转自：新华财经 •政府投资基金"投向哪、怎么投、谁来管" 国家首次作出系统规范 提出14项政策举措 •国务院办公厅12日对外发布《"高效办成一件事"2026年度第一批重点事项清单》，包含个人和经营主体事项共13项。新一批清单聚焦企业和个人全生命周 期高频事项，既涵盖科技型企业创新政策扶持、知识产权保护、举办体育赛事活动等赋能发展的"大事"，也包含育儿补贴申领、灵活就业参保等贴近生活 的"小事"，更有外籍来华人员办理电话卡、海船开航等服务开放的"新事"。（新华社） •中共中央政治局委员、国务院副总理何立峰12日在人民大会堂会见美国前财长、华平集团主席盖特纳时表示，中国正全面贯彻落实中共二十届四中全会精 神，按照"十五五"规划建议部署，纵深推进全国统一大市场建设，坚定不移扩大高水平对外开放，促进经济高质量发展。欢迎包括华平集团在内的外资企业 和长期资本继续扩大在华投资，深化对华互利合作。（新华社） •国家发展改革委等部门印发的《关于加强政府投资基金布局规划和投向指导的工作办法（试行）》12日对外发布，《工作办法》围绕政府投资基金"投向 哪、怎么投、谁来管"三方面，提出14项政策举措。在优化基金布局方面，要求基金支 ...

期货日报网讯(记者肖佳煊)1月12日，为加强对政府投资基金布局规划和投向指导，更加突出政府引导 和政策性定位，国家发展改革委、财政部、科技部、工业和信息化部制定《关于加强政府投资基金布局 规划和投向指导的工作办法(试行)》。 中国宏观经济研究院经济所研究员刘国艳表示，两项办法协同实施，有助于引导金融资源更精准地流向 实体经济急需的领域，尤其是周期长、风险高、社会资本初期投入不足的环节，从而有效发挥政府投资 基金"引导、补缺、撬动"的功能。 国家发展改革委同步制定《政府投资基金投向评价管理办法(试行)》，充分发挥投向评价工作的指导带 动作用，引导政府投资基金落实国家产业调控要求，支持现代化产业体系建设。一是投资鼓励类产业要 防止盲目跟风；二是政府投资基金不得变相增加地方政府隐性债务；三是鼓励国家级基金加强与地方基 金联动；四是开展政府投资基金投向评价工作；五是对评价结果排名靠前的基金采取激励举措。 ...

办法明确，充分发挥投向评价工作的指导带动作用，引导政府投资基金落实国家产业调控要求，支持现 代化产业体系建设。推动国家级基金与地方基金统筹布局、协同联动，有力有效支持重大战略、重点领 域和市场不能充分发挥作用的薄弱环节。加强激励约束，督促各级基金依据评价结果合理统筹布局、优 化投向，规范完善运营管理和投资决策机制。 办法指出，评价指标主要包括以下内容：一是政策符合性指标，主要评价基金在支持新质生产力发展、 支持科技创新和促进成果转化、推进全国统一大市场建设、支持绿色发展、支持民营经济发展和促进民 间投资、壮大耐心资本、带动社会资本、服务社会民生等方面发挥的作用；二是优化生产力布局指标， 主要评价基金落实国家区域战略、重点投向领域契合度及产能有效利用情况等；三是政策执行能力指 标，主要评价资金效能情况及基金管理人专业水平等。 办法明确，国家发展改革委将最终评价结果以适当方式通报省级政府、有关部门、评价对象和有关金融 机构，并通过登记系统发布。省级发展改革部门将最终评价结果通报至下级政府和具体基金管理部门。 各级发展改革部门会同相关部门，将最终评价结果与基金信用建设等工作有机结合。（魏玉坤） 国家发展改革委印发的 ...

