风投大佬持续押注加密货币。 以下文章来源于东四十条资本 ，作者陈美 作者丨陈美 来源丨 东四十条资本 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 还记得稳定币巨头Circle上市首日，引发9倍涨幅的暴涨神话吗？ 7月19日，加密货币交易所Bullish正式向SEC提交了IPO申请，计划以代码"BLSH"登陆纽交所。这是自6月17日特朗普签署 《天才法案》后，首个加密货币IPO项目。 该交易所由区块链公司Block.one孵化，硅谷风投大佬彼得·蒂尔押注，前纽交所总裁TomFarley担任CEO。风投大佬+前纽 交所高管的组合，让这家顺势而为的IPO公司备受关注。 带着2.4万枚比特币的交易所要IPO了 说到彼得·蒂尔，在VC圈无人不知。他是全球知名的风险投资家和企业家，创立和参与了多家知名投资公司，包括对冲基金 ClariumCapital、风险投资基金FoundersFun等。 但市场对彼得·蒂尔印象最深的还是，其是PayPal核心人物。在与MaxLevchin等人联合创立PayPal之后，彼 ...

Core Viewpoint - Apple is facing challenges in maintaining its market position amid rising competition and regulatory pressures, despite reporting strong financial results in its latest earnings report [5][20]. Financial Performance - Apple's Q2 2025 financial results showed total net revenue of $94.036 billion, a 10% year-over-year increase, and net profit of $23.434 billion, up 9% [5][20]. - The revenue growth of 10% is the largest quarterly increase since December 2021 [5]. - In the Greater China region, revenue reached $15.369 billion, marking a 4% year-over-year increase, attributed to price reductions and government subsidies [6][10]. Market Dynamics - Apple's performance in China improved significantly in Q2 2025, ending a trend of decline, with sales boosted by price adjustments and promotional activities [10][11]. - The Americas segment generated $41.198 billion in revenue, up from $37.678 billion year-over-year, while Europe and Japan also saw revenue increases [10]. - Apple's iPhone revenue was $44.582 billion, exceeding analyst expectations, with a milestone of 3 billion iPhones shipped since its launch in 2007 [16]. Competitive Landscape - Apple faces increasing competition in the high-end smartphone market, particularly from Huawei and other brands in China [8][10]. - Despite strong sales, Apple's market share in China has fluctuated, with recent data indicating it ranked third in smartphone sales during Q2 2025 [11]. Challenges and Risks - Apple's AI advancements have been slow, leading to investor dissatisfaction, especially as competitors like Nvidia and Microsoft have surpassed $4 trillion in market capitalization [21]. - The company incurred $800 million in costs related to tariffs, which are expected to increase further with new import duties on products from India [19][22]. - Analysts express concerns that Apple's internal innovation may be lacking, potentially hindering its ability to compete effectively in emerging technologies like AI [24][25]. Future Outlook - Apple is planning to release the iPhone 17 series, which is anticipated to have a new design that could stimulate demand [17]. - The company is also focusing on expanding its presence in emerging markets, particularly India, where smartphone production has significantly increased [17][22]. - However, the overall market demand for smartphones is projected to remain weak, raising questions about Apple's growth trajectory [17].

Core Viewpoint - Ray Dalio, the founder of Bridgewater Associates, has officially stepped down from the firm, marking the end of a 50-year career at the hedge fund he created in 1975. He sold his remaining shares to the Brunei sovereign fund and resigned from the board, expressing confidence in the firm's future without him [3][4][6]. Transition of Leadership - The leadership transition at Bridgewater has been lengthy and complex, with Dalio having initiated a succession plan over a decade ago. He transferred control to a new generation of leaders, with the current management team consisting of younger executives who are expected to modernize the firm while adhering to its foundational principles [6][8][11]. - The current leadership includes co-CIOs Bob Prince and Greg Jensen, and co-CEOs Nir Bar Dea and Mark Bertolini, who are responsible for investment and business operations, respectively [7][9]. Performance and Strategy - Bridgewater's assets under management have decreased from $168 billion at the end of 2019 to $92.1 billion by the end of 2024, partly due to a strategy to limit the size of its flagship product, Pure Alpha, to enhance performance. The fund has seen a return of 17% in the first half of 2025 and 11.3% in 2024 [11]. - The firm is undergoing a significant restructuring to improve performance and reduce Dalio's influence, emphasizing the use of AI and other tools in its operations [11]. Dalio's Continued Influence - Despite stepping down, Dalio remains a significant figure in the investment community, actively engaging in writing and advising on macroeconomic issues. He has expressed a long-term positive outlook on China, advocating for global investment in Chinese assets [13][15][19]. - Dalio's book "Principles" has gained immense popularity in China, reflecting his deep engagement with the country and its financial markets [19].

