In 2020，the total amount of private equity funds raised was 3 trillion yuan，the total amount of investment was 1.9 trillion yuan，and the total amount of M & A transactions was 2.2 trillion yuan，which showed a significant growth year on year. In addition，benefiting from the registration system and gem，there will be a blowout in the number of exit cases in 2020，with a total of nearly 5000 exit cases，80% higher than that in 2019，and the return on investment has also increased，most of which are through IPO. Looking forward to 2021，private equity investment will further recover，industry structure will continue to differentiate，competition will accelerate transformation and concentration，and anti-monopoly will regulate CVC investment. In 2021，industries that will benefit directly from the epidemic，science and technology innovation，clean technology and consumption upgrading will be the focus.