以下文章来源于解码LP ，作者杨文静 解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 迈出第一步。 作者/杨文静 报道/投资界-解码LP 投资界-解码LP获悉，粤港澳大湾区创业投资引导基金（简称"粤港澳基金"）正式公开 遴选子基金管理机构。 超级活水开闸了。 作为国家创业投资引导基金在粤港澳大湾区设立的区域母基金，粤港澳基金在2 0 2 6年1 月2 2日落地深圳，不到半月便开启遴选。一股超级活水涌来。 500亿 开启公开遴选 深创投信息显示，粤港澳基金严格遵循国家战略目标和投资要求，按照市场化、专业化 原 则 规 范 运 作 ， 为 有 序 开 展 子 基 金 管 理 机 构 遴 选 工 作 ， 秉 承 " 公 平 公 开 、 优 中 择 优 " 原 则，现面向社会公开遴选子基金管理机构。 具体来看，粤港澳基金 目标规模5 0 4 . 5亿元，存续期最长可达2 0年， 由 深创投 担 任 管 理人，深创投和华润资本共同作为基金普通合伙人。 基金坚持"投早、投小、投长期、投硬科技"，通过"子基金+直投"双轮驱动，主要投向 战略性新兴产业和未来产业领域的种子期、初创期科技企业， 全 力 支 持 ...

又见"允许单个项目出现100%亏损"。我们认为，广州的政策不仅规定了容亏率，更难能可贵 的是容亏不仅有针对单个项目的，也有针对财政资金整体层面的：财政资金整体投资损失80% （含）以内的，对相关人员不予追责。 近日，《广州市科技成果转化"补改投"试点工作办法（试行）》（下称《工作办法》）发布。 值得关注的是，《工作办法》明确规定，鼓励坚持"宽容失败"的原则，不以"补改投"资金损益 作为主管部门和相关人员考核依据或责任认定依据。广州市科技局、市财政局、受托管理机构 等参照"三个区分开来"的原则，对"敢于担当、踏实做事、不谋私利"的相关主管部门和相关人 员予以免责。 在具体比例上，《工作办法》明确规定， 财政 资金遵循投资运作规律，容忍正常投资风险， 不以单个项目或单一年度盈亏作为考 核依据，允许单个项目出现100%亏损。财政资金整体投 资损失80%（含）以内的，对相关人员不予追责 ，在投资损失容忍率以上的，启动免责工作 程序。 在容亏方面，我们关注到，最近， 能容亏100%的地方国资越来越多了： 可见，基金内单个项目最高允许100%亏损，有望成为越来越多地区国资的容亏机制建设的参 考。这可谓是全国"天花板"级别 ...

Group 1 - The National Venture Capital Guidance Fund is a policy fund approved by the State Council, focusing on seed and early-stage innovative enterprises [1] - The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund is a regional mother fund established under the National Venture Capital Guidance Fund [1] - The fund operates under market-oriented and professional principles, adhering to national strategic goals and investment requirements [1] Group 2 - The selection of sub-fund management institutions will be conducted publicly, following the principles of fairness and excellence [1] - Application materials must be submitted both online and offline, with the submitting institution responsible for the legality and authenticity of the materials [1] - The online application portal is provided, along with instructions for submitting physical documents [1][2]

Core Viewpoint - The Shenzhen Innovation Investment Group announced the public solicitation for venture capital sub-funds under the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund, emphasizing a market-oriented and professional operational approach [1] Group 1: Fund Overview - The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund is a regional mother fund established under the National Venture Capital Guidance Fund, with a target scale of 50.45 billion yuan [1] - The fund has a maximum duration of 20 years and is managed by Shenzhen Capital Group, with Shenzhen Capital and China Resources Capital as general partners [1] Group 2: Selection Process - The selection of sub-fund management institutions will be conducted publicly and fairly, adhering to the principle of "fairness, openness, and selecting the best among the best" [1] - The fund aims to focus on seed-stage and early-stage innovative enterprises, aligning with national strategic goals and investment requirements [1]

