将投中网设为"星标⭐"，第一时间收获最新推送 AI下半场，如何定义"好问题"？ 来源丨 投中网 红杉中国宣布推出 一个 全新的 AI 基准测试 xbench 。 根据 xbench 的介绍，这是首个由投资机构发起，联合国内外十余家顶尖高校和研究机构的数十位博士研究生，采用双轨评估体系和长 青评估机制的基准测试。它将在评估和推动 AI 系统能力提升上限与技术边界的同时，重点量化 AI 系统在真实场景的效用价值，并长期 捕捉 Agent 产品的关键突破。 面向 AI 产品做出基准，这在产业、高校和研究机构是常见行为，但红杉中国作为一家投资机构，拿出很重的投入度，"跨界" 推出 一款 专门 产品（甚至还附带一篇论文）， 放在全球投资行业也是头一遭，说明红杉中国不仅有很强的业务洞察和务实姿态，在 AI 行业的布 局决心，还在投资业务上在持续拓展着边界 。 自 ChatGPT 一炮而红以后，红杉中国可能是最早行动起来全面拥抱 AGI 的机构。 AI 六小龙中，红杉中国独中四元，具身智能领域大 热的宇树科技、智元机器人，也都是红杉中国的被投企业，今天凭借 Manus 在 Agentic AI 领域火热的蝴蝶效应，也在 A ...

以下文章来源于东四十条资本 ，作者杨博宇 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 或许是一次改变全球算力格局的并购。 作者丨 杨博宇 来源丨 东四十条资本 3000亿鲸吞900亿，A股市场一纸公告，让算力市场变天了。 昨晚，海光信息与中科曙光分别发布公告称， 海光信息将通过向中科曙光全体A股换股股东发行A股股票的方式， 换股吸收合 并中科曙光 ，同时发行A股股票募集配套资金。 海光信息是国产CPU/DCU芯片研发商，市值3164亿；中科曙光是高端计算机整机制造商和云服务商，市值905亿。两家公司 合并，市场的主流评论是，算力航母诞生，中国AI的新旗舰来了。 2006年，在中科曙光成立10周年之际，公司在天津设立产业基地。2014年，公司登陆主板上市，成为我国在算力领域的龙头 企业之一。 就在中科曙光上市那一年，海光信息正式成立。它由中科曙光、天津海泰科技等公司联合设立。从诞生之初开始，中科曙光就 是海光信息的最大股东。 2016年，海光信息与AMD达成合作，通过成立合资公司（海光微电子、海光 ...

Core Viewpoint - The article discusses the decline in deposit interest rates in China, leading to a shift in investment strategies among young people who are moving away from traditional savings to diversified investment options like money market funds, bond funds, and gold funds [5][7][21]. Summary by Sections Deposit Rate Decline - As of May 20, 2023, the one-year fixed deposit rate has fallen below 1%, and the interest on demand deposits has dropped to 0.05%. This trend is not limited to major banks but also includes small and medium-sized banks that previously attracted deposits with higher rates [5][6]. Shift in Investment Strategies - The decline in deposit interest rates has led many individuals, particularly younger generations, to abandon the traditional approach of saving in banks for interest. Instead, they are diversifying their investments into what is referred to as the "new three golds" (新三金), which includes money market funds, bond funds, and gold funds [7][8][21]. Case Studies - A case study of a young woman named Li Jing illustrates the impact of falling interest rates on personal savings. After saving 800,000 yuan, she realized that the declining interest rates meant her savings were effectively losing value due to inflation. This prompted her to explore alternative investment options [9][21]. - Another example includes a netizen who sold a property for over 4 million yuan and chose to invest 3.4 million yuan in short-term debt and money market funds, aiming for returns that exceed previous rental income [10]. Popularity of "New Three Golds" - The "new three golds" have gained traction among young investors, with data showing that as of April 2023, 9.37 million individuals from the post-90s and post-00s generations are investing in money market funds, bond funds, and gold funds simultaneously [11][21]. Investment Behavior and Mindset - Investors are increasingly focused on low-risk, inflation-beating returns. The bond fund community, referred to as "egg collectors" (收蛋人), has seen significant growth, with many individuals adopting a strategy of steady, small returns rather than high-risk investments [16][18]. - The article highlights a generational shift in financial attitudes, where young people prioritize financial security and risk management over traditional wealth accumulation methods [20][21]. Conclusion - The changing landscape of deposit rates and investment strategies reflects a broader trend among younger generations who are seeking more stable and diversified financial options. This shift is characterized by a focus on risk management and the desire for consistent, albeit smaller, returns [22].

