以下文章来源于超越 J Curve ，作者刘惠娴 超越 J Curve . 用数据延伸你的阅读 将投中网设为"星标⭐"，第一时间收获最新推送 中美S市场热度都在攀升。 作者丨 刘惠娴 编辑丨 杨博宇 来源丨 超越 J Curve S交易市场热度持续攀升。 根据 PitchBook最新发布的《美国VC二级市场观察》，在2024年6月至2025年6月的12个月期 间， 美国 VC二级市场交易总额达到611亿美元，首次超越同期IPO退出总额的588亿美元， 标志 着二级市场在退出渠道中的重要性显著提升。 无独有偶， 中国私募股权市场也 正 掀起一场以 "存量盘活"为核心的变革浪潮。 投中嘉川 团队在 《 2025年中国私募股权二级市场专题研究报告》 对 2020-2024年 海内外的 S市场进行了梳理 。 数据显示， 2014年成立的基金，截至 今年 4月 也只有 24.2%的项目实现了退出。这意味着有超 过7成的被投项目，在最长11年的时间内无法退出。 而 5年前设立的基金， 则有 9成以上的 项目 等待 退出。随着时间推移， 当 大量基金 正 进入退出窗口， S交易与S基金逐渐从边缘走向舞台中 央。 而且与美国 ...

以下文章来源于锦缎研究院 ，作者侯兵hoping 锦缎研究院 . 专注上市公司价值发现与传播 将投中网设为"星标⭐"，第一时间收获最新推送 可能对光伏产业来说，是一个信号。 作者丨 侯兵hoping 来源丨 锦缎研究院 锂电行业相较于新能源复苏的好像更快。 我们此前分析过海目星获得了爆发式的订单增长数据，由此就可见锂电行业正在发生的复苏过程。当 然，海目星也是第一家比较"热情"的公布订单情况的锂电光伏设备企业，以此来向大家证明"自己并 不差"。 那锂电行业究竟如何了呢？储能行业为何近期又爆发了呢？对光伏产业来说又有什么指导意义？ 订单爆发式增长背后的行业复苏逻辑 我们即便对锂电激光设备龙头企业海目星急剧下行的毛利率所带来的低价竞争情形不解，但也更应该 看到其订单呈现爆发式增长，尤其是高毛利率的海外市场。 受行业复苏推动，2025年1-6月，海目星实现新增订单约44.21亿元（含税），同比增长约 117.5%；截至2025年6月30日在手订单约为100.85亿元（含税），同比增长约46%。报告期内， 公司海外的新签订单（含交付地在海外）金额为18.88亿元，同比增长192.5%，创下自公司成立以 来海外订单的高 ...

以下文章来源于腾讯财经 ，作者谢照青 腾讯财经 . 腾讯新闻旗下腾讯财经官方账号，在这里读懂财经！ 将投中网设为"星标⭐"，第一时间收获最新推送 华人圈开启币股联动热潮。 作者丨 谢照青 编辑丨 刘鹏 来源丨 腾讯财经 香港金融圈正在重新叙事，原本疏远于传统金融圈视线的币圈，成为这一轮新叙事的主流 。 稳定币 和 RWA 的 概念 方兴未艾 之时 ， DAT 的 风 又从 美国 吹到 了 香港 。 所谓 DAT ， 即 Digital Asset Treasury 的 缩写 。 在币圈， DAT 通常指的是持有和管理加密货 币的公司或者实体。在当下的语境中，大多时候 DAT 对应的则是上市公司实体， 其 通过公开市场 购买比特币、以太坊或者 solana 等代币， 业内人士 把 这一动作 称为"屯币 " ，并使 这些 代币 成为公司核心资产，随后上市公司股价随币价涨跌而波动。在传统金融圈，他们 又 这一现象 称 为"币股联动 " 。 "币股联动是过去这段时间香港二级市场和币圈的热词。 " 一位美股上市公司负责人 如是说 ，他的 上市公司已经持有不少比特币。 仅 8 月 27 日一天，他就参加了 8 场在港的活 ...

