以下文章来源于南风窗 ，作者何国胜 谢瑞瑞 南风窗 . 冷静地思考，热情地生活。 作者 | 何国胜 实习生 | 谢瑞瑞 编辑 | 向治霖 来源 | 南风窗 （ID：SouthReviews） 一年前，付新雨考入东北某"985"高校法学专业，大一暑假，他就去了北京一家基层法 院实习。 实习没有薪酬，除了免费午饭，其他都要付新雨自己花钱。"还没细算，反正暑假倒贴1 万元出头，等于一学期生活费。"付新雨说，光租房的花销，一个月就近3000元。 同 是 在 北 京 " 贴 钱 " 实 习 ， 社 科 类 硕 士 生 黄 秀 英 也 是 从 外 地 去 北 京 实 习 ， 每 周 去 一 次 公 司，来回要6小时，往返交通费近200元，一个月下来接近800元。 如此持续4个月后，她咬咬牙在北京北五环租了一间房。房租水电加平日里吃穿用度，每 月约4000元。 在"提前实习""多段实习"被视为求职加分项的今天，这样的经历已经普遍。就业竞争激 烈、同辈压力加剧，让越来越多大学生把实习当作"提前投资"。 2024年猎聘的调研数据显示，"相关实习经历或社会实践"成为企业在招聘毕业生时的 首要因素。成本和压力，压在了在校学生身上。 ...

Core Viewpoint - The article highlights the significant yet understated role of Xu Zhijun, a key executive at Huawei, emphasizing his contributions and leadership style within the company [4][5][27]. Group 1: Xu Zhijun's Background and Career - Xu Zhijun, born in 1967, began his education at a local teacher's college and later pursued advanced degrees at East China University of Science and Technology, showcasing his determination and academic excellence [7][8]. - He joined Huawei in 1993, a time when the company was struggling, and made a pivotal choice to work for a relatively unknown private enterprise rather than traditional sectors [9][10]. - Xu quickly rose through the ranks, becoming a project manager for the critical "C&C08" digital switch, which was crucial for Huawei's survival and growth in the telecommunications market [13][14]. Group 2: Leadership and Management Style - Xu Zhijun is known for his low-profile yet impactful leadership, having been a part of Huawei's board since its establishment in 2010 and serving as a vice chairman [5][21]. - His management style is characterized by directness and a focus on collective responsibility, often challenging the status quo and encouraging open communication within the company [22][24]. - He has been a strong advocate for meritocracy and organizational renewal, emphasizing the importance of adapting to change and maintaining a competitive edge [25][26]. Group 3: Contributions to Huawei's Growth - Under Xu's leadership, Huawei successfully expanded into international markets, particularly in Russia, where he played a crucial role in establishing partnerships and overcoming initial skepticism [16][18]. - His strategic vision led to significant advancements in Huawei's wireless business, contributing to the company's rise as a global leader in telecommunications equipment [19][20]. - Xu was instrumental in the establishment of the "2012 Lab," which has been pivotal in driving Huawei's innovation in areas such as AI and cloud computing, ensuring the company's technological competitiveness [26][27].

Core Viewpoint - The article highlights the fraudulent practices of the AI startup 11x, which misrepresented its customer base and financial metrics, raising concerns about the integrity of the AI industry and the potential for a bubble in AI investments [2][3][19]. Company Overview - 11x, founded by 24-year-old Hasan Sukkar in 2022, quickly gained attention and secured over 500 million yuan in funding from prominent venture capital firms like a16z and Benchmark [3][4]. - The company developed an AI employee named Alice, which was marketed as a revolutionary tool for sales automation, claiming to outperform human sales representatives in efficiency and cost [8][9]. Funding and Growth - By September 2024, 11x had raised a total of $76 million (approximately 540 million yuan) in funding, with a valuation of around $350 million following its Series B round led by a16z [9][11]. - The company introduced another AI character, Julian, to complement Alice, further expanding its product offerings in the sales automation space [8][9]. Fraud Allegations - Reports surfaced in early 2023 alleging that 11x falsely advertised its customer relationships and inflated its Annual Recurring Revenue (ARR) by including trial customers as long-term clients [11][12]. - Specific examples included claims of partnerships with companies that had only conducted short-term trials and subsequently terminated their contracts due to dissatisfaction with the product [11][12]. Leadership Changes - Following the scandal, Hasan Sukkar resigned as CEO, and the company's CTO, Prabhav Jain, was appointed as the new CEO [15]. Industry Context - The article draws parallels between 11x's situation and broader trends in the AI startup landscape, suggesting that many companies may be inflating their metrics to attract investment, reminiscent of past tech bubbles [16][18]. - The phenomenon of FOMO (Fear of Missing Out) among investors is highlighted as a driving force behind the rapid influx of capital into AI startups, raising concerns about sustainability and the potential for a market correction [18][19].

