今年一级市场回暖，有投资人看到新“光线”

Core Viewpoint - The article discusses the recovery of the A-share and Hong Kong IPO markets in 2025, highlighting the active mergers and acquisitions, and the overall revitalization of the primary market, indicating a departure from the previous "winter" phase [3][4]. Group 1: Market Recovery - In 2025, the A-share market welcomed 111 new stocks with a total IPO fundraising amount of approximately 125.3 billion yuan, while the Hong Kong market saw 111 IPOs raising about 243.7 billion HKD [7]. - VC/PE-backed IPOs in China reached 102 companies in the first three quarters, involving 562 institutions, with a year-on-year increase of 27.4% in the number of institutions benefiting from IPOs [7]. - The launch of the National Venture Capital Guidance Fund with a 20-year lifespan, including a 10-year investment and a 10-year exit period, reflects a supportive policy environment for the investment market [3][4]. Group 2: Challenges in the Market - Despite the recovery, challenges remain, such as the difficulty for small General Partners (GPs) to raise funds, with over 80% of new registrations concentrated among top institutions and large state-owned platforms [10]. - The fundraising difficulty for private GPs has reached a ten-year high, with some Limited Partners (LPs) reportedly only investing in state-owned GPs, creating a competitive disadvantage for private funds [10][11]. - The current funding structure is becoming increasingly homogeneous, pushing GPs to transition from "professional investment institutions" to "comprehensive service providers" [12]. Group 3: Future Directions - The investment focus is shifting towards hard technology sectors such as information technology, semiconductors, and biomedicine, with a strategy that emphasizes investing in key links of the industrial chain rather than just star companies [8]. - The "15th Five-Year Plan" period is expected to see continued policy support for nurturing patient capital and improving risk management and incentive mechanisms [7]. - The need for a systematic redesign of mechanisms to address the issues of "patience" and "trust" in capital is emphasized, with a focus on long-term investment horizons and risk-sharing mechanisms [14].