以下文章来源于LP波谱 ，作者韦香惠 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。 将投中网设为"星标⭐"，第一时间收获最新推送 这一次，老虎环球募资策略显然保守了不少。 作者丨韦香惠 来源丨 投中网 前些日子，我写过这一轮不少募到钱的 VCPE 都在缩减规模。在这一点上，环球同此凉热。 据外媒报道，老虎环球管理基金（ Tiger Global ，以下简称老虎环球）即将推出一支新的风险投资基金 PIP 17 。知情人士 透露，这次的筹资目标是 22 亿美元。看到这个数字第一反应，我还挺唏嘘的，毕竟发 PIP16 的时候，当时目标 60 亿美 元，最终完成规模就是 22 亿美元。 相对保守的募资策略，据说是出于对人工智能领域可能存在泡沫的担忧。当然，目前老虎环球方面还没对外公开回应这一消 息。 过去几年，我的同事们写过很多关于老虎的报道，记录了这只 " 华尔街之虎 " 如何从 2021 年的疯狂出手到此后几年的频频 受挫。从曾经的猛虎下山，到如今谨慎收缩，老虎环球的转折不仅来自市场，也来自 ...

以下文章来源于超越 J Curve ，作者宋梓翔 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 并购基金在2025年爆发式增长。 作者丨宋梓翔 来源丨投中嘉川 2025年，中国并购基金正在悄悄迎来一个拐点。 数据显示，今年新设并购基金的数量与规模均出现跳跃式增长 ——共成立 29支并购基金，目标规模 超 1000 亿元。较 2024年同期， 两个数据都大幅增长 。 更关键的是，今年诞生了 300亿 京国创智算并购基金 等 六支百亿级并购基金，这是过去国 内 并 购市场罕见的现象，成为推动年度规模跃升的核心力量。 这 一方面来自市场需求，另一方面是政策驱动的结果。并购基金正扮演着资本工具和政策执行工具 的双重角色。 不出意外，这超过 1000亿的并购基金，将在接下来的两年中成为市场中最受瞩目的 资本力量。 01. 2025年，中国新设并购基 金（基金名称中含 有 " 并购" 的" 有限合伙制" 基金） 数量达到了 自 2018年以来的新高。根据投中嘉川CVSource数据， 截止 12月1日，国内新设并购基金数量达到 29支，目标募集规模约1050亿元人民币。对比2 ...

Core Viewpoint - The article highlights the increasing trend of local governments and enterprises in China establishing substantial investment funds to drive economic development and innovation in various sectors, particularly in technology and infrastructure. Group 1: Local Investment Initiatives - Lishui City in Zhejiang Province has established a private equity investment partnership with a capital contribution of 6 billion RMB, focusing on integrated circuits and intelligent manufacturing, indicating a strong commitment to developing strategic industries [6][7][8]. - The Hubei Water Development Fund has been launched with a total scale of 10 billion RMB, aimed at supporting water infrastructure and ecological projects, showcasing the government's role in guiding market operations [18][19]. - The establishment of the "Guangxi Wuwei Investment Fund" and "Guangxi Gongchuang No. 1 Fund" with a total scale of 700 million RMB reflects a diversified investment strategy targeting local industries and cross-border supply chains [29]. Group 2: Fundraising Activities - Jia Yu Capital has successfully raised over 4 billion RMB for multiple new funds, attracting a mix of institutional investors, which underscores the confidence in its past performance and team capabilities [10]. - Jing Shui Lake Venture Capital has completed the first closing of a 500 million RMB blind pool fund, with a 70% re-investment rate from existing investors, indicating strong market validation [11]. - Zhongke Chuangxing's fund has reached a final closing of 4.08 billion RMB, focusing on hard technology investments, demonstrating a commitment to early-stage funding in high-tech sectors [12][13]. Group 3: New Fund Establishments - The establishment of the "Fudan Science and Technology Investment Fund" with a total scale of 1 billion RMB aims to support the commercialization of scientific research and technology transfer from Fudan University [21]. - The "Henan Artificial Intelligence Industry Fund" has been set up with a scale of 1 billion RMB, focusing on AI applications and technology, reflecting the province's ambition to become a hub for AI innovation [27][28]. - The "AIC Fund" in Fujian, with a target scale of 2 billion RMB, aims to invest in key sectors such as new materials and AI, highlighting the province's strategic focus on emerging industries [35][36]. Group 4: Strategic Partnerships and Collaborations - The establishment of the "Qinhuangdao Talent Entrepreneurship Fund" with a scale of 100 million RMB aims to leverage academic resources from Tsinghua University to drive local industry development [39]. - The partnership between Tianqi Lithium and local investment entities in Anhui, with a capital contribution of 500 million RMB, aims to enhance the province's capabilities in the lithium battery supply chain [40]. - The collaboration between China Galaxy and local firms in Wuhan to establish a 405 million RMB fund emphasizes the integration of local resources with national financial capabilities [31][32].

