以下文章来源于东四十条资本 ，作者刘燕秋 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 风投收购案可能会越来越多。 作者丨 刘燕秋 来源丨 东四十条资本 风险投资机构总在为项目寻找理想的买家，把自己卖了的，不多。 因此最近的这则消息显得有些特别——高盛官宣收购Industry Ventures ，这是一家管理70亿美元资产的风投公司，2000年 成立以来进行了一千多笔投资，涵盖从种子期到后期成长期的企业，年度业绩内部收益率（IRR）为18%。高盛将以现金和股 权的形式支付6.65亿美元，并根据该公司到2030年的未来业绩，额外支付最多3亿美元。这笔交易预计将于2026年第一季度 完成，全部45名员工都将加入高盛，CEO及核心管理层将被任命为高盛资产管理集团合伙人。 你瞧，VC圈又一个激动人心的造富故事来了。如果按照最高支付价来计算，这45名员工价值9.65亿美元（约合68亿元），平 均每个人的身价都过亿。 顶级投资银行为什么看上一家VC？细看，高盛拥有一个规模达5400亿美元的另类投资平台，直接投资于成长期、收并购、房 地产、基础设施和私人信 ...

Core Viewpoint - The article discusses the increasing interest and investment in controlled nuclear fusion, often referred to as the "artificial sun," highlighting its potential as a future energy source and the shift in investor sentiment towards this sector [3][4][19]. Investment Trends - The controlled nuclear fusion sector is experiencing a surge in attention from investors, with significant funding rounds being completed, such as the nearly 100 million yuan first round financing for Andong Fusion [3][14]. - There are at least two other startups in the controlled nuclear fusion space expected to complete new rounds of financing by 2025, indicating a growing trend in investment [14]. Historical Context - The concept of nuclear fusion has a long history, dating back to the 1940s, with significant milestones such as the first hydrogen bomb explosion marking humanity's initial achievement in nuclear fusion [6]. - The development of controlled nuclear fusion has faced challenges, with the International Thermonuclear Experimental Reactor (ITER) project experiencing delays and budget overruns [7]. Technological Advances - Recent technological advancements, including breakthroughs in materials and structures, have made the realization of controlled nuclear fusion more feasible [7][8]. - The article notes that various technical approaches, such as magnetic confinement and inertial confinement, are being explored, with magnetic confinement currently being the mainstream method [7]. Market Dynamics - The demand for clean energy is driving increased investment in controlled nuclear fusion, with the global fusion industry seeing a dramatic rise in investment from 1.9 billion USD in 2021 to 9.7 billion USD in recent years [18]. - The number of nuclear fusion companies has increased by 143% since 2021, reflecting a growing interest in this sector [18]. Policy Support - Government policies in countries like China and the U.S. are increasingly supporting the development of nuclear fusion, with the recent inclusion of "fusion" in Chinese law signaling significant opportunities for the sector [17]. - Cities such as Shanghai and Hefei are actively promoting policies to accelerate the development of controlled nuclear fusion, attracting both national teams and startups [17]. Future Outlook - The consensus among commercial fusion companies is that grid-connected power generation could be achieved before 2040, with many expecting to reach this milestone between 2030 and 2035 [20]. - The article suggests that the combination of entrepreneurial enthusiasm and investment momentum is significantly accelerating the commercialization of controlled nuclear fusion [20].

将投中网设为"星标⭐"，第一时间收获最新推送 大健康赛道，地方国资成主角。 上周，赛纳生物完成超亿元新一轮融资，并成功达成资金交割。本 次融资由顺禧基金、亦庄国投领投。此外，国内超快时间分辨成像技术领域企业 中智科仪也正式宣 布完成超亿元人民币 A 轮融资。由北京国管旗下基金顺禧基金担纲领投方，产业资本代表汇川技 术、科研力量载体怀柔科学城、专业投资机构深担创投，中信建投资本共同跟投，此外，天使轮股东 中科创星亦持续看好公司发展，继续追加投资。 作者丨 长风 来源丨 东四十条资本 大家好，我是长风。今天给大家带来上周资本市场的专业投研信息。 焦点回顾： 硬科技赛道，自动驾驶巨额融资不断。 上周，九识智能宣布完成1亿美元B4轮融资，本轮融资由蚂 蚁集团领投，蓝湖资本、BV 百度风投等新老股东跟投加持。光源资本担任独家财务顾问。截至本 轮，九识智能 B 轮已完成融资 4 亿美元。此外，L4级无人城配（RoboVan）解决方案提供商—— 新石器公司也在本周宣布完成逾6亿美元D轮融资，本轮融资由阿联酋磊石资本（Stone Venture） 领投，并由高成投资、信宸资本（中信资本旗下私募股权投资业务）、鼎晖VGC、朝希 ...

