（原标题：国家创业投资引导基金正式启动，财政出资1000亿元，有望撬动万亿级社会资本） 证券时报记者 韩忠楠 12月26日，备受市场期盼的国家创业投资引导基金（以下简称"引导基金"）正式启动。引导基金由国家 发展改革委、财政部共同推动设立，创新性地采用"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，在区域基金及子基金层面，预计将撬动万亿级社会资本参与。 目前，京津冀、长三角、粤港澳大湾区3只区域基金已设立运行，并形成首批已签约的49只子基金和27 个投资项目。 启动仪式当天，国家发展改革委召开专题新闻发布会。会上，财政部经济建设司司长郭方明在回答证券 时报记者提问时表示，国家创业投资引导基金立足自身特点，通过精准错位发展与其他政府引导基金形 成协同合力，将以差异化风控体系培育创新生态，引导社会资本长期扎根科技创新领域。 投早、投小、投硬科技 撬动万亿级社会资本 从2025年年初国家发展改革委宣布设立引导基金以来，创投市场加速回暖，前三季度募资金额同比增长 8%，投资金额增长9%，投资案例总数增长近20%。白京羽认为，这充分证明了引导基金对于提振市场 在投资方向上，引导基金坚持"投早 ...

创投圈迎来重大利好！12月26日，备受市场期盼的国家创业投资引导基金（以下简称"引导基金"）正式启 动揭牌。 在投资方向上，引导基金坚持"投早、投小"。郭方明表示，引导基金坚持做"早期基金"，主要投向高成长性种 子期、初创期、早中期创新型中小微企业。基金将扮演"天使投资人"的角色，弥补市场资金不足的问题，通过 市场化方式加大对创业企业的支持力度，分担全社会创新创业风险。 针对当前创投市场"热门赛道一哄而上、挑肥拣瘦、急于求成"等现象，国家发展改革委创新和高技术发展司司 长白京羽特别强调，引导基金以种子期、初创期企业为主要投资对象，对这类企业的投资规模将不低于基金总 规模的70%。在"投小"方面，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"。 在投资领域方面，硬科技无疑是基金投向首选。在启动仪式现场，3只区域基金已达成一批投资意向，涵盖了 集成电路、量子科技、生物医药、脑机接口、航空航天等重点领域。证券时报记者在现场看到，松延动力、加 速进化、中合基因、鼎瓷电子、罗森博特、华毅瀛飞、蓝箭鸿擎、炎明生物、美泰电子、中电云脑等新创企业 已经 ...

白京羽表示，在投资环节，坚持投早、投小、投长期、投硬科技的导向，引导带动创投市场 发展。 针对当前创投市场热门赛道一哄而上、挑肥拣瘦、急于求成等现象，引导基金坚持投 早，以种子期、初创期企业为主要投资对象，对这类企业的投资规模将不低于基金总规模的 70%。 同时，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。此外，引导基金设置20年的存续 期，打破了传统创投基金7—10年的生命周期限制，对于创新药等回报周期长的领域，进一步 放宽投资周期限制，真正做到长期主义。 财政部经济建设司司长郭方明表示，财政部将积极履行国家出资人责任，做好绩效评价工 作， 对引导基金绩效考核指标体系进行科学论证 ，全面评价重点关注政策目标的实现效果， 不简单以单个项目三年的盈亏作为考核依据。同时不断完善监管方式，指导基金构建覆盖 投、管、退全生命周期的风险防控体系，切实提升资金的使用效率。 郭方明在回答证券时报记者提问时表示，国家创业投资引导基金立足自身特点，将与此前成 立的政府引导基金进行错位发展，形成合力。 一是做好创新链条的前端，依托早期的创新赛 道定位 ...

今日国家创业投资引导基金正式启动。国家发展改革委召开专题新闻发布会。国家发展改革委创新和高 技术发展司司长白京羽表示，在投资环节，坚持投早、投小、投长期、投硬科技的导向，引导带动创投 市场发展。针对当前创投市场热门赛道一哄而上、偷肥拣瘦、急于求成等现象，引导基金坚持投早，以 种子期、初创期企业为主要投资对象，对这类企业的投资规模将不低于基金总规模的70%。同时，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。此外，引导基金设置20年的存续期，打破了传统创投基金7年—10年的生命 周期限制，对于创新药等回报周期长的领域，进一步放宽投资周期限制，真正做到长期主义。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

