Core Viewpoint - The investment landscape is undergoing a transformation where investors are shifting from traditional path dependence to identity reconstruction, driven by both passive self-rescue and active exploration [2][10]. Group 1: Market Activity and Sentiment - The primary market has seen a resurgence in activity, with offline meetings and roadshows becoming more frequent, indicating a market recovery [4]. - However, the perspective from General Partners (GPs) reveals a non-linear narrative, with some institutions resuming travel and fundraising efforts while others remain hesitant [5][8]. - The current state of the primary market can be described as "low-level stability," where fundraising challenges persist, and LP confidence is still recovering [9][12]. Group 2: Identity Reconstruction of Investors - Investors are actively seeking "non-linear survival" paths, moving beyond traditional investment cycles to explore new roles such as content creators and market organizers [10][14]. - The identity of investors is evolving, with many now balancing roles as content creators, strategic advisors, and financial advisors to maintain relevance and engagement in the industry [12][13]. - This identity shift reflects a deeper change in the power dynamics between GPs and LPs, with LPs increasingly expecting GPs to contribute more actively to project sourcing and industry insights [13][14]. Group 3: Investment Strategies and Market Outlook - In the current market, the dilemma for many GPs is whether to invest now or wait, with some choosing to make strategic bets in sectors like AI and semiconductors [16][17]. - There is a notable divergence in confidence among investors, with some opting to "get ahead" by exploring new investment paths while others remain cautious due to structural uncertainties [16][17]. - The ongoing identity reconstruction among investors is not merely for survival but also aims to lay the groundwork for future industry connections and opportunities [14][19].