12月29日，省长赵刚主持召开省政府第四十五次常务会议，研究政府投资引导基金管理等工作。 会议强调，要进一步规范政府投资引导基金运作管理，突出政府引导和政策性定位，聚焦募、投、 管、退等关键环节，坚持市场化、法治化、专业化运作，提升基金市场竞争力，更好服务国家战略和全 省发展大局。要明确定位，在遵循行业发展规律前提下，坚持当好长期资本、耐心资本，围绕陕西创新 发展、现代化产业体系建设重点领域和薄弱环节精准投资，吸引带动更多社会资本参与，更好支持推动 科技创新、相关产业链群建设和新质生产力发展。要严格管理，加强全省政府投资基金统筹管理，做好 基金布局规划，优化设立程序要求，建立健全投资决策和风险约束机制，严格从业人员监管，确保依法 依规进行管理和投资运作。要完善机制，加强基金投后管理，优化完善风险预警、绩效评价和退出等机 制，促进投资良性循环。 会议还研究了其他事项。（记者：孙鹏） ...

投资界11月13日消息，据亦庄国投消息，按照《北京经济技术开发区政府投资引导基金管理办法》规定，北京经济技术开发区政府投资引导基金 （有限合伙）拟参与投资惠每人民币二期成长基金有限合伙（暂定名，以工商注册名称为准）。 来源：亦庄国投 北京经济技术开发区政府投资引导基金（有限合伙）是由北京经济技术开发区管委会出资设立的股权投资基金，为政府出资设立的母基金，由北京 亦庄国际产业投资管理有限公司（以下简称"亦庄产投"）作为基金管理人按市场化方式运营。引导基金旨在放大政府财政资金杠杆作用，以风投思 维培育创业创新，投早、投小、投创新、投科技，引导社会资本投向符合经开区产业布局和战略定位的领域，促进产业发展和成熟。 ...

多地重视发挥政府投资引导基金的撬动作用，发力科技金融。江苏将"发挥省战略性新兴产业母基金、 江苏社保科创基金投资撬动作用"作为增强战略性新兴产业竞争力的任务之一；山东提出，发挥政府投 资基金引导带动作用；陕西明确省级科技创新母基金的定位，提出把秦创投打造为西部一流的科技金融 综合性服务平台。 基于新兴产业、未来产业回报周期长、投资风险较大的特性，部分地方也在探索完善风险分担机制。黑 龙江提出，将建立未来产业投入增长和风险分担机制。 "政府投资引导基金主导发力，是服务国家战略的必然选择，而市场化机制的深度嵌入是其可持续性的 重要保障。"中国人民大学重阳金融研究院研究员刘英表示，只有构建国家战略引领、市场运作长周期 激励、风险可承受的股权投资基金生态，才能发挥耐心资本效能，支持未来产业发展。 此外，多地还提出健全金融服务机制，为科技企业"扶上马，送一程"。比如，四川提出，完善科技金融 服务体系。河南提出，健全同科技创新相适应的"政银担保投"联动机制。山东提出，健全科融信综合服 务机制。 截至12月16日，全国已有多个省（自治区、直辖市）发布当地"十五五"规划建议。科技金融、助推优质 企业上市、发展绿色金融等成为" ...

21世纪经济报道记者 曹媛 深圳报道 此外，深圳市龙华产业资本投资有限公司、深圳市宝安区产业投资引导基金有限公司、深圳市龙岗金融投资控股有限公司各自 均认缴出资3亿元，分别占比约1.5872%；深圳市光明科学城产业发展集团有限公司认缴出资2亿元，出资比例约1.0581%。 与这只基金同时成立的，还有上述提及的深圳市国创引投资有限公司，企查查显示，这家公司也是深圳国创引科创基金的执行 事务合伙人。注册资本为100万元，深圳市引导基金投资有限公司是其控股股东，持股比例100%。 "政府引导+市场运作"是深圳市引导基金的最大特点之一，"子基金的日常管理、项目投资、投后管理等工作由专业基金管理机 构按照市场化原则开展，政府部门不以行政手段干预子基金日常管理事务和具体项目投资决策。"深圳市引导基金投资有限公司 董事长、总经理张键，此前接受21世纪经济报道记者采访时表示。 | 合伙人名称 | | 持股比例 | 认缴出资额 | | --- | --- | --- | --- | | 深圳市引导基金投资有限公司 | | 67.7213% | 1280000万元人民币 | | 深圳市汇通金控基金投资有限公司 | | 15.87 ...

