Core Viewpoint - The article outlines key policy directions and developments in China's economic and financial landscape as the year comes to a close, focusing on fiscal, monetary, and industrial strategies for 2026. Fiscal Policy - The National Fiscal Work Conference emphasized expanding fiscal spending to ensure necessary expenditure levels, optimizing government bond tools, and enhancing fiscal-financial collaboration to amplify policy effectiveness [3][27]. - The report on the 2025 fiscal budget indicated a focus on directing new special bond quotas towards regions with well-prepared projects and high investment efficiency, while also addressing local government hidden debt issues [3][11]. - The Ministry of Finance and other regulatory bodies are committed to strict measures against the creation of new hidden debts, reinforcing accountability for local governments [3][15]. Monetary and Capital Markets - The People's Bank of China (PBOC) highlighted the importance of integrating incremental and stock policies to support key sectors such as domestic demand, technological innovation, and small and medium enterprises [4][15]. - The PBOC's Financial Stability Report for 2025 aims to create a favorable environment for long-term investments in the A-share market, enhancing the scale and proportion of various long-term funds [4][29]. Industrial Development - The National Development and Reform Commission (NDRC) called for optimizing traditional industries, particularly in steel and petrochemicals, by balancing supply and demand and promoting structural reforms [5][26]. - The NDRC's recent initiatives include fostering innovation in emerging sectors like new energy vehicles and lithium batteries, while addressing issues of "involution" in competition to maintain a fair market environment [5][26]. - The Industrial and Information Technology Conference outlined strategies to stabilize manufacturing investments, enhance industrial chain resilience, and promote technological innovation [5][22]. Encouragement of Foreign Investment - The updated Encouragement Directory for Foreign Investment aims to attract more foreign capital into advanced manufacturing, modern services, and high-tech sectors, particularly in central and western regions of China [17][19]. - The 2025 version of the directory includes 1,679 entries, with a net increase of 205 entries compared to the previous version, reflecting a strategic focus on sectors like smart manufacturing and modern service industries [18][19]. Infrastructure Development - The NDRC's article on modern infrastructure emphasizes the need for high-quality construction of strategic transport corridors and energy networks, as well as enhancing safety measures for critical infrastructure [21][26]. - The focus on developing a comprehensive infrastructure system includes promoting low-altitude and hub economies, as well as ensuring robust safety protocols for major energy projects [21][26].

Core Viewpoint - The National Venture Capital Guidance Fund aims to systematically promote China's biomanufacturing industry from a follower to a leader in key areas, establishing it as a core pillar of new productive forces [2]. Group 1: Fund Structure and Scale - The National Venture Capital Guidance Fund will utilize long-term special treasury bond funds, with a total fiscal contribution of 100 billion yuan at the national level, encouraging social capital participation to form a fund scale of one trillion yuan [5]. - The fund will attract participation from local governments, central enterprises, financial institutions, and private capital, focusing on strategic emerging industries and future industries [5][6]. - The fund will be structured in a three-tier architecture: "Fund Company - Regional Fund - Sub-Fund" [7]. Group 2: Investment Focus and Strategy - The fund will prioritize early-stage investments, focusing on seed, startup, and early-mid stage enterprises, with a long-term investment horizon of 20 years [8][16]. - It will adopt a "4 investment" approach: investing early, investing small, investing long-term, and investing in hard technology [10][16]. - The fund will not directly manage daily operations, ensuring market-oriented management through competitive selection of experienced fund management institutions [9]. Group 3: Regional Funds and Projects - The first three regional funds (Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area) are expected to exceed 50 billion yuan each and have already signed investment intentions with 49 sub-funds and 27 direct investment projects [11][12]. - The regional funds will focus on early projects and seed enterprises in fields such as integrated circuits, artificial intelligence, aerospace, low-altitude economy, biomanufacturing, and future energy [6][12]. Group 4: Long-term Vision and Goals - The fund aims to cultivate "small giants" and "unicorns" across various industries by providing patient capital and supporting original and disruptive technological breakthroughs [8][16]. - It will address the long-term capital shortage in the venture capital industry and promote reform and innovation in the industry through a comprehensive service platform [9].

