雪域高原上，资本市场活力蓄势待发。 证券时报"从资本市场看地方高质量发展"大型融媒报道采访组日前在西藏调研时获悉，西藏自治区地方金融管理局（以下简称"西藏金融局"）正以"格桑花行动"为 核心抓手，推动在藏企业加速对接多层次资本市场。不久的将来，"格桑花"有望在资本沃土中竞相绽放，花满高原。 金融的"源头活水"正持续赋能高原经济高质量发展。2024年，西藏金融业增加值达266.82亿元，对西藏经济增长贡献率为24.8%，拉动经济增长1.6个百分点，历史 上首次超过建筑业（固定资产投资），成为拉动西藏经济增长的第一动力。 梯次培育 让"格桑花"绽放资本市场 2023年，西藏推出企业上市"格桑花行动"，这是西藏资本市场发展史上第一个高规格、系统性、专业性的企业上市行动计划。 两年多来，"格桑花行动"已开花结果。5月16日，绿茶集团作为"格桑花行动"的受益者，正式登陆港交所，募集资金约12.11亿港元，主要用于拓展主营业务。这是 西藏精准实施"格桑花行动"以来第一家在港上市的企业。 格桑在藏语中意为"美好"，"格桑花"意为"盛世花"。西藏实施企业上市"格桑花行动"，从顶层设计、政策引导、要素集聚、环境优化等方面精准施 ...

Core Viewpoint - The establishment of a new beverage production base by Xi'an Hengfeng Beverage Co., a subsidiary of Wahaha, marks a significant investment and strategic expansion in the beverage industry in Xi'an, aiming to enhance production capacity and market presence in the northwest region of China [3][4][14]. Group 1: Project Overview - The new production base will include multiple core production lines for purified water, tea drinks, coffee, juice, and dairy beverages, with plans for future expansion [4][13]. - The project is part of Wahaha's broader investment strategy, with a total investment of 1 billion yuan (approximately 140 million USD) [5][8]. - The Xi'an base is strategically located in an area with a robust beverage industry ecosystem, featuring major players like Pepsi, Coca-Cola, and Danone, contributing to a nearly 10 billion yuan industry corridor [4][17]. Group 2: Company Background - Wahaha is one of China's largest food and beverage manufacturers, with over 200 product varieties across multiple categories, including bottled water, dairy products, and health foods [6][7]. - The company has established over 80 production bases nationwide and employs nearly 30,000 people, with projected total revenue exceeding 70 billion yuan (approximately 9.8 billion USD) in 2024 [7]. Group 3: Strategic Implications - The new Xi'an facility represents a shift towards modernized production capabilities and a focus on self-owned production models, following a period of capacity adjustments and closures of several production lines [9][10][14]. - The investment in Xi'an is seen as a strategic move to leverage the region's industrial strengths and enhance brand penetration in the northwest market, which is crucial for future growth and potential international expansion [14][16]. Group 4: Regional Economic Context - Xi'an is positioned as a key economic hub in northwest China, attracting numerous Fortune 500 companies and fostering a competitive industrial environment [16][24]. - The local government has implemented a comprehensive service plan to streamline project approvals and enhance the investment climate, reflecting a shift from traditional incentive-based approaches to a focus on long-term ecological and operational benefits [24][26][29].

