□四川日报全媒体记者 肖莹佩 去年我来成都出差超过40次。"1月14日，在2026成都高新区产业·资本对接会上，广东汉邦激光科 技有限公司董事长刘建业用这句话，为项目路演结尾。 如今，产业基金已成为地方推动产业升级、培育新动能的重要工具。对接会现场发布的产业融资 需求清单和产业基金投向清单，更成为逾400名与会人士关注的焦点。从项目路演看赋能 "基金招商"促进产业延链补链强链 通过"基金招商"促进产业延链补链强链，是政府产业基金的作用之一。对高科技企业而言，也是 发展助推器。 同为路演企业，上海星思半导体股份有限公司过去几年通过自主创新，在5G和卫星通信两大产品 线上取得重大突破。2025年6月，该公司完成B+轮融资，投资方包括成都高新区重点搭建的产业 投资平台策源资本等。在资金支持下，星思半导体产业化步伐进一步加快，预计下周，其位于成 都未来科技城的新产线就将开工。"新一轮融资主要用于制造生产。"星思半导体融资总经理艾孜 买提说。 当天，还有成都越凡创新科技有限公司、四川至善唯新生物科技有限公司等本土培育的优质企业 登场，围绕商用移动机器人、rAAV基因治疗等领域展开推介。凭借硬核技术与清晰的产业化路 径， ...

"抢"来的大项目●由眉山市引导基金出资8000万元，并联合区级国有平台、社会资本等向科泰思创 进行股权投资2亿元，与企业共担风险，最终撬动科泰思创总投资7亿元的西南总部及研发制造基 地整体落地眉山"补"上的产业链●丹棱县一家大型光伏企业需要上游精密激光设备配套。当地通过 基金出资3000万元，撬动省上和市上资金2.6亿元，将苏州科韵激光引到眉山，不仅补齐短板，更 提升了整个系统的价值和韧性□四川日报全媒体记者 底伊乐四川各地都在想办法招引好企业、好 项目。过去一年，眉山用了一个新办法，叫"基金招商"。可以把它理解为，政府不是光靠给优惠 政策"请客吃饭"，而是拿出本钱当股东，和企业、投资机构"一起开店"。近日，眉山市亮出一组 成绩单：2025年1至11月，眉山全市新签约项目200个、合同金额1105亿元，招商总量与质量均实 现历史性突破。其中，基金招商成效显著，通过新组建的9只产业子基金，投资超10亿元，直接推 动13个重点项目落地。新玩法：政府出钱当"合伙人"以前招商，主要是给地、给政策、给补贴。 如今眉山换了个思路：政府拿出一笔钱，成立或参与投资基金，再用这个基金直接投资看好的企 业，成为企业的股东。两个例 ...

Core Viewpoint - The article discusses the newly released "Work Measures" and "Management Measures" aimed at strengthening the planning and guidance of government investment funds, marking the first systematic regulation at the national level regarding their layout and investment direction [2][3]. Group 1: Work Measures - The "Work Measures" emphasize the need to enhance the planning and guidance of government investment funds, ensuring they play a better role in guiding investments while preventing homogeneous competition and crowding out social capital [2][3]. - It encourages national funds to strengthen collaboration with local funds, particularly in cutting-edge technology and key links of the industrial supply chain, leveraging local resource endowments through joint establishment of sub-funds or contributions to local funds [2][3]. Group 2: Management Measures - The "Management Measures" establish specific requirements for evaluating the investment direction of government investment funds, including a comprehensive evaluation index system that combines quantitative and qualitative assessments [3][4]. - The evaluation index system consists of three primary indicators and 13 secondary indicators, focusing on policy compliance, optimization of productivity layout, and policy execution capability [4]. Group 3: Investment Trends and Changes - The average return multiplier requirement for guiding funds has decreased by over 40% in the past six years, with the current average around 1.5 times, indicating a shift towards more favorable return requirements for sub-funds [4][5]. - The article highlights the transition from a "tax incentive" and "reward" based investment attraction model to a more structured approach, emphasizing the need for government investment funds to not be established solely for the purpose of attracting investments [5][6]. Group 4: Industry Evolution - The government investment fund industry is evolving into a 3.0 version, moving from a "coarse" development model to a more refined approach, focusing on creating clusters of guiding funds and enhancing collaboration among provincial and municipal funds [8]. - The article predicts that government guiding funds will further standardize and efficiently attract more capital to drive industrial transformation and technological innovation by 2025 [8].