Core Viewpoint - The article highlights the establishment and operational progress of various investment funds in Shanghai and other regions, focusing on key industries such as integrated circuits, biomedicine, and artificial intelligence, which are part of Shanghai's strategic development framework. Summary by Sections Shanghai National Investment Fund - The Shanghai National Investment Fund for the three leading industries has a total scale of 89 billion, having completed the selection of 26 market-oriented sub-funds and invested in 36 projects, with a total investment decision amount of 25.955 billion [4][21]. - The third batch of sub-fund selection has been initiated, encouraging GP collaboration with leading enterprises in the three key industries [4][21]. New Fund Establishments - A 20 billion yuan artificial intelligence seed fund has been launched in Pudong, focusing on seed-stage investments in innovative talent and cutting-edge technologies [6]. - The Huzhou Jiuli Jiahe Fund has completed registration with a total scale of 402 million yuan, focusing on new materials and advanced manufacturing [7]. - The Shaanxi Provincial Science and Technology Innovation Mother Fund has been established with a capital of 10 billion yuan, targeting future industries and new materials [8]. - The Hubei Xianning Changzheng High-tech Industry Investment Fund has been established with a capital of 3 billion yuan, focusing on private equity investments [10]. - The Sichuan Digital Culture Fund has been successfully registered with a scale of 254 million yuan, focusing on digital culture and economy [15]. Industry-Specific Funds - The establishment of the Hunan Xiangjiang General Aviation Industry Investment Fund, with a total scale of 200 million yuan, aims to invest in low-altitude economy and aerospace industries [17][18]. - The Qinhuangdao Life and Health Science and Technology Innovation Investment Fund has been approved with a scale of 200 million yuan, focusing on early-stage technology enterprises in the life and health sector [19]. - The Wuhan Optics Valley Talent Seed Fund has been established to support early-stage enterprises and innovative projects, emphasizing talent as a key resource [20].

Core Viewpoint - The competition for the title of "first stock of large models" is intensifying, with companies like MiniMax and Zhiyuan at the forefront, despite a general decline in the hype surrounding large model startups [5][6][12]. Group 1: Company Developments - MiniMax is reportedly preparing for an IPO, with recent financing of nearly $300 million, leading to a post-money valuation exceeding $4 billion (approximately 287 billion RMB) [8][27]. - The founder of MiniMax, Yan Junjie, has gained significant attention, recently speaking at the WAIC and being seen as a key figure in the industry [7][9]. - MiniMax has launched several products and models, including the MiniMax-M1 and Hailuo series, indicating a strong focus on product development ahead of its IPO [26][25]. Group 2: Competitive Landscape - The competition for the "first stock" is primarily between MiniMax and Zhiyuan, both of which have met the three-year operational requirement for IPO eligibility [12][14]. - Zhiyuan has already initiated its IPO process, while MiniMax is also preparing for a potential listing, with both companies eyeing the same market [12][13]. - The urgency for an IPO is driven by the need to secure market position and capitalize on the high valuation potential associated with being the first in the sector [16][17]. Group 3: Market Context - The large model sector is experiencing a rapid deflation of valuations, prompting companies to seek IPOs to secure funding and market presence [17][20]. - Historical context shows that being the first to list can lead to significant market advantages, as seen with previous AI companies [19][20]. - The current environment suggests that only a few large model companies will successfully go public, with intense competition for limited opportunities [20][21].

