新华社香港2月25日电（记者肖逸晨）香港特区政府财政司司长陈茂波25日发表2026/2027财政年度 特区政府财政预算案时表示，特区行政长官将率领跨局跨部门专班，带领香港主动对接国家"十五五"规 划，并首次制订香港的五年规划。我们会更积极融入和服务国家发展大局，以有为政府结合高效市场， 推动经济朝高质量、高增值、多元化方向前行。 陈茂波表示，"十五五"规划建议明确，支持港澳更好融入和服务国家发展大局，巩固提升香港国际 金融、航运、贸易中心地位，支持香港建设国际创新科技中心，支持港澳打造国际高端人才集聚高地。 香港可在多个重点领域发挥作用。 陈茂波表示，香港可贡献国家现代化产业体系建设、加快高水平科技自立自强。香港的基础科研实 力雄厚，在AI、生命健康科技、金融科技，以及新材料和新能源等领域具备独特优势。同时，作为国 际金融中心，香港会推进"金融+"，善用金融更好服务实体经济与优势产业，并加快推进金融与创科相 互赋能，以香港所长服务国家所需。 陈茂波说，香港可积极参与国家扩大高水平对外开放。在"一国两制"下，香港独特的制度优势，加 上高效的航空、航运和物流服务，能促进双向贸易与投资，为企业的"引进来、走出去"担 ...

Group 1 - The core viewpoint of the article is the introduction of systematic regulations for government investment funds by the National Development and Reform Commission, Ministry of Finance, Ministry of Science and Technology, and Ministry of Industry and Information Technology, aimed at improving operational management and investment decision-making mechanisms [1][2] - The new guidelines require government investment funds to clearly define their investment focus in alignment with national macroeconomic control requirements and industry structure adjustment directories, prohibiting investments in restricted or eliminated industries [1][2] - The guidelines emphasize the need for rigorous evaluation and demonstration when investing in encouraged industries to prevent blind following and low-level repeated construction [1] Group 2 - National-level funds are to support the construction of a modern industrial system and key core technology breakthroughs, focusing on significant cross-regional projects and private investment projects with strong demonstration effects [2] - Local funds are encouraged to consider regional financial capacity, industrial resource base, and debt risks, selecting investment areas that support small and micro private enterprises and technology-based startups [2]

Group 1 - The core viewpoint of the articles emphasizes the establishment of a structured framework for national and local government investment funds, focusing on supporting key areas such as the modernization of the industrial system and core technology breakthroughs [1][2] - National-level funds are designed to support major cross-regional projects and private investment projects with strong demonstration effects, while local funds are to be tailored to regional financial capabilities and industrial resources [1] - The introduction of the "Management Measures" signifies a shift towards a new phase characterized by "standardized development and quality improvement" for government investment funds, aiming to enhance their role in serving national strategies and promoting high-quality economic development [2] Group 2 - The "Management Measures" provide a post-investment regulatory framework that includes a multi-dimensional evaluation system to assess compliance with national strategic planning and regional optimization [2] - Evaluation results will serve as a basis for future budget arrangements, adjustments to fund continuity, and incentives or accountability for management teams, establishing a mechanism of incentives and constraints [2] - The collaborative development approach between national and local funds aims to avoid redundant construction and optimize the national productivity layout [1]

Core Viewpoint - The newly released guidelines by the National Development and Reform Commission (NDRC) establish a systematic framework for the planning and direction of government investment funds, focusing on strategic sectors and innovation [1] Group 1: Investment Direction - The guidelines emphasize that government investment funds should support major strategies, key sectors, and areas where market resource allocation is weak, promoting deep integration of technological and industrial innovation [1] - Funds are required to align with national major plans and encourage industries listed in the national industrial catalog, while avoiding investments in restricted, eliminated, or prohibited sectors [1] Group 2: Fund Management and Focus - National-level funds are directed to support the construction of a modern industrial system and tackle key core technology challenges, aiming to address industrial shortcomings and overcome development bottlenecks [1] - Local funds are encouraged to choose investment directions based on local industrial foundations and development realities, focusing on industrial upgrades, enhancing innovation capabilities, and incubating small and micro private enterprises and technology-based companies [1] Group 3: Evaluation and Management - The NDRC has also developed a management approach for evaluating the investment direction of government funds, aimed at enhancing their role in serving national strategies, promoting industrial upgrades, and fostering innovation and entrepreneurship [1]

