产业缩影。 作者/周佳丽 合肥又火了。 除夕夜，当春晚的镜头切换到合肥骆岗公园，一只科技感满满的"眼眸"缓缓睁开。七分 钟时间，展现了合肥当下最硬核的三张产业名片——量子信息、聚变能源、深空探测。 这是一抹缩影。外界可能不知道，在合肥高新区云飞路，一条"量子大道"悄然崛起，超 3 0家量子科技企业比邻而居。继商业航天后，量子上市潮开始—— 来自合肥的 国 仪 量 子、本源量子正在拍马奔赴I PO。 更不用说，合肥今年将诞生中国最大I PO——长鑫科技，市值有望破万亿。 还有核聚变隐隐爆发。一位春节前刚交割完当地可控核聚变项目的投资人半开玩笑地感 慨，"开年去合肥抢项目，可能要更卷了。" 合肥7分钟，燃爆了 合肥的产业秘密，就藏在"皖美之瞳"里。 作为春晚合肥分会场《合韵满江淮》的主舞台，"皖美之瞳"搭建在骆岗公园内。这是目 前全球最大的城市公园，占地面积达到1 2 . 7平方公里。这里不仅是合肥的文化地标，同 报道/投资界PEdaily 时也是低空飞行、无人驾驶等科技场景的应用地。 最 动 人 的 镜 头 ， 是 " 夸 父 园 区 " 那 一 幕 。 当 演 员 陈 晓 仰 望 巨 像 ， 掌 心 相 合 ...

Core Viewpoint - The article highlights the explosive growth of AI companies, particularly focusing on the stock performance of Zhipu and MiniMax, showcasing significant returns for investors and the emergence of AI as a wealth-generating sector in China [2][3][11]. Group 1: Zhipu's Stock Performance - Zhipu's stock surged over 130% in the five days leading up to the Lunar New Year, reaching a peak of 540 HKD on New Year's Eve, with a market capitalization exceeding 2200 billion HKD, nearly quadrupling since its IPO [2][3]. - The stock price increased from 203.2 HKD on February 9 to 312.4 HKD by February 11, with a market value surpassing 1500 billion HKD [3]. - Following the release of the GLM-5 model on February 12, Zhipu's stock rose by 28.68%, closing at 485 HKD and a market cap over 2100 billion HKD [3]. Group 2: Investment Insights - Xu Xin's Today Capital invested 2.5 billion RMB in Zhipu during its B3 financing round, which has yielded a return of approximately 20 times, equating to a paper profit of around 5 billion RMB [2][4]. - Zhipu has completed eight rounds of financing, raising over 8.3 billion RMB, with a diverse group of investors including Tsinghua University’s technology transfer platform [7][8]. - The article notes that the early investors in Zhipu, such as Zhongke Chuangxing, have also seen substantial returns, with some investments reportedly covering multiple funds [7]. Group 3: Employee Participation - As of June 2025, Zhipu has 883 employees, with 452 holding shares, representing 51.2% of the workforce [10]. - Employee stock ownership plans have resulted in significant wealth for employees, with some holding shares valued at over 80 billion HKD [10]. Group 4: Broader AI Market Trends - The article mentions that MiniMax also experienced rapid growth, with its market capitalization exceeding 2600 billion HKD shortly after its IPO [11]. - The success of Zhipu and MiniMax illustrates the potential for AI companies to transition from technology to commercial viability, attracting global investor interest [11][12]. - The article concludes by noting the unprecedented valuations of AI companies globally, highlighting the transformative impact of AI on wealth creation [12].

Core Viewpoint - The 2026 Spring Festival Gala showcased a significant presence of technology and innovation, particularly in robotics and AI, marking a shift in China's industrial landscape towards hard technology innovation [4][22]. Group 1: Robotics and AI - The gala featured over 20 partners, with a notable focus on robotics, including companies like Yushutech, Magic Atom, and Galaxy General, highlighting the evolution of embodied intelligence in China [3][4]. - Yushutech's performance demonstrated advanced capabilities, contributing to its valuation exceeding 10 billion RMB and accelerating its IPO process [10]. - Galaxy General, a newly established company, achieved a valuation of 3 billion USD after raising 300 million USD, showcasing the rapid growth in the robotics sector [10]. - The event served as a platform for these companies to compete not just in performance but also in intelligence and practical applications, indicating a maturation of the robotics industry in China [11]. Group 2: New Media and Consumer Engagement - The integration of platforms like Bilibili, Xiaohongshu, and Douyin into the gala reflects a shift in how younger audiences engage with traditional media, emphasizing real-time interaction and content creation [16]. - Douyin's role as the exclusive partner for "Vertical Screen Viewing" and Bilibili's position as the exclusive bullet screen video platform illustrate the diversification of media consumption among younger generations [16]. - The rise of emotional consumption brands like Miniso and KAYOU at the gala indicates a cultural shift towards valuing emotional and cultural connections over traditional material consumption [17][18]. Group 3: Industry Transformation - The gala serves as a microcosm of China's industrial transformation, moving from traditional consumer goods to advanced technology and cultural products, reflecting changing consumer preferences [20][22]. - The reduction in alcohol brand presence at the gala signifies a broader trend away from traditional industries towards tech-driven sectors, highlighting the evolving landscape of consumer engagement [20]. - The emphasis on technology and innovation at the gala marks a pivotal moment in China's industrial evolution, suggesting a future focused on hard tech and sustainable growth [22][23].