Core Insights - The article discusses the establishment of the Hangzhou Runmiao Fund, which focuses on early-stage investments in technology startups, aiming to foster innovation and support the growth of the local tech ecosystem [1][2]. Group 1: Fund Overview - The Runmiao Fund has an initial scale of 2 billion yuan and a long duration of 20 years, emphasizing early, small, long-term investments in talent and hard technology [1]. - It is part of the broader "Runmiao Plan," which aims to reshape Hangzhou's innovation ecosystem by covering the entire lifecycle of enterprises, from small tech firms to leading technology companies [2][3]. Group 2: Investment Strategy - The fund targets "seed" and "good seedling" enterprises, defined as tech startups established within five years, with fewer than 100 employees and revenue not exceeding 20 million yuan [4]. - The investment strategy includes a focus on companies with significant R&D expenditures, aiming to provide the first investment before the A-round financing [5][6]. Group 3: Goals and Metrics - The Runmiao Plan aims to cultivate 50,000 tech SMEs, 3,000 "good seedlings," 20,000 high-tech enterprises, 300 "new eagles," and 100 leading tech companies by 2027, creating a pyramid structure of enterprises [3]. Group 4: Decision-Making and Governance - The fund's decision-making committee consists of seven members, with four external experts, shifting the focus from internal to expert-led decision-making [6][7]. - The fund will not evaluate based solely on individual project profits, allowing for a more flexible and supportive investment environment [7][8]. Group 5: Long-Term Vision - The Runmiao Fund represents a shift in Hangzhou's approach to innovation, prioritizing long-term ecological growth over immediate returns, and fostering a culture that embraces failure and encourages experimentation [8][9]. - The city aims to create a vibrant innovation ecosystem akin to a tropical rainforest, emphasizing patience and support for startups in their early stages [9].

Core Viewpoint - The establishment of the Hunan Angel Investment Alliance aims to optimize the investment ecosystem and support the development of a high-tech innovation hub in Hunan, focusing on early-stage investments in hard technology [1][2]. Group 1: Investment Strategy - The initiative emphasizes the importance of early, small, long-term investments in hard technology, aligning with national strategies to identify and support promising early-stage projects in Hunan's "4×4" modern industrial system [1]. - The alliance seeks to leverage government funding and industry capital to attract more social capital into early-stage technology sectors, positioning Hunan as a hub for early-stage innovation capital [1][2]. Group 2: Ecosystem Development - The plan includes creating a comprehensive angel investment ecosystem that integrates resources, brand activities, and value-added services, facilitating a supportive environment for early-stage companies [2]. - The initiative promotes a culture of innovation and tolerance for failure, encouraging entrepreneurs to pursue their dreams and investors to commit to future opportunities [2]. Group 3: Collaborative Efforts - The conference brought together various stakeholders, including early-stage investment institutions, universities, industrial parks, and technology companies, to foster collaboration and promote a virtuous cycle between technology, industry, and finance [2].

Core Viewpoint - The emphasis on "early, small, long-term, and hard technology" investments in the productive service industry is crucial for promoting financial strength and nurturing high-value unicorn companies in China [3][4]. Group 1: Market Potential - The current total market capitalization of China's capital market is approximately 100 trillion yuan, which is about 70% of the GDP of around 140 trillion yuan, indicating significant growth potential [3]. - By 2040, China's GDP is projected to reach 350 trillion yuan, with the capital market's total market capitalization expected to reach 400 trillion yuan, potentially quadrupling from current levels [3]. Group 2: Investment Strategy - The total amount of various funds, including venture capital and private equity, is close to 30 trillion yuan, with 40% currently invested in low-risk monetary funds and fixed-income bonds, which distorts the investment direction [3][4]. - True investment in hard technology should begin at the early stages (0-1 phase) and continue through various stages of development, ensuring a steady flow of capital from A, B, to C rounds [4]. Group 3: Role of Productive Service Industry - The productive service industry is identified as the driving force for innovation in manufacturing, encompassing ten categories including core technology R&D, logistics, supply chain finance, and digital services [4][5]. - This sector is not only a service provider for manufacturing but also a critical environment for the growth of high-value unicorn companies, relying primarily on innovation and talent rather than traditional resource inputs [5]. Group 4: Focus Areas for Investment - Venture capital and private equity should concentrate on five categories within the productive service industry: specialized small and medium enterprises, top 50 professional service companies, hybrid manufacturing firms, industrial internet platforms, and leading companies like Apple and Microsoft [6]. - By adhering to the "early, small, long-term" investment strategy, these funds can support the development of these enterprises, fostering the emergence of high-value unicorns and contributing to the overall prosperity of China's stock market and economy [6].

