作者丨黎曼 来源丨 投中网 投资后期的资金开始活跃了。 一切从港股IPO火热说起。2025年以来，香港新股集资额超过760亿港元，较去年同期增加超过7倍， 并已达到去年全年新股集资总额接近九成。其中令人刮目相看的是新消费行业，尤其是蜜雪冰城、泡 泡玛特、老铺黄金"港股三姐妹"这样千亿市值的企业。它们的崛起打破了港股长期由科技与金融主导 的格局，标志着中国消费品牌的价值正被国际资本重新定义。 在此背景之下，不止一位投资人向我透露，目前正密切关注消费领域的后期项目，主要原因便是消费 股的亮眼表现，所以打算布局一个Pre-IPO项目。尽管投资意愿强烈，但也有投资人对Pre-IPO项目 有明确要求：餐饮类不在其考虑范围内，而是将目光更聚焦于潮玩方向。 此前，泡泡玛特、卡游、布鲁可等潮玩企业交出的成绩单远超预期，最近也有铜师傅、52talk等潮玩 类企业冲击港股IPO。其高毛利、低研发投入、强劲现金流的财务模式，精准契合了后期投资者对资 金安全与稳定回报的追求。 这里多提一句：现在VC们越来越对"IP经济"的潮玩类项目青眼有加了，就连科技方向的VC都开始眼 馋。科技投资人John就曾告诉我说，随着VC行业的范式变化，已 ...

Core Viewpoint - The article discusses the implications of the Guangdong Provincial Finance Department's new regulations on management fees for government investment funds, highlighting the potential impact on market-oriented general partners (GPs) and the broader partnership dynamics between limited partners (LPs) and GPs [2][4][5]. Summary by Sections Government Investment Fund Regulations - The new management fee regulations primarily target government investment funds, which include local government guidance funds and strategic mother funds, rather than market-oriented sub-funds [2][3]. - Management fees can be charged but must be pre-allocated, meaning if the fund does not achieve a return of principal plus management fees upon liquidation, a refund may be required [2][3]. Market Practices and Fee Structures - Historical practices show that management fees for government investment funds can range from 0.5% to 2%, with some market-oriented GPs potentially facing similar fee structures [3][4]. - The article references various local government practices, indicating a trend towards lower management fees, with some regions setting fees as low as 1% [3][4]. Partnership Dynamics and Responsibilities - The article emphasizes the importance of the partnership spirit in limited partnership structures, where GPs bear unlimited liability while LPs have limited liability and do not participate in management [8][9]. - It argues that the current trend of LPs demanding lower management fees and greater control undermines the foundational principles of partnership, leading to a lack of mutual respect and cooperation [7][9]. Market Perception and Trust Issues - There is a growing concern regarding the perception of GPs in the market, with LPs increasingly skeptical of GPs' reputations and capabilities [10][12]. - The article suggests that many investors fail to understand the distinction between "making the cake" (investing) and "dividing the cake" (distributing profits), which complicates the investment landscape [12]. Conclusion on Partnership Culture - The article concludes that both LPs and GPs need to reassess their roles and responsibilities within the partnership framework to foster a healthier investment environment [10][11].

Core Viewpoint - The competition among major tech companies to create AI virtual companions, referred to as "AI grandmothers," is intensifying, with a focus on enhancing user engagement and retention through emotional connection and innovative applications [4][6][21]. Group 1: AI Virtual Companions Strategy - Major tech companies are embedding AI characters into their applications to enhance user interaction, with examples including Tencent's Yuanbao and ByteDance's Doubao, which have seen significant increases in app rankings due to these features [4][18]. - The AI social interaction sector is projected to become a leading application area, with an average usage frequency of 167.9 times per user by March 2025, indicating a strong market potential [7]. - Companies are leveraging emotional companionship to extend user engagement, with users spending an average of over 4 hours daily on these applications [17][21]. Group 2: Challenges and Technical Limitations - Despite the potential, companies face significant challenges, including technical limitations in memory retention and user experience, leading to issues like "three-day amnesia" where AI companions fail to remember past interactions [8][26]. - The current AI companionship products struggle with emotional understanding and often exhibit inconsistent behavior, which can detract from user satisfaction [27][28]. - User retention rates for leading AI applications are concerning, with many apps experiencing a three-day retention rate below 50%, and Doubao facing a 42.8% uninstall rate [30][32]. Group 3: Market Dynamics and Future Outlook - The competition is not only about user acquisition but also about retaining users in a landscape where emotional value is becoming increasingly important [22][33]. - Companies are investing heavily in marketing, with Yuanbao's advertising expenses reaching 1.4 billion yuan in Q1 2024, yet this approach alone may not ensure long-term user retention [32][34]. - The success of AI applications may ultimately depend on technological advancements rather than just emotional engagement, as evidenced by DeepSeek's rise in user numbers through technical innovation [34].

