"四个坚持"勾勒引导基金基本框架 白京羽首先介绍了引导基金"四个坚持"的基本定位：坚持做早期基金、坚持做耐心基金、坚持做市场化 基金和坚持做标杆基金。 一方面，当前一批科技型企业仍处于种子期和初创阶段，社会资本普遍关注，但在参与时持审慎态度。 针对这一问题，引导基金将种子期、初创期、早中期企业作为投资重点，支持企业聚焦前沿领域开展原 创性、颠覆性的技术攻关，为企业搭建成果转化的平台和桥梁，促成资本与创新的"双向奔赴"。 12月26日上午，国家发展改革委召开专题新闻发布会，介绍国家创业投资引导基金（以下简称"引导基 金"）有关工作。 同期举办的启动仪式上，3只区域基金与49只子基金和27个直投项目签订投资意向。按照规划，未来， 引导基金将推动在三个区域设立超过600只子基金，服务新兴产业和未来产业发展。 在制度设计上，引导基金更加突出长期性和市场化导向。国家发展改革委创新和高技术发展司司长白京 羽表示，引导基金发挥中央资金引领带动作用，广泛吸引地方政府、中央企业、金融机构、民间资本等 多方参与，形成万亿资金规模，通过投基金、投企业、投项目，加大对战略性新兴产业和未来产业支持 力度，加快培育和发展新质生产力。 " ...

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, aiming to attract a wide range of participants to form a fund scale of trillions of yuan, with a focus on early-stage investments and hard technology sectors [1][5]. Group 1: Fund Structure and Operation - The fund adopts a three-tier structure: "Fund Company - Regional Fund - Sub-fund," which is described as a "mother fund of mother funds" [6][8]. - The National Venture Capital Guidance Fund will operate under a company system, with a 20-year duration, allowing for a more patient investment approach [7][5]. - Sub-funds will operate under a market-oriented model, with an average scale not exceeding 1 billion yuan, and at least 70% of investments directed towards seed and early-stage enterprises [9][10]. Group 2: Investment Strategy - The fund emphasizes a "four investment" approach: investing early, investing small, investing long-term, and investing in hard technology [3][4]. - At least 70% of the fund's capital will be allocated to seed and early-stage companies, with individual investments capped at 50 million yuan for companies valued below 500 million yuan [4][5]. - The fund will have a 20-year lifespan, breaking away from the traditional 7-10 year investment cycle, which is particularly beneficial for long-cycle sectors like innovative pharmaceuticals [5]. Group 3: Regional Funds - Three regional funds have been established: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area, each with a target scale exceeding 50 billion yuan [1][16]. - The Beijing-Tianjin-Hebei fund will be managed by China Investment Corporation's subsidiary, focusing on mobilizing central financial enterprises [13][14]. - The Yangtze River Delta fund will be managed by State Development Investment Corporation, aiming to gather various social capital to empower regional tech enterprises [14][15]. - The Guangdong-Hong Kong-Macao Greater Bay Area fund will be managed by Shenzhen Capital Group, encouraging diverse market participants to engage [15]. Group 4: Investment Focus - The funds will target key sectors such as integrated circuits, quantum technology, biomedicine, brain-computer interfaces, and aerospace [17]. - The investment strategy aligns with national planning documents, focusing on strategic emerging industries and future industries [5][12].

【导读】国家创业投资引导基金正式启动运行 来源：中国基金报 记者 张舟 重磅利好来了！ 今天，国家创业投资引导基金正式启动运行。 1．财政部相关负责人表示，国家创业投资引导基金预计形成万亿资金规模。 引导基金发挥中央资金引领带动作用，广泛吸引地方政府、中央企业、金融机构、民间资本等多方参 与，形成万亿资金规模，通过投基金、投企业、投项目，加大对战略性新兴产业和未来产业支持力度， 加快培育和发展新质生产力。 2．目前京津冀创业投资引导基金、长三角创业投资引导基金、粤港澳大湾区创业投资引导基金均已完 成工商注册，3只区域基金与首批49个子基金以及27个项目代表正式签约。未来三只区域基金总规模均 将超过500亿元。 3．国家发改委：未来，国家创业投资引导基金将推动在三个区域设立超过600只子基金，服务新兴产业 和未来产业发展。 4．财政部：引导基金将以差异化风控体系培育创新生态。 财政部经济建设司司长郭方明表示，在落实国家战略的侧重点方面，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。 12月26日，国家创业投资引导基金正式启动。京津冀创业投资引导基金、长三角创业投资引导基金、 ...

