The CITIC Securities Research Report points out that the entire ecosystem of the equity market is undergoing significant changes: LP structure evolution, from “two-wheel drive” to “unipolar era”, from “financial return” to “patient capital”; GP capacity restructuring, from “financial investors” to “industry organizers”, from “passive exit” to “active management”; investment paradigm reshaping, from “model innovation” to “technological innovation”, from “IRR narrative” to “DPI indicators”; exit channel iteration, from “IPO Dokubashi” to “DPI Index” Multiple withdrawals are testing the waters”, from “nominal withdrawal” to “actual implementation”. Looking forward to the future, it is expected that the patient capital system will continue to be consolidated, the GP pattern will continue to survive the fittest, the government investment fund will enter the inventory optimization stage, the investment concept will become more steady and prudent, the source of excess income will shift from a “thematic consensus game” to a “forward-looking layout of the industrial chain”, and the diversified pattern on the exit side will also improve day by day.

The CITIC Securities Research Report points out that the entire ecosystem of the equity market is undergoing significant changes: LP structure evolution, from “two-wheel drive” to “unipolar era”, from “financial return” to “patient capital”; GP capacity restructuring, from “financial investors” to “industry organizers”, from “passive exit” to “active management”; investment paradigm reshaping, from “model innovation” to “technological innovation”, from “IRR narrative” to “DPI indicators”; exit channel iteration, from “IPO Dokubashi” to “DPI Index” Multiple withdrawals are testing the waters”, from “nominal withdrawal” to “actual implementation”. Looking forward to the future, it is expected that the patient capital system will continue to be consolidated, the GP pattern will continue to survive the fittest, the government investment fund will enter the inventory optimization stage, the investment concept will become more steady and prudent, the source of excess income will shift from a “thematic consensus game” to a “forward-looking layout of the industrial chain”, and the diversified pattern on the exit side will also improve day by day.