2026年1月26日，中国证券投资基金业协会（以下简称"中基协"）发布私募基金管理人登记及产品备案月报。 数据显示，截至2025年12月末，存续私募股权、创业投资基金管理人11523家，较一年前有所下降（4.6%）；但私募股权投资基金与创业投资 基金存续规模分别达到11.19万亿元和3.58万亿元，较上年同期均有所增长（2.3%和6.5%）。 在基金管理人数量持续出清的同时，PE/VC基金存续规模呈回暖态势，行业结构性变化还在持续。根据投中嘉川CVSource统计，2025年不同类 型LP出资中，国资类平台仍是市场最主要的出资方，出资占比达41.8%，引导基金LP占比为17.6%；国资从规模扩张转向精准赋能，聚焦硬科 技等战略领域发挥"压舱石"作用。 国资在股权投资领域影响力的延续和PE/VC活跃度的回升，在一定程度上呼应了《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，以下简称"国办1号文"）所强调的政府投资基金定位：聚焦重大战略、重点领域和市场不能充分发挥作用的薄弱环节，吸引带动 更多社会资本，支持现代化产业体系建设，加快培育发展新质生产力。 考核、容错与退出：股权投资运行逻辑的再 ...

Core Viewpoint - Shandong's leading venture capital institutions are exploring investment paths through a comprehensive approach that includes stringent screening, segmented risk control, and deep resource empowerment, ultimately aiming for ecological value realization [1][17]. Investment Strategy and Goals - The Shandong provincial government aims to actively expand effective investment, targeting over 9.8 billion yuan in investments across 2,000 key projects by 2026 [2]. - The "Action Plan for Promoting High-Quality Development of Venture Capital" aims for an annual growth of over 10% in venture capital investment by 2027, with a management scale exceeding 400 billion yuan and over 3,800 existing funds [2]. - The local venture capital ecosystem is rapidly forming, with institutions like Lushin Venture Capital Group and Shandong New Momentum Fund leading the way, having nurtured over 300 specialized and innovative enterprises [2]. Policy and Institutional Innovations - Shandong's financial resources are shifting from "allocation" to "investment," using equity investment to guide social capital into early-stage hard technology investments [3]. - The province has established a "fault tolerance balance" mechanism that emphasizes compliance, differentiated assessment, market-oriented methods, and collaboration with social capital [19][22]. External Interest and Learning - Other regions, including Chongqing and Hainan, are sending delegations to learn from Shandong's model, particularly its approach to early-stage hard technology investments and its unique "national capital leading + full-cycle empowerment + fault tolerance balance" mechanism [4][6]. Investment Mechanisms and Practices - Shandong's venture capital institutions employ a phased investment strategy to manage risks associated with early-stage hard technology companies, with funding tied to specific technological milestones [14]. - The institutions are transitioning from merely providing capital to becoming resource connectors, addressing core pain points in enterprise growth [15]. Exit Strategies and Returns - The primary exit strategy for investments remains through company listings, with over 40 portfolio companies having gone public as of January 2026 [16]. - Shandong is also exploring S funds and merger exits to broaden exit channels, with a focus on creating a sustainable investment ecosystem [22]. Fault Tolerance Mechanism - The province's fault tolerance mechanism allows investment teams to apply for exemptions if they follow due diligence and management processes, even if projects fail [19][20]. - Shandong is implementing a "combination balance" strategy, recognizing the strategic value of projects that may initially incur losses but contribute to broader industry goals [21]. Future Directions - Shandong plans to issue unified guidelines for government investment fund fault tolerance and enhance the linkage between fault tolerance mechanisms and exit strategies [23].

Group 1 - The core viewpoint of the article is the strategic cooperation between Suzhou Cultural Investment Development Group and Suzhou Innovation Investment Group, focusing on the integration of culture and technology to enhance urban development [1] Group 2 - Suzhou Cultural Investment Development Group is a state-owned enterprise under the jurisdiction of Suzhou City, operating six major cultural troupes and managing over 1 million square meters of cultural venues, playing a key role in enriching public cultural offerings [1] - Suzhou Innovation Investment Group has a registered capital of 18 billion and manages funds exceeding 320 billion, focusing on investment layouts around Suzhou's "1030" industrial system, integrating high-quality venture capital resources in the city [1] - The collaboration aims to explore synergies in digital culture, cultural creative funds, and operational platforms, providing scene support for technological innovation through cultural content and extending the cultural service's influence in the tech innovation sector [1]