Core Insights - The article highlights the recent developments in Limited Partner (LP) activities, showcasing various funds and investments across different regions and sectors in China [2][5][6][8][12]. Group 1: Major LP Activities - Tencent has made a new investment in Chengdu Longzhu Equity Investment Fund, indicating its continued engagement in the venture capital space [2]. - KKR has successfully registered a private equity fund in Shanghai, marking its entry into the RMB fund market [3]. - A new Tencent-affiliated fund, Shenzhen Zhishu Investment Partnership, has been established with a registered scale of approximately 16.08 billion RMB [4]. Group 2: Fund Establishments and Investments - The QFLP project by Qiming Venture Partners has been launched with a total commitment of 200 million USD, focusing on early-stage investments in technology and healthcare [5]. - Jiangsu Xuzhou has registered a new mother fund with a total scale of 3 billion RMB, targeting emerging industries such as new energy and integrated circuits [7]. - A 3 billion RMB fund has been established in Hunan, focusing on digital economy and artificial intelligence [8]. Group 3: Sector-Specific Funds - The Changjiang Gengzhi Innovation Development Fund has been registered with a focus on new materials and high-end equipment [9]. - A new fund in Chongqing has been set up to invest in the new energy intelligent connected commercial vehicle sector [10]. - The Fujian Province has launched a cultural industry fund with a total scale of 1 billion RMB, focusing on the cultural industry ecosystem [12]. Group 4: Regional Fund Developments - Tianjin has registered its first QFLP fund with a capital of 54.5 million RMB, focusing on domestic substitution and digital economy sectors [14]. - The Ezhou city has established a semiconductor industry fund with a total commitment of 300 million RMB [15]. - Hebei Province has set up a 150 million RMB electronic information venture capital fund, focusing on early-stage technology companies [19]. Group 5: Government Initiatives and Policies - The Anhui Provincial Government is establishing a general artificial intelligence industry fund with a target scale of 20 billion RMB [28]. - The Shaanxi Province has introduced a technology innovation mother fund with a maximum loss tolerance of 100% for certain investment categories [26][27]. - The Guangxi Province is launching a technology achievement transformation mother fund with a total scale of 2 billion RMB, focusing on high-end technology projects [25].

Core Viewpoint - The article highlights the remarkable rise of Cambrian, a Chinese AI chip company, which has achieved a market capitalization exceeding 500 billion yuan, becoming the second stock in A-share history to reach this milestone. The success is attributed to the innovative efforts of its founders and the support from venture capital, marking a significant turnaround after a period of losses and skepticism in the semiconductor investment landscape [3][11]. Company Background - Cambrian was founded by two brothers, Chen Yunji and Chen Tian Shi, who began their journey in AI chip development at the Chinese Academy of Sciences. Their initial concept for AI chip research was met with skepticism, as the field was largely unrecognized at the time [5][7]. - The company launched its first deep learning processor prototype in 2015 and gained significant recognition in 2017 when its chip was used in Huawei's AI smartphone [8][9]. Financial Performance - Cambrian faced substantial losses from 2020 to 2023, with net losses of 659 million yuan, 1.111 billion yuan, 1.579 billion yuan, and 1.043 billion yuan respectively. The company attributed these losses to supply chain issues and the need for continued R&D investment [9]. - A significant turnaround occurred in 2024, with the introduction of the Si Yuan 590 chip, leading to a stock price increase of 387% within the year and a market capitalization increase of over 200 billion yuan [11][12]. Market Dynamics - The article discusses the changing landscape of the AI chip market, particularly the increasing value of domestic chip alternatives as geopolitical factors influence supply chains. The domestic AI chip market is projected to reach approximately 323 billion yuan by 2026, with domestic chips expected to capture nearly half of the market share [13]. - Cambrian's recent financial success is attributed not only to the cooling sales of Nvidia's H2O chip but also to the broader trend towards supply chain autonomy in China [12][13]. Investment Insights - Early investors in Cambrian, such as Guotou Chuangye and Lenovo Ventures, have seen significant returns on their investments, reflecting the long-term potential of hard technology investments. The article emphasizes the importance of patience in the hard tech investment cycle, which often requires years before yielding substantial returns [15][17]. - The narrative illustrates the challenges and rewards of investing in hard technology, highlighting Cambrian's journey as a case study for future investors in the sector [17].