Group 1 - The Guangdong Provincial Government is accelerating the construction of a modern industrial system, with a focus on enhancing the service industry and addressing existing shortcomings [2][3] - In the first three quarters of this year, the service industry added value reached 62,270 billion yuan, accounting for 59.1% of GDP, with a growth rate of 4.9%, outpacing GDP growth [2] - The province plans to implement a special plan for the development of modern service industries during the "14th Five-Year Plan" period, emphasizing the improvement of productive and life service sectors [3] Group 2 - The Guangdong government is focusing on the application of artificial intelligence across various industries, with plans to establish a global AI industry cooperation center in the Greater Bay Area [4] - The province aims to create a comprehensive implementation plan for "AI+" and develop specific application plans for different sectors, promoting large-scale applications in industrial, agricultural, and service sectors [4] - A new work mechanism will be established to ensure efficient management and application of AI across industries, fostering a supportive ecosystem for AI learning and usage [4] Group 3 - The Guangdong Provincial Government is working to establish a 100 billion yuan special bond to support the integration of technology and industry, with plans for a multi-tiered government investment fund system [5] - The government aims to attract various social capital to invest in strategic emerging industries and enhance innovation capabilities in early-stage enterprises [5] - The establishment of these funds is expected to have a direct impact on the development of a modern industrial system in the province [5]

Core Viewpoint - The article discusses the recent trend of local governments in China issuing special bonds to inject capital into government investment guidance funds, aiming to enhance funding efficiency and stimulate market liquidity, particularly in the technology innovation sector [4][6][12]. Group 1: Special Bonds and Government Investment Guidance Funds - Multiple regions, including Guangdong, Sichuan, and Shanghai, are set to issue a total of 200 billion yuan in special bonds, with Shenzhen recently issuing 65.2 billion yuan, primarily directed towards government investment guidance funds [5][6]. - The total scale of special bonds directed towards government investment guidance funds has exceeded 800 billion yuan, indicating a significant shift in funding strategy [5][6]. - The issuance period for these special bonds ranges from 10 to 30 years, with a focus on technology innovation as the primary investment area [5][6]. Group 2: Policy Changes and Implications - The policy shift allowing special bonds to be used for government investment guidance funds marks a significant change from previous regulations that prohibited such practices due to risk management concerns [10][11]. - The change is seen as a response to diminishing returns from traditional infrastructure investments and aims to transition fiscal policy from merely "supplementing projects" to "nurturing industries" [12][11]. - The government investment guidance funds are designed to leverage public funds to attract more social capital into strategic sectors, enhancing the efficiency of fund utilization and promoting industrial upgrades and technological innovation [13][12]. Group 3: Focus on Technology and Innovation - Local governments are increasingly directing special bonds towards technology innovation, with specific allocations for sectors such as artificial intelligence, aerospace, and biomedicine [15][18]. - The investment focus has shifted from broad areas to more specialized fields, aligning with China's transition from factor-driven to innovation-driven economic growth [15][16]. - The government investment guidance funds are expected to play a crucial role in addressing early-stage investment gaps in technology and innovation, thereby fostering the development of internationally competitive enterprises [16][19]. Group 4: Regional Strategies and Outcomes - Different regions are adopting tailored strategies based on their unique resources and development stages, with cities like Beijing and Shanghai focusing on advanced research and development capabilities [17][19]. - Shenzhen has established a robust government guidance fund system, with over 150 billion yuan in public funding attracting nearly 500 billion yuan in social capital, demonstrating a significant multiplier effect [18][17]. - The article emphasizes the need for a market-oriented approach and professional participation to enhance risk management and ensure effective use of fiscal resources in government investment guidance funds [19].