Core Insights - Xi'an Hengfeng Beverage Co., Ltd. has received approval for the Hongsheng Xi'an beverage new base project, marking a significant development in the Xi'an food and beverage industry [1][3]. Company Overview - The project will include multiple core production lines such as high-speed water lines, milk lines, and sterile lines, with plans to produce a variety of beverages including purified water, tea drinks, coffee, juice, and dairy beverages [3][11]. - Xi'an Hengfeng is 90% owned by Hongsheng Group, which has a close relationship with Wahaha, one of China's largest food and beverage producers [3][4]. - Wahaha has established over 80 production bases nationwide and employs nearly 30,000 people, with projected total revenue exceeding 70 billion yuan in 2024 [5]. Investment and Strategic Importance - Wahaha's investment of 1 billion yuan in the Xi'an project is part of a broader strategy to enhance its production capacity and market presence in the region [4][6]. - The Xi'an Economic Development Zone is home to numerous leading beverage companies, creating a robust supply chain ecosystem and talent pool, which will help Wahaha reduce operational costs and accelerate market expansion [3][12]. Market Dynamics - The establishment of the Xi'an base is seen as a response to recent capacity adjustments within Wahaha, which has closed several production lines and is shifting back to its own production model [9][11]. - The new factory is positioned to leverage the existing industrial ecosystem in Xi'an, which includes major players like Pepsi, Coca-Cola, and Danone, enhancing Wahaha's competitive edge in the market [12][15]. Regional Economic Context - Xi'an is recognized as the largest central city in Northwest China, attracting significant investments from both domestic and international companies, which contributes to a high density of Fortune 500 enterprises [12][16]. - The local government has implemented a comprehensive service plan to streamline the investment process, ensuring efficient project execution and fostering a favorable business environment [20][21]. Future Outlook - The Xi'an project is part of Wahaha's broader strategy to modernize its production capabilities and expand its market reach, particularly in the Northwest region and potentially beyond [11][22]. - The evolving investment landscape in Xi'an reflects a shift towards long-term ecological considerations in business decisions, moving away from short-term incentives [16][21].

Core Viewpoint - The article discusses the transformation of investment attraction strategies in China, emphasizing the shift from traditional tax incentives and subsidies to more regulated and innovative approaches such as government investment funds and merger acquisitions [1][2][6]. Group 1: Regulatory Changes - The implementation of the Fair Competition Review Regulations (Order 783) prohibits preferential tax treatments and selective financial rewards for specific operators without legal basis or government approval [1]. - The Central Committee's decision to further deepen reforms emphasizes the need to standardize local investment attraction regulations and prohibits illegal policy incentives [1][5]. - Many regions have begun to dissolve their investment promotion offices, replacing them with platform companies aimed at industrial development and economic growth [1][2]. Group 2: Emergence of New Investment Models - The traditional "tax incentive" and "reward-subsidy" models are being replaced by a "fund investment" model, where government investment funds are increasingly linked to investment and attraction efforts [2]. - The State Council issued guidelines to promote high-quality development of government investment funds, explicitly stating that these funds should not be established solely for investment attraction purposes [2][5]. - The "first investment, then equity" model is gaining traction, allowing fiscal funds to support R&D and later convert to equity based on pre-agreed conditions, enhancing the efficiency of fiscal fund usage [4][6]. Group 3: Investment Trends and Data - In Q2 2025, the total capital contribution from Limited Partners (LPs) reached 4270.2 million RMB, with state-owned capital contributing 2317.2 million RMB, accounting for 54.26% of the total [3]. - Government-guided funds accounted for 714.6 million RMB, representing 16.73% of the total contributions [3]. - The focus of investment attraction is shifting from external project recruitment to nurturing local industries, reflecting a more sustainable and localized approach to economic development [7]. Group 4: Mergers and Acquisitions as a New Strategy - The rise of "merger investment" is noted as a new strategy for state-owned enterprises to acquire listed companies, particularly in local specialty industries [8]. - This approach is seen as a way to discover new opportunities while ensuring more certainty in investment attraction [8]. - The emphasis on standardizing and increasing transparency in local investment attraction efforts is expected to continue [8].

Core Viewpoint - The National Development and Reform Commission (NDRC) has solicited public opinions on the "Guidelines for the Layout Planning and Investment Direction of Government Investment Funds" and the "Measures for Strengthening the Guidance and Evaluation Management of Government Investment Fund Investment Direction," which are significant for the government investment fund industry [1][2][3]. Summary by Sections Guidelines - The guidelines emphasize strengthening the planning and investment direction of government investment funds, highlighting government guidance and policy positioning to prevent homogeneous competition and crowding out of social capital [1][2]. - It encourages national funds to strengthen collaboration with local funds, particularly in cutting-edge technology fields and key links in the industrial chain, leveraging local resources through joint establishment of sub-funds or contributions to local funds [1][2]. Investment Direction - Establishing government investment funds should align with the requirements of building a unified national market and should not aim at attracting investment. It encourages lowering or eliminating the return investment ratio [2][11]. - Investment directions must comply with national macro-control requirements, avoiding investments in industries with structural contradictions and preventing blind following in emerging industries [2][3]. Evaluation Measures - The measures propose a comprehensive evaluation index system that combines quantitative and qualitative assessments, covering the entire process of fund operation management [2][3]. - Evaluation indicators include policy orientation compliance, investment layout optimization, and policy execution capability [2][3]. Industry Transformation - The government investment fund industry is transitioning from a "coarse" development model to a more refined approach, focusing on establishing clusters of guiding funds and enhancing collaboration at provincial and municipal levels [12][13]. - The emergence of specialized fund clusters targeting specific sectors indicates a trend towards more segmented and professional investment strategies [14]. Regulatory Context - The recent emphasis on not establishing government investment funds for the purpose of attracting investment aligns with the broader regulatory framework aimed at standardizing local investment attraction practices [5][10]. - The decline in average return investment ratios over the past six years reflects a shift in industry practices, with many funds now requiring lower return multiples [11].