Core Viewpoint - The article discusses the significant losses incurred by Blackstone in its investment in senior housing, highlighting the challenges faced in the sector and the reasons behind the poor performance of these assets [3][9][22]. Group 1: Investment Overview - Blackstone acquired over 90 senior housing properties across the U.S. for approximately $1.8 billion eight years ago, but the current valuation has collapsed [3][4]. - The firm has been selling these assets at steep discounts, with reports of transactions at 30%, 40%, and 70% off the original purchase price [4][9]. - As of now, Blackstone has sold about two-thirds of the assets from this investment, with estimated losses exceeding $600 million [4][9]. Group 2: Market Context - The investment was made during a period of optimism in the real estate market, particularly in senior housing, driven by the aging "baby boomer" population [11][12]. - The U.S. population aged 85 and older is projected to double from 6.7 million in 2020 to nearly 14.4 million by 2040, creating a perceived strong demand for senior housing [11][12]. Group 3: Operational Challenges - Blackstone's management of the senior housing properties faced significant issues, including regulatory warnings related to resident care and management failures [15][16]. - The operational complexity of senior housing, characterized as labor-intensive and requiring a large workforce, has led to increased costs and challenges in maintaining profitability [16][17]. Group 4: Market Dynamics - The average occupancy rate for senior housing has declined post-pandemic, with current rates around 85.6%, which is below pre-pandemic levels [19]. - The middle-tier senior housing market, where Blackstone invested, is experiencing a "affordability crisis," with many seniors unable to afford the rent, leading to lower occupancy rates [21][22]. Group 5: Future Outlook - Despite the current losses, Blackstone may consider re-entering the senior housing market in the future, as the aging population will likely continue to drive demand [22]. - The overall performance of Blackstone's BREP VIII fund remains strong, with successful investments in logistics and data centers offsetting the losses in senior housing [22][23].

Core Viewpoint - The emergence of the Doubao phone, a collaboration between Doubao and Nubia, has disrupted the AI smartphone market, showcasing advanced capabilities while sparking significant controversy and debate within the industry [6][7]. Group 1: Product Overview - The Doubao phone is technically a preview version of the Nubia M153, featuring deep integration of the Doubao assistant into its operating system, allowing for continuous operations beyond traditional voice assistants [6][7]. - The phone's market price surged from the original 3499 yuan to as high as 36,000 yuan, reflecting a split sentiment between excitement and skepticism among consumers [6]. - It has been praised for its ability to perform complex tasks across multiple applications, such as answering questions on Bilibili and making purchases, leading to comparisons with human-like interaction [6][9]. Group 2: AI Smartphone Landscape - The concept of "AI smartphones" gained traction in the second half of 2023, with major manufacturers like Samsung, Google, and Xiaomi emphasizing AI integration, but many offerings were criticized for lacking true innovation [8][9]. - Doubao's approach is more aggressive, enabling extensive cross-application operations that surpass the capabilities of existing AI smartphones, which are often limited to predefined tasks [9][11]. Group 3: Technical Pathways - The industry is divided into two main technical pathways for AI smartphones: traditional methods relying on SDK interfaces and the newer GUI Agent approach, which allows direct interaction with the screen [9][10]. - Doubao's implementation of GUI Agent technology enables it to autonomously handle tasks without relying on app-specific interfaces, a significant advancement over earlier AI assistants [10][11]. Group 4: Industry Conflict - The Doubao phone's capabilities have led to pushback from major apps like WeChat and Alipay, which have implemented restrictions to prevent automated operations, highlighting a clash between traditional app security measures and new AI functionalities [14][15]. - The core of the conflict lies in differing interpretations of user operation permissions, with apps prioritizing human-like interactions while AI systems advocate for user-authorized automation [15][16]. Group 5: Market Dynamics and Future Outlook - The AI smartphone sector is becoming a battleground for tech companies vying for dominance in the AI era, with the potential to redefine user interaction and data flow [22][23]. - The emergence of the Doubao phone has prompted major tech firms to reassess their AI strategies, leading to a competitive landscape categorized into three tiers based on integration capabilities and market responsiveness [24][25][26].

