On March 6, Zheng Jiejie, director of the National Development and Reform Commission (NDRC), revealed that in the near future, a National Venture Capital Guiding Fund will be set up, with the aim of making innovative enterprises better, stronger and larger.

The news was like a boulder in the water, stirring up a thousand waves in the venture capital circle and industrial economy.

Here is a quick summary of the key points for you, the capital scale is over 1 trillion dollars, the investment in seed and start-up enterprises, the survival period of up to 20 years.

Involved in the industry artificial intelligence, quantum technology, hydrogen energy storage and other cutting-edge areas; the two sessions of the report circled biological manufacturing, with body intelligence, 6G, etc. is also a key investment area.

Such a large-scale, long-cycle fund will bring long-term and stable financial support to the field of venture capital, and will further change the existing pattern of investment in hard science and technology.

What are we looking for?

Of course, it is to see what can be done around the world to inject living water into the local industrial economy?

01Positive response: science and innovation to educate the business has the bottom

Economic downturn, brought about by the chain reaction of the industry, resulting in the seed stage, the start-up stage of the enterprise difficult to survive.

Superimposed on the hard science and technology industry, the input cycle is long, the market transformation is slow, the characteristics of the investment risk, this type of science and technology enterprises are often easy to "die".

In the past few years, science and technology parks have more or less experienced the dilemma of "difficult to attract and retain business".

The turnaround will happen at the beginning of 2025, when AI hardware and software such as Deepseek and humanoid robots will rise, and the eyes of global investors will be focused on the domestic science and technology sector.

Catching this wave of technological innovation means catching the "wind" of advanced productivity in the next century.

In other words, the purpose of building a science and innovation fund is to leverage greater social capital, especially foreign capital, to catch this wave of science and innovation.

To this end, the country has made frequent moves, as mentioned in the Government Work Report released on March 5, to improve the differentiated regulatory system for venture capital funds, strengthen policy-based financial support, accelerate the development of venture capital, and grow patient capital.

On the same day, the General Office of the State Council issued the "on doing a good job of financial "five articles" of the guidance" also pointed out that the optimization of the financing environment for science and technology-based small and medium-sized enterprises, the development of equity investment, venture capital, angel investment, and the growth of patience capital, to support the cultivation and development of scientific and technological leaders, unicorns, and specialized speciality and new Small and medium-sized enterprises.

At the same time, optimize the system of private equity and venture capital funds, and guide the social capital to increase investment in the key areas of the financial "five articles" layout.

Tracing back to the previous, the State Council No. 1, we also interpreted in detail from the perspective of industrial development.

Refer to read "State Office of the 1st article, analysis of 2025 investment "industry + fund" underlying logic"

Back to the investment landing point of view, science and technology fund is not a proven means of breeding business.

If the local government can cultivate and incubate a few successful enterprises, it may lead to the development of the whole industry.

02Forerunner to explore the road: and characteristics of the combination

Rational use of the guidance fund, prying and local characteristics of the project combination of projects, can achieve a win-win situation.

Wuhan is a typical example, the optical valley state-owned platform with 200 million yuan to become the largest cornerstone investor in the sound of technology, to attract its headquarters in Wuhan and plans to build artificial intelligence industrial park .

Wuhan has a good foundation in artificial intelligence industry, data show that in the past three years, Wuhan artificial intelligence industry to maintain an annual growth rate of more than 30%.

At present, more than 1,000 related enterprises have been gathered, and there are more than 20 vertical industry models in research and use, covering multiple links in the industry chain such as intelligent hardware, computing system technology and data support.

Soundone Technology sees Wuhan's market, talent and capital advantages, while Wuhan, through the investment of the guidance fund, not only provides financial support for the enterprise, but also strengthens the cooperative relationship with the enterprise, realizing a win-win situation.

Other typical cases -- Hefei and BOE, Chongqing and Ceres.

In 2007, Hefei took out one-third of the city's fiscal revenue to bet on the panel and invested in BOE, which eventually earned more than 10 billion, forming a local leading enterprise and driving upstream and downstream neighboring enterprises to compete for admission.