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, establishing three regional funds to support emerging industries and future industry development, leveraging fiscal funds for policy effectiveness [1][4]. Fund Structure and Operation - The National Venture Capital Guidance Fund employs a three-tier structure: "Fund Company - Regional Fund - Sub-Fund," effectively utilizing central funds to attract social capital and achieve a market scale of one trillion yuan [2]. - The fund focuses on early-stage investments, targeting seed and startup companies, with at least 70% of investments directed towards these stages [2][3]. - Investment limits are set for small enterprises, with valuations below 500 million yuan and individual investments capped at 50 million yuan [2]. - The fund has a 20-year lifespan, allowing for long-term investments in sectors with extended return cycles, such as innovative pharmaceuticals [2][3]. Investment Focus - The fund emphasizes "hard technology," targeting strategic emerging industries and supporting key technology projects in fields like integrated circuits, quantum technology, and aerospace [3]. - A management system is established to monitor and evaluate investments, focusing on overall effectiveness rather than individual project outcomes [3]. Fiscal Policy Effectiveness - The fund is backed by 100 billion yuan from the central government, utilizing long-term special treasury bonds to maximize fiscal policy effectiveness [4]. - The fund aims to support "hard technology" projects and early-stage innovative enterprises, acting as an angel investor to mitigate market funding shortages [5]. Support for Emerging Industries - The fund seeks to inject financial resources into emerging and future industries, focusing on sectors like artificial intelligence and low-altitude economy [6]. - It plans to create a comprehensive service platform to provide governance, strategic planning, and human resources support to invested companies [6]. Strategic Alignment - The fund aims to complement other government guidance funds by focusing on early-stage innovation financing and avoiding overlap with funds that target later-stage development [7]. - It will build a differentiated risk control system to foster a sustainable innovation ecosystem [7]. Regional Fund Progress - The three regional funds have completed registration and are set to exceed 50 billion yuan each, with significant investment intentions already established [8][9]. - The funds are managed by different teams, with specific focuses on leveraging local strengths and attracting diverse capital participation [9].

12月26日上午10时许，一行人面带笑容从国家发改委的中配楼走出，原来，他们刚刚参加了国家创业投 资引导基金启动仪式，并完成了一批项目签约。 启动仪式结束后，国家发改委随即召开新闻发布会，介绍国家创业投资引导基金（以下简称引导基金） 的有关情况。 今年3月，国家发改委主任郑栅洁在全国两会经济主题记者会现场曾释放组建国家创业投资引导基金的 消息，以此来引导金融资本投早、投小、投长期、投硬科技。目前引导基金已完成工商注册和管理制度 建设，中央财政出资1000亿元。同时，引导基金在京津冀、长三角、粤港澳大湾区发起3只区域基金，3 只区域基金在启动仪式上与首批49个子基金以及27个项目代表正式签约。 国家发展改革委创新和高技术发展司司长白京羽在发布会上表示，引导基金发挥中央资金引领带动作 用，广泛吸引地方政府、中央企业、金融机构、民间资本等多方参与，形成万亿资金规模，通过投基 金、投企业、投项目，加大对战略性新兴产业和未来产业支持力度，加快培育和发展新质生产力。 引导基金解决什么问题？帮助科创企业渡过"死亡之谷" 社会公众比较好奇，为什么要设立引导基金，这还要从全球科技革命加速演进和我国的战略布局谈起。 在第20届中 ...

Core Insights - The National Venture Capital Guidance Fund has officially launched, aiming to focus on hard technology and expected to leverage trillions of social capital over its 20-year lifespan [1][2][3] - The fund structure includes a guiding fund company, regional funds, and sub-funds, with a registered capital of 10 billion RMB [2][3] Group 1: Fund Structure and Operations - The National Venture Capital Guidance Fund operates under a company structure with a 20-year duration, consisting of a 10-year investment period and a 10-year exit period, which is longer than typical equity investment funds [3] - Regional funds have been established in Beijing, Shanghai, and Shenzhen, utilizing a model of 80% sub-funds and 20% direct investment [4][7] - The Beijing-Tianjin-Hebei fund has a registered scale of 29.646 billion RMB, while the Yangtze River Delta fund is set at 47.1 billion RMB, and the Guangdong-Hong Kong-Macau Greater Bay Area fund targets 50.45 billion RMB [4][7] Group 2: Investment Focus and Strategy - The National Venture Capital Guidance Fund will prioritize investments in cutting-edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage, among others [8] - The fund mandates that at least 70% of sub-fund investments must target seed and early-stage enterprises, with individual investments capped at 50 million RMB and valuations not exceeding 500 million RMB [8] - The first batch of signed funds includes 49 funds and 27 direct investment projects, featuring notable names such as Yizhuang Xinchuan and Hong Kong X [8] Group 3: Market Position and Future Implications - The fund aims to operate as a market-oriented entity, avoiding direct government management in daily operations and focusing on efficiency in capital usage [9] - The fund's establishment reflects a significant shift in the venture capital landscape, with state-owned capital becoming a crucial support for the industry [10][11] - The fund's long-term capital approach is expected to address the chronic shortage of capital in the venture capital sector, promoting sustainable growth in hard technology investments [9][10]

