将投中网设为"星标⭐"，第一时间收获最新推送 始于8年前的筹谋。 作者丨 王满华 编辑丨 王庆武 来源丨 投中网 2026 刚开年，又一家 PE 机构收网了。 近日，上市公司新大正披露收购草案，拟通过发行股份及支付现金的方式收购嘉信立恒 75.15% 股权，交易金额约为 9.17 亿元。 嘉信立恒十分特别，其并非传统的创业公司，而是脱胎于一次资本与产业的整合。 2018 年起，"巨无霸"中信资本旗下信宸资本先后收购了七家设施管 理企业，并在此基础上于 2020 年打造了平台企业嘉信立恒，截至目前，嘉信立恒已经是中国排名前三的独立设施管理供应商。过去很长时间，这一番 资本运作也被看作是国内 PE 机构控股型并购的标杆性案例。 如今，执掌嘉信立恒控股权 5 年之久，信宸资本终于迎来了退出。 始于 8 年前的筹谋 在介绍本次交易之前，有必要先聊一下信宸资本。 作为中信资本旗下的私募股权投资业务部门，信宸资本是国内最早从事 PE 投资的机构之一。从投资策略来看，这家机构主要聚焦的是控股型并购。 2002 年成立至今，信宸资本缔造了不少经典案例，比如麦当劳中国、 LifeStyles( 杰士邦母公司）、亚信等。其中最为 ...

将投中网设为"星标⭐"，第一时间收获最新推送 "明星项目，闭眼入就对了。" 作者丨 陈美 编辑丨 王庆武 来源丨 投中网 岁末年底，当我与一级市场投资人见面时，他又向我聊到了行业一个比较热的话题：专项基金又杀回来了。据该位投资人透露，去年一家头部GP在专项 基金上就十分活跃。"不少项目背后都是专项基金在支棱，而非传统盲池基金的钱。" 实际上，自IPO回暖后，明星专项基金的市场水温就明显上升。而他最近也听到，有不少LP主动询问某头部明星项目，并明确表示只对这些"明星项 目"感兴趣。 "因为在这些LP们来看，相比盲池基金，明星项目更具有确定性，也是产业发展的方向，未来在退出路径上也更明确些。"该位投资人说道。 "明星项目，闭眼入就对了" IR人士也向我证实了专项基金的繁荣程度。一位IR人士感慨：在募资端，以前和高净值客户吃饭，吃了好几顿后都没动静；但现在不用约，主动就来联 系了。县域LP更是如此，只要募资时把话说得通俗一点，比如把"IRR、门槛、赎回"说成他们都能听得懂的"保本、利息、随取"。那么，他们单笔的出 资额从几百万到小几千万，都不罕见。 除了县域LP，地方政府、家族办公室和海外资本也是出资大头。特别是地 ...

将投中网设为"星标⭐"，第一时间收获最新推送 魔法原子完成了一场前所未有的高密度技术首秀。 作者丨 簪竹 来源丨 投中网 除夕夜，当《智造未来》的旋律在央视春晚主会场响起，科技与年味交融。 六台魔法原子人形机器人Magic Bot Z1人形机器人与两台Magic Bot Gen1首次以"表演者+协作者"的双重身份，与易烊千玺、言承旭等艺人同台共 舞，精准完成快速转向、跃动衔接与连续编排动作，全程节奏同步、零误差执行。 千里之外的宜宾分会场，上百台"国宝大熊猫"造型四足机器人Magic Dog列阵奔跑、同步舞蹈，萌翻全国观众；宜宾501酒文化地标街区，Magic Bot Gen1化身"捞面师"，完成起面、控水、倒面等连续操作，并为老人斟酒；Magic Bot Z1则以"送餐员"身份登场，将宜宾燃面稳稳送达。 图/宜宾分会场上，"国宝大熊猫"造型的四足机器人Magic Dog萌翻全国观众 这一刻，中国具身智能不再是实验室里的概念，而是真正走进了14亿人的年夜饭桌。 作为2026年央视春晚唯一"秀表演""能干活"的机器人公司，魔法原子完成了一场前所未有的高密度技术首秀。节目播出后， "#魔法原子机器人太全面 了"等 ...

