以下文章来源于惊蛰研究所 ，作者惊蛰研究所消费组 惊蛰研究所 . 探索发现新经济。 当价格战难以为继，当线上流量成本持续攀升，餐饮老板们似乎不约而同地意识到：食物本身已经不 够吸引年轻人了，必须加上表演、场景、互动，甚至是游走于道德与法律边缘的"擦边"元素，才能 在社交媒体时代杀出一条生路，并由此掀起一场"擦边经济"的狂欢。 当"秀色可餐"具象化 "迷幻的灯光、大方秀身材的MC、嗨到爆的DJ表演，这些场景几乎颠覆了我对海底捞以往'服务至 上'的认知，这次真的要去海底捞一趟了。"在抖音刷到海底捞"夜店模式"的视频之后，95后女生陌 陌按捺不住了。 秉持着"百闻不如一见"的理念，陌陌决定一探究竟，"我是7月份去的，当时还需要提前在小程序上 预约，打听到晚上8点和10点都有活动，12点可以点歌。订餐之后会赠送荧光贴纸和手环。现场有 打碟、演唱和互动的环节，有的DJ很大方，可以抓手、摸腹肌、合影。"陌陌回忆道，"接近半小时 的演出看完，饭吃饱了，腰不酸了，脸也笑僵了，不过不是因为吃饭，是被现场又嗨又燃的氛围带动 的。" 将投中网设为"星标⭐"，第一时间收获最新推送 一场"擦边经济"的狂欢。 作者丨 初夏 来源丨 惊蛰 ...

以下文章来源于东四十条资本 ，作者黎曼 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 黄金掮客的胜利。 作者丨 黎曼 来源丨 东四十条资本 前几天，不少网友在网上放出了自己在上海南京西路街头偶遇LVMH集团董事长兼CEO贝尔纳·阿尔诺（Bernard Arnault） 的照片。 这位常年荣登世界首富的奢侈品富商能被中国网友抓拍到，是因为他此行去上海探店了，去了位于上海国金中心的老铺黄金门 店。据称，他仔细观摩了葫芦、吊坠、十字架及陈列的金器，并评价"很精致，很有趣"。也有消息说，这已不是该集团的高管 首次到中国的老铺黄金参观调研了。 足以可见，老铺黄金对中国高消费群体的吸引力，已经让世界首富侧目。据弗若斯特沙利文调研数据显示，老铺黄金的消费者 与LV、爱马仕、卡地亚、宝格丽等国际奢侈品牌的消费者重合率高达77.3%。 除了老铺黄金这位资本市场的宠儿之外，金价也在同步刷新纪录。随着今年9月的美联储降息预期飙升，金价突破3600、 3700美元/盎司，再度创历史新高。有关于黄金的话题一直居高不下。 也 ...

将投中网设为"星标⭐"，第一时间收获最新推送 7轮融了14.21亿元。 作者丨 黎曼 来源丨 投中网 2025 年 9 月 19 日，劲方医药科技（上海）股份有限公司正式在港上市。其开盘价为44港元，较发行价20.39港元上涨 115.79%，目前市值约为157亿港元。 劲方医药聚焦肿瘤、自体免疫和炎症性疾病领域的创新治疗方案。这家公司值得期待的地方主要有两点：其一，它是冲着港股 18A 去的创新药企，自 2025 年以来，港股 18A 公司表现亮眼，新股上市首日涨幅前 5 名的公司均为 18A 公司。也因 此，市场近期对每一家 18A 公司的上市都抱有较高期待。其二，公司已于近年来通过授权获得收入，而其研发的中国首款获 批的 KRAS G12C 抑制剂"达伯特"（ GFH925 ）也迎来了商业化。 在其职业生涯早期，吕强便在生物制药行业的多家明星企业崭露头角，曾在诺华担任离子通道及细胞毒理学主管，积累了在大 型跨国药企的研发经验。此后，他又辗转至惠氏制药，进一步丰富了自己在药物研发领域的阅历。 2013 年起，吕强回国发 展，先后在药明康德、扬子江药业、誉衡药业等企业担任首席科学官或副总裁等要职，并于 20 ...

