以下文章来源于天天IPO ，作者杨文静 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 投资界从证监会官网获悉，云豹智能正式启动A股I PO进程，冲刺"国产DPU第一股"。 始于深圳，这是一家专注于云计算和数据中心数据处理器芯片（DPU）和解决方案的半 导体公司，2 0 2 0年由原RMI公司c o -f o u n d e r萧启阳博士联合业界人士创立。 月前，深圳创投2 5周年大会现场，萧启阳现身。创业以来，他身后已经站着腾讯、红杉 中国、深创投、IDG资本、五源资本、蔚来资本、中芯聚源等一众知名投资机构，并在 2 0 2 5年11月完成D轮融资，估值达1 4 0亿人民币。 从硅谷到深圳 DPU第一股即将诞生 "今天我们不止是在一个新算力时代。" 深 圳 创 投 2 5 周 年 大 会 现 场 ， 萧 启 阳 聊 起 一 段 往 事 ： 五 年 前 黄 仁 勋 花 6 9 亿 美 元 买 了 一 家 以 色 列 芯 片 公 司 。 彼 时 他 便 预 测 ， 未 来 的 计 算 中 心 将 由 " 三 大 PU" 支 持 数 据 运 作 —— CPU+DPU+GPU。 DPU第一股。 ...

Core Viewpoint - The article discusses the evolution of the culinary industry in China, highlighting the tension between the rise of pre-prepared meals and the enduring appeal of freshly cooked dishes that embody the "human warmth" of traditional cooking [2][33]. Group 1: Industry Trends - The culinary industry is experiencing a shift towards standardization and industrialization, with many restaurants adopting pre-prepared meals to streamline operations and reduce costs [23][24]. - Despite the trend towards pre-prepared meals, there remains a strong consumer desire for freshly made dishes, as evidenced by the popularity of restaurants that emphasize "wok hei" (the unique flavor from high-heat cooking) [3][29]. - The rise of reality cooking shows has rekindled interest in the culinary arts, showcasing the craftsmanship and stories behind cooking, which helps to elevate the perception of chefs and their work [3][4]. Group 2: Chef Experiences - The article features personal stories from chefs of varying backgrounds, illustrating the diverse paths individuals take to enter the culinary field, from traditional apprenticeships to non-traditional routes [12][17]. - Chefs like Xu, who started as a vegetable cutter and worked his way up, emphasize the importance of hands-on experience and the challenges faced in mastering culinary skills [10][11]. - The narrative of chefs transitioning from other careers, such as university students or professionals in unrelated fields, highlights a growing trend of individuals pursuing their passion for cooking later in life [12][17][20]. Group 3: The Role of Pre-prepared Meals - Pre-prepared meals are becoming increasingly popular due to their convenience and consistency, allowing restaurants to maintain quality while reducing labor costs [24][26]. - The development of composite sauces and pre-prepared ingredients simplifies cooking processes, making it easier for less experienced cooks to produce consistent results [24][26]. - However, the article notes that the essence of traditional cooking, characterized by the unique flavors and techniques that skilled chefs bring, cannot be fully replicated by industrial methods [29][30]. Group 4: Future of the Culinary Industry - The future of the culinary industry may see chefs operating in more diverse environments, such as private kitchens and culinary labs, rather than being confined to traditional restaurant settings [33]. - As the industry evolves, the value of traditional skills and the ability to create dishes with "wok hei" will continue to hold significance, ensuring that the role of chefs remains vital [33].

以下文章来源于三联生活实验室 ，作者奎木狼 三联生活实验室 . Never Bored 城市Cool Guy生活样本 打卡贵阳。 作者 / 奎木狼 来源 / 三联生活实验室 （ID：LIFELA2020） 自从"周五下班飞上海"成为韩国打工人的都市传说后，一套标准的周末流程便在社交媒体上 被反复验证：两小时航程、免签入境、外滩夜景和人均百元的海底捞，构成了韩国打工人的 充电式周末模板。 这套公式运行得太过丝滑，以至于所有人都以为，这就是韩国人出国松弛的终极答案。但最 近， 一种微妙的迁徙正发生在西南内陆的一座城市"贵阳"。 从首尔仁川机场出发，只需在机舱里看完一部半电影的时间，降落的目的地将会从黄浦江畔 的浦东，变成了群山环抱的贵阳龙洞堡。 这里在夏天是出了名的避暑胜地，但冬天依然不会 比首尔凛冽，更像一个被山野轻轻捂着的温和地带。 对于见惯了都市霓虹却罕有真正大山的韩国人来说，贵阳提供的是一种复杂的初见体验：既 有堪比首尔的现代便利，又拥有都市无法给予的、连绵不绝的来自内陆的山水震撼的民族风 情，这是任何东亚都市圈都无法复制的震撼—— 玻璃幕墙的写字楼旁，可能突然冒出一片依山而建、密如蜂巢的居民楼群。提到贵 ...

