Group 1 - The core viewpoint of the article is that the Chinese venture capital market is experiencing a significant recovery, transitioning from a fundraising-driven phase to an exit-driven phase [5][6][10] - The "China Venture Capital 100 Comprehensive Index" was developed to quantify the industry's temperature and assess its current stage and future direction [7][9] - The index shows that the market has gone through various phases over the past decade, influenced by policy, industry development, geopolitical factors, and unexpected events [9][10] Group 2 - The comprehensive index has rebounded to 194.06, indicating the emergence of a new cycle and a recovery in market confidence [10][12] - The investment index reached a low of 81.86 in the first half of 2024 but improved to 109.12 by the first half of 2025, reflecting a recovery in investment activity [20][24] - The exit index saw a strong rebound to 195.40 in the first half of 2025, driven by improved IPO channels and increased merger and acquisition activities [27][28] Group 3 - The fundraising index remains in a bottoming phase, having peaked at 326.35 in 2018 before entering a downward trend [29][32] - By the first half of 2025, the number of funds raised was 1,966, with a total fundraising amount of 10,665 billion, continuing the downward trend [33]