将投中网设为"星标⭐"，第一时间收获最新推送 该基金 直指当下国内一级市场的病灶所在。 | 作者丨 | 王满华 | | --- | --- | | 来源丨 | 投中网 | 又一事关创投行业的重磅消息来了。 3月6日，在十四届全国人大四次会议经济主题记者会上，国家发展和改革委员会主任郑栅洁表示， 今年，将会同财政部、人民银行等部门设立国家级 并购基金，预计引导撬动各类资金规模超1万亿元。 这只国家级基金的定位非常清晰：就是"进一步畅通创业投资退出渠道，提高创投资本周转效率"，而这，也直指当下国内一级市场的病灶所在。 目前市场主流的一大批基金，都是踩着2015-2016年的"双创"浪潮募集设立的，近几年刚好到了集中需要退出的时刻 ，卖方供给加倍，致使退出路径 拥挤。而过去过度依赖IPO的单一退出路径已形成"堰塞湖"。 事实上，为了解决"存量退出"的燃眉之急，自2023年以来，监管层多次表态支持上市公司实施高质量的产业并购。 例如，2024年4月发布的资本市场新"国九条"中，就多处提及要综合运用并购重组等方式提高发展质量，推动上市公司提升价值，加大并购重组改革力 度，多措并举活跃并购重组市场。 同年6月，国办出台的 ...

险资机构正式投资创投引导基金。 目前，国家创业投资引导基金下设的三大区域基金均已进行资金扩容，规模都已超过500亿元。其中，京津冀 创业投资引导基金合伙企业（有限合伙）（下称"京津冀区域基金"）的新增出资人中出现了险资机构的身影。 资料显示，国创中金成立于2026年2月7日，注册资本5亿元，有五大出资方。具体而言，国创中金由中金资本 持股51%、新华保险持股11%，另有中投公司旗下的北京毕蔻管理咨询有限责任公司持股28%，北京亦庄国际 投资发展有限公司、北京市政府投资引导基金（有限合伙）则各持股5%。 国家创投引导基金的设立，是去年以来创投圈的大事件。国家创投引导基金由国家发展改革委、财政部共同推 动设立，采用"基金公司—区域基金—子基金"三层架构，在国家层面由财政出资1000亿元，在区域基金及子基 金层面，预计将撬动万亿级社会资本参与。目前，来自京津冀、长三角、粤港澳大湾区的3只区域基金均已设 立运行。 据国家发展改革委相关负责人介绍，区域基金采用"子基金+直投项目"方式开展投资，其中，子基金投资占比 不低于80%，直投部分强调与国家重点项目实施协同。在子基金层面，区域基金不做第一大出资人或第一大股 东，更 ...

每年两会期间的政府工作报告无疑是中国未来一年发展的 "风向标"。 据新华社报道， 国务院总理李强 5日在政府工作报告中介绍今年政府工作任务时提出，加紧培 育壮大新动能。坚持把发展经济的着力点放在实体经济上，因地制宜发展新质生产力，建设现 代化产业体系。 母基金研究中心关注到，在今年的政府工作报告中，创投再一次被 "力挺"——在"培育壮大新 兴产业和未来产业"部分，报告提出： 高效用好国家创业投资引导基金，大力发展创业投资、 天使投资，政府投资基金要带头做耐心资本，推动更多初创企业加快成长为科技领军企业。此 外，在"大力发展绿色低碳经济"部分提出，设立国家低碳转型基金。 我们就此分析解读如下： 在去年的政府工作报告中也提到 "健全创投基金差异化监管制度，强化政策性金融支持，加快 发展创业投资、壮大耐心资本" ；前 年的政府工作报告提到 "鼓励发展创业投资、股权投资， 优化产业投资基金功能"，这确立了创业投资、股权投资在我国经济进入高质量发展新阶段重 要的历史定位，有利于推动股权投资行业持续健康发展。而今本次政府工作报告再次强调 大力 发展创业投资、天使投资 ，这对私募股权投资行业来说，释放了重要的支持信号与利好 ...

