through disguised methods and from engaging in public trading of stocks or derivatives [7]. - The evaluation of fund direction will be based on a combination of quantitative and qualitative indicators, focusing on policy alignment, layout optimization, and execution capability [7][8]. - Existing funds that do not meet the new guidelines will be encouraged to exit upon expiration, while ensuring the protection of legitimate rights and market order [8].

Core Viewpoint - The National Development and Reform Commission (NDRC) has solicited public opinions on the "Guidelines for the Layout Planning and Investment Direction of Government Investment Funds" and the "Measures for Strengthening the Guidance and Evaluation Management of Government Investment Fund Investment Direction," which are significant for the government investment fund industry [1][2][3]. Summary by Sections Guidelines - The guidelines emphasize strengthening the planning and investment direction of government investment funds, highlighting government guidance and policy positioning to prevent homogeneous competition and crowding out of social capital [1][2]. - It encourages national funds to strengthen collaboration with local funds, particularly in cutting-edge technology fields and key links in the industrial chain, leveraging local resources through joint establishment of sub-funds or contributions to local funds [1][2]. Investment Direction - Establishing government investment funds should align with the requirements of building a unified national market and should not aim at attracting investment. It encourages lowering or eliminating the return investment ratio [2][11]. - Investment directions must comply with national macro-control requirements, avoiding investments in industries with structural contradictions and preventing blind following in emerging industries [2][3]. Evaluation Measures - The measures propose a comprehensive evaluation index system that combines quantitative and qualitative assessments, covering the entire process of fund operation management [2][3]. - Evaluation indicators include policy orientation compliance, investment layout optimization, and policy execution capability [2][3]. Industry Transformation - The government investment fund industry is transitioning from a "coarse" development model to a more refined approach, focusing on establishing clusters of guiding funds and enhancing collaboration at provincial and municipal levels [12][13]. - The emergence of specialized fund clusters targeting specific sectors indicates a trend towards more segmented and professional investment strategies [14]. Regulatory Context - The recent emphasis on not establishing government investment funds for the purpose of attracting investment aligns with the broader regulatory framework aimed at standardizing local investment attraction practices [5][10]. - The decline in average return investment ratios over the past six years reflects a shift in industry practices, with many funds now requiring lower return multiples [11].