大战已至。 作者/冯雨晨 报道/投资界PEdaily 此刻，诸神就位。 互 联 网 巨 头 纷 纷 争 上 牌 桌 ， 它 们 野 心 昭 然 ： 都 想 自 家 AI 大 模 型 应 用 成 为 最 强 流 量 入 口。而AI大模型赛场，那个男人曾是主角。 去年今日，他正巧成名。回到2 0 2 5年春节前一周，梁文锋带领De e p S e e k发布推理大模 型 R1 ， 以意 想 不到 的 低 成 本 ，炼出 与世 界顶 级 模型 同 台 竞 技 的 性 能 ， 自 此 东 方 神 秘 力 量成功征服全球科技圈。 这位来自广东湛江的8 5后，极少露面，身家上百亿，他所创立的De e p S e e k江湖地位不 需 多 言 。 然 而 ， 值 此 中 国 AI 大 模 型 鏖 战 之 际 ， De e p S e e k 却 似 乎 隐 身 。 2 月 11 日 ， De e p S e e k 只 是 悄 悄 更 新 升 级 ， 当 外 界 猜 测 "De e p S e e k 新 版 本 要 来 了 吗 " ， 梁 文 锋 及 De e p S e e k依然保持沉默。 有时候，越是平静，对手越是 ...

Core Viewpoint - MiniMax has achieved a market capitalization exceeding 200 billion HKD since its listing on the Hong Kong stock exchange, driven by the launch of its new model M2.5, which has garnered significant market attention and investor returns [2][3]. Group 1: MiniMax's Market Performance - MiniMax's stock price surged over 13% on February 13, 2023, following the announcement of its M2.5 model, which is comparable to Claude Opus 4.6 in performance [3]. - The company reached a market valuation of over 200 billion HKD shortly after its IPO, marking a significant milestone in the tech industry [2][3]. Group 2: Investment Landscape - MiHoYo, a gaming company, was a key angel investor in MiniMax, investing at a post-money valuation of 200 million USD, and has seen its investment return exceed 100 times [4][5]. - Other notable investors in MiniMax include Hillhouse Capital, IDG Capital, Sequoia China, Alibaba, Tencent, and several others, indicating a strong backing from prominent venture capital firms [5]. Group 3: MiHoYo's Financial Contributions - MiHoYo has disclosed that it will contribute a total tax of 150 billion CNY over five years from 2021 to 2025, showcasing its significant financial impact [10][11]. - The company's tax contributions have increased from 1.8 billion CNY in 2021 to a projected 150 billion CNY by 2025, reflecting its rapid revenue growth [10]. Group 4: MiHoYo's Investment Strategy - MiHoYo has diversified its investment portfolio, backing various innovative projects, including brain-computer interfaces and private space ventures, indicating a forward-thinking investment approach [12][13]. - The company has positioned itself as a significant player in the venture capital space, actively engaging with young, tech-driven entrepreneurs [13].

Core Viewpoint - The private equity industry is facing significant challenges, with many firms struggling to raise new funds and maintain performance, leading to a rise in "zombie funds" that are unable to generate returns or attract new investments [2][4][9]. Group 1: Industry Overview - The private equity sector has evolved dramatically since its inception, with over 15,000 firms managing approximately $9 trillion in assets globally [3]. - Vestar Capital, a notable player, has shifted focus from raising new funds to managing its existing portfolio, with its latest fund showing disappointing returns of 7.7%, significantly below the S&P 500's average return of 14% [2][4]. - The number of private equity funds has surged, with over 18,000 funds targeting a total of $3.3 trillion in capital, but actual fundraising is expected to be only one-third of this target [5][6]. Group 2: Performance Metrics - The average fundraising cycle for funds has increased to 23 months in 2025, compared to 16 months in 2021, indicating a tougher fundraising environment [6]. - The average annualized return for U.S. private equity indices has dropped to 7.4% as of June 2025, lagging behind the MSCI global index by 11 percentage points [17]. - The distribution to paid-in (DPI) ratio, a key performance metric, has declined, with many funds reporting DPIs below historical benchmarks, indicating poor cash returns to investors [28]. Group 3: Challenges Faced by Firms - Many mid-sized private equity firms are becoming "zombie institutions," unable to sell their portfolio companies or raise new funds, leading to a significant reduction in their operational viability [9][10]. - The fundraising environment is particularly challenging for firms with consecutive poor-performing funds, as investor confidence wanes [27]. - The trend of "continuation funds" is emerging as a strategy for firms to manage liquidity issues, allowing them to hold onto core assets while providing liquidity to limited partners [29][30]. Group 4: Notable Firms and Their Strategies - Onex Partners, one of the largest firms on the "zombie fund" list, has seen its management fee income drop from $146 million in 2019 to an estimated $81 million in 2024 due to a challenging fundraising environment [20][22]. - Madison Dearborn Partners, known for its investments in various sectors, is seeking to raise $3 billion for its ninth fund, which would be its smallest fundraising since 1999 [25]. - Crestview Partners has also faced challenges, with its latest fund achieving only an 8.4% internal rate of return, significantly lower than market expectations [26].