Core Viewpoint - The article emphasizes the transformative potential of China's commercial space industry, particularly focusing on companies like Arrow Yuan Technology and Blue Arrow Aerospace, which aim to replicate SpaceX's success through advanced reusable rocket technology [2][10][12]. Group 1: Industry Overview - The commercial space sector is on the brink of significant change, with a strategic opportunity for growth highlighted by government officials [2]. - SpaceX's valuation surged to $800 billion in December 2025, doubling from $400 billion in just four months, with an anticipated IPO in 2026 potentially valuing the company at $1.5 trillion [2]. - The demand for satellite launches is projected to reach 200,000 satellites, creating a competitive landscape for companies that can successfully implement reusable rocket technology [2]. Group 2: Company Strategies - Arrow Yuan Technology is directly benchmarking against SpaceX, focusing on liquid fuel and a reusable rocket design that utilizes a "liquid oxygen-methane + stainless steel" approach for cost efficiency [4][6]. - The company aims to launch medium to large liquid reusable rockets, leveraging economies of scale to reduce costs [7]. - Arrow Yuan Technology plans to attempt recovery during its first flight in 2026, having completed significant preparatory milestones, including a successful sea landing recovery test [9]. Group 3: Investment Landscape - Blue Arrow Aerospace has submitted an IPO application with a projected market value of 75 billion yuan, marking a significant step for China's commercial space sector [11]. - Other companies like Zhongke Aerospace and Tianbing Technology are also pursuing IPOs, indicating a growing interest in the sector [11]. - Investment strategies are diversifying, with some investors focusing on established giants while others are nurturing emerging leaders like Arrow Yuan Technology [12].

Core Viewpoint - The article highlights the remarkable success of Zhipu, a company that has achieved a market value of HKD 1,100 billion shortly after its IPO, showcasing the potential of technology transfer from universities, particularly Tsinghua University [2][3]. Group 1: Company Overview - Zhipu was established in 2019, leveraging technology from Tsinghua University's Knowledge Engineering Group, which dates back to 2006 with the development of the AMiner product [3]. - The company has completed at least 8 rounds of financing, raising over HKD 8.3 billion, and has attracted more than 50 institutional investors, resulting in a total of 87 shareholders [2][6]. - The initial shareholding structure included Huakong Technology, which held 11.99% of Zhipu's shares at the time of its founding [4]. Group 2: Financial Performance - On its first day of trading, Zhipu's market value exceeded HKD 500 billion, and within a week, it surged to over HKD 1,100 billion, marking a 126% increase in stock price [6][7]. - The company has established strategic partnerships, including collaborations with Didi and Huawei, which have contributed to its stock price increase [6][7]. Group 3: Technology Transfer and Impact - Huakong Technology, established in 2014, serves as a platform for technology transfer from Tsinghua University, managing and holding equity from various projects [4][5]. - Tsinghua University has successfully incubated numerous projects, including Zhipu, and has established a comprehensive system for technology transfer, leading to significant financial returns [9][10]. - The university has completed approximately 450 technology transfer projects in the past three years, generating over HKD 1.5 billion in total [9].

以下文章来源于九行Travel ，作者牧羊 九行Travel . 新周刊旗下文旅生活媒体，与你『行遍九州，探索世界』。 第二个故乡。 作者 / 牧羊 编辑 / 曾宝气 来源 / 九行 Travel （ID：jiuxing_neweekly） 走 在 三 亚 的 街 头 ， 你 会 感 觉 像 是 瞬 移 到 " 老 铁 " 们 之 间 ， 亲 切 的 东 北 口 音 从 四 面 八 方 传 来。街边的"正宗东北铁锅炖"，总让游客们产生一种不知身在何处的奇妙错觉。 不过，如果你近两年冬季到访三亚，或许会发现一些新的变化： 沙滩上金发碧眼的孩 子们追逐着浪花，身材高大的俄罗斯游客在水里游泳、在沙滩上晒太阳，不少从其他省 份来的中国游客，则在岸边饶有兴致地看着。大家偶尔目光交汇，便相视一笑，友好交 流。 火了十几年 三亚成了俄罗斯人的"第二故乡" 自从去年9月，中国开始对俄试行免签政策后，根据俄罗斯最大的机票搜索和购买服务 平台Av i a s a l e s的统计数据，中国迅速成为俄罗斯游客的热门搜索目的地。其中，最受 俄罗斯游客欢迎的目的地包括北京、上海、广州、三亚和哈尔滨。 于是，当西伯利亚的寒风再次呼啸，越 ...

