有机构表示："近两年，多地引导基金出资比例持续攀升，部分地区多级联动出资可达60%、70%，甚 至90%以上，将显著缓解GP的募资压力。" 今年来，全国多地引导基金政策出现巨大变化。 作为当下最活跃的一类资金，过往由于决策流程、返投比例、属地化注册限制等要求，引导基金成为 GP募资时的痛点。 而这两年，行业风向正在发生积极变化，多地引导及基金开始探索市场化改革。 超级LP在松绑 近期一级市场暖意涌动。 据FOFWEEKLY统计，6月，机构LP出资活跃度有所回升，今年以来创投市场整体呈波动上升趋势，一 级市场逐渐回暖，持续改善的市场环境激发投资热情。从数据上看，机构LP出资数量有所回升，环比 增长8.15%，同比增幅达41.12%。 而从各类LP出资比例来看，依然政策类最为活跃。根据6月出资的机构LP类型分布，出资占比最高的是 政策型，占比39.05%。 值得关注的是，今年以来，引导基金在出资比例、返投要求及容错机制等维度上，均呈现更明确、更积 极的优化态势，整体在松绑。 出资比例天花板被接连突破。安徽省科技厅发布《天使母基金群高质量运营指引》，允许母基金对单只 子基金出资比例达70%，并取消省市县三级财政联合 ...

Core Viewpoint - The article discusses the significant changes in guiding fund policies across various regions in China, highlighting a shift towards market-oriented reforms that alleviate fundraising pressures for General Partners (GPs) [4][5]. Group 1: Changes in Guiding Fund Policies - There has been a notable increase in the activity of institutional Limited Partners (LPs) in the first market, with a year-to-date rise in investment activity, showing an 8.15% month-on-month increase and a 41.12% year-on-year increase [7]. - Policy-type LPs remain the most active, accounting for 39.05% of contributions in June [8]. - Guiding funds have seen improvements in contribution ratios, with some regions allowing contributions to single sub-funds to reach 70% and even higher [8]. - The risk tolerance mechanisms have been significantly enhanced, with some regions implementing a 100% error tolerance policy [8][9]. Group 2: Long-term Capital and Fund Duration - The duration of funds has been extended, with several mother funds now having a lifespan of 15 to 20 years, addressing the industry's call for "long money" [10]. - The government has emphasized the development of long-term and patient capital, which is crucial for supporting the growth of technology and innovation sectors [10]. Group 3: Decision-Making Process for LPs - The decision-making processes for guiding funds have become less complex, facilitating GP fundraising efforts [12]. - Recent policy drafts indicate a move towards reducing or eliminating return investment ratios, further supporting the venture capital industry [13]. - Local government LPs have also streamlined their decision-making processes, allowing for quicker engagement with GPs [14][15]. Group 4: Market-Oriented Transformation - The article highlights a transformation towards a more market-oriented and professional operation model for state-owned LPs, driven by national strategic guidance and ecosystem adjustments [17]. - The shift from guaranteed funding to a shared risk and optimized process is expected to instill confidence in GPs, enabling them to invest more boldly [17].

文/梧桐小编 3月6日下午，中国证监会主席吴清在在十四届全国人大三次会议经济主题记者会上回答记者提问。吴清指出：证监会始终高度重视支持科技创新，近年来我们以 科创板、创业板等系列改革为契机，深入推进关键制度创新，不断提升资本市场的"科技含量"。2024年，科创板、创业板、北交所新上市公司中高新技术企业占 比均超过9成，目前全市场战略性新兴产业上市公司市值占比已超过4成，先进制造、新能源、新一代信息技术、生物医药等重点领域涌现出一批龙头领军企业， 资本市场服务科技创新、产业创新的质效明显提升。加快健全专门针对科技企业的支持机制。坚持有效市场和有为政府相结合，聚焦科技创新活跃、体现新质生 产力方向的领域， 用好"绿色通道"、未盈利企业上市等制度，稳妥实施科创板第五套上市标准等更具包容性的发行上市制度，更精准支持优质科技企业发行上 市。 大力度培育长期资本、耐心资本。从全球经验看，很多引领性科技企业的崛起，离不开长期耐心的资本投入。只有耐得住"十年磨一剑"的寂寞，才能迎来"一 鸣惊人"的辉煌。 十四届全国人大三次会议于2025年3月6日（星期四）下午3时，在梅地亚中心新闻发布厅举行记者会。国家发展和改革委员会主任郑 ...