以下文章来源于市值观察 ，作者市值观察 市值观察 . 聚焦上市公司市值与价值 将投中网设为"星标⭐"，第一时间收获最新推送 那么，储能市场明年真的会超预期爆发吗？ 储能到底有多火爆？ 2025年上半年， 全球储能市场还笼罩在产能过剩的阴影中，产业链 各环节 企业仍在价格战中内 卷。 然而进入下半年，形势骤然反转 ——无论是正极、负极材料，还是电解液、电芯企业，产能利用率 迅速 攀升 ， 纷纷 达到满产状态。 又是一个超级大周期。 作者丨 小李飞刀 来源丨 市值观察 近日，摩根士丹利在一场闭门会议中直言， 2026年资本市场的真正爆点可能不在大盘指数，而在于 当前已呈现"满产"状态的储能赛道。并预测， 全球储能市场在 2026年将实现50%以上的增长，乐 观情形下甚至冲击80%。 原因无它，储能需求爆发了。 据国家能源局及第三方机构数据， 2025年前三季度全球锂电储能装机170GWh，同比 增长 68% 。 其中， 国内新增并网 82GWh，同比增长61%，海外储能94GWh，同比增长74% ， 欧洲、中 东、澳大利亚等地成为主要增长区。 那么， 储能需求为何突然崛起？ 一方面，新能源电力的消纳压力日益凸显。 ...

以下文章来源于凤凰网科技 ，作者凤凰网科技 凤凰网科技 . 凤凰科技频道官方账号，带你直击真相。 将投中网设为"星标⭐"，第一时间收获最新推送 如今，对技术性失业的恐慌正在整个硅谷蔓延。数据统计网站layoffs.fyi显示，2025年美国科技行 业裁员已超11万人。 在亚马逊被曝出全球裁员14000人之前，Meta、微软、谷歌均宣布过裁员计划。微软曾在年中宣 布，要裁撤近9000人。 在大厂高歌猛进，喊着"All in AI"的口号烧钱买芯片、建数据中心的同时，超过一千名亚马逊员工签 署公开信，抗议公司"不计成本以极速推进AI发展"。 然而，亲历者发现，大裁员的真相不全在AI，"AI只是加速了挤泡沫过程"。正如亚马逊CEO安迪贾 西所说，裁员源于"文化臃肿"——过多的层级和官僚主义削弱了组织敏捷性。他希望亚马逊"像运营 全球最大的初创公司"。 疫情期间的盲目扩张、叠床架屋的组织结构，让硅谷大厂正在为"历史债务"买单。 "为一个淘汰自己的工具卖命" "我不愿用'代替'这个词，我会说AI帮我'加速'工作。'代替'听起来就……"亚马逊工程师秦越半开玩 笑地纠正，"我不想被裁。" 这是秦越在美国的第十一年。她对编程 ...

