将投中网设为"星标⭐"，第一时间收获最新推送 "如今能留在牌桌上，已经极其难得。" 作者丨 黎曼 编辑丨 王庆武 来源丨 投中网 2026年2月5日，美团发布公告，宣布以约7.17亿美元（约50亿元）收购叮咚买菜全部已发行股份，被市场誉为"年度本地生活领域最重磅整合"。 这笔交易将重塑行业格局：为始于2017年的生鲜电商创业潮画上句号，也拉开了美团、阿里、京东在即时零售领域"新三国杀"的序幕。 对于在2018至2021年间曾密集完成10轮融资、募资超10亿美元的叮咚买菜而言，这既是"上岸"，也是告别。 交易背后 谈判始于2025年12月中旬。叮咚买菜创始人梁昌霖在一次内部会议上向管理层透露，他认为"国内的生鲜前置仓业务已经不再适合创业公司，大公司入 场会做得更好"。 那时，梁昌霖已对公司的未来有了清晰判断。 这笔交易的核心是资产与团队的收购。公告条款规定，卖方可在交割前提取不超过2.8亿美元的现金，但需保证公司交割时净现金不低于1.5亿美元。对 价略高于叮咚买菜6.94亿美元的市值。 对美团来说，这一价格的实际支付成本可能远低于账面数字；对叮咚股东来说，这是一个兼顾了即时变现与交易成功的安排。 交易的主角从京 ...

Core Viewpoint - The article highlights the rapid financing activity in the commercial aerospace sector, particularly focusing on Shanghai Xingsi Semiconductor, which has secured nearly 1.5 billion yuan in strategic financing, marking it as the largest financing in the commercial aerospace field for 2026 so far [4][5]. Group 1: Financing Details - Shanghai Xingsi Semiconductor completed multiple rounds of strategic financing, totaling nearly 1.5 billion yuan, with participation from various state-owned and market-oriented funds [4][5]. - The financing process was notably swift, with some state-owned investors completing the entire process from project initiation to funding in just one month, described as the fastest in history [5][6]. - The enthusiasm from state-owned capital is attributed to the long-term relationships established with the company over the past few years, as well as the certainty surrounding the commercial aerospace sector [6][7]. Group 2: Company Background and Market Position - Founded in October 2020, Shanghai Xingsi Semiconductor focuses on the research and development of 5G/6G communication technology and has achieved significant milestones, including the successful development of its first 5G eMBB baseband chip [10][11]. - The company has faced challenges in the past, including a down round in its B financing, where the pre-financing valuation dropped to approximately 3 billion yuan from 5 billion yuan, reflecting the tough market conditions for chip companies [11][12]. - Despite these challenges, the company has pivoted towards low-orbit satellite internet communication, positioning itself to benefit from the upcoming commercial aerospace boom [13][15]. Group 3: Technological Advancements and Future Prospects - Shanghai Xingsi Semiconductor is well-positioned in the 5G/6G NTN satellite communication chip market, which is expected to be a significant beneficiary of the commercial aerospace trend [15][16]. - The company has made substantial progress in technology, achieving a global first with a smartphone capable of satellite video calls based on the 5G NTN standard [16]. - Collaborations with major smartphone manufacturers and automotive companies indicate a strong commercial outlook, with the potential for significant market growth in consumer electronics and automotive sectors [17][18].