Focus Review - The hard technology sector is seeing significant investment from "national teams" and industrial capital, with companies like AI² Robotics and Zhongke Jilian completing substantial financing rounds [4][12][16] - The health sector, particularly in biopharmaceuticals, remains active, with companies like Yinuo Pharmaceutical and Qiyuan Bio securing new funding [4][22][24] - The enterprise service sector continues to focus on digital transformation, highlighted by Doushang Technology and Yingfan Technology completing significant financing rounds [4][31][32] Hard Technology - AI² Robotics completed a new round of Series A financing led by Shenzhen Capital Group, with over 100 million yuan invested [12] - Zhongke Jilian secured several hundred million yuan in Series B financing, led by Luxin Venture Capital [16] - Blue Core Computing received a new round of financing exceeding 100 million yuan, with participation from various investment firms [10] Health Sector - Yinuo Pharmaceutical completed a new financing round with participation from multiple investment institutions [22] - Siairan Medical announced a new financing round exceeding 100 million yuan, led by Qianji Capital and Shunwei Capital [23] - Qiyuan Bio completed nearly 200 million yuan in Series B financing, led by Fuzhe Linzhu Fund [24] Enterprise Services - Doushang Technology announced a new round of 200 million yuan bridge strategic financing, exclusively invested by Zhongding Capital [31] - Yingfan Technology, part of the First Financial Group, completed a strategic A round financing of over 100 million yuan [32] - Huichuang Human Resources completed 28.5 million yuan in A round financing, exclusively funded by Huicai Capital [30]

Core Viewpoint - Horizon's market value has surpassed HKD 130 billion, indicating significant growth potential in the robotics and intelligent driving sectors, with a projected CAGR of 7.18% from 2024 to 2028 [3][6]. Company Overview - Horizon is the first domestic company to develop edge intelligent driving chips, founded in 2015 when the intelligent driving sector was still nascent [5]. - The company has achieved a revenue increase from approximately CNY 467 million in 2021 to CNY 1.567 billion in 2025, reflecting a growth rate of 67.6% year-on-year [6][7]. - Horizon's gross margin has remained stable and high, with figures of 70.9%, 69.3%, 70.5%, and 79% over the same period [6]. Market Position - By August 2025, Horizon had shipped over 10 million units of its chips, becoming the first intelligent driving technology company in China to reach this milestone [7]. - The company has established partnerships with over 40 global automotive manufacturers, enabling more than 400 vehicle models to utilize its technology [7]. Investment Insights - Horizon has completed over 10 rounds of financing, raising a total of USD 2.3 billion (approximately CNY 16.5 billion) since its inception, with a pre-IPO valuation of USD 8.71 billion (CNY 62.5 billion) [7][8]. - The IPO was met with enthusiasm, with shares rising by 28% on the first day, leading to a market capitalization exceeding HKD 700 billion [7]. Future Prospects - The intelligent driving market is expected to see increased adoption, with over 60% of cars sold in China in the first half of 2025 equipped with advanced driver assistance systems [54]. - Horizon aims to deploy 10 million units of its HSD (High-Performance Driving) solution in the next 3-5 years, positioning itself as a leader in the high-end intelligent driving chip market [54]. Strategic Partnerships - Horizon's collaboration with major automotive manufacturers, including a significant investment from Volkswagen, highlights its strong market position and potential for future growth [47]. Entrepreneurial Leadership - The founder, Yu Kai, is recognized for his unique blend of scientific and entrepreneurial skills, which has been pivotal in driving the company's success and establishing strong industry relationships [24][30]. Investment Philosophy - The investment firm He Xuan Capital has expressed confidence in Horizon's long-term growth potential, viewing it as a significant opportunity for returns, akin to investing in Nvidia [50][56].

