As a local institution, Junlian Capital has been deeply involved in the equity investment industry for more than 20 years, always accompanying the growth and transformation of the Chinese economy, and constantly adapting to the new economic environment and industry landscape.

In recent years, the global economic landscape has accelerated its adjustment, with multiple factors such as geopolitical conflicts, macro environment, and technological cycles intertwined. The Chinese economy is gradually shifting from high-speed growth to high-quality development, calling for more innovative driving forces to stimulate emerging industries. At the same time, the equity investment market has undergone profound changes: US dollar funds are actively seeking change, RMB funds are rapidly rising, the role of national capital is becoming increasingly important, and the cooperation mode between local governments and market-oriented institutions is constantly innovating and exploring.

Faced with the current paradigm shift, China's equity investment market is undergoing a dramatic change in its survival environment. We first proposed this viewpoint two years ago, and today, this change is having a comprehensive impact on every participant in the industry. The paradigm shift not only tests technology and capital, but also a new consideration of the adaptability of each market role. This' paradigm shift 'is not a simple cyclical adjustment, but a composite result of global capital patterns, technological upgrades, and local resource reallocation. In this context, the pressure on enterprises has sharply increased, and opportunities for innovation have emerged: how to better adapt to the new survival environment has become a problem that every economic entity and industry role must face.

In this transformation, technological innovation has been elevated as a key driving force, driving the construction of "new quality productivity". The core of new quality productivity lies in the deep integration of grassroots innovation and application innovation, establishing a complete innovation chain from basic research to market-oriented application. This not only requires enterprises to take on the main responsibility for technological and industrial innovation, but also expects local governments and investment institutions to actively participate in the development of enterprises, providing multi-dimensional support from policy guidance to post investment management to achieve breakthrough development.

New quality productivity not only provides the driving force for economic growth, but also puts forward higher requirements for us to invest in early, new, and hard technology. This is a path full of uncertainty, but equally full of hope. For investment institutions, role transformation is particularly important. We are no longer just "hunters" who discover new entrepreneurial stars and pursue short-term returns, but rather "farmers" who deeply cultivate and serve the ecosystem of technological innovation and industrial integration from a long-term perspective.

For Junlian Capital, our core mission not only includes creating sustained and stable investment returns for investors, but also dedicating ourselves to providing solid support for the sustainable development of society and economy through technological innovation and new quality productivity. Under this new paradigm, we are more acutely aware of our long-term responsibility to serve national strategies and social needs. Junlian Capital plays a key role in promoting project growth and ecological construction through resource allocation, strategic cooperation, and platform building. We firmly believe that by building infrastructure for new quality productivity and continuously promoting the commercialization of scientific research results, we will contribute to the high-quality development of the Chinese economy.

The environmental changes today are unprecedented, but we are still full of confidence. Despite the current challenges, Junlian Capital has always adhered to a long-term vision and taken steady steps to find a sustainable development path suitable for Junlian.

We believe that only under the guidance of long termism can investment institutions truly become drivers of social progress. We hope that in the next five, ten, and even longer term, Junlian Capital can always maintain its original intention, with professional empowerment, open cooperation, and responsibility as its core values, and work together with local governments, research institutions, enterprises, and other partners to form a joint force to promote technological innovation and industrial development.

This year, we will continue to collaborate with the 21st Century Venture Capital Research Institute to summarize some practices and reflections in investment services for new quality productivity and promoting high-quality development in recent years, in order to record and encourage us to continue moving forward. Junlian Capital will, as always, work with like-minded partners to actively explore, continuously promote, and jointly embrace a bright and broad future.