以下文章来源于侃见财经 ，作者侃见财经 侃见财经 . 看见不一样的财经！ 将投中网设为"星标⭐"，第一时间收获最新推送 光伏行业的景气度正在逐渐提升。 来源丨 侃见财经 太空光伏的叙事逻辑，正在被马斯克验证。 作为未来太空能源的延伸，光伏行业的窘境，正在被"太空光伏"概念所拯救。且随着马斯克太空光伏能源的设想逐步落地，太空光伏的实操性正在增 强。 在马斯克的加持下，光伏行业的景气度正在逐渐提升。 那么，究竟什么是太空光伏？ 其核心构想是在地球轨道上建立太阳能电站，实现全天候、无遮挡的清洁能源收集。且随着SpaceX等公司大幅降低发射成本，这一"科幻级"设想正加 速走向现实。 更为重要的是，随着太空光伏的设想逐步进入实际操作阶段，低迷的光伏行业也找到了新的突围方向，龙头也开始逐渐复苏。根据统计，截至最新收 盘，年内光伏设备板块涨幅接近30%，而钧达股份等行业龙头涨幅更是超过了100%。 若从2025年12月初算起，"太空光伏"光伏龙头钧达股份涨幅更是超过了215%，市值突破350亿元，也就是说，仅两个月时间钧达股份市值增长就超 过了240亿元。 据此前披露的业绩预告显示，预计2025年净利润亏损12亿元至15亿 ...

Core Insights - The article discusses the emerging concept of Physical AI, which focuses on creating intelligent systems capable of performing tasks typically associated with living beings, emphasizing the need for high-quality multimodal datasets for training [3][4] - Coowa Technology, a Chinese startup, has made significant strides in this field, achieving substantial operational milestones and data collection through its deployment in over 50 cities, generating 5.5 billion in order amounts and 45 million kilometers of data [3][4] Group 1: Coowa's Vision and Strategy - Coowa aims to develop a universal AI robot that integrates into human life, capable of understanding human intentions and making decisions [5][6] - The company chose urban services as its primary focus area, believing that complex urban environments provide the best training ground for AI, allowing for real-world human-robot interactions [7][9] - Coowa employs a strategy of generating high-frequency demand scenarios to sustain its team and collect valuable data for training its universal model [9] Group 2: Product Development and Technological Advancements - Coowa has developed a range of products, including the L4 autonomous shuttle CooBus, which addresses urban transportation challenges and has safely operated over 5 million kilometers [10][34] - The company has introduced a fleet of robots capable of performing tasks in high-end office buildings and closed parks, enhancing operational efficiency and reducing labor costs [10][34] - Coowa's robots are designed to not only transport but also perform tasks in real-time, distinguishing them from traditional autonomous vehicles [12] Group 3: Coowa WAM and Business Model - Coowa has created the Coowa WAM 2.0 (World-Action Model), which allows robots to transition from passive execution to proactive decision-making [19][21] - The WAM model enables robots to simulate scenarios and make informed decisions, significantly reducing deployment costs and enhancing operational efficiency [25][30] - Coowa's business model demonstrates a dual-engine approach, where commercial success feeds back into technological advancements, allowing for scalable and profitable operations [28][30] Group 4: Market Position and Future Outlook - Coowa has achieved significant market penetration, with an 80% market share in large-scale orders for urban services by 2025 [34] - The company envisions a future RoboCity where interconnected robots operate as a cohesive network, redefining urban infrastructure management [32][36] - Coowa's approach positions it as a leader in the Physical AI space, with a focus on creating a sustainable and scalable business model that can adapt to various urban needs [36]

将投中网设为"星标⭐"，第一时间收获最新推送 以下文章来源于松果财经 ，作者青元 松果财经 . 专注于产业经济报道，深度解析企业、产品、策略商业、经济价值。 估值不从利润来。 作者丨 青元 来源丨 松果财经 2月3日，稀土概念大涨。消息面上，媒体报道美国计划启动关键矿产储备项目"金库计划"，用120亿美元支持关键矿产保障，稀土占重要位置，战略金 属的长期溢价逻辑再次被强化。 不过，之前几大稀土龙头——北方稀土、中国稀土、中稀有色、盛和资源的业绩预告显示，归母净利润均明显上涨，但都没达到市场的一致预期。 截至目前，几大龙头中北方稀土市值超过1800亿元，前几天巅峰曾超过2000亿元。从估值来看，稀土的钱，实在是可赚可不赚。 稀土经济学 稀土的第一层误解叫"稀"。它在地壳里并不罕见，难点落在浓度与分离。 你可以把它想象成蛋糕里的巧克力碎。巧克力不少，但要剔除出来难上加难，还要按颜色、大小、口感干净地分类。稀土元素化学性质相似，矿床常常 共生复杂，原矿品位又低，先选矿得到精矿，再化学处理、溶剂萃取、离子交换把不同元素逐一分离提纯，最后还原成金属单质。 对于习惯了轻资产高收益赚钱模式的国家，从筹资到规模化产出显著收益 ...

