创投观察：互联网巨头频频做LP，什么信号？

Group 1 - Major internet companies such as Tencent, Alibaba, JD.com, Meituan, and ByteDance have been actively investing in the primary market as limited partners (LPs) since 2025, indicating a significant shift in market dynamics after years of inactivity [1] - In 2025, Alibaba has made 9 investments, Tencent 5, and other giants like Meituan, ByteDance, and JD.com have also participated, showing a notable increase in activity compared to 2024 [1] - The overall investment from industrial capital in the primary market has seen a recovery, with 941 industrial capital investors making 1,041 investments totaling 108.8 billion yuan in the first half of 2025, representing a 22% year-on-year increase [1] Group 2 - Despite the overall increase in industrial capital investment, there is a clear divergence within the sector, with many corporate venture capital (CVC) firms remaining cautious and not engaging in investments [2] - Over 60% of CVCs have not made any investments in 2025, and 15% have completely halted their investment activities since 2021, reflecting a more conservative approach among traditional companies [2] - Internet giants have a unique investment logic, leveraging their strong financial positions and stable cash flows to pursue LP investments, as seen with Tencent's cash net amount reaching 74.6 billion yuan as of June 30, 2025 [2][3] Group 3 - The urgency for internet giants to expand their ecosystems through investments in emerging technologies like AI, big data, and cloud computing is heightened, as they seek to acquire new technologies and talent to enhance their competitive edge [3] - Unlike traditional industrial capital, which focuses on integrating supply chains and expanding business synergies, internet giants have a more diverse investment strategy, targeting projects with potential synergies across various sectors [3] - The investment activities of major companies often trigger a "follow-the-leader" effect within the industry, encouraging other firms to invest in similar emerging fields, thereby accelerating the development of those sectors [3]