21世纪创投研究院研究员 申俊涵 近年来，政府投资基金已经成为中国股权投资行业的主要资金来源。在推动股权投资行业健康发展、培育壮大新兴产业和未来产业、推动传统 产业优化升级、加速新质生产力形成、提高财政资金利用效率、撬动社会资本投入等各方面，政府投资基金都发挥了重要作用。 2025年，国家层面对创业投资、股权投资的重视程度持续提升，对政府投资基金的政策支持力度不断加大。2025年1月7日，国务院办公厅发布 《关于促进政府投资基金高质量发展的指导意见》（国办[2025]1号，简称"1号文"），提出7个方面25项举措，系统覆盖"募、投、管、退"全流 程，进一步完善政府资金引导机制，为行业发展注入强心剂。 "1号文"的落地生根，给各地政府投资基金发展指明了方向。山西、黑龙江、福建、浙江、广东、上海等多地在2025年出台最新政府投资基金 管理办法，这也促进"1+N"制度体系的构建形成。 我们看到，各地愈发重视存量政府投资基金的整合优化、提升效能。新设地方政府投资基金呈现出更加务实的趋势，不再单纯追求单只政府投 资基金的超大规模，而是采取"基金群"模式实现精准滴灌。 从区域视角来看，由于政策规范与财政能力的约束，中西部 ...

21世纪创投研究院研究员申俊涵 近年来，政府投资基金已经成为中国股权投资行业的主要资金来源。在推动股权投资行业健康发展、培育壮大新兴产业和未来产业、推动传统 产业优化升级、加速新质生产力形成、提高财政资金利用效率、撬动社会资本投入等各方面，政府投资基金都发挥了重要作用。 2025年，国家层面对创业投资、股权投资的重视程度持续提升，对政府投资基金的政策支持力度不断加大。2025年1月7日，国务院办公厅发布 《关于促进政府投资基金高质量发展的指导意见》（国办[2025]1号，简称"1号文"），提出7个方面25项举措，系统覆盖"募、投、管、退"全流 程，进一步完善政府资金引导机制，为行业发展注入强心剂。 "1号文"的落地生根，给各地政府投资基金发展指明了方向。山西、黑龙江、福建、浙江、广东、上海等多地在2025年出台最新政府投资基金 管理办法，这也促进"1+N"制度体系的构建形成。 我们看到，各地愈发重视存量政府投资基金的整合优化、提升效能。新设地方政府投资基金呈现出更加务实的趋势，不再单纯追求单只政府投 资基金的超大规模，而是采取"基金群"模式实现精准滴灌。 从区域视角来看，由于政策规范与财政能力的约束，中西部地 ...

从 2025 年 5 月开始，《 21 世纪经济报道》、 21 世纪创投研究院重磅启动 "2024-2025 年度政府投资基金竞争力评价 " 。 我们通过机构走访、问卷调研、数据收集，并参照清科研究中心、投中嘉川 CVSource 数据、执中 ZERONE 、母基金研究中心等数 据，进行综合分析，对各地方政府投资基金的政策目标、财务效益和管理水平等方面进行综合评价。 透过这份政府投资基金竞争力评价研究报告，我们力求客观、公正地展现各地方政府投资基金在培育壮大新质生产力、服务区域 经济发展、推动产生调整升级、提升区域创新创业竞争力等方面的价值与贡献。 21世纪创投研究院研究员 申俊涵 近年来，政府投资基金已经成为中国股权投资行业的主要资金来源。在推动股权投资行业健康发展、培育壮大新兴产业和未来产 业、推动传统产业优化升级、加速新质生产力形成、提高财政资金利用效率、撬动社会资本投入等各方面，政府投资基金都发挥 了重要作用。 2025年，国家层面对创业投资、股权投资的重视程度持续提升，对政府投资基金的政策支持力度不断加大。2025年1月7日，国务 院办公厅发布《关于促进政府投资基金高质量发展的指导意见》（国办[20 ...

21世纪创投研究院研究员 申俊涵 近年来，政府投资基金已经成为中国股权投资行业的主要资金来源。在推动股权投资行业健康发展、培育壮大新兴产业和未来 产业、推动传统产业优化升级、加速新质生产力形成、提高财政资金利用效率、撬动社会资本投入等各方面，政府投资基金都 发挥了重要作用。 2025年，国家层面对创业投资、股权投资的重视程度持续提升，对政府投资基金的政策支持力度不断加大。2025年1月7日，国 务院办公厅发布《关于促进政府投资基金高质量发展的指导意见》（国办[2025]1号，简称"1号文"），提出7个方面25项举措， 系统覆盖"募、投、管、退"全流程，进一步完善政府资金引导机制，为行业发展注入强心剂。 "1号文"的落地生根，给各地政府投资基金发展指明了方向。山西、黑龙江、福建、浙江、广东、上海等多地在2025年出台最新 政府投资基金管理办法，这也促进"1+N"制度体系的构建形成。 我们看到，各地愈发重视存量政府投资基金基金的整合优化、提升效能。新设地方政府投资基金呈现出更加务实的趋势，大家 不再单纯追求单支政府投资基金的超大规模，而是采取"基金群"模式实现精准滴灌。 从区域视角来看，由于政策规范与财政能力的约 ...