以下文章来源于钛媒体 ，作者韩敬娴 一切迹象都指向一个词：调整期。 作者丨 韩敬娴 编辑丨 李玉鹏 来源丨 钛媒体APP 2026年的中国车市，以一种近乎分裂的姿态拉开帷幕。 一边是主流车企的高管们在年初的战略会上意气风发，将销量目标数字高高挂起，同比增长动辄30%、50%，甚至67.5%；另一边，车企们拿出的1月 成绩单——环比普降两成、三成甚至近五成，仅有少数玩家维持着体面的同比正增长。 钛媒体 . 新鲜犀利的财经见闻，放眼国际的前沿技术，还有罕见披露的内幕消息。钛媒体（www.tmtpost.com），引领未来商业与生活新知，一个投资者与创新者酷 爱聚集的地方。还可下载钛媒体App，24小时不间断更新和互动。 将投中网设为"星标⭐"，第一时间收获最新推送 开局的数据冷静得近乎残酷。根据乘联会的数据预测，狭义乘用车零售约180万辆，环比猛跌20.4%，同比仅微增0.3%。同时，新能源渗透率从高位 回落至44.4%。 政策退坡的靴子落地，消费前移的透支效应显现，春节的消费节奏被打乱，一切迹象都指向一个词：调整期。 高歌猛进的目标 车企们并非看不懂市场信号。中国汽车工业协会预测全年增长1%，瑞银、摩根大通甚至 ...

作者丨 陶辉东 编辑丨 王庆武 来源丨 投中网 现在的国资直投有多活跃？ "以前在市场化基金一年投不了两个项目，入职国资半年已经投了四五个，'个人AUM'翻了十几倍。"一位自称原本想去国资"躺平"的年轻投资人，半是 自嘲、半是凡尔赛地跟我吐槽。 将投中网设为"星标⭐"，第一时间收获最新推送 一流的国资，带着GP投项目。 这位朋友的经历绝非个例。"XX区产业基金，今年预算充足"，"XX市今年大力招引未上市企业，决策流程很快",今年的一级市场上到处都在传这样的消 息。2026年，国资不再卷基金招商了，而是一步到位卷起了直投招商。 继LP国资化之后，GP也在国资化 回顾过去二十年，中国创投市场很大程度上由美元基金定义。从早期的互联网门户到移动互联网时代浪潮，美元基金凭借其高风险偏好、对规模效应的 追求以及畅通的美国上市退出渠道，主导了中国独角兽企业的成长轨迹。2021年之后，这一历史进程发生了根本性逆转。统计显示，从2021年到2025 年，美元基金在中国的投资事件数从871起骤降至225起，投资金额从5329亿元断崖式下降至827亿元，降幅超过84%。 美元基金式微之后，一般认为"时代的钟摆来到了人民币基金这一边 ...

