这不是抢跑，是抢位；不是冲动，是谋定。 作者丨 王军大 来源丨 投中网 2026 年刚开年，成都国资就在全国创投圈面前秀了一把"成都速度"。 当不少机构正在推演年度计划时，成都科创投集团的投资动态已近乎"日更"：从 1 月 1 日投资 AI 生命科学交叉企业摩熵智能，到 1 月 16 日领投 AR 智能眼镜企业影目科技。半个月，晨发泰达、锦江电子、动力比特、迈科康生物、铭镓半导体、龙甲空天、阿加犀等十余笔投资官宣，从商业航天 到端侧 AI ，从高端芯片到院士成果转化，在投资的背后还伴随着企业总部、制造基地、研发中心在成都的落地——这不只是财务投资，更是产业"闪击 战"。 市场惊异于这种"火力密度"，但读懂其背后逻辑的人会明白： 这不是抢跑，是抢位；不是冲动，是谋定。 将投中网设为"星标⭐"，第一时间收获最新推送 作为成都产业战略的"资本尖刀"，成都科创投的每一击，都精确落在 成都 " 9+9+10 "现代化产业体系 的靶心上。 2025 年，成都科创投累计实现投 资金额超 30 多亿元、投资项目 70 余个，而 2026 年的开年冲锋，正是这一势头在"十五五"元年的集中爆发。 一、精准制导 每一分钱都要砸在产 ...

将投中网设为"星标⭐"，第一时间收获最新推送 一把"复兴式的胜利"。 作者丨 曹玮钰 来源丨 投中网 IPO 潮来了，又到了投资人收获的季节。 2026 年刚过去 20 天， A 股和港股新增了十几个 IPO ，接近一天一个，交易所的锣都忙坏了。事实证明，"赚钱效应"是能瞬间让市场从低迷到沸腾 的，投资人和 LP 的乐观预期显然回来了。 一些有趣现象也跟着回来了。比如，" x 个 IPO "成了机构争相 PR 的口径。确实这是个"秀肌肉"的维度，只是弹性稍大——持股十几个点或不到一个 点，都能共享这一口径，可含金量是差别巨大的。 久旱逢甘霖，投资人的心情可以理解。只是除了给大家鼓鼓掌、踩踩气球，我更倾向用一套更务实的标准审视成绩，比如回报金额、是否 home-run 等等。 去年 12 月以来这波上市潮太令人晕眩，有种全行业都在赚钱的氛围。那到底谁是最大赢家？ 在各家投资机构忙着 PR 战绩时，可能是最大赢家的一声没吭，那就是经纬和红杉。光在沐曦摩尔两个案子，经纬红杉就创造了三个百亿级浮盈。另 外，从缺了三年的投中"最佳回报"榜单，上榜的也是一水大白马。 可能有读者老师以为我要夸大白马了。是，也不是。先抛结论 ...

以下文章来源于东四十条资本 ，作者陈美 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 71岁大学老师有望迎来人生第二个IPO。 同时，依托于南京作为传统制造业重镇的优势，埃斯顿在早期精准对接了本地金属加工企业的自动化升级需求，凭借高性价比产品与快速响应服务，逐 步完成技术验证与原始积累。 作者丨陈美 编辑丨王庆武 来源丨 东四十条资本 港股IPO热潮涌动。 近日，国内工业机器人出货量第一的埃斯顿（002747.SZ），向港交所递交招股书。招股书显示，2025年上半年，埃斯顿在国内市场上的出货量超越 外资品牌，成为首家登顶中国工业机器人解决方案市场的国产机器人企业。与此同时，按收入计，公司亦跻身中国工业机器人公司首位。 从成立到全国出货量第一，埃斯顿崛起的背后是一位大学老师。招股书显示，截至IPO时，曾在南京林业大学（下称南林）当了4年老师的吴波直接持股 12.74%，并与妻子刘芳、儿子吴侃通过南京派雷斯特间接持股29.26%，成为公司最大股东。 随着埃斯顿再战港交所，这位71岁大学老师也有望迎来人 ...

