新规破解科创投资痛点——《关于 加强政府投资基金布局规划和投向 指导的工作办法》与《政府投资基 金投向评价管理办法》解读 联合资信 研究中心 |张 驰 2026 年 1 月，国家发改委等多部门联合发布两项政府投资基金新规，引导 基金回归 "投早、投小、投长期、投硬科技" 定位。此举将为早期科创 企业破解融资困，此举将为早期科创企业破解融资困境、提升经营自主性、 强化全链条资源赋能提供制度保障。 www.lhratings.com 研究报告 1 2026 年 1 月 12 日，国家发改委会同财政部、科技部、工信部联合发布《关于加 强政府投资基金布局规划和投向指导的工作办法》（以下简称《工作办法》），国家发 改委同步发布《政府投资基金投向评价管理办法》（以下简称《管理办法》）。此次新 规首次在国家层面对政府投资基金的布局和投向作出系统规范，是落实《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）的关键配 套举措。《工作办法》和《管理办法》的发布，标志着我国政府投资基金支持科技创 新的模式升级，有利于破解长期困扰我国科创投资市场的结构性难题，为真正有潜力 的"硬科技"企业提供更广 ...

Core Viewpoint - The government investment fund industry is entering a new phase characterized by "standardized development and quality improvement," addressing issues such as unclear positioning and homogeneous competition that have arisen since its inception around 2010 [1][2]. Summary by Sections New Regulations and Framework - The newly released "Work Method" provides a systematic framework for the layout and investment direction of government investment funds, enhancing clarity for local funds while raising the bar for professional capabilities and execution precision [2][4]. - The "Work Method" emphasizes three key areas: defining investment targets aligned with national strategies, standardizing investment approaches focusing on early, small, long-term, and hard technology investments, and establishing a comprehensive evaluation system for fund operations [4]. Local Responses and Adjustments - Local government investment fund managers, like those in Jiangsu and Jiangxi, are rapidly adapting to the new regulations, with a noticeable acceleration in the layout of Secondary Funds (S Funds) aimed at revitalizing existing fund assets [5]. - Companies in the technology innovation sector are encouraged by the new focus on early-stage investments, indicating a more patient and supportive government approach towards genuine innovation [6]. Challenges and Tensions - The new regulations highlight the ongoing tension between policy objectives and market-oriented operations, necessitating a balance between guiding investments and achieving financial returns [9][10]. - Local governments face challenges in aligning traditional KPI-driven approaches with the new emphasis on long-term cultivation and localized strategies, which may require a cultural shift in investment practices [10][11]. Strategic Repositioning - The new regulations prompt local government investment funds to rethink their roles within a national framework, focusing on differentiated development paths that leverage local strengths [15]. - The shift from merely attracting investments to empowering local industries is emphasized, with funds encouraged to align their strategies with regional industrial foundations [15][16]. Evaluation and Feedback Mechanisms - The establishment of a planning-evaluation feedback loop is seen as a critical step towards refined governance in the industry, allowing for continuous optimization of fund layouts and investment directions based on evaluation results [16]. - Innovative practices in data assetization across various cities exemplify the effective exploration of new models that align with the regulations' goals of integrating technological and industrial innovation [16]. Conclusion - The introduction of new regulations marks a pivotal transition for local government investment funds, challenging them to navigate complex market and policy landscapes while fostering industrial growth and innovation [17].