政策红利持续释放 创投业“募投管退”全面回暖丨2025年终经济观察

Core Insights - The primary viewpoint of the articles is that the venture capital industry in China is experiencing a comprehensive recovery across fundraising, investment, and exit channels, supported by favorable policies and increased funding [1][8]. Fundraising - The fundraising environment is improving, with long-term capital from banks, insurance, and social security funds accelerating their entry into the market. Government-guided funds and industrial capital are also increasing their contributions, with bank AICs (Asset Investment Companies) becoming significant players [2][3]. - As of December 2, 2025, the cumulative investment from bank AICs reached 45.272 billion yuan, marking a year-on-year increase of 37.7% since the expansion of the AIC pilot program in September 2024 [2]. Investment - Various sectors, particularly hard technology areas such as artificial intelligence, robotics, and biomedicine, are attracting significant investment. The investment pace has increased by 20% to 30% compared to 2024, with over 100 companies expected to receive investment from Sequoia China this year [4][5]. - The number of financing events in the robotics sector alone exceeded 600 by the end of Q3 2025, surpassing the total for the previous two years, indicating a strong interest in this investment area [5]. Exit Channels - The exit channels for venture capital are diversifying, with IPOs remaining a key exit route. In 2025, several companies have successfully gone public, and the A-share and Hong Kong IPO markets are showing robust growth, accounting for 16% and 33% of global IPO activities, respectively [6][7]. - The introduction of S funds and mergers and acquisitions (M&A) as alternative exit strategies is gaining traction, with local state-owned assets increasingly participating in S funds and venture capital firms actively seeking M&A opportunities for their portfolio companies [7]. Overall Industry Outlook - The venture capital industry in China is poised for a robust recovery, driven by a combination of policy support, resilient valuations, and a multi-layered talent pool. The ongoing improvements in the fundraising, investment, and exit ecosystems are expected to enhance the industry's support for technological innovation and contribute to high-quality economic development [8].