Core Viewpoint - The article discusses the illusion of AI in elderly care, highlighting the gap between public expectations and the current capabilities of AI technology in this sector [4][11][23]. Group 1: AI and Elderly Care Expectations - Many individuals across different age groups believe that AI will soon be able to provide care for the elderly, reflecting a widespread hope for technological solutions to aging issues [4][5]. - The perception of AI as a solution to elderly care stems from fears of loneliness and inadequate human support in an aging society, leading to unrealistic expectations about the capabilities of robots [5][6]. Group 2: Historical Context of AI in Elderly Care - Japan's experience with elderly care robots began in the 1970s, with significant investments and developments, yet the actual impact of these robots has been minimal, with usage rates below 2% [6][7]. - Despite the introduction of various robots, such as Pepper, which was marketed as an emotional companion, the reality of their functionality has often fallen short of expectations, leading to their discontinuation [8][12]. Group 3: Real-World Applications and Limitations - Current AI applications in elderly care are primarily focused on software solutions, such as large language models, which assist in managing inquiries and training rather than physical caregiving [12][13]. - The article emphasizes that while AI can enhance certain aspects of elderly care, such as health management and daily reminders, the expectation of fully autonomous caregiving robots remains unrealistic [14][23]. Group 4: Misleading Marketing and Industry Dynamics - The marketing of AI robots often blurs the lines between actual capabilities and consumer expectations, leading to a perception of advanced technology that does not align with reality [16][18]. - Companies in the sector may exploit the term "robot" to market products that do not meet the functional needs of elderly care, contributing to a cycle of false hope [18][19]. Group 5: Future Directions and Ethical Considerations - The article suggests that while the traditional AI functions in elderly care may seem simplistic, they still hold potential for development and improvement [21][22]. - It calls for a more honest dialogue about the capabilities of AI in elderly care, urging the industry to respect the needs and expectations of the elderly rather than perpetuating illusions [23][24].

融资50亿。 作者/吴琼 报道/投资界PEdaily 2 0 1 9年，星际荣耀双曲线一号遥一（SQX- 1 Y1）小型固体运载火箭在中国酒泉卫星发 射中心成功发射，按飞行时序将多颗卫星及有效载荷精确送入预定3 0 0公里圆轨道。值 得一提的是，这是中国民营商业航天运载火箭首次成功发射并高精度入轨。 震撼一幕。 投 资 界 获 悉 ， 商 业 火 箭 企 业 星 际 荣 耀 已 完 成 D+ + 轮 融 资 ， 融 资 金 额 达 5 0 . 3 7 亿 元 。 由 此，国内民营火箭最大单笔融资诞生。 值得一提的是，本轮融资投资人队伍豪华。由同创伟业和京铭资本领投。不仅获得诸多 老股东支持，还出现了十余家新鲜面孔。 目之所及，商业航天正迎来前所未有的上市潮——S p a c eX估值1 . 5万亿美元，将缔造史 上最大I PO；国内头部企业集体向I PO发起冲刺。此时此刻，这似乎是为数不多的上车 机会。 北航师兄带队 北京火箭独角兽崛起 星际荣耀背后，站着一位科班出身创始人——彭小波。 这是商业航天赛道独有的一幕，由于创业门槛极高，这一领域创业者基本都来自大院大 所 。 彭 小 波 也 不 例 外 ， 毕 业 ...

