歌华有线做LP，瞄准机器人赛道

Core Viewpoint - The article highlights the resurgence of Limited Partners (LPs) in the primary market, particularly focusing on the investment activities of Beijing Gehua Cable Television Network Co., Ltd. in the robotics sector, indicating a broader trend of increased investment enthusiasm among industry giants in 2026 [2][8]. Group 1: Investment Activities - Beijing Gehua Cable announced its participation as an LP in the "Shunxin Embodied Intelligent Robot Equity Investment Fund," committing 100 million RMB, which represents 5% of the fund's total subscription amount, with an initial investment of 30 million RMB [5][6]. - The fund, initiated by Zhongbing Shunjing Equity Investment Management Co., Ltd., has a total scale of 2 billion RMB and aims to invest in unlisted companies within the humanoid robot industry, covering various technological fields [5][6]. - This marks a return for Gehua Cable as an LP, having previously invested in over 100 projects since 2008, with 20 companies achieving IPOs [7]. Group 2: Market Trends - The article notes a revival in the primary market, with increased investment enthusiasm from industry players, contrasting sharply with the cautious approach seen in previous years [10]. - In 2025, China's private equity market showed signs of recovery, with a nearly 10% increase in both fundraising and investment, despite a challenging exit environment [10][11]. - The first three quarters of 2025 saw institutional LPs committing approximately 1.24 trillion RMB, a year-on-year growth of 9%, with new fund registrations increasing by 15.18% [10]. Group 3: Industry Dynamics - The return of both "old money" (established investors) and "new money" (emerging investors) is reshaping the investment landscape, with a focus on sectors like AI and robotics [11][13]. - The article emphasizes a shift towards "patient capital," where investors are increasingly aligning their strategies with long-term industrial evolution and national strategies [13]. - The overall market sentiment is improving, driven by policy support for technological innovation and the emergence of new investment opportunities [11][13].