Core Viewpoint - The article discusses the ongoing transformation and standardization of investment attraction practices in various regions of China, emphasizing the shift from traditional tax incentives and subsidies to a more structured approach involving government investment funds and the promotion of local industries [3][4][5]. Group 1: Regulatory Changes - The Guangxi Zhuang Autonomous Region has abolished the "Guangxi Investment Attraction Incentive Measures," reflecting a broader trend of regulatory compliance in local investment practices [1][4]. - The implementation of the "Fair Competition Review Regulations" since August last year prohibits preferential treatment for specific operators without legal basis, aiming to create a level playing field [1][2]. Group 2: Shift in Investment Attraction Models - The traditional "tax incentive" and "reward-subsidy" models for attracting investment are being phased out, giving rise to a "fund investment" model that emphasizes the linkage between investment and attraction [5][6]. - Local governments are increasingly establishing specialized investment funds that prioritize collaboration with local investment attraction departments, indicating a shift towards a more integrated approach [5][6]. Group 3: Local Practices and Innovations - Guangdong Province has introduced measures that incorporate attracting venture capital and industry funds into the performance evaluation of investment attraction efforts, showcasing a commitment to nurturing local industries [7]. - The emergence of "merger and acquisition attraction" as a new strategy highlights the evolving landscape of investment attraction, with local governments exploring opportunities to acquire listed companies to strengthen local industries [9]. Group 4: Future Outlook - The emphasis on nurturing endogenous industrial ecosystems suggests that investment institutions will continue to find opportunities in project evaluation and investment empowerment, despite the shift away from investment attraction as a primary goal for government funds [8]. - The central government's focus on standardizing and increasing transparency in investment attraction practices is expected to further shape the landscape, leading to more structured and accountable approaches [10].

Core Viewpoint - The article emphasizes the need for a structured approach to industrial development and investment attraction, highlighting the shift from traditional methods to more regulated and effective strategies in response to recent policy changes [1][4][6]. Group 1: National Policy and Market Development - The Central Urban Work Conference highlighted key industries such as artificial intelligence, computing power, and new energy vehicles for national development [1]. - The meeting outlined the basic requirements for advancing a unified national market, which includes "five unifications and one openness" [2]. - The implementation of the Fair Competition Review Regulations has led to a more standardized approach to local investment attraction since August of last year [3]. Group 2: Changes in Investment Attraction Strategies - The traditional "tax incentives" and "reward subsidies" models for attracting investment are being phased out, giving rise to the "fund investment" model [4]. - Local governments are increasingly emphasizing the linkage between investment and attraction, establishing specialized investment funds to support this [4][6]. - There is a growing trend of "homogenization" in investment fields, which is counterproductive to building a unified national market [5]. Group 3: Regional Practices and Innovations - Guangdong Province has introduced measures to integrate capital market development into its investment attraction performance evaluation, reflecting a shift towards nurturing local industries [7]. - The focus is expected to shift from attracting external projects to cultivating local production industries, tailored to regional advantages [7][8]. - The rise of merger and acquisition (M&A) as a new strategy for investment attraction is noted, with local governments exploring opportunities to acquire listed companies [9][10][11]. Group 4: Future Outlook - The emphasis on not establishing government investment funds solely for attracting investment indicates a significant shift in strategy, impacting the current "fund investment" model [6]. - The need for transparency and regulation in investment attraction is expected to increase, following the Central Financial Committee's call for improved practices [12].