过去几年，中国创业投资领域经历了一场前所未有的变局。 美国政府一系列针对性政策导致美元基金对中国科技投资断崖式下降，中国并未选择被动等待，而是顶住压力、主动出击。 国家掏出1000亿元人民币设立国家创业投资引导基金，并规划了高达20年的投资周期。 这1000亿究竟要解决什么问题，又能带来怎样的长期战略影响？ 过去十年，外资特别是美元基金一度是中国创投市场的重要力量。 据清科研究中心数据，2021年大中华区股权投资市场整体交易规模约1140亿美元，其中外资（含美元基金）占比约40%-50%，对应外资创投规模约450-570 亿美元。 这一时期，中国的科技公司成为外资机构争相投资的对象，不少独角兽企业背后都有美元基金的身影。 但这种热潮在特定领域并未持续太久。 受地缘政治与政策调整影响，美元基金对中国敏感科技领域投资出现明显收缩。 据清科研究中心统计，2023年中国股权投资市场整体投资金额同比下滑23.7%，其中美元基金投资金额同比降幅约40%。 美国相关数据机构同步显示，美元基金对中国半导体、人工智能等敏感科技领域的交易数量降幅，但全行业外资创投并未出现"断崖式暴跌"。 中国持续推进高水平对外开放，发布2021 ...

【环球网财经综合报道】近日，国家创业投资引导基金旗下的三只区域子基金，分别在北京、上海、深 圳三地同日完成工商登记，标志着国家创业投资引导基金正式启动。 据介绍，国家创业投资引导基金存续期为20年，将聚焦人工智能、量子科技、氢能储能等前沿领域。通 过市场化方式投资种子期、初创期企业，适当兼顾早中期中小微企业，支撑原创性、颠覆性技术创新和 关键核心技术攻关，培育发展战略性新兴产业和未来产业。 韩联社对此发文称，未来将在这三个地区建立超过600家投资基金，并计划用于半导体、AI、航空航 天、量子技术、生物医学等新兴和未来产业的发展。首先，投资目标是估值低于5亿人民币的初创企 业，单笔投资金额不会超过5000万人民币。 国家创业投资引导基金开创性设立"基金公司-区域基金-子基金"3层架构，在国家层面由财政出资1000 亿元，在区域基金、子基金层面积极鼓励社会资本参与，预计将撬动万亿规模资金。 首批三只区域基金已与49只子基金和27个直投项目签订投资意向，预计近期可完成一批重点子基金和直 投项目投资。未来，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。 ...

（来源：中国改革报） 转自：中国改革报 用耐心资本陪伴企业"长跑" 白京羽指出，国家发展改革委、财政部发起设立国家创业投资引导基金，旨在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。 对于引导基金的定位，白京羽归纳了"四个坚持"：一是坚持做早期基金。"今天的科技领军企业都是曾 经的种子企业、初创企业。"白京羽表示，这类种子企业、初创企业成长性好、前景广阔，但同时风险 较高、不确定性较大，社会资本对其很关注，但投资普遍持审慎态度。针对这一问题，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"。 二是坚持做耐心基金。科创企业成长壮大是一场旷日持久的"马拉松"，需要资本的耐心陪伴。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，用耐心 ...

Core Insights - The National Venture Capital Guiding Fund has officially launched with an investment of 100 billion RMB, marking a significant entry into the market aimed at revitalizing the venture capital landscape in China [1][2][9]. Group 1: Fund Structure and Strategy - The fund is structured in a three-tier system: a national fund at the top, regional funds in the middle, and sub-funds and direct investment projects at the bottom, designed to leverage investments and stimulate the market [22][26]. - The national fund has a 20-year lifespan, significantly longer than traditional funds, allowing for more patient capital investment in long-term projects [24]. - The fund aims to invest at least 70% of its capital in seed and early-stage companies, focusing on hard technology sectors such as integrated circuits, artificial intelligence, and future energy [25][16]. Group 2: Market Impact and Objectives - The fund is designed to address the current "money shortage" in the venture capital market, which has been exacerbated by geopolitical factors and a preference for later-stage investments [13][14]. - By eliminating regional investment requirements, the fund allows capital to flow freely to the best projects regardless of location, promoting a unified national market [26][27]. - The initiative is expected to inject significant liquidity into the market, potentially leveraging the initial 100 billion RMB to generate up to 1 trillion RMB in total investment [22][20]. Group 3: Long-term Vision and Challenges - The fund represents a strategic commitment to nurturing innovation and technology in China, responding to the urgent need for investment in critical sectors to maintain competitiveness on a global scale [19][18]. - It acknowledges the high-risk nature of early-stage investments and aims to provide a supportive environment for startups, allowing for a higher tolerance for failure [14][27]. - The fund's establishment is seen as a necessary step to overcome existing barriers in the venture capital ecosystem, fostering a more dynamic and innovative entrepreneurial landscape [3][27].

