罕见一幕。 欢迎加入投资界读者群 超级创投活水。 作者 I 周佳丽 报道 I 投资界-解码LP 以下文章来源于解码LP ，作者周佳丽 解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 投资界-解码LP获悉，上海三大先导产业母基金发布第二批子基金遴选结果公示。这一 次，共有17只子基金入选——集成电路2只、生物医药1 0只、人工智能5只。拟投资金额 共4 1 .5亿元，基金总规模2 41.5亿元，放大倍数5 .8 2倍。 从去年7月正式签约，到如今不到一年时间，总规模89 0亿元的上海三大先导产业母基金 的遴选与出资工作紧锣密鼓地进行中。4月，上海国投先导基金年度会议透露，两批子基 金带来近20 0个招引企业，覆盖从光子芯片到基因治疗的硬科技前沿。 目之所及，一张极具想象力的产业版图正在上海徐徐铺开。 上海国资出资40亿 投17只基金 据悉，上海三大先导产业母基金第二批子基金遴选共有79家机构踊跃申报，经过专家评 审、立项尽调、现场答辩、正式投决等流程，最终筛选出17只优质子基金。具体来看入 选名单： 第二批集成电路子基金共有两只，既有聚焦特定产业场景的CVC 基金，也有依托地方国 资的生态整合枢 ...

来自深圳南山。 作者 I 刘博 王露 报道 I 投资界PEdaily 投 资 界 获 悉 ， 深 圳 乐 动 机 器 人 股 份 有 限 公 司 （ 简 称 " 乐 动 机 器 人 " ） 向 港 交 所 递 交 招 股 书，拟在香港主板上市。 公司创始人是一位85后连续创业者——周伟，毕业于华中科技大学。目前乐动机器人瞄 准割草机器人赛道，产品远销海外，一年卖出超过一万台。成立八年来，公司身后集结华 业天成、新希望集团、源码资本、深高新投、元璟资本、联通中金等知名机构。 放眼望去，一众机器人公司正在排着队IPO：宇树科技、智元机器人、仙工智能、云迹科 技……上市潮来，浩浩荡荡。 华科85后 干出一个机器人IPO 这已不是周伟第一次创业。 1 9 8 6年，周伟出生于湖北襄阳，1 8岁那年他考入华中科技大学机械学院。在大学时代， 周伟便对机器人产生了浓烈兴趣，大二时便加入了机器人俱乐部，开始参加各种比赛。 在这里，周伟收获一批志同道合的校友，组成"若比特团队"，这些人也成为他日后的创 业伙伴。他曾回忆那段时光，跟团队做机器人到深夜两三点，早上七点又去上课，是当时 的一种常态。后来，这支团队又备战中国机器人足球 ...

Core Viewpoint - The article explores the phenomenon of "霸总" (tycoons) in Fujian's Jinjiang, highlighting the region's unique economic landscape, family business dynamics, and the intertwining of wealth and social relationships through marriage alliances [3][4][10]. Group 1: Economic Landscape - Jinjiang has over a thousand enterprises with a valuation exceeding one billion, producing a total wealth of 750 billion RMB [3][5]. - The region is known for its dominance in the sportswear industry, with brands like Anta, Xtep, and 361° being major players, producing one in every five pairs of sports shoes globally [6][10]. - Jinjiang's GDP ranks third among China's top 100 counties, with a total market value of nearly 4 trillion RMB and a significant number of listed companies [11][12]. Group 2: Family Business Dynamics - The business landscape in Jinjiang is characterized by family-run enterprises, with a strong emphasis on local connections and family ties [3][4]. - The article notes that over half of the entrepreneurs in the 2022 Hurun Rich List from Quanzhou are from Jinjiang, indicating a concentration of wealth and influence [5]. - The region's businesses often collaborate through family alliances, leading to a network of interrelated companies that support each other [25][24]. Group 3: Marriage Alliances - Marriages among the wealthy families in Jinjiang are strategic, often involving significant financial transactions, such as a reported 1.8 billion RMB in wedding gifts [15][16]. - The article describes how these alliances are not just personal but also serve to strengthen business ties and create synergies among companies [20][24]. - The social dynamics of these marriages often reflect a preference for partners within the same socioeconomic background, emphasizing the importance of local language and culture [20][22]. Group 4: Historical Context - Many of Jinjiang's tycoons are self-made, having risen from humble beginnings, which reflects the entrepreneurial spirit of the region [27][28]. - The development of Jinjiang's economy is attributed to a model of specialization, where different towns focus on specific industries, enhancing efficiency and reducing costs [28][29]. - The article highlights the role of overseas Chinese communities in supporting local businesses, contributing to the wealth accumulation in Jinjiang [31].