人民财讯12月26日电，企查查APP显示，近日，杭州国岭源起创业投资合伙企业(有限合伙)成立，出资 额10亿元，经营范围包含：创业投资(限投资未上市企业)；股权投资。企查查股权穿透显示，该企业由 杭氧股份（002430）、杭州热电（605011）等共同出资。 ...

国家发展改革委：引导基金设置20年存续期 为企业提供长周期资金供给 央视网消息：12月26日，国家创业投资引导基金启动仪式在北京举行。目前，引导基金已经出资成立三只区域基金，并且签署一批投资项 目，推动创业投资高质量发展、培育壮大发展新质生产力。 国家创业投资引导基金由国家发展改革委、财政部推动设立，发挥中央资金引领带动作用，吸引社会资本共同参与。目前，引导基金已出 资成立"京津冀创业投资引导基金""长三角创业投资引导基金""粤港澳大湾区创业投资引导基金"3只区域基金。3只区域基金已在集成电路、量 子科技、生物医药、脑机接口、航空航天等领域签署一批意向子基金和直投项目。 国家创业投资引导基金启动后，下一步投资的重点方向在哪里？在创投领域带动的规模有多大？来看国家发展改革委相关负责人的权威解 读。 国家创业投资引导基金董事长 霍福鹏：在资金规模方面已经落实首批三只（区域）基金出资方案，（未来）每只（基金）将具备500亿 （元）以上规模，出资人和出资额分批到位。目前三只区域基金全部签署了合伙协议，完成了工商注册，并形成了首批拟签约的49只子基金和 27个直投项目。近期可以完成一批重点子基金和直投项目的投资。 国家 ...

Core Viewpoint - The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guiding Fund has been established with a target size of 50.45 billion yuan, aiming to support early-stage technology enterprises and promote technological innovation [1] Group 1: Fund Overview - The fund has a maximum duration of 20 years and is managed by Shenzhen Capital Group, with joint general partners being Shenzhen Capital and China Resources Capital [1] - The fund's investment strategy focuses on "early, small, long-term, and hard technology" through a dual approach of "sub-funds + direct investment" [1] Group 2: Investment Focus - The fund primarily targets seed and early-stage technology companies in strategic emerging industries and future industries [1] - It aims to support original and disruptive technological innovations and key core technology breakthroughs, facilitating the transformation of major scientific and technological achievements into productive forces [1] Group 3: Strategic Role - Shenzhen Capital Group emphasizes the role of Shenzhen as a "bridgehead" for reform and opening up, encouraging diverse market participants to engage [1] - The fund aims to leverage professional and market-oriented fund management advantages to cultivate new productive forces tailored to local conditions [1]

Core Viewpoint - The National Development and Reform Commission announced the establishment of three regional venture capital guiding funds, each with a total scale exceeding 50 billion yuan, aimed at promoting innovation and supporting emerging industries in China [1][2]. Group 1: Fund Structure and Management - The national venture capital guiding fund is structured in a "fund company - regional fund - sub-fund" three-tier architecture [1]. - The Beijing-Tianjin-Hebei venture capital guiding fund will be managed by China Investment Corporation's subsidiary, China International Capital Corporation [1]. - The Yangtze River Delta venture capital guiding fund will be managed by the National Investment Group's subsidiary, Guotou Chuanghe [1]. - The Guangdong-Hong Kong-Macau Greater Bay Area venture capital guiding fund will be managed by Shenzhen Capital Group [1]. Group 2: Regional Fund Objectives - The Beijing-Tianjin-Hebei fund aims to mobilize central financial enterprises and enhance the role of banks, insurance, and securities in supporting technological finance [1]. - The Yangtze River Delta fund is expected to act as a driving force for high-quality development, gathering various social capital to empower regional sci-tech enterprises [1]. - The Greater Bay Area fund will leverage Shenzhen's role as a reform and opening-up hub, encouraging diverse market participants to engage [1]. Group 3: Investment Plans - The first three regional funds are ready to commence operations, having signed investment intentions with 49 sub-funds and 27 direct investment projects [2]. - The guiding fund aims to establish over 600 sub-funds across the three regions to support the development of emerging and future industries [2].