Core Viewpoint - The Hong Kong government has launched a HKD 10 billion "Innovation and Technology Industry Guiding Fund" to promote new industrialization and the establishment of an international innovation and technology center, aiming to leverage government funds to attract more social capital into the innovation and technology sector [1][5]. Group 1: Fund Structure and Objectives - The fund will invest in five thematic sectors: life and health technology, artificial intelligence and robotics, semiconductors and smart devices, digitalization and upgrading transformation, and future and sustainable development [1]. - Each sub-fund under the thematic sectors will have a target fund size of at least HKD 2 billion, with an overall target size of at least HKD 40 billion for all sub-funds [2]. - The government will act as the last limited partner, investing up to HKD 1 billion in each sub-fund, not exceeding 25% of the sub-fund's total size [3][4]. Group 2: Investment Requirements - 100% of the total fund size must be invested in enterprises related to Hong Kong's innovation and technology industry and its industrial chain [6]. - At least 50% of the total fund size must be invested in local enterprises or non-Hong Kong enterprises that establish substantial operations in Hong Kong [6]. - At least 25% of the total fund size must be allocated to investments that establish and operate production and manufacturing bases in Hong Kong related to the innovation and technology industry [6]. Group 3: Attracting Strategic Investors - The government aims to attract a certain number of strategic investors, each contributing no less than HKD 3 billion, to co-invest in the various sub-funds under the thematic sectors [6].

来源：财联社 9月17日，香港特区行政长官李家超发表新一份施政报告指出，香港创科局正推进香港微电子研发院开展两条中试线的组装，并于明年内完成生命健 康研发院及香港人工智能研发院的筹建工作。此外，香港将提速建设第三个"InnoHK创新香港研发平台"，聚焦可持续发展、能源、先进制造及材 料，旗下的研发中心将于2026年上半年成立。备受关注的"创科产业引导基金"也将于2026—2027年度启动，由政府积极引导市场投资策略性新兴和 未来产业。 每日｜荐读 论坛： 2025母基金年度论坛圆满举办：内地携手香港，共话科创时代中国力量 荐读： 重新发现香港：科创时代的新蓝图 榜单： 「2025投资机构软实力排行榜」正式发布 热文： 今天，LP、GP都往厦门飞 ...

劳联林振昇追问，若全部资金集中在龙头企业，缺乏资金支持初创企业，或偏离计划原意的支持不同发 展阶段企业；并关注终止与基金经理合作的原则和机制。李国彬表示，由于市场变化好快，不适合 定"好死的比例"，相信投资基金经理从风险管理角度，会在投资不同类型或阶段公司中找到平衡。有关 终止合作的权力，相关条款会列在合约上。 选委界谭岳衡关注，投资初创公司和龙头企业分别为有助创科发展和现场分成，意义完全不同，问及港 府会否规定基金投资的分配和比例。孙东回应称，港府需为创科投资"搭台"，为投资者引导资金投资。 计划目的是促进香港产业发展，不论是投资小企业还是龙头企业，只要能尽快达到目的即可，因此不用 规定分配。 智通财经APP获悉，港府就推行"创科产业引导基金"提出开立100亿港元的新承担额，7月25日获立法会 财委会通过。多名议员关注基金回报及营运问题。新民党叶刘淑仪提及，以市场经验而言，PE和VC公 司不是"实赢"，"十间可能只系有一两间成功"，关注当局有否预计投资失败的比率，又希望当局定期汇 报。文件提到最低资本回报率复式计算为每年6%，但指部分产业，如电池、卫星硬件等，并非一定能 赚钱。 香港创新科技及工业局局长孙东 ...