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 ...

Core Viewpoint - Labubu has emerged as a phenomenon in the toy industry, driven by its unique design and marketing strategies, leading to significant demand and supply challenges in both domestic and international markets [4][5][34]. Group 1: Labubu's Popularity and Market Dynamics - Labubu, created by Pop Mart in collaboration with artist Long Jia Sheng, has gained immense popularity, with reports of it being awarded the title of "Magical Thailand Experience Officer" and causing chaos in sales due to high demand [5][6]. - The product's success has led to a surge in counterfeit versions, with the "Guo Guo version" of Labubu being produced to meet the overwhelming demand, often selling at a fraction of the price of the original [10][21]. - The phenomenon has resulted in a saying that "as long as it has Labubu elements, it will sell well," highlighting the brand's strong market presence [6][31]. Group 2: Business Opportunities and Strategies - Businesses have capitalized on the Labubu craze by producing and selling the "Guo Guo version," which has become a lucrative market, with prices significantly lower than the original [10][20]. - The rise of Labubu has also stimulated the "DIY" culture, where consumers modify and personalize their toys, creating a new revenue stream for businesses involved in selling accessories and modification services [26][27]. - The demand for Labubu-related merchandise, such as clothing and accessories, has surged, with sellers reporting high profit margins on these items compared to the original toys [29][30]. Group 3: Challenges and Market Risks - Despite its success, Labubu faces challenges related to maintaining its brand value and managing supply and demand effectively, as excessive scarcity can lead to market saturation and loss of consumer interest [36][38]. - The presence of counterfeit products poses a significant threat to the brand's integrity, complicating enforcement and protection efforts for the original IP [43][45]. - The long-term sustainability of Labubu as a top-tier IP depends on effective marketing strategies and continuous innovation to keep consumer interest alive [46][49].

Core Viewpoint - The rise of AI hair washing machines in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen is creating a new trend in the hair care industry, attracting many investors and entrepreneurs to explore this business model [3][5][10]. Group 1: AI Hair Washing Trend - AI hair washing machines provide a fully automated service from washing to drying, with prices significantly lower than traditional salons, often set at promotional rates like 5 yuan or 9.9 yuan [3][4]. - The market for AI hair washing machines is expanding, with over 300 stores currently operating across various brands, and some stores reportedly achieving monthly revenues of 130,000 yuan [4][10]. Group 2: Investment and Franchise Opportunities - The cost of an AI hair washing machine is approximately 29,800 yuan, with some brands offering franchise opportunities without upfront fees, while others charge around 29,800 yuan as a franchise fee [4][10]. - Initial investment for opening an AI hair washing bar is estimated at around 150,000 yuan, which includes the cost of machines, equipment, and renovations [10][12]. Group 3: Consumer Experience and Technology - Despite the hype, consumer feedback indicates that AI hair washing machines do not fully replace the quality of manual washing, with many users reporting dissatisfaction regarding cleanliness and comfort [7][16]. - The technology behind these machines is claimed to be advanced, with some brands boasting 45 patents and features like head shape detection and automated washing processes [8][12]. Group 4: Cost Structure and Profitability - The operational cost for AI hair washing services is low, estimated at 1-2.5 yuan per person, allowing for significant profit margins when charging higher rates for additional services [12][11]. - However, the profitability of AI hair washing bars is questioned, as some establishments report low daily customer traffic and revenues that may not cover operational costs, especially in high-rent urban areas [17][16]. Group 5: Market Challenges and Future Outlook - The AI hair washing trend faces challenges such as market saturation, intense competition, and the potential for consumer interest to wane over time, which could impact long-term sustainability [17][18]. - The essence of hair washing services remains focused on cleanliness and comfort, suggesting that without a clear advantage over traditional methods, AI washing may struggle to maintain consumer loyalty [17][16].

