机构：2025年一级市场募投退全方位回暖

Fundraising - In 2025, the number and scale of newly raised funds in China's equity investment market reached 5,039 and 1.65 trillion yuan, representing year-on-year increases of 26.6% and 14.1% respectively [1] - Government investment funds, local state-owned platforms, insurance capital, and AIC have become the core driving forces behind the recovery of the fundraising market [1] - The dominance of RMB funds has further increased, with a year-on-year growth of 16.1%, while foreign currency funds continued to decline, with only 33 foreign currency funds completing new rounds of fundraising, totaling over 35 billion yuan, down 15.4% and 36.0% year-on-year [1] Investment - In 2025, the number and amount of investment cases reached 10,795 and 928.716 billion yuan, showing year-on-year increases of 28.4% and 45.6% respectively [1] - Hard technology remains the mainstream investment sector, with investment case numbers in IT, semiconductors, biotechnology/healthcare, and machinery manufacturing all exceeding 1,500 [1] - High interest is noted in sub-sectors such as AI, embodied intelligence, GPU, innovative drugs, smart manufacturing, and new energy/new materials [1] - The popularity of investment strategies such as mergers and acquisitions, cornerstone investments, and public offerings has also significantly increased [1] Exits - The number of exit cases in 2025 saw a significant increase, totaling 5,211, which is a year-on-year rise of 41.0% [2] - Nearly 2,000 IPO cases were recorded, marking a year-on-year increase of 46.8% [2] - The number of merger and acquisition exit cases reached 468, reflecting a year-on-year increase of 77.3% [2]