四川省成果转化投资引导基金合伙企业（有限合伙）是根据四川省委十二届三次全会关于"重构政府产业基金引导体系，打造千亿级母子基金集群"的战略部 署发起设立的四川省级母基金，总规模50亿元，聚焦前沿科技和未来产业，坚持"投早、投小、投硬科技"，重点投资种子期、天使期初创企业，撬动更多社 会资本流向科技创新和成果转化领域，进一步推动省外成果转化项目落地四川。 武汉数字化设计与制造创新中心有限公司是国家数字化设计与制造创新中心的运营主体，该中心作为国家级重大科技创新平台，由华中科技大学与清华大学 联合发起，于2018年9月获工信部批复成立，重点围绕高端装备、核心工业软件和智能制造等领域开展关键技术攻关与成果转化。 福建省创新创业投资管理有限公司是福建省基金管理业领军企业，福建省代表性股权投资机构，目前累计受托管理基金49支，管理规模302亿元。公司聚焦 高端装备制造、医疗大健康、新能源汽车、新材料、半导体等战略新兴行业领域，投资了近200家省内外优秀企业，成功推动49家企业登陆境内外资本市 场。 下一步，四川引导基金将充分发挥福创成果转化基金在科创投资领域的专业优势和资源整合能力，聚焦航空航天、智能制造、先进材料等前沿 ...

"深圳国资基金矩阵三年行动计划发布仪式暨粤港澳大湾区创业投资引导基金入驻仪式"日前在深圳前海 5号楼举行。活动由深圳市国资委主办，前海管理局协办、深创投承办，市国资委、市委金融办、市发 展改革委、前海管理局及28家市属国企、被投上市企业代表参会，共同推动国有资本赋能科技创新与粤 港澳大湾区高质量发展。此次活动是落实国家、省、市战略部署，以科技金融活水浇灌新质生产力沃土 的具体实践。 大湾区创投引导基金 正式落地前海 深创投、鲲鹏资本作为市属国企代表，分别介绍落实举措。自成立以来，深创投始终坚持"投早、投 小、投长期、投硬科技"导向，已将86%的资金投向初创期和成长期企业。据介绍，深创投将持续加大 对早期科技企业的投入力度，重点布局前沿科技和关键核心领域；鲲鹏资本子基金群累计投资已超1200 亿元，覆盖项目近1900个，将进一步强化产业链上下游整合与资源协同。被投上市企业越疆科技董事长 通过视频分享、市场总监现场发言，生动展现了在国资基金支持下，企业从技术研发到产业化落地的成 长历程，印证了国有资本赋能科技创新企业发展的实效。 活动最后，8家市属国企负责人签署深圳国资基金矩阵任务书，将深圳国资基金矩阵三年行动计 ...

Group 1: Core Perspectives - The 2026 Hangzhou Municipal People's Congress and Political Consultative Conference highlighted the active role of the legal profession in addressing various societal issues through 37 proposals and suggestions [1] - The proposals focus on legal construction, economic development, social governance, and public welfare, showcasing the social responsibility of the legal industry in Hangzhou [1] Group 2: Protecting People's Livelihood - The Hangzhou government emphasizes high-quality management of public welfare, with legal representatives identifying shortcomings in social governance and proposing solutions [2] - A specific concern raised is the issue of housing, where legal representatives suggest improving system design to resolve conflicts arising from vague contract terms in the real estate sector [2] Group 3: Promoting Industrial Development - The legal representatives are advocating for legislative measures to support industrial innovation, particularly in the artificial intelligence sector, by proposing the "Hangzhou Artificial Intelligence Industry Development Promotion Regulations" [3] - There is a call for legislation to clarify responsibilities and ensure safety in the burgeoning low-altitude economy, which currently lacks unified regulations [3] Group 4: Optimizing Business Environment - Proposals include creating regulations to enhance the entrepreneurial investment environment, focusing on information disclosure and diversified fundraising channels [4] - Suggestions also address the persistent issue of accounts receivable delays affecting private enterprises, advocating for a proactive reporting and transparent regulatory mechanism [4] - The need for improved talent policies to retain high-level professionals in Hangzhou is highlighted, with recommendations for a comprehensive approach to attract and retain talent [4]