导读： VC的灵性修行不是什么"锦上添花"——在AI巨潮时代，它可能是最被低估的投资能力。 作者丨张倩 来源丨天际投资 2026年2月马年春节前夕，我给一位在世界顶级AI实验室工作的老朋友打电话，想聊聊最新的AI 进展和新一年的趋势。他长期站在技术最前沿，亲手参与训练和调试全球最先进的大模型，对行业 的变化有着最直接的感知。电话中，他分享的不是简单的乐观或焦虑，而是一种对AI加速度的深刻 体会——技术正在以前所未有的速度演进，甚至开始重新定义包括他自己在内的从业者角色。 这种来自一线创造者的真实感受，让我意识到，2026年或许将成为值得认真思考的一年。而就在 那通电话后不久，两场更具标志性的AI浪潮接踵而至。 一 、Seedance 2.0与字节跳动的五轮投资 2026年春节前夜，字节跳动Seedance 2.0低调上线，以"导演级AI"的能力横扫全球。上传一张 照片、输入提示词，几分钟后生成运镜流畅、质感堪比院线大片的完整视频。《黑神话：悟空》制 作人冯骥写下："地表最强视频生成模型，没有之一。AIGC的童年时代，结束了。"Elon Musk在 X平台回应： "It's happening fast." 背 ...

Core Viewpoint - The 2026 Spring Festival Gala showcased robots as the main attraction, significantly boosting the consumption and rental market for robots, leading to a surge in sales and rentals [2]. Group 1: Market Impact - The Spring Festival Gala demonstrated strong promotional capabilities in the robot sector, with JD.com reporting a more than 300% increase in robot search volume, a 460% rise in customer inquiries, and a 150% increase in order volume within two hours of the gala [3]. - The event led to the rapid sell-out of various robots, including two GALBOT G1 robots valued at nearly 630,000 yuan [3]. Group 2: Rental Market Dynamics - JD.com indicated that the demand for robot rentals has outstripped supply, with rental orders already scheduled until March 2026 [4]. - The rental model is becoming the preferred choice for consumers and businesses, with the Spring Festival marking a record high in the robot rental industry, as evidenced by over 1,000 orders received by the rental platform Qingtian [4]. - The overall Gross Merchandise Value (GMV) for the rental platform is expected to increase by 80% during the Spring Festival holiday, with total orders projected to exceed 5,000 by the end of the holiday [4]. Group 3: Market Education - The extensive exposure from the Spring Festival Gala has accelerated market education for robots, showcasing their practical applications, such as high dynamic cluster control technology and skills like folding clothes and item retrieval [4].

Group 1 - The article highlights the establishment of various mother funds across different regions in China, focusing on sectors such as artificial intelligence, medical devices, and high-end manufacturing [2][4][6] - A significant fund cluster exceeding 70 billion yuan was launched in Nanjing, emphasizing early-stage investments in hard technology [4][6] - The Hunan province has set a target scale of 100 billion yuan for its aerospace and marine fund, while Hubei has introduced a 30 billion yuan fund focusing on artificial intelligence [2][29][30] Group 2 - The Shanghai Future Industry Fund announced plans to establish nine sub-funds, indicating a strong commitment to supporting innovative sectors [3] - The Jiangsu province has launched a 100 billion yuan market-oriented mother fund aimed at fostering long-term competitive enterprises [4][6] - The establishment of a 50 billion yuan second phase of the Baoyuehu Science and Technology Mother Fund in Nantong, focusing on AI and deep integration industries, was also noted [9] Group 3 - The Sichuan and Chongqing regions are actively selecting general partners for mother funds, indicating a concentrated effort to enhance investment in emerging technologies [2][6] - The establishment of a 20 billion yuan low-altitude economy fund in Chongqing aims to support the aerospace and low-altitude economy sectors [28] - The article mentions the successful registration of a 3 billion yuan health industry investment fund in Huangshi, focusing on biomedicine and health sectors [31] Group 4 - The article discusses the establishment of various funds targeting specific industries, such as the 10 billion yuan agricultural high-quality development fund in Guangdong [36] - The Shanghai Integrated Circuit Industry Investment Fund increased its capital to 60.3 billion yuan, reflecting a significant growth of approximately 1038% [34] - The establishment of a 20 billion yuan fund in Jiangsu by China Life and other partners focuses on AI, integrated circuits, and biomedicine [42] Group 5 - The article notes the establishment of a 2 billion yuan fund in Hechi, focusing on key metals, biomedicine, semiconductor materials, and AI [25] - The announcement of a 10 billion yuan fund in Ningxia aims to enhance the resilience and safety of industrial supply chains [21][22] - The establishment of a 10 billion yuan urban renewal development fund in Sanhe focuses on projects related to urban infrastructure and development [23]