Core Viewpoint - This year's Spring Festival Gala showcased the highest technological content ever, with a significant focus on robotics and AI integration in performances, reflecting the rapid advancement of technology and its impact on public perception [2][5]. Group 1: Robotics Showcase - Four companies, including Yushutech, Songyan Dynamics, Magic Atom, and Galaxy General, presented their robotic products through various performance formats, marking a significant moment for embodied intelligence companies to reach a vast audience [3][5]. - Yushutech's performance, featuring humanoid robots, received widespread acclaim, particularly for its complex movements and interactions with child actors, highlighting advancements in robotics [3][9]. - The event served as a platform for these companies to demonstrate their technological capabilities and engage with a national audience, potentially influencing their market positions and future funding opportunities [10][11]. Group 2: Advertising and Market Impact - The integration of numerous advertisements within the gala's programming led to public criticism, with many viewers feeling that the event resembled a series of commercials rather than a cohesive entertainment show [3][4]. - The gala's viewership statistics from previous years indicate a growing trend, with the 2025 gala reaching 16.8 billion interactions, a significant increase of 18.31% from 2024, suggesting a strong ROI for participating companies [8]. - The event is seen as a critical marketing opportunity for companies, allowing them to leverage the gala's massive audience to enhance brand recognition and consumer engagement [11][16]. Group 3: Future Prospects and IPO Trends - The participation in the gala is viewed as a prelude to potential IPOs for several companies, with Yushutech and others already initiating their IPO processes, indicating a competitive landscape for the first publicly listed company in the embodied intelligence sector [10][11]. - The gala's exposure is expected to create a favorable environment for these companies to attract investment and increase their market valuation, as the public's interest in robotics and AI continues to grow [9][10]. - The event is also seen as a significant moment for market education regarding embodied intelligence, potentially reshaping consumer perceptions and driving future sales [11][12].

Group 1 - The article emphasizes the importance of setting new year resolutions and encourages readers to share their wishes for the upcoming year [4] - It highlights the festive spirit of the Spring Festival, wishing everyone happiness and prosperity [4]

Core Insights - The investment landscape for VC firms has significantly improved in 2025, with many firms experiencing a "harvest season" after a challenging previous year [3][5][6] - Successful IPOs and high returns from investments in sectors like AI and commercial aerospace have revitalized investor confidence and led to substantial year-end bonuses [4][6][7] - The number of companies supported by VC/PE firms that successfully went public reached 164 in 2025, with over 900 investment institutions involved [6][7] Group 1: Investment Performance - Lee, a VC investment director, reported a turnaround in fortunes with a successful AI edge computing company leading to significant returns after two years of losses [3][5] - Notable companies like Moer Technology and Muxi Co. saw their valuations soar, with Moer Technology's market cap exceeding 280 billion yuan after a 425% surge on its IPO [7][10] - The overall sentiment among VC partners is optimistic, with many reporting nearly 100% success rates in their investments, particularly in the chip sector [6][7] Group 2: Market Dynamics - The resurgence in the VC market is attributed to a combination of successful IPOs and a favorable regulatory environment, particularly in the commercial aerospace sector [11][12] - Investment strategies are evolving, with a growing emphasis on aligning with national strategic goals and recognizing the value of projects that may not have been previously considered viable [13] - The influx of capital from high-net-worth individuals and institutional investors is evident, with many LPs actively seeking opportunities in trending sectors [7][12] Group 3: Future Outlook - The expectation for 2026 is positive, with predictions of continued strong performance driven by the interconnection of primary and secondary markets [7][10] - The current investment climate encourages a reassessment of what constitutes valuable projects, with a shift towards understanding the implications of national policies on market opportunities [13] - The narrative of a "visible hand" guiding market dynamics suggests that strategic investments aligned with government initiatives will be crucial for future success [12][13]

Core Findings - In January 2026, a total of 22 Chinese companies successfully completed IPOs across A-shares, Hong Kong, and US markets, raising a total of 42.839 billion yuan, with A-share IPO numbers halving compared to the previous month [7][8] - The number of IPOs decreased by 26.67% year-on-year and by 50% month-on-month, while the total amount raised increased by 2.17 times year-on-year but decreased by 21% month-on-month [8] - The Hong Kong Stock Exchange led in both the number of IPOs (12 companies) and the amount raised (33.717 billion yuan) [8] A-share Market Analysis - In January 2026, 9 Chinese companies went public in the A-share market, with a 25% year-on-year decrease and a 50% month-on-month decrease in IPO numbers [16] - The total amount raised in the A-share market was 9.053 billion yuan, reflecting a 27.47% year-on-year increase but a 71.18% month-on-month decrease [16] - The highest fundraising in the A-share market was achieved by Zhenstone Co., Ltd., which raised 2.919 billion yuan [16] Hong Kong Market Analysis - The Hong Kong market saw 12 IPOs in January 2026, with a 50% year-on-year increase but a 52% month-on-month decrease [18] - The total amount raised in Hong Kong was 33.717 billion yuan, marking a 5.62 times year-on-year increase and a 48.49% month-on-month increase [18] - The presence of AI-related companies in the IPOs indicates a significant investment interest from VC/PE institutions in the sector [18] US Market Analysis - Only 1 Chinese company completed an IPO in the US market in January 2026, representing a 90% year-on-year decrease [21] - The amount raised in the US was 0.07 billion yuan, a 94.71% year-on-year decrease [21] - Recent SEC policy changes are expected to further impact small companies' ability to go public in the US [21] VC/PE Exit Analysis - In January 2026, 13 companies with VC/PE backing went public, a 13.33% year-on-year decrease and a 62.86% month-on-month decrease [26] - The total exit return for VC/PE institutions was 109.455 billion yuan, a 15.3 times year-on-year increase [26] - The electronic information sector had the highest exit returns, with notable contributions from companies like Zhiyuan and Biran Technology [26] Industry and Regional Analysis - The electronic information sector led in both the number of IPOs and the amount raised, with 7 companies raising a total of 26.595 billion yuan [34] - Shanghai had the highest number of IPOs (5 companies) and the highest amount raised (18.384 billion yuan) [40] - The fundraising amount from Shanghai increased by 165.61 billion yuan year-on-year, the largest increase among regions [40] Key IPO Cases - The top fundraising companies included Biran Technology (5.017 billion yuan), MiniMax (4.318 billion yuan), and Haowei Group (4.297 billion yuan) [48] - The highest market capitalization on the first day was recorded by Haowei Group at 150.833 billion yuan [49]