/ | 26 ] L CR 2 776 | 77 1 2 1 | 7 1 2 1 | 1 | 在过去大半年的时间里，我们通过机构走访、问卷调研、数据收集，并参照清科研究中心、投中嘉川CVSource数据、执中 ZERONE、母基金研究中心等数据，进行综合分析，对各地方政府投资基金的政策目标、财务效益和管理水平等方面进行综合 评价，现正式分布《2024—2025年度政府投资基金竞争力评价优胜机构》。 | 基金名称 | 管理公司 | | --- | --- | | 北京城市副中心产业引导基金（有限合伙） | 北京首钢产业投资私募基金管理有限公司 | | 北京市人工智能产业投资基金(有限合伙) 北京市商业航天与低空经济产业投资基金 (有限合伙) | 北京顺禧私募基金管理有限公司 | | 北京市新材料产业投资基金(有限合伙) 北京市医药健康产业投资基金(有限合伙) | | | 省平科技产业贸易等 | 北京昌科金投资有限公司 | | | (北京昌平科技园发展有限公司全资子公司) | | 常州市政府投资基金 | 常州市政府投资基金管理有限公司 | | 成都市产业引导股权投资基金有限公司 | 成都金控产业引导股权投资基金管 ...

种下梧桐树，引得凤凰来。 新能源的赛道上，技术迭代加速突破；低空经济的蓝天下，创新企业蓬勃发展……科技创新生态跃迁的 背后，一股关键力量——政府投资基金，始终在场。 从上海张江的科创孵化园到珠江畔的产业基金集群，再到天府之国的创投工坊，政府投资基金的身影遍 布培育、壮大新质生产力的关键环节。它们既是滋养创新的"活水"，更是驱动产业升级的"引擎"。 据执中ZERONE统计，2025年前三季度，全国私募股权市场政府资金认缴出资规模达7744亿元，报告期 内各级政府合计发布基金遴选公告372条。全国社保基金等国家级长线资本加速布局浙江、江苏等科创 高地，精准滴灌硬科技与战略性新兴产业。 2025年初，《国务院办公厅关于促进政府投资基金高质量发展的指导意见》发布，提出了高质量发展的 纲领。各地政府紧随其后出台了一系列政策，引导基金调整投资策略，重点关注"两端"，细化放宽基金 考核机制，落实基金"长钱"定位等。 面向"十五五"，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，完善民营企 业参与重大项目建设长效机制，发挥政府投资基金引导带动作用，激发民间投资活力、提高民间投资比 重，增强市场主导的有效投 ...

周恒 制图 政府投资基金这一年： 从"活水"到"引擎"，质变如何发生？ □ 专家表示，当前地方政府在选择基金管理人时，越来越看重其产业深耕能力和项目储备质量。能否精 准引入产业链关键环节、构建完整生态，已成为遴选管理人的核心标准 ◎记者 邓贞 何漪 种下梧桐树，引得凤凰来。 新能源的赛道上，技术迭代加速突破；低空经济的蓝天下，创新企业蓬勃发展……科技创新生态跃迁的 背后，一股关键力量——政府投资基金，始终在场。 从上海张江的科创孵化园到珠江畔的产业基金集群，再到天府之国的创投工坊，政府投资基金的身影遍 布培育、壮大新质生产力的关键环节。它们既是滋养创新的"活水"，更是驱动产业升级的"引擎"。 据执中ZERONE统计，2025年前三季度，全国私募股权市场政府资金认缴出资规模达7744亿元，报告期 内各级政府合计发布基金遴选公告372条。全国社保基金等国家级长线资本加速布局浙江、江苏等科创 高地，精准滴灌硬科技与战略性新兴产业。 2025年初，《国务院办公厅关于促进政府投资基金高质量发展的指导意见》发布，提出了高质量发展的 纲领。各地政府紧随其后出台了一系列政策，引导基金调整投资策略，重点关注"两端"，细化放宽基 ...

