十年历程。 作者/周佳丽 报道/投资界PEdaily 2 0 2 5 年 临 近 尾 声 ， 中 国 创 投 行 业 又 一 个 十 年 即 将 落 下 句 点 。 这 十 年 ， 潮 起 潮 落 ， 有 人 悄 然 离 场 ， 亦 有 人 穿 越 周 期 。 这 其 中 ， 始 于 「 国 家 队 」 的 国 中 资 本 算 是 一 个 独 特 的 存 在。 我们将时间拨回2 0 1 5年。彼时移动互联网正风起云涌，追寻模式创新的风口，大批VC 在此间成立。也是在那一年，国中资本在激烈竞争中中标管理规模6 0亿元的国家中小企 业发展基金首支实体基金，选择了一条略显冷清的路——躬身入局硬科技。 创投圈十年，风口轮转。 迄今，国中资本管理着国家中小企业发展基金三支子基金及国家绿色发展基金一支直投 子 基 金 ， 管 理 规 模 达 1 6 0 亿 元 。 这 支 团 队 坚 持 自 己 的 底 色 ， 投 出 了 华 大 九 天 、 迈 瑞 医 疗、荣昌生物、芯驰半导体、傅利叶、智平方、面壁智能等一众明星企业，以"扶小做 大"的长期实践，在中国创投的宏大叙事里留下一抹另类身影。 一家「国家级」VC走过十年 若翻 ...

Core Viewpoint - The article discusses the contrasting approaches of Germany's "Industry 4.0" and China's "Made in China 2025" initiatives, highlighting the challenges and achievements of each in the context of global manufacturing competitiveness [3][5][9]. Group 1: Industry 4.0 - Germany's "Industry 4.0" was introduced in 2011 to revolutionize manufacturing through AI, IoT, and automation, aiming for customized mass production [5][6]. - The initiative has faced challenges, including rising energy costs and a significant labor shortage, with a projected gap of 2 million skilled workers in Germany [7]. - Major German companies like BASF and Volkswagen are investing heavily in China, indicating a shift in focus towards leveraging China's manufacturing capabilities [8]. Group 2: Made in China 2025 - Launched in 2015, "Made in China 2025" aims to transform China's manufacturing sector by focusing on ten key areas, including aerospace, robotics, and new energy vehicles [3][10]. - A report by the American Chamber of Commerce evaluates the progress of "Made in China 2025," noting that it aims to reduce reliance on foreign technology and enhance domestic competitiveness [9][10]. - Achievements include significant advancements in the electric power equipment sector, with China achieving self-sufficiency in this area [12]. Group 3: Progress and Challenges - The report categorizes the progress of various sectors under "Made in China 2025" into three tiers: strong achievements, mixed results, and areas needing improvement [12]. - The new energy vehicle sector has exceeded expectations, with sales reaching 9.495 million units in 2023, surpassing the original target of 1 million by 2020 [13]. - However, the commercial aircraft sector has lagged, with the C919 aircraft only delivering 26 units against a target of 5% market share by 2020 [14].

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Core Viewpoint - The article highlights the strategic partnership between Galaxy General Robotics and Baida Precision Engineering, focusing on the deployment of over 1,000 embodied intelligent robots in complex industrial manufacturing scenarios, marking a significant step in the competition for embodied intelligence technology [2][3][10]. Group 1: Partnership and Orders - Galaxy General has signed a strategic cooperation agreement with Baida Precision, which will provide access to its entire production line for high-precision components [3]. - The partnership aims to explore new paradigms of intelligent manufacturing, addressing challenges in high-repetition, high-load, and precision tasks in industrial manufacturing [5]. - The deployment of 1,000 robots is seen as a starting point for large-scale application and a milestone in combining technology depth with complex scenarios [9][10]. Group 2: Technological Advancements - Both companies will focus on key technological challenges in precision manufacturing, including multi-modal perception and adaptive decision-making, to establish a core technology system for complex industrial scenarios [7]. - Galaxy General has built a high-quality dataset and developed end-to-end embodied large models to enable robots to perform various tasks autonomously across different scenarios [8]. Group 3: Market Position and Future Outlook - Galaxy General has achieved significant recognition in the investment community, having raised approximately $800 million, with a current valuation of $3 billion [10]. - The company has established partnerships with major industry players, including CATL and Bosch, and has successfully implemented humanoid robots in real-world applications [10][12]. - The article suggests that the competition in the embodied intelligence sector will shift from financing to securing stable orders, with 2026 expected to be a landmark year for commercialization in China [15][16].