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Core Viewpoint - The article conveys a positive outlook for the upcoming year, emphasizing successful fundraising, investment alignment, smooth management, and significant returns on withdrawals, suggesting a prosperous environment for investments and operations [1] Group 1 - Fundraising efforts have been successful, with all funds received as expected [1] - Investments have aligned well with expectations, indicating a strong market response [1] - Management processes are operating smoothly, contributing to overall efficiency [1] Group 2 - Withdrawals have yielded double returns, highlighting effective investment strategies [1] - The message includes well-wishes for the New Year, reinforcing a sense of optimism and readiness for future opportunities [1]

截至周五下午，上周（2月7日-2月13日）LP动态共21起。 LP 江苏最大母基金签约6 9 1亿 江苏火爆开年。 2月11日，江苏省战略性新兴产业母基金（简称：江苏省战新母基金）" 2 0 2 6年第一会"在南 京举行。投资界现场获悉，2 0 2 6年首批5只、总规模6 9 1亿元的产业专项基金举行集中签约 仪式。至此，江苏省战新母基金的基金集群规模达2 7 5 6亿元，创投圈又一超级活水涌来。 如此也是江苏创投大爆发的一缕缩影。 最为瞩目的是与国家级基金合作基金——规模5 5 1亿元的长三角创业投资引导基金。这是国 家创业投资引导基金首批设立的3只区域基金之一，也是其在长三角区域布局的关键落子。 基金的设立，将有力撬动更多优质资本与创新资源汇聚江苏，培育壮大全省战略性新兴产业 和未来产业，更好服务长三角区域一体化国家战略高质量发展。 LP 1 0 0亿，紫金山国际科创母基金 「解码 LP 」系投资界旗下专注 LP 报道公众号，关注各地基金政策，捕捉 LP 最新动态，欢迎关注！ 南京将以更有力的政策、更开放的姿态，引导资本集聚，推动产业创新。该母基金设置2 0 年超长投资期限，以更长远的投资视角、更从容的退 ...

Core Viewpoint - ByteDance is negotiating the sale of its gaming division, Shanghai Muto Technology, to Saudi Savvy Games Group for an estimated valuation of $6-7 billion, indicating a significant return on investment from its previous acquisition of Muto for $4 billion [2][6]. Group 1: Company Background - Muto Technology was founded in 2014 by former Tencent employees, focusing on overseas markets to avoid intense domestic competition [3][4]. - The company gained traction with its first self-developed game, "Magic Rush: Heroes," which achieved significant success in overseas markets [4]. - In 2016, Muto pivoted to develop the MOBA game "Mobile Legends: Bang Bang," which became a phenomenon in Southeast Asia, often referred to as the "Honor of Kings of Southeast Asia" [5]. Group 2: Acquisition and Strategic Shift - The acquisition by ByteDance in 2021 aimed to strengthen its position in the gaming market against competitors like Tencent and NetEase [6][7]. - Despite initial success, Muto struggled to replicate the success of "Mobile Legends" in Western markets and faced challenges in maintaining its growth trajectory [7][8]. - ByteDance has shifted its strategy towards casual gaming and AI-driven content, leading to a reduction in resources allocated to Muto [8][10]. Group 3: Future Prospects - The sale to Savvy Games Group is part of ByteDance's broader strategy to refocus on AI and other emerging technologies, as indicated by recent investments in AI development [10][12]. - Muto's existing management team is expected to remain in place post-acquisition, suggesting continuity in operations [8][9].