将投中网设为"星标⭐"，第一时间收获最新推送 来源丨 投中网 2025年，一级市场回暖了吗？答案是肯定的。 01.退出端：IPO大船要开了，"从缺"两年的最佳投资回报投资人花落谁家？ 2025年上半年有73家获得VC/PE投资的企业成功IPO，这一数据与去年同期相比，增长了 32.73%。而这73家公司为VC/PE机构提供了1058亿元的账面回报，同比大涨了54.68%。 其中4月在纳斯达克上市的霸王茶姬，为早期投资者创造了逾百倍回报；6月在科创板挂牌的影石创 新，以当天的收盘价计，带给早期投资人的回报率也突破了800倍。这些经典案例无疑给市场打了一 剂强心针。而且接下来我们还将迎接摩尔线程、沐曦集成、宇树科技等一批明星项目的上市，正如前 几天投中网的文章所写"IPO的大船要开了"。 我们也希望"从缺"两年的投中榜最佳投资回报投资人 能有所归属。 02.投资端：市场信心修复与资本活跃度不断提升 今年上半年，VC/PE市场投资数量5074起，同比上升28%；市场交易规模共计5748亿元，同比上 升18%。数据虽然并未恢复至2016年的峰值水平，但已经接近三年来最高点。这无疑反映了市场信 心修复与资本活跃度的提升 ...

Core Viewpoint - The outdoor sports market in China is experiencing rapid growth, with significant investments flowing into domestic brands, raising questions about sustainability and long-term viability in a competitive landscape [5][6][19]. Group 1: Market Dynamics - The outdoor sports market in China reached a scale of 248 billion yuan in 2022, with a year-on-year growth of 15.8%, and is expected to exceed 400 billion yuan by 2025 [7][19]. - The participation in outdoor activities has surged, with 400 million people engaging in various outdoor sports by the end of 2021, indicating a shift in lifestyle and consumer behavior [7][8]. - Major brands like Pelliot have shown explosive growth, with revenue increasing from 379 million yuan in 2022 to 1.766 billion yuan in 2024, reflecting a compound annual growth rate of 115.86% [5][6]. Group 2: Brand Positioning and Strategy - Domestic brands are striving to emulate the success of industry leaders like Anta, which reported a revenue of 70.826 billion yuan in the previous year, and has expanded its portfolio through acquisitions of high-end outdoor brands [6][21]. - Brands such as Pelliot and Kailas are focusing on developing signature products, with Pelliot's jackets contributing over 80% of its revenue [10][11]. - The pricing strategy among top domestic brands has seen an increase of 25% to 65% over the past year, indicating a shift towards premium positioning [19][20]. Group 3: Challenges and Opportunities - Despite the growth, domestic brands face challenges in achieving high brand equity compared to international counterparts, often being labeled as "domestic alternatives" [16][18]. - The marketing expenditures for brands like Belliot have surged, with advertising costs rising from 68.71 million yuan in 2022 to 359 million yuan in 2024, highlighting the financial strain of customer acquisition [15]. - The outdoor market in China is still in its early stages compared to developed countries, with a penetration rate of only 2%, suggesting significant room for growth and innovation [21][22]. Group 4: Consumer Trends - The shift in consumer preferences towards lightweight and experiential outdoor activities is reshaping the market, with a focus on design and fashion becoming as important as functionality [23][24]. - The concept of "Chinese-style outdoor" emphasizes participation and enjoyment rather than extreme challenges, which aligns with the evolving lifestyle of consumers [23][24]. Group 5: Future Outlook - The future of the outdoor economy in China may not lie in merely replacing international giants but in fostering domestic innovation and iteration [24]. - Brands that can effectively balance quality, marketing, and consumer engagement are likely to thrive in this burgeoning market [24].

Core Viewpoint - Haidian District is emerging as a significant hub for AI innovation, attracting talent and investment, and fostering a robust ecosystem that supports the development of AI technologies and applications [2][3][4]. Group 1: Haidian's Innovation Ecosystem - Haidian has become a focal point for tech innovation, with over 20,000 external investment personnel active monthly and numerous unicorns emerging from the area [2]. - The district accounts for 2.6% of Beijing's land but generates over 25% of the city's GDP, hosting more than 70% of the nation's AI companies and 80% of top global AI scholars [3]. - The area is home to over 100 AI companies, establishing itself as the core of the "Zhongguancun AI Large Model Industry Cluster" [3]. Group 2: Historical Context and Development - Haidian has historically been linked to every wave of AI development in China, from early expert systems to the current era of deep learning and large models [6][7]. - The establishment of key research institutions and collaborations with leading universities has laid a strong foundation for AI research and talent cultivation [9][10]. Group 3: AI Application and Market Potential - The AI application market is viewed as a trillion-dollar opportunity, with Haidian at the center of this entrepreneurial resurgence [4][5]. - The district has seen a resurgence in startup activity, reminiscent of the mobile internet boom, with numerous events and networking opportunities for entrepreneurs [4]. Group 4: Infrastructure and Support Mechanisms - Haidian is implementing a comprehensive strategy to support AI development, including a public computing power platform and a data-sharing initiative [12][13]. - The district has established a significant number of large models, with 89 registered by June 2023, representing one-third of the national total [13]. Group 5: Talent and Investment - Haidian boasts the highest concentration of AI talent in China, with 80% of the nation's top AI scholars and numerous educational institutions offering AI programs [14]. - The district has launched a series of funds totaling 20 billion yuan to support technology companies throughout their growth cycles, enhancing its investment landscape [14][15].