Core Viewpoint - The article discusses the impact of fiscal technology equity investment reforms in Shandong Province, highlighting how over 210 companies have benefited from these initiatives, which aim to enhance innovation and support the growth of technology-driven enterprises [2][3]. Group 1: Fiscal Technology Equity Investment - Since 2020, more than 210 companies have benefited from fiscal technology equity investment reforms, receiving over 2.9 billion yuan in funding [2]. - The Shandong Provincial Government has shifted from traditional subsidy methods to a model that emphasizes market-oriented allocation of technology resources, using fiscal equity investments to attract social capital into the innovation chain [2][3]. Group 2: Investment Strategy - The investment strategy focuses on early-stage, small, and long-term investments in hard technology sectors, particularly in emerging fields such as semiconductors, robotics, and renewable energy [5]. - Fiscal equity investments are designed to support high-growth, innovative technology companies, with a typical investment period ranging from 3 to 10 years [3][5]. Group 3: Investment Mechanisms - Various investment mechanisms are employed, including direct equity investment, a combination of grants and investments, and a "first invest then equity" approach tailored to the needs of different companies [6][9]. - For companies in the developmental stage, the "first invest then equity" model has proven effective, as seen with Shandong Maihe Additive Manufacturing Co., which received 5 million yuan in support, leading to a doubling of sales revenue [6][9]. Group 4: Leveraging Social Capital - Fiscal equity investments not only provide direct financial support but also enhance companies' credibility and bargaining power, facilitating further investments from private capital [10][12]. - For instance, Qingdao Fengshi Technology, which received 30 million yuan in fiscal equity investment, has seen its credit rating improve, aiding its preparations for an IPO [10][12]. Group 5: Impact on Company Growth - The fiscal equity investment has been described as a "golden lever," enabling companies to attract additional financing and grow their operations significantly [10][12]. - For example, Yantai Wanlong Company benefited from a 25 million yuan investment, which optimized its equity structure and facilitated a 1:1 loan from banks, significantly aiding its listing process [12].

Core Viewpoint - The establishment of the Shenzhen Shentou Control Qianfan Qihang AIC Fund, with a scale of 2 billion yuan, marks a significant step in supporting technological innovation and industrial integration in Shenzhen, aligning with the city's "20+8" strategic emerging industries [3][4][6]. Group 1: Fund Establishment and Purpose - The Shenzhen Shentou Control Qianfan Qihang AIC Fund is the first AIC pilot fund in Shenzhen after the expansion of the AIC equity investment pilot business, and it is one of the largest AIC pilot funds within the Agricultural Bank system [3]. - The fund aims to provide long-term and patient capital for technological innovation, focusing on supporting Shenzhen's integration of technology and finance [3][4]. Group 2: Agricultural Bank's Role and Achievements - Agricultural Bank's Shenzhen branch has served 12,000 technology innovation enterprises, with a loan scale exceeding 110 billion yuan, and an increase of over 30 billion yuan in the first half of the year [3][4]. - The bank is committed to enhancing its technology financial services and has established a comprehensive product system to meet the diverse financing needs of technology enterprises [7][9]. Group 3: Industry Support and Future Plans - The fund will focus on key industries such as semiconductors, artificial intelligence, and new energy, with over 30 reserve projects identified [4]. - In 2024, the bank plans to leverage the updated "20+8" industry cluster strategy to enhance its support for industrial upgrades and the establishment of the fund [4]. Group 4: Collaborative Ecosystem - The Agricultural Bank's Shenzhen branch has formed a "融智联盟" (Rongzhi Alliance) with over 80 institutions to promote the integration of innovation, industry, finance, and talent [8]. - This alliance aims to provide comprehensive services from equity financing to IPOs, enhancing the overall ecosystem for technology enterprises [8]. Group 5: Service Quality Enhancement - The bank has implemented a "six-special" mechanism to improve the quality of financial services for technology innovation, with a coverage rate of 80% among key technology enterprises in Shenzhen [9]. - The establishment of specialized technology financial departments in key branches aims to deepen the bank's engagement with technology enterprises and enhance service efficiency [9].

Group 1 - The core viewpoint emphasizes the importance of venture capital (VC) and private equity (PE) in supporting the development of new productive forces in China, with a focus on "early investment, small investment, long-term investment, and hard technology" [1][2] - The VC/PE industry has become a significant part of the asset management sector, with an average annual new investment principal of 1.2 trillion yuan from 2021 to 2023, accounting for 3% to 4% of the new social financing scale during the same period [1] - The establishment of the National Venture Capital Guidance Fund aims to attract nearly 1 trillion yuan in local and social capital, addressing the funding shortages faced by innovative enterprises [2] Group 2 - There has been an increase in the efficiency of institutional actions, with several mother funds significantly shortening the time from establishment to investment [3] - The investment landscape shows a clear trend towards early-stage investments, with A-round and early-stage financing transactions accounting for 61.8% of the total number of transactions [3][4] - Small-scale investments are becoming mainstream, with transactions under 100 million yuan making up 67.1% of the total, indicating a shift towards smaller early-stage projects [4] Group 3 - The VC/PE industry is experiencing a return of confidence, with positive market changes and stable policies driving optimism among investors for opportunities in 2025 [4] - The government's support for the tech market and enterprises is evident through various policies, including the establishment of the National Venture Capital Guidance Fund and the issuance of technology innovation bonds [5]