Core Insights - The integration of digital technology with the real economy is essential for strengthening and optimizing China's digital economy, playing an irreplaceable role in the transformation and upgrading of traditional industries and the emergence of new industries and business models [1][2] Group 1: Digital Technology as a Driving Force - Digital technology possesses innovative, leading, and penetrating characteristics, serving as a crucial driving force for the continuous upgrading of industrial systems [2] - The deep integration of digital and real economies is highlighted as a key strategy in the 20th National Congress report, emphasizing the importance of this integration for building a modern industrial system [1][3] Group 2: Restructuring Production Processes - The deep integration of digital and real economies aims to innovate traditional production processes, equipment, and systems, achieving digital transformation across all production stages [4][5] - Digital technologies and data elements are integrated throughout the entire production, distribution, circulation, and consumption processes, enhancing efficiency and precision in various industrial sectors [5] Group 3: Building Resilient Collaborative Networks - The integration of digital value chains with innovation, technology, and supply chains fosters a resilient collaborative network within and between industries [6] - The digital value chain enhances innovation chain vitality, optimizes industrial structures, and improves supply chain efficiency and stability [6] Group 4: Creating a Sustainable Ecosystem - A continuous and virtuous cycle between the digital economy and the real economy is essential for building a modern industrial system characterized by green intelligence, innovative collaboration, and high system efficiency [7][8] - The digital ecosystem should be embedded within the industrial ecosystem to promote efficient material circulation, orderly energy flow, and effective information transmission [8] Group 5: Policy Support for Integration - Comprehensive policy support is necessary for the deep integration of digital and real economies, providing a solid institutional guarantee for modern industrial system construction [9][10] - Policies should focus on strengthening digital infrastructure, ensuring effective data usage, and incentivizing collaboration between digital technology and real economy enterprises [10]

Group 1 - The core viewpoint emphasizes the need to enhance the functions of the capital market through reforms in multiple layers, improving the dynamic balance of investment and financing, and establishing mechanisms for coordinated development of primary and secondary markets [1][3] - The "15th Five-Year Plan" suggests higher requirements for the capital market's functions, focusing on resource allocation to support advanced manufacturing and green low-carbon industries, as well as strategic emerging industries [1][2] - There is a call for optimizing mechanisms for technology-related market segments, utilizing various financial tools to provide comprehensive support for technology enterprises from research and development to scaling [2][3] Group 2 - Key areas for enhancing capital market functions include deepening reforms in multi-layered capital market segments, improving the identification and pricing systems for technology innovation enterprises, and enhancing the capabilities of the Beijing Stock Exchange to serve innovative SMEs [3][4] - The importance of developing long-term funds and patient capital is highlighted, with a focus on removing barriers for social security, insurance, and other long-term funds to enter the market [4] - The need for a first-class investment banking and investment institution environment is emphasized, advocating for regulatory flexibility for quality institutions and promoting the development of small and foreign brokerages [4]

Core Viewpoint - The central theme of the discussion emphasizes the need for a combination of investments in physical assets and human capital to stabilize and promote economic recovery [2] Group 1: Fiscal Policy Recommendations - The suggestion for a more proactive fiscal policy includes maintaining necessary overall strength while continuously optimizing structural direction [2] - The collaboration between "investment in physical assets" and "investment in human capital" is crucial for stabilizing investments and laying a solid foundation for economic recovery [2] Group 2: Debt Management Strategy - Debt management should not merely focus on reduction but rather on scientific management to align debt scale with the demands of "promoting high-quality development" and "building a modern industrial system" [2] - Key strategies include establishing a cross-cycle medium-term budget framework to break free from annual balance constraints [2] - Strengthening the efficient coordination between fiscal and monetary policies is essential to ensure smooth transmission of monetary policy [2] - Optimizing the structure of central and local government debts and managing the use of special bonds are also recommended to stimulate effective investment [2]