正是和前东家对垒的关口，好事者无不盯着隋坡，打量他还能拿出什么看家本领。可这两个系列偏偏 选得巧妙，有意识地抓住一大一小，一高一低，拉开了一位厨师、一个创作者的人格宽度。大处立牌 面，小处见人情。做得怎样不是重点，单就这组织编排的意识，便值得学习。 话说回来，今天正题是张颖。这两天，经纬公号上宣布，要重启创业者公益项目"经纬问诊"。早在 2016年，经纬便启动了这个系列，每年都挺浩大。不过后来，疫情来了，创业进入低谷期，退出机 制不明确扰乱了大家的心气——这是他找的理由，其实也不需要过多解释，每个市场部都懂。总之， 世情如此，一呼百应的投后服务也像断线风筝，没影了。 都知道经纬会办活动，这构成其投后能力的重要部分。最有名，莫过于亿万，此外有各种创接会、创 享会，乃至和地方政府合作的大会。但这个问诊活动的性质、面向的人群还有点不一样。比如能进亿 万的，都不是初级创业者，员工人数、公司收入、有无推荐人背书，标准一条一条在那摆着呢。 经纬问诊看起来更普惠。如文章里所言，"本次活动真诚邀请非经纬生态的所有创业者、CEO来参加 活动，向我们提问"，而且更欢迎的人群是，"一些夫妻早餐店，只有一个简单的店面，勤勤恳恳的经 ...

惊蛰研究所 . 探索发现新经济。 将投中网设为"星标⭐"，第一时间收获最新推送 拼完价格，拼"文化"。 作者丨 娅沁 以下文章来源于惊蛰研究所 ，作者惊蛰研究所消费组 来源丨 惊蛰研究所 随着全国气温的逐步上升，旅游旺季翩然而至。但当县域旅游、文博游、出境游等旅游方式成为旅游行业 热点时，原本小众的邮轮旅游也在悄悄崛起。 公开数据显示，今年春运期间，邮轮旅客运输量达17.2万人次，同比增长145.6%；五一假期，上海邮轮 口岸更是迎来"四船同靠"的盛况，单日出入境人员近3万人次，创下3年来新高。 面对眼下的市场热度，邮轮品牌们早已摩拳擦掌。为了抓住旅游旺季的市场机会，不少邮轮品牌将目光投 向了文化跨界的新玩法，推出与非遗、汉服等传统文化，甚至是哪吒、乐高等商业IP相关的主题旅游产 品。而这些文化跨界的新玩法，将邮轮经济带入新的蓝海。 邮轮旅游：拼完价格，拼"文化" 虽然2025年开年至今的亮眼数据，拉高了整个市场对"邮轮经济"的期待值。但在中国市场，邮轮作为一 种小众旅行方式一直难以流行。 长期以来，邮轮旅行的核心卖点始终围绕海上观光、娱乐设施、特色餐饮和免税购物等服务展开，这一模 式在市场培育期凭借清晰的功 ...