Core Viewpoint - Liu Qiangdong is actively pursuing international expansion through significant acquisitions, including logistics assets in Singapore and consumer electronics retailers in Europe and Hong Kong, indicating a strategic focus on enhancing JD's global supply chain capabilities [6][11]. Group 1: Recent Acquisitions - JD's infrastructure investment platform, JD Chanfang, is set to acquire logistics assets in Singapore for approximately 306 million SGD (about 1.7 billion CNY), marking another significant investment by Liu Qiangdong [3][5]. - The logistics assets include properties located in key industrial areas of Singapore, such as Ubi Avenue and Changi South, which are strategically advantageous for JD's operations [7][10]. - The largest asset in this acquisition is a logistics hub on Pandan Avenue, valued at 14 million SGD, which constitutes about half of the total transaction price [7]. Group 2: Strategic Partnerships - The acquisition is a collaborative effort with Swiss investment firm Partners Group and Eza Hill, a platform backed by Hillhouse Capital, highlighting a trend of partnerships in large-scale investments [9][10]. - Eza Hill has been actively acquiring logistics assets in Southeast Asia, indicating a broader strategy to build a robust logistics network in the region [10]. Group 3: International Expansion Strategy - Liu Qiangdong's recent acquisitions, including a 18 billion CNY purchase of European electronics retailer CECONOMY and a potential 4 billion HKD acquisition of Hong Kong's Jia Bao Foods, reflect a commitment to internationalization [6][11]. - JD has established a logistics network covering 19 countries and regions, with over 2,000 employees overseas, positioning itself for further growth in international markets [6][11]. - The company plans to integrate the newly acquired logistics assets into a Real Estate Investment Trust (REIT) with a target size exceeding 1 billion USD (approximately 7.2 billion CNY), which would be the largest new fund in Singapore's REIT market in over a year [10].

Core Viewpoint - Guizhou cuisine, particularly Guizhou sour soup hotpot, has become a significant trend in the Chinese dining industry, with a growth rate of 25% and over 650 million views on Douyin related topics, indicating its rising popularity and potential for further exploration [5][10]. Group 1: Guizhou's Culinary Landscape - Guizhou has transformed from an overlooked region to a creative hub in China's dining scene, showcasing a diverse range of flavors and dishes beyond the well-known sour soup and hotpot [5][10]. - The city of Guiyang is recognized as the "hotpot capital" of China, surpassing cities like Chengdu and Chongqing in the number of hotpot restaurants per capita since 2020 [10][11]. - The affordability of hotpot in Guiyang, with average costs ranging from 30-40 yuan per person, contributes to its popularity among locals and visitors alike [11][12]. Group 2: Unique Dining Culture - Guiyang's dining scene reflects a blend of traditional and modern influences, with a mix of local street food and upscale cafes, creating a unique culinary atmosphere [12][14]. - The city boasts over 3,000 coffee shops and more than 1,200 craft beer bars, indicating a high density of these establishments compared to larger cities like Shanghai [12][14]. - Local coffee brands dominate the market, holding 70-80% of the share, contrasting with the low visibility of national chains [15][16]. Group 3: Nightlife and Consumption Trends - Guiyang's nightlife is vibrant, with nighttime dining revenue accounting for approximately 70% of the total restaurant income, surpassing cities like Chengdu [19][25]. - The city has a youthful demographic, with 38% of its population aged 18-35, contributing to a dynamic and active consumer culture [22][24]. - The low cost of living and housing in Guiyang encourages spending on dining and entertainment, fostering a thriving restaurant industry [24][25]. Group 4: Future Prospects for Guizhou Cuisine - Guizhou's dining scene is poised for growth, with government support for local brands and a focus on developing a complete coffee industry chain [34][36]. - Despite the current popularity of Guizhou cuisine, local brands have yet to fully capitalize on this trend, with many successful brands originating from outside the province [38][40]. - The potential for Guizhou's culinary brands to expand nationally exists, provided they enhance their branding, operations, and supply chains [40].