Core Viewpoint - The article highlights the rapid rise of AI companies, particularly Zhizhu, which has seen its stock price surge over 70% recently, reaching a market value of over 170 billion HKD, three times its IPO valuation, driven by the launch of its new model GLM-5 [2][3][4]. Company Overview - Zhizhu was founded in 2019 to maximize the value of research outcomes from Tsinghua University's KEG Lab, with key figures including Chief Scientist Tang Jie and CEO Zhang Peng [4][5]. - The company went public in January 2023, becoming the "first stock of global large models," with an initial market value exceeding 500 billion HKD [4][5]. Employee Wealth Creation - Approximately 51.2% of Zhizhu's 883 employees hold shares, leading to the creation of over 400 millionaires among its staff [5][6]. - The employee stock ownership platforms, Huihui and Zhizheng, were established in 2021, with significant equity held by employees, resulting in substantial personal wealth as the company's market value soared [5][6]. Market Dynamics - The surge in Zhizhu's stock is attributed to the anticipation surrounding its new model GLM-5, which is positioned to excel in programming and agent tasks, marking a shift in the AI landscape [6][8]. - The article also references the success of other AI companies in Haidian, such as Moer Technology, which became the "first domestic GPU stock" with a market value exceeding 300 billion HKD shortly after its IPO [9][10]. Haidian's AI Ecosystem - Haidian is portrayed as a hub for AI innovation, housing over 1,900 core AI companies and contributing significantly to Beijing's GDP, with a projected AI market size of 360 billion RMB by 2025 [13][14]. - The region has a robust ecosystem supported by top universities and research institutions, fostering a complete chain from basic research to talent cultivation and commercialization [13][14]. Investment and Growth - The article notes significant investments in Haidian's AI sector, including a recent 3 billion USD funding round for Galaxy General, indicating strong investor confidence [11][12]. - The local government has also been proactive in supporting AI enterprises through funding initiatives, creating a favorable environment for innovation and growth [15][16].

作者/ 梦晨 来源/ 量子位 (ID：QbitAI) 12人联创还剩一半。 2 4小时内，马斯克的xAI连失两位华人联合创始人。 xAI联合创始人吴宇怀（To n y Wu）和Jimmy Ba先后在社交平台上宣布离职。 而就在一个月前，另一位华人联合创始人杨格（Gr e g Ya n g）刚刚因病退出。 三 位 华 人 核 心 科 学 家 ， 一 个 月 内 全 部 离 开 。 算 上 此 前 已 出 走 的 三 人 ， xAI 成 立 不 到 三 年，最初1 2人创始团队已走6人。 同时，一些后加入的核心成员，也纷纷宣布离职。 马斯克的AI团队，发生了什么？ 一月三别： 从因病退出到师徒接连告别 这一波离职潮最先离开的是杨格。 2 0 2 6 年 1 月 ， 这 位 Gr o k 核 心 架 构 师 宣 布 ， 自 己 被 诊 断 出 患 有 莱 姆 病 （ Lyme d is e a s e），不得不退出日常工作，转为公司的非正式顾问。 杨格拥有哈佛大学数学系学位，师从著名数学家丘成桐，曾是微软研究院的研究员。 他在声明中解释自己可能早已感染此病，但在xAI创立期间的" 长期高强度工作" 和" 把 自己逼 ...