Economic Growth Projections - In 2025, Lishui District is expected to achieve a GDP growth of around 6% [1] - General public budget revenue is projected at 7.261 billion, with a growth of 2.7% [1] - Industrial output value for large-scale industries is forecasted to reach 127.7 billion, growing by 7% [1] - Retail trade volume is anticipated to be 97 billion, increasing by 13% [1] - Revenue from the service industry is expected to be 10.57 billion, with a significant growth of 19.6% [1] Industrial Development - The new energy vehicle industry in Lishui achieved an output value of 65 billion, growing by 8.3% [1] - The new pharmaceutical and life health industry, intelligent manufacturing equipment, and smart agriculture industries reported output values of 10.2 billion, 18.1 billion, and 2.42 billion respectively [1] - The numerical control machine tool functional components industry cluster has been recognized as a "national-level" cluster [1] - The precision transmission and electromechanical equipment industry cluster has been selected as a provincial-level characteristic industry cluster for small and medium-sized enterprises [1] Investment and Market Development - Lishui has initiated market-oriented investment promotion and established a district-level investment company [1] - A 3 billion industrial development fund has been set up, leading to the attraction of 100 projects with investments exceeding 100 million and 5 high-energy projects [1] Innovation and Technology Growth - The number of high-tech enterprises is expected to increase by 39, with 1,451 technology-based small and medium-sized enterprises registered [2] - Four national-level specialized and innovative "little giant" enterprises and 83 provincial-level specialized and innovative small and medium-sized enterprises are anticipated to be added [2] - One national-level excellent intelligent factory and ten provincial-level advanced intelligent factories are expected to be recognized, along with eight provincial-level green factories [2] Service Optimization - Continuous improvement of government services is being implemented, including a service commissioner work mechanism [2] - An operational complaint supervision center for the business environment has been established, achieving a satisfaction rate of 96.3% for handling enterprise requests [2]

Core Insights - Xining Economic and Technological Development Zone has officially released the "Investment Attraction Encouragement List" and "Investment Attraction Service Coordination Mechanism" to drive regional development through a dual approach of "mechanism protection + list empowerment" [1] Group 1: Investment Strategy - The development zone will focus on unique advantages such as green electricity, green computing power, and salt lake resources to attract quality projects [1] - Measures like microgrid construction and reclaimed water reuse will be implemented to reduce enterprise costs, aiming to create a trillion-yuan-level photovoltaic and lithium battery industry cluster [1] Group 2: Existing Enterprises Support - The development zone will adopt the philosophy that "serving existing enterprises is the best investment attraction," establishing a regular communication mechanism with key enterprises and providing full-cycle tracking services [1] - Support will be given to existing enterprises to expand investments, continuously sending positive signals to businesses [1] Group 3: Investment Fund and New Projects - The development zone will leverage industrial guiding funds to connect with market-oriented investment institutions, focusing on strategic emerging industries and high-tech projects [1] - There will be an emphasis on deepening the exploration of unique scenarios such as natural cooling, non-ferrous resources, and computing power empowerment, establishing a supply-demand matching mechanism for new business models and products [1] Group 4: Administrative Efficiency - The development zone will deepen the "release, management, and service" reform, streamlining approval materials and timelines to enhance efficiency [1] - The implementation of mechanisms like "immediate response to complaints" and "proactive service" will be promoted to continuously improve enterprise satisfaction [1] Group 5: Specialized Investment Approach - The development zone will deepen the "chain leader system," explore "flying land economy" and fund investment models, and build a specialized investment attraction team [2] - Third-party professional institutions will be introduced to establish a full-process evaluation system for project admission, construction, and operation, optimizing resource allocation through dynamic tracking and compliance management [2]

