关注投资家，⭐，您会收到最新推送 2025年以来，许多新设政府投资基金的存续期限长达15-20年，如北京、上海、江苏、广东等地新设政 府引导基金大多存续期在12年以上，部分达到15-20年。并且，对子基金的存续期也更有耐心：据我们 不完全统计，截至2025年底，2025新设引导基金中已有53%允许子基金存续期在10年以上。 作者 | 母基金研究中心 来源 | 母基金研究中心 2026的春节假期，对股权投资行业而言，带来了不少春意。 2月16日出版的第4期《求是》杂志发表中共中央总书记、国家主席、中央军委主席习近平的重要文章 《当前经济工作的重点任务》。值得关注的是，文章中提到"创新科技金融服务，壮大领军创业投资机 构和科技领军企业。" 这可谓是对创投行业的重要部署，是积极的利好信号。这一表述将"壮大领军创业投资机构"与"科技领 军企业"并列提出，凸显了创投机构在国家战略科技力量布局中的重要作用。 2月17日，中国新闻网发布的文章《习近平：我是一贯支持民营企业的》中提到：去年底的中央经济工 作会议指出，有效激发民间投资活力。"十五五"规划建议提出，"完善民营企业参与重大项目建设长效 机制，发挥政府投资基金引导带 ...

加大科技创新投入，是今年地方预算报告和政府工作报告中的高频词。广东预算报告提出，围绕提升区 域创新体系整体效能，省级安排科技创新战略专项资金100亿元。浙江政府工作报告提到，加大科技创 新投入，力争全口径科技创新投入达到7800亿元，确保各级政府财政性科技资金增幅高于财政经常性收 入增幅。 不少地方针对新兴产业需求进行财政支持的"精准滴灌"。广东预算报告明确，年初安排12.86亿元支持 完善普惠性算力服务，推进燃料电池汽车推广应用、低空经济体系建设等。福建预算报告提出，加快数 智全面赋能，用好数字经济、数字福建等专项资金。 中国人民大学重阳金融研究院研究员刘英认为，地方财政支持科技创新的思路正逐步转向"强引导、重 生态"。在技术开发的前端以财政资金托底技术验证，中端以财政金融工具激励技术孵化，后端以政府 投资基金等耐心资本陪伴企业成长。政府从出资人转变为创新生态构建者，灵活利用市场化工具，推动 企业成为创新主体。 刘英建议，地方政府还可以考虑将信息产业、数字经济、高技术产业的企业数量等指标纳入财政预算绩 效评价体系，构建财政、产业、税收闭环管理机制；同时，可利用创新积分制度，将企业专利数量、研 发人员占比、技 ...

● 本报记者 熊彦莎 近期，广东、福建、山东、海南等地发布了关于2025年预算执行情况和2026年预算草案的报告（下 称"预算报告"）。中国证券报记者梳理多地预算报告和2026年政府工作报告发现，2026年多地锚定重点 领域，明确加大科技创新投入，优化政府投资基金布局，发挥财政资金撬动作用；同时，筑牢民生底 线，让更多财政资金涌向民生领域。 推动企业成为创新主体 加大科技创新投入，是今年地方预算报告和政府工作报告中的高频词。广东预算报告提出，围绕提升区 域创新体系整体效能，省级安排科技创新战略专项资金100亿元。浙江政府工作报告提到，加大科技创 新投入，力争全口径科技创新投入达到7800亿元，确保各级政府财政性科技资金增幅高于财政经常性收 入增幅。 不少地方针对新兴产业需求进行财政支持的"精准滴灌"。广东预算报告明确，年初安排12.86亿元支持 完善普惠性算力服务，推进燃料电池汽车推广应用、低空经济体系建设等。福建预算报告提出，加快数 智全面赋能，用好数字经济、数字福建等专项资金。 政府投资基金作为财政支出方式的重要创新，在撬动社会资本、培育新兴产业等方面发挥着重要作用。 多地在预算报告和政府工作报告中提到， ...

Core Viewpoint - The article emphasizes the need for government investment funds, referred to as "patient capital," to increase support for industry development and technological innovation, addressing challenges such as high investment costs, long cycles, and significant risks [1][2]. Group 1: Government Investment Fund Overview - As of the end of 2024, China has established 2,178 government-guided funds with a total scale exceeding 12 trillion yuan [1]. - Government investment funds differ from market-oriented funds by not solely pursuing financial returns but focusing on supporting major strategies and addressing weak links in the market [1]. Group 2: New Regulations and Their Implications - Recent regulations aim to enhance the quality of government investment funds by providing systematic guidance on planning, management, and evaluation throughout the investment process [2]. - The new rules clarify the focus of government investment funds on supporting major national strategies and key areas, promoting collaboration between central and local governments [2]. Group 3: Challenges and Solutions - The article identifies ongoing challenges such as the difficulty of exiting investments and the need to balance policy goals with market profitability [3]. - It suggests that local governments should tailor their investment strategies based on regional resources and advantages, promoting coordinated development and collaboration between national and local funds [3][4]. Group 4: Investment Strategy and Mechanisms - There is a call for optimizing the evaluation and incentive mechanisms throughout the fund's lifecycle, particularly for early-stage investments, to encourage more proactive investment behavior [4]. - The article advocates for diversified and market-oriented exit channels to enhance the effectiveness of government investment funds [4].

