如今，政策的调整为创投行业带来了"转机"。随着政府引导基 金考核的"松绑"，多地政府引导基金纷纷建立了单个项目 100%容亏等容错机制。在这样的政策支持下，国资创业投资 氛围明显转变，从"不敢投"转向"更敢投"，国资LP（有限合 伙）投资正迎来新的发展机遇。 作者：蔡越坤 封图：图虫创意 在国资创投领域深耕多年的任明发现，以往的国资考核机制与早期科技项目投资的高风险、长周期 特点存在一定错位，导致创投行业陷入"不敢投""怕投错"的困境。 如今，政策的调整为创投行业带来了"转机"。随着政府引导基金考核的"松绑"，多地政府引导基金 纷纷建立了单个项目100%容亏等容错机制。在这样的政策支持下，国资创业投资氛围明显转变， 从"不敢投"转向"更敢投"，国资LP（有限合伙）投资正迎来新的发展机遇。 2025年6月21日，湖北省政府种子基金成立，为初创企业提供更有力的资金支持。同时发布的《湖 北省重构政府引导基金体系工作方案》（下称《工作方案》）提出，允许单个投资项目"100%亏 损"。无独有偶，经济观察报记者关注到，2025年以来，四川省、广州市均曾提出政府引导基金投 资时单个企业(项目)最高允许100％亏损。 任明认 ...

Core Viewpoint - The adjustment of government policies has transformed the investment atmosphere in state-owned venture capital, shifting from a cautious approach to a more proactive investment strategy, particularly in high-risk early-stage technology projects [2][4][14]. Policy Changes - Multiple regions, including Hubei and Sichuan, have introduced mechanisms allowing for 100% loss tolerance on individual investment projects, aimed at encouraging innovation and supporting early-stage investments [3][6][14]. - The Hubei government has established a seed fund to provide stronger financial support for startups, emphasizing a collaborative mechanism between government-guided funds and state-owned funds [5][6]. Investment Environment - The loosening of assessment criteria for state-owned capital has effectively addressed the "fear of loss" among investment managers, thereby activating the early-stage investment market [4][12]. - The introduction of "due diligence compliance responsibility exemptions" has alleviated concerns among investment personnel, promoting a more risk-tolerant investment culture [4][12]. Strategic Focus - The policies are designed to guide capital towards hard technology sectors, enhancing technological innovation and industrial upgrading, which are crucial for national competitiveness [4][7][14]. - The government aims to create a virtuous cycle of investment that allows for initial losses in exchange for long-term strategic gains, particularly in emerging industries and cutting-edge technologies [5][14]. Market Impact - The new policies signal a government commitment to fostering innovation and tolerance for failure, which is expected to boost market confidence and attract more private capital into early-stage investments [15]. - The changes are anticipated to stimulate investment activity, encouraging state-owned venture capital firms to explore new technologies and business models, thereby enhancing the overall investment environment [15].