Core Viewpoint - The article discusses the crisis faced by the century-old brand "Zhang Xiaoqin," highlighting the stark contrast between the brand's operational success and the financial troubles of its parent company, Fuchun Holdings, which is burdened with over 5 billion yuan in debt [4][6]. Group 1: Brand Crisis and Debt Issues - The auction of a ten-year-old Mercedes-Benz belonging to Zhang Xiaoqin Group reflects the brand's current struggles, as the vehicle's price dropped from 600,000 yuan to 384,000 yuan without attracting buyers [4]. - Zhang Xiaoqin Co., as a listed entity, reported revenue and profit growth for the first three quarters of 2025, indicating that the core business is not failing; rather, the issues stem from the parent company's debt crisis [6][9]. - Fuchun Holdings' aggressive expansion into high-leverage sectors like real estate and finance has led to a complex web of cross-shareholding and guarantees, dragging Zhang Xiaoqin Group into a debt quagmire [8][9]. Group 2: Impact of Diversification - The brand's core foundation is being eroded due to resource misallocation, as the parent company's focus has shifted away from the traditional knife and scissors business to real estate and capital operations [9][10]. - Negative publicity surrounding the parent company's debt issues has tarnished the brand's reputation, leading to consumer doubts about product quality and stability [10]. - The judicial freezing and pledging of 28.23% of the listed company's shares owned by Zhang Xiaoqin Group highlight the financial strain and the potential loss of control over the brand [10]. Group 3: Lessons from Other Brands - The article draws parallels with other brands that have faced similar crises due to blind diversification, such as Renhe Pharmaceutical and Two-Sided Needle, which diluted their core business and brand value [12][13]. - Successful recovery strategies often involve a painful return to core competencies, as demonstrated by Bosideng's focus on down jackets after diversifying unsuccessfully [15][20]. - The case of GAP in China illustrates the effectiveness of deep localization and strategic restructuring in revitalizing a struggling brand [18]. Group 4: Strategic Insights - Brands must respect their core business and focus on deepening their unique value proposition rather than pursuing broad diversification [20][21]. - Successful diversification should stem from natural extensions of core capabilities rather than arbitrary cross-industry ventures [21]. - The article emphasizes the importance of maintaining brand independence and security in capital partnerships to avoid becoming collateral damage in financial games [21].

Core Insights - The article highlights the transition of the AI industry from "training dividends" to "inference dividends," as evidenced by the significant investment in the company Sunrise, which focuses on inference GPU chips [2][4]. Group 1: Investment and Market Trends - Sunrise has completed nearly 3 billion yuan in strategic financing within a year, with investments from various industry players and well-known VC/PE institutions [2]. - The funding will primarily be used for the development of the next generation of inference GPUs, large-scale production, and ecosystem building [2]. Group 2: Company Background and Team - Founded in 2020, Sunrise originated from the chip department of SenseTime and has a deep understanding of model evolution, operator optimization, and customer needs [4]. - The core team consists of experienced professionals from companies like AMD, Baidu, and SenseTime, with an average of 15 years in the industry [4]. Group 3: Product Development and Innovation - Sunrise has developed three generations of chips, with a focus on reducing inference costs and improving efficiency, rather than competing on general GPU parameters [6]. - The company has invested 2 billion yuan in R&D over the past few years and holds over 200 core patents [6]. Group 4: Strategic Positioning - The company aims to significantly reduce inference costs and provide stable services, positioning itself as a "profit and loss optimizer" for the AI industry [8]. - Sunrise's focus on real-world economic metrics rather than just technical specifications differentiates it from other domestic chip manufacturers [8]. Group 5: Future Goals and Industry Impact - The goal is to drastically lower the cost and accessibility of large model inference, thereby unlocking the full potential of AGI [9]. - Sunrise's rise signifies a shift in the domestic AI chip landscape from "catching up" to "leading through differentiation" [9].

Core Viewpoint - The photovoltaic industry is undergoing a significant restructuring, with major companies expected to report substantial losses in 2025 due to overcapacity, price wars, and rising raw material costs [5][10][12]. Group 1: Industry Overview - Trina Solar forecasts a loss of 65-75 billion yuan for 2025, contributing to a total expected loss of over 600 billion yuan across the photovoltaic sector [5][10]. - The entire industry chain, from upstream silicon materials to downstream components, is experiencing collective losses, with the gross profit margin for polysilicon dropping to -6.30% in the first half of 2025, compared to 73% in 2022 [12][13]. - The price of silver has surged by 140% over two years, further compressing profits as component prices have fallen below cash cost levels [6][14][16]. Group 2: Key Indicators for Industry Restructuring - Analysts suggest monitoring three key indicators for the industry's clearing process: energy consumption, conversion efficiency, and profit margins [7][19]. - The industry is expected to enter a brutal elimination phase in 2026, focusing on energy efficiency, technology, and cost [8][18]. Group 3: Company Performance and Differentiation - Major companies like LONGi Green Energy and Tongwei Co. are projected to incur significant losses, but some are showing signs of reduced losses compared to previous years [21]. - TCL Zhonghuan is facing challenges due to high energy consumption and outdated production processes, leading to a decline in competitiveness [21][23]. - Companies are investing in new technologies, such as LONGi's focus on BC cell technology and Tongwei's optimization of silicon material costs, to prepare for the upcoming technological competition in 2026 [25].

