21世纪创投研究院研究员 申俊涵 近年来，政府投资基金已经成为中国股权投资行业的主要资金来源。在推动股权投资行业健康发展、培育壮大新兴产业和未来 产业、推动传统产业优化升级、加速新质生产力形成、提高财政资金利用效率、撬动社会资本投入等各方面，政府投资基金都 发挥了重要作用。 2025年，国家层面对创业投资、股权投资的重视程度持续提升，对政府投资基金的政策支持力度不断加大。2025年1月7日，国 务院办公厅发布《关于促进政府投资基金高质量发展的指导意见》（国办[2025]1号，简称"1号文"），提出7个方面25项举措， 系统覆盖"募、投、管、退"全流程，进一步完善政府资金引导机制，为行业发展注入强心剂。 "1号文"的落地生根，给各地政府投资基金发展指明了方向。山西、黑龙江、福建、浙江、广东、上海等多地在2025年出台最新 政府投资基金管理办法，这也促进"1+N"制度体系的构建形成。 我们看到，各地愈发重视存量政府投资基金基金的整合优化、提升效能。新设地方政府投资基金呈现出更加务实的趋势，大家 不再单纯追求单支政府投资基金的超大规模，而是采取"基金群"模式实现精准滴灌。 从区域视角来看，由于政策规范与财政能力的约 ...

对于政府投资基金， 2 0 2 5年的国办1号文《关于促进政府投资基金高质量发展的指导意见》也 指出，建立健全容错机制。遵循基金投资运作规律，容忍正常投资风险，优化全链条、全生命 周期考核评价体系，不简单以单个项目或单一年度盈亏作为考核依据。营造鼓励创新、宽容失 败的良好氛围，鼓励建立以尽职合规责任豁免为核心的容错机制，完善免责认定标准和流程。 为解决基金管理人不敢投、不敢退、怕担责等问题，《指导意见》明确建立健全容错机制，从 顶层制度层面为基金及管理机构"松绑"，鼓励政府投资基金更好发挥作用，提高投资效率。 杭州在发展产业基金方面再出大手笔。 近日，杭州发布《关于做强做优做大 " 3+N"杭州产业基金集群推动杭州特色现代化产业体系高 质量发展的实施意见》（以下简称《实施意见》），值得关注的是，《实施意见》附了详细的 《产业基金投资尽职合规免责清单》。 这对业内来说有着重要的示范性意义，其中提出遵循基金投资运作规律，构建以尽职合规为核 心的具有更高容忍度的产业基金尽职免责机制。容忍正常投资风险，不将正常投资损失作为启 动责任认定程序或追责的依据，充分考量整个基金生命周期综合情况， 不能只因单个直投项 目、单支 ...

Group 1: Industry Recovery and Trends - In 2025, China's venture capital industry emerged from a two-year downturn, showing signs of recovery across the entire investment chain, driven by a combination of funding and project highlights, as well as supportive policies [1] - The year-end activities of venture capitalists indicate a strong return to the industry, fueled by a new wave of technological changes and ongoing policy benefits [1] Group 2: Government Investment Fund Policies - The State Council issued a significant document aimed at promoting the high-quality development of government investment funds, focusing on stricter controls on new fund establishments and optimizing investment policies [2] - Various local governments have responded by issuing supporting policy documents, further regulating the operation of government investment funds to promote high-quality industry development [2] Group 3: Banking Sector Involvement - Since the announcement of expanded pilot programs for bank-affiliated financial asset investment companies (AICs), banks have accelerated their entry into the primary market, with several major banks successfully establishing AICs [3] - As of now, AICs from six major state-owned banks and three national joint-stock banks have been established, with total investments reaching 45.272 billion yuan, a year-on-year increase of approximately 37.7% [3] Group 4: Special Bonds for Government Guidance Funds - Several local governments have issued special bonds to support government guidance funds, breaking the previous norm that prohibited such investments [4] - A total of 52 billion yuan in special bonds have been issued by nine provinces and cities, significantly enhancing the funding pool for the venture capital industry [4] Group 5: Long-Term Government Guidance Funds - New government guidance funds established this year have extended their duration beyond the typical 10 years, with some lasting up to 20 years, providing long-term support for projects [5] - This trend of extending fund durations is expected to create a more patient investment environment, allowing for better exit strategies [5] Group 6: Mergers and Acquisitions - The introduction of policies supporting private equity funds in acquiring listed companies has led to a surge in related acquisition cases, with several venture capital firms actively pursuing stakes in public companies [6][7] - The trend of startups acquiring listed companies is also on the rise, indicating a new strategy for both startups and venture capital firms to explore exit routes [7] Group 7: Domestic PE Firms Acquiring Foreign Brands - Domestic top-tier private equity firms have increasingly acquired the Chinese operations of overseas consumer brands, highlighting a trend of local capital participating in the localization of foreign brands [8] - This trend is driven by the combination of ample funding, local operational expertise, and the stable cash flow of established foreign brands [8] Group 8: Technology Innovation Bonds - The introduction of technology innovation bonds has opened new fundraising channels for venture capital institutions, with several private firms successfully issuing bonds at competitive interest rates [9] - The issuance of these bonds has significantly boosted market confidence and marked a transition towards a more normalized support phase for private venture capital institutions [9] Group 9: Mainland VC/PE Expansion into Hong Kong - Several mainland investment institutions have established offices in Hong Kong, attracted by the region's supportive environment for technological innovation [10] - The Hong Kong government's initiatives, including the establishment of a significant innovation and technology fund, have further encouraged mainland VC/PE firms to expand into the market [10] Group 10: Return of Dollar LPs to China - Multiple venture capital firms have successfully raised dollar-denominated funds, indicating a renewed interest from international investors in the Chinese market [11][12] - The return of dollar LPs coincides with the rapid growth of China's AI industry, highlighting the potential undervaluation of Chinese assets [11][12] Group 11: National Entrepreneurship Investment Fund - The establishment of a "carrier-level" national entrepreneurship investment fund aims to support startups across key economic regions in China, with a focus on early-stage investments [13] - This fund features a long duration of 20 years and aims to provide substantial financial backing to venture capital institutions and startups, enhancing the overall investment landscape [13]