Core Viewpoint - Nvidia's recent investment in quantum computing, particularly in PsiQuantum, signifies a strategic move to enhance its position in the rapidly evolving quantum technology landscape, aiming to integrate quantum capabilities with its existing GPU architecture [4][5][11]. Group 1: Nvidia's Quantum Computing Strategy - Nvidia's CEO Jensen Huang initially projected a 20-year timeline for practical quantum computers but later retracted this statement, acknowledging a misjudgment and announcing the establishment of a quantum research center [4][10]. - The company is engaging in late-stage investment negotiations with PsiQuantum, participating in a $750 million funding round led by BlackRock, which would elevate PsiQuantum's post-investment valuation to $6 billion [5][9]. - This investment aligns with Nvidia's strategy of leveraging small investments for high leverage in the potential trillion-dollar quantum market [16]. Group 2: PsiQuantum Overview - Founded in 2016, PsiQuantum has become the highest-valued quantum startup, with a valuation exceeding $3 billion in 2021 and potentially reaching $6 billion with the latest funding [6][9]. - The founding team, primarily from the University of Bristol, has a strong background in quantum research, focusing on scalable, fault-tolerant quantum computing using photonic technology [7][8]. - PsiQuantum's approach aims to transition laboratory technology into mass-produced products, setting it apart from other quantum startups [8][10]. Group 3: Market Dynamics and Competition - The global quantum computing market is currently dominated by superconducting technology, which accounts for 62% of the hardware market, while PsiQuantum's photonic approach represents a unique alternative [18]. - The quantum computing sector is experiencing significant growth, with the Chinese market projected to reach 11.56 billion yuan by 2025, growing at an annual rate exceeding 30% [19][20]. - Major tech companies like IBM, Google, and Microsoft are also heavily investing in quantum computing, indicating a competitive landscape where Nvidia must innovate to maintain its market position [12][13]. Group 4: Government Support and Future Prospects - PsiQuantum has established strong relationships with various governments, securing funding for quantum projects, including a $940 million investment from the Australian government for deploying commercial quantum computers by 2029 [10][15]. - The Chinese government has recognized quantum technology as a core area for development, with multiple provinces outlining support for quantum initiatives in their 2025 work reports [20][21]. - The ongoing competition between photonic and superconducting technologies will be crucial for the future of quantum computing, with companies needing to balance technological breakthroughs with practical applications [21].

以下文章来源于凤凰网财经 ，作者凤凰网财经 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢迎访问： http://finance.ifeng.com/ 将投中网设为"星标⭐"，第一时间收获最新推送 中国足球这次杀疯了。 来源丨凤凰网财经 "都说江苏是一盘散沙，现在盘也没了，只剩下沙了。" 最近，江苏人的生活被一场足球联赛彻底 "搅乱"！ 平日里就忙着 "内斗"的"十三太保"，直接将明争暗斗的戏码搬上了绿茵场。"江苏城市足球联赛"，这个被戏称为 "苏超" 的赛事，没有假球，只有"世仇"，堪称足球界的《甄嬛传》。 徐州和宿迁的对决，由于一个是刘邦故里，一个是项羽故里，被戏称为 "楚汉争霸 2.0"，踢个球都像在重演鸿门宴。 淮安和连云港的比赛，被戏称为 "齐天大圣内战"—— 一个是吴承恩的故乡，手握《西游记》正版 IP；一个坐拥花果山， 是实打实的 "大圣故里"。 …… 就连官方都下场整活，一本正经调侃："比赛第一，友谊第十四！" 这话搁别的地方是玩笑，在江苏那就是 "官方认证" 的赛事宗旨。 01 比赛第一，友谊第十四 第一个想出苏超联赛的人，真是天才 ...