Core Insights - The report by Mary Meeker emphasizes that the AI-driven transformation is unprecedented and irreversible, marking a golden era filled with opportunities and critical moments for the industry [3]. Group 1: AI Cost Dynamics - The cost of AI inference has dramatically decreased by 99.7% in just two years, despite the training costs for top models reaching $1 billion, which has surged 2400 times over the past eight years [7][12]. - The energy consumption of Blackwell GPUs has decreased by 10,500 times compared to NVIDIA's Kepler GPUs released in 2014, indicating a significant shift in the industry's operational efficiency [12]. Group 2: Market Dynamics and Competition - India has emerged as the second-largest market for ChatGPT applications, with 13.5% of monthly active users coming from India, surpassing the U.S. at 8.9% [14][16]. - Chinese AI models are rapidly capturing market share at an unprecedented speed, with OpenAI's valuation at $300 billion appearing excessively high compared to its annualized revenue of approximately $9.2 billion, resulting in a valuation-to-revenue multiple of 33x [21][24]. - The competition between U.S. and Chinese AI models is intensifying, with Chinese models like Baidu's ERNIE 4.5 Turbo costing only 0.2% of GPT-4.5, showcasing a significant cost advantage [25][28]. Group 3: User Growth and Market Trends - ChatGPT achieved 800 million users in just 17 months, a record-breaking growth rate in technology history [38]. - OpenAI's annual search volume has reached 365 billion, which is 5.5 times that of Google, demonstrating a significant shift in the search market landscape [43]. - The global AI landscape is evolving into a new "space race," primarily between the U.S. and China, with both countries releasing a comparable number of large-scale AI systems from 2017 to 2024 [34][36]. Group 4: Future User Base and Infrastructure Changes - The next billion internet users are expected to transition directly into an AI-centric ecosystem, bypassing traditional application layers, which will fundamentally alter the current internet technology landscape [55][58]. - The potential for satellite-driven internet access could significantly increase connectivity for the 32% of the global population that is currently offline, further expanding the user base for AI applications [52][55].

欢迎加入投资界读者群 一级市场之变。 作者 I 周佳丽 报道 I 投资界-解码LP 1、政府投资基金管理费用按照市场化原则协商确定，依据基金考核评价结果情况予以核 定拨付。 2、基金管理费一般应以实缴出资或实际投资金额为计费基础，合理确定计提标准。基金 管理费从基金收益或利息中支付，原则上不允许在本金中列支，如基金暂未产生收益或 利息，可先从本金中预支，待基金产生收益或利息后补回。 3、基金存续期满后不得收取管理费。 短短15 7个字，于创投行业而言沉甸甸。 众所周知，政府投资基金已经成为国内创投行业的重要力量，政府引导基金更是当下一 级市场最大的出资活水，牵一发往往影响着方方面面。 这一纸通知正在VC/PE圈发酵。一位政府引导基金资深从业者分享内部的几点疑问： 一 是该规定只适用于财政出资的母基金，还是要穿透到子基金？按「规定2」字面意思，似 乎连子基金都要；二是如若政府投资基金按此交管理费，那么社会LP还能否按市场化收 管理费？这里可能面临LP利益不一致的问题；三是如果政府母基金按此执行，那么引导 性质的母基金，可能面临更尴尬的境况。 最后，深圳按其他管理办法。 一纸通知，创投圈涌动。 6 月 3 日 ， ...