Core Viewpoint - The article discusses the significant roles of Huang Renxun's children, Huang Shengbin and Huang Minshan, in NVIDIA, highlighting their contributions to the company's strategic focus on artificial intelligence and robotics, as well as the unique approach of Huang Renxun in nurturing his children within the family business [5][6][21]. Group 1: Company Performance and Market Position - NVIDIA's net profit is projected to soar from $4.368 billion in the fiscal year 2023 to $72.88 billion in the fiscal year 2025, with its stock price increasing 12 times since the beginning of 2023 [5]. - As of December 15, NVIDIA's total market capitalization reached $4.25 trillion (30 trillion RMB), making it the highest among global listed companies, surpassing Apple and Google [5]. - Huang Renxun's wealth has reached $152 billion (1.07 trillion RMB), placing him as the eighth richest person globally, significantly ahead of Li Ka-shing, whose wealth is less than one-third of Huang's [5]. Group 2: Family Involvement in Business - Huang Renxun's children, Huang Shengbin and Huang Minshan, both work at NVIDIA, which is atypical for Silicon Valley tech billionaires, who often do not involve their children in their companies [6][7]. - Huang Shengbin serves as the product line manager for NVIDIA's robotics business, indicating a strategic focus on AI applications, particularly in robotics [9]. - Huang Minshan is the senior product marketing director for NVIDIA's Omniverse and robotics business, responsible for marketing strategies and developer support [9][15]. Group 3: Career Paths of Huang Shengbin and Huang Minshan - Huang Shengbin, after studying marketing and cultural studies, initially worked in Taiwan before returning to the U.S. to pursue an MBA at NYU Stern, where he graduated in April 2022 and joined NVIDIA shortly after [11][13]. - Huang Minshan has been with NVIDIA for over five years, starting as an intern while pursuing her MBA in London, and has held multiple positions, eventually becoming the senior product marketing director [15][17]. Group 4: Unique Parenting Approach - Huang Renxun's parenting style involves allowing his children to explore their interests before joining the family business, which is seen as a unique approach among Chinese entrepreneurs [21][22]. - During a company meeting, Huang Renxun addressed concerns about nepotism, stating that he believes no parent would recommend a child who could embarrass them, and noted that many second-generation employees outperform their parents [21].

Core Viewpoint - The article discusses the upcoming IPOs of Chinese AI companies, particularly focusing on Zhipu AI and its competition with MiniMax, highlighting the significance of these events in the context of the AI industry and investment landscape in China [2][12]. Company Overview - Zhipu AI was founded in 2019 by a team from Tsinghua University, led by CEO Zhang Peng, who has a strong academic background in AI [3]. - The company aims to be a leader in artificial intelligence, focusing on General Artificial Intelligence (AGI) innovations and has developed the GLM framework, which is the first proprietary pre-training model framework in China [5][6]. Financial Performance - Zhipu AI's revenue has shown significant growth, with figures of 57.4 million RMB in 2022, 1.245 billion RMB in 2023, and projected 3.124 billion RMB in 2024, indicating a compound annual growth rate of 130% [6][7]. - Despite increasing revenues, the company has faced substantial losses due to high R&D investments, with net losses of 144 million RMB in 2022, 788 million RMB in 2023, and projected losses of 2.958 billion RMB in 2024 [8][9]. Investment and Valuation - Zhipu AI has attracted significant investment, completing multiple funding rounds totaling over 8.3 billion RMB, with the latest valuation reaching approximately 24.377 billion RMB [9][11]. - The company has a diverse investor base, including major firms like Meituan, Ant Group, and Tencent, reflecting strong market interest in AI technology [10][11]. Market Context - The article emphasizes the competitive landscape of the AI industry in China, with Zhipu AI and MiniMax vying for the title of the first publicly listed large model company, marking a critical moment for the sector [12][13]. - The IPOs are seen as a pivotal point that could lead to a "polarization" in the industry, where leading companies strengthen their market position while smaller firms may face acquisition or exit pressures [12][14].

宽容失败。 作者/杨继云 报道/投资界PEdaily 投资界获悉，近日国务院国资委发布《中央企业违规经营投资责任追究实施办法》（国 资委令第4 6号，简称《办法》），并将于2 0 2 6年1月1日起正式施行，替代2 0 1 8年试行 的第3 7号令。 当中，增加了 经营投资尽职合规免责条款 。更具突破意义的是， 对于免责情形的认定 十分细化。 如 此 ， 《 办 法 》 进 一 步 强 化 了 央 企 对 战 略 性 新 兴 产 业 、 企 业 科 技 创 新 等 领 域 探 索 性 试 验 、 先 行 先 试 的 保 障 ， 保 护 企 业 经 营 管 理 人 员 干 事 创 业 的 积 极 性 ， 致 力 于 破 解 国 资 创 投"投早投小"的顾虑。 最新一幕 央企创投免责容错 具体来看，《办法》明确央企经营管理有关人员违反规定，未履行或未正确履行职责造 成国有资产损失或其他不良后果，应当追究相应责任的具体情形，包括集团管控等1 3个 方面9 8种责任追究情形。 免责方面，《办法》第四章"责任认定"中的第3 6条明确指出—— 中央企业经营管理人员在依法合规经营、履行忠实义务和勤勉尽责义务、没有牟取非法 ...

