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].

Core Viewpoint - 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 [2][3]. Fund Structure and Operation - The National Venture Capital Guidance Fund was established on July 21, 2025, with a registered capital of 10 billion RMB, operating under a three-tier structure: guidance fund company, regional funds, and sub-funds [3]. - The fund has 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, with the Beijing-Tianjin-Hebei fund having a registered scale of 29.646 billion RMB [3][4]. Investment Focus - The fund will prioritize investments in cutting-edge fields such as artificial intelligence, quantum technology, hydrogen energy storage, and other areas highlighted in government work reports [7]. - The first batch of signed funds and projects includes 49 funds and 27 direct investment projects, featuring notable names like Yizhuang Chip Innovation and Turing Quantum [7]. Market Positioning and Strategy - The National Venture Capital Guidance Fund aims to operate as a market-oriented fund, with the government not directly involved in daily management and avoiding regional investment requirements [8]. - The fund will collaborate with existing government investment funds and market-oriented funds to avoid overlapping investments and focus on addressing the long-term capital shortage in the venture capital industry [8]. Industry Context - The venture capital market has seen phenomena such as rushes to popular sectors and impatience for quick returns, highlighting the need for state-owned capital to play a role in long-term, patient investments in hard technology [9]. - The establishment of this "aircraft carrier" level national guidance fund marks a significant elevation of the venture capital industry in China [9].

中国青年报客户端北京12月26日电（中青报·中青网记者 朱彩云）今天，国家创业投资引导基金在京正 式启动。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。 在国家发展改革委当天召开的专题新闻发布会上，国家发展改革委创新和高技术发展司司长白京羽介 绍，在募资环节，引导基金开创性设立"基金公司-区域基金-子基金"3层架构，有效发挥了中央资金"四 两拨千斤"的杠杆效应，逐级吸引社会资本，实现万亿元的市场"造血"。 日，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有关工作。中青报·中青网记者 朱彩云/摄 对于国家创业投资引导基金的定位，白京羽用"四个坚持"概括，即做早期基金，坚持做耐心资金，坚持 做市场化基金，做标杆基金。 在做标杆基金方面，他介绍，引导基金将与已设立的各类政府投资基金、市场化基金错位发展，不搞重 复投资、不与市场争利，重在解决创投行业长期资本（20年存续期）短缺的问题；同时，积极推动创投 行业改革创新，通过搭建综合性服务平台，打造理念创新、机制灵活、政策务实的"试验田"，更好引领 创投行业高质量发展。 早在今年全国两会期间，国家发展改革委主任郑栅洁透露，国家正在推动设立"航母 ...

12月26日，国家发展改革委、财政部发起设立的国家创业投资引导基金（简称"引导基金"）启动仪式在 北京举行。引导基金开创性设立"基金公司—区域基金—子基金"3层架构。其中，国家层面由财政出资 1000亿元，在区域基金、子基金层面积极鼓励社会资本参与。 《证券日报》记者获悉，12月22日，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已完成工商注册。在启动仪式现场，三只区域基金与首批49个子基金以及27个项目 代表正式签约，项目涵盖集成电路、量子科技、生物医药、脑机接口、航空航天等重点领域。 随后，在国家发展改革委举行的专题新闻发布会上，国家发展改革委创新驱动发展中心主任、国家创业 投资引导基金有限公司董事长霍福鹏称，首批三只区域基金已具备投入运作的条件，预计近期可完成一 批重点子基金和直投项目投资。未来，三只区域基金总规模均将超过500亿元。 另据霍福鹏透露，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。 面对近年来创业投资市场在募资、退出等环节上出现的一些难点、堵点，国家创业投资引导基金的设 立，是发展创业投资、提振市场预期的重要布局。 ...

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, aiming to stimulate investment in early-stage innovative enterprises and leverage social capital to support technological innovation [1][5]. Group 1: Fund Structure and Investment Strategy - The Guidance Fund employs a three-tier structure: fund companies, regional funds, and sub-funds, with a total government investment of 100 billion yuan, expected to attract over a trillion yuan in social capital [1][6]. - The fund focuses on "early-stage" investments, targeting high-growth seed, startup, and early to mid-stage innovative small and micro enterprises, with at least 70% of investments directed towards these categories [2][7]. - Investment in small enterprises is capped at a valuation of 500 million yuan, ensuring that funds reach the "front end" and "end" of various industries [2][6]. Group 2: Investment Focus Areas - The fund prioritizes hard technology sectors, including integrated circuits, quantum technology, biomedicine, brain-computer interfaces, and aerospace, with several new enterprises already identified for investment [3][6]. Group 3: Long-term Investment Horizon - The Guidance Fund has a 20-year lifespan, consisting of a 10-year investment period and a 10-year exit period, allowing for sustained capital support for enterprises [4][6]. - The fund aims to establish a diversified exit system to address the challenges of limited exit channels in the venture capital market [4][6]. Group 4: Market Impact and Confidence - Since the announcement of the fund's establishment, the venture capital market has shown signs of recovery, with a year-on-year increase of 8% in fundraising and 9% in investment amounts in the first three quarters [5][6]. - The fund's innovative structure is expected to effectively leverage central government funds to attract social capital, enhancing market vitality [6][7].