Core Viewpoint - The company, once a leading player in the fashion industry with over 5000 stores and annual revenue exceeding 10 billion yuan, is now facing a significant decline in performance, with net profit halving and all major brands under its umbrella experiencing revenue drops [5][9][10]. Group 1: Financial Performance - In the first half of 2025, the company's revenue was 2.898 billion yuan, a decrease of 7.86% year-on-year, while net profit fell by 54.61% to 77.7116 million yuan [9]. - All major brands, including PEACEBIRD women's wear, PEACEBIRD men's wear, LEDIN girls' wear, and MINIPEACE children's wear, reported declines in revenue, with women's wear particularly concerning as it was surpassed by men's wear for the first time [10][11]. - The company closed 194 stores in the first half of 2025, with a net closure of 150 franchise stores, reducing the total number of stores to 3179, nearly a 40% decrease from its peak in 2021 [11][12]. Group 2: Operational Challenges - The company is experiencing inventory buildup and declining cash flow, with net cash flow from operating activities turning negative at -262 million yuan in the first half of 2025 [15][12]. - The inventory turnover days have increased to 192 days, indicating worsening operational efficiency, while accounts receivable have also increased, reflecting a longer collection period [13][12]. - The company's contract liabilities, primarily from franchisee prepayments, have dropped significantly, indicating a lack of confidence from franchisees [12]. Group 3: Strategic Shifts and Historical Context - The company transitioned from a traditional manufacturing model to a virtual operation model, outsourcing production to focus on branding and marketing [24][25]. - Rapid expansion strategies initiated around 2020 led to a significant increase in store numbers and revenue, but also resulted in operational inefficiencies and a lack of core product competitiveness [29][30]. - The company has faced management changes, with key executives resigning and selling shares, raising concerns about its future direction in a competitive market that now prioritizes product quality and uniqueness over aggressive marketing [35][38].

Core Viewpoint - The article discusses the hidden energy costs associated with polite language in AI interactions, highlighting a global resource allocation dilemma as AI usage increases [6][8]. Group 1: Energy Consumption and AI - Each polite request in AI interactions, such as using "please" or "thank you," significantly increases energy consumption, with a single token processing requiring 0.0003 kWh [9][12]. - ChatGPT processes approximately 200 million requests daily, leading to an estimated annual energy consumption of 415 billion kWh for global data centers, enough to power Japan for 18 days [9][12]. - 40% of this energy is used for cooling systems, raising concerns about the environmental impact of AI technologies [9][14]. Group 2: Environmental Impact and AI Development - The article critiques claims from tech giants like Google and Microsoft that downplay the environmental impact of AI, arguing that the cumulative effect of billions of polite requests creates a significant ecological burden [11][12]. - In Virginia, data centers consume more electricity than the entire state's residential usage, causing local ecological damage, such as increased water temperatures leading to fish deaths [13][14]. Group 3: Solutions and User Behavior - Tech companies are exploring different strategies to mitigate energy consumption, such as OpenAI's $500 billion investment in new data centers and Meta's reduction of energy use in AI models [15][18]. - Research indicates that if users stopped using polite language, AI energy consumption could decrease by 18%, suggesting that user behavior plays a crucial role in energy efficiency [17][18]. - Innovations like "de-politeness" plugins and AI that anticipates user intent could further reduce unnecessary energy use in AI interactions [17][18].

Core Viewpoint - The article discusses the rise and challenges of Nuro, an autonomous delivery vehicle company founded by Zhu Jiajun, highlighting its funding journey, product development, and strategic shifts in response to market conditions [6][10][21]. Group 1: Industry Context - In 2021, despite a 1% decrease in total vehicle miles driven in the U.S. compared to 2019, traffic fatalities reached 42,900, the highest since 2005, with a 10.5% increase from 2020 [6][8]. - The National Highway Traffic Safety Administration (NHTSA) launched a $6 billion "Road Safety for All" initiative to address rising traffic accidents, with $740 million allocated for safety technology improvements [9]. Group 2: Company Overview - Nuro, founded in 2016 by Zhu Jiajun and Dave Ferguson, focuses on autonomous delivery vehicles, differentiating itself by developing its own vehicles rather than retrofitting existing models [18][21]. - Nuro's third-generation delivery vehicle can carry 500 pounds and has a top speed of 45 mph, designed for temperature-controlled deliveries [23]. Group 3: Funding and Valuation - Nuro's funding history includes a $92 million Series A round in 2018, a $940 million investment from SoftBank in 2019, and a valuation increase to $8.6 billion by 2021 [20][21]. - The company's valuation has since dropped to $6 billion due to strategic shifts and challenges in finding a stable profit model [25][28]. Group 4: Strategic Shifts - Nuro faced difficulties in establishing a profitable business model, leading to layoffs and a pivot from vehicle production to a technology licensing model [25][28]. - Recent funding rounds included investments from Nvidia and Uber, indicating a shift towards partnerships with industry players rather than solely relying on traditional venture capital [27].