"超级国家队"正式迈入实质性运作阶段。 作者丨黄蓉 开年以来，一级市场喜讯不断。从募资到退出，市场暖意不断在蔓延。 近期，又一重磅消息传来：备受瞩目的国家创业引导基金迎新进展，区域基金迎来增资，险资作为 LP出资。 险资入局 2026年2月28日，京津冀创业投资引导基金工商信息悄然完成变更，注册资本从 296.46 亿元一举 增至 500 亿元。值得关注的是，本次增资引入了新一类关键力量——保险资金。新华保险、中汇 人寿、中再寿险三家险资正式入局，成为首批投资国家创投引导基金区域基金的险资机构。 据悉，京津冀区域基金由中投公司下属中金资本牵头管理。而这三家险资均属于中投生态圈，天然 具备协同优势，堪称"近水楼台"。与增资同步，京津冀基金的执行事务合伙人，也从中金资本变更 为国创中金（北京）运营管理有限公司。 作为国家创业投资引导基金三大区域基金之一，京津冀区域基金于2025年12月22日成立。彼时， 国家发展改革委在专题新闻发布会上就已明确表示，京津冀区域基金将充分调动中央金融企业的积 极性，做好"科技金融"大文章，银行、保险、证券也将重点参与。 此次增资动作，完成了这一兑现时刻。新华保险公开表示，积极赋能新 ...

Core Viewpoint - The IMF has adjusted the global economic growth forecast for 2026 to 3.3%, an increase of 0.2 percentage points from the previous prediction, with China remaining a key driver of global economic growth [2][10]. Economic Outlook - KPMG's report anticipates that under current policy support, China's domestic economic growth will remain stable in 2026, with an expected recovery in demand as macro policies are effectively implemented [2][10]. - The report indicates that China's economy is projected to reach 140 trillion yuan in 2025, with a real GDP growth of 5.0%, achieving the target growth rate set at the beginning of the year [3][11]. Supply and Demand Dynamics - The economy is experiencing structural disparities in supply and demand, with traditional industries facing challenges due to intense competition and slow capacity clearance, leading to weak demand and supply expansion [3][11]. - The report highlights the need for coordinated efforts from both demand and supply sides, as well as improvements in institutional mechanisms and external environments to promote sustained recovery in domestic demand [4][12]. Investment and Consumption - Investment in key areas and major projects needs to be supported to stabilize effective investment, while enhancing social welfare investments to stimulate consumer potential [4][12]. - The retail sales of consumer goods are expected to grow by 3.7% in 2025, with a slight increase of 0.2 percentage points from the previous year, indicating a shift towards quality and experiential consumption [4][13]. Policy Support and Financial Tools - Continuous policy support is essential to consolidate the recovery foundation and stimulate growth, including innovative use of financial tools such as special government bonds and policy financing [5][15]. - The establishment of the National Venture Capital Guidance Fund aims to attract diverse capital to support the development of strategic emerging industries [6][15]. Macroeconomic Management - Fiscal policy should play a more prominent role in counter-cyclical adjustments, focusing on effectively expanding domestic demand and improving policy implementation effectiveness [7][16]. - The report emphasizes the importance of enhancing the business environment and supporting enterprises in expanding international markets to create a virtuous cycle of income growth and domestic demand expansion [7][16].

Core Viewpoint - The establishment of the National Venture Capital Guiding Fund and its regional sub-funds aims to mobilize significant capital for early-stage and innovative enterprises, with a focus on long-term investments in key technology sectors [1][6]. Group 1: Fund Structure and Operations - The National Venture Capital Guiding Fund has a registered capital of 100 billion, with a total target scale of 504.5 billion for the Guangdong-Hong Kong-Macao Greater Bay Area Fund, which has a maximum duration of 20 years [1][3]. - The fund operates under a three-tier structure, with a 10-year investment period followed by a 10-year exit period, which is longer than typical government-guided funds [5][6]. - The fund will primarily invest in seed and early-stage companies, focusing on sectors such as artificial intelligence, quantum technology, and hydrogen energy storage [6][7]. Group 2: Regional Fund Characteristics - Three regional sub-funds have been established in Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area, with respective contributions of 296.46 billion, 471 billion, and 450.5 billion [3][4]. - The Greater Bay Area Fund is managed by Shenzhen Capital Group, while the Beijing-Tianjin-Hebei Fund is managed by China Investment Corporation's Zhongjin Capital, and the Yangtze River Delta Fund is managed by State Investment Corporation's Guotou Capital [3][4]. - The regional funds will adopt a "sub-fund + direct investment project" approach, with sub-fund investments accounting for no less than 80% of total investments [7]. Group 3: Investment Strategy and Goals - The guiding fund aims to encourage financial capital to invest early, in small amounts, and for the long term, particularly in hard technology sectors [6]. - The fund will support the establishment of over 600 sub-funds across the three regions to foster the development of emerging and future industries [4][6]. - The investment strategy emphasizes collaboration with national key projects, ensuring that the sub-funds do not act as the largest investors, thereby reflecting the guiding nature of national policies [7].

