Core Insights - The private equity and venture capital market in January 2026 saw a significant decline in new registrations and filings, with a total of 8 new fund managers registered, marking a 62.5% decrease year-on-year and month-on-month [1] - The total number of newly registered private equity and venture capital funds was 548, which is a 20.6% decrease compared to December 2025, but a notable 66.1% increase compared to January 2025 [1] - The domestic primary market recorded 644 equity investment events in January, with a total disclosed investment amount of approximately 529.99 billion yuan, reflecting a year-on-year increase of 2.1% and a 55.5% increase compared to the same month last year [10] Investment Trends - Lushan Investment, a government-controlled early-stage investment institution in Hunan, did not register any new funds in January 2026, and only registered one fund in 2025 with a capital contribution of 10.5 million yuan [11] - In January 2026, Lushan Investment disclosed 9 equity investment events, a decrease of 30.8% compared to December 2025, indicating a preference for concentrated investment during market windows or project maturity periods [11][13] Investment Stages - Lushan Investment focused heavily on early-stage investments in January, with angel rounds accounting for 66.7% and seed rounds approximately 22.2%, reflecting a willingness to take on higher risks [13] Industry Focus - The majority of Lushan Investment's portfolio in January was concentrated in the artificial intelligence sector, which accounted for about one-third of the invested projects, while new materials and consumer upgrades were tied for second place [15] Regional Investment - All of Lushan Investment's funding in January was directed towards companies within Hunan province, emphasizing a regional investment strategy [17] Notable Investment - Lushan Investment made a notable investment in "Fuxi Cloud," a provider of digital solutions for cultural heritage, during its angel round financing, which will support innovation in the digitalization of cultural heritage [18]