根据2019年的中办、国办发布的《关于做好地方政府专项债券发行及项目配套融资工作的通知》，地方 政府不得将专项债券作为政府投资基金、产业投资基金等各类股权基金的资金来源。不过，在2024年底 国务院办公厅发布的《关于优化完善地方政府专项债券管理机制的意见》中，专项债券可投向的领域得 到了扩大，未纳入"负面清单"的项目均可申请专项债券资金，而政府投资基金并不在"负面清单"之中。 今年1月，国务院办公厅进一步发布了《关于促进政府投资基金高质量发展的指导意见》。为防控风 险，该《意见》严禁地方政府通过违法违规举债融资进行出资，不得新增地方政府隐性债务，不得强制 要求国有企业、金融机构出资或垫资。 在此背景下，地方密集发行专项债投向政府投资引导基金。据证券日报整理中国债券信息网各地官方披 露的数据统计，今年以来已有北京、江苏、浙江、安徽等多地发行专项债券投向当地政府投资基金，合 计规模超过500亿元。 政府投资引导基金，本质上是一种由政府出资设立，不以盈利为首要目的，旨在吸引和带动社会资本 （如银行、保险公司、民营企业等）共同投资于特定领域或早期创业企业的政策性基金。 中国债券信息网11月18日披露的文件显示，深圳将 ...

Group 1 - The Hubei Provincial Government Investment Guidance Fund has announced a plan to establish a new fund, the Hubei Chutian Fengming Sci-tech Seed Investment Fund, managed by Changjiang Venture Capital Management Co., Ltd [1] - The initial scale of the Hubei Provincial Government Investment Guidance Fund is set at 20 billion yuan, aimed at leveraging social capital investment in the province [4] - The fund is positioned as a policy-oriented guidance fund to support industrial development, adhering to principles of government guidance, market operation, scientific decision-making, and risk prevention [4] Group 2 - The fund will collaborate with local governments and social capital to establish mother funds or sub-funds for investment operations, utilizing models such as "fund + fund," "fund + industry," and "fund + project" [4] - The government will implement measures such as profit-sharing, error-tolerance mechanisms, and incentive constraints to attract and mobilize more social capital for investment and entrepreneurship in Hubei [4]