Core Findings - The 2025 VC/PE market report indicates a significant increase in both the number and amount of funds raised, with a year-on-year growth of approximately 30% [1] VC/PE Market Fundraising Analysis - In 2025, a total of 6,127 new funds were established in China's VC/PE market, representing an increase of 1,293 funds or 27% year-on-year. The total fundraising amount reached 30,860 billion yuan, up 26% from the previous year [2] - 3,180 institutions participated in fund establishment, a 13.01% increase from 2,814 last year. Among these, 62% of institutions set up one fund, 18.6% established two, and 19.4% created three or more funds, indicating a notable rise in institutional activity compared to 15% last year [2] Fund Establishment and Fundraising Completion - The National Venture Capital Guidance Fund was launched on December 26, 2025, aiming to attract social capital for investment in key sectors such as integrated circuits, artificial intelligence, biomedicine, quantum technology, 6G, aerospace, and future energy [17] - The fund has already established three regional funds focusing on the aforementioned sectors, with a 20-year lifespan, including 10 years for investment and 10 years for exit [17] VC/PE Market Investment Analysis - In 2025, the number of investment cases reached 11,015, a 30.6% increase year-on-year, with a total investment scale of 13,396.8 billion yuan, up 23.43% [23] - The average investment amount was 1.22 million yuan, showing a slight decline compared to the previous year [23] Investment Frequency and Scale - The top 250 investment institutions accounted for 7.7% of the total market, with 734 investment entities participating, marking a 16.69% increase from the previous year [27] - The investment distribution showed that 23% of investments were in PE stage and 77% in VC stage, with VC stage investments maintaining a stable share over the past five years [30] Hotspot Regions for Investment Transactions - Jiangsu province led the nation with 1,972 financing cases, followed by Guangdong with 1,737, and Zhejiang and Shanghai with 1,380 and 1,303 respectively. In terms of financing scale, Shanghai attracted the most at 1,927.13 billion yuan [39] Hotspot Industry Investment Trends - The electronic information sector led with 3,485 investment transactions and a financing scale of 3,532.82 billion yuan, followed by advanced manufacturing and healthcare sectors [41] - Notably, the semiconductor and artificial intelligence sectors saw significant investment activity, with 1,434 and 891 transactions respectively [41] VC/PE Market IPO Exit Analysis - In 2025, 294 Chinese companies achieved IPOs, with 170 having VC/PE backing, resulting in a slight decrease in penetration rate to 57.8%. The exit return rate dropped to 289% [47]

Core Viewpoint - The integration of technology finance and industrial finance is essential for promoting technological innovation and industrial innovation during the "14th Five-Year Plan" period, which is crucial for achieving high-level technological self-reliance and leading new productive forces [1][2]. Group 1: Importance of Integration - Strengthening the deep integration of technology finance and industrial finance is a strategic choice to shape new development momentum and gain an advantage in international competition during the "14th Five-Year Plan" period [2][3]. - The integration aims to eliminate barriers between technology, industry, and finance, allowing technological innovation to fuel industrial innovation and upgrades, while financial resources can support both sectors [3]. Group 2: Current Challenges - There are significant challenges in achieving cross-departmental policy coordination, as differences in core concerns among technology, industry, and finance departments hinder unified resource allocation and project selection [5]. - Structural mismatches exist between financial supply and the demands of technological and industrial innovation, particularly in the areas of financing stages, financial structure, and the need for patient capital [6][7]. Group 3: Strategic Measures for Future Integration - Establishing a cross-departmental policy coordination mechanism is crucial for fostering a resilient national innovation ecosystem, which includes creating a "coordinating office" for joint approvals and assessments [9]. - Innovating a diversified financial supply that covers the entire lifecycle of enterprises is necessary, including promoting venture capital and enhancing bank credit to support technology-driven enterprises [10]. - Deepening financial services for industrial chains and clusters is essential, focusing on data-driven credit models and tailored financial products to address the unique needs of different stages of enterprise development [11][12]. Group 4: Digital Empowerment and Risk Management - Implementing a data governance model that integrates data elements, assets, and value chains is vital for enhancing financial services and supporting technological innovation [13]. - Optimizing the regulatory framework and establishing a risk-sharing system is necessary to adapt to the uncertainties inherent in technological and industrial innovation, including developing a multi-layered risk warning system [14].