（来源：安徽金融） 为落实党中央、国务院，以及省委、省政府关于财金协同促内需一揽子政策有关要求，省财政厅会同省委金融办梳理了全省财金协同相关政策举措，现分 期、分类发布。 财金协同政策手册 ( 政府投资基金 ) 安徽省财政厅 省委金融办 2026 年 2 月 目 录 CONTENTS | 01 主题母基金群 | | --- | | (1) 新一代信息技术产业基金 | | (2) 新能源汽车和智能网联汽车产业基金 . | | (3) 新材料产业主题投资基金 | | (4) 高端装备制造产业基金 . | | (5) 智能家电家居产业投资基金 | | (6) 人工智能主题投资基金 . | | (7) 新能源和节能环保产业基金 | | (8) 生命健康产业主题投资基金 . | | (9) 绿色食品产业主题投资基金 | | (10) 文化和数字创意产业投资基金 | | 02 功能母基金群 | | (11)"三重一创"产业发展基金（二期） | | (12) 中小企业发展基金（二期） | | 03 天使母基金群 | | （13）种子基金（二期） | | (14) 雏鹰计划专项基金 . | | (15) 新型研发机构专项基金 ...

Core Viewpoint - Guangdong aims to establish two funds as patient, professional, targeted, and benchmark funds to support innovation and investment in key industries [1][2] Group 1: Fund Overview - The first fund is the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund, with a total scale exceeding 50 billion yuan, set to operate by the end of 2025 [1] - The second fund is the Guangdong Strategic Emerging Industries Investment Guidance Fund, initiated by the Guangdong Development and Reform Commission and the Finance Department, with a total scale of 100 billion yuan and an initial registered capital of 50 billion yuan [1] Group 2: Investment Focus - The Guangdong-Hong Kong-Macao Fund has a 20-year lifespan, including a 10-year investment period and a 10-year exit period, focusing on early-stage projects in fields such as integrated circuits, artificial intelligence, and aerospace [1] - The Guidance Fund will primarily invest in the transformation and upgrading of traditional industries, as well as the cultivation of emerging and future industries in Guangdong [1] Group 3: Management and Operational Mechanisms - The management mechanism for the two funds will be optimized, incorporating innovative measures such as differentiated assessments and classified exits to enhance investment enthusiasm and innovation [2] - The Guangdong-Hong Kong-Macao Fund has already signed agreements for 10 sub-funds, while the first 10 billion yuan of the Guidance Fund's registered capital has been paid in [2]

【大河财立方消息】2月10日，安阳市人民政府办公室印发《安阳市政府投资基金管理办法》。 《办法》提到，设立政府投资基金，应由财政部门结合基金设立情况和财政承受能力，合理确定出资规 模、比例和时间安排。年度预算中，未足额保障"三保"、债务还本付息等必保支出的，不得新增资金设 立基金。 新设政府投资基金主要分为产业投资类基金和创业投资类基金。 原则上不在同一行业或领域重复设立政府投资基金，但基金可按市场化原则对同一项目集合发力，持续 支持。落实建设全国统一大市场部署要求，不以招商引资为目的设立政府投资基金。 安阳市政府投资基金管理办法 第一章 总 则 第一条 为构建科学高效的政府投资基金管理体系，促进政府投资基金高质量发展，根据《国务院办公 厅关于促进政府投资基金高质量发展的指导意见》（国办发〔2025〕1号）和《河南省人民政府办公厅 关于促进政府投资基金高质量发展的实施意见》（豫政办〔2025〕44号）等规定，结合我市实际，制定 本办法。 第二条 本办法所称政府投资基金，是指由市县两级政府通过预算安排，以单独出资或与社会资本共同 出资设立，采用股权投资等市场化方式，引导各类社会资本支持相关产业和领域发展及创新创 ...

