（原标题：唐继宗解读澳门施政报告：从"规范与管控"转向"引领与服务"） 南方财经 21世纪经济报道记者田静 澳门报道 澳门特别行政区2026年度施政报告公布后，其展现的主动施政思路与清晰发展路径引发各界关注。 澳门特别行政区行政长官岑浩辉在施政报告中提出，2026年特区政府主要施政目标是经济持续复苏，经 济适度多元取得实质进展，本地生产总值保持正增长，营商环境进一步改善，经济活力不断增强。 近日，澳门管理学院院长唐继宗在接受南方财经全媒体记者专访时指出，本届特区政府施政思路的核心 可概括为 "有为政府，有效市场"，标志着特区治理逻辑从"定规则、做监管"向 "积极引导、主动服务" 的深刻转变。 唐继宗认为，报告最具突破性的两大抓手是 设立"产业引导基金" 以破解高新产业前期融资难题，以及 将 "澳琴深度融合" 提升至破解澳门市场狭小、资源有限瓶颈的"重中之重"。他强调，衡量经济多元是 否取得"实质成效"，需聚焦产业结构GDP占比、劳动力市场转型及经济韧性三大硬指标。 （澳门管理学院院长唐继宗。 田静 / 摄） 从"定规则"到"主动作为" 南方财经：通读整份施政报告后，你认为其中最核心、最能代表本届澳门特区政府施 ...

Group 1 - The establishment of the Nanjing Lishui Industrial Development Fund, with a scale of 3 billion yuan, marks the formal establishment and operational phase of the state-owned enterprise investment fund in Lishui District [2] - The fund focuses on the core sectors of Lishui District's leading industries, namely "two new and two smart" (new energy, smart manufacturing equipment, new medicine and life health, smart agriculture) [2] - The fund will adopt a dual-driven strategy of "market-oriented cooperation + precise investment" to enhance capital coverage and industrial influence [2] Group 2 - The establishment of the Lishui Industrial Development Fund is a significant measure to promote the strategy of "manufacturing-based district, industry-strong district" [3] - Lishui has previously set up two government-guided funds, focusing on growth-stage projects in sectors like air transportation, artificial intelligence, and modern agriculture, as well as angel-stage projects in new energy and health [3] - With the new fund, the total amount of the Lishui District industrial fund matrix has increased to 18 billion yuan, creating a comprehensive support system for enterprises from angel to mature stages [3]

Core Insights - The total management scale of the mother fund industry in China reached 549.33 billion yuan, primarily distributed across regions such as Hong Kong, Guangdong, Zhejiang, Jiangsu, Henan, Fujian, Sichuan, Hainan, Jilin, and Shanxi, focusing on investments in biomedicine, technological innovation, and future industries [2]. Group 1: Hong Kong Developments - Hong Kong's Chief Executive announced the establishment of a "Innovation and Technology Industry Guidance Fund" set to launch in the 2026-2027 fiscal year, aimed at guiding market investments in strategic emerging and future industries [6]. Group 2: Zhejiang Initiatives - Zhejiang Province has released a draft for the management of provincial government investment funds, seeking public feedback to enhance the management system [7]. - The Zhejiang Provincial Science and Technology Innovation Mother Fund Phase IV and the Future Industry Science and Technology Fund are set to be established within the year, contributing to a total of 110 billion yuan across three phases of the mother fund system [10]. Group 3: Jiangsu Investments - The Nanjing Aerospace Mother Fund plans to invest in the Nanjing Tianqi Low-altitude Economy Investment Fund, which has a target scale of 303 million yuan, focusing on low-altitude economy and aerospace-related industries [12]. Group 4: Guangdong Fundraising - Guangdong's Nankong No.1 Industry Investment Fund is actively recruiting general partners (GPs) to support industrial transformation and strategic emerging industry clusters in Foshan [13]. - The Guangzhou Industrial and Information Development Fund is also seeking GPs to promote high-quality development in the city's industrial and information sectors [14]. Group 5: Henan and Fujian Initiatives - Zhengzhou's Angel Investment Fund, with a scale of 1 billion yuan, is open for GP selection to enhance the innovation and entrepreneurship ecosystem [17]. - The Xiamen Huli Science and Technology Industry Promotion Fund aims to raise 500 million yuan, with an initial phase of 200 million yuan, to support technological innovation [18]. Group 6: Sichuan and Hainan Developments - The Chengdu Future Industry Investment Fund has been established with a capital of 4 billion yuan, focusing on private equity investments and asset management [20]. - Hainan's Lingao Industry Sub-Fund is being set up to support industrial development in the Lingao Gold Port Development Zone, with a target scale of 330 million yuan [23]. Group 7: Jilin and Shanxi Initiatives - The Changchun Revitalization Industry Development Venture Capital Guidance Fund is set to invest in various sub-funds, with public announcements regarding potential investments [26]. - Shanxi's Angel Investment Fund aims to raise at least 2 billion yuan, focusing on early-stage technology companies in advanced manufacturing and renewable energy sectors [28].