Chongqing state-owned capital also support Sailis, etc., overtaking Guangzhou, among China's head automotive industry city. Sailix's technological breakthroughs in the field of new energy and industry chain driving role in the green transformation of Chongqing's automotive economy provides an important support.

While state-owned funds have become the main source of capital in the venture capital market, realizing the precise matching of the "last kilometer" from industrial funds to invested enterprises is the biggest problem.

03 Chain reaction

The day after the news of the carrier fund, Shenzhen announced that it would set up a state-owned fund with a scale of not less than 50 billion yuan to invest in cutting-edge technology fields such as artificial intelligence and robotics.

Today, Shenzhen has formed a "Shenzhen state capital model" with local characteristics, that is, through the creation of the fund jungle, to support the whole stage of the growth cycle of enterprises.

Specifically, by the end of 2024, Shenzhen state-owned funds to create a group of state-owned funds, including seed funds, angel funds, venture capital funds, industrial funds, mergers and acquisitions funds, mother funds, S funds, talent funds, etc., with more than 500 funds of various types, and the total size of the fund of more than 700 billion yuan.

The signing ceremony of the strategic cooperation agreement of Chengdu Venture Capital Secondary Market Fund (S Fund) was successfully held in Beijing recently.

This S Fund is established under the guidance of the Ministry of Science and Technology of the People's Republic of China (MOST) and the cooperation between Chengdu Jiaotzu Financial Holding Group and Jianxin Trust, a subsidiary of China Construction Bank, with a total target size of 10 billion yuan.

Recently, Wuxi, Jiangsu Province, low-altitude economy and airspace industry special mother fund was established , the contribution of 2 billion yuan, focusing on low-altitude economy and commercial space field.

In addition, Anhui, Hubei, Zhejiang and other provinces billion mother fund open recruitment GP.

Standing in the 2025 capital investment "wind mouth", around the national VC mother fund stimulation, began to quickly gather the market quality power, especially senior "investor", to boost the local capital investment. "

These are the first time I've ever seen a company like this, and I've never seen one like it.

The so-called senior "investors" are professional fund managers who have successful investment cases in the corresponding industrial tracks.

Specialized counterparts mean that the matching of the last kilometer from the industrial fund to the invested enterprises can be guaranteed to the greatest extent possible.

So, what is the impact on our investment?

In the future, it will no longer be a competition of individual projects, but a confrontation of industrial ecology.

This means that we also need to have "investment banking" thinking.

Not only should we pay attention to the current performance of the enterprise, but also the industrial track behind it, and most importantly, the long-term development potential.

In practice, we need to pay more attention to the preliminary research, in-depth understanding of the real situation of each potential project, to assess whether the business model is feasible, whether the management team is reliable and other factors.

Of course, when necessary, we need to use a professional industry analysis team.

For example, local senior industry professionals as the initiator to assess the future valuation of high enterprises, the formation of a set of professional processes and programs, a wide range of selection of key projects, will be a lot of information feedback to the decision-making level.  

Finally, the active use of guidance funds around the attraction of high-quality projects in the process, the track is too centralized, but also produces the risk of homogenization.

Thus, industrial positioning and planning should be put in the first place, followed by project quality control.

In practice, it is not easy to identify projects with real development potential and innovation.

Some projects may have immature technology, uncertain market prospects and other issues, if blind investment, not only can not realize the expected economic benefits, but also may cause a waste of funds .

In order to cope with these challenges, localities can strengthen inter-regional cooperation and exchanges, realize resource sharing, complement each other's strengths, and work together to build an industrial ecosystem to avoid vicious competition .

Specifically, we can refer to the Shenjiang "two-way enclave" investment, the essence is to build a community of interest "model.

At the same time, taking into account the assessment system set up for fund investment, the need to enhance fault tolerance.

Can refer to the Guangdong region put forward the "segmentation assessment method": 5 years do not assess earnings, focus on technological breakthroughs.

Written in the end when the National Venture Capital Fund ignited the beacon of hard science and technology, investment people need to hear the news, early adjustment of industrial strategy. The future is no longer "picking up the basket are vegetables" of the reckless era, but "targeting precision" of the era of refinement.