Core Viewpoint - The article highlights the significant increase in the valuation of the New York Liberty, a women's professional basketball team, under the ownership of Joe Tsai and Clara Wu Tsai, showcasing the potential of women's sports as a lucrative investment opportunity [1][3][5]. Group 1: Valuation and Investment - The New York Liberty was valued at $450 million, setting a record for women's professional sports teams [1][3]. - The team was purchased in 2019 for between $10 million and $14 million, indicating a 30-fold increase in valuation over five years [3][5]. - The funds raised from the sale of 20% equity will be used to build a new training facility costing $8 million, expected to open in 2027 [3][4]. Group 2: Management and Strategy - Clara Wu Tsai has been instrumental in improving the team's infrastructure and operations, including relocating the team's home games to the Barclays Center [4][5]. - The Liberty's roster has been enhanced with high-profile player signings, contributing to their success, including reaching the WNBA Finals in 2023 [4][5]. - The couple's strategic vision positions the Liberty to potentially become the first women's sports team valued at $1 billion by the mid-2030s [5]. Group 3: Broader Context and Future Outlook - The cumulative value of women's sports leagues like WNBA and NWSL is projected to increase by $1.6 billion in the next three years due to rising viewership and commercial revenue [5]. - The Tsai couple's ownership of both the Liberty and the Brooklyn Nets underlines their commitment to investing in sports and entertainment [7][8]. - The recent sale of a portion of the Nets for $6 billion reflects the growing financial potential of professional sports franchises [7][8].

以下文章来源于远川投资评论 ，作者沈晖 远川投资评论 . 看更好的资管内容 一个由内资定价的时代。 作者 | 沈晖 编辑 | 张婕妤 来源 | 远川投资评论 (ID: caituandzd) 在 4 月 1 日 安 徽 铜 陵 " 小 米 SU7 高 速 碰 撞 爆 燃 " 事 故 被 官 媒 披 露 的 前 一 天 ， 小 米 宣 布 完 成 4 2 5亿港元的配售，这是港股历史上第三大的闪电配售项目。 去年9月之前，港股连续4年下跌，跌得连私募大佬葛卫东也受不了，"太他妈的难了！就 算巴菲特，索罗斯来了一样被埋！"同期港股融资腰斩，2 0 23年港股IPO募资仅463亿， 较2021年缩水8 6%，创下2 0年来最低，港股沦为全球第六大IPO市场。 反观今年，港股重见凌厉升势。港交所IPO融资额653.25亿，同比增长6 9 1 . 3 3%，配售 总 额 1 242. 6 8 亿 ， 同 比 增 长 85 3.47% 。 蜜 雪 冰 城 、 泡 泡 玛 特 、 老 铺 黄 金 组 成 " 港 股 三 姐 妹"，刮起新消费风暴；小米、比亚迪、蔚来组成"港股三兄弟"，掀起再融资狂潮。 5 2 0当天，曾毓群 ...

Core Viewpoint - The article discusses the establishment of the "Chengtong Science and Technology Innovation Investment Fund" led by China Chengtong Holdings Group, which aims to support technological innovation and industrial upgrading through a significant investment fund of 30 billion yuan, with a focus on hard technology sectors [4][11]. Group 1: Fund Overview - The Chengtong Science and Technology Innovation Investment Fund has a total planned scale of 30 billion yuan and a duration of 15 years, with an initial phase of 10 billion yuan [4][5]. - The fund is a collaboration between China Chengtong, Sinopec, China Aviation Oil, and the Haidian District government, creating a multi-faceted cooperative structure [6][8]. Group 2: Investment Focus - The fund will primarily target hard technology sectors, specifically new materials, advanced manufacturing, and next-generation information technology, employing a combination of equity investment and ecological incubation strategies [7][8]. - It aims to invest in seed-stage, early-stage, and growth-stage technology innovation companies, focusing on nurturing innovative production capabilities [8][9]. Group 3: Strategic Importance - The establishment of the fund aligns with national policies aimed at promoting the development of strategic emerging industries and enhancing the role of state-owned enterprises in technological innovation [11][12]. - The fund is positioned to provide long-term financial support for the commercialization of scientific research outcomes, addressing challenges in technology validation and market entry [9][12].