将投中网设为"星标⭐"，第一时间收获最新推送 构建起覆盖医疗全产业链的投资体系与"资本-产业-行业"协同的生态闭环。 作者丨 簪竹 来源丨 投中网 政策的大力支持和市场的旺盛需求，正为医疗产业带来新的发展动能和投资机会。 二十届四中全会提出："加快建设健康中国，促进人口高质量发展"。 10 月 28 日，"十五五"规划建议发布"支持创新药和医疗器械发展"。种种迹象表 明，中国医疗产业正经历前所未有的结构性重构，多重政策与市场力量共同推动行业从规模扩张向价值深耕转型。 在 阳光融汇资本管理合伙人石晟昊看来，医疗产业存在"产业结构重组"和"研发及技术创新"两大核心投资机会 ，"产业结构重组机会精准对应存量竞 争下的新旧动能转换需求，研发及技术创新机会则紧扣本土临床需求与创新升级的时代命题。" 十年初心如磐，不仅让他们收获了良好的投资业绩，也使得阳光融汇资本除了有保险资金作为长期基石 LP ，还汇聚了产业资本、政府引导基金、上市 公司等多种类型的 LP ，最终形成多元化的资金来源体系。 深耕医疗十年，全产业链布局 乘着政策的东风，阳光融汇资本应运而生。 时间回到 2014 年底，监管试点保险资金发起设立私募股权基金 ...

以下文章来源于巨潮WAVE ，作者老鱼儿 巨潮WAVE . 融入时代巨潮，发现商业决策。 将投中网设为"星标⭐"，第一时间收获最新推送 "AI眼镜"的大潮，并非无源之水。 作者丨 老鱼儿 编辑丨 杨旭然 来源丨 巨潮WAVE "2025年将是中国AI眼镜元年。" 近期在科技圈和财经媒体中，类似的声音频频响起。 在类似的判断背后，是今年以来，小米、百度、阿里巴巴等巨头接连发布各类AI眼镜新品，将智能眼 镜这个曾被质疑的概念，再次推向消费电子的舞台上。 甚至，这场新一轮的"眼镜竞赛"已经超越了行业的边界。各类科技公司、汽车制造商、手机供应链 等企业纷纷加大投入，甚至有制药企业也想来分一杯羹。 眼镜在近些年不断被时代赋予新的使命，但又始终难以被市场真这个接受。AR/VR的泡沫还没有完 全消退，AI时代技术的逐渐成熟，又给了眼镜以新的发展空间和趋势。 无论是成为下一代计算平台，还是仅作为特定场景的辅助设备，这场"眼镜疯狂"都已经真正开始 了。而这些商业机会的背后，更潜藏着一场人类如何与技术共存的伦理拷问。 挤破头 "AI眼镜"的大潮，并非无源之水。 追溯它的起点，是2023年底，Meta与雷朋合作推出了第一代智能眼镜 ...

将投中网设为"星标⭐"，第一时间收获最新推送 耐心资本扩容 打造科技金融"郑国渠"体系范本 7 月 16 日，中科创星先导创业投资基金与 19 家 LP 完成首关签约，金额 26.17 亿元。 LP 包括国 家中小企业发展基金、上海国投先导人工智能基金、浦东创投、上海未来产业基金、上海科创基金、宁 波开投、台州科创、西科控股等。 本次终关签约的新增 LP 涵盖太保资本长航母基金、海淀区中关村科学城科技成长基金、蚂蚁集团、广 州产投、珠海科技产业集团、南京市创投集团、复旦科创母基金、国联民生等多元化机构，体现出跨领 域顶级资本对硬科技长期主义的认可。 据介绍，其中太保资本长航母基金的加入，匹配硬科技产业"研发周期长、资金需求大、回报慢、培育 久"的行业特性，有效缓解了早期硬科技项目的资金缺口难题。复旦科创母基金的出资，则有助于为基 金与以复旦大学为代表的高校搭建起科研成果与资本市场的直接桥梁，助力精准挖掘实验室阶段"从 0 到 1 "的原始创新项目。 打造科技金融"郑国渠"体系范本。 来源丨 投中网 专注于硬科技领域的早期投资机构中科创星科技投资有限公司 12 月 11 日宣布，旗下中科创星先导创 业投资基金最 ...