Core Viewpoint - The rapid expansion of China's low-altitude economy market has triggered a competition for "high-end" talent, with educational institutions responding by adding relevant programs to meet industry demands [6][8]. Summary by Sections Talent Competition - The Ministry of Education announced the addition of 239 undergraduate programs for 2025, with 120 focused on "Low Altitude Technology and Engineering," indicating a strong emphasis on low-altitude economy-related fields [6][7]. - Six universities, including Beijing University of Aeronautics and Astronautics, have been designated to lead the development of low-altitude economy disciplines, reflecting their existing strengths in aerospace and communication technologies [7][8]. Market and Policy Drivers - The low-altitude economy is becoming a favored area for academic program adjustments, driven by national policies and market demand, particularly in logistics, tourism, and emergency rescue sectors [8][9]. - By the end of 2024, the number of low-altitude economy enterprises in China is projected to reach 14,707, a year-on-year increase of 19.8%, significantly higher than the previous three-year average growth rate of 9.1% [8][9]. Regional Landscape - The competition in the low-altitude economy is not only about industry chains but also about talent, with various provinces actively establishing related programs [11][16]. - Sichuan leads with 14 low-altitude economy-related programs, followed by Jiangsu (11), Beijing (10), and Guangdong (10) [11][17]. - Major cities like Beijing and Chengdu are at the forefront, each with 10 programs, while cities like Nanjing and Guangzhou are also expanding their offerings [13][17]. Industry-Academia Collaboration - Despite a foundational talent pool, there is a significant talent shortage in the low-altitude economy, necessitating a shift towards more specialized and interdisciplinary training [19][20]. - Leading companies in the low-altitude economy are increasingly partnering with universities to enhance talent development through collaborative programs [19][20]. - The collaboration aims to align academic training with market needs, ensuring that educational institutions remain relevant and effective in producing qualified professionals [20].

Core Viewpoint - The article highlights the booming trend of trendy toys, particularly focusing on the strategic financing of TOP TOY, a brand under Miniso, which has received significant investment from Temasek, leading to a post-investment valuation of approximately 10 billion HKD [2][5]. Group 1: TOP TOY's Growth and Market Position - TOP TOY reported a revenue of 400 million RMB in Q2 this year, marking an 87% year-on-year increase, and its total revenue for the first half of 2025 reached 740 million RMB, a 73% increase [8]. - The brand has expanded its store count to 293, with 98 new stores opened year-on-year, and plans to continue its aggressive expansion strategy [6][8]. - TOP TOY is exploring the possibility of a separate IPO, with aspirations to achieve this within three years, indicating a strong growth trajectory [9]. Group 2: Market Dynamics and Comparisons - The trendy toy market is experiencing significant growth, with competitors like Pop Mart achieving record performance, reporting a 204.4% year-on-year revenue increase to 13.88 billion RMB in the first half of 2025 [15]. - TOP TOY differentiates itself from Pop Mart by focusing on the secondary creation of major IPs, while Pop Mart primarily develops its own IPs [16]. - The article notes a growing consensus in the investment community that capturing the Z generation market is crucial for future success, as evidenced by various new entrants and IPOs in the trendy toy sector [18].

Core Viewpoint - Wolong Electric Drive has submitted its prospectus to the Hong Kong Stock Exchange for a dual listing, aiming to leverage its recent stock price surge and significant market capitalization of nearly 50 billion RMB [4][8]. Company Background - Founded by Chen Jiancheng in 1984, Wolong Electric Drive started from a small factory and has grown into a leading domestic electric motor manufacturer, with a current market value of approximately 50 billion RMB [4][6]. - Chen Jiancheng's daughter, Chen Yanni, joined the company in 2007 after studying abroad and has gradually taken over leadership roles, currently serving as the chairwoman of Wolong Holding Group [7][8]. Business Operations - Wolong Electric Drive specializes in electric drive system products and solutions, focusing on five core segments: explosion-proof electric drive systems, industrial electric drive systems, HVAC electric drive systems, new energy transportation electric drive systems, and robotic components [10][13]. - The company ranks first in the global market for explosion-proof electric drive systems with a market share of approximately 4.5% and ranks fourth in industrial electric drive systems with a 2.8% market share [13]. Financial Performance - The company's revenue for 2022 was 14.27 billion RMB, with profits of 839 million RMB. Projections for 2023 and 2024 indicate revenues of 15.57 billion RMB and 16.25 billion RMB, respectively [13][14]. - The first half of 2025 showed a revenue of 8.03 billion RMB, reflecting a year-on-year growth of 0.66%, while profits increased by 33.96% to 54.8 million RMB [13][14]. Strategic Developments - Wolong Electric Drive is focusing on expanding its business in emerging fields, particularly in robotics and electric aviation, as indicated in its IPO fundraising plans [16]. - The company has made strategic investments in robotics, including becoming a strategic shareholder in ZhiYuan Robotics and holding shares in YuShu Technology, positioning itself as a key supplier of critical components [15][16].

