德国拟推千亿欧元 “德国基金” 投资关键战略领域

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

德国拟推千亿欧元 “德国基金” 投资关键战略领域

2025-08-07 10:30:57 来源：北方有色网责任编辑：王欣悦

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8月6日周三，据媒体报道，德国正准备推出一项名为“德国基金”(Deutschlandfonds)的投资基金，投资国防、能源和关键原材料等战略性行业，并确保关键供应链的安全。

这项基金预计总规模将达到1000亿欧元(约合1160亿美元)，并将通过吸引国际投资者，如风险投资和家族办公室来扩大政府资金的影响力。根据德国经济部的声明，政府将为该基金初步注资至少100亿欧元，目标是撬动最多10倍规模的私人资本。

这一旗舰基金计划是德国总理FriedrichMerz政府为重振德国经济所采取的关键举措。德国经济已连续两年陷入萎缩，政府希望通过该计划扭转颓势。此外，德国政府希望通过这项基金强化关键供应链的安全性，因为当前地缘政治风险持续加剧。

德国基金锁定电网、军工与资本市场

德国经济部表示，德国政府的资金来源正在与财政部及国家开发银行KfW进行协商，不过官方尚未透露基金的结构、投资策略和具体时间表的更多细节。但知情人士透露，德国基金计划将在9月或10月正式启动。

德国基金的一个重要方向是能源基础设施。德国政府目前持有50Hertz和TransnetBW等电网运营商的股份，并且正在考虑收购荷兰电力公司TenneT在德国的资产，以及多蒙特的Amprion部分资产，目的是加强国家对电力传输网络的控制。

此外，基金还计划投资于德国国防行业。德国政府正在与法德合资军工企业KNDS进行谈判，考虑收购其一部分股份。同时，德国也在洽谈收购蒂森克虏伯旗下潜艇部门的股权，此外，还将包括对国内防务初创企业的小额投资。

除了战略资产，德国基金还将专注于促进国内资本市场的发展。目前，德国私人资本对高风险项目，尤其是中小企业的投资兴趣减少，导致许多潜力未能得到释放。德国基金希望通过提供政府背书，吸引国际投资者，推动更大规模的投资。

该基金并不是传统的国家补贴，也不是纯市场导向的风险投资，而是一个混合型工具。一方面，政府参与投资，为国际投资者提供背书，增强市场信心。同时保留一定市场化运作机制，争取撬动更多外部资本进入。

然而，目前仍未决定是否将该基金扩展用于开发“可负担住房”，这是德国城市地区一个政治敏感的议题。知情人士表示，未来基金运行稳定后可能会扩大适用范围。

尽管梅尔茨的保守党与财政部长LarsKlingbeil领导的社会民主党之间存在分歧，但该基金的资金来源已得到保障。德国执政联盟最近已通过一项5000亿欧元的基础设施支出方案，而由于股权投资被视为金融交易，它们也可以绕过德国的宪法债务制约。

这项基金是今年5月组建联合政府时签署的执政协议中的承诺内容。它也将成为新任经济部长——前能源企业高管KatherinaReiche上任后的首个旗舰项目。

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德国拟推千亿欧元 “德国基金” 投资关键战略领域

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