Core Viewpoint - The investment logic of Chinese VC in Japan is fundamentally an investment in China, leveraging the potential of Chinese supply chains to penetrate the Japanese market [12]. Group 1: Investment Highlights - The recent A-round financing of Japanese furniture cross-border e-commerce platform "CAGUUU" (卡谷电商) raised 650 million yen (approximately 30 million RMB), with notable investors including Zhu Xiaohu and Japanese football star Keisuke Honda [2][7]. - CAGUUU aims to integrate Chinese supply chain resources with Japanese branding to tap into the Japanese furniture market, a strategy led by founder Liu Sanyong, who previously expanded SHEIN in Japan [2][6]. Group 2: Market Challenges - The furniture industry presents higher barriers compared to the fashion sector, including logistics, after-sales service, and brand trust, necessitating a strategic adjustment for CAGUUU [3][7]. - Established competitors like NITORI and IKEA dominate the Japanese market, requiring CAGUUU to find a precise market positioning to succeed [3][7]. Group 3: Operational Strategy - CAGUUU's business model focuses on selling high-cost performance furniture products through cross-border e-commerce, with over 2,500 products listed and nearly 30,000 SKUs covering various furniture categories [8]. - The company plans to utilize the recent funding for service upgrades, recognizing the importance of establishing an efficient local warehousing and after-sales network in Japan [8]. Group 4: Celebrity Influence - Keisuke Honda's involvement as a brand ambassador for CAGUUU is expected to enhance brand visibility, although the effectiveness of celebrity endorsements in the Japanese market remains uncertain [12]. - Honda's X&KSK fund, which raised approximately 15.5 billion yen, aims to support Japanese startups, indicating a growing interest in fostering local entrepreneurial ventures [11].

将投中网设为"星标⭐"，第一时间收获最新推送 没有永恒的规则，只有流动的共识。 作者丨 小野酱 因为审美趋势的造就，是一种权力关系。 来源丨 小野酱 labubu突然火了。 我们不禁要问，它为什么这么火？ 很多人要跟我说，因为它很可爱啊。 那么它可爱在哪里？ 因为它标志性的"龅牙+大眼睛"的搞怪造型，既丑萌又带有艺术感，符合当下年轻人对"反差萌"的审美趋 势。 而这种审美趋势又是如何造就的？ 龙家升2015年就开始与香港潮玩公司How2work合作推出过The monster的搪胶玩具，没有出圈。2018 年签约泡泡玛特经营到2025年才算是真的火。那么过去的近10年时间，为什么我们没有发现Labubu的 美？ 历史上，审美标准常由权力中心主导。比如：我们会觉得好莱坞的明星是美的，欧洲绘画艺术是美的。我 们会觉得LV是美的，但是LV到底美不美？不管LV美不美，或者你认为美不美，它通过杂志，广告，秀场 等一系列的活动，将其包装成"高端审美"，不管你认为美不美，因为形成了某种消费崇拜。所以，必然有 很多人趋之若鹜。 所以，审美是一场角力游戏。 审美趋势的本质是一场持续的权力谈判——在资本、技术、个体表达的角 力中 ...

Core Viewpoint - The article highlights significant movements in the LP market, particularly focusing on the establishment of new funds and partnerships among major state-owned enterprises, which are expected to enhance investment in nuclear power and technology sectors in China [4][5][6]. Fundraising Dynamics - China Guoxin and China General Nuclear Power Corporation have established a new partnership in Shenzhen with a capital contribution of 250.01 billion RMB, aimed at supporting nuclear power construction and technology research [4][12]. - The "State-owned Enterprise Stock Asset Optimization and Upgrade Fund" was jointly initiated by China Guoxin, China Cinda, China Orient, and China Great Wall, with a total scale of 40 billion RMB [7]. - The Lighthouse Founders' Fund (L2F) by Guangyuan Capital has completed its first phase of fundraising, targeting a minimum of 50 million USD, focusing on AI and industrial innovation [9]. - Xiangfeng's second angel fund has raised over 500 million RMB, supported by existing LPs and local government [10]. New Fund Establishments - The Lhasa City Industrial Strong City Mother Fund has been established with a total scale of 1.5 billion RMB, aimed at promoting industrial upgrades and attracting social capital [14]. - Two equity investment funds have been set up in Daxing District with a total scale of 4 billion RMB, focusing on innovative enterprises in various sectors [16]. - The Kaide Investment has launched its first onshore mother fund in China with a commitment of 5 billion RMB, expected to contribute 20 billion RMB to its asset management scale [17]. - The Jiangsu Province Data Industry Fund has been established with a capital of 1.5 billion RMB, focusing on investments in the data industry [23]. GP Recruitment - Ji'an City is seeking to establish a technology innovation equity investment fund with a target scale of 300 million RMB, focusing on sectors like electronic information and AI [27]. - Meishan City is looking to recruit GP for its trial results transformation sub-fund, with a scale of 100 million RMB, targeting lithium batteries and photovoltaic industries [28].