Core Viewpoint - The article discusses the increasing prominence of Chinese games at international gaming events, particularly at the Cologne Game Show, highlighting the respect and attention they are receiving globally [4][10][39]. Group 1: Event Highlights - The Cologne Game Show featured a notable presence of Chinese games, with titles like "Black Myth: Zhong Kui" being showcased as significant new releases [4][10]. - The event included various Chinese games such as "Arknights: Endfield," "Honor of Kings: World," and "Shadow Blade Zero," indicating a strong representation of Chinese gaming products [4][10]. - The awards nominations for Chinese games, including "Shadow Blade Zero" for Best Sound and multiple nominations for "Arknights: Endfield," reflect the growing recognition of Chinese titles in the international arena [8][10]. Group 2: Historical Context and Evolution - The article contrasts the current state of gaming events with past highlights from E3, emphasizing how major gaming announcements used to create significant buzz and excitement [14][18]. - It notes the shift from physical to digital marketing strategies in the gaming industry due to the pandemic, leading to a decline in traditional events like E3 [21][22]. - Despite the rise of online marketing, there is a renewed interest in physical events, as evidenced by the high attendance at recent gaming conventions in both domestic and international contexts [21][22]. Group 3: Opportunities for Chinese Games - The success of titles like "Black Myth: Wukong" has opened new opportunities for Chinese developers in the single-player market, encouraging participation in global events [24][26]. - The article highlights the necessity for Chinese free-to-play (F2P) games to expand into global markets, especially as the mobile gaming market faces saturation [28]. - It emphasizes that the quality and design of Chinese games are breaking down barriers to international recognition, allowing them to compete on a global stage [28][39]. Group 4: Future Outlook - The article expresses optimism about the future of Chinese games, suggesting that they are on the verge of becoming significant players in the global gaming industry [39]. - It points out that the changing preferences of global gamers may provide further opportunities for Chinese developers to innovate and capture market share [39].

Core Viewpoint - The article discusses the declining trend in the number of Chinese students studying abroad, highlighting the increasing costs and diminishing returns on investment in foreign education, particularly in the United States [4][5][6][13]. Group 1: Decline in Study Abroad Numbers - The number of students choosing to study abroad has been decreasing over the past five years, with significant reductions reported from top universities such as Peking University (21% decrease) and Tsinghua University (28% decrease) [5]. - The financial burden of studying abroad has become unbearable, with tuition fees at popular institutions like Columbia University reaching $70,000 per year, leading to a total cost of around 3 million RMB for a four-year program [5][6]. Group 2: Changing Landscape of Employment - The likelihood of Chinese students remaining in the U.S. post-graduation has drastically decreased, with H1B visa approval rates dropping from 50% a decade ago to between 14% and 25% currently [6][11]. - The job market in China has become increasingly competitive, with domestic graduates facing fierce competition from millions of peers, making it difficult for returnees to recoup their educational investments [6][13]. Group 3: Historical Context and Shifts - The article contrasts the past "study abroad boom" driven by the high demand for educated individuals during China's rapid urbanization and globalization phases with the current reality where such opportunities are diminishing [7][8]. - The global landscape has shifted, with countries tightening immigration policies and reducing opportunities for foreign students, reflecting broader geopolitical changes [11][12][14]. Group 4: Future Considerations - Despite the challenges, there remains a need for talented individuals in various fields, and those who can adapt and excel in their chosen areas may still find success [15]. - The article emphasizes the importance of aligning educational pursuits with personal strengths and career aspirations, suggesting that the pursuit of excellence remains crucial in a competitive global environment [15].