以下文章来源于深眸财经 ，作者关注清洁电器的 深眸财经 . 洞察商业逻辑，深研行业趋势，有态度有深度，做国内领先智库型财经媒体，入驻平台70+。联系方 式：chutou0311 作者丨 陈原 来源丨 深眸财经 洗地机公司开始造车，扫地机器人企业跑去造无人机，甚至还有品牌跨界做起了智能炒菜机……如今 的清洁电器巨头，似乎都在变得"不务正业"。 它们不再满足于只在家里"扫地"，而是纷纷飞向天空、驶向公路，甚至进军厨房。 这场集体"出走"的背后，并非一时兴起，而是行业在面临增长瓶颈下已无处可"卷"的必然选择。 市场进入存量博弈 洗地机市场已经"卷"到了尽头。 奥维云网数据显示，2019-2024年期间，洗地机市场全渠道销售金额从1亿元增长至141亿元，年 复合增长率约192%。 然而，高增长态势未能持续，市场转向"以价换量"。2024年，产品销售均价已从2019年的2800元 降至2126元。 将投中网设为"星标⭐"，第一时间收获最新推送 市场进入存量博弈。 与此同时，市场洗牌加速，行业集中度不断提升。GfK中怡康数据显示，2024年洗地机线上市场品 牌数量从130家缩减至112家，与此同时，TOP5品牌集中度跃升 ...

Core Viewpoint - ZTE Corporation ranks second in the "Top 100 Innovative Large Enterprises in China" with a score of 86.74, following Huawei, which scored 94.7 [3] Group 1: Innovation and AI Strategy - ZTE's innovation is significantly driven by its strategic focus on AI, aiming to transition from "connectivity" to "connectivity + computing power" [3][4] - The company has set a new vision to become a leader in network connectivity and intelligent computing power, promoting the strategy of "All in AI, AI for All" [3][4] Group 2: Financial Performance - In the first half of the year, AI-driven revenue from ZTE's second curve business increased by nearly 100% year-on-year, with government and enterprise sectors contributing over 50% to total revenue [4] - The revenue from intelligent computing servers has significantly boosted overall company growth, becoming a core engine for revenue increase [5] Group 3: Industry Recognition and Future Outlook - ZTE received high recognition in the industry, winning the SAIL Award at the 2025 World Artificial Intelligence Conference for its innovative solutions [4] - The company is continuously enhancing its AI technology innovation and industry layout, aiming to accelerate the widespread application of AI and contribute to high-quality economic development [5]

Core Viewpoint - The article highlights the high-quality development of China's regional economy, emphasizing the strategic importance of the Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, and the Western region in driving economic growth and innovation [2]. Group 1: Investment Trends in Key Regions - From January to August 2025, the Yangtze River Delta reported a total transaction amount of 158.2 billion, with over 3,200 investment cases, reflecting a 4% year-on-year increase in activity [2]. - The Guangdong-Hong Kong-Macao Greater Bay Area saw a significant 40% year-on-year increase in transaction scale, reaching 58.1 billion with 1,070 disclosed investment cases [2]. - The Western region experienced a remarkable 217% year-on-year increase in transaction scale, totaling 65.4 billion with 767 disclosed investment cases, indicating a strong response to industrial transfer and upgrading [2]. Group 2: Sectoral Developments - The Yangtze River Delta has become a national hub for technological innovation, with over 270 companies listed on the Sci-Tech Innovation Board, accounting for nearly 47% of the national total [3]. - The region has established a collaborative industrial ecosystem, with Shanghai focusing on R&D, Jiangsu on manufacturing, Zhejiang on digital applications, and Anhui on industrial transformation [4]. - The Guangdong-Hong Kong-Macao Greater Bay Area is enhancing financial openness and cross-border cooperation, with mechanisms like the Shenzhen-Hong Kong Stock Connect and Bond Connect facilitating capital flow [5]. - The Western region is transitioning from an industrial transfer hub to an innovation source, with cities like Chengdu, Xi'an, and Chongqing fostering high-tech enterprises in key sectors such as photovoltaics and artificial intelligence [6]. Group 3: Regional Collaboration and Competition - The article discusses the coexistence of regional collaboration and differentiated development, where regions leverage their unique advantages for competitive cooperation [7]. - Investment institutions are encouraged to identify strategic opportunities across different regions and contribute to industrial upgrading and value creation [7].