Core Viewpoint - The article discusses the recent speculation about Eileen Gu joining Benchmark as a Senior Associate, which was later confirmed to be a joke by Bill Gurley, highlighting the unusual nature of this rumor and the implications for Benchmark's current state and future direction [4][10]. Group 1: Benchmark's Investment Philosophy - Benchmark is regarded as an idealistic venture capital firm, known for its ability to identify and support early-stage entrepreneurs who can define entire industries [3]. - The firm maintains a small fund size of around $500 million per fund and avoids considering market cycles, focusing instead on a "boutique" investment approach [3]. - Benchmark's organizational structure promotes equality among partners, which minimizes internal conflicts and fosters a strong sense of shared purpose and risk [3][6]. Group 2: Eileen Gu's Potential Role - Eileen Gu's potential role at Benchmark as a Senior Associate raised eyebrows due to her lack of extensive experience in venture capital, contrasting with the typical profiles of Benchmark partners who usually have significant industry experience [9][10]. - The article suggests that Gu's background, including her mother's experience in Wall Street and venture capital, may have influenced her interest in this career path [5][10]. Group 3: Criticism of Benchmark's Strategy - Benchmark faces criticism for its adherence to a "boutique VC" model, which may be outdated in the current investment landscape where larger funds dominate [12]. - The firm has been slow to adapt, with reports indicating internal dissatisfaction regarding the inability to follow up on investments due to limited fund sizes [12][13]. - There are concerns about the firm's idealistic team structure, which may hinder its ability to attract diverse perspectives and adapt to changing market conditions [14][16]. Group 4: Future Implications - The article hints that the joke about Gu's hiring may reflect Benchmark's need for change and a potential shift in its investment strategy to remain competitive [16]. - The firm may be considering a "creative destruction" approach to rejuvenate its operations and adapt to the evolving venture capital landscape [16].

以下文章来源于LP波谱 ，作者黎曼 将投中网设为"星标⭐"，第一时间收获最新推送 聚焦LP出资、新基金、GP招募，捕捉LP圈一周商业情报。 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗的执念，认同商业的日常之美。 作者丨黎曼 来源丨LP波谱 这是2026年初至今，国内地方政府层面规模最大、阵容最全的一次基金集中签约仪式。 2月9日，2026紫金山创投大会在南京启幕。国央企基金、省级基金、各类合作基金纷纷落地，大会 揭牌、发布和签约基金总规模超700亿元。 其中包括江苏省现代服务业创新发展产业专项基金（100亿）、江苏省科创接力基金（100亿）；签 约了国新创投南京基金（100亿）、国新南京科创上市公司并购基金（100亿）；落地了15只人工智 能产业链基金、9只天使投资基金（47亿）等。这套组合拳，实现了从天使期到成长期再到并购整合 期的全生命周期覆盖。 最有看头的还属大会现场发布的"南京百亿市场化母基金"。该母基金设置了20年超长投资期限，这 意味着基金可以真正陪伴企业从实验室走向IPO，甚至跨越多个技术周期。正如南 ...

将投中网设为"星标⭐"，第一时间收获最新推送 都欠点马克思主义哲学启蒙。 作者丨 董师傅 来源丨 投中网 各位好，今天聊聊"西学"，顺带用康有为谈谈马斯克。 起因是上周看见雷鸣朋友圈，说马斯克宣称特斯拉改机器人，将来估值几十万亿，几个公司加一块一 百万亿美元，所以追觅也以这个数字为目标怎么了。我去看了一下，之前追觅老板又放话了，说要做 到"100万亿美元量级"。雷鸣的意思是，马斯克能说，凭啥咱不能说。 投中那天发了一篇SpaceX的稿子，有一条评论很好玩，说什么史上最大IPO，跟追觅老板比起来都是 弟弟。这位老板的形象可说深入人心。 我对追觅不熟，也不认识他们老板。就跟雷鸣打过几次交道，但他们基金做得多，杂，我也无从评 价。所以不谈业务，就谈话术。 这是今天的第一个问题， 为什么马斯克吹的牛，人们会觉得不懂但大受震撼，而追觅吹牛，大家就 觉得说胡话？ 先从现实谈现实。不系统地谈，提几个问题。 追觅喜欢自称全球企业，俞浩希望向人证明他是马、黄的接班人——新一代企业家，这是自由主义市 场经济这条西学的产物。表面没啥问题，也符合导向，咱们要发展，要出口，当然要继续主张全球 化，是美国人的错，是他们在否定自己，否定这 ...