Core Viewpoint - The Chinese bicycle industry is experiencing a significant shift from a "difficult-to-obtain" market in 2020 to a "de-stocking" phase in 2025, characterized by aggressive price cuts and rising inventory levels among dealers [3][4]. Group 1: Market Dynamics - The bicycle market has seen drastic price reductions, with some models experiencing price cuts of 20% to 50% since June 2024, leading to a situation where dealers face the dilemma of either selling at a loss or holding onto unsold inventory [3][4][6]. - Major brands like Merida and Giant have implemented substantial price reductions, with some models dropping by over 20,000 yuan, reflecting a broader trend of de-stocking across the industry [3][4][10]. - The inventory levels for companies like Zhonglu and Shanghai Phoenix have increased significantly, with Zhonglu's inventory rising by approximately 170% year-on-year and Shanghai Phoenix's by about 84% [4]. Group 2: Dealer Challenges - Dealers are struggling with high inventory levels and declining sales, with some reporting a two-thirds drop in sales since August 2024, leading to painful clearance sales at a loss [6][12]. - Many dealers, having stocked up during the previous growth phase, are now facing financial strain as they attempt to sell high-cost inventory at reduced prices, often incurring losses of around 1,000 yuan per bike sold [6][8]. - The lack of adequate manufacturer support for price reductions has left many dealers feeling abandoned, with only a few receiving minimal subsidies for their losses [8][10]. Group 3: Market Trends - The "cycling boom" that fueled demand from 2020 to mid-2023 has begun to wane, leading to a more rational market environment as consumer enthusiasm declines [10][11]. - The Chinese Bicycle Association reported that while mid-to-high-end bicycle sales surged over 20% during the peak of the cycling trend, demand has since cooled, indicating a shift towards a more balanced supply-demand dynamic [10][11]. - The rapid increase in the number of bicycle stores, particularly in urban areas, has contributed to market saturation, with some cities seeing a doubling of store numbers in just two years [13]. Group 4: Future Outlook - Many industry insiders predict a "store closure wave" in the latter half of 2024 as dealers reassess their operations in light of ongoing financial pressures and stagnant sales [16]. - Dealers are preparing for potential closures by evaluating their inventory and sales performance, with some indicating that if seasonal sales do not cover operational costs, they will initiate closure procedures [16].

以下文章来源于表外表里 ，作者洞见数据研究院 表外表里 . 洞见数据研究院 作者 | 陈梓洁 来源 | 表里表外 (ID: excel-ers) "没有零食店业务撑着，我早就转行了。"商铺转让中介李曦，万分感谢零食店老板。 这 两 年 ， 他 的 生 意 肉 眼 可 见 地 难 做 ， 求 转 让 的 餐 馆 、 奶 茶 店 商 家 一 月 比 一 月 多 ， 但 某 音 、 某 书 一 通 推 广 猛 如 虎 ， 一 看 评 论 全 是 " 奸 商" "别想割我韭菜"的清醒发言。 幸好有零食集合店，能让他躺着赚钱：江浙乡镇店，53万打包，1天之内转让成功；10 0万整转的二线城市店，客户连夜打高铁去考 察…… 在加盟被祛魅、击鼓传花玩不动的年代里，持续创造着"年流水600W" "赚人生第一个千万"造富神话的量贩零食行业，仍吸引无数开店 人前赴后继。 2022- 2024年，量贩零食两大巨头鸣鸣很忙和万辰集团（好想来母公司），以近200%的营收年复合增长率，向市场演绎"暴力崛起"。 即将登陆港股的前者，去年更是血赚8亿，同比大增284%。 哪怕"转让潮"已经来袭，李曦不少客户也没放在心上，甚至反向抄底："上一 ...