Core Viewpoint - CATL has re-entered the investment scene by committing 500 million yuan to a new fund managed by Boyu Capital, signaling a recovery in China's venture capital market by the end of 2025 [4][6]. Group 1: Investment Activity - CATL announced its investment of 500 million yuan in the "Boyu New Intelligence New Industry (Ningbo) Equity Investment Partnership," which has a total subscription scale of 4 billion yuan, focusing on technology, healthcare, consumer goods, and retail sectors [6][8]. - Other companies, including Luoyang Molybdenum and Yitai B shares, have also announced their participation in the same fund, indicating a broader interest in this investment opportunity [8]. - The investment by CATL is part of a larger trend where the company is reviving its investment activities after a slowdown in recent years, having previously invested over 2.3 billion yuan in six funds within six months in 2021 [8]. Group 2: Market Sentiment and Trends - The investment by CATL reflects a shift in the overall sentiment of the primary market in 2025, moving away from caution to increased activity among investors [10]. - According to the "LP Panorama Report 2025," the private equity market in China has shown signs of recovery, with a nearly 10% increase in both fundraising and investment activities [10]. - The first three quarters of 2025 saw institutional LPs committing approximately 1.24 trillion yuan, a year-on-year increase of 9%, and the number of newly registered funds rose by 15.18% [10]. Group 3: Return of Institutional Investors - Established institutional investors like Tencent and Alibaba are returning to the market, focusing on future-oriented sectors such as AI and robotics, while new capital from various industries is also entering the equity investment space [11]. - The presence of foreign LPs is re-emerging, with several dollar institutions disclosing new fundraising activities, contributing to overall market confidence [12]. - The return of confidence is creating a positive feedback loop, with policy support for technological innovation and emerging sectors generating new opportunities [12]. Group 4: Long-term Investment Strategy - The current market recovery is characterized by a more patient capital approach, with both old and new investors seeking long-term alignment with industry evolution and national strategies [14]. - CATL's active participation in the LP market not only reflects confidence in its capital allocation but also signifies a clear marker of the primary market's transition into a new development phase [14].