Core Viewpoint - The article emphasizes the importance of breaking down barriers to build a unified national market and optimizing investment attraction in the context of the 15th Five-Year Plan, highlighting the practices and experiences of Beilun District in Ningbo [1][3]. Group 1: Economic Development and Infrastructure - Beilun District has a GDP exceeding 300 billion yuan, with industrial added value ranking first in Zhejiang Province for seven consecutive years [2]. - The area is home to five national-level development zones and is a key part of Zhejiang's Free Trade Pilot Zone, showcasing its high level of openness and concentration of national functional areas [2]. - The district has implemented innovative practices to optimize investment attraction, focusing on project-based evaluations and systematic chain strengthening [3][11]. Group 2: Land and Resource Management - Beilun faces land resource constraints due to its industrial development, with over 35% of its land designated for industrial use [4]. - The district has adopted innovative strategies to utilize underground space for development, including the issuance of the first three-dimensional property rights certificate for underground storage [7][8]. - Projects like the underground oil storage facility are expected to save significant surface land, demonstrating effective land resource management [8]. Group 3: Investment Attraction Strategies - Beilun District employs a multi-faceted approach to attract investments, including chain-based and scenario-based strategies to identify and fill gaps in the industrial chain [11][15]. - The district has established 26 innovation communities, focusing on collaboration between leading enterprises and specialized firms to enhance technological capabilities [13]. - The area has seen a surge in high-tech enterprises, with over 850 national high-tech companies and significant R&D investments [16]. Group 4: Service and Support for Enterprises - Beilun District prioritizes a supportive business environment, with measures to streamline administrative processes and enhance service quality for enterprises [18][19]. - The district has developed industrial communities to provide tailored services, ensuring that businesses receive necessary support and resources [20]. - The establishment of a dynamic database for private equity projects aims to connect local funds with promising investment opportunities [17]. Group 5: Future Industry Development - Beilun is focusing on emerging industries such as artificial intelligence, life sciences, and low-altitude economy, aiming to expand its talent pool and innovation services [21]. - The district's high-tech industry value added has grown by 9.7% from January to November 2025, indicating robust growth in advanced sectors [21].

Core Viewpoint - The article discusses the trend of "zero rent" initiatives in various industrial parks across China, driven by significant招商压力 (investment attraction pressure) and the need for innovative招商引资 (investment attraction) strategies in the face of regulatory changes and market challenges [2][3][4]. Group 1: Zero Rent Initiatives - Many industrial parks, including those in major cities like Shenzhen and Beijing, are adopting "zero rent" policies to attract businesses amid high招商压力 [2][3]. - The effectiveness of these initiatives is questioned as many parks remain underutilized, lacking essential support and industry collaboration opportunities for businesses [3]. Group 2: Regulatory Changes - The implementation of the Fair Competition Review Regulation (国令783号) has restricted local governments from providing selective tax incentives and subsidies, pushing for a more standardized approach to招商引资 [3][4]. - The central government has emphasized the need to regulate local招商引资 practices, leading to the dissolution of many招商办 (investment promotion offices) and the establishment of platform companies to facilitate investment [4]. Group 3: Shift in Investment Strategies - The traditional tax incentive and subsidy-based招商引资模式 is being replaced by a "fund招商" model, where government investment funds are increasingly linked to招商 efforts [4][5]. - The "先投后股" (first invest, then take equity) model is emerging as a new tool for promoting technology transfer and investment, allowing for more efficient use of public funds [6]. Group 4: High-Quality Development Focus - Recent government directives stress the importance of high-quality招商引资, discouraging blind investment in emerging industries and promoting a unified national market [7][8]. - The focus is shifting towards nurturing local industries based on regional strengths rather than merely attracting external companies [9]. Group 5: M&A as a New Strategy - The concept of "merger and acquisition招商" is gaining traction, with local state-owned enterprises exploring acquisitions of listed companies to enhance local industry capabilities [10]. - This shift reflects a broader trend towards more structured and transparent招商引资 practices, as highlighted by recent central government meetings [10].

Core Insights - The Hong Kong Innovation and Technology Commission has announced the launch of a HKD 10 billion "Innovation and Technology Industry Guiding Fund," which is now in the public selection phase for fund managers [1] - The fund aims to align with the national "patient capital" development strategy and promote efficient collaboration among government, industry, academia, research, and investment [1][2] - The fund will focus on five key investment themes: life and health technology, artificial intelligence and robotics, semiconductors and smart devices, digital transformation, and future sustainable development [1] Investment Requirements - Each sub-fund under the guiding fund must invest 100% of its capital in companies related to Hong Kong's innovation and technology industry and its industrial chain [2] - At least 50% of the fund's capital must be allocated to local Hong Kong enterprises or non-Hong Kong enterprises planning to operate in Hong Kong [2] - A minimum of 25% of the fund's capital must be used by the investment targets to establish and operate manufacturing bases in Hong Kong during the investment period [2] Background and Context - The establishment of the guiding fund was previously mentioned in the policy address by Hong Kong's Chief Executive on September 17, indicating its launch in the 2026-2027 fiscal year [2] - The fund has attracted significant interest from mainland VC/PE institutions, including state-owned equity investment institutions and early-stage investment firms in the technology sector [2][3] - The Hong Kong Innovation and Technology Commission had previously launched the "Innovation and Technology Venture Fund" optimization plan, which allows for the establishment of joint funds to invest in strategic industries [3] Investment Management and Performance - The Hong Kong Investment Management Company, established in 2022, has reported over HKD 2 billion in investment returns in 2024, benefiting from investments in IPOs and biotech companies [3][4] - The initial investment fund of the Hong Kong Investment Management Company amounts to HKD 62 billion, with less than 20% of the funds deployed as of the end of last year [4] - The company is currently seeking partnerships with sovereign wealth funds, pension funds, and corporations for larger-scale investments [4] Strategic Implications - The guiding fund's establishment is seen as a move to attract more domestic and international resources to Hong Kong's innovation and technology sector, enhancing its role as an international innovation center [4] - The approach to setting up the guiding fund draws inspiration from investment attraction models used in mainland cities, particularly Shenzhen [4]

