报道/投资界PEdaily "买你的白酒去吧，老登。" 此年度金句源自大概四个月前。当时荒原资产董事长凌鹏发文质疑中际旭创2 0 2 7年2 5 0 亿 净利润预测的合理性 ，旋即，国盛通信分析师阅后送上该转发语。 A股大涨一幕。 作者/ 冯雨晨 这场口水战没有输赢，但中际旭创股价却是一路长虹到了年关， 今日（1 2月2 4日） ， 其 收盘市值 超越7 0 0 0亿。放眼A股市场，光模块三巨头中际旭创、新易盛、天孚通信 三家今年因AI算力需求暴增逆袭，股价纷纷翻了好几倍。 那些嗅到机会早早涌入的投资者，在这场难得的造富机会中收获满满。现在，他们意犹 未尽：下一个机会在哪？ "易中天" 成就今年十倍股 原 因 很 简 单 。 三 家 公 司 今 年 借 势 而 起 ， 但 均 在 2 0 1 5 年 前 后 就 早 早 上 市 。 有 投 资 人 此 前 就 这 样 聊起 ： " 如 果 不 是 I PO 前的老 投资 人， 就 只能 参 与 定 增 。 如 果 定 增 也 没 机 会 ， 就 只能看着了。" 而对那些在机会 露 出苗头时就押注并选择买定离手的市场投资者们，这是一场赶上了 的财富盛宴。一位持仓 ...

Core Viewpoint - The establishment of the National Venture Capital Guidance Fund and its regional sub-funds in Beijing, Shanghai, and Shenzhen marks a significant influx of capital into the venture capital industry, aiming to attract nearly 1 trillion yuan in local and social capital over a 20-year period, focusing on cutting-edge fields such as artificial intelligence and quantum technology [5][10]. Group 1: Fund Establishment - Three regional sub-funds have been registered with a total scale of approximately 1,218.96 million yuan, including the Beijing-Tianjin-Hebei Fund (296.46 million yuan), the Yangtze River Delta Fund (471 million yuan), and the Guangdong-Hong Kong-Macao Greater Bay Area Fund (450.5 million yuan) [6][8][9]. - The Beijing-Tianjin-Hebei Fund is managed by CICC Capital, with major LPs including the National Venture Capital Guidance Fund and various local government funds [6][7]. - The Yangtze River Delta Fund is managed by a newly established company, with LPs including state-owned enterprises and local government funds from multiple provinces [8]. - The Guangdong-Hong Kong-Macao Greater Bay Area Fund is managed by Shenrun Guochuang, with significant contributions from the National Venture Capital Guidance Fund and local government entities [9]. Group 2: Market Trends - The venture capital market in China is showing signs of recovery, with a reported 18.3% year-on-year increase in the number of new funds and an 8.0% increase in total fundraising amount, reaching approximately 1.2 trillion yuan in the first three quarters of 2025 [11]. - Investment activity has also increased, with a 19.8% rise in the number of investment cases and a 9.0% increase in disclosed investment amounts, totaling approximately 540.73 billion yuan [11]. - The dominance of state-owned enterprises in the venture capital sector is notable, with 35.3% of fund managers being state-owned and managing over 64.5% of the total fund size [12]. Group 3: Strategic Importance - The National Venture Capital Guidance Fund aims to support long-term investments in early-stage and small to medium-sized enterprises, particularly in hard technology sectors, with a fund duration of 20 years to accommodate the lengthy commercialization process of technological innovations [10]. - The establishment of these funds is seen as a strategic move to enhance the competitiveness of cities and industries, as the influx of venture capital is expected to invigorate local economies [11][12].

出 生 于 1 9 9 3 年 ， 张 林 峰 来 自 山 西 汾 阳 ， 在 北 大 元 培 学 院 修 了 物 理 、 数 学 、 计 算 机 。 孙 伟杰与张林峰同龄，是黑龙江佳木斯人，主修政经哲。入学的第一周，两人便因体育结 缘。毕业后，张林峰进入普林斯顿大学深造，师从中国科学院院士鄂维南和美国科学院 院士Ro b e rt o Ca r。孙伟杰则留在北大念教育经济与管理学研究生，后来从事风险投资 工作。 新晋独角兽。 作者/周佳丽 报道/投资界PEdaily 投资界获悉，全球AI f o r S c i e n c e 基础设施公司——深势科技已完成总额超8亿元人民 币的C轮融资，由达晨、京国瑞基金、北京市人工智能产业投资基金、北京市医药健康 产业投资基金、联想创投、元禾璞华等机构共同出资。 至此，深势科技已累计融资数十亿元，正式跻身独角兽俱乐部。 成立于2 0 1 8年，深势科技始于两位北大校友——张林峰、孙伟杰。两人同为9 0后，一 文一理，联手构建了一系列"读文献、做计算、做实验"的智能科学工具和各领域的科学 智能体，也由此集结了一份长长的投资人名单。 两位90后带队 一个新晋AI独角兽诞生 ...

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 ...