Core Viewpoints - The article discusses two significant policies released by the Liaoning Provincial Government aimed at promoting the high-quality development of private equity investment funds and government investment funds, emphasizing the importance of these funds in fostering innovation, entrepreneurship, and the modernization of the industrial system in Liaoning [2][10]. Group 1: Overall Requirements - The policies are guided by Xi Jinping's thoughts and aim to implement the spirit of the 20th National Congress of the Communist Party of China, focusing on creating a multi-level, diverse, and comprehensive private equity investment fund system by the end of 2027, with a target of raising over 180 billion yuan in subscribed capital [4][12]. - By 2030, the goal is to exceed 250 billion yuan in subscribed capital, significantly contributing to the province's high-quality development [4]. Group 2: Strengthening Investment Institutions - The policies encourage the cultivation of diverse investment entities, promoting investment in original and leading technology innovation enterprises in Liaoning through policy incentives [5]. - The development of regional private equity investment institution clusters in Shenyang and Dalian is prioritized, aiming for a double-digit annual growth in fund subscriptions [5]. - Financial institutions are urged to collaborate with private equity funds to innovate financial services, including loan and direct investment combinations [5]. Group 3: Expanding Fundraising Channels - Government investment funds are to play a guiding role, with plans to expand their scale through various initiatives, including the establishment of provincial venture capital guiding funds [6]. - The policies emphasize attracting national-level funds to set up special funds in Liaoning, enhancing collaboration in due diligence, project research, and post-investment management [6]. - The development of patient capital is encouraged, with support for insurance institutions to invest in venture capital funds targeting strategic emerging industries [6]. Group 4: Fund Management and Operation - The policies aim to standardize the operation of government investment funds, promoting the integration and optimization of existing funds [8]. - A mechanism for investment linkage and profit-sharing is to be established, encouraging market-oriented participation from various levels of government [8]. - The establishment of a risk tolerance and exemption mechanism is proposed to foster a more innovative investment environment [8]. Group 5: Fund Exit Channels - The policies advocate for facilitating the listing and acquisition processes for invested enterprises, aiming to broaden exit channels for private equity investment institutions [9]. - Enhancements to the equity trading market's functionality are planned to improve services related to equity investment exits [9]. - The development of secondary market funds (S funds) is encouraged to expand investment exit options [9]. Group 6: Building a Healthy Ecosystem - A comprehensive management mechanism for promoting the high-quality development of private equity investment funds is to be established, ensuring collaboration among various departments [8][16]. - The policies highlight the importance of utilizing policy tools to support the development of private equity investment funds, including tax incentives for venture capital entities [8][16]. - Strengthening industry supervision and enhancing credit environments for private equity investment institutions are emphasized to ensure healthy industry growth [8][16].

Group 1 - The government investment funds are increasing support for technological innovation, focusing on long-term investments and hard technology [1] - Local governments are accelerating borrowing to enhance local government investment funds, with a total of 200 billion yuan in special bonds issued on November 28 alone [1] - The total scale of special bonds directed towards government investment funds has reached 825.2 billion yuan, following the relaxation of restrictions on such investments [1] Group 2 - Hefei's finance department announced that 50 billion yuan of special bonds issued in September is primarily for injecting capital into local venture capital government investment funds [2] - The issuance of long-term special bonds aligns with the "patient capital" concept, providing stable funding for early-stage technology companies and hard technology sectors [2] - The government's focus on promoting high-level technological self-reliance and innovation is supported by government investment funds as a key policy tool [2]

Group 1 - Multiple mother funds have been established or announced in regions such as Sichuan, Jiangsu, Guangdong, Zhejiang, and Qinghai, focusing on sectors like embodied intelligence, semiconductors, new energy, artificial intelligence, low-altitude economy, biomedicine, and high-end manufacturing [2] - Shenzhen has launched an AIC industry mother fund with a scale of 7 billion yuan, aimed at investing in integrated circuits, healthcare, new energy, new materials, intelligent manufacturing, low-altitude economy, artificial intelligence, aerospace, and marine economy [3][6] - The Nanjing Jiangbei Embodied Intelligence Industry Fund is seeking GP partners to support the development of the robotics manufacturing industry, with a focus on investing in embodied intelligence and related sectors [4] Group 2 - The Taizhou Semiconductor Industry Fund has been established with a total scale of 1 billion yuan, focusing on key segments of the semiconductor industry chain and aiming to create a competitive semiconductor ecosystem in the region [5] - The Chengdu Venture Capital Guidance Fund has announced the selection of sub-fund management institutions, with a total scale of 6.9 billion yuan, to support innovative enterprises and high-quality development [9][10] - The Qinghai Provincial High-Quality Development Government Investment Fund has a total scale of 5 billion yuan, focusing on supporting key industries and sectors such as clean energy and high-tech industries [15][16] Group 3 - The Jiangsu Province Strategic Emerging Industry Mother Fund has launched five sub-funds focusing on high-end equipment, biomedicine, artificial intelligence, low-altitude economy, and new energy [18] - The Xuzhou Emerging Industry Special Mother Fund has been registered with a total scale of 3 billion yuan, targeting strategic emerging industries such as new energy and integrated circuits [19][20] - The Zhuhai Angel Fund has been established with a total scale of 200 million yuan, focusing on early-stage investments in strategic emerging industries [21] Group 4 - The Chaoyang District Data Aggregation Equity Fund has been established with a total scale of 500 million yuan, aimed at supporting the development of the digital economy [22] - The Zhangzhou Gaoxin Runxin Health Fund has completed registration with a total scale of 1 billion yuan, focusing on investments in the healthcare sector [23] - A 5 billion yuan industry investment fund is planned to be jointly established by Wuhan's Jiangxia Science and Technology Investment Group and Beijing Electric Control Industry Investment [24]