有不少机构或LP愿意买单。 将投中网设为"星标⭐"，第一时间收获最新推送 这几天财经热点不少，其中就包括两则交易：一是小红书进行了一笔老股交易，交易估值260亿美元（约合1870亿人民币）， 二是迅雷收购虎扑，花了5亿人民币。人们敏捷地捕捉到两点信息，一是小红书估值又涨了，二是男性用户那是真不值钱。 作者丨张雪 编辑丨张楠 来源丨 投中网 小红书估值的消息来自彭博，据金沙江创投的一份内部文件显示，小红书的估值上涨到260亿美元，不过这份文件的标注日期 是在三月份。一位正在替LP收购小红书老股的投资人向投中网透露，真实成交或许已经加价至300亿美元。最近，小红书老股 的报价已经是：350亿美元 （约合2500亿人民币） ，而且这个价格还没份额。 对此，投中网分别向小红书和金沙江创投主管合伙人朱啸虎进行确认，截至发稿，小红书没有回复。朱总的回答则稍显艺术， 对于350亿美元的估值，他既没承认，但也没有否认，只回了几个字，"没有股东愿意卖"。 一位投资人对我表示，350亿美元的价格就是GRS（金沙江创投）和朱总对外报的，"他报价不一定是为了卖，而是希望让市场 知道或者说维持在这个价格"。不过据我了解，如果350亿美 ...

Core Viewpoint - The article highlights the increasing investment in AI and robotics industries in Guangdong, with the establishment of two major funds totaling 200 billion RMB, reflecting the urgency and strategic approach of the region in fostering these sectors [4][5]. Fund Establishments - Guangdong has launched its first AIC Artificial Intelligence Industry Fund in March, with a scale of 10 billion RMB, focusing on AI and robotics investments [4]. - A new Guangdong Intelligent Industry Fund has been initiated, also with a scale of 10 billion RMB, targeting AI, robotics, and semiconductor sectors [5]. - The Hubei Province has established a humanoid robot industry investment fund with a total investment of 5 billion RMB, aiming to enhance its capabilities in the humanoid robot sector [11]. - The Hangzhou West Lake Future Venture Capital has been set up with a capital of 2 billion RMB, focusing on early-stage investments [12]. - The Jiangsu Province has seen the establishment of a 3 billion RMB angel fund focusing on biopharmaceuticals, supported by local government and industry investors [14][15]. Investment Dynamics - Chaoxi Capital has successfully closed its second RMB fund with a first close of 700 million RMB, indicating strong support from industrial LPs [7]. - The Shenzhen AI Terminal Industry Private Equity Fund has been established with a capital of 1.44 billion RMB, aligning with Honor's strategic shift towards AI ecosystem development [17]. - The establishment of the Qihang He Wu Entrepreneurship Investment Partnership in Changzhou, focusing on synthetic biology, highlights the region's commitment to emerging technologies [18]. GP Recruitment - The Suqian New Emerging Industry Mother Fund has been set up with a scale of 2 billion RMB, seeking to recruit GP for strategic investments in various emerging industries [27]. - The Nanjing Pukou District High-Quality Development Mother Fund is also looking for GP, focusing on integrated circuits, new energy, and AI [28][29].