Core Viewpoint - The article discusses the current surge in storage chip prices driven by the booming demand for AI, indicating the onset of a "storage super cycle" that could present significant investment opportunities in the semiconductor sector [4][5][12]. Group 1: Market Dynamics - As of October 21, 2023, the average spot price of DRAM:DDR4 has increased by 484%, reaching $18.63 [4]. - The storage chip industry operates in a cyclical manner, with demand and prices typically experiencing a clear "up to down" rotation every 3-4 years [6][10]. - The last cycle, triggered by the pandemic, ended in September 2023, but a new upturn has begun due to strong demand for large model training in AI [8][10]. Group 2: Key Beneficiaries - The primary beneficiaries of the current storage cycle are HBM (High Bandwidth Memory) and DRAM, as they are directly linked to processors and essential for AI applications [16][17]. - HBM is expected to see significant market growth, with projections estimating the market size to reach $50-60 billion by 2026 and potentially $100 billion by 2030 [21]. Group 3: Geopolitical Implications - The rising prices of storage chips are favorable for the US and South Korea but pose challenges for China, which relies heavily on imports from the three major DRAM manufacturers: Micron (US), Samsung, and SK Hynix (South Korea) [24][25]. - The US is pressuring South Korea to restrict HBM exports to China, which could hinder China's AI development [25][26]. Group 4: Domestic Market Developments - China is accelerating efforts to develop domestic storage chip capabilities, with policies favoring local manufacturers and aiming for over 70% localization in key information infrastructure by 2025 [28]. - Companies like Changxin Memory are expected to play a crucial role in the domestic market, with plans for an IPO and advancements in HBM technology [39]. Group 5: Valuation Insights - Despite the high valuations of domestic storage companies in A-shares, many still face technical gaps compared to their overseas counterparts, limiting their ability to capitalize on high-margin HBM products [33][34]. - The article notes that some domestic firms have not yet seen profit increases despite rising storage prices, indicating that current stock price increases are largely driven by narratives around domestic substitution rather than actual performance [34][35]. Group 6: Future Outlook - The article suggests that if the storage cycle extends beyond 2026, companies like Micron could see significant valuation increases, with potential P/E ratios rising to 40 times under optimistic scenarios [48]. - Conversely, if demand falls short, valuations could drop significantly, highlighting the volatility and uncertainty in the semiconductor market [48][49].

以下文章来源于东四十条资本 ，作者刘燕秋 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 来自中东的这笔钱，相当于是一笔战略投资——新石器已经规划将阿联酋作为出海的第一站。 作者丨刘燕秋 来源丨 东四十条资本 10月23日，新石器无人车宣布完成逾6亿美元D轮融资，本轮融资由阿联酋磊石资本（Stone Venture）领投，并由高成投资、信宸资本、鼎晖VGC、朝 希资本、北京市人工智能产业投资基金及某大型互联网公司重磅联合领投。重要的投资人还包括君联资本、高榕创投、善水资本、恒旭资本、亦庄科创 二期基金、华泰天府数智基金等，云启资本等老股东也在本轮持续加注。 以金额计，本轮融资是迄今为止中国自动驾驶领域最大的一笔私募融资，也是今年中国私募领域最大的融资之一。今年年初，这家公司还官宣了10亿元 C+轮融资，由多家物流巨头和中金资本等财务投资人共同出资。虽然没公布估值，但根据融资金额来推算，新石器跻身独角兽是板上钉钉的事。 值得关注的是，本轮领投方阿联酋磊石资本，是一家总部位于迪拜的投资机构。来自中东的这 ...