Core Viewpoint - The article discusses a false rumor regarding Gu Ailing's potential employment at the venture capital firm Benchmark, which was later clarified by Gu Ailing herself as untrue. The incident highlights the impact of social media and the importance of verifying information before dissemination [2][7]. Group 1: Incident Overview - A screenshot circulated claiming that Bill Gurley, a partner at Benchmark, stated that Gu Ailing would join the firm as a Senior Associate after the Winter Olympics, causing a stir in the investment community [7]. - Gu Ailing quickly refuted the claim on social media, stating, "This is not true," and accompanied her message with humorous emojis [7]. - Bill Gurley also responded, clarifying that his initial statement was a joke and labeled the news as fake [7]. Group 2: Background on Gu Ailing - Gu Ailing's background is closely tied to venture capital, as her mother, Gu Yan, was one of the early VC practitioners in China, having worked on Wall Street and attempted to introduce venture capital concepts to the Chinese market [8]. - Gu Yan emphasized that the biggest challenge in venture capital lies in understanding people, which has influenced Gu Ailing's upbringing and perspective on risk and long-term thinking [8]. Group 3: Gu Ailing's Achievements - Born in 2003, Gu Ailing began skiing at a very young age and has accumulated over 50 medals by the age of 14, establishing herself as a prominent figure in the skiing world [9]. - She represented China at the 2022 Beijing Winter Olympics, winning two golds and one silver, and has continued to excel in her sport, recently adding another medal at the Milan Winter Olympics [9]. - Academically, Gu Ailing is also accomplished, having completed high school a year early and scoring 1580 on the SAT, which placed her in the top 0.2% globally, leading to her admission to Stanford University [10]. Group 4: Commercial Value - Since the 2022 Winter Olympics, Gu Ailing has consistently ranked among the top five highest-earning female athletes globally, with an annual income of $2.31 million (approximately 16 million RMB) in 2025, marking a new high for her earnings [10]. - Gu Ailing aims to challenge the notion that success requires sacrifice, expressing her desire to excel in multiple fields and encouraging others to pursue diverse paths in life [10].

Core Viewpoint - The article discusses the decline of extravagant corporate year-end parties, highlighting a shift in company culture and economic conditions that have led to a more subdued approach to these events [4][10]. Group 1: Changes in Corporate Year-End Parties - In the past, year-end parties were significant events for companies, showcasing their status through lavish venues, high-value prizes, and large attendance [5][6]. - The percentage of companies holding large year-end parties dropped from 78% in 2019 to 42% in 2023, with projections indicating it could fall below 20% by 2025 [6][10]. - Companies are increasingly opting for smaller, less expensive gatherings, with some even replacing traditional parties with informal events at places like bathhouses [9][10]. Group 2: Economic and Cultural Factors - The economic environment has changed, prompting companies to reconsider the costs associated with extravagant year-end parties, which can exceed millions in budget [7][10]. - The shift in corporate culture reflects a move away from ostentation towards practicality, with companies like ByteDance exemplifying a minimalist approach to year-end celebrations [9][10]. - Employees' attitudes towards year-end parties have also evolved, with many expressing a lack of enthusiasm for events that require significant preparation and participation [8][10]. Group 3: Nostalgia and Future Outlook - There is a sense of nostalgia among employees for the past when year-end parties symbolized corporate success and optimism for the future [11]. - The decline of year-end parties may not signify a loss of corporate spirit but rather a transformation in how companies express their values and engage with employees [11].

Core Viewpoint - The article reflects on the significance of the GPT-4o model, marking its impending shutdown as a loss of an era in AI development, emphasizing its unique role in bridging technology and humanity [3][5][10]. Group 1: Shutdown Announcement - GPT-4o is set to officially go offline on February 13, 2024, at 10 AM US time, marking a historical moment for AI models [3][5]. - The announcement was made on January 29, 2024, providing users with a two-week period to reflect and say their goodbyes [5][6]. Group 2: User Sentiment and Reactions - Users expressed deep emotional responses to the shutdown, with many sharing their experiences and memories associated with GPT-4o across various platforms [8][9]. - Hashtags like Keep4o and Save4o trended on social media, indicating a collective mourning and desire to preserve the model [8][10]. Group 3: Comparison with Successors - While newer models like GPT-5.2 and Claude Opus 4.6 are technically superior, the article argues that they lack the emotional depth and understanding that characterized interactions with GPT-4o [10][11]. - The evolution of AI models has shifted focus towards coding capabilities, often at the expense of the more human-like interactions that GPT-4o provided [11][16]. Group 4: The Nature of AI Evolution - The article discusses the trend in AI development towards efficiency and productivity, with a strong emphasis on coding and technical performance [16][17]. - It raises concerns about the diminishing importance of emotional intelligence and human connection in AI, suggesting that the industry prioritizes commercial viability over empathetic interactions [17][18]. Group 5: Philosophical Reflections - The narrative draws parallels between the evolution of AI and existential themes, questioning what truly matters in the face of advancing technology [20]. - The author reflects on the idea that while AI can become increasingly powerful, the essence of human experience—symbolized by the phrase "Let there be light"—should not be forgotten [20].