Core Viewpoint - The article discusses the significant rise of state-owned capital (国资) in China's primary market, highlighting its role as a major investor and the evolving dynamics of investment strategies in the context of government policies and economic development [1][2]. Group 1: Policy Guidance - The core guidance for the development of state-owned capital in equity investment stems from top-level policies, which have evolved since the establishment of national investment companies in 1988 [12]. - The establishment of local investment companies surged after the State-owned Assets Supervision and Administration Commission (SASAC) was formed in 2003, leading to a proliferation of state-owned investment entities [12][14]. - Recent policies emphasize the need for "patient capital" and the prohibition of preferential treatment for specific operators, aiming to enhance the quality of government investment funds [5][6]. Group 2: Investment Dynamics - From 2014 to 2023, the proportion of government capital in newly raised RMB funds increased from 20% to 41%, indicating a shift towards state-owned capital as a primary funding source [2]. - State-owned capital is characterized by its dual focus on investment returns and local economic development, often requiring a balance between investment, risk, and local job creation [4][7]. - The investment strategies of state-owned entities are increasingly aligned with national economic goals, focusing on sectors like technology and innovation [6][7]. Group 3: Case Studies - Beijing E-Town International Investment Development Co., known as "亦庄国投," has invested significantly in the digital television and integrated circuit industries, demonstrating a model of leveraging state capital for local industrial development [16][17]. - The Xiong'an Group, established to support the development of the Xiong'an New Area, has focused on introducing key industries and managing multiple funds to drive local economic growth [20][21]. - Hefei Construction Investment Group has successfully transformed Hefei's industrial landscape by investing in leading companies like BOE Technology Group, resulting in a significant increase in local production capacity [43][44]. Group 4: Market Integration - The integration of state-owned capital into the market has led to the establishment of various funds aimed at fostering innovation and supporting emerging industries [50][51]. - The restructuring of state-owned investment entities in cities like Shanghai aims to eliminate redundancy and enhance the efficiency of capital allocation [56][58]. - The article highlights the importance of top-level coordination in optimizing the roles of different state-owned investment bodies to avoid overlapping functions and improve overall investment effectiveness [51][52].

本周 江苏、湖北、贵州、浙江、河南、四川、海南 等 地均有母基金 宣布设立或完成备案， 母基金主 要聚焦在 新材料、芯片制造、封装测试、人工智能、大数据、数字经济、先进制造等领域。 基金设立层面， 杭州、武汉、雅安等地 均有新基金宣布设立或完成备案，基金主要投资领域包括： AI、硬核科技、未来科技等领域。 值得关注的是， 近日杭州在人工智能产业布局上又推出一项重磅举措，拟引导产业基金群撬动社会 资本，投向人工智能的产业基金规模超1000亿元，还提出加快推进具身智能行业应用中试。 连云港新材料产业专项母基金成功在中国证券投资基金业协会完成私募基金产品备案登记，基金规 模10亿元，备案编码SAXD40。 连云港新材料产业专项母基金是江苏省战略性新兴产业母基金设立的第二批产业专项基金之一，由 省级战新母基金、市投资基金以及相关市、 县（区）属国企共同出资设立，基金管理人为连云港 金海创业投资公司。基金秉持市场化运作、专业化管理的原则，采取"母子基金+直投"的方式，引 领带动金融机构、产业资本和社会资本共同参与，加快推进连云港市新材料产业集群建设，促进科 技创新和投资转化，为省、市新材料企业注入活力、持续赋能。 本次 ...