Core Viewpoint - BFB HEALTH successfully listed on the Hong Kong Stock Exchange through an unconventional asset securitization method, led by its early investor, Huaying Capital, rather than traditional investment banks or large PE firms [4][5][16]. Group 1: Company Background - BFB HEALTH, formerly known as Duoyanshou, was co-founded in 2015 by Wu Mansheng and Zheng Duoyan, initially focusing on health food products [8]. - The company achieved a cumulative GMV exceeding 10 billion yuan by 2020, primarily through popular products like SOSO jelly [8]. Group 2: Investment Journey - Huaying Capital invested over 100 million yuan in Duoyanshou's A-round financing in 2021, recognizing the potential of functional food and the company's strong private traffic moat [9][10]. - The investment was prompted by the company's stable revenue and profit, supported by a direct-to-consumer (DTC) model that enhanced user loyalty and repeat purchases [10]. Group 3: Strategic Transformation - In 2022, Duoyanshou faced external challenges, including negative public sentiment towards functional foods and tightening IPO regulations, prompting a strategic pivot [11][12]. - Huaying Capital proposed a merger and acquisition (M&A) strategy to help Duoyanshou transition beyond health products, inspired by the success of U.S. telemedicine company Hims & Hers [13][14]. Group 4: Execution of M&A Strategy - The strategic transformation involved collaboration with an A-share listed company to develop domestic semaglutide and establishing a cross-border drug supply chain to meet immediate user needs [14][15]. - The complex M&A process required deep expertise in Hong Kong's capital market, which was facilitated by Huaying Capital's partner, who had extensive experience in successful listings [15][16]. Group 5: Active Management Strategy - The successful listing of BFB HEALTH signifies Huaying Capital's shift from traditional financial investment to proactive management, aiming to create controllable alpha returns [18][19]. - The firm plans to identify and actively manage "proactive management assets" and engage deeply in the strategic and operational aspects of its portfolio companies [20]. Group 6: Future Outlook - BFB HEALTH is envisioned as an industry integration platform, with plans to acquire synergistic brands and supply chain companies to enhance its market value [21][22]. - Huaying Capital's ongoing evolution includes expanding its team with investment banking professionals to support its proactive management and ecosystem-building strategies [22][24].

Group 1 - In 2025, the Chinese M&A market saw a total of 5,086 announced transactions, a decrease of 20.27% year-on-year, while the total transaction amount reached 2,373.515 billion yuan, an increase of 29.08% [7] - The completed transactions in 2025 amounted to 3,342, a slight increase of 0.45% year-on-year, with a total transaction value of 1,485.131 billion yuan, up 54.41% year-on-year, indicating a structural optimization trend in the market [9][10] - The Guangdong province continued to lead the M&A market in China, benefiting from the dual innovation drive of the Guangdong-Hong Kong-Macao Greater Bay Area, with electronic information, traditional manufacturing, healthcare, and energy mining being the hot sectors [10][31][32] Group 2 - In 2025, private equity funds showed a recovery in exit numbers, with 469 exits, a year-on-year increase of 22.77%, and a total capital recovery of 64.215 billion yuan, up 8.54% year-on-year [17] - Notable exits included TCL Technology's acquisition of a 21.53% stake in Shenzhen Huaxing Optoelectronics for 11.562 billion yuan and Silex Group's acquisition of Chongqing Liangjiang New Area Longsheng New Energy for 3.509 billion yuan [20][21] Group 3 - In 2025, there were 20 M&A transactions exceeding 10 billion yuan, with the largest being China Shipbuilding Industry's acquisition of China Shipbuilding Heavy Industry for 115.15 billion yuan, marking a significant milestone in China's shipbuilding industry [23] - Major domestic M&A cases included Guotai Junan's merger with Haitong Securities for approximately 97.609 billion yuan and Shandong Hongchuang's acquisition of Shandong Hongtu for 63.518 billion yuan [24][25] Group 4 - The cross-border M&A market in 2025 saw a total of 144 transactions, with outbound M&A accounting for 79 and inbound M&A for 65, reflecting a year-on-year decline of 13.77% [26] - Notable cross-border transactions included Midea Group's acquisition of Teka Group for 8.287 billion yuan and Zijin Mining's acquisition of Newmont Golden Ridge for 7.315 billion yuan [27][29] Group 5 - The M&A market in 2025 was characterized by a structural differentiation of "quantity reduction and price increase," with a notable shift from quantity dividends to quality dividends [10] - The electronic information sector led the number of transactions with 579 deals, accounting for 17.32%, while the financial sector had the largest disclosed transaction value at 203.596 billion yuan, representing 13.71% of the total [34][36]