Core Viewpoint - The collaboration between Silan Micro and Xiamen's local government represents a significant investment in the semiconductor industry, with a total investment of 200 billion yuan to establish a high-end analog integrated circuit production line, highlighting the strategic importance of Xiamen in the semiconductor landscape [5][16]. Group 1: Investment and Expansion - Silan Micro plans to invest 200 billion yuan to build a 12-inch high-end analog integrated circuit production line in Xiamen, with a monthly capacity of 45,000 wafers [5][16]. - This project is part of a broader strategy initiated in 2017, where Silan Micro and Xiamen agreed to invest 220 billion yuan to develop semiconductor manufacturing capabilities [9][10]. - The new production line will be developed in two phases, with the first phase costing 100 billion yuan and targeting a monthly output of 20,000 wafers, while the second phase will add an additional 25,000 wafers per month [16][17]. Group 2: Strategic Importance of Xiamen - Xiamen has become a semiconductor manufacturing hub, with over 2,000 related enterprises, including major players like Sanan Optoelectronics and Starshine Technology [5][20]. - The city offers logistical advantages due to its proximity to key markets and established supply chains, which are crucial for semiconductor manufacturing [12][13]. - Xiamen's government has actively supported the semiconductor industry through funding, infrastructure, and policy initiatives, making it an attractive location for companies like Silan Micro [10][19]. Group 3: Long-term Vision and Returns - The Xiamen Semiconductor Investment Group, established in 2016, plays a pivotal role in supporting early-stage investments and fostering innovation within the semiconductor sector [18][20]. - Recent developments indicate that early investments, such as in Jiahe Jingwei, are yielding significant returns, showcasing the effectiveness of Xiamen's investment strategy [6][22]. - The collaboration between Silan Micro and Xiamen is seen as a model for public-private partnerships in the semiconductor industry, aiming for mutual growth and technological advancement [22].

将投中网设为"星标⭐"，第一时间收获最新推送 这笔交易不仅影响交易双方，还"误伤"了另一大玩家。 作者丨黎曼 来源丨 投中网 从当时的高管言论可以看出，开云集团是对美妆业务寄予厚望的。但两年后，这一业务就被舍弃，这 背后的主因是近年来的奢侈品行业整体下行对其财务状况的冲击。 执行这一决断的，则是开云集团的"新帅"。一个月前，这位被称为"救世主"的Luca de Meo正式任命 为开云集团的首席执行官。上任三天，他就迅速启动改革，包括削减成本、战略转移和人事任免。 为了回血，奢侈品巨头忍痛割爱 这应该是今年以来最大的一起美妆收购案。 10月19日，法国奢侈品巨头开云集团与美妆巨头欧莱雅集团共同宣布，以40亿欧元（约330亿元）将 开云美妆出售给欧莱雅，这笔现金交易预计将于2026年上半年完成。 这笔交易的条件是，欧莱雅集团将收购高端香水品牌Creed，并获得为Gucci、Bottega Veneta和 Balenciaga等开云旗下美妆产品和香水产品的50年独家授权许可。 此次合作不仅是一次收购，更是一个长期的战略联盟。除了品牌交易，开云和欧莱雅还计划成立一家 股权各占50%的合资公司，共同探索奢侈品与健康长寿 ...

