将投中网设为"星标⭐"，第一时间收获最新推送 具身智能中的创新型务实解法。 作者丨 簪竹 来源丨 投中网 有人说，中国硬科技已站上世界之巅，但就AI大模型的技术水平而言，中国仍处于追赶美国的阶段。这个结论正确吗？我们和 昊辰资本创始人汤涛 先 生就此进行了讨论。他的观点是:至少该结论在"空间智能模型"领域是不正确的。一个来自于粤港澳大湾区数字经济研究院（IDEA研究院）的顶级科学 家团队，开发出了全球领先的"空间智能模型"。这个团队的带头人，就是昊辰资本天使轮投资项目 视启未来（深圳）科技有限公司 （下文简称视启未 来）的创始人——张磊博士。 图/张磊博士 视启未来的由来 张磊博士，是中国人工智能奠基人张钹院士的得意门生，也是拥有200余篇顶会论文、Google Scholar引用超6.2万次的IEEE Fellow。 2024 年，张 磊博士发布了通用视觉大模型 Grounding DINO 1.5，一举摘得视觉领域 SOTA（当前最优） 桂冠。在 COCO、LVIS 等多个国际权威测试中，该模 型以绝对优势力压谷歌、Meta、微软等行业巨头，成功在全球舞台上为中国视觉大模型占据顶尖位置，彰显了国产 AI ...

Core Viewpoint - Silver is transitioning from being perceived as "poor man's gold" to a critical industrial material due to a persistent supply-demand gap driven by key industries like photovoltaics and electrification [5][6][48]. Group 1: Silver's Market Dynamics - Historically, silver was undervalued due to its abundant supply and diverse applications, leading to a lack of serious market consideration for its scarcity [5][6]. - Since 2021, the global silver market has experienced a physical supply-demand gap, primarily driven by rapid demand growth in industries such as photovoltaics and high-end electronics, while supply has struggled to keep pace [6][44]. - Over 70% of global silver production comes from by-products of other metals, making its supply response to price signals slow and limited [7][38]. Group 2: Demand Structure - In 2024, global silver demand is projected to reach 1.164 billion ounces (approximately 3.62 million tons), with industrial demand accounting for 681 million ounces (about 58%), jewelry and silverware demand at 263 million ounces (around 23%), and investment demand at 191 million ounces (approximately 16%) [15]. - The behavior of these demand categories is distinct: industrial demand is tied to the industrial cycle, jewelry demand is highly price-sensitive, and investment demand fluctuates with macroeconomic sentiment [16]. Group 3: Industrial Applications - The photovoltaic sector is a key driver of silver demand, with actual demand expected to reach 198 million ounces in 2024, a 1.6-fold increase since 2019, representing about 17% of total silver demand [27]. - Electric vehicles and AI infrastructure are also contributing to silver demand, with the average silver usage in a traditional vehicle being 15-20 grams, while a new energy vehicle typically uses 30-40 grams [30]. Group 4: Supply Constraints - Global silver mine production is estimated at 820 million ounces in 2024, with a year-on-year growth rate of less than 1% [37]. - The structure of silver supply has remained largely unchanged over the past two decades, with primary silver production accounting for only about 228 million ounces, or less than 30% of total production [39]. Group 5: Market Repositioning - Silver is no longer just a shadow of gold; it is now recognized as a critical material with real and sustained demand, difficult-to-replace applications, and highly constrained supply growth [48][50]. - The market's perception of silver is shifting from a financial asset to a key functional material, reflecting its importance in various industrial applications [49].