12月26日，国家发展改革委创新驱动发展中心主任、国家创业投资引导基金有限公司董事长霍福鹏表 示，目前，国家创业投资引导基金已完成工商注册和管理制度建设。 (责任编辑：朱赫) 在国家发展改革委当日举行的专题新闻发布会上，霍福鹏表示，国家创业投资引导基金设置"基金公司 —区域基金—子基金"3层架构。其中，区域基金是落实国家战略意图的重要载体，是实现国家资金放 大、开展投资业务的功能主体，也是推动基金承上启下运转、保障平稳高效运行的关键环节。 据介绍，12月22日，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，未来3只区域基金总规模均将超过500亿元。12月26日，3只区域基金已与49只 子基金和27个直投项目签订投资意向，管理团队已经与各只基金和项目充分沟通，预计近期可完成一批 重点子基金和直投项目投资。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。 ...

在国家层面由财政出资1000亿元，在区域基金、子基金层面积极鼓励社会资本参与。 12月26日，国家创业投资引导基金正式启动运行。这是发展创业投资、壮大耐心资本的重要举措，引导金融资本投早、投小、投长期、投硬科技。 国家创业投资引导基金采用引导基金公司、区域基金、子基金三重结构，目前已加快推进京津冀、长三角、粤港澳大湾区三只区域基金组建，已全部签署投 资协议，完成了工商注册，并形成了首批已签约的49只子基金和27个投资项目。 国家发展改革委创新和高技术发展司司长白京羽表示，3只区域基金达成了一批投资意向，涵盖了集成电路、量子科技、生物医药、脑机接口、航空航天等 重点领域，体现了引导基金支持"硬科技"的决心和力度。 设置20年存续期 白京羽表示，科创企业成长壮大是一场旷日持久的"马拉松"，需要资本的耐心陪伴。引导基金设置20年存续期，其中10年投资期、10年退出期，这样通过更 长久的投资期限，为企业提供长周期的资金供给；又通过更宽松的退出时限，为企业提供更多的发展空间，用耐心资本陪伴企业"长跑"，培育千行百业 的"小巨人"和"独角兽"。 财政出资1000亿 根据国务院批复方案，国家创业投资引导基金使用超长期特别国 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：国是直通车 原标题："国家队"出手了，万亿资金规模！ 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、粤 港澳大湾区创业投资引导基金三只区域基金设立运行。 当日，国家发改委召开专题新闻发布会介绍有关情况。 定位是什么？ 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。 三是市场化基金，政府层面不直接参与日常运作管理，不设地域返投要求；市场层面通过竞争择优，选 出若干家具有丰富投资经验和运营能力的管理机构，负责基金"募投管退"全过程，提高资金使用效率。 四是标杆基金，引导基金将与已设立的各类政府投资基金、市场化基金错位发展，不搞重复投资、不与 市场争利，重在解决创投行业长期资本（20年存续期）短缺的问题。 国家发改委创新和高技术发展司司长白京羽表示，引导基金有四大定位。 一是早期基金，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。 二是耐心基金，引导基金设置20年存续期，其中10 ...

Core Insights - The National Venture Capital Guidance Fund was launched on December 26, with three regional funds registered, each exceeding a scale of 50 billion [2] Group 1: Fund Details - The three regional funds are located in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macau Greater Bay Area [2] - The funds are designed to be early-stage, patient, clean, and benchmark funds [2] Group 2: Investment Projects - The first batch plans to sign contracts with 49 funds and 27 direct investment projects [2] - Signed funds include Yizhuang Xinchuan, Waterwood Venture Capital, Innovation Works, Lenovo Star, Cornerstone Capital, and Inno Angel [2] - The signed projects include Accelerated Evolution, Turing Quantum, and Chip Screen Semiconductor [2]

12月26日，国家创业投资引导基金启动仪式在北京举行。中国证券报记者了解到，国家创业投资引导基 金以及3只区域基金完成工商注册，3只区域基金已与首批49个子基金以及27个项目代表正式签约。 在同日举行的国家发展改革委专题发布会上，国家发展改革委创新和高技术发展司司长白京羽介绍，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。 坚持投早、投小、投长期、投硬科技 在投资环节，国家创业投资引导基金坚持投早、投小、投长期、投硬科技导向，引导带动创投市场发 展。 白京羽介绍，针对当前创投市场"热门赛道一哄而上、挑肥拣瘦、急于求成"等现象，引导基金一是坚 持"投早"，以种子期、初创期企业为主要投资对象，对这类企业的投资规模将不低于基金总规模的 70%。 设置三层架构 国家创业投资引导基金开创性设立"基金公司-区域基金-子基金"三层架构。 财政部经济建设司司长郭方明介绍，国家创业投资引导基金使用超长期特别国债资金出资，在国家层面 由财政出资1000亿元，在区域基金 ...