随着2026年即将成立15周年之际，嘉御资本也将迎来有史以来最为密集的IPO收获期。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，嘉御资本2025年投资人年会日前在上海陆家嘴成功举办。大会上，嘉御资本宣 布完成多支新基金的募集设立，总规模超过40亿元人民币。参与基金的主要投资人包括长沙、宁 波、天津和长三角地区等高度市场化的引导基金、生态联动的上市公司产业资本和市场领先的人民币 母基金，以及多位基金老投资人的持续支持。 嘉御资本创始合伙人、董事长卫哲先生表示："感谢所有新老投资人的信任。投资就是传递信任，嘉 御资本14年来始终秉承'以终为始'和不变的3R原则，恪守为投资人创造回报（Return）、严控风险 （Risk）、赢得多方尊重（Respect）的初心所在。" 在当前全球和中国经济步入存量时代，而科技革命驶入"快车道"的交叉口，拐点初现，把握新机。 本次新募集的基金矩阵，全面覆盖了嘉御资本前瞻布局的领域，包括AI基础建设、新消费产业、跨境 电商品牌出海、生命科技等多个核心赛道，旨在系统性地把握中美AI"软硬兼施"、全球供应链重构 及新消费范 ...

Core Viewpoint - Google has unveiled Project Aura and Android XR, marking a significant step towards creating an open and unified extended reality platform that integrates AI into the real world [3][4][5]. Group 1: Project Aura and Android XR - Project Aura is described as the most complete hardware sample closely aligned with the ideal form of Android XR, enabling Gemini AI to "see the world" for the first time [3]. - The collaboration with XREAL is pivotal, as Aura is positioned as the first native spatial eye for Gemini AI and a standard for developers in the Android XR ecosystem [4]. - Project Aura aims to transform AI from being screen-bound to interacting with real-world environments through continuous, interactive, and understandable spatial semantic models [5]. Group 2: Core Capabilities of Project Aura - The optical system of Aura features a 70° field of view (FOV), allowing Gemini to perceive the real world and recognize scenes, objects, and actions, enhancing user interaction [9]. - Aura utilizes the X1S spatial computing chip, designed specifically for AR, providing low-latency and high-precision spatial intelligence [10]. - The integration of multi-modal Gemini AI with Aura's sensors enables real-time semantic understanding and natural interaction, evolving AI from an application to a system [11]. Group 3: Open Native AI Operating System - Android XR provides foundational support for spatial computing, addressing fragmentation in the XR industry and unifying the developer and content ecosystem [12]. - The hardware development and manufacturing of Project Aura are primarily conducted by Chinese teams, showcasing a complete and scalable industrial chain advantage [12]. - China is positioned as a global leader in hardware innovation and manufacturing, allowing its companies to participate deeply in defining the standards and discourse of the next-generation computing platform [13]. Group 4: Market Launch - Project Aura is set to officially enter the market in 2026, indicating a timeline for the rollout of this innovative technology [14].

此次开源意味着硬件厂商、手机厂商和开发者均可基于AutoGLM。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，智谱深夜开源其核心AI Agent模型AutoGLM。该模型被业界视为全球首个具 备"Phone Use"（手机操作）能力的AI Agent，能够稳定完成外卖点单、机票预订等长达数十步的 复杂操作流程。 在智谱看来，Agent的爆发，需要所有人一起参与。其更乐见的是：有团队基于 AutoGLM，做出真 正意义上的 AI 原生手机；有研究者把其中的某个模块拆出来，变成一篇论文、一套新算法；有个人 开发者把一个 Demo 改成自己的项目，在某个小众场景里真正跑起来。 当然，AutoGLM会以这样的产品形态出现，源于智谱对AGI早期形态的理解。智谱认为，从Agent 到AGI，还需要满足3A原则：Around-the-clock（全时）：24 小时运行，即使用户离线，Agent 依然在执行任务；Autonomy without interference（自主零干扰）：独立运行，不占用用户屏幕 与算力，平行世界的搭子；Affinity（全域连接 ...