以下文章来源于超越 J Curve ，作者杨博宇 除了蓝箭航天外，多家商业航天公司加快了 IPO进度。导致这两天不少投资人群里都在感慨同一件事：当年向领导推荐某火箭公司，结果被一票否决。 理由自然大同小异：这玩意儿国家怎么可能放开？但现在回过头来看，只能说政治经济学，还得好好学。 错过蓝箭航天们的投资人，一部分正在补票其它头部公司；另一部分则在寻找商业航天的下一个机会。 作者丨 杨博宇 来源丨 超越 J Curve 2026年最让人期待的IPO快要来了。 今天，蓝箭航天在上交所科创板的上市审核状态，变更为 "已问询"，这意味着蓝箭航天离"商业航天第一股"又近了一步。 2015年，金融学背景的张昌武创立了蓝箭航天，到今天正好10年。从第一笔投资到目前，一共完成了17轮融资，吸引了85支基金下注。如果今年顺利 上市，背后的投资人们又将收获一个千亿级的IPO。 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 | | 部分商业航天公司最近讲度 | | | | --- | --- | --- | --- | | 企业名称 | 最新动态 / 行业标签 | 核心产品与技术 | 备 ...

将投中网设为"星标⭐"，第一时间收获最新推送 硬科技赛道，新能源与储能成热门。 上周，海尔新能源在青岛举行B轮融资签约仪式暨发展战略研讨会，与农银投资、招商银行、鲁信创投、山能资本 等资方达成合作，本轮融资超10亿元。此外，至华新能源科技（浙江）有限公司完成新一轮战略融资。本轮融资由浙江省产业基金、财通资本、浙江产 投、浙创投联合投资。 大健康赛道，生物医药成重点。 上周，浙江德进生物医药完成数千万元A轮融资，本轮融资由弘晖基金领投，凯乘资本担任首席财务顾问并继续负责后 续融资。此外，深圳市新樾生物近日完成数千万元A+轮战略融资，本轮融资由老股东晶泰科技追加投资。 互联网赛道，量子计算受重视。 上 周，量子计算企业量旋科技宣布完成数亿元C轮融资，本轮由隆利科技、晶凯资本、恒泰华盛、毅达资本、青岛瀚 瑞、海南风凯翔联合投资，邝中、夏佐全持续跟投。此外，国内量子计算应用的创新先行者微观纪元宣布完成近亿元A轮融资。本轮获容亿投资领投， 尖晶资本等参与投资。 据投中网不完全统计，投融资详情如下（统计周期1月17日—1月23日）： 新消费 速览投资风口，掌握资本律动。 作者丨 长风 来源丨 东四十条资本 大家好，我是长 ...

以下文章来源于东四十条资本 ，作者韦香惠 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 商业模式以及可持续的盈利闭环。 与此同时，相比单一硬件产品的销售，具身产业的增长逻辑正在向更深层次的"系统级解决方 案"与"RaaS（机器人即服务）"租赁模式等细分赛道延伸，能够率先跑通商业模型、实现规模化落地 的企业，正在成为资本关注的新焦点。 九个月进账 4.1 亿元， CFO 来自追觅 与过去几年机器人赛道普遍奉行的"高融资、高亏损"逻辑不同，玖物智能递交的招股书展现出一份少 见的具备自我造血能力的成绩单。 将投中网设为"星标⭐"，第一时间收获最新推送 此次转战港交所，是其资本战略上的一次关键"变道"。 作者丨韦香惠 来源丨 东四十条资本 A股上市辅导长跑三年仍未落地，进入2026年，玖物智能正式转向港交所主板递交上市申请。 在当前中国具身机器人赛道中，真正实现盈利的公司屈指可数，玖物智能是少见的盈利代表之一，甚 至被市场冠以"机器人盈利第一股"。弗若斯特沙利文统计显示，按 2024 年智能具身产业机器人解决 方案收入算，玖物智能在中国排名第二，市场 ...