Core Insights - The article highlights the establishment of various investment funds across different regions in China, focusing on strategic emerging industries and innovation-driven projects. Group 1: Guangdong Province Initiatives - Guangdong Province has launched a strategic emerging industry investment guidance fund with a total scale of 1000 billion yuan, with an initial phase of 500 billion yuan, featuring a unique operational model and a three-tier structure [2] - The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund has a target scale of 504.5 billion yuan and aims to support early-stage technology companies in strategic emerging industries [4] Group 2: Jiangsu Province Developments - Jiangsu's strategic emerging industry mother fund has initiated its fourth batch of specialized funds, totaling 671 billion yuan, including a significant 551 billion yuan for the Yangtze River Delta venture capital guidance fund [5] Group 3: Hubei Province Initiatives - Hubei has established a social security science and technology innovation fund with an initial scale of 200 billion yuan, focusing on key industries such as optoelectronics and automotive manufacturing [7] - A new fund in Hubei aims to support the transformation of traditional industries and the cultivation of emerging industries [7] Group 4: Shanghai and Other Regions - The Jiading District in Shanghai has launched a future industry fund with a total scale of 8 billion yuan, focusing on sectors like intelligent technology and future health [8] - A new investment fund has been established in Yanshan University to facilitate the commercialization of scientific research [9] Group 5: Other Notable Funds - The establishment of a 10 billion yuan venture capital fund by Yuexiu Capital and Guang Paper Group aims to support emerging industries in Guangzhou [10] - A 5 billion yuan talent fund has been set up in Taicang to support projects in information technology and biomedicine [15] - The establishment of the Dongguan-Taiwan Industry Development Investment Fund aims to enhance collaboration between industries in Dongguan and Taiwan [17] Group 6: Innovative Financial Structures - The first S fund restructuring fund in China has been established in Wuxi, with a fundraising scale exceeding 600 million yuan [20] - A new green investment platform has been launched with a target scale of 500 million USD, focusing on environmental technology investments [14] Group 7: Government Investment Funds - The Guangdong Province has created the South Guangdong Green Beauty Ecological Investment Fund with an initial scale of 200.1 million yuan to support ecological construction projects [22] - Chengdu's venture capital guidance fund is set to collaborate with two sub-fund management institutions, with a total scale of 690 million yuan [24]

Core Viewpoint - The article discusses the launch of the Guangdong Province Strategic Emerging Industry Investment Guidance Fund, which has a total scale of 100 billion yuan, with an initial phase of 50 billion yuan, highlighting its innovative structure and operational mechanisms aimed at promoting long-term investment in strategic industries [5][6][7]. Group 1: Fund Structure and Management - The Guidance Fund will operate without a fixed duration, emphasizing a long-term investment approach [7]. - It will establish a three-tier structure: Guidance Fund, Mother Fund, and Sub-Fund, to leverage fiscal funds and attract social capital [7][8]. - The fund aims to support strategic emerging industries and traditional industries undergoing upgrades, aligning with provincial development goals [7][8]. Group 2: Investment Focus and Strategy - The fund encourages early, small, long-term investments in hard technology and supports unicorns and specialized manufacturing champions [8]. - It will primarily focus on establishing industry investment mother funds and support local governments in setting up venture capital mother funds [8]. Group 3: Management Mechanisms - The fund will implement ten management mechanisms, including performance assessment, post-investment management, and a fault-tolerance system to encourage long-term investments [9][10]. - The Guangdong Provincial Financial Department will be the sole shareholder, while the Guangdong Yuecai Fund Management Co., Ltd. will manage the fund's operations [9][10]. Group 4: Context and Implications - This initiative follows a national trend of establishing large-scale government investment funds, reflecting a shift towards more strategic and patient capital investment [11][12]. - The article notes a broader recovery in the primary market, with an increase in new fund registrations and fundraising activities, indicating a positive outlook for venture capital in the coming years [13][14].

Core Viewpoint - The Guangdong Provincial Government has launched a strategic emerging industry investment guidance fund with a total scale of 100 billion yuan, aiming to support key industries and promote economic development through innovative investment mechanisms [1][2][3]. Group 1: Fund Structure and Management - The fund will be established as a long-term investment vehicle without a fixed duration, allowing for continuous capital recycling [3]. - It will adopt a three-tier structure consisting of a parent fund and subsidiary funds, enhancing the leverage effect of fiscal funds and attracting private investment [3][4]. - A comprehensive management mechanism will be implemented, including oversight, performance evaluation, and a fault-tolerance system to encourage long-term investments in hard technology [4][5]. Group 2: Investment Focus and Strategy - The fund will primarily invest in strategic emerging industries, future industries, and the upgrading of traditional industries, aligning with provincial development goals [3][4]. - It encourages investments in early-stage, small-scale, and long-term projects, particularly in unicorns and specialized enterprises [3][4]. - The fund aims to collaborate with leading industry players and venture capital institutions to establish industry-specific ecological funds [3][4]. Group 3: Policy Context and Implications - This initiative reflects a broader trend in government investment funds, moving towards more innovative and flexible structures to adapt to changing economic conditions [6][8]. - Recent national policies have provided clearer guidelines for government investment funds, emphasizing long-term investment strategies and reduced return requirements [7][8]. - The overall investment landscape is showing signs of recovery, with an increase in new fund registrations and investment activities, indicating a positive outlook for the venture capital sector [8][9].