Core Viewpoint - Government investment funds have become a major source of capital in China's private equity investment industry, with increasing policy support and a focus on high-quality development in 2025 [1][9][23]. Group 1: Government Investment Fund Development - The State Council issued the "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds," outlining 25 measures across seven areas to enhance the fund's operational efficiency and effectiveness [1][9]. - In 2025, the establishment of new government investment funds showed a significant decline, with only 60 new funds set up in the first half of the year, compared to 55 in the entire previous year [4][19]. - The total scale of newly established government investment funds in the first half of 2025 reached 188 billion yuan, indicating a continued but slowing growth trend [4][19]. Group 2: Regional Disparities - The willingness to establish new government investment funds has significantly decreased in the central and western regions due to policy constraints and fiscal capacity, while regions like the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area continue to show strong momentum [2][6][22]. - Local governments are increasingly focusing on optimizing existing funds rather than merely increasing the number of new funds, adopting a "fund cluster" model for more targeted investments [1][21]. Group 3: Investment Focus and Strategies - Government investment funds are primarily targeting strategic emerging industries such as new-generation information technology, biotechnology, and new energy vehicles, which are crucial for developing new productive forces [6][10]. - The investment strategy has shifted towards "early and small" investments, with a growing consensus on supporting early-stage projects while also considering investments in mature companies [6][10]. Group 4: Management and Operational Efficiency - The management model of government investment funds is evolving towards market-oriented and professional approaches, with a diverse range of fund managers being selected [25][27]. - Many local governments are offering more attractive conditions to fund managers, including lowering return ratios and extending fund durations to enhance operational efficiency [2][25]. Group 5: Exit Strategies and Market Conditions - The recovery of the A-share and Hong Kong IPO markets in 2025 has provided a favorable environment for government investment funds to realize exits, with many funds benefiting from the active M&A market [34][35]. - The introduction of S funds and the increasing flexibility in exit mechanisms are creating diverse exit pathways for government investment funds [34][39].

Core Viewpoint - The development of government investment funds in China has entered a new phase of high-quality growth, marked by the release of the "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds" (Document No. 1) by the State Council, which outlines 25 measures across seven areas to enhance the effectiveness and regulation of these funds [1][4]. Group 1: Government Investment Fund Development - The government investment fund industry has evolved through three phases: the exploratory 1.0 era, the flourishing 2.0 era, and now the meticulous 3.0 era [1]. - The "1号文" provides a clear blueprint for the high-quality development of government investment funds, emphasizing the need for alignment with national strategies and industrial upgrades [1][6]. - Local governments are actively responding to the "1号文" by implementing new management measures for government investment funds, integrating central policies with regional realities [1][9]. Group 2: Fund Establishment and Management - The establishment of new government investment funds is slowing down, with a focus shifting towards the integration and efficiency improvement of existing funds [2][12]. - The central government is increasing its oversight and coordination, with several national-level funds being established to activate the market through efficient allocation [3][18]. - The "1号文" emphasizes that government investment funds should not be established for the purpose of attracting investment, and it calls for strict control over the establishment of new funds by county-level governments [7][16]. Group 3: Investment Focus and Strategy - The document categorizes government investment funds into industrial investment funds and venture capital funds, with specific investment focuses outlined for each category [6][7]. - Industrial investment funds are directed towards key links in the industrial chain, while venture capital funds are encouraged to invest early, in smaller amounts, and in hard technology sectors [7][10]. - Local governments are encouraged to manage funds in a coordinated manner to prevent redundant investments and disorderly competition [7][10]. Group 4: Performance and Exit Strategies - The "1号文" calls for a unified approach to government guidance, market-oriented operations, and professional management, with a focus on performance evaluation and accountability [7][11]. - It also encourages the development of private equity secondary market funds and merger funds to broaden exit channels for government investment funds [7][11]. - The integration and optimization of existing funds are prioritized, with local governments urged to enhance the effectiveness of funds that are underperforming due to lack of industrial foundation or resources [11][12]. Group 5: Regional Variations and Future Outlook - Different regions are exploring differentiated management models based on their economic structures and governance traditions, leading to various approaches in fund management [10][11]. - The establishment of national-level funds is more active compared to local funds, with significant capital commitments aimed at supporting strategic industries [18][21]. - The ambitious targets for fund sizes, such as "trillions" or "500 billion," are emerging in official documents, indicating a strong commitment to scaling up investment capabilities [16][17].