Group 1 - The overall trend of China's private equity investment market in 2024 continues to show a contraction, with fundraising scale declining by approximately one-third year-on-year [1] - The number and scale of newly raised funds in 2024 have decreased by about one-third compared to the previous year, with active players mainly consisting of insurance capital, state-owned capital, and industrial capital [1] - Investment activities have seen an overall decline of about 10%, with a focus on sectors such as hard technology, specifically artificial intelligence, embodied intelligence, and advanced manufacturing [1] Group 2 - Investment institutions are concentrating on exit strategies, actively exploring various exit channels such as IPOs, mergers and acquisitions, and secondary stock transfers [1] - Despite short-term market pressures, there is a relative recovery in the IPO market for VC/PE-supported companies in the first quarter of 2025, with an increase in Chinese companies listing in Hong Kong [1] - Investment institutions are entering a critical transformation period, aiming for a healthier, more sustainable, and liquid diversified exit ecosystem, with a focus on technological innovation [1]