Core Viewpoint - The article discusses the strategic move by Tron Inc., led by founder Sun Yuchen, to raise up to $1 billion through a mixed-shelf offering, primarily aimed at purchasing more TRX tokens, which has generated significant market excitement and raised complex questions about the intersection of traditional finance and the cryptocurrency world [4][5][30]. Group 1: Company Overview - Tron Inc. recently went public via a reverse merger with a small toy manufacturer, SRM Entertainment, transforming into a company focused on managing a large reserve of TRX tokens [9][19]. - The company’s new strategy involves leveraging its status as a Nasdaq-listed entity to attract traditional investors while maintaining a strong connection to the cryptocurrency ecosystem [22][28]. Group 2: Financial Maneuvering - The reverse merger was facilitated by a strategic investment of $100 million in TRX tokens from a company owned by Sun Yuchen's father, creating a unique structure that avoids direct scrutiny from regulators [13][14]. - The company plans to utilize the funds raised to acquire more TRX tokens, thereby increasing its asset value and potentially supporting the TRX price in the market [29][30]. Group 3: Market Reaction - Following the announcement of the mixed-shelf offering, Tron Inc.'s stock price surged by 25%, reflecting investor enthusiasm for the company's ambitious plans [5][30]. - The transition from a toy manufacturer to a cryptocurrency-focused entity has positioned Tron Inc. as a novel investment vehicle in the eyes of traditional investors [22][28]. Group 4: Regulatory and Market Risks - The article highlights significant risks associated with Tron Inc., including the extreme volatility of TRX, regulatory scrutiny from the SEC, and the company's heavy reliance on the performance of the Tron blockchain ecosystem [24][25][26]. - The SEC has previously filed lawsuits against Sun Yuchen and related entities, raising concerns about the legality of TRX as a security and the potential implications for Tron Inc. as a publicly traded company [24][26].

Core Insights - The article emphasizes the critical importance of exit strategies in the investment landscape, highlighting that "exit is king" for investors, as it reflects their professional capabilities and performance levels [1] - The recent IPO of Arm by SoftBank is presented as a significant case, showcasing how successful exits can provide substantial returns to limited partners, especially after a period of significant losses [1] - The article discusses the challenges faced by companies like Chime, which saw its valuation drop from $25 billion to $11.6 billion due to tightening IPO markets, illustrating the volatility of exit opportunities [2] EQT's Exit Strategy - EQT achieved a remarkable exit of $15.1 billion in the first half of 2025, doubling its performance compared to the same period last year and surpassing the total exits of the previous year [2][4] - The majority of EQT's exits were driven by mergers and acquisitions, with notable transactions including the sale of Nord Anglia Education for $5.4 billion, which significantly contributed to their exit total [5][4] - EQT's strategy involved internal stock sales among its limited partners, creating a unique "internal IPO" model to enhance liquidity for its investors [8][12] Market Conditions and Challenges - The article notes that the IPO market has been underperforming, with EQT executives expressing concerns about the limited number of active buyers and the dysfunctionality of the IPO market [7][10] - The overall market for public transactions has seen a significant decline, with the number of completed deals in the U.S. reaching a low not seen since 2015, indicating a challenging environment for exits [10] Leadership Changes and Future Outlook - EQT announced a leadership change, with Per Franzen taking over as CEO, coinciding with the launch of a new fundraising cycle aimed at raising €100 billion, reflecting a strategic shift in their investment approach [12] - The article concludes with a note of optimism regarding upcoming IPOs, such as Figma, which could revitalize market confidence and liquidity, benefiting the broader investment landscape [13]