（原标题：年度盘点丨2025年中国创投：重拾向上动能，奔赴投资新程） 2025年，中国创投业走出了持续两年的低谷，以"募投管退"全链条回暖的态势重拾向上动能。 这一年，资金端与项目端亮点频出，市场暖意渐浓叠加政策精准发力，退出端的向好预期持续升温，投资人的体感愈发向好、信心稳步提振、布 局节奏也明显加快。年终岁末，创投人依旧马不停蹄的身影，预示着新一年行业的满血回归，在新一轮技术变革的浪潮与政策红利的持续释放 下，中国创投业这一驱动创新的巨大齿轮，正再度加速转动，奔赴新程。2026年即将来临之际，本报携手证券时报·全国创投协会联盟各成员单 位，共同评选出创投行业十大新闻，以飨读者。 国办一号文重磅发布，配套细则落地护航 1月7日，国务院办公厅印发《关于促进政府投资基金高质量发展的指导意见》，明确从严控新设基金、优化出资比例及返投政策等关键方向，推 动政府投资基金实现从规模扩张向质量提升的战略转型。为切实落实该文件精神，今年7月，国家发改委面向社会公开征求《政府投资基金布局规 划和投向工作指引》与《加强政府投资基金投向指导评价管理办法》意见：前者聚焦基金投资方向与核心目的，作出系统性规范与引导；后者构 建科学全 ...

1 2月3 0日，四川社保科创基金签约仪式在成都举行。四川省委书记、省人大常委会主任王晓 晖，四川省委副书记、省长施小琳，会见全国社保基金会党组书记、理事长刘昆和中国建设银 行党委书记、董事长张金良，并共同为四川社保科创基金揭牌。 签约仪式上，全国社保基金会副理事长赵军与建信投资公司、四川科创集团、四川振兴投资公 司、成都产投集团有关负责人共同签署四川社保科创基金合伙协议。 根据协议， 四川社保科创基金首期规模 2 0 0亿元 。 基金将立足四川、面向成渝地区双城经济 圈、辐射全国重点区域，重点围绕四川优势产业和战略性新兴产业等领域布局，支持企业开展 关键核心技术攻关、科技成果转化及产业化。 母基金研究中心关注到，近期，多支社保科创基金接连落地： 1 0月2 7日下午，浙江社保科创基金签约仪式在杭州举行，标志着社保科创基金正式落地 浙江。据悉，浙江社保科创基金由浙江省、全国社会保障基金理事会、中国农业银行共同 组建，基金首期规模5 0 0亿元， 通过下设母基金、并购基金、直投基金等分策略基金 ， 投向人工智能、新一代信息技术、高端装备、新材料、生物医药等重点产业。 作为长期资本，社保基金的入场有利于引导更多社 ...

紧扣投早投小 助力科技转化 ——推动形成覆盖种子期、初创期、成长期的创投链条 "截至目前，政府投资基金投资的项目已经覆盖了全省11个地市，聚焦高端装备制造、生物医药、风电新能源、无人机、半导体等转型升级重点领域， 累计投资了248个项目336亿元。" 近日，记者从山西省"高质量完成'十四五'规划"系列主题发布会上获悉，"十四五"期间，山西围绕服务实体经济、推动产业转型升级这个目标，不断深 化政府投资基金管理改革创新，扎实提升政府投资基金规范化运作水平。 实践中，政府投资基金如何做到"投早、投小、投硬科技"？怎样吸引带动更多社会资本？未来，如何进一步提高资金使用效率？对此记者进行了采访。 在新元煤矿的集控室内，矿用带式运输监视装置正高效运转：一旦发生脱扣等故障，系统立即报警。 "相较于有限的人力检测，效率大幅提升。"工作人员介绍，系统能够精准实时定位顺槽皮带扣脱落、皮带扣缩边变形、皮带接头异常和皮带表面损伤等 各类告警，并计算检修区的具体位置，定位误差小于3米。 主运AI智能监测系统。（受访企业供图） 矿用带式运输监视装置由山西安数智能科技有限公司自主研发，公司董事长、总经理郝志锋介绍，公司起家于软件开发，后续 ...