Core Viewpoint - The essence of investment lies in deep self-reflection and minimizing unnecessary social interactions, focusing on understanding one's inner self [1] Group 1: Investment Philosophy - Introverted individuals tend to have deeper thoughts, which is beneficial for investment [1] - Successful investment requires a balance between emotional awareness and rational analysis, as emotions can cloud judgment [6][12] - The importance of understanding market dynamics and maintaining a distance from it is emphasized as an art form [3] Group 2: Research and Analysis - Effective research requires a methodical approach, avoiding excessive focus on details that obscure the bigger picture [4] - Investors must recognize the limitations of their knowledge and the chaotic nature of the market, understanding that conclusions are merely possibilities [14][24] - Continuous self-reflection and learning are crucial for overcoming mental barriers in trading [20][21] Group 3: Emotional Management - Emotional states can significantly impact decision-making, and maintaining a balance between stress and relaxation is essential [9][10] - Listening to market signals is deemed more reliable than making predictions, as many predictions fail during actual crises [12][13] - Cultivating an open mind and the ability to listen to the market is vital for successful trading [26][28]

Core Viewpoint - The article highlights the emergence of a "computing power landscape" in China, marked by significant IPOs and the rise of key players in the AI chip sector, particularly focusing on the investments made by Lenovo Ventures in companies like Cambricon, Haiguang Information, Moer Technology, and Muxi, collectively valued over 1.6 trillion yuan [2][4]. Investment Strategy - Lenovo Ventures has uniquely positioned itself by investing in four major companies in the computing power sector, which is a rare achievement among investment firms [4]. - The firm began its investments in the computing power space in 2017, recognizing the potential for exponential growth in computing demand driven by AI applications [5][6]. Key Investments - Cambricon was identified as a pioneer in AI-specific chip design, leading to Lenovo Ventures' participation in all four rounds of its funding, resulting in a peak market valuation of over 600 billion yuan [6]. - Haiguang Information was another strategic investment, noted for its dual capabilities in high-end CPU and GPU development, with its stock price increasing over sevenfold since its IPO [6][7]. - In 2021, Lenovo Ventures invested in Moer Technology and Muxi, both of which were in the early stages of GPU development, anticipating a surge in demand for computing power [7][9]. Ecosystem Development - Lenovo Ventures has created a complementary technology matrix among its portfolio companies, with each focusing on different aspects of computing power: Cambricon on AI chips, Haiguang on x86 compatibility, Moer on full-function GPUs, and Muxi on data center GPUs [10]. - The firm emphasizes a research-driven investment approach, conducting extensive industry research annually to identify emerging trends and opportunities [10]. Future Directions - Lenovo Ventures is exploring further investments in cutting-edge technologies such as quantum computing, RISC-V, and brain-like computing, which are seen as pivotal for the next wave of technological advancement [14][16]. - The firm believes that the integration of advanced computing architectures and AI terminals will reshape industry dynamics and societal structures [14][15].

Core Viewpoint - The article highlights the transformation of Guangde into a popular weekend getaway for residents of the Yangtze River Delta, emphasizing its appeal as a low-cost, high-satisfaction destination for food and relaxation [3][4][5]. Group 1: Transformation of Guangde - Guangde has redefined itself as a "simple weekend dining hall" for urban dwellers, attracting visitors from Shanghai, Hangzhou, Nanjing, and Hefei within a two-hour drive [3][4]. - The city has become a center for emotional healing, offering a relaxed atmosphere without the pressure of must-visit attractions or the disappointment of overhyped restaurants [4][5]. - Local government initiatives, such as free parking and shuttle services, enhance the visitor experience, making it easier for tourists to enjoy their time in Guangde [6][7]. Group 2: Culinary Appeal - Guangde is positioning itself as an immersive dining experience, with local specialties like "Anhui tea" and freshly baked pastries drawing attention on social media [5][6]. - The local cuisine, characterized by fresh and hearty meals, provides a genuine alternative to the urban dining scene, appealing to both locals and visitors [5][8]. - The city has seen a surge in demand for its culinary offerings, prompting local businesses to ramp up production and extend operating hours to accommodate the influx of tourists [7][8]. Group 3: Visitor Experience - The article describes the seamless experience for visitors, from free transportation to local attractions to the welcoming attitude of local businesses [6][9]. - Tourists are increasingly treating Guangde as a "spiritual retreat," where they can unwind and enjoy leisurely meals without the rush associated with traditional sightseeing [8][9]. - The concept of a "weekend dining hall" is gaining traction, with visitors prioritizing food experiences over typical tourist activities, leading to a new travel trend in the region [9][10]. Group 4: Future Potential - Guangde's model of transforming into a popular weekend destination is seen as a potential blueprint for other small cities, although not all can replicate its success [10]. - The city is also exploring long-term visitor engagement strategies, such as supporting local accommodations to encourage extended stays [10]. - The article concludes that Guangde's unique offering of genuine, satisfying dining experiences sets it apart from other tourist destinations in the Yangtze River Delta [10].