Policy Background - Technology innovation is identified as the core engine driving high-quality economic development, with insufficient patient capital and financing difficulties for early-stage tech companies being key bottlenecks[4] - In 2024, investment cases in seed and startup stages accounted for 16.25% and 24.83% respectively, significantly lower than the 43.29% for expansion stage investments[4] National Venture Capital Guidance Fund - The National Venture Capital Guidance Fund was officially launched on December 26, 2025, marking a significant step in China's technology finance system reform[4] - The fund is designed to focus on early-stage investments, with a 20-year duration, and aims to integrate policy guidance with market mechanisms[6][7] Fund Structure and Investment Strategy - The fund operates under a three-tier structure: guiding fund company, regional funds, and sub-funds, with a registered capital of 100 billion RMB[7] - At least 70% of the sub-funds' capital must be directed towards seed and startup enterprises, with individual company valuations capped at 500 million RMB[8] Regional Fund Characteristics - The first three regional funds, each exceeding 50 billion RMB, are located in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area regions[9] - The Beijing-Tianjin-Hebei fund has a GP from China International Capital Corporation, with local state-owned assets contributing approximately 23%[10] Economic and Investment Landscape - The Yangtze River Delta region's GDP reached 33.17 trillion RMB in 2024, accounting for 24.7% of the national total, with significant growth in digital economy sectors[15] - The Guangdong-Hong Kong-Macau Greater Bay Area's economic output was approximately 14.79 trillion RMB in 2024, with over 70 unicorn companies contributing to its innovation ecosystem[16] Future Outlook - The fundraising environment in China's equity investment market is expected to improve, with 3,501 funds raised in the first three quarters of 2025, an 18.3% increase year-on-year[17] - The operation of the National Venture Capital Guidance Fund is anticipated to provide valuable experience for China's technology finance system reform, supporting the construction of a capital support system aligned with high-level technological self-reliance[18]

以本次合作为契机，南山区将进一步吸引更多优质创投机构汇聚南山，扩大南山科创投资"伙伴圈"。通 过打造具有南山特色的风投创投集聚区，形成资本集聚效应，进一步构建"投早、投小、投科技"的创投 生态，为南山打造国际风投创投核心承载区提供战略保障。 基金将重点围绕硬科技领域开展投资，聚焦战略性新兴产业和未来产业，通过"子基金+直投"模式，为 种子期、初创期科技企业提供长期、稳定的资本支持，与南山区"六个一"行动方案等创新创业政策体系 同频共振。这一布局与南山区的产业方向高度契合，有望加速区内创新型企业突破关键技术、实现成果 转化，为区域发展新质生产力注入强劲动能。 来源：创新南山 投资界12月29日消息，近日，南山区出资30亿元参与的"粤港澳大湾区创业投资引导基金合伙企业（有 限合伙）"（以下简称"国创粤港澳基金""基金"）在南山注册成立。该基金由国家发改委、财政部牵头 组建，目标规模504.5亿元，是南山区迄今参与规模最大、层级最高的国家级引导基金。此举标志着国 家级创投资本与南山创新沃土深度融合，南山科技与金融融合水平迎来历史性提升。 国创粤港澳基金的落地，是国家对粤港澳大湾区建设"具有全球影响力的国际科技创新中 ...

第四届达沃斯全球母基金峰会即将盛大启幕 投资聚焦：赋能科技创新与产业升级 基金将重点围绕硬科技领域开展投资，聚焦战略性新兴产业和未来产业，通过"子基金+直 投"模式，为种子期、初创期科技企业提供长期、稳定的资本支持，与南山区"六个一"行动方 案等创新创业政策体系同频共振。这一布局与南山区的产业方向高度契合，有望加速区内创新 型企业突破关键技术、实现成果转化，为区域发展新质生产力注入强劲动能。 生态构建：打造风投创投集聚区 以本次合作为契机，南山区将进一步吸引更多优质创投机构汇聚南山，扩大南山科创投资"伙 伴圈"。通过打造具有南山特色的风投创投集聚区，形成资本集聚效应，进一步构建"投早、投 小、投科技"的创投生态，为南山打造国际风投创投核心承载区提供战略保障。 此次基金的设立，不仅是资本层面的重要布局，更是南山融入国家创新体系、增强区域战略竞 争力的关键一步。下一步，南山区将围绕基金实施"多联动、多服务"等系列举措，进一步放大 基金带动效应，为南山区、深圳及粤港澳大湾区高质量发展提供更强金融支撑。 汇通金控公司作为南山区引导基金管理平台，始终立足于区委区政府的发展战略，肩负着撬动 更多社会资本、优质创业项目、技 ...

Core Insights - The establishment of three regional sub-funds under the "aircraft carrier-level" National Venture Capital Guidance Fund marks a significant step in the strategic deployment of national funds announced in March during the National People's Congress [4][5] - The National Venture Capital Guidance Fund focuses on cutting-edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage, aiming to support innovative technology and strategic emerging industries [5] Group 1: Fund Establishment - Three regional sub-funds have been registered in Beijing, Shanghai, and Shenzhen, namely the Beijing-Tianjin-Hebei Venture Capital Guidance Fund, the Yangtze River Delta Venture Capital Guidance Fund, and the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund [4] - The Yangtze River Delta fund has backing from the National Development Investment Corporation and various local government funds, while the Greater Bay Area fund is primarily supported by the Guangdong provincial fund and local government funds [4] Group 2: Market Impact - The registration of these sub-funds is expected to bring positive momentum to the primary market, which has shown signs of improvement despite ongoing challenges due to a scarcity of market-driven capital [6] - The establishment of the national-level fund is anticipated to accelerate capital inflow into the primary market, positively influencing the fundraising environment in the coming year [6] - Market experts predict that the upcoming year will see increased activity from state-backed funds, potentially addressing 20-30% of funding needs in the primary market [6]