地平线创始人兼CEO余凯博士在题为《向高同行》主旨演讲指出，"地平线正在从'向高而行'到'向高同行'，从'突破 上限、树立标杆'走向'赋能行业、普惠大众'，加速每家企业、每个用户进入智能汽车和通用机器人时代，这正是地 平线技术生态大会的意义所在。" 据余凯透露，首搭地平线HSD辅助驾驶系统的星途ET5和深蓝L06在上市短短两周内，HSD激活量已超12000辆。 由此开始，实现首发量产的HSD系统，已将城区辅助驾驶体验带入15万元以内的主流市场。这也充分印证了地平 线"推动高阶智驾普惠"的承诺正加速兑现。 共赴物理AI高境，同立普惠生态基石。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，以"向高同行"为主题的2025首届地平线技术生态大会（Horizon Together 2025）于12月8日 在深圳召开。 三大技术支柱为物理世界AI提供基础设施 余凯相信，构建一个技术生态所需要的，是能够滋养生态的基础底座。遵循地平线自2016年提出的"智能计算新摩 尔定律"， 余凯将AI计算比喻为一场硅基世界的宏大交响乐："BPU计算是一流的交响乐团，编译器 ...

Core Insights - The milestone of producing the 5000th general-purpose embodied robot, Lingxi X2, marks the transition from technology validation to large-scale commercial production for the company [3][4][7] - The company has achieved significant advancements in its production capabilities, including the rapid iteration of robot bodies and intelligent technologies, as well as the establishment of a stable supply chain for core components and sensors [4][5][7] Production Milestones - The company has reported cumulative production figures: 1742 units of Expedition A1/A2, 1846 units of Lingxi X1/X2, and 1412 units of Spirit G1/G2 [3] - The production of the 5000th robot serves as a foundation for future capacity planning, aiming for tens of thousands of units [7] Technological and Market Expansion - The company has expanded its solutions from single scenarios to multiple scenarios, enhancing its commercial footprint [5] - The stable technology solutions and supply chain systems are expected to drive down industry costs and foster a virtuous cycle of development [7] Industry Impact - The company aims to cover eight core scenarios, including reception, entertainment, industrial manufacturing, logistics sorting, security inspection, data collection training, and scientific education [11] - The company plans to increase R&D investment to drive the next generation of robotic technology innovation, positioning itself as a reliable partner in various industries [11]

Group 1: IPO Developments - Moer Thread officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025, under the stock code "688795," becoming the first full-function GPU company to enter the capital market in China [3][7] - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. listed on the Hong Kong Stock Exchange on December 5, 2025, under the stock code "2408," marking it as the first stock of a Chinese noodle restaurant [8][10] - HashKey Holdings Limited passed the hearing for listing on the Hong Kong Stock Exchange, aiming to become a comprehensive digital asset company [11][13] Group 2: Company Highlights - Moer Thread focuses on the independent research and design of full-function GPUs, integrating AI computing acceleration, graphics rendering, physical simulation, and scientific computing into a single chip, which enhances market adaptability and technological extensibility [4][5] - Yujian Xiaomian plans to open approximately 520 to 610 new restaurants over the next three years, aiming to exceed 500 total locations by the end of the current year [8][9] - HashKey is recognized as the largest regional onshore platform in Asia by trading volume and the largest on-chain service provider by staked assets [11][12] Group 3: Financial Performance - Moer Thread achieved a revenue of 702 million yuan in the first half of the year, nearly 1.6 times the projected full-year revenue for 2024, with a compound annual growth rate exceeding 200% from 2022 to 2024 [6] - Yujian Xiaomian's total revenue from 2022 to 2024 was 418 million yuan, 800 million yuan, and 1.154 billion yuan, with a compound annual growth rate of 66.2% [9] - 51WORLD's revenue from 2022 to 2024 was 170 million yuan, 256 million yuan, and 287 million yuan, with a 63.6% increase in the first half of 2024 compared to the same period in 2023 [22][23]

本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，极智嘉（2590.HK）将于明日（12月8日）正式被纳入恒生综合指数成份股。 这意味着， 资本市场对极智嘉的技术实力和市场地位给予了高度认可 ，并有望为其带来显著的流动 性提升和估值溢价，并将为其后续纳入港股通及其他更具全球影响力的指数体系奠定基础。 值得注意的是，除被纳入港股核心指数外，根据全球市场研究机构Interact Analysis 最新发布的 《移动机器人市场报告》(The Mobile Robot Market)，按2018至2024年全球各大移动机器人企 业的营收统计， 极智嘉连续7年占据全球自主移动机器人市场份额第一 。 有望带来显著的流动性提升和估值溢价。 近期，多家国际一线投行近期亦纷纷对极智嘉维持/重申了"买入评级"——其中，大和认为，极智嘉 在 AMR及具身智能领域具有领先的技术壁垒和商业化能力 ，为长线基金提供了布局机会；美银则 预计，极智嘉 今年能够实现扭亏为盈 ，至2028年每股盈利将同比增长55%；摩根士丹利此前的报 告亦强调，极智嘉的基本面强劲， 稳健收入增长及净利 ...