Core Viewpoint - The current moment may represent the best exit opportunity for investors in the past decade, particularly with the upcoming IPO of Watsons Group, which is expected to be valued at $30 billion (approximately 208.8 billion RMB) [4][19]. Group 1: Market Insights - In the fast-moving consumer goods (FMCG) sector, beauty and personal care products have the highest gross margins, typically exceeding 60%, compared to food and beverage products, which generally maintain margins of 30% to 40% [3]. - The beauty and personal care segment holds approximately 20% of the global FMCG market share, with the potential to rise to 40% when including home care and over-the-counter health products [3]. Group 2: Watsons Group IPO Details - Watsons Group is preparing for an IPO, having engaged Goldman Sachs and UBS as underwriters, with potential listings in Hong Kong and London [4]. - The IPO is anticipated to occur as early as the second quarter of this year, with a target valuation of $30 billion [4]. Group 3: Historical Context and Strategic Moves - Watsons previously sought an IPO in 2013, claiming to be the largest beauty and personal care retailer in Asia and Europe, with over 10,500 stores and an EBITDA of $1.64 billion in 2012 [6]. - In 2014, Watsons opted for strategic investment from Temasek, raising 44 billion HKD (approximately 39.2 billion RMB) for a 25% stake, which was seen as a premium investment [7][8]. Group 4: Recent Performance and Challenges - By 2021, Watsons had expanded to 16,398 stores globally, with 4,179 in mainland China, but faced a decline in growth rates, dropping from 17% in 2012 to 3% in 2019 [13]. - In 2023, Watsons reported a revenue of 16.453 billion HKD in China, a 6% decline year-on-year, marking the first negative growth in store numbers in nine years [13]. Group 5: Future Outlook and Strategic Adjustments - Watsons is planning to open approximately 3,800 new style stores globally by 2025, with an investment of $250 million, indicating a significant strategic shift [17]. - The retail business of the parent company, CK Hutchison, is showing signs of recovery, with a 41% year-on-year revenue increase in the first half of 2025, driven by strong growth in beauty and personal care sectors [18].

以下文章来源于超越 J Curve ，作者杨博宇 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 2025年全国有294个IPO。其中江苏省收获46家，位列全国第一。 作者丨 投中嘉川 来源丨 超越 J Curve 2025年的IPO数据已经出炉。 投中嘉川团队在上周末发布了《 2025年度IPO报告｜港交所加速发行 机构背景上市数量涨超两成 》 ，梳理了去年中国企业在 A股、港股和美股的上市数据。 这份报告中，除了盘点了去年各大投资机构的 IPO成绩外，城市与地域数据也可圈可点。比如最近 几年各省份IPO数量冠亚军，都是广东省与江苏省轮流坐庄，而今年又轮到了江苏。 投中嘉川 CVsource显示，2025年全国有294个IPO。其中， 江苏省收获 46家，位列全国第一。 第二到第五分别是广东、香港、浙江和上海。 苏州拿下了 19个IPO ，不仅是 IPO数量最多的地级市，也超越了深圳、广州、杭州，成为仅次于上 海和北京的第三大城市。 此外，江苏去年的投融资数据也排在全国前列。 1972起融资数量领跑全国，1677.65亿元融资金额 排在全国第二。 | 企业简称 | ...

Core Viewpoint - The article discusses the volatility and potential of AI application stocks, highlighting the recent surge and subsequent decline in their prices, emphasizing the need for logical investment rather than speculative trading [4][5][7]. Group 1: AI Application Market Dynamics - The AI application market experienced a significant surge starting January 9, driven by the IPO of MiniMax, which saw a price increase of over 90%, boosting market confidence in AI commercialization [5]. - Following the initial excitement, many AI application companies issued announcements clarifying their limited revenue from AI, leading to a sharp price correction in the sector [7]. - The article suggests that while the AI application sector is currently volatile, it has the potential to create long-term value if investors can identify companies with genuine business models and revenue streams [9]. Group 2: GEO Model in Advertising - The article introduces the GEO (Generative Engine Optimization) model, which allows users to input specific demands and receive optimized product recommendations directly from AI, streamlining the purchasing process [11]. - The GEO market is projected to grow significantly, with estimates of $2.9 billion in China and $11.2 billion globally by 2025, and reaching $24 billion and $100.7 billion by 2030 respectively [13]. - GEO is seen as a transformative force in marketing, shifting the power dynamics towards platforms that can leverage AI models effectively, similar to how Google and Baidu dominated the SEO era [16][17]. Group 3: AI in Healthcare - The AI healthcare sector has shown strong performance, with companies like Hongbo Medicine and Dian Diagnostics seeing stock increases of over 50% year-to-date [28]. - Government policies are increasingly supportive of AI in healthcare, with initiatives aimed at integrating AI into high-end medical equipment and remote healthcare applications [30]. - The article notes that AI healthcare applications are moving from concept to clinical use, with companies like Tempus AI reporting an 83% revenue growth, indicating a positive trend for domestic firms in the sector [31]. Group 4: AI in Financial Technology - The financial technology sector has also seen a rise, with the Financial Technology ETF increasing by over 14% since the beginning of 2026 [46]. - AI is expected to enhance the capabilities of internet financial companies by improving customer engagement and operational efficiency through advanced tools [48]. - However, the article cautions that while AI can improve operational efficiency, it may not fundamentally change the poor business models of many financial IT companies, which face challenges such as high customization costs and fragmented market share [49].

