Private equity funds (PE/VC) are spearheading a surge of industrial mergers and acquisitions. Jiuding Investment recently announced its acquisition of Nanjing Shenyuansheng with a personal investment of RMB 213 million, thereby venturing into the humanoid robot industry chain. Earlier, Qiming Venture Capital had intentions to acquire Tianmai Technology, and Wu Shichun of Plum Ventures invested in Dream Clean Holdings and ST Lutong. These instances collectively underscore the vibrant role of private equity funds in the realm of industrial mergers and acquisitions. Industry experts observe that, fueled by the "six M&A policies," the primary market is evolving beyond the traditional model of fundraising, investment, management, and exit, towards a comprehensive chain of "investment + M&A + industrial integration," with PE/VC funds progressively assuming the mantle of industrial integrators.