根据协议条款，华纳兄弟探索每股流通普通股将获得23.25美元现金及价值4.501美元的奈飞普通股。交易对华纳兄弟探索的每股估值27.75美 元，对应股权价值约720亿美元，企业价值约827亿美元。 此项现金加股权交易对华纳兄弟探索的每股作价为27.75美元，对应估值约827亿美元，其中股权价值720亿美元。据奈飞披露，交易预计在 2026年第三季度完成，届时华纳兄弟探索旗下全球网络业务板块Discovery Global将率先完成分拆并成为独立上市公司。 据Wind数据，截至12月5日盘前，华纳兄弟对应市值约608亿美元，奈飞市值约4374亿美元。但对比市值的差距，二者在营收层面差距不 大，截至今年第三季度，华纳的营收约278.4亿美元，奈飞营收约331.32亿美元。此外，去年华纳兄弟第二季度财报中91亿美元的电视网络的 减值则影响了其2024年的利润数据，这直接影响了华纳市值表现。 然而，华纳兄弟在今年市值涨幅明显。据「明亮公司」统计，在标普500指数成分股中，华纳兄弟的涨幅位列第八，今年以来股价涨幅达 132%，对比之下，奈飞的涨幅仅有约17%。 交易已获双方董事会一致批准。除完成Discovery Gl ...

作者：MD 出品：明亮公司 近日， 挪 威主权财 富基 金 CEO Nicolai Tangen与著名经济学家、Breakout Capital 首席投资官 及 《资本主义出了什么问题》 （ What Went Wrong With Capitalism ） 一书的作者 Ruchir Sharma 进行了一场深度对话，剖析了重塑全球市场的宏观力量。 在这次访谈中，两人深入探讨了人工智能（ AI）如何成为美国经济增长的单一驱动力 。 Sharma指 出， 今年美国约 40%的经济增长来自AI相关的资本支出， 若算上股市带来的财富效应，这一比例 甚至高达 60%。尽管AI带来了生产力的希望，但Sharma也警告了潜在的泡沫风险，并将其与2000年 互联网泡沫进行了对比， 指出当前美国市场存在过度投资（ Over-investment）、过高估值（Over- valuation）和过度持有（Over-ownership）、过度杠杆（ Over-leverage） 的典型迹象。 对话还触及了令人意外的全球市场动态：尽管美国备受瞩目，但在 2025年，欧洲和 中国等国际市场 的表现实际上优于美国。 Sharma分析了中 ...

Core Viewpoint - Lenovo is positioning itself at the forefront of a new growth cycle in AI infrastructure, emphasizing systematic innovation and responding to the accelerating demand for AI computing power in China [2][3]. Group 1: Product Launches and Innovations - Lenovo ISG China launched the "Lenovo AI Factory" solution, the high-end AI server Lenovo Wenti WA8080a G5, and the upgraded Wanquan Heterogeneous Computing Platform 4.0, along with the industry's first model training and inference service standard [2][9]. - The new AI Factory solution aims to standardize and streamline AI application development and deployment processes, transitioning AI from experimental to industrialized systems [9]. - The Wanquan Heterogeneous Computing Platform 4.0 has achieved significant upgrades in various scenarios, including a 35% reduction in model training time for pre-training and a 50% reduction for post-training [9][10]. Group 2: Market Demand and Growth - The AI server market in China is projected to reach $16 billion in the first half of 2025, doubling year-on-year, with expectations to exceed $140 billion by 2029 [5]. - The overall market for intelligent computing services in China is expected to grow from $5 billion in 2024 to $7.95 billion in 2025, with a compound annual growth rate of 57.3% from 2023 to 2028 [5]. - Lenovo ISG China's revenue has increased by 175% over the past two and a half years, establishing itself as one of the fastest-growing AI infrastructure providers in China [3][5]. Group 3: Strategic Positioning and Future Outlook - Lenovo's growth is driven by structural demand from large model implementations, indicating a shift in the AI computing industry towards deeper integration with various sectors [6][17]. - The company aims to enhance its product offerings while leveraging differentiated advantages in liquid cooling technology and heterogeneous computing scheduling [16]. - Lenovo's strategy focuses on localizing and AI-oriented solutions, integrating full-stack capabilities to provide comprehensive AI solutions to clients [16][17].