将投中网设为"星标⭐"，第一时间收获最新推送 中关村科学城科技成长基金的包容性和开放度又深了一层。 作者丨张雪 来源丨 投中网 近日，一则公示让资本市场的目光再次聚集到了海淀。 该公示显示，中关村科学城科技成长基金拟出资五家子基金，这五家子基金的合作机构分别为国科投资、美团龙珠、启明创 投、砺思资本和无限基金（SEE FUND）。 这是继今年1月份后，中关村科学城科技成长基金的又一出资动作，细看这次机构的选择，不仅有互联网基因的机构代表美团 龙珠，有启明和砺思这样深耕AI的机构，还有代表着高校和科研院所源头的机构国科投资和SEE FUND。 可见，中关村科学城科技成长基金的包容性和开放度又深了一层。 一举落五子，机构矩阵再扩容 不断地下注加码，背后是海淀建设具有全球影响力的人工智能产业高地的决心。 2024年，随着科技产业竞争的加剧，海淀区设立了50亿元的第二期成长基金，将中关村科学城科技成长基金的规模扩展到了 100亿，投资范围也拓展至覆盖人工智能的全产业布局。 今年2月，在"2025海淀区经济社会高质量发展大会"上，海淀区政府投资基金迎来再度扩容。中关村科学城科技成长三期基金 重磅发布，规模100亿元，科 ...

Core Viewpoint - The article discusses the rising popularity of silkworms among families with children born after 2010, highlighting their role as educational tools and emotional companions, thus driving a new business trend in sustainable consumption and the "pet economy" [4][5][6]. Summary by Sections Section 1: Market Growth - In 2023, sales of "children's silkworm kits" on an e-commerce platform increased by 327% year-on-year, while related topics on short video platforms garnered over 860 million views [4][5]. Section 2: Educational Value - Silkworms serve as a practical educational tool in elementary science classes, allowing children to observe the life cycle from egg to moth, which enhances their understanding of biology through hands-on experience [9][10]. Section 3: Emotional Connection - Silkworms fulfill the emotional needs of children for companionship and healing, especially in urban settings where nature exposure is limited. The low cost and ease of care make silkworms an attractive option for families [10][11]. Section 4: Business Opportunities - The silkworm business is being redefined as it becomes a standard assignment for elementary students. Entrepreneurs like Ye Yuanting have capitalized on this trend by selling silkworms and mulberry leaves online, transforming a traditional agricultural business into a modern educational product supplier [14][19]. Section 5: Challenges in the Industry - The silkworm business faces significant challenges, including high mortality rates during shipping and the need for optimal temperature control. Ye Yuanting's company has developed specialized packaging to improve survival rates during transport [15][18]. Section 6: Competitive Landscape - The market is becoming increasingly competitive, with some sellers engaging in price wars. Ye Yuanting has chosen to focus on innovation rather than competing on price, collaborating with universities to develop unique silkworm breeds and leveraging social media for marketing [21][22].

Core Viewpoint - The Chinese hotel industry is experiencing a "tale of two cities" with significant performance disparities among the four major groups: Huazhu, Jinjiang, Shoulu, and Atour, despite the overall market growth [3][8]. Group 1: Performance Overview of Major Hotel Groups - Huazhu Group leads with a revenue of 5.4 billion yuan and a net profit of 890 million yuan in Q1 2025, but its revenue growth has slowed to 2.2% [4][10]. - Atour Group, with 1,727 hotels, is the only group to achieve significant revenue and profit growth, with a revenue increase of 29.8% and a net profit increase of 32.3% in Q1 2025 [5][10]. - Jinjiang Group and Shoulu Group are struggling, with Jinjiang's revenue down 8.25% and net profit down 81.03%, while Shoulu's revenue decreased by 4.34% [4][10]. Group 2: Market Dynamics and Strategies - The hotel industry is facing a "volume increase, price decrease" scenario, with all major players experiencing pressure on occupancy rates and room prices [7][8]. - Huazhu maintains operational efficiency through high occupancy rates, while Atour focuses on retail growth, which has increased its retail revenue share to 30.3% [22][27]. - Jinjiang and Shoulu are attempting to pivot towards membership growth and high-end offerings, but their efforts have yet to yield significant results [7][36]. Group 3: Retail Strategies - Atour has successfully integrated retail into its business model, with retail revenue growing by 66.5% to 694 million yuan in Q1 2025, despite a 61.7% increase in sales expenses [27][28]. - Huazhu has also ventured into retail but remains cautious, with its retail initiatives not yet significantly impacting overall revenue [30][32]. - The competition in the retail space is intensifying, with Atour's approach focusing on online sales channels [24][25]. Group 4: Challenges for Jinjiang and Shoulu - Jinjiang's core mid-to-low-end hotel segment continues to decline, with Q1 2025 revenue down 8.72% [37][40]. - Shoulu's revenue also decreased by 4.34% in Q1 2025, with its membership strategies facing similar challenges in conversion efficiency [44][47]. - Both companies are struggling to effectively leverage their large membership bases to drive revenue growth [48]. Conclusion - The hotel industry is at a critical juncture, with Huazhu and Atour adopting distinct strategies to navigate the challenges of growth and profitability [50]. - The ability to balance expansion with operational quality will be crucial for all players moving forward [50].