Core Viewpoint - The Chinese automotive market in January 2026 is characterized by a stark contrast, with most automakers experiencing negative growth, particularly in the new energy vehicle (NEV) sector, highlighting the importance of having a diversified product lineup that includes both fuel and electric vehicles [5][6][7]. Sales Performance Summary - In January, the retail sales of passenger cars are expected to reach 1.8 million units, a month-on-month decline of 20.4%, with NEV sales around 800,000 units, marking a penetration rate drop to 44.4%, nearly 10 percentage points lower than the peak at the end of 2025 [6][7]. - Traditional automakers like SAIC, Geely, and GAC Toyota reported stable sales due to their dual strategy of offering both fuel and NEVs, with SAIC's total sales reaching 327,400 units, a year-on-year increase of 23.94% [10][11]. - Geely's total sales were 270,167 units, with fuel vehicles contributing significantly to its performance, while BYD faced a 30.11% decline in NEV sales, indicating the challenges faced by companies heavily reliant on NEVs [12][15]. Market Dynamics - The differentiation in sales performance among automakers is attributed to their strategic choices, particularly the presence of a fuel vehicle base, which enhances resilience against market fluctuations [9][19]. - The demand for fuel vehicles surged during the pre-Spring Festival period, as consumers preferred mature technology and the convenience of fuel vehicles for long-distance travel, further supported by the limited impact of policy changes on fuel vehicles [19][20]. Export Growth - Exports have become a crucial support for many leading automakers, with companies like Chery and SAIC reporting significant increases in overseas sales, indicating a dual strategy of maintaining domestic stability while expanding globally [17][18]. Future Outlook - The current market conditions signal a shift from policy-driven growth to market-driven dynamics, emphasizing the need for automakers to maintain a balanced portfolio of fuel and NEVs to navigate future uncertainties [22]. - Companies that can effectively manage their fuel vehicle base while rapidly advancing in the NEV sector are likely to emerge as market leaders, while those focusing solely on NEVs may face greater risks during market fluctuations [21][22].

截至结营，共有17家企业在特训营期间成功完成融资，融资总额近8亿人民币。 来源丨 投中网 近日，由浦东科创集团与投中信息联合主办的"浦东科创-海望登峰（二期）CEO特训营"在历时400余天后终于正式圆满落幕。该项目自2024年底筹备 以来，通过层层筛选，最终以6:1的严苛录取比例从近200位优秀创业者中遴选出34位领军人才入营。 将投中网设为"星标⭐"，第一时间收获最新推送 依托中科院体系、硬科技孵化器及海内外名校校友会等顶级生态资源，特训营自2025年7月开营至2026年2月结营期间，跨越五大核心模块，完成了从 战略组织、市场营销到财务融资的全维度课程覆盖。 截至结营，共有17家企业在特训营期间成功完成融资，融资总额近8亿人民币。 这一亮眼成绩 单，生动诠释了浦东科创-海望登峰（二期）CEO特训营所构建的高纯度科创磁场——让最优秀的创业者在此交汇，并在资本与产业的合力加持下实现 加速跃迁。 海望资本执行总裁孙加韬 在结业典礼上谈到，企业家是这个时代最稀缺、也最值得尊敬的一群人。 创业不是单点能力的比拼，而是一场长期修炼，需 要在技术、产品、经营、管理和判断力上不断打磨自己。 企业发展的早期，最重要的不是跑得 ...

将投中网设为"星标⭐"，第一时间收获最新推送 基金获南京市级母基金再次出资支持，继续聚焦AI基础设施带来的系列投资机会。 来源丨 投中网 近日，鼎心资本宣布旗下2026科技旗舰基金顺利完成首关，这也是鼎心资本自2016年开始、连续发起的第5支VC基金。该基金将围绕鼎心资本已有积累的 AI基础设施建设方向，继续展开系统性投资；同时将发挥鼎心资本早期投资优势，积极挖掘AI科技革命带来的系列早期投资机会。 鼎心资本在2020年就充分认识到这是重回科技星辰大海的大时代，并在疫情影响、中美贸易战等大的背景下，积极担当，躬身入局，参与了一系列国产半 导体的投资。鼎心资本在2024年就明确提出了核心策略：关注AI基础设施带来的系列投资机会。过去六年的前瞻判断和积极作为，为鼎心资本2026科技旗 舰基金，打下了坚实基础。 该基金目前已经完成首批项目投资决策。高速光模块是保障AI算力集群内部高速互联、提升整体效率的关键，而该基金首两个投资项目均属于高速光模块当 中的关键芯片供应商：分别是光芯片企业武汉敏芯半导体与oDSP芯片企业上海橙科微电子，同时均是鼎心资本在2020年、2023年就已经投资布局的芯片 项目。 武汉敏芯半导体 ...