以下文章来源于LP波谱 ，作者杨博宇 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。 值得一提的是，这次遴选方案中，江苏列出了部分新增条款，直指返投认定标准。 比如，子基金管理人在管的其他基金（关联基金）投资江苏省内企业，也纳入返投认定范围，认定金 额按 80% 计算； 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。 作者丨 杨博宇 来源丨 LP波谱 江苏去年 6 月设立了总规模 500 亿元的战略性新兴产业母基金，包括 7 个区市共计 10 支产业专 项母基金。这一举动，被看做是江苏想要改变各市各自为政的投资格局，通过省级产业母基金助力全 省协调发展。 本周，其中 4 支专项母基金——徐州智能制造产业专项母基金、无锡低空经济和空天产业专项母基 金、无锡生物医药产业专项母基金、无锡集成电路产业专项母基金，共计 140 亿规模的母基金群再 次遴选 GP 。 子基金投资的企业在基金存续期内成长为国家级专精特新小巨人企业的，返投认定金额按 1 ...

Core Viewpoint - The article discusses the advancements and trends in the intelligent connected vehicle industry, highlighting key players and their roles in driving innovation and investment in this sector. Group 1: Key Players and Their Roles - Bai Hongwei, Managing Director at PwC Capital, emphasizes the importance of investment in intelligent driving technologies [2] - Chen Xin, Deputy Director of the Intelligent Connected Center at BAIC Research Institute, discusses the integration of smart technologies in automotive development [2] - Gao Song, Deputy General Manager of the National Intelligent Connected Vehicle Innovation Center, focuses on data and intelligence in vehicle innovation [4] Group 2: Investment Trends - He Feng, General Manager of Saimo Technology, highlights the growing interest in investment opportunities within the smart vehicle sector [5] - Wang Xin, Partner at Dongfang Fuhai, notes the increasing capital flow into intelligent driving startups [15] - Qu Tianyu, Managing Director at Kailian Capital, discusses the strategic investments being made in the intelligent vehicle ecosystem [19] Group 3: Industry Challenges and Opportunities - Liu Jingkun, Executive Dean at Touzhong Information, points out the challenges faced by companies in scaling their smart vehicle technologies [8] - Zheng Yichen, CTO of Xingyun Interconnect, addresses the technological hurdles that need to be overcome for widespread adoption [23] - Wang Shaopeng, Investment Director at BAIC Investment, discusses the potential for collaboration among industry players to enhance innovation [14]

Core Viewpoint - The article discusses the shifting dynamics within the AI startup landscape, particularly focusing on the ByteDance executives transitioning to new roles or leaving the company, and the subsequent impact on the competitive landscape of AI companies. Group 1: Executive Changes and Company Dynamics - ByteDance executives, including Zhang Xinhao, are being reassigned or leaving their positions, indicating a trend of talent moving away from the company [4][5][6] - The AI startup scene is evolving, with the previously recognized "AI Six Dragons" now condensing into the "AI Four Strong," as some companies have fallen behind in the competitive race [6][14] - The shift in focus from application and commercialization to technology iteration has rendered many ByteDance talents less relevant in their current roles [7][28] Group 2: Competitive Landscape and Strategy Shifts - The AI Four Strong are now prioritizing technology over application, as the competitive landscape has intensified with major tech companies increasing their investments in AI [21][27] - The initial dual strategy of model and application development is becoming increasingly difficult to maintain, leading to a renewed focus on technological advancements [21][22] - The emergence of new players like DeepSeek has prompted a reevaluation of strategies among the AI Four Strong, pushing them to return to a technology-first approach [26][32] Group 3: Future Prospects and Challenges - The upcoming release of new models from the AI Four Strong is crucial for maintaining their competitive edge against established players like OpenAI [34][35] - The anticipated launch of GPT-5 and other models from competitors poses a significant challenge for the AI Four Strong, necessitating differentiation in their offerings [36][38] - The article highlights the importance of continuous innovation in model capabilities to secure a stable position in the rapidly evolving AI landscape [33][39]

