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]

构建3000亿元基金矩阵 青岛发布基金发展行动方案 中新网青岛9月26日电 (记者 尹倩芸)26日召开的2025·青岛创投风投大会上，青岛市正式发布《发挥基金 引领作用促进高质量发展行动方案(2025-2027年)》。 根据行动方案，青岛设定了明确发展目标：力争到2027年，市政府引导基金在投规模达到1500亿元，市 属国有企业基金规模突破1000亿元，各类创投风投机构在投青岛项目金额突破1000亿元。(完) 来源：中国新闻网 编辑：万可义 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 据了解，该行动方案通过"三个聚力"和"五大赋能行动"，围绕"10+1"创新型产业体系、"4+4+2"现代海 洋产业体系、十大现代服务业，构建科学高效的基金管理运行体系。 方案聚力整合政府引导基金，构建创投基金、产投基金、重点项目协同基金"3+N"政府引导基金体系， 吸引社会资本打造规模不低于3000亿元的基金矩阵。同时，加快政府引导基金退出，集中资金用于支持 科创企业发展，建立政府引导基金尽职免责机制，政府引导基金容损率最高可达100%。 方案聚力发挥国企引领作用，推动市属国企与政府引导基金、央企、省企 ...

在9月26日召开的2025·青岛创投风投大会上，青岛市正式发布《发挥基金引领作用促进高质量发展行动 方案（2025-2027年）》。行动方案提出，聚力整合政府引导基金，构建创投基金、产投基金、重点项 目协同基金"3+N"政府引导基金体系，吸引社会资本打造规模不低于3000亿元的基金矩阵。加快政府引 导基金退出，集中资金用于支持科创企业发展，建立政府引导基金尽职免责机制，政府引导基金容损率 最高可达100%。 根据行动方案，青岛设定了明确发展目标：力争到2027年，市政府引导基金在投规模达到1500亿元，市 属国有企业基金规模突破1000亿元，各类创投风投机构在投青岛项目金额突破1000亿元。 ...

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]

Core Viewpoint - The establishment of mother funds is shifting from quantity expansion to quality improvement, indicating a significant cooling in the mother fund market this year [1][5]. Group 1: Current Market Trends - The number of newly established mother funds has sharply decreased, with only 33 new funds launched in the first half of the year, including 31 government-guided funds and 2 market-oriented funds [1][4]. - The total scale of newly initiated mother funds reached 1970.17 billion, with government-guided funds accounting for 798.04 billion and market-oriented funds for 80 billion, representing declines of 66% and 50% respectively compared to the same period in 2024 [1][4]. Group 2: Management Scale and Performance - As of mid-year, there are 460 mother funds in total, with a total management scale of 34.8 trillion, down 23.7% from the end of 2024 [3]. - Government-guided funds comprise 338 of these, with a total management scale nearing 30 trillion, reflecting a 24% decrease, while market-oriented funds total 482.9 billion, down 22.4% [3]. Group 3: Policy and Future Direction - The government is encouraging a focus on quality and efficiency in fund establishment, with a clear policy shift towards long-term orientation and resource coordination [5][6]. - The recent policy guidance emphasizes the need for mother funds to adopt a more rational approach, moving towards reasonable development and stable operations [5][6].

