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2500亿+融资落地！Q3国内创投市场继续增长，回暖信号增强？
Sou Hu Cai Jing·2025-10-28 10:51

Core Insights - The Chinese venture capital market has shown positive growth in the number of financing events for six consecutive quarters, reaching 2,388 events in Q3 2025, a quarter-on-quarter increase of 15.47% and a year-on-year increase of 37.72% [3] - The total estimated financing amount for domestic startups in Q3 2025 was approximately 250.79 billion, marking a 37.75% increase from the previous quarter, although the year-on-year growth was only 4% [3] - Early-stage and growth-stage investments dominate the market, accounting for about 82% of total financing events, reflecting a strong focus on growth-stage investments [5][7] Financing Events - Early-stage investments (seed, angel, pre-A rounds) accounted for 34% of total financing events in Q3 2025, while growth-stage investments made up 48%, the largest share [7] - Growth-stage investments have shown consistent quarter-on-quarter growth since Q2 2024, with Q3 2025 reaching 1,153 events [5] - The number of early-stage investment events increased by 31% in Q3 2025, totaling 814 events [5] Industry Focus - Key sectors attracting capital in Q3 2025 included artificial intelligence (435 events), integrated circuits (262 events), robotics and embodied intelligence (243 events), and new energy (174 events) [9] City Distribution - The top cities for startup financing in Q3 2025 were Shanghai (333 events, 44.39 billion), Beijing (318 events, 64.13 billion), and Shenzhen (266 events, 14.20 billion) [10][11] - Cities like Suzhou and Hangzhou are also emerging as significant players, with Suzhou surpassing Hangzhou in financing activity [12] - All top twenty cities experienced positive year-on-year growth, with notable increases in Changsha (104.76%) and Chengdu (61.54%) [12] Investment Players - Active investors in the venture capital market include market GP funds, with Qiji Chuangtan leading with 37 investments in Q3 2025 [17] - State-owned investment platforms participated in 659 financing events, accounting for 27.6% of the total [14]