Group 1 - Yibin has signed 122 projects with a total investment of 40.308 billion yuan during the investment promotion event in Beijing, covering various sectors including digital economy and new energy storage [1] - The total signed amount from external major investment activities in Yibin this year is approaching 100 billion yuan, following the investment promotion event in the Yangtze River Delta [1] - Yibin's GDP surpassed 400 billion yuan in 2024, making it the third city in Sichuan to achieve this milestone, driven by the growth of emerging industries [2] Group 2 - The investment promotion event focused on "extending, supplementing, and strengthening" the industrial chain, with projects mainly in sectors like digital economy and photovoltaic [3] - Yibin is transitioning from "fund investment" to "capital investment," with a goal to establish a capital investment partner alliance to enhance its investment ecosystem [4] - The newly formed capital investment partner alliance aims to attract more social capital and improve Yibin's influence in the capital market [5]

Core Viewpoint - The recent emphasis on "strengthening the disclosure of investment attraction information" by the Central Financial Committee aims to promote a more transparent and fair competitive environment in local investment attraction practices, reducing the space for "policy arbitrage" by investment funds [1][3]. Group 1: Policy Changes and Implications - The government has implemented multiple policies over the past year to regulate local investment attraction practices, including prohibiting illegal policy incentives such as tax reductions and financial subsidies [4]. - The new directive on information disclosure is expected to reduce information asymmetry, making local government investment policies and project performances more transparent [3][4]. - The shift from relying on administrative resources to leveraging market forces in local investment attraction is anticipated to enhance the quality of investments [3][4]. Group 2: Benefits for Venture Capital Institutions - Strengthened information disclosure will facilitate due diligence for venture capital institutions, allowing them to compare policies and business environments across different regions more effectively [7]. - The risk of unfulfilled government commitments post-investment will be mitigated, as publicly available information will serve as a safeguard for the rights of enterprises and investors [8]. - Lesser-known cities with solid business environments and strong policy implementation capabilities may become more attractive to venture capital institutions [9]. Group 3: Evolving Investment Strategies - Investment institutions are encouraged to focus less on short-term, non-standard subsidies from local governments and more on fundamental aspects such as core technology, business models, team capabilities, and market prospects [10]. - The evolving local investment environment necessitates that venture capital institutions reassess their partnerships with government LPs, prioritizing those with a strong understanding of industry dynamics and market principles [11]. - Developing a nationwide industrial cluster map will help guide investment decisions and resource allocation for enterprises [12]. - Venture capital institutions should enhance their ability to provide strategic, market, and supply chain support to portfolio companies, enabling them to thrive in a more equitable market landscape [13].

Core Viewpoint - The article discusses the recent developments in China's investment attraction policies, emphasizing the shift from traditional methods to a more regulated and structured approach, particularly focusing on the establishment of government investment funds and the rise of merger and acquisition (M&A) strategies in attracting investments [1][4][8]. Group 1: National Policies and Regulations - The Central Financial Committee's meeting highlighted the need for a unified national market, emphasizing "five unifications and one openness" to enhance investment attraction and regulatory consistency [1]. - The implementation of the Fair Competition Review Regulations has led to a transformation in local investment attraction practices, moving towards a more standardized approach [2]. - The Central Committee's decision to regulate local investment attraction laws prohibits illegal policy incentives, marking the end of tax and reward-based attraction models, and promoting the emergence of fund-based attraction strategies [3]. Group 2: Government Investment Funds - The State Council issued guidelines promoting high-quality development of government investment funds, stating that these funds should not be established solely for investment attraction purposes, which significantly impacts the current fund-based attraction model [4]. - Local governments are exploring new practices in investment attraction, with Guangdong Province's recent measures integrating venture capital and industry funds into performance evaluations for investment attraction [5]. Group 3: Market Trends and Strategies - Despite the prohibition on establishing government investment funds for attraction purposes, there remains a strong demand for investment, with a focus on nurturing local industrial ecosystems [6]. - M&A strategies are emerging as a new tool for local governments to attract investments, with several regions forming acquisition funds aimed at purchasing listed companies to enhance local industries [7][8]. - The emphasis on transparency and regulation in investment attraction is expected to increase, following the Central Financial Committee's call for improved information disclosure [9].