□王翱 四川日报全媒体记者 肖莹佩 一天赚20亿元，这么牛，是谁呢？成都交子金控集团下属成都交子中小企业发展基金。 咋赚的呢？近日，沐曦股份登陆科创板，首日股价暴涨693%。凭借此前投中沐曦股份，这只基金 相当于一天挣了20个"小目标"。 不仅如此，在"国产GPU第一股"海光信息、创造"科创板最快过会纪录"的摩尔线程背后，都有成 都政府投资基金的身影，真的是"赢麻了"！ 政府投资基金啥来头？简单来说，就是政府掏出真金白银，专注"投小、投早、投长期、投硬科 技"，扶持科技企业成长。 这非常重要。试想，你创办了一家科技企业，技术实力很强，信心满满。但研发仪器、实验室， 甚至房租水电气，样样都是钱。还没盈利就要解决开 销问题，怎么办？ 贷款融资？很难！一来，拿不出实物抵押；二来，公司没有好看的营收数据，甚至账面上可能还 是亏损状态。现实很残酷，但这就是初创期科技企业的普遍痛点：没有资金，每一秒都是寒冬。 也就是说，成都政府投资基金瞄准的，是要大力发展的重点产业，尤其是潜力赛道的"新物种"， 比如商业航天、低空经济、量子科技等。 政府投资入局扶持产业发展，全国有不少成功案例。 最常提起的是合肥。2020年，合肥豪掷7 ...

Group 1 - The Shandong Provincial Government has issued the "Implementation Opinions on Promoting the High-Quality Development of Government Investment Funds," aiming to establish a high-quality development pattern for government investment funds that is appropriately scaled, reasonably laid out, standardized in operation, scientifically efficient, and controllable in risk, to support and guarantee the province's economic and social development [1] - Government investment funds are categorized into industrial investment funds and venture capital funds, with specific functions and support focuses outlined for each type. The emphasis is on cultivating patient capital [1] - Industrial investment funds will focus on major strategies such as the construction of green low-carbon high-quality development pilot zones and ecological protection in the Yellow River Basin, targeting key projects in the "ten strong industries," critical links in industrial chains, and advantageous projects in industrial clusters to accelerate the construction of a modern industrial system [1] Group 2 - Venture capital funds will concentrate on the "ten major innovations," fostering new productive forces tailored to local conditions, with a focus on early, small, long-term, and hard technology investments, particularly in seed and startup phases of technology-driven and innovative projects, as well as projects related to technological talent innovation and entrepreneurship [1] - The typical duration for industrial investment funds is generally no more than 15 years, while venture capital funds may have a higher government contribution ratio and a duration of up to 20 years. The duration limits may be relaxed for projects undergoing listing guidance or during the listing lock-up period [2]

Core Viewpoint - The establishment of the Dalian Taiping Bay Equity Investment Partnership marks the largest government investment fund in Dalian, with a total scale of 1 billion yuan, aimed at promoting investment in the new energy sector [2] Group 1: Fund Details - The fund is jointly funded by the Liaoning provincial fund, Dalian municipal guiding fund, Taiping Bay Management Committee, and other entities, focusing on investments in lithium batteries, photovoltaics, wind energy, energy storage, hydrogen energy, and new energy smart vehicles [2] - The fund will utilize a "equity investment + industry cultivation" approach to leverage government investment for industry guidance, technological innovation, and attracting social capital [2] Group 2: Future Plans - The Taiping Bay Cooperation Innovation Zone plans to leverage capital attraction to build a comprehensive new energy industry ecosystem, supporting high-quality development in the region [3]

Core Insights - Recent issuance of special bonds targeting government investment funds has created a "small peak" in multiple regions, with a total scale of 847.3 billion yuan reported by December 15 [1][2] Group 1: Special Bond Issuance - Shenzhen issued 3.48 billion yuan in special bonds for its government investment guidance fund on December 11 [1] - Guangdong issued 10 billion yuan in special bonds for its government investment fund on November 28, alongside Sichuan and Shanghai each issuing 5 billion yuan for their respective funds [1] - A total of 11 regions have disclosed special bond issuances directed towards government investment funds this year [1] Group 2: Utilization of Special Bonds - Approximately 26.6% of the special bond funds have been allocated to municipal and industrial park infrastructure, 17.2% to land reserves, and 16.9% to transportation infrastructure [2] - Traditional infrastructure remains a key focus, with over 60% of funds directed towards core areas such as municipal and industrial park infrastructure, land reserves, and transportation [2] - New infrastructure, although currently only 1.1% of total allocations, is gradually being included, aligning with the trends of digital economy development [2] Group 3: Expert Opinions - Experts believe that the issuance of special bonds to government investment funds provides a low-cost, long-term funding channel and can leverage significant social capital for long-term project needs [1] - There is a call for expanding the use of special bonds to include emerging fields and increasing the funding proportion for new infrastructure and strategic emerging industries [2]