Core Viewpoint - The primary focus of the article is the continued recovery of the primary market, with significant increases in the activity of institutional LPs and the number of newly registered private equity and venture capital funds in April 2025 [3][4][6]. Group 1: Market Activity - In April 2025, the activity of institutional LPs increased by 23% month-on-month and by 38% year-on-year [4][6]. - A total of 417 new private equity and venture capital funds were registered in April, marking an 18.80% increase from the previous month and a 17.46% increase from the same month last year [6]. Group 2: LP Type Structure - Policy-type LPs accounted for the highest proportion of contributions at 41.38%, followed by industrial-type LPs at 32.18%, financial-type LPs at 22.19%, financial institutions at 4.16%, and public-type LPs at 0.09% [8]. - The contribution from policy-type LPs increased to over 68% in April, up from 63% in March, indicating a significant rise in government-backed funding activity [10]. Group 3: Financial Institutions and Investment Trends - Financial institutions and financial-type LPs showed a notable increase in activity, with financial institutions' contributions exceeding 10 billion yuan, including nearly 6 billion yuan from insurance institutions [14][15]. - The collaboration between different types of financial institutions is strengthening, as evidenced by a significant investment from China Post Life Insurance into a private fund managed by 招银国际资本 [16]. Group 4: Regional Activity - Jiangsu province led in investment activity, with a well-structured fund system that effectively mobilizes capital through a "mother fund + sub-fund" model [21][22]. - Zhejiang province, while having lower overall activity, demonstrated larger average single investments, focusing on key sectors like AI and low-altitude economy [25]. Group 5: Fund Initiatives - Jiangsu's strategic emerging industry mother fund has a total scale of 50 billion yuan, aimed at supporting technological innovation and traditional industry upgrades [27]. - The Chongqing industrial investment mother fund, with a total scale of 200 billion yuan, aims to enhance the high-quality development of advanced manufacturing in the region [28]. Conclusion - The article concludes that the active participation of financial institutions, supported by policy funds, is crucial for stabilizing investments and promoting innovation, creating a robust capital support system for technological advancements and industrial upgrades [30].