Core Viewpoint - The article discusses the transformation of gold from a mere store of value to a medium of self-expression for young consumers, driven by rising gold prices and a desire for personalized, cost-effective options [3][5]. Group 1: Market Trends - The search volume for "goldsmithing shops" has surged by 213% year-on-year, indicating a growing interest among young consumers in customizing gold items rather than purchasing branded jewelry [4]. - Young consumers are increasingly opting for gold bars to be processed into custom jewelry, saving significant amounts compared to branded options. For instance, a 50g gold bar can be turned into a bracelet for approximately 41,742 yuan, saving around 12,606 yuan compared to a branded equivalent [11][12]. - The trend reflects a shift in consumer behavior, with over 40% of young consumers willing to pay for emotional value and personalized experiences [12]. Group 2: DIY Goldsmithing - The popularity of home goldsmithing is rising, with sales of mini gold melting furnaces increasing by 380% year-on-year. This trend is driven by young consumers seeking to create their own jewelry at a lower cost [15][19]. - Despite the appeal of DIY goldsmithing, there are risks involved, including potential losses from failed attempts and safety concerns during the melting process [18][19]. - The home goldsmithing trend has also contributed to a significant increase in gold recycling, with a 43% year-on-year rise in gold recovery in early 2025, primarily from the 25-35 age group [19]. Group 3: Industry Challenges - The goldsmithing industry is experiencing a rapid increase in labor costs, with processing fees rising by over 50% in just four months. For example, the cost of crafting a simple bracelet has increased from 10 yuan to 15 yuan per gram [23]. - The lack of standardized pricing and transparency in the goldsmithing market has led to potential exploitation of consumers, with varying fees and hidden costs becoming common [24]. - Industry experts emphasize the need for consumers to be aware of pricing structures and to choose reputable goldsmithing shops to avoid unexpected expenses [24].

Core Viewpoint - Elon Musk is shifting his focus back to his technology ventures, particularly challenging OpenAI, following a public fallout with Donald Trump, which has impacted Tesla's stock performance [3][11]. Group 1: Musk's Business Moves - Musk's AI company, xAI, plans to initiate a $300 million stock sale, achieving a valuation of $113 billion (approximately 800 billion RMB) [3]. - xAI has also announced a $5 billion debt issuance through Morgan Stanley, primarily for general corporate purposes, with significant funds expected to support its data center in Memphis, which houses 200,000 NVIDIA GPUs [4]. - The establishment of xAI aims to create an AI company focused on solving deep scientific problems and understanding the universe [6]. Group 2: xAI's Development and Funding - xAI was officially launched in July 2023, with a founding team from prestigious organizations like OpenAI and Google DeepMind, and has already released its first AI model, Grok [7]. - The company completed a $6 billion Series C funding round in December 2022, with investors including Fidelity, BlackRock, and Sequoia Capital [8]. - Musk's acquisition of the social media platform X (formerly Twitter) was completed through a stock transaction, valuing xAI at $800 billion and X at $33 billion [8]. Group 3: Integration of xAI and X - The merger of xAI and X is seen as strategic, leveraging X's 600 million active users to provide rich training data for xAI's models [9]. - xAI's technology is expected to enhance content recommendations and personalized services on the X platform [9]. - xAI's stock sale plan allows employees to transfer shares to new investors, potentially alleviating early team equity lock-up pressures while maintaining Musk's control over the company [9]. Group 4: Market Reactions and Valuation Fluctuations - Musk's political involvement has influenced his business ventures, with significant fluctuations in Tesla's market value linked to his political activities [11][13]. - X's valuation has seen dramatic changes, from a peak of $120 billion in 2021 to $9.8 billion in 2023, before recovering to $44 billion after a $1 billion equity financing round [12]. - The merger of xAI and X also assumes responsibility for X's $12 billion debt, reflecting the financial complexities of Musk's ventures [12].

Core Viewpoint - Circle's IPO represents a significant milestone not only for the company but also for the acceptance and integration of stablecoins into traditional financial markets, especially following the recent U.S. stablecoin legislation [1][4]. Group 1: Company Overview - Circle, founded in 2013, is the issuer of the USDC stablecoin, which has a total market capitalization of approximately $60 billion, accounting for 25% of the global stablecoin market [3][4]. - The company has experienced substantial growth, with its stock price surging 168.48% on its IPO day, reaching a market capitalization of $18.356 billion (approximately 132 billion RMB) [1]. Group 2: IPO Details - Circle's IPO was highly anticipated, with over 25 times oversubscription and multiple increases in the number of shares offered due to strong market demand [1][4]. - The IPO price was initially set between $24-26 per share but was ultimately priced at $31, reflecting the robust interest from major asset management firms like BlackRock and Ark Invest [4]. Group 3: Business Model - Circle's business model is akin to traditional finance, with USDC pegged 1:1 to the U.S. dollar, meaning each USDC is backed by an equivalent amount of USD [5]. - The primary revenue source for Circle is interest from U.S. Treasury securities, projected to generate $1.676 billion in revenue for 2024, with 99% coming from reserve interest [6]. Group 4: Historical Context and Support - Circle's early funding included significant investments from Chinese venture capital firms, with IDG Capital being a notable early supporter [12][14]. - The company's founder, Jeremy Allaire, has a history of successful ventures, marking this IPO as his third, emphasizing his focus on compliance and regulatory alignment in the financial sector [7][9]. Group 5: Market Implications - The successful IPO of Circle is seen as a symbol of traditional finance's embrace of stablecoins, coinciding with legislative developments in the U.S. and Hong Kong's regulatory framework for stablecoins [4][14]. - The listing has positively impacted the stock prices of Chinese investors involved with Circle, indicating a broader market response to the stablecoin narrative [12][14].