Core Viewpoint - Nvidia's ambition to dominate the cloud computing space remains strong despite the withdrawal of its DGX Cloud service, as it shifts focus to a new platform called Lepton, which aims to connect AI developers with GPU cloud service providers [5][10][12]. Summary by Sections DGX Cloud and Its Transition - Nvidia's DGX Cloud was launched in 2023, offering high-end GPU instances for a monthly fee of $36,999, initially gaining traction in the market [5][7]. - By the end of 2024, Nvidia reported $2 billion in annualized revenue from software and services, including DGX Cloud [7]. - However, by mid-2024, the competitive landscape changed as major cloud providers like Amazon and Microsoft reduced prices for their GPU offerings, diminishing DGX Cloud's competitive edge [7][9]. - Nvidia decided to repurpose DGX Cloud for internal use rather than as a primary product for enterprise markets, indicating a strategic retreat [9][10]. Introduction of Lepton - In May 2025, Nvidia introduced Lepton, a platform designed to manage and distribute GPU resources without directly renting out its own GPUs [10][12]. - Lepton acts as a marketplace for computational power, directing user demands to appropriate cloud service providers, including AWS and Azure [19][20]. - This shift allows Nvidia to avoid direct competition with its major customers while still maintaining control over the ecosystem [22][23]. Strategic Partnerships and Investments - Nvidia has been investing in cloud service providers like CoreWeave and Lambda, creating a symbiotic relationship where it sells GPUs and then rents back computational power [15][16]. - This strategy allows Nvidia to secure immediate revenue from chip sales while ensuring access to necessary computational resources for its own development needs [16][17]. - Nvidia's venture capital arm, Nventures, invests in various AI startups, further embedding itself in the AI ecosystem and ensuring future demand for its chips [17]. Future Outlook and Market Position - Lepton is positioned to become a central hub for AI computational needs, similar to how Apple's App Store operates in the mobile internet space [25][26]. - By not owning a cloud service but controlling the computational resource marketplace, Nvidia aims to maintain its relevance and profitability in the evolving AI landscape [26]. - The company's transition from hardware to a focus on computational power and platform services reflects its broader ambitions in the AI era [26].

Core Viewpoint - The article discusses a growing sentiment among entrepreneurs to avoid industry capital in favor of financial investors, highlighting concerns over control and valuation pressure from industry investors [2][3][7]. Group 1: Entrepreneurial Sentiment - Many entrepreneurs express a preference for financial investors over industry capital, indicating a shift in the startup ecosystem [2][3]. - Founders in sectors like healthcare and hard technology explicitly state their reluctance to engage with corporate venture capital (CVC) [2][3][4]. - Concerns about losing control over business decisions are a significant factor in this sentiment, as industry investors often seek more influence [5][6]. Group 2: Valuation Concerns - Entrepreneurs report experiences of being pressured to accept lower valuations when partnering with industry capital, which can lead to unfavorable terms [7][9]. - Instances are cited where industry investors offered orders but simultaneously reduced the company's valuation significantly [7][9]. - The perception that industry capital often fails to deliver promised resources further fuels this reluctance [7][9]. Group 3: Mixed Experiences with Industry Capital - While there are negative sentiments, some companies have successfully leveraged industry capital for growth, as seen in the case of Jilin Power and BYD [9][10]. - The effectiveness of industry capital often depends on the internal structure and priorities of the investing organization, with successful examples linked to strong support from top management [10][11]. - Some industry investors are still seen as essential for credibility and future funding opportunities, particularly in hard technology sectors [13][14]. Group 4: Market Dynamics - The current investment landscape shows a preference for industry capital due to its perceived advantages in accessing resources and market insights [13][14]. - The complexity of the market leads to a dilemma for entrepreneurs, who may feel compelled to accept industry capital despite reservations [14]. - Ultimately, the article emphasizes the importance of entrepreneurs maintaining a clear understanding of their needs and making informed decisions about potential partnerships [14].

