深创投原董事长倪泽望：产业大洗牌时代 创投机构会有更多投资机会

Group 1 - The national level is placing unprecedented emphasis on venture capital, as evidenced by the introduction of "long-term capital" and the establishment of the "National Venture Capital Guidance Fund" with a significant expected scale [1] - The venture capital industry is facing challenges in fundraising and investment due to tightened IPO regulations, with the number of new A-share listings dropping from 524 in 2021 to an estimated 100 in 2024 [1] - Despite current difficulties, there are growth opportunities in sectors like semiconductors and electronic devices, with a reported 37% increase in Q1 2024 investments in these areas [1] Group 2 - The majority of funds established since 2015 have a Distribution to Paid-In Capital (DPI) of less than 0.5, indicating that less than half of the principal has been returned [2] - To ensure profitability in the venture capital industry, it is essential to support the sector through policy measures, encourage long-term capital from various sources, and provide greater flexibility in the assessment of state-owned funds [2]