瑞普生物做LP 导读： 上市公司密集设立并购基金，又一家LP入场。 作者丨黄蓉 时隔一年，瑞普生物又出手了。 2月12日，瑞普生物发布公告，称公司与海通并购（上海）私募基金管理有限公司、 海通开元投 资有限公司、高邮市产业引导基金（有限合伙）及关联方天津瑞晟私募基金管理有限公司签署《江 苏国泰海通瑞普并购产业基金合伙企业（有限合伙）之合伙协议》，拟共同出资设立江苏国泰海通 瑞普并购产业基金合伙企业（有限合伙）。 根据公告，该基金总规模为人民币10亿元。其中，瑞普生物作为有限合伙人以自有资金及自筹资 金出资人民币2.95亿元，占合伙企业认缴出资总额的 29.50%。 此外， 作为有限合伙人， 海通开元出资2.05亿元，占认缴出资总额20.5%。高邮市产业引导基 金认购4.9亿元，占比49%。海通并 购（上海）私募基金管理有限公司作为基金普通合伙人和执 行事务合伙人，与 天津瑞晟私募基金管理有限公司各认缴500万元，占比0.5% 本基金投资期为5 年，退出期为2年。退出期后仍有存续项目的， 经合伙人会议同意可延长， 每 次不超过一年，最多不超过一次。 从投资方向看，此次产业并购基金主要以支持实体产业发展为导向，重 ...

Core Viewpoint - The successful IPO of Beijing-based AI company Haizhi Technology marks a significant milestone in the Hong Kong stock market, highlighting the growing interest and investment in AI companies [4][7][18]. Group 1: Company Overview - Haizhi Technology, established in August 2013, focuses on industrial-grade AI agents and has adopted a pragmatic approach through "graph-model fusion" technology [9][10]. - The company was dubbed the "first stock to eliminate AI hallucinations" due to its innovative approach to reducing inaccuracies in AI outputs [9][10]. - The IPO raised approximately HKD 648 million, with funds allocated primarily for R&D, optimization of its Atlas AI agent, and market expansion [10]. Group 2: Financial Performance - Haizhi Technology reported revenues of approximately CNY 313 million, CNY 376 million, and CNY 503 million for 2022, 2023, and 2024 respectively, indicating steady growth [10]. - The net losses for the same years were approximately CNY 176 million, CNY 266 million, and CNY 93.73 million, with a significant reduction in losses projected for 2024 [10]. - The adjusted net profit for 2024 is estimated at approximately CNY 16.93 million, marking a pivotal point in achieving profitability in the AI sector [10]. Group 3: Market Context - The IPO of Haizhi Technology is part of a broader trend of AI companies entering the Hong Kong market, with 21 new listings reported by February 10, 2026, reflecting a 162.5% year-on-year increase [19][20]. - The Hong Kong stock market is experiencing a resurgence, with expectations for continued activity in 2026 driven by improved market conditions and a focus on the commercial value of technology [21][22]. - The presence of diverse investors, including top-tier venture capital and state-owned funds, underscores the confidence in Haizhi Technology's growth potential and the AI sector's future [14][16].

近日，酒泉科技与产业发展基金面向全社会公开遴选基金管理机构。为发挥财政资金杠杆作用，撬 动社会资本加大对创新领域的投资力度，助力构建体现酒泉特色和优势的现代化产业体系战略部 署，培育本土创新主体、助推现有产业升级、孵化未来产业赛道、建设区域科技创新中心，现公开 招募、遴选产业基金受托管理机构，具体事项公告如下： 根据公告，酒泉科技与产业发展基金（以市场监督管理局为准）总规模预设为10亿元人民币，酒 泉市政府出资10%，计划申请甘肃产业发展投资基金40%，剩余50%向社会公开募资。基金存续 期为9年（其中前7年为投资期，后2年为退出期）。 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" __ 据悉，基金按照"政府引导、市场运作、支持产业、科学决策"的原则运作。主要采取直接参股投 资方式，引导支持产业发展。基金年度管理费按在投资期不超过基金实缴出资总额的1.5%/年收 取，退出期和延长期按基金未收回投资本金的1.5%/年收取，清算期不收取管理费。具体托管费 标准需与选定的基金管理人协商确定。 ...

近日，上海集成电路产业投资基金三期合伙企业（有限合伙）发生工商变更，新增上海国投先导集 成电路私募投资基金合伙企业（有限合伙）、上海浦东引领区投资中心（有限合伙）为合伙人，同 时出资额由5.3亿人民币增至60.3亿人民币，增幅约1038%。 公开信息显示，该基金成立于2025年3月，执行事务合伙人为上海集成电路产业投资基金管理有 限公司，经营范围为以私募基金从事股权投资、投资管理、资产管理等活动，由上海国有资本投资 有限公司、上海集成电路产业投资基金管理有限公司及上述新增合伙人共同出资。 来源：天眼查 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" ...