Group 1 - The article emphasizes the importance of artificial intelligence (AI) as a driving force for technological revolution and industrial transformation, highlighting the need for self-reliance and application-oriented development in AI as stated by President Xi Jinping [2] - The "Artificial Intelligence+" initiative aims to promote the deep integration of AI with various sectors of the economy and society, as outlined in the State Council's opinions [2] - The "Innovation Silicon Alley · Gathering Talent in Dongcheng" National AI Science and Technology Innovation Competition is organized to implement the national innovation-driven development strategy and respond to the "Artificial Intelligence+" initiative [2] Group 2 - The competition is guided by the Dongcheng District People's Government and co-hosted by several organizations, including the China Investment Association and the Beijing Equity Exchange [4] - Various banks and institutions are involved as co-organizers and supporters, indicating a strong backing from both financial and governmental sectors [5][6] Group 3 - The competition consists of five stages: registration, preliminary selection, semi-finals, final preparation, and the final competition and award ceremony [10] - The preliminary selection will take place in October 2025, with awards for categories such as Best Technological Innovation, Best Scenario Application, and Best Industrial Collaboration [11] - Winning projects may receive up to 30 million yuan in equity investment and 20 million yuan in science and technology loans, along with comprehensive support from various stakeholders [11][12] Group 4 - The competition's organizing committee is responsible for overall planning and supervision, ensuring professionalism and fairness throughout the event [17] - A dedicated evaluation committee will assess projects based on multiple criteria, including technological innovation, application prospects, team strength, and business models [18] Group 5 - Participants must be registered entities in China, with projects related to AI and possessing independent intellectual property rights [20] - The competition requires participants to maintain open communication and adhere to all regulations, with strict penalties for any fraudulent activities [21][22]

将投中网设为"星标⭐"，第一时间收获最新推送 中国创新药正站在历史性节点。 作者丨 投中嘉川 来源丨 投中网 中国创新药出海势头正猛，交易金额突破600亿美元，却迎面遇上特朗普政府拟对中美药企交易实施CFIUS审查的风声。高光与挑战并存，中国创新药 正站在历史性节点。 辉煌与隐忧：历史性突破下的冷思考 2024年以来，中国创新药出海持续火热。全年共达成94笔海外授权（License-out）交易，总金额519亿美元。 进入2025年，这一势头依旧强劲—— 上半年仅72笔交易，金额已突破600亿美元，超出上年全年81亿美元，交出亮眼"成绩单"。 除了应对审查所带来的直接压力，中国药企在对外合作的价值实现方面，也面临更深层的结构性挑战。 尽管国内药企BD交易总金额屡创新高，但其首付款水平仍普遍低于美国同业。医药魔方数据显示，今年上半年，中国药企相关交易的首付款为29亿美 元，在608亿美元的总交易额中仅占4.8%。而同期海外药企的首付款比例则达到12.8%。 在BD市场的带动下，二级市场生物医药板块回温显著，百济神州市值一度突破5000亿元，恒瑞医药、信达生物等头部药企创下新高。 医疗健康领域的IPO也有所回升。 ...