12月26日，国家创业投资引导基金启动。同日，国家发展改革委举行新闻发布会，国家发展改革委创新 和高技术发展司司长白京羽表示，引导基金坚持"投小"，对拟投资的小型企业要求对方估值在5亿元以 下，且基金单笔投资不超过5000万元，确保资金直达各行各业的"前端"和"末梢"。 （文章来源：21世纪经济报道） ...

Group 1 - The National Venture Capital Guidance Fund has officially launched, marking an important financial initiative to implement the "14th Five-Year Plan" [1] - The fund will focus on early-stage investments, allocating no less than 70% of its total scale to seed and startup companies, with valuations below 500 million and individual investments not exceeding 50 million [1] - The investment focus is on strategic emerging industries and future industries [1] Group 2 - The Shanghai Composite Index has achieved an 8-day winning streak, with trading volume increasing to 2.18 trillion [1] - There is a dual drive from human main channels and upstream resources, with upstream resource futures reaching new highs [1] - The Shanghai Stock Exchange has clarified that commercial rocket companies are eligible for the fifth set of listing standards on the Sci-Tech Innovation Board [1] - The first batch of L3 autonomous vehicles in China has begun large-scale road operations [1] - The exchange has announced fee reduction measures for 2026, and the central bank is working to improve the environment for long-term investments [1]

12月26日，国家创业投资引导基金启动，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三只区域基金设立运行。国家发展改革委于12月26日上午召开专题新闻发布 会，介绍国家创业投资引导基金有关工作。一起来看—— 国家创业投资引导基金将形成万亿资金规模 国家创业投资引导基金使用超长期特别国债资金出资，在国家层面由财政出资1000亿元，在区域基金、 子基金层面积极鼓励社会资本参与。 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。 设置"基金公司—区域基金—子基金"3层架构 在引导基金层面，采用公司制运作模式，设立"国家创业投资引导基金有限公司"，落实政策目标，履行 主体责任，存续期20年。 在区域基金层面，引导基金公司通过参股设立有限合伙企业方式，在科教人才资源密集、创新创业创造 活跃、引领带动作用强的京津冀、长三角、粤港澳大湾区，发起设立首批三只区域基金。区域基金采 用"子基金+直投项目"方式开展投资，其中，子基金投资占比 ...

格隆汇12月27日｜据玉渊谭天，12月26日，国家创业投资引导基金正式启动。该基金最大的特点，是针 对科技领域"投早投小"。投向这些领域，也就意味着投向高风险。临近年终，国家带动社会资本一 起"下场"，提前谋篇布局，有哪些值得注意的信息？ 5.引导基金将重点加快新能源、新材料、航空航天、低空经济等战略性新兴产业集群发展，前瞻布局未 来产业，推动量子科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等成为新 的经济增长点。 1.专业人士称，引导基金的重点，是聚焦战略性新兴产业和未来产业，支撑原创性、颠覆性科技创新和 关键核心技术攻关。 6.国家资本已做好陪伴科技型企业"长跑"的准备，社会资本可以真正静下心来孵化颠覆性技术。 4.引导基金在资金投向、存续期设定、执行流程、退出机制上都有制度上的创新，这些创新的目的，是 国家先投，让社会资本更愿意投、投了能有收益、更敢投。用1分钱，吸引更多的钱，干更大、更多的 事。 2.与其他市场化基金相比，引导基金当前最关注的不是投资回报率，而是服务国家战略。 3.国家创业投资引导基金，是要把钱花在"更缺钱"的地方。对于创新而言，该花的钱，一分也不能少 花。 ...