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - Shanghai, Jiangsu and other regions are exploring the use of special-purpose bonds to support government investment funds, with a total scale of 36 billion yuan this year, which helps improve the efficiency of special-purpose bond funds and promote the high - quality development of government investment funds [6][7]. - Beijing has repaid part of its special - purpose bonds ahead of schedule for the third time, which helps save interest expenses and smooth the pressure of debt maturity [6][11]. - This week, 18 urban investment enterprises prepaid bond principal and interest, and the issuance of "25 Nanjing Tiejian SCP002" was cancelled [6][13]. - The issuance and net financing of local government bonds increased this week, with rising issuance interest rates and widening spreads. The issuance of new special - purpose bonds accelerated, and the cumulative issuance of special new special - purpose bonds exceeded 900 billion yuan. The issuance of urban investment bonds decreased, and the net financing scale turned negative [6][16]. - In the trading of local government bonds and urban investment bonds, the trading scale of local government bonds decreased, and the trading scale of urban investment bonds increased. Most of the maturity yields of urban investment bonds increased [28][29]. 3. Summary According to the Table of Contents 3.1 News Review - **Special - purpose bonds support government investment funds**: Shanghai, Jiangsu and other regions are exploring the use of special - purpose bonds for government investment funds. The current disclosed scale has reached 36 billion yuan. Policy space has opened up, and government investment funds are not on the "negative list" [6][7][8]. - **Beijing repays special - purpose bonds ahead of schedule**: On August 20, Beijing repaid 145 million yuan of special - purpose bonds ahead of schedule, which is the third time. It helps save interest expenses and smooth the pressure of debt maturity [11]. - **18 urban investment enterprises prepaid bond principal and interest**: This week, 18 urban investment enterprises prepaid the principal and interest of 20 bonds, with a total scale of 4.789 billion yuan, a decrease compared to the previous period [13]. - **Cancellation of the issuance of "25 Nanjing Tiejian SCP002"**: The planned issuance scale was 700 million yuan. As of August 22, 84 urban investment bonds have been postponed or cancelled this year, with a total scale of 51.076 billion yuan [14][15]. 3.2 Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - **Local government bonds**: This week, 110 local government bonds were issued, with a scale increase of 303.74% to 369.15 billion yuan, and the net financing turned positive. The issuance of new special - purpose bonds accelerated. As of August 22, new special - purpose bonds reached 3.076157 trillion yuan, completing 69.91% of the annual quota. The weighted average issuance interest rate rose by 18.20BP to 2.13%, and the spread widened by 2.69BP to 20.23BP [16]. - **Urban investment bonds**: 167 urban investment bonds were issued this week, with a scale decrease of 13.80% to 105.794 billion yuan, and the net financing turned negative. The overall issuance interest rate was 2.34%, rising by 16.16BP, and the spread was 80.64BP, widening by 11.61BP. Seven overseas urban investment bonds were issued, with a total scale of 5.246 billion yuan [20][21]. 3.3 Trading of Local Government Bonds and Urban Investment Enterprise Bonds - **Fund situation**: The central bank conducted 2.077 trillion yuan of reverse repurchase operations in the open market this week, with a net investment of 1.3652 trillion yuan. Short - term capital interest rates mostly rose [28]. - **Credit rating adjustment**: On August 1, Dagong International upgraded the credit rating of Anhui Chuzhou Urban Investment Holding Group Co., Ltd. from AA+ to AAA [28]. - **Credit events and regulatory penalties**: No urban investment credit risk events occurred this week [28]. - **Local government bonds**: The spot trading scale of local government bonds was 34.4287 billion yuan, a decrease of 4.51%. Except for the 1 - year bonds, the maturity yields of other maturities increased [28]. - **Urban investment bonds**: The trading scale of urban investment bonds was 28.955 billion yuan, an increase of 19.38%. Most of the maturity yields increased, with an average increase of 8.01BP. The spreads of 1 - year and 5 - year AA+ urban investment bonds widened, and the spread of 3 - year AA+ urban investment bonds narrowed. There were 15 abnormal transactions of 14 bonds of 13 urban investment entities [29]. 3.4 List of Important Announcements of Urban Investment Enterprises This week, 86 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., including changes in controlling shareholders and actual controllers, equity/asset transfers, cumulative new borrowings, name changes, external guarantees, and changes in business scope [33].

Group 1 - The article emphasizes the acceleration of government bond issuance and utilization as part of a proactive fiscal policy to support economic growth [1][2][6] - As of August 26, 2023, the issuance of ultra-long special government bonds reached 996 billion yuan, with a progress rate of 76.6% [2][6] - Local government special bonds have been issued at a scale of 31,497.6 billion yuan, representing a 40% increase compared to the same period last year [6][7] Group 2 - The plan for 2025 includes issuing 1.3 trillion yuan of ultra-long special government bonds, an increase of 300 billion yuan from 2024, focusing on key areas [2] - The funds from ultra-long special government bonds are expected to support significant investments, including 1 trillion yuan in total investment driven by 188 billion yuan allocated for equipment updates [2][9] - The use of local government special bonds has expanded, with 28.2% allocated to municipal and industrial park infrastructure, 18.8% to transportation infrastructure, and 12.9% to land reserves [7][8] Group 3 - The issuance of local government special bonds is expected to stabilize and improve the real estate market by funding land reserves and the acquisition of existing properties [8][9] - The government is actively expanding the scope of special bond usage, including investments in government investment guidance funds [8][9] - Experts predict that the combined efforts of ultra-long special government bonds and local government special bonds will significantly stimulate investment and support domestic demand [9][10]