Core Viewpoint - The trend of university graduates entering factories as a transitional phase is becoming a reality due to intense competition for office jobs, with many graduates feeling undervalued and facing challenges in adapting to factory work [2][3][4]. Employment Market Dynamics - The number of university graduates in 2025 is projected to reach 12.22 million, leading to fierce competition for office positions, particularly in regions like Guangxi and Fujian, where the supply-demand ratio for office jobs is as high as 10.26:1 [2]. - In contrast, the manufacturing sector is experiencing a significant increase in job demand, with Guangxi's recruitment needs growing by 17.27% year-on-year, and production manufacturing roles accounting for 33% of job demand in Sichuan [3]. University Graduates' Experiences - Many graduates, despite holding bachelor's degrees, are finding themselves in low-skilled factory jobs, leading to feelings of embarrassment and isolation as their educational background becomes a source of ridicule among peers [4][5]. - Graduates like Li Yuchen and Chen Fan report being criticized for their perceived incompetence, with their university status often highlighted in negative feedback from supervisors and coworkers [4][5][6]. Work Environment and Conditions - Factory work is characterized by strict monitoring and high-pressure environments, where employees face penalties for minor infractions, such as being late or taking too long for breaks [7][8]. - The work culture in factories often leads to a loss of dignity for workers, as they are subjected to constant surveillance and harsh treatment from supervisors [7][8]. Social Dynamics Among Workers - There is a perception among long-term factory workers that university graduates are temporary workers, leading to a lack of camaraderie and support for new entrants [13][14]. - The interpersonal relationships in factories are complex, with competition and criticism prevalent, particularly directed at those with higher education backgrounds [13][14]. Adaptation Strategies - Graduates are increasingly adopting survival strategies in the factory environment, such as downplaying their educational qualifications and learning to navigate workplace dynamics through social interactions [17][18]. - The emphasis on practical skills over academic credentials is reshaping how graduates approach their roles, with many realizing the importance of fitting in with the existing workforce [17][18].

Core Viewpoint - The article discusses the upcoming IPO of Big Pizza, a popular self-service pizza brand in China, highlighting its growth, market position, and the competitive landscape in the restaurant industry [2][4]. Company Overview - Big Pizza, founded by Zhao Zhiqiang and his wife in 2002, has grown to over 300 locations, primarily in northern China, by offering affordable self-service dining options [5][6]. - The brand's pricing strategy includes a single self-service meal priced at 39 yuan, significantly lower than competitors like Pizza Hut [5][6]. - Big Pizza aims to expand to 1,000 locations by 2028, positioning itself among the top four pizza brands in China [7]. Financial Performance - As of September 2025, Big Pizza operates 342 stores, with 265 being self-operated, and has a membership base of approximately 9.3 million [12]. - Revenue figures for the first nine months of 2023, 2024, and 2025 are 944.5 million yuan, 1.147 billion yuan, and 1.389 billion yuan, respectively, with net profit margins of 5.0%, 3.6%, and 3.7% [12]. - The majority of revenue comes from self-operated restaurants, accounting for nearly 85%, with dine-in services being the core income source [13]. Market Position and Strategy - Big Pizza is recognized as the largest self-service restaurant company in China, holding a 1.2% market share in the pizza sector [12]. - The company has successfully introduced popular products like durian pizza and mini pizzas, maintaining a product iteration rate of 30% annually [9]. - The average customer spending at Big Pizza is around 80 yuan, placing it between fast food and high-end dining [12]. Industry Context - The article notes a surge in restaurant IPOs in Hong Kong, with various brands capitalizing on consumer demand for dining options [16]. - The competitive landscape includes established players like Pizza Hut and Domino's, posing challenges for regional brands like Big Pizza as they expand into major urban areas [15]. - The overall restaurant industry is experiencing pressures, with some companies facing significant operational challenges and potential missed IPO opportunities [17].