Core Viewpoint - The extension of the duration of RMB venture capital funds is expected to positively impact the industry by allowing for longer-term investments and exits, fostering a more patient capital environment [1][5]. Group 1: Fund Duration Extension - Historically, RMB venture capital funds had a lifespan of no more than 10 years, with many lasting only 7-8 years, limiting their ability to support technology projects until they reached significant growth [1]. - As of 2025, many newly established guiding funds in regions like Beijing, Shanghai, Jiangsu, and Guangdong have durations exceeding 10 years, with some extending up to 20 years [1]. - Shenzhen's Futian guiding fund has set a precedent by extending the duration of its managed sub-funds by 2 years, prompting other regions to follow suit [1][2]. Group 2: Impact on Sub-Funds - New sub-funds are being established with longer durations, typically around 10 years, which is an increase of approximately 3 years compared to previous funds [2]. - Despite the extension of mother fund durations to 15-20 years, the actual operational time for sub-funds remains around 10-12 years due to the investment period constraints [2][3]. - The investment period for sub-funds is generally set at 3-4 years, and this has not changed significantly despite the overall extension of fund durations [3][4]. Group 3: Industry Sentiment and Future Outlook - The extension of fund durations is seen as a positive signal, enhancing confidence in long-term investments and the development of patient capital within the venture capital ecosystem [5]. - Government guiding funds are expected to play a crucial role in fostering patient capital, as the shift towards longer fund durations helps alleviate short-term pressures [5]. - Some regions are exploring more flexible operational models for mother funds, such as eliminating the distinction between investment and exit periods, which could further enhance investment efficiency [5].

Group 1 - The core idea of the articles emphasizes the commitment of Dongying Port Economic Development Zone to optimize the business environment as a key task for promoting high-quality regional economic development [1][2] - A total of 25 policy measures have been introduced to support enterprises, including the establishment of a comprehensive supply chain service platform and collaboration with financial institutions to provide supply chain financing services, with a cumulative credit limit of 8 billion yuan [1] - The establishment of an emergency transfer loan service institution has provided 1 billion yuan in emergency transfer loan funding, benefiting over 40 enterprises with a total of 1.5 billion yuan in transfer loan funds [1] Group 2 - The Dongying Port Financial Investment Group has set up a government guidance fund of 1 billion yuan, providing over 800 million yuan in equity investment to more than 20 enterprises [1] - The loan balance in the region reached 50.072 billion yuan by the end of May 2025, an increase of 8.821 billion yuan from the beginning of the year, representing a growth rate of 21.38% [1] - The implementation of the "Enterprise Financial Direct Connection Service" system has allowed for tailored financing strategies for over 20 enterprises, enhancing their capital structure and reducing financing costs [2]

Core Viewpoint - The article discusses the recent improvements in China's manufacturing and non-manufacturing PMIs, driven by export demand and fiscal policies, while highlighting ongoing economic challenges and the need for proactive macroeconomic measures to sustain growth [1][2]. Group 1: Economic Indicators - China's manufacturing PMI rose by 0.2 percentage points to 49.7% in June, marking the second consecutive month of rebound, while the non-manufacturing PMI also increased by 0.2 percentage points to 50.5% [1]. - The new export orders index increased by 0.2 percentage points in June, continuing a two-month upward trend, although it remains in the contraction zone at 47.7% [1]. - The issuance of new special bonds reached approximately 2.1607 trillion yuan in the first half of 2024, a 44.7% increase compared to 1.4935 trillion yuan in the same period of 2023 [1]. Group 2: Policy Responses - The upcoming Politburo meeting at the end of July is seen as a critical observation window for potential adjustments in macroeconomic policies to address export uncertainties and support the 5% growth target [2][4]. - Fiscal policies are expected to remain proactive, with an acceleration in the use of special bonds for key sectors and local economic support [2][4]. - The government may introduce "quasi-fiscal" policy financial tools and increase special bond issuance to support areas such as childbirth subsidies, employment, and service consumption [4]. Group 3: Monetary Policy - The third quarter presents a window for potential interest rate cuts and reserve requirement ratio reductions, with a flexible monetary policy stance indicated by the central bank [5]. - Structural tools will focus on supporting technology innovation and consumption, with targeted funding for key sectors [5]. Group 4: Market Dynamics - The article notes that the "rush to export" effect has contributed to the first half's data, with an estimated pre-emptive export demand of about 1.7% of total exports for 2024 [8]. - The uncertainty surrounding tariff policies is expected to become a norm, with ongoing negotiations likely to prolong the situation [8].