Shenzhen recently released four action plans, covering the construction of artificial intelligence cities, terminal industries, intelligent robots, and unicorn enterprises, aiming to build a global science and technology innovation center and promote the construction of innovative cities. Among them, the "Shenzhen Artificial Intelligence Pioneer City Action Plan" plans to develop from 2025 to 2026, with a target of over 3000 AI enterprises, over 10 unicorns, an average annual growth rate of over 20% in industry scale, and the creation of more than 10 innovation incubators. The Action Plan for the Development of Artificial Intelligence Terminal Industry in Shenzhen focuses on industrial upgrading, aiming to achieve an industrial scale of 800 billion yuan by 2026, cultivate 10 phenomenal enterprises, produce over 150 million units, and launch 50 popular products with 60 typical application scenarios. On March 5th, Yao Shangkun, Chairman of Guoxiong Capital Co., Ltd., described the latest trend in China's venture capital industry as "winter fades and spring comes". Faced with the active market atmosphere at the beginning of the year, Yao Shangkun bluntly stated, "The industry has reached a turning point, and the venture capital market is recovering from the trough. 2025 will be a year of full sprint." Yao Shangkun pointed out that there has been a significant change in the market atmosphere before and after the Spring Festival: the activity of primary market fundraising has increased, and top institutions have regained an "internal competition" situation, similar to the peak of the industry in 2021. Data shows that in 2024, the fundraising scale of China's equity investment market will reach 1.3 trillion yuan, and the proportion of state-owned LP will continue to rise to 57%, becoming the main supporting force for mid to late stage projects. Regarding this change, Yao Shangkun emphasized that state-owned investment has become the norm, but the market requires more diversified capital participation; Clear signals of support have been released at the policy level. When it comes to new driving forces in the industry, Yao Shangkun cited two phenomenal events as examples: DeepSeek ignites AI confidence; Ne Zha 2 reflects the recovery of consumption. Faced with changes in industry structure, Yao Shangkun calls on GPs (general partners) to adapt to the new normal: they must refuse to "carve boats and seek swords"; And release investment freedom. (New Society)