一直以来，各地政府引导基金普遍带有较强的属地化导向，即资金出资方会要求子基金注册及项目落地 均局限于本地。这种模式长期推行下来，不仅导致部分产业重复投资建设问题突出，各地产业同质化竞 争加剧，还使得引导基金的资金使用效率大打折扣，难以真正引导契合本地产业结构的优质项目落地， 更不利于全国统一大市场的构建。 不过，近期地方政府引导基金与国资跨省市合作设立基金的案例密集涌现，在探索地区间合作共赢、资 源共享的道路上迈出了重要一步，相关新模式也引发业内广泛关注与深入研究。那么，这一创新模式背 后的核心驱动力是什么？又该如何破解地方间的诉求差异与利益协调难题？ 地方国资跨省"搭伙"设基金 近期，湖北省财政厅支持珠海科技产业集团与武汉市、江夏区等共同发起的湖北江城华发产业投资基金 已完成首次实缴出资。该基金总规模100亿元，首期规模10亿元，重点投向集成电路、光通信、激光、 新型显示和智能终端等硬科技领域，这标志着湖北国资与珠海国资联合设立的基金 正式落地。 无独有偶，安徽省与河南省也作出了新探索：近期，安徽省、河南省人民政府共同出台《皖豫省际毗邻 地区合作发展实施方案》，提出积极融入全国统一大市场建设，完善协同招商机 ...

近期，湖北省财政厅支持珠海科技产业集团与武汉市、江夏区等共同发起的湖北江城华发产业投资基金已完成首次实缴出资。该基金总规模100亿元，首期规模10 亿元，重点投向集成电路、光通信、激光、新型显示和智能终端等硬科技领域，这标志着湖北国资与珠海国资联合设立的基金正式落地。 一直以来，各地政府引导基金普遍带有较强的属地化导向，即资金出资方会要求子基金注册及项目落地均局限于本地。这种模式长期推行下来， 不仅导致部分产业重复投资建设问题突出，各地产业同质化竞争加剧，还使得引导基金的资金使用效率大打折扣，难以真正引导契合本地产业结 构的优质项目落地，更不利于全国统一大市场的构建。 无独有偶，安徽省与河南省也作出了新探索：近期，安徽省、河南省人民政府共同出台《皖豫省际毗邻地区合作发展实施方案》，提出积极融入全国统一大市场建 设，完善协同招商机制，鼓励以市场化方式设立产业基金，采用基金招商、产业链招商等方式承接东部产业转移。 不过，近期地方政府引导基金与国资跨省市合作设立基金的案例密集涌现，在探索地区间合作共赢、资源共享的道路上迈出了重要一步，相关新模式也引发业内广 泛关注与深入研究。那么，这一创新模式背后的核心驱动力是什么 ...

Core Insights - The current private equity market in China is predominantly driven by state-owned limited partners (LPs), which account for 84% of the market, reflecting the government's role in economic development [1][2][5] - The government-led model has become deeply ingrained in local leadership, with officials prioritizing industrial development as a key responsibility [2][5] - The role of government venture capital has been recognized as essential in supporting startups affected by the US-China trade war, indicating a unique "Chinese model" of private equity and venture capital [3][5] Group 1: Market Dynamics - The dominance of state-owned LPs is a manifestation of China's economic development model, which relies heavily on local government initiatives [2][5] - The shift from traditional fiscal support to government-guided funds represents a significant optimization in funding models for industrial development [5][6] - The private equity market in China is characterized by a focus on policy-driven investments rather than purely market-driven decisions [5][6] Group 2: Investment Strategies - The current investment model in China resembles a "quick turnover" approach, similar to real estate, where high valuations are pursued for rapid exits [7][8] - There is a need for a transformation in the investment approach, advocating for reasonable valuations and mechanisms like "earn-out" to align interests between investors and entrepreneurs [8] - The establishment of a dedicated bad asset management company could help address the challenges of exit difficulties in the private equity market [8][9] Group 3: Future Directions - The proposal to create a stock exchange in Macau aims to provide an alternative listing venue for companies that do not meet Hong Kong's stringent requirements, enhancing market accessibility [9][10] - Emphasizing the importance of international capital markets, the need for regulatory flexibility in overseas listings is highlighted to support the growth of private equity [10] - A new framework for observing the private equity and venture capital industry in China is necessary to address the real issues and find effective solutions [10]