Core Viewpoint - The article highlights the recent developments in the LP (Limited Partner) market, focusing on new fund registrations, investments from pharmaceutical companies, and the establishment of various industry funds across China, indicating a growing trend of capital influx into the healthcare and technology sectors [6][7][12]. Fund Registration and Investment Activities - The Zhangzhou Gaoxin Runxin Health Industry Investment Partnership has completed registration with a total fund size of 1 billion RMB, with notable LPs including the pharmaceutical company Pian Zai Huang, which committed 200 million RMB [6][11]. - Pian Zai Huang has participated in three private equity funds this year, indicating a strategic move to diversify its investment portfolio [7]. - Multiple biopharmaceutical companies, such as Jiuzhoutong Pharmaceutical and Hengrui Medicine, are increasingly becoming significant players in the primary market, contributing to the health sector's funding [7]. Fundraising Dynamics - Yinxian Capital has successfully raised its first private equity fund focused on new materials and renewable energy, with a total size of 500 million RMB, supported by various institutional investors [9]. - The Shenzhen AIC mother fund has been established with a scale of 7 billion RMB, aiming to attract bank capital for strategic emerging industry investments [12]. - A 5 billion RMB industry investment fund has been set up in Wuhan, targeting key sectors like integrated circuits and new display technologies [13]. New Fund Establishments - The Shanghai Xinju Ciyuan Fund has been established with a size of 450 million RMB, focusing on high-end manufacturing and biotechnology [14]. - The Fujian Cultural Tourism Fund has launched with a total size of 3 billion RMB, aimed at supporting the cultural tourism industry in the region [15]. - A new venture capital fund in Yunnan has been established with an investment of approximately 480 million RMB, focusing on agricultural biotechnology [17]. GP Recruitment Initiatives - The Chibi City Investment Guidance Fund is seeking to recruit GP (General Partner) institutions to manage its first batch of sub-funds, focusing on health, technology, and clean energy sectors [23]. - The Sichuan Province is publicly selecting GP institutions for its third batch of sub-funds under the results transformation investment guidance fund, with a total scale of 5 billion RMB [24]. - The Sichuan Resource Energy Equity Investment Guidance Fund is also looking for GP institutions to establish an oil and gas resource sub-fund, with a planned scale of 1 billion RMB [25].

Group 1 - The VC/PE fundraising market shows a strong recovery, with the number of institutions increasing by 11.7% year-on-year, reaching 1107 [8][9][18] - In Q3 2025, a total of 1475 new funds were established, marking a 16% increase from the previous period and an 18% increase year-on-year [9][13] - The investment market is heating up, with transaction volumes reaching a near two-year peak, and early-stage investments (A-round and below) accounting for 59.94% of the market share [8][39] Group 2 - Investment activity has surged, with 3008 investment cases recorded in Q3 2025, a 11.7% increase from the previous quarter, and a total investment scale of 3466.01 billion, up 30.6% [31][34] - Jiangsu province leads in investment transaction numbers with 541 cases, while Shanghai tops in transaction scale at 515.42 billion [34] - The electronic information sector continues to dominate the primary market, with significant investments in semiconductors, artificial intelligence, and biomedicine [36][37] Group 3 - A-round investments remain active, with 1117 cases representing 37.13% of the market share, while early-stage investments account for 22.81% [38][39] - The biomedicine sector has seen a rapid increase in investment transactions, rising from 148 cases in Q1 2024 to 194 cases in Q3 2025, with total investment growing from 186.25 billion to 238.88 billion [45][46] - Key investment areas include tumor drug development and AI-driven platforms, with government funds also participating in these investments [46][51]

Core Viewpoint - The article discusses the rapid growth and upcoming IPO of Muxi Technology, highlighting its position as a contender for the title of "first domestic GPU stock" alongside other companies in the sector [3][10]. Company Development - Muxi Technology was established five years ago and has achieved a valuation exceeding 21 billion yuan, with total financing surpassing 10 billion yuan from various investors [4][11]. - The company has developed a strong technical team with nearly 20 years of experience in high-performance GPU product development, leading to the successful launch of multiple GPU products [8][9]. Market Context - The increasing importance of domestic GPUs has been driven by intensified Sino-U.S. technological competition, leading to a surge in the domestic GPU market [8]. - Muxi Technology is part of a group of companies known as the "four little dragons" of domestic GPUs, which includes Suiruan Technology, Biran Technology, and Moer Thread [8][10]. Financial Performance - Muxi Technology's revenue over the past 39 months has exceeded 1.1 billion yuan, while the company has incurred a net loss of nearly 3.3 billion yuan [10]. - The company has sold over 25,000 GPU units, indicating a strong market presence [10]. Investment and Financing - The company has attracted significant investment from notable firms such as Sequoia China, IDG Capital, and Lenovo Capital, among others [4][12][15]. - Muxi Technology completed multiple rounds of financing, with the latest round raising over 7.2 billion yuan, further increasing its valuation [15][16]. Shareholder Gains - Prior to its official listing, some shareholders have already realized profits through share transfers, with notable gains reported by investors [18][19]. - The article notes that investor enthusiasm for Muxi Technology has positively impacted the stock prices of related companies [20].