全面对标SpaceX。 商业航天处在剧变前夕。 据《杭州日报》报道，2 0 2 6年1月7日，浙江省委常委、杭州市委书记刘非在杭州钱塘 调研航空航天产业集群时，考察了箭元科技的中大型液体运载火箭生产试验及总装总测 基地项目，强调"要抢抓商业航天发展的战略机遇期"。 历史性的一幕正在到来。 这要从一个史诗级I PO说起——据《福布斯》报道，S p a c eX在2 0 2 5年1 2月发起内部股 票邀约收购，估值推高至8 0 0 0亿美元（约合人民币5 . 5万亿元），较4个月前的4 0 0 0亿 美元增长1 0 0 %。此外，S p a c eX还计划在2 0 2 6年开启I PO，预期估值1 . 5万亿美元。 细究S p a c eX估值飙升背后原因，毫无疑问是可回收火箭技术的绝对统治力。这一幕令 人沉思：科创板第五套标准已然适用"中大型" "可复用" "成功入轨"的火箭公司，如今中 国商业航天集体走到I PO大门前，面对2 0万颗待发卫星的巨量需求，谁能真正通过"可 回收"大考，成为中国的S p a c eX？ 所有人翘首以盼。 全面对标Spac eX 一家航天黑马浮出水面 显然，S p a c eX正在 ...

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]

Core Viewpoint - The article discusses the rising trend of knowledge payment in the financial industry, highlighting how financial professionals are leveraging their expertise to create new revenue streams through subscription services and online courses, despite the traditional media business being considered poor-performing [3][4][16]. Group 1: Knowledge Payment Trends - Hong Hao's knowledge platform recently increased its annual fee to 1,499 yuan, generating a GMV of 12.586 million yuan within two months from 14,000 subscribers [3]. - Li Bei, a friend of Hong Hao, sold a course priced at 12,888 yuan in just two days, earning 257,000 yuan [3]. - The article notes that the media sector is generally underperforming, yet knowledge payment models are attracting significant interest from financial professionals [3][4]. Group 2: Leveraging Different Types of Leverage - Silicon Valley investor Naval emphasizes three types of leverage for wealth creation: labor leverage, capital leverage, and the most crucial, the ability to replicate products with zero marginal cost, such as code and media [5]. - Hong Hao and Li Bei effectively utilize all three types of leverage, with Li Bei's company, Banxia, surpassing 10 billion yuan in scale by 2022 [6]. - The article highlights that Hong Hao's recent fund performance has been inconsistent, but he claims a cumulative investment return of 718.77% over 20 years [6][9]. Group 3: Market Positioning and Audience Engagement - Hong Hao and Li Bei's focus on macroeconomic topics allows them to reach a broader audience, as many people are interested in general market trends rather than niche financial models [9][10]. - Their engaging presentation styles, which mix serious analysis with relatable content, help attract and retain followers [9][10]. - The article suggests that their ability to blend macroeconomic analysis with personal narratives enhances their appeal and marketability [9][10]. Group 4: Challenges and Strategies - Fund managers are often cautious about entering the knowledge payment space due to concerns about being perceived as neglecting their core investment responsibilities [11][12]. - Hong Hao and Li Bei's ventures into knowledge payment are not merely about transitioning to media but are strategic moves to enhance their market presence and client engagement [12][16]. - Li Bei's strategy includes offering free online courses to existing investors to retain them and prevent redemptions, especially as her firm faces increased competition [12][14][15]. Group 5: Future of Knowledge Payment in Finance - The article posits that the trend of knowledge payment in finance is driven by both the pressure of declining salaries in the industry and the dual needs of investors for reliable information and managers for long-term clients [16][17]. - As traditional channels become less effective, fund managers are increasingly turning to private domains and courses to connect with more targeted client bases [17]. - The ability to provide valuable insights and maintain trust is becoming essential in a noisy information environment, making knowledge payment a viable business model for financial professionals [16][17].

风向标。 作者/王露 冯雨晨 报道/投资界PEdaily 今年第一笔本土医药并购诞生。 1 月 1 3 日 ， 港 股 制 药 龙 头 中 国 生 物 制 药 ( 0 11 7 7 .HK) 发 布 公 告 ， 宣 布 将 以 人 民 币 1 2 亿 元 总价，全资收购国内siRNA创新药企赫吉亚生物。这是继投资圣因生物后，中国生物制 药在小核酸赛道又一次出手。 此番极具风向标意味。正如中国生物制药董事会主席谢其润现身表示："通过此次战略 收购，集团将全面强化在小核酸赛道的核心竞争力， 开拓全球万亿级慢病治疗市场新 版图， 持续为全球患者带来福祉。" 至此，谢其润再次站到聚光灯下。这位9 0后女生，正大集团谢氏家族第四代成员，如今 执掌着千亿市值药企。虽不常露面，但她每次出手隐隐带着一种不动声色的犀利，一位 医药投资女王跃然浮现。 12亿，她操刀首笔小核酸并购 在发布会上，谢其润聊起与赫吉亚的缘起，语气里带着几分笃定。 故事要回溯到2 0 2 4年底。最初，双方只是就Ky l o - 11这一款产品探讨合作可能。当赫吉 亚 系 统 性 介 绍 其 技 术 平 台 和 管 线 布 局 时 ， 中 国 生 物 制 ...

Core Viewpoint - KKR has successfully raised $2.5 billion (approximately 170 billion RMB) for its Asia private credit fund, focusing on high-quality credit assets in the Asia-Pacific region [2][5]. Group 1: Fundraising Details - The fundraising includes $1.8 billion for KKR Asia Credit Opportunities Fund II (ACOF II) and $700 million for an independent managed account focused on similar investment opportunities [5]. - This makes KKR's fund the largest regional private credit fund focused on the Asia-Pacific market [5]. - The fundraising received strong support from a diverse group of investors, including insurance companies, public and corporate pension funds, sovereign wealth funds, family offices, banks, large corporations, and asset management firms [5]. Group 2: Investment Strategy and Market Context - Since 2019, KKR has completed over 60 investment projects in the Asia-Pacific region, with approximately $8.3 billion funded by KKR, totaling $27.5 billion in transaction value across sectors like healthcare, education, real estate, logistics, and infrastructure [3][4]. - The second fund will focus on high-performing private credit products, emphasizing direct loans, capital solutions, and asset-backed loans [6]. - KKR's Asia private credit platform has signed 10 investments through the second fund, committing a total of $1.9 billion, with a total transaction value of $4.6 billion [5]. Group 3: Market Trends and Future Outlook - The demand for credit asset allocation in the Asia-Pacific region is increasing, as investors seek flexible financing solutions and customized capital to support growth [6]. - The article highlights a trend of recovery for dollar funds in China, with a noted decrease in foreign capital fundraising in recent years, but a growing expectation for a rebound in 2026 [8][9]. - The narrative of re-evaluating Chinese tech assets is unfolding, with anticipation for more developments in 2026 [9].