Core Viewpoint - The VC/PE industry is undergoing a significant transformation as investors shift their focus from major cities to underdeveloped regions, driven by the need for survival amidst increasing competition and resource concentration in top-tier cities [2][3][4]. Group 1: Industry Migration - Investors are increasingly traveling to less developed areas like Gansu, Sichuan, and Hubei, as the competition in major cities has become fierce, with only 2% of large-scale institutions dominating the market [2][3]. - The phenomenon of "survival migration" is reshaping the industry landscape, as smaller firms struggle to compete against state-owned funds with substantial capital [2][3][4]. Group 2: Investment Opportunities - There is a stark contrast in investment opportunities between regions, with only 7 private equity fund managers in Gansu managing less than 5 billion yuan, while eastern regions are experiencing explosive growth [4]. - The lack of professional teams in underdeveloped areas creates a "dark under the lamp" situation, where good projects exist but are not being discovered [4][5]. Group 3: Competitive Landscape - The "Matthew Effect" is intensifying, with large state-owned funds monopolizing capital in sectors like artificial intelligence and biomedicine, leaving little room for smaller players [3][4]. - The exit channels for investments are becoming increasingly blocked, with the A-share IPO approval rate falling below 60% in 2023, while some regions are creating "green channels" for specialized enterprises [3][4]. Group 4: Strategic Shifts - Investors are adapting their strategies to local conditions, focusing on understanding the entire industrial chain rather than just technological barriers [5]. - The integration of technology, talent, and capital is bridging the income gap between urban and rural areas, with significant potential in underdeveloped regions being unlocked [7][8]. Group 5: Future Outlook - The migration of investment capital to rural areas is not a retreat but a strategic move to seize future opportunities, as evidenced by successful projects in various regions [7][8]. - The upcoming 2025 China Mother Fund Summit indicates a growing interest in discussing the development of the mother fund industry, reflecting the evolving landscape of investment [9][12].