In the first three quarters of 2026, many core indicators of the domestic primary market were repaired. Behind the recovery of the industry, structural differentiation characteristics were very prominent. According to ZERONE data, institutional LP pledges in the first three quarters of 2026 reached 1.02 trillion yuan, and the number of investments was 10,327, which exceeded the full year level of 2025, an increase of 43%; on the investment side, a total of 10,810 projects were invested in the first three quarters of 2026, exceeding 1.6% of the full year of 2025; 11,197 financing incidents were recorded, equivalent to 95.1% of the full year of 2025. The other side of the rising popularity of the market is the pattern of highly fragmented industries. Funding continues to lean towards popular tracks: artificial intelligence is far ahead with 203.5 billion yuan in financing, followed by robots and software and information services with 87.5 billion yuan and 87.4 billion yuan respectively.

In the first three quarters of 2026, many core indicators of the domestic primary market were repaired. Behind the recovery of the industry, structural differentiation characteristics were very prominent. According to ZERONE data, institutional LP pledges in the first three quarters of 2026 reached 1.02 trillion yuan, and the number of investments was 10,327, which exceeded the full year level of 2025, an increase of 43%; on the investment side, a total of 10,810 projects were invested in the first three quarters of 2026, exceeding 1.6% of the full year of 2025; 11,197 financing incidents were recorded, equivalent to 95.1% of the full year of 2025. The other side of the rising popularity of the market is the pattern of highly fragmented industries. Funding continues to lean towards popular tracks: artificial intelligence is far ahead with 203.5 billion yuan in financing, followed by robots and software and information services with 87.5 billion yuan and 87.4 billion yuan respectively.