Core Viewpoint - The article discusses the public selection of fund management institutions for the Kashgar Economic Development Zone's industrial guidance fund, aiming to enhance the fund's operational efficiency and professional management level [1] Group 1: Fund Overview - The total scale of the mother fund is set at RMB 500 million, with an initial paid-in capital of RMB 30 million [1] - The fund's duration is generally not to exceed 15 years, with an investment period of up to 10 years and an exit period of up to 5 years [1] Group 2: Investment Strategy - The fund will primarily adopt a mother-child fund investment approach, with direct investments requiring approval from the fund's investment decision committee [1] - Direct investments are limited to 20% of the paid-in capital of the mother fund, and the holding ratio in project companies should not exceed 30%, nor should it be the largest shareholder [1] Group 3: Investment Allocation - The investment amount for any single sub-fund is generally capped at 20% of the total scale of the mother fund and 50% of the sub-fund's scale [1] - Investment directions focus on strategic emerging industries such as new productive forces, advanced manufacturing, modern commercial logistics, textile and home textiles, electronic product assembly, agricultural product processing, lithium batteries, automotive modification and manufacturing, headquarters economy, bonded services, and high-end productive services [1]

Core Viewpoint - The primary conclusion is that the era of pre-sale housing in technology investment has become a certainty, indicating a prosperous future for the primary market over the next decade, with venture capital (VC) having two paths: maintaining integrity and taking risks [6][17][27]. Group 1: Changes in the Primary Market - By December 2025, a consensus among RMB primary market investors was formed, with significant changes observed in the investment landscape, particularly after the re-launch of the STAR Market's fifth set of standards in June 2025 [10][11]. - The market saw a rapid increase in enthusiasm, with companies like Moer Technology and Muxi achieving substantial market valuations shortly after their IPOs, indicating a shift in investment dynamics where the ability to go public is more about national necessity than profitability [11][12][13]. Group 2: Structural Differences from Previous Years - The year 2026 marks a fundamental shift compared to 2021, characterized by a genetic transformation and rule restructuring of state-owned capital, allowing for a long-term investment approach in strategic emerging industries [16][19][20]. - The investment duration for strategic emerging industries has been extended to 15-17 years, providing a more stable foundation for RMB technology investments and enabling state-owned capital to support innovation without the pressure of short-term profitability [20][21]. Group 3: The Invitation System for IPOs - The IPO process has transitioned into an "invitation system," where the allocation of IPO quotas is centrally planned and distributed, significantly enhancing the influence of state-owned capital in the investment landscape [22][23]. - In 2025, the total asset value of state-owned shares from 116 IPOs was estimated to be between 350 billion to 380 billion RMB, with the potential to generate an asset scale of 3.5 to 3.8 trillion RMB through leverage in the financial system [25][27]. Group 4: The Era of Pre-sale Housing in Technology Investment - The pre-sale housing model, which has driven China's economy for 20 years, is now mirrored in technology investment, where state-owned capital supports original innovation, leading to rapid commercialization and local economic development [28][29]. - The transition to this model is expected to be predictable, with macroeconomic conditions unlikely to reverse in the short term, although the inherent uncertainties in scientific research present additional complexities compared to real estate [31][33]. Group 5: Strategies for Venture Capital - Two strategies for VC in this new era are identified: "maintaining integrity" by competing on the right side through strength and "taking risks" by making bold predictions on the left side [34][39]. - The success of technology commercialization hinges on the ability to secure orders, making it crucial for early-stage investors to focus on commercial viability rather than just technological potential [36][37]. Group 6: Demand-Side Opportunities - The expansion of the benefits chain is essential for the sustainability of technology investment, as the lack of consumer-driven innovations could weaken the entire ecosystem [58][59]. - The ability to identify and create consumer demand for technological innovations is critical for the long-term success of China's technology investment landscape, especially in the context of increasing competition with the U.S. [60][61].

作者丨 宋相龙 导读： 浙江持续领跑。 1月份，上交所、深交所共有59家上市公司(含子公司)对私募股权基金进行了出资，共投向53支基 金，出资笔数共计62笔，已披露金额的出资额合计36.58亿元，平均单笔出资额0.59亿元。 从上市公司出资次数的分布上看，1月份最多上市公司出资的地区为浙江和江苏，其次是上 海和山 东。从规模分布上看，本月江苏的上市公司出资规模最大，出资规模超过7亿。 上市公司出资详情如下： FOFMEEKLY 上市公司LP出资整体概况 近一年上市公司整体出资情况 80 120 70 100 60 80 50 40 60 30 40 20 20 10 0 0 2月 3月 4月 5月 10月 12月 ୧用 7月 8月 9月 11月 1月 出资规模(亿元) - =出资次数 1月份,上交所、深交所共有59家上市公司(含子公司)对私募股权基金进行了 出资,共投向53支基金,出资笔数共计62笔,已披露金额的出资额合计36.58亿 元,平均单笔出资额0.59亿元。 1月参与出资基金的平均规模相较去年12月有所下降。主要系12月由少数大额 基金出资项目拉动,推高了整体平均水平;而1月的出资基金以中小规模为主 ...