Group 1 - The provincial governor emphasizes the importance of high-quality development and the need to implement the spirit of the 20th Central Committee and the Central Economic Work Conference [1] - The governor expresses concern about the production and operational conditions of enterprises, highlighting the need for a modern industrial system and the integration of key industrial chains [2] - The governor encourages local governments to enhance the business environment and support small and medium-sized enterprises, aiming to boost domestic demand and consumer spending [2] Group 2 - The governor inspects rural development and emphasizes the importance of leveraging local resources to promote rural industries and common prosperity [3] - The governor highlights the need for the protection and promotion of historical and cultural resources, advocating for the integration of cultural heritage with tourism development [3] - The governor calls for proactive policy measures to ensure project construction and production stability, aiming for a strong start in the first quarter [3]

Core Insights - The report highlights Century Huatong's (002602) strategic acquisitions and its position as the largest gaming company in A-shares, driven by successful IP operations and the growth of its SLG (Simulation Game) segment [11] - The projected net profits for Century Huatong from 2025 to 2027 are expected to be 5.4 billion, 8.2 billion, and 10.1 billion CNY, reflecting significant growth rates of 345%, 52%, and 23% respectively [11] - A relative valuation method assigns a target market value of 172.2 billion CNY for Century Huatong in 2026, with a "Buy" rating recommended [11] Company Analysis - Century Huatong has successfully integrated acquisitions of companies like Seven Cool, Tianyou, and Point Interactive, enhancing its revenue scale and market presence [11] - The report emphasizes the potential of Point Interactive's SLG and casual gaming segments, which are expected to drive future growth [11] - The success of Point Interactive is attributed to its innovative product development and effective user acquisition strategies, positioning it as a leader in the SLG 3.0 phase [11] Industry Insights - The report discusses the broader gaming industry trends, particularly the growth of casual gaming in Western markets, which is expected to create new revenue streams for companies like Century Huatong [11] - The gaming market is projected to see significant expansion, with the SLG market alone expected to reach approximately 8 billion USD by 2024, predominantly driven by Chinese game developers [11] - The report identifies key trends in the gaming industry, including the evolution of game mechanics and user engagement strategies that enhance monetization and user retention [11]

Group 1 - The meeting emphasized the importance of deepening the understanding and implementation of Xi Jinping's important discourse on strengthening social work and enhancing social governance effectiveness [3] - The government system is required to align with the spirit of the Provincial Party Committee's economic work meeting and focus on achieving annual goals while contributing to the overall development of the province [4] - Key tasks include promoting rural revitalization, expanding domestic demand, building a modern industrial system, and enhancing safety measures [4] Group 2 - The meeting highlighted the need for high-quality organization of the annual democratic life meeting to set a standard for political life within the party [3] - There is a call for integrating the learning of the Central Political Bureau's meeting spirit with the implementation of the Party's innovative theories to drive high-quality development [3] - The government is urged to plan and act early to ensure a good start for the annual work, focusing on industrial development and strengthening social welfare [4]

Core Viewpoint - The Financial Regulatory Bureau has revised the "Guidelines for Risk Management of Mergers and Acquisitions Loans by Commercial Banks" to form the "Management Measures for Mergers and Acquisitions Loans by Commercial Banks," aiming to optimize M&A loan services and support the development of a modern industrial system and new productivity [1][2]. Summary by Sections Expansion of M&A Loan Scope - The revised measures broaden the applicability of M&A loans to include not only controlling mergers but also certain conditions for minority stake acquisitions [1][2]. Differentiated Business Qualification Requirements - The new regulations set differentiated asset scale requirements for commercial banks engaging in controlling and minority stake M&A loans, contingent on good regulatory ratings and compliance with key prudential indicators [1][2]. Optimization of Loan Conditions - The measures increase the upper limit of M&A loans as a percentage of the transaction price and extend the maximum loan term to better meet reasonable financing needs of enterprises [1][2]. Emphasis on Debt Repayment Capacity Assessment - Banks are required to assess the debt repayment capacity of the acquirer while considering the risks associated with the M&A transaction, focusing on the future development prospects, synergy effects, and operational efficiency of the acquired entity [1][2]. Implementation Guidance - The Financial Regulatory Bureau will guide commercial banks in implementing the new measures to promote healthy development of M&A loan business, aiding in industrial transformation and enhancing economic growth momentum [1][2].