Core Viewpoint - The article discusses the successful launch of Huang Zitao's sanitary napkin brand "Duo Wei," highlighting the intersection of celebrity influence and consumer trust in the sanitary products industry, especially following a recent safety scandal in the sector [5][9][12]. Group 1: Product Launch and Sales Performance - Huang Zitao's sanitary napkin brand "Duo Wei" sold 195,000 units within 15 minutes of its launch, generating over 40 million in GMV [5][6]. - The product was sold out by May 19, with resellers on second-hand platforms marking up the original price of 49.8 yuan to over 150 yuan, indicating high demand and market speculation [5][8]. - A pre-launch event featured 50,000 trial sanitary napkins offered at just 0.01 yuan, attracting 800,000 viewers and generating significant buzz on social media [7][9]. Group 2: Market Context and Consumer Trust - The sanitary napkin industry has faced a trust crisis following safety scandals, prompting consumers to seek products from high-profile entrepreneurs like Huang Zitao [6][12]. - Huang Zitao's commitment to transparency, including showcasing the production process and safety certifications, resonates with consumers' health concerns [9][15]. - The average price of sanitary napkins in China has increased from 0.49 yuan to 0.9 yuan per piece from 2009 to 2023, reflecting a compound annual growth rate of 4.79% [17]. Group 3: Industry Dynamics and Profitability - The sanitary napkin industry is characterized by high profit margins, with companies like Hengan International reporting a gross margin of over 63% despite declining revenues [16][19]. - The cost of producing sanitary napkins is relatively low, yet the retail prices are significantly marked up, indicating a lucrative market for brands [18][19]. - The entry of celebrities and influencers into the sanitary napkin market highlights the potential for leveraging personal brands to drive sales, although long-term success will depend on product quality [20].

Core Viewpoint - The high-end liquor market in China, particularly the segment above 1000 yuan, is experiencing significant price declines, with major brands like Wuliangye, Guojiao 1573, and Moutai 1935 losing their price stability and market value [4][10][20]. Group 1: Price Trends and Market Dynamics - The retail prices of high-end liquors have dropped significantly, with Wuliangye and Guojiao 1573 now selling for around 930 to 980 yuan, while Moutai 1935 has fallen to as low as 700 yuan [6][10][21]. - The official guidance prices for these products remain high, with Wuliangye at 1499 yuan, Guojiao 1573 at 1399 yuan, and Moutai 1935 at 1188 yuan, but actual market prices are consistently below these levels [6][14][15]. - The decline in prices is attributed to poor market conditions and oversupply, leading to a situation where many retailers are selling below their cost price [17][20]. Group 2: Brand Strategies and Market Positioning - Wuliangye and Guojiao 1573 have historically increased their prices in response to market trends, while Moutai has attempted to fill the gap in the high-end market with Moutai 1935, which has not sustained its initial pricing power [13][16]. - Moutai 1935, launched in 2022, initially saw high demand but has since struggled with excess inventory and declining sales, leading to significant price drops [18][21]. - The competitive landscape is shifting, with brands like Wuliangye and Guojiao 1573 managing to maintain some price stability, while Moutai 1935 is increasingly seen as unable to uphold its market position [23][24]. Group 3: Future Outlook and Industry Challenges - The overall high-end liquor market is facing challenges as consumer demand wanes and price competition intensifies, making it difficult for brands to maintain their pricing strategies [20][24]. - Moutai plans to expand its product offerings and stabilize prices, but the effectiveness of these strategies remains uncertain given the current market conditions [21][22]. - The industry is witnessing a return to more rational consumer behavior, leading to further price corrections and challenges for brands that have previously relied on high pricing strategies [24].