Group 1 - The core viewpoint of the article highlights the establishment of a significant investment fund matrix in Minhang District, Shanghai, aiming to create a "100 billion fund, 1 trillion scale" ecosystem through strategic partnerships and social capital involvement [2][3] - The four major fund categories include strategic investment funds, new quality navigation funds, future industry funds, and industrial investment funds, designed to support the entire lifecycle of enterprise growth [2] - The Minhang District's financial policies focus on future investments, technology empowerment, inclusive finance, and regional services, encouraging equity investment institutions to invest in local tech enterprises [2] Group 2 - The establishment of the "100 billion fund, 1 trillion scale" fund cluster is seen as a vital boost for the mother fund industry, which has experienced a significant decline in new fund setups and scales in 2025 [3] - In recent developments, Shanghai has been active in the mother fund and venture capital sectors, with the establishment of the Jing'an Capital Investment Operation Co., which has a registered capital of 12 billion yuan [4] - The Shanghai government has initiated measures to optimize the equity investment environment, supporting the creation of equity investment clusters across various districts [4][5] Group 3 - The Shanghai Future Industry Fund has successfully expanded its scale from 10 billion to 15 billion yuan, actively participating in investments across cutting-edge fields such as brain science and synthetic biology [7] - The Shanghai government has implemented a series of supportive policies for the equity investment industry, including the establishment of district-level guiding funds of no less than 10 billion yuan [5][6] - The Shanghai municipal government has also launched significant initiatives to enhance the development of venture capital and private equity, with a focus on mergers and acquisitions [11][12] Group 4 - The article emphasizes Shanghai's leading position in the mother fund industry, with over 40 mother funds and a total managed scale ranking among the top five in the country [12][13] - Recent policies have been introduced to support the establishment of large-scale S funds, promoting a capital relay mechanism for the cultivation of the sci-tech industry [15] - The Shanghai government is committed to creating a favorable environment for private equity funds, enhancing the attractiveness of the region for investment institutions [14][15]

导读： 以"政府引导基金+直投+市场化"的模式运作，形成百亿投资矩阵。 作者丨FOFWEEKLY 据悉，上海静安资本投资运营有限公司注册资本120亿元，成立后将进一步整合国资基金业务， 以"政府引导基金+直投+市场化"的模式运作，形成百亿投资矩阵，通过与战略合作伙伴在人工智 能、大数据、文化创意、生命健康等重点领域的深度合作，聚焦战略性新兴产业和未来产业的投资 与培育，推动市区两级资本联动，实现"投早、投小、投硬"与"投新、投好、投强"相融合，构建全 生命周期产业生态，发挥"基金投资+产业引导"作用；通过"战略持股+市值管理"，助推区属国有 控股上市公司价值提升。 同时，静安资本承担低效无效资产盘活处置和融资担保功能，放大招投联动效应，吸引撬动更多社 会资本向静安区"3+3"重点产业，区块链、超高清视听、美妆健康3大产业新赛道集聚，为静安区 加快建设上海国际科技创新中心重要承载区注入全新动能，推动商业文化科技深度融合。 静安区委副书记、区长翟磊表示，静安资本的揭牌是区委、区政府推进国资国企改革发展的先手 棋，旨在更加高效的整合国有资本，健全基金矩阵，优化市值管理，更加有效的撬动社会资本，提 升区域产业能级，抢 ...

Core Viewpoint - The Qingdao government has launched an action plan to enhance venture capital and private equity investment, aiming for high-quality economic development from 2025 to 2027 [1][2] Group 1: Action Plan Details - The action plan includes "three focuses": integrating government-guided funds, leveraging state-owned enterprises, and deepening the transformation of fiscal funds into investments [1] - It also outlines "five empowering actions": enabling investment attraction, industry cultivation, resource support, quality improvement, and resource aggregation [1] - Specific targets set for 2027 include a government-guided fund investment scale of 150 billion yuan, state-owned enterprise fund scale exceeding 100 billion yuan, and venture capital investment in Qingdao projects surpassing 100 billion yuan [1] Group 2: Industry Impact - The action plan reflects Qingdao's strong emphasis on the development of venture capital and private equity, aiming to create a favorable ecosystem for fund development [2] - It seeks to address industry challenges such as fundraising difficulties and exit issues by establishing a comprehensive policy support system covering the entire investment lifecycle [2] - The plan is expected to inject financial momentum into Qingdao's economic high-quality development by aligning funds with the real economy [2]

Core Viewpoint - Qingdao has officially launched the "Action Plan for Promoting High-Quality Development through Fund Leadership (2025-2027)" aiming to establish a fund matrix of no less than 300 billion yuan [1][2]. Group 1: Fund Structure and Goals - The action plan focuses on integrating government-guided funds to create a "3+N" government-guided fund system, which includes venture capital funds, industrial investment funds, and key project collaborative funds [1]. - The plan aims to achieve an investment scale of 150 billion yuan for government-guided funds by 2027, with state-owned enterprise fund scale exceeding 100 billion yuan, and various venture capital institutions investing over 100 billion yuan in Qingdao projects [2]. Group 2: Empowerment Actions - Five major empowerment actions are proposed: investment attraction empowerment, industry cultivation empowerment, factor support empowerment, quality improvement and efficiency enhancement empowerment, and resource aggregation empowerment, to further improve the fund ecosystem [2]. - The plan emphasizes the role of state-owned enterprises in collaborating with government-guided funds and other enterprises to support project implementation and park construction through flexible funding models [1].

