[Institutions: Total National Government Investment Fund Scale Reaches Approximately 6.56 Trillion Yuan, Hard Technology Becomes Main Investment Focus] According to a report by Jinse Finance on May 29, citing the latest report from Touzhong Jiachuan, by the end of 2025, a total of 1,513 government investment funds will have been established nationwide, with a total scale of approximately 6.56 trillion yuan. The Beijing-Tianjin-Hebei region ranks first in cumulative scale, while the Yangtze River Delta has the highest number of funds. At the same time, the pace of new fund establishment has slowed, and the average scale of individual funds is increasing, jumping from 2 billion to 4 billion yuan before 2019 to 8.65 billion yuan by 2025. Additionally, the activity of government investment funds as LPs has risen, hard technology has become the primary investment focus, restrictions on reinvestment have been significantly relaxed, exit channels have diversified, and mechanisms for due diligence and loss tolerance are being fully implemented, gradually resolving the industry's dilemma of 'not daring to invest.'