Core Viewpoint - The article highlights the evolution and diversified business model of Hengdian Group, emphasizing its significant contributions to the film and tourism industry while also noting its substantial revenue from other sectors like electronics and pharmaceuticals [4][11]. Group 1: Company Overview - Hengdian Group has transformed from a local silk factory established in 1975 into a large conglomerate with total assets exceeding 100 billion yuan, spanning industries such as film and tourism, electronics, pharmaceuticals, and modern services [4][9][10]. - The founder, Xu Wenrong, and his son, Xu Yong'an, are described as low-profile billionaires, with the company’s wealth being attributed to collective efforts rather than individual ownership [11][12]. Group 2: Film and Tourism Industry - Hengdian has developed into the world's largest film shooting base, generating over 35 billion yuan annually from its film and tourism sectors, although this only accounts for less than 10% of the group's total revenue [4][5]. - The group offers free filming locations to attract film crews, resulting in a loss of approximately 20 million yuan annually, but this strategy has significantly boosted the local film industry and related services [5][6]. - In 2023 and 2024, Hengdian Film City is projected to receive 15.24 million and 13.93 million visitors, generating revenues of 2.638 billion yuan and 2.867 billion yuan, respectively [7]. Group 3: Financial Performance - Hengdian Group reported revenues of 94.2 billion yuan for the fiscal year 2024, with net profits reaching 3.124 billion yuan [9][10]. - Hengdian Film, the group's only publicly listed company, generated 1.971 billion yuan in revenue for 2024, with nearly 90% coming from cinema operations [7]. Group 4: Challenges and Adaptations - The company faces challenges such as declining market share in the magnetic materials sector and competition from short video formats in the film industry [14][15]. - Hengdian is adapting by investing in new projects, including a 12GW new energy battery project and expanding its airport facilities, with total investments in ongoing projects amounting to 11.678 billion yuan [14][15]. Group 5: Community Impact - The transformation of Hengdian from a small town with low income to a renowned "Oriental Hollywood" has significantly increased local residents' average annual income to 70,000 yuan [16].

Group 1 - The article discusses the recent changes in government investment funds in China, highlighting new guidelines and evaluation methods for fund allocation and investment direction [2] - The National Development and Reform Commission, along with other ministries, has established a systematic framework for government investment funds, focusing on sectors like metaverse, brain-computer interfaces, quantum information, and generative artificial intelligence [2] - The total scale of the Hengqin Guangdong-Macao Deep Cooperation Zone Industrial Investment Fund has been increased from 10 billion to 30 billion, marking a significant expansion in investment capacity [3] Group 2 - Zhejiang Province is actively seeking general partners for its future industry venture capital mother fund, which aims to focus on disruptive innovation and interdisciplinary technology [5] - The Zhejiang Province New Strategic Industry Mother Fund is also recruiting general partners, with a total subscribed scale of 101.03 million, targeting high-growth industries such as new information technology and biomedicine [6] - The Zhejiang Social Security Science and Technology Fund has launched several specialized funds, marking the beginning of a comprehensive investment phase [8] Group 3 - KKR has completed fundraising of $250 million (approximately 1.7 billion RMB) for its Asia private credit fund, which will focus on high-quality credit assets in the Asia-Pacific region [10] - The Caixin Capital has successfully expanded two funds, increasing their scales to 450 million and 2 billion respectively, targeting advanced manufacturing and future industries [11] - The establishment of the Kaibo Nord Advanced Energy Storage Fund, with an initial scale of 400 million, focuses on independent energy storage and related projects [12] Group 4 - The establishment of the Anhui Pet Industry Fund, with an initial scale of 200 million, aims to support various segments of the pet industry, which is expected to grow significantly by 2027 [15] - The establishment of a new fund in Panzhihua City, with a total scale of 5 billion, aims to promote the development of the vanadium-titanium industry [16] - The Fujian Fuzhong Xin Technology Fund has been established with a total scale of 300 million, focusing on semiconductor and artificial intelligence projects [17] Group 5 - The establishment of the Shandong Province Lixin Gongrong New Momentum Artificial Intelligence Venture Capital Fund, with a total subscribed scale of 1 billion, aims to invest in artificial intelligence and related technologies [19] - The successful establishment of the Henan Province New Materials Industry R&D Joint Fund, with a total scale of 65 million, focuses on key industry chains [20] - The Yantai New City Development Venture Capital Fund has been registered with a total scale of 2 billion, aimed at supporting regional projects [21] Group 6 - The establishment of the Industrial Guidance Mother Fund in Dehua County, with a total scale of 2 billion, aims to enhance funding channels and ensure market-oriented operations [18] - The establishment of the Hubei Hongtai New Strategic Fund, with a total scale of 1 billion, is a collaborative effort among various stakeholders [23] - The establishment of the Shanghai Dalinghao Bay New Quality Leading Fund has begun the selection process for fund management institutions [26]