Core Viewpoint - Kimberly-Clark is nearing the completion of a strategic sale of its non-North American tissue business, including the Kleenex brand, to Brazilian pulp supplier Suzano for approximately $3.5 billion (about 25.1 billion RMB) [1][15][21] Group 1: Company Background - Kimberly-Clark was founded in 1872 with an initial capital of $30,000 and has evolved from a paper mill to a leading consumer goods company [3] - The company launched its first disposable sanitary product, Kotex, during World War I, which significantly changed women's hygiene care [6] - Kimberly-Clark's flagship brand, Huggies, captured 50% of the North American premium diaper market shortly after its launch in 1978 [7][8] Group 2: Business Performance - In 2024, Kimberly-Clark reported annual revenue of $20.1 billion, with an organic sales growth of 3.2% and an adjusted operating profit of $3.2 billion, resulting in a gross margin of 36.5% [8][19] - The company holds a 21% share of the global tissue market, ranking second after Procter & Gamble, which has a 26% share [8][22] Group 3: Market Position and Strategy - The sale includes brands such as Kleenex, Scottex, and Andrex, which collectively generated annual net sales of less than $3.5 billion, making it the smallest and least profitable segment of Kimberly-Clark's core businesses [15][19] - The new joint venture will be registered in the Netherlands, employing 9,000 staff and operating 22 manufacturing plants globally [17][19] - Kimberly-Clark plans to use the proceeds from the sale for stock buybacks and shareholder returns, while also committing to invest $2 billion in its North American manufacturing network over the next five years [20][21] Group 4: Industry Trends - The transaction reflects a broader trend in the consumer goods industry towards vertical integration, as upstream pulp and paper companies acquire downstream brands to enhance their market position [22] - Rising tariffs have increased Kimberly-Clark's costs by $300 million annually, prompting the company to diversify its sourcing strategies and focus on core business areas [21][22]

将投中网设为"星标⭐"，第一时间收获最新推送 苏创投，正华丽蜕变。 来源丨 苏州创新投资集团 国家政策暖风频吹，激励创投向高质量发展。 苏州市委市政府紧密部署、时时校向，护航苏创投稳步起跑、果断加速。 年初，苏创投集团为 2025年锚定两个"12345" 发展目标。 一年行程近半，政策的暖风是否内化为发展的东风？苏州"1030"产业体系的需求与期盼有多少被落 实？两个"12345"目标又完成了多少呢？ 在6月18日创投日当天， 苏创投下属子公司不玩虚的，纷纷从自身"重点""亮点"出发，链接所有资 源与力量，用一场场务实的活动、一个个有力的数据，写下答案。 以苏创投之力，为创新链接资源。各子公司结合自身业务分工与优势，举办了各具特色的"苏创新 链"系列活动。 国发创投，"链"耐心资本赋能未来 。 国发创投 举办 "苏创新链·耐心资本赋能未来"活动 ： ▶有30只处于投资期的在管基金集中推介； ▶有12个拟投项目现场与苏州未来产业天使基金签约； ▶还有睿科晶创、臻锂新材、念及智能三家企业现场路演。 科创投，"链"产学研资托举创新成果从0到1。 科创投携手河海大学苏州高等研究院共同举办"苏创新链·高校成果转化投融资 ...

将投中网设为"星标⭐"，第一时间收获最新推送 一个消费投资人"解决焦虑"的答案。 作者丨 蒲凡 来源丨 投中网 一年前，我们做了一期题为《 " 质疑王岑、理解王岑、成为王岑 " 》的栏目。那段时间，人人都把王岑从"投资人"到"网红"的转型经历，看做是一套 职业路径样板，希望能从他的故事里找到"解决焦虑"的答案。 一年后，人们仍然需要答案，但问题已经变了： 2025 年， 52 TOY 、古茗、霸王茶姬等明星消费品牌排队上市，造就了一批全新的创业明星。港股 方面，在老铺黄金、泡泡玛特、蜜雪冰城这三只消费股的带动下出现了一波令人振奋的牛市。还有胖东来、名创优品，人人都在讨论他们、好奇他们。 这会是消费赛道复苏的信号吗？消费会重新成为投资人最热衷的主题吗？这一波消费热，和之前的新消费浪潮有什么区别吗？ 带着这些问题，我们找到了王岑，和他长谈了很多次。在前后将近 5 个小时的交流里，岑哥聊到了他这三年半以来的"一线经历"，聊到了他的思考、 困惑和探索。而我将其中最精华、最重要的部分整理了出来。以下是来自岑哥的答案，希望对您有所帮助： 本期研讨会嘉宾： 知名消费投资人 王岑；投中网编辑 张楠、蒲凡 " 流量的这门课，我 ...

以下文章来源于盐财经 ，作者宝珠 陈慧 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 将投中网设为"星标⭐"，第一时间收获最新推送 LABUBU如今已经成为了一道世界奇观。 为了买到LABUBU，韩国泡泡玛特门店前有人连夜席地而睡，只为在开门一刻破门而入；黄牛和普 通顾客挤在一起推搡、叫嚷，警察不得不出动维持秩序。在英国伦敦，泡泡玛特门店爆发了斗殴事 件，视频显示几名男子扭打在一起，朝向彼此挥起拳头。 出于对潜在安全事故的担忧，泡泡玛特宣布暂停在韩国、英国地区销售LABUBU。6月15日，杭州 一家泡泡玛特新店开业仅2小时就宣布闭店，根据媒体报道，新店一开门，就有一批疑似黄牛的人冲 进去"端盒"。 但LABUBU之火尚无熄灭的迹象。从韩国女团到泰国公主，再到欧美巨星蕾哈娜、贝克汉姆，"炫 耀"LABUBU的明星名单越来越长；在一场交换游戏中，胡润用一只绝版LABUBU交换了中国第一辆 无人驾驶汽车，这只LABUBU曾经被送给张朝阳又被送回，如今张朝阳对此表示后悔；LABUBU还 是泰国电信诈骗头目的"心头爱"，两名电诈头目被捕时，警方查获了一堆价值不菲的赃物，一只咧 着9颗大牙的毛绒玩偶赫然在 ...

