Data from ZERONE reveals that in the first half of 2025, the committed capital from insurance capital in the equity investment sphere surged to RMB 52.4 billion, marking a significant 46% year-on-year increase. In this wave of insurance capital partnerships, general partners (GPs) encompass not just state-owned enterprises, but also a number of prominent dollar-denominated funds and market-oriented venture capital entities. Market analysts attribute the rapid influx of insurance capital into the primary market mainly to policy relaxation and falling interest rates. As a result, insurance companies are actively pursuing diversified investment allocations. The steady stream of long-term capital, such as insurance funds, has effectively translated the anticipated long-term capital in the primary market into tangible investments, injecting greater vitality into the market ecosystem.