Core Insights - The 2025 Guiyang-Guian Yangtze River Delta Fund Promotion Conference was held in Shanghai, supported by the Provincial Investment Promotion Bureau and organized by the Municipal Investment Promotion Bureau and the Municipal Government Liaison Office in Shanghai, with over 60 representatives from investment and financing institutions in the Yangtze River Delta attending [2] - Guiyang-Guian is promoting key industry development around its city brands such as "China's Data Valley" and "Summer Resort Capital," aiming for deep cooperation with Yangtze River Delta capital through a new model of "fund investment" [2] - The event featured presentations on the operation of 15 funds managed by Guiyang Venture Capital Co., Ltd., and a focus on the Big Data Sci-Tech City Industry Development Fund by Guian New Area Kunpeng Private Equity Fund Management Co., Ltd. [2] - Several fund institutions expressed interest in collaboration, and the Municipal Government Liaison Office in Shanghai will continue to act as a bridge to promote the "fund + industry" and "fund + project" cooperation model for high-quality development in Guiyang-Guian [2]

Core Viewpoint - Local Government Industrial Funds (LGIFs) have become a crucial tool for promoting industrial upgrades and nurturing new economic drivers in China, with over 80% of limited partners in the private equity investment market being LGIFs, reflecting their unique value in optimizing industrial structure and driving innovation [1] Group 1: Background of LGIFs as Mainstream LPs - The demand for industrial upgrades driven by policy is significant, as local governments are tasked with promoting high-quality development through the establishment of industrial funds targeting key sectors like semiconductors and AI [2] - Effective utilization of fiscal funds is achieved through a model that combines government guidance with market operations, alleviating fiscal pressure and enhancing fund efficiency, exemplified by Yunnan's goal to create a fund system exceeding 50 billion yuan [3] Group 2: Role in Investment Attraction and Industrial Ecosystem - LGIFs serve as vital tools for attracting investments, facilitating the establishment of quality projects and enterprises, as seen in Rui'an's successful attraction of major industrial projects [4] Group 3: Operational Model of LGIFs - The typical structure of LGIFs involves a "mother fund + sub-fund" design, allowing for precise investment based on specific project needs, as demonstrated by Gansu's comprehensive support for provincial industrial development [5] - Investment strategies are closely aligned with national and local policies, focusing on strategic emerging industries and traditional industry upgrades, such as Shenzhen's 2 billion yuan fund for AI and robotics [6] - Market-oriented operations are ensured by entrusting professional investment management institutions, which enhance fund efficiency through various incentive mechanisms [7] Group 4: Impact of LGIFs - LGIFs promote industrial upgrades and innovation by providing financial support for traditional industries' transformation and investing in emerging sectors, contributing to new economic growth points [9] - They optimize resource allocation and improve fund utilization efficiency by attracting social capital and integrating various financial mechanisms [10] - LGIFs enhance regional economic competitiveness through investment attraction and ecosystem development, as illustrated by the establishment of a reusable rocket production base in Chengdu [11] Group 5: Challenges and Countermeasures - Challenges include insufficient social capital engagement, lack of operational experience in fund management, and a shortage of qualified professionals [12] - Countermeasures involve broadening funding sources, improving operational mechanisms, and strengthening talent development to enhance fund management capabilities [13] Conclusion - The emergence of LGIFs as mainstream LPs is a natural outcome of China's economic development and industrial upgrade needs, playing a vital role in promoting industrial upgrades, optimizing resource allocation, and enhancing regional economic competitiveness, while facing challenges that require ongoing improvements in operational mechanisms and talent development [14]