Core Viewpoint - The article discusses the establishment of the Pizhou Strategic Emerging Industry Investment Fund, which aims to promote high-quality development in strategic emerging industries in Pizhou City, with a total scale of 1 billion yuan [3]. Group 1: Fund Structure and Requirements - The fund will primarily invest in sectors such as semiconductor equipment and materials, high-end intelligent manufacturing, integrated circuits, new energy, new materials, and circular economy [4]. - The fund will adopt a limited partnership structure [5]. - Sub-funds are encouraged to register in Pizhou City, with the main fund contributing over 20% of the sub-fund's total raised capital [6]. - The duration of the sub-funds will generally not exceed 8 years, with possible extensions upon approval [8]. Group 2: Investment and Management Guidelines - The cumulative investment in a single sub-fund will not exceed 25% of its total raised capital, with specific exceptions [9]. - Management fees for sub-funds will be differentiated based on industry practices and fund size, with a cap on fees during investment and exit periods [10]. - Sub-funds must invest at least 1.5 times the actual contribution from the main fund into projects located in Pizhou City [11]. Group 3: Investment Decision and Restrictions - Investment decisions will be made by the sub-fund management based on market mechanisms, with representation from the main fund if its investment exceeds 25% [14]. - Sub-funds are prohibited from engaging in certain activities, including providing guarantees, investing in secondary market stocks (with exceptions), and other financial derivatives [16][17]. Group 4: Reporting and Evaluation - Sub-fund management must submit quarterly financial and operational reports to the main fund management within 35 days after each quarter [19]. - The main fund will conduct annual evaluations of sub-fund management operations, linking results to management fee payments and profit-sharing [21]. Group 5: Application and Selection Process - Interested institutions must submit an application report and undergo a multi-step selection process, including initial review, due diligence, and investment decision meetings [30][31][32][33]. - The final list of selected sub-fund management institutions will be publicly announced [34].

那一年，中国的风险投资迎来了"自我意识"的萌芽。 将投中网设为"星标⭐"，第一时间收获最新推送 嘉宾丨 张野 王京 对话丨 曹玮钰 蒲凡 编辑丨 蒲凡 来源丨 投中网 在中国风险投资发展史上，曾经出现过两次创业潮，一次出现在 2005 年前后，另一次出现在 2012 年到 2018 年。如今我们所熟悉的明星投资机 构、明星投资人，我们所津津乐道的投资案例、行业大战，故事的开头基本都能溯源到这两次创业潮里。可以说，这两场创业者对于中国风险投资行业 的方法论、人才观、投资理念、投资工具箱的成型，起到了决定性的影响。 也因此可以看到，在这本以 " 纪传体 " 为主要文本形式、全书 14 章的《中国风险投资史》里，有两章 " 破例 " 采用了 " 编年体 " 进行叙事 —— 这样的设计， 就是为了让读者感受到 " 风险投资人 " 这个群体有生命力的一面，让读者能感受到 " 风险投资 " 作为一个有理论有体系支撑的行业， 也必然会发生迭代与自我革新 。 但热闹大概是这两场创业潮仅有的 " 共同点 " 了。 2005 年那场创业潮的热闹，有着扑面而来的新鲜感、探险感：一方面，那是中国加入 WTO 之后 的第四年，是 WT ...