将投中网设为"星标⭐"，第一时间收获最新推送 90后新势力又出手了。 作者丨陈美 编辑丨王庆武 来源丨 投中网 新年，IPO热闹之际，产业资本对上市公司的"扫货"也在暗流涌动。 近日，嘉亨家化（300955）公告称，杭州拼便宜联手浙江国资，拟通过协议转让+表决权放弃+要约收购的方式，以17亿元的 总价接盘嘉亨家化50.80%股份。 自此，一位90后的连续创业者联手地方国资，拿下上市公司控股股权的案例再度浮现。交易完成后，这位90后将入主嘉亨家 化，成为这家44亿市值上市公司背后的新主人，而原大股东——79岁的日化代工老兵及其接班二代，则彻底退出。 作为主要收购主体，近日，拼便宜已按规定缴纳要约收购的保证金，这意味着该交易正式进入实质性执行阶段。 "敢闯"90后，拿下一家上市公司 对于该笔交易，外界最直观的印象就是，90后新势力又出手了。 股权穿透显示，主要收购方的杭州拼便宜，背后是一位90后。其创始人徐意出生于1990年，重庆万州区人，大学期间主攻工商 管理专业，之后在深圳创业，后来扎根于杭州发展。 2017年，徐意在杭州创立拼便宜，聚焦快消品B2B赛道，以AI算法重构传统流通链路。凭借对中小便利店"降本提效 ...

Core Viewpoint - The article highlights the recent developments in the LP (Limited Partner) market, focusing on new fund formations and significant investments by established companies in the venture capital space [6][5]. Group 1: New LP Involvement - Shanghai Jushen Intelligent Creation Venture Capital Partnership has added a new partner, ChipLink Integrated, a leading player in the integrated circuit sector, which recently went public with a market value of around 60 billion [6][9]. - ChipLink Integrated has a history of participating as an LP in various funds and has recently established its own CVC, ChipLink Capital, which raised 1.25 billion for its first main fund, focusing on robotics [6][7]. Group 2: New Fund Establishments - A new specialized fund in Hefei has been established with a total scale of 1.5 billion, targeting high-potential small and medium enterprises in sectors like advanced manufacturing and new materials [10][11]. - The Zhongjin (Zhangzhou) Medical Industry Investment Fund has completed its registration with a total scale of 1 billion, focusing on traditional Chinese medicine and healthcare-related sectors [12][13]. - The establishment of the "Chizhou Wanma Benchi" talent fund aims to support high-level talent innovation and entrepreneurship, with a focus on technology projects in Chizhou [22][23]. Group 3: Notable Investments - The new fund established by Hubei Fenghuo Communication and Unicom Venture Capital has a total investment of 1 billion, combining local state-owned assets with listed companies [19]. - The Sichuan Jin Jiao Investment Fund, backed by Luzhou Laojiao, has been active in the market, with a recent establishment of a fund totaling 495 million, focusing on equity investments [20]. - The establishment of the Guochuang Zhongshan Fund aims to support the development of innovative medical devices and healthcare industries in the Greater Bay Area [24].