Core Viewpoint - OpenAI is set to acquire AI hardware company io for nearly $6.5 billion, marking its largest acquisition to date, significantly higher than the previously rumored $500 million valuation [2][3]. Group 1: Acquisition Details - The acquisition of io, founded by former Apple Chief Design Officer Jony Ive, is expected to be completed soon, allowing early investors to exit [2][7]. - The valuation of io skyrocketed from an initial estimate of $500 million to $6.5 billion within a month, indicating OpenAI's strong commitment to this acquisition [2][3]. - If the deal goes through, it will surpass OpenAI's previous record acquisition of Windsurf at $3 billion [3]. Group 2: Company Background - io was established just a year ago and has already reached a valuation of $6.5 billion, largely due to the star power of its founding team [5]. - Jony Ive, who has a significant legacy at Apple, is known for designing iconic products like the iPhone and iPad, and his influence is expected to drive innovation at io [5][6]. - OpenAI's CEO Sam Altman has expressed admiration for Steve Jobs and has a close relationship with Ive, which has facilitated their collaboration on new product designs [6]. Group 3: Future Product Expectations - io's first product is anticipated to be a new type of AI device that aims to free users from traditional screen limitations, with a planned release in 2026 [9]. - Altman has described this upcoming product as a potential "third core device" for users, following the MacBook and iPhone, with a projected market value increase of up to $1 trillion [9]. Group 4: Strategic Industry Positioning - OpenAI has been actively expanding its hardware and AI application business, including restructuring its robotics department and acquiring teams from other tech companies [10]. - The competitive landscape is intensifying, with other major players like Google and Meta also venturing into hardware, indicating a trend where hardware support is crucial for the success of large AI models [11].

以下文章来源于东四十条资本 ，作者黎曼 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 投后估值超25亿元。 作者丨 黎曼 来源丨东四十条资本 2021 年夏，小米产业园办公室内，雷军饶有兴致地打量眼前一对兄弟， " 为什么张波是创始人，董事长却是张涛？ " 技术出身的张波与拥有 20 年整车厂管理经验的张涛相视一笑。这对兄弟执掌的泽景汽车电子（下称泽景电子）来自江苏扬 州，正是打破国际巨头 HUD 垄断的中国黑马。 在智能汽车产业革新浪潮中，车载抬头显示（ HUD ）技术正逐渐成为提升驾驶体验的关键配置之一。 HUD 技术是指利用光 学成像技术将驾驶信息显示在驾驶员前方，或采用 AR 算法将虚拟信息与真实道路场景动态叠加，为驾驶员提供更直观的驾驶 体验，同时也可以提升交通安全性。 从微软工程师到国产HUD拓荒人 又是一个国产替代的故事。 2015 年，当张波离开微软中国技术岗位创业时，挡风玻璃上那方寸投影天地还被博世、日本精机等国际巨头牢牢掌控。这位 西安邮电学院计算机软件专业的毕业生，带着 6 ...