Core Viewpoint - The luxury car market is undergoing a significant transformation, highlighted by the drastic price reductions of models like the Audi A3, which has fallen into the 100,000 yuan range, signaling a potential end to the luxury car era [2][3][4]. Sales Performance - Audi's sales in China have declined by 5% year-on-year in 2025, returning to levels seen seven to eight years ago, with total sales of 162,360 units [3][5]. - The Audi A3, once a popular choice for young consumers, has seen its price drop from an initial starting price of around 190,000 yuan during its peak years (2016-2019) to as low as 99,000 yuan in some dealerships [4][5]. Pricing Strategy - The current pricing strategy for the Audi A3 includes a manufacturer suggested retail price (MSRP) of 165,900 to 209,900 yuan, with dealer quotes as low as 103,500 yuan, representing discounts of up to 30% [4][5]. - Other models, such as the Audi A4L and Q3, have also experienced significant price cuts, with discounts reaching as high as 117,400 yuan [5]. Dealer Challenges - Over 52% of car dealers in China were reported to be operating at a loss in the first half of 2025, with Audi dealers facing similar pressures leading to multiple dealership closures [6][12]. - Reports indicate that selling an Audi vehicle can result in losses of 30,000 to 50,000 yuan per unit, exacerbating the financial strain on dealers [12]. Consumer Trust Issues - There have been numerous reports of Audi dealerships closing, leaving consumers unable to access pre-paid services, which has eroded trust in the brand [7][11]. - The closure of dealerships, including the last Audi dealership of the Baoaijie Group in China, has raised concerns about the brand's stability and future in the market [11]. Strategic Missteps - Audi's slow transition to electric vehicles has been a critical factor in its declining market position, with only 13.7% of its total sales in 2025 coming from electric vehicles, primarily reliant on the European market [14][17]. - The brand's failure to keep pace with competitors in terms of technology and consumer expectations has led to a disconnect with the Chinese market [17]. Industry Implications - The decline in Audi's sales and brand value reflects a broader trend in the luxury car market, where traditional value propositions are being challenged by the rise of electric and smart vehicles [13][17]. - The ongoing price wars and declining brand prestige indicate that merely lowering prices will not suffice to restore Audi's market position without significant strategic changes [13][17].

潇洒退休。 作者/杨文静 报道/投资界PEdaily "六十岁了，过年后正式退休。" 昨日（2月11日），胖东来创始人于东来宣布退休，一时间引发热议。其实早在两年多以前，于东来就提到已经将8 0 %的企业经营放 手给团队。彼时他说，"是放下，而不是放弃。" 如今，他在抖音上直接宣布："为了科学先进的发展模式，让年轻人勇敢承担使命，过年后正式退休，转为顾问，胖东来工作由胖东 来决策委员会主持。" 宣布退休后，于东来把抖音账号改名"傻坏蛋于东来"，内容如他本人——有些痞气，又有些傻气。 何以于东来 一个商业神话的诞生 在 那 个 时 代 ， 假 冒 伪 劣 产 品 遍 地 ， 早 年 受 过 欺 骗 的 于 东 来 坚 持 不 卖 假 货 ， 还 首 次 提 出 " 无 理 由 退 换 货 " ， 这 一 在 当 时 看 上 去 有 些 " 傻 气"的举动为小店积累了良好的口碑，也成了那场大火过后，捞起他的浮木。 彼时的于东来一度消沉，不想再接手任何生意。没想到，老主顾们一个个闻讯找来，出钱出力，力劝于东来重操旧业。人情冷暖在此 时具象化，给了于东来极大触动。 "我经历了这些事，有了能力，（意识到）这已经不是你自 ...

以下文章来源于秦朔朋友圈 ，作者何菲 秦朔朋友圈 . 秦朔朋友圈是由中国著名媒体人、财经观察家秦朔牵头创立的一个新媒体与专业服务品牌，包括微信公 众号、微博、视频节目、音频节目等。内容聚焦于经济、金融和商业领域，关注重点为全球和中国财经 商业热点、企业家精神、创新与发明创造、商业文明探索等。 中国人的交往。 作者 / 何菲 来源 / 秦朔朋友圈 （ID：qspyq2015） 01 这个年节季很长。 从乙巳年冬至开始，直到过完丙午年元宵节，已是三月四日。一年中有三个半月处于年 节气氛中，自然各路饭局聚会叙旧不会少。 这几年，大多数人的生活方式发生了结构性重组，也开始主动或被迫走出舒适区。许多 饭店开了关，关了开，以前的形态一去不复返了。 但有一点不变，就是饭局。中国人的交往，很少会绕过餐桌而行。 各种交际合作在其中酝酿，各种人际关系在其中发酵。 在中国人的人际深处，有很多情愫，是必须用聚会、饭局来表达的。 同为友人聚餐，上海人更贴近饭局的社会属性——局。 即使只是联络一下感情的小聚，郑重一点也并不会唐突。这使得聚会因那些精致铺垫多 少显出些风雅来。 在上海，约一桌人吃饭看似简单，实则深有名堂。组织不好，真不如不 ...