三则，新旧动能转换，新质生产力加快成长。DeepSeek等多模态大模型竞相落地，"AI+"正在改变千行百业；机器人与人 类同台竞技，在马拉松赛场中跑出无限可能；民营火箭接连上天，商业航天驶向新高度……上半年，数字经济核心产业增加值 占GDP比重达到10%左右。 一方面，创新成果不断涌现。当前，我国研发占GDP比重接近2.7%，已经超过欧盟平均水平，接近OECD国家平均水平。 另一方面，新兴产业茁壮成长。上半年规模以上高技术制造业增加值同比增长9.5%，这些创新成果和产业融合带动了高技术产 业发展。 消费复苏得益于三大动能：首先是政策催化，上半年财政政策加力支持，以旧换新政策成效显著，今年以来相关商品销售 额已超1.4万亿元，超过去年全年总额。其次是结构升级，服务消费、假日消费、绿色消费等同步发力，比如免签"朋友圈"扩大 带动"中国游""中国购"持续升温，"五一"假期、端午假期，适用免签政策入境的外国人人次分别同比增长72.7%、59.4%。最后 是收入支撑，上半年全国居民人均可支配收入实际增长5.4%，农村居民实际收入增速（6.2%）快于城镇居民（4.7%），为下沉 市场消费注入动力。 二则，外贸层面，产业链 ...

Group 1 - In May 2025, the number of newly registered private equity and venture capital fund managers in China dropped to 2, a decrease of 83.3% compared to April and a 60% decline year-on-year [1] - A total of 339 new private equity and venture capital funds were registered, marking a year-on-year increase of 55.5% but a month-on-month decrease of 18.7% [1] - The domestic primary equity investment market recorded 428 financing events, representing a year-on-year and month-on-month decrease of 13.6% and 18.0%, respectively, with a total disclosed financing amount of approximately 18.233 billion yuan, remaining stable compared to May 2024 but down 21.5% from March 2025 [1] Group 2 - Qiming Venture Partners managed a total capital of 9.5 billion USD (over 69 billion yuan) across 11 USD funds and 7 RMB funds, having invested in over 530 companies in technology, consumer, and healthcare sectors [2] - As of May 2025, Qiming Venture Partners registered only one fund, the Suzhou Qichen Hengyuan Equity Investment Partnership, with a registered capital of 460 million yuan, which is intended for acquiring shares in Tianmai Technology [2] - The acquisition of 26.1% of Tianmai Technology for 452 million yuan positions Qiming as the controlling shareholder, with the company’s market value at 1.732 billion yuan [2] Group 3 - Tianmai Technology, established in 2004, focuses on intelligent public transportation solutions but has faced declining performance due to reduced passenger traffic and local government subsidies [3] - Qiming Venture Partners aims to leverage its resources to help Tianmai Technology reduce costs and explore new markets to reverse its operational decline [3] - In the reported period, Qiming disclosed 4 equity investment events, showing a significant increase of 300% year-on-year and month-on-month [3] Group 4 - In May 2025, Qiming's participation in B-round projects accounted for 75% of its investments, with a notable investment in medical device company "Pam Medical" [5] - Qiming also invested in the AI sector, specifically in a company developing general-purpose robots [5] Group 5 - Haobo Pharmaceutical completed a 50 million USD B+ round financing, with funds aimed at supporting the clinical development of its innovative drug AHB-137 for chronic hepatitis B [7] - Qiming has previously invested in Haobo during its A and B rounds, totaling 11 million USD [8]