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 以下文章来源于东四十条资本 ，作者刘燕秋 东四十条资本 . 将投中网设为"星标⭐"，第一时间收获最新推送 0营收的中药公司，搭上"脑机接口"起飞。 作者丨 刘燕秋 来源丨 东四十条资本 这家神奇的公司还得从创始人说起。根据公司官网信息，区逸基，Regencell创始人兼首席执行官，毕业于加州大学伯克利分 校哈斯商学院。获得学士学位后，他投身投资银行领域，先后就职于德意志银行和巴林银行。 在职业生涯中，区逸基成果斐然，完成超 40 亿美元交易，荣获多项重要并购奖项。他的代表交易包括代表第一太平有限公 司，以7.5亿美元收购菲律宾长途电话公司、6.5亿美元收购Indofood，以及完成 Hagemeyer 40% 股权18亿美元的增发 。 此外，他还是房地产、科技和生物科技领域的活跃投资者。 然而这位青年才俊的成长之路并非一帆风顺。童年时期，区逸基因患有注意力缺陷多动障碍（ADHD）和自闭症（ASD）。受 病症影响，他脾气暴躁，在学校备受孤立，成绩也不理想，高中时成绩甚至排倒数。为完成学业，他每天都需花费远超常人的 时 ...

超越 J Curve . 以下文章来源于超越 J Curve ，作者超越J曲线 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 本期带来2025年5月中国并购市场数据报告，完成并购规模同比剧增，基金回笼资金环比下滑。 作者丨 投中研究院 来源丨 超越 J Curve 核心发现 5月，受市场大环境影响下，宣布并购市场整体呈现出明显的活跃度收缩态势，宣布数量与交 易金额双双跌至年内最低点，但完成并购交易金额同比却出现爆发式增长； 共计32支私募基金以并购的方式成功退出，基金回笼资金和退出数量环比均下降； 2025年5月，披露预案318笔并购交易，环比下降37.89%，同比下降34.57%；当中披露金额的有 192笔，交易总金额为116.02亿美元，环比下降42.38%，同比下降47.13%。2025年5月整体来 看，并购市场交易活跃度明显减弱，宣布交易规模创年内新低。 并购市场完成交易月度趋势 受大额案例影响，能源及矿业、先进制造、电子信息行业并购规模处于前三，山东交易规模位 于榜首。 第一部分 中企并购市场数据分析 并购市场宣布交易月度趋势 2025年5月，共计完成220笔并购交易，环比下降4 ...

Core Viewpoint - The article discusses a significant transaction in the pharmaceutical industry involving the acquisition of a promising cancer treatment drug, highlighting the financial implications and the potential for innovation in the Chinese pharmaceutical sector [2][3][9]. Group 1: Transaction Details - Bristol-Myers Squibb (BMS) has entered into a collaboration with BioNTech to develop and sell the cancer drug BNT327, agreeing to pay up to $11.1 billion (approximately 800 million RMB) for the rights [2]. - The initial payment from BMS is $1.5 billion, with an additional $2 billion due by 2028, and potential future payments of $7.6 billion based on sales targets [2]. - BioNTech acquired the overseas rights for BNT327 from Chinese company Biotheus for $1.055 billion, indicating a tenfold increase in the drug's valuation within a year and a half [3]. Group 2: Drug Mechanism and Innovation - BNT327 is a bispecific antibody targeting PD-1 and VEGF, which enhances immune response against tumors while inhibiting blood vessel formation, thus starving tumors of nutrients [6][8]. - The drug's dual-targeting mechanism allows for a synergistic effect, significantly improving binding capabilities in the presence of both targets, with an 18-fold increase in binding to PD-1 when VEGF-A is present [8]. Group 3: Market Trends and Future Prospects - The article notes a surge in interest from global pharmaceutical giants in acquiring innovative cancer therapies, with multiple high-value transactions occurring in the sector [9][12]. - The Chinese pharmaceutical industry is experiencing a renaissance, with significant investments and collaborations, as evidenced by the $45.5 billion in biopharmaceutical deals in 2024 alone [18]. - The article suggests that the Chinese innovation drug sector is poised for growth, with a notable increase in successful funding rounds and partnerships [14][15][16].