Core Points - Qingdao City officially released the "Action Plan for Leveraging Fund Leadership to Promote High-Quality Development (2025-2027)" at the 2025 Qingdao Venture Capital Conference [1] - The action plan aims to integrate government-guided funds and establish a "3+N" government-guided fund system, targeting to attract social capital to create a fund matrix of no less than 300 billion yuan [1] - The plan emphasizes accelerating the exit of government-guided funds to concentrate resources on supporting sci-tech enterprises, and introduces a due diligence exemption mechanism for government-guided funds, allowing for a maximum loss rate of 100% [1] Development Goals - By 2027, the target is to achieve an investment scale of 150 billion yuan for the municipal government-guided fund [1] - The scale of state-owned enterprise funds is expected to exceed 100 billion yuan [1] - Various venture capital institutions are projected to invest over 100 billion yuan in Qingdao projects [1]

Core Insights - Recent audits of government investment funds across various provinces in China reveal significant issues, including non-compliance in operations, idle funds, unclear positioning, ambiguous investment directions, and inadequate risk control and exit strategies [1][2][3] Group 1: Operational Issues - Several funds, such as Hebei's Ji Cai Industrial Guidance Equity Investment Fund, lack clear duration or timely establishment of sub-funds, with some fund managers failing to conduct adequate due diligence [1][2] - High levels of idle funds are reported, with specific examples including a 50 million yuan fund established in 2019 that remains unutilized, and other provinces like Fujian and Hubei facing similar issues with uninvested funds [1][2] Group 2: Investment Direction Problems - Inconsistent investment directions are noted, with funds in Hebei and Jiangxi investing in areas that do not align with their stated goals, leading to insufficient support for key local industries [2][3] - Some funds have overlapping investment targets, and a significant number of funds in Hubei have not adhered to agreements to support local industry development, resulting in long-term idleness of 28.85 billion yuan [2][3] Group 3: Risk Management and Control - Reports from Gansu and Jiangsu highlight deficiencies in risk management, with specific cases of funds failing to exit investments as agreed and projects lacking proper feasibility studies [2][3] - The overall investment management practices are criticized for not meeting the required standards, which hampers the effectiveness of the funds [2][3] Group 4: Trends in Government Investment Funds - Government investment funds have shown a marked regional disparity in investment activity, with economically developed areas maintaining high investment levels while underdeveloped regions struggle with idle funds [3][4] - Although the number of investments made by government guidance funds has decreased, the total investment amount has significantly increased, indicating a shift towards more targeted investment strategies [4][5] Group 5: Policy and Regulatory Changes - Recent guidelines emphasize the need for precise functional positioning, efficient resource allocation, and a scientific assessment system for government investment funds [4][5] - Local governments are gradually relaxing restrictions on fund operations, aiming to enhance market-oriented practices and improve overall fund efficiency [5][6]

Group 1 - The private equity investment sector is experiencing significant development opportunities due to favorable policies in recent years [1] - The "2025 Sixth China Mother Fund Summit" held in Beijing gathered over 300 representatives from government, industry associations, and leading investment institutions [1] - The Shunyi District of Beijing has cultivated two trillion-level industrial clusters in automotive and aviation, with private fund management scale exceeding 4 trillion yuan [1] Group 2 - As of June 30, 2025, there are 460 mother funds in China with a total management scale of 3.48 trillion yuan, a decrease of 23.7% compared to the end of 2024 [2] - The decline in management scale is attributed to the exclusion of certain institutions that no longer operate mother fund businesses and those that have exited or liquidated [2] - The mother fund industry is undergoing a structural transition from "quantity expansion" to "quality improvement," with a focus on functional positioning and capital efficiency [2] Group 3 - The "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds" issued by the State Council in January has a profound impact on the industry [3] - Government investment funds are increasingly recognizing the need to align with local industrial foundations and strategic industries [3] - The overall tolerance for time and investment risk among government-guided funds is continuously increasing [3]