真正把一级市场困住的，到底是什么

Core Viewpoint - The article discusses the current state of the primary market, highlighting that while there are signs of policy improvement, the reality on the ground remains challenging for many investment institutions, leading to a situation described as "pretending to recover" [4][7][10]. Group 1: Market Conditions - The primary market is experiencing a "twisted recovery," with increased project activity and more frequent meetings among limited partners (LPs), but many institutions are still struggling to regain their footing [4][8]. - Despite regulatory encouragement for innovation and a more favorable IPO environment, the actual conditions for fundraising and project exits remain bleak, with many general partners (GPs) feeling pressured to maintain appearances [8][10]. - The investment landscape is characterized by difficulties in fundraising, investment, and exit strategies, with LPs becoming increasingly cautious and preferring safer investments like bonds over venture capital [13][14][24]. Group 2: Taxation Issues - The article emphasizes that taxation is a significant barrier for the primary market, with examples illustrating how misclassification and tax regulations can lead to substantial financial losses for LPs [18][19][21]. - The inability to offset gains and losses across different funds exacerbates the tax burden, discouraging high-net-worth individuals from investing in venture capital [20][24]. - The current tax system creates a disincentive for long-term investments in technology and innovation, as potential returns are heavily taxed, leading to a reluctance among LPs to commit to high-risk projects [24][26]. Group 3: Future Outlook - There is a general sentiment of cautious optimism regarding the potential for a market turnaround, but many industry players remain skeptical about the timing and sustainability of such a recovery [10][11][28]. - The article calls for a more supportive regulatory and tax environment to encourage long-term investment in technology and innovation, suggesting that without such changes, the aspirations for growth may remain unfulfilled [24][28].