达晨财智董事长刘昼：创业投资行业迎来新使命与新变化

Core Viewpoint - Venture capital and private equity are essential components in building a modern industrial system and developing new productive forces in China, as highlighted in the keynote speech at the 2025 Shanghai Multi-level Capital Market High-Quality Development Conference [2] Group 1: New Missions of Venture Capital - The venture capital industry in China has three new missions, with a primary focus on promoting technological self-reliance and seizing competitive advantages in technology and future development [3] - The industry aims to support the modernization of the industrial system and strengthen the foundation of the real economy, as well as develop integrated investment and production models to promote regional coordinated development [4] Group 2: Industry Changes and Trends - The venture capital industry is undergoing a deep adjustment, transitioning into a phase of quality improvement, with a market recovery and renewed confidence observed [5] - In the first three quarters of 2025, 3,501 funds were raised in China's private equity market, an increase of 18.3% year-on-year, with a total fundraising amount of 11,614.35 billion yuan, up 8.0% year-on-year [5] - The number of investment cases reached 8,295, reflecting a 19.8% year-on-year increase, with disclosed investment amounts around 5,407.30 billion yuan, up 9.0% year-on-year [5] - The dominance of state-owned capital limited partners (LPs) is solidifying, with characteristics of patient capital becoming more prominent [5] - Investment in "hard technology" continues to rise, with significant funding directed towards the semiconductor and electronic equipment sectors, exceeding 130 billion yuan [5] - The artificial intelligence sector saw 1,011 financing cases with total investments over 88 billion yuan, marking a 26.0% year-on-year increase [5] - The capital market is gradually shifting towards a new paradigm of high-quality development centered on technological innovation and supported by institutional inclusiveness [5] - A notable positive change is the continued recovery of A-share IPOs, with increased inclusivity for unprofitable technology enterprises [5]