Core Viewpoint - The National Development and Reform Commission, along with other ministries, has issued a systematic guideline for the layout and investment direction of government investment funds, marking the first comprehensive regulation at the national level [1][2]. Group 1: Investment Direction and Policy Measures - The guideline outlines 14 policy measures focusing on three main aspects: where to invest, how to invest, and who manages the funds [2]. - Investment must align with national major plans and encourage industries listed in the national directory, avoiding restricted or eliminated sectors [6]. Group 2: Fund Layout Optimization - The guideline emphasizes optimizing fund layout to support major strategies and key areas, particularly in weak links where market resources are insufficient, promoting deep integration of technological and industrial innovation [4]. - It advocates for early, small, long-term investments in hard technology to cultivate emerging pillar industries [4]. Group 3: Local and National Fund Coordination - Provincial development and reform departments are tasked with creating local investment lists to optimize fund layout and direction [9]. - The guideline encourages differentiated development of government investment funds, addressing issues like mismatched local resources and homogeneous investment directions [13]. Group 4: Support for Modern Industrial System - National-level funds are directed to support the construction of a modern industrial system and tackle key core technology challenges, aiming to fill industrial gaps and overcome development bottlenecks [14]. - Local funds should align with local industrial foundations and development realities, focusing on upgrading industries and enhancing innovation capabilities [15]. Group 5: Evaluation and Management - A comprehensive evaluation system for fund operation management is being established, combining quantitative and qualitative assessments to strengthen policy guidance and regulatory management [20].

Core Viewpoint - The article discusses the newly released guidelines by the National Development and Reform Commission, Ministry of Finance, Ministry of Science and Technology, and Ministry of Industry and Information Technology, which aim to systematically regulate the layout and investment direction of government investment funds for the first time at the national level [1] Group 1: Investment Direction and Policy Measures - The guidelines propose 14 policy measures focusing on three aspects: where to invest, how to invest, and who manages the funds [2] - Funds are required to support major strategies, key areas, and weak links where the market cannot effectively allocate resources, promoting deep integration of technological and industrial innovation [2] - Investment should align with national major plans and encourage industries listed in the national industrial directory, avoiding restricted, eliminated, or prohibited sectors [2] Group 2: Fund Management and Local Adaptation - The guidelines clarify that provincial development and reform departments will lead the formulation of local key investment area lists to optimize fund layout and direction [2] - National-level funds are to focus on supporting the construction of a modern industrial system and tackling key core technology challenges, addressing industrial shortcomings and development bottlenecks [2] - Local funds should choose investment directions based on local industrial foundations and development realities, supporting industrial upgrades, innovation capacity enhancement, and the incubation of small and micro private enterprises and technology-based companies [3] Group 3: Evaluation and Management - The National Development and Reform Commission has also developed a management approach for evaluating fund investment directions, combining positive guidance with negative constraints [3] - A comprehensive evaluation system covering the entire fund operation management process will be established, integrating both quantitative and qualitative assessments to strengthen policy guidance and regulatory management [3]

Core Viewpoint - The National Development and Reform Commission, Ministry of Finance, Ministry of Science and Technology, and Ministry of Industry and Information Technology jointly released a systematic guideline for government investment funds, marking the first national-level regulation on their layout and direction [1][5]. Group 1: Policy Framework - The guideline outlines 14 policy measures focusing on three main aspects: investment direction, investment methods, and management [2][6]. - It emphasizes the need for funds to support major strategies, key areas, and weak links where market resources are insufficient, promoting deep integration of technological and industrial innovation [2][6]. - The guideline mandates that fund investments must align with national major plans and encourage industries listed in the national industrial directory, prohibiting investments in restricted, eliminated, or explicitly banned sectors [2][6]. Group 2: Fund Management and Direction - The guideline specifies that provincial development and reform departments are responsible for creating local priority investment lists to optimize fund layout and direction [2][6]. - It addresses issues such as mismatches between government investment funds and local resource endowments, unclear fund positioning, and homogeneous investment directions [2][6]. - National-level funds are required to focus on supporting the construction of a modern industrial system and tackling key core technology challenges, aiming to fill industrial gaps and overcome development bottlenecks [7]. Group 3: Local Fund Guidelines - Local funds are instructed to choose investment directions based on local industrial foundations and development realities, supporting industrial upgrades, innovation capacity enhancement, and the incubation of small and micro private enterprises and technology-based companies [7]. - The National Development and Reform Commission has also developed a management guideline for evaluating fund investment directions, combining positive guidance with negative constraints to establish a comprehensive evaluation system for fund operation management [3][7].