Core Viewpoint - The investment focus in Silicon Valley is shifting from algorithm optimization to hardware that can effectively support AI capabilities, marking a significant transformation in the tech landscape by 2025 [3][4][5]. Group 1: AI Hardware Revolution - By 2025, a deep transformation in AI hardware is expected, where the competition will center around creating devices that enable AI to function effectively rather than just improving algorithms [4]. - Google showcased a new smart glasses prototype at its I/O conference, integrating its Gemini AI model and AndroidXR system, which enhances user interaction and device performance [8][9]. - OpenAI's acquisition of the AI hardware company io for approximately $6.5 billion represents the largest acquisition in its history, indicating a strategic shift towards developing "AI-native" hardware [10][11]. Group 2: Investment Trends in AI Hardware - Top venture capital firms like Sequoia Capital and IDG Capital are now focusing on innovative devices that can change human-computer interaction, moving away from funding solely algorithm development [6][5]. - Sequoia Capital invested in Brilliant Labs, which is developing AI glasses capable of real-time translation, while IDG Capital backed Sightful, which is creating a "no-display" laptop that integrates AI with spatial computing [6]. Group 3: Emerging Companies in AI Hardware - Several emerging companies are redefining the technology landscape with unique approaches, such as Celestial AI, which focuses on photonic chip interconnects, and NeuroFlex, which aims to create flexible electrodes for brain-machine interfaces [15][17]. - Luminai is working on lightweight AR modules, while BioLink Systems is developing ingestible devices for real-time health data collection [20][21]. - SynthSense is integrating multiple sensory capabilities into a single module, enhancing the perception abilities of robots and other devices [27]. Group 4: Future Trends in AI Hardware - The AI hardware revolution is expected to follow a trajectory of "interaction elevation, scene deepening, and ecosystem reconstruction," with companies needing to build closed-loop systems for perception, decision-making, and action [31][32]. - The market for AI wearable devices is projected to grow at a compound annual growth rate of 30.3%, potentially exceeding $120.7 billion by 2028 [33]. - The competition in AI hardware is fundamentally about gaining ecosystem dominance, with a focus on creating new digital twin infrastructures [33].

以下文章来源于东四十条资本 ，作者蒲凡 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 苏超很好精彩，十万加的重要性也显然易见。 作者丨蒲凡 来源丨东四十条资本 "苏超"真太火了。 散装大省比赛起来，"没有假球，全是世仇"，朋友圈、微信群、短视频里时不时就能刷到比赛集锦以 及场外球迷的各种行为艺术：比如江苏某地的吾悦广场就挂出了一块广告牌，写着"端午来江苏，旅 游请自助"，因为"内战期间，不接外宾"；又或是南通和南京争"谁是江苏真正的南哥"；以及最不想 整活但却被整出最多活儿的常州、吊州、巾州、丨州…… 国内最大的足球社区懂球帝，还专门为苏超开设了积分榜和战报专栏，在导航栏里放在欧洲五大联赛 之前。A股足球相关题材，比如金陵体育、共创草坪全线爆发，甚至连南京旅游都收获了涨停。 好不热闹。 作为一名前足球编辑，我自然混迹了不少球迷群，但奇怪的是聊苏超的只有缪缪几条至几十条记录， 群里的"真球迷"们，关注"吴艳妮"远比"苏超"要多，活跃度高些的群随便一搜动辄大几百条，而且就 算是聊足球，最近的话题基本围 ...