Core Insights - The overall trend in China's private equity investment market continued to decline in Q1 2025, but the rate of decline has narrowed, indicating signs of recovery [2][4] - The AI sector experienced counter-cyclical growth in investment and financing activities [2][7] Fundraising - In Q1 2025, the number of newly raised funds was 992, with a total amount of 3470.84 billion RMB, both down by 2.9% year-on-year [3] - Excluding real estate and infrastructure investment funds, the new fund size was 3261.05 billion RMB, showing a year-on-year increase of 17.6% [3] - Foreign currency fundraising remained low, with only 4 foreign currency funds completing new rounds, raising approximately 4.5 billion RMB, a decline of over 70% year-on-year [3] Investment Activity - The number of investment cases in Q1 2025 rebounded to 2329, up 12.2% year-on-year, while the disclosed investment amount was 1398.24 billion RMB, down 27.9% [4] - The hard technology sector remained a market hotspot, with significant investment activity in semiconductors, electronic devices, IT, healthcare, and mechanical manufacturing [4] Exit Activity - There were 500 exit cases in Q1 2025, a decrease of 33.8% year-on-year [4] - The number of IPO cases for invested companies was 239, reflecting a year-on-year increase of 22.6%, indicating a slight improvement in the listing environment for Chinese companies [4] AI Sector Insights - In Q1 2025, the AI sector recorded 351 financing cases with total investments exceeding 20 billion RMB, down 20.5% year-on-year [7] - Excluding specific high-profile cases, the investment amount in the AI sector was nearly 19 billion RMB, showing a year-on-year increase of 29.1% [7] - Over the past five years, more than 5400 AI companies have received support from VC/PE institutions, with nearly 70% completing their first round of financing [7] - From 2024 to Q1 2025, there were over 1700 investment cases in the AI sector, with a total investment amount of approximately 120 billion RMB, although there remains a valuation and financing gap between Chinese and US AI companies [7]

智通财经APP获悉，根据Insider Mondey近期发布的一份"亿万富翁眼中值得买入的30只最佳AI股票"榜 单，戴尔科技(DELL.US)位列其中，该股受到亿万富翁及对冲基金青睐，大摩等机构也看好其未来借力 AI热潮的积极发展。 过去几个月，受AI热潮推动，美国经济前景一片乐观。但近期特朗普为扶持美国制造业所采取的关税 政策出台转头就泼了冷水。这一系列举措迅速冲击全球股市，各大主要指数皆呈螺旋式下跌。而最新一 轮关税上调，已使"七巨头"市值蒸发数万亿美元。七巨头主导着美国基准指数，且在AI领域投入巨大。 戴尔科技受到众多亿万富翁投资者及对冲基金的青睐，持有其股票的对冲基金数量为63家，持有其股票 的亿万富翁投资者数量为11位，其中亿万富翁持股市值为2.58亿美元。 戴尔科技从事各类综合集成解决方案、产品及服务的设计、开发、制造、营销、销售和技术支持。该公 司通过与超大规模数据中心运营商在服务器领域的合作，以及生产具备AI功能的个人电脑，涉足AI领 域。 市场研究公司国际数据公司(IDC)的最新报告指出，如果关税持续存在，预计将在包括IT行业在内的多 个市场引发供应链中断和通胀挑战。据路透社报道，在上周特 ...

Group 1: Financial Performance - INVL Technology reported an audited net profit of EUR 8.09 million in 2024, a 56.5% increase from EUR 5.17 million in 2023 [1] - The company's equity and net asset value reached EUR 51.43 million at the end of December 2024, marking an 18.2% increase year-over-year [1] - The per share value of equity and NAV grew by 19% to EUR 4.2896 [1] Group 2: Portfolio Company Performance - The aggregated revenues of INVL Technology's portfolio companies amounted to EUR 66.23 million in 2024, a 5.8% increase from 2023 [4] - Gross profit for the portfolio companies increased by 9.7% to EUR 19.78 million, while aggregated EBITDA grew by 42.7% to EUR 5.13 million [4] - NRD Cyber Security's consolidated revenue increased by 37.6% to EUR 10.19 million, with gross profit rising by 12.7% to EUR 4.50 million [5] - NRD Companies reported consolidated revenue of EUR 9.97 million, a 9.3% decrease from 2023, but gross profit increased by 9.8% to EUR 4.83 million [6] - Novian's consolidated revenues reached EUR 38.90 million, a 2.4% increase, with gross profit growing by 14.4% to EUR 8.80 million [7] Group 3: Strategic Developments - INVL Technology is in the process of selling its portfolio of businesses, with Corum Group International serving as the M&A intermediary [3][2] - The company is managed by INVL Asset Management, which is the leading alternative asset manager in the Baltics [8] - INVL Technology is a closed-end investment company that must exit its investments by mid-July 2026 and distribute the proceeds to shareholders [8]

以下文章来源于清科研究 ，作者创造价值的 清科研究 . 清科创业（01945.HK）旗下清科研究中心致力于为众多的有限合伙人、VC/PE机构、战略投资者、以 及政府机构、律师事务所、会计事务所、投资银行、研究机构等提供专业的信息、数据、研究和咨询服 务。 年度盘点。 作者 | 清科研究 来源 | 清科研究 （ID：pedata2017） 01 整体回顾 02 市场分布 A股IPO总量同比收缩近七成，创业板上市企业数量相对较多 2024年中企IPO市场总体呈现出阶段性收缩态势，但下半年IPO活跃度环比有所回升。 根据清科创业（01945.HK）旗下清科研究中心统计，2024年中企境内外上市195家 【1】，同比下降51.1%，首发融资额约合人民币1442.66亿元【2】，同比下降 63.6%，上市企业数量和融资金额为近10年新低；其中，下半年有113家中企IPO，首 发融资额约合人民币973.53亿元，环比分别上升37.8%、107.5%。 分市场来看，2024年 A股 共有100家企业上市，同比下降68.1%； 境外市场 共95家 中企上市，同比上升10.5%，其中今年全市场首发融资额前三大中企IPO均于港股 ...