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 9年间，超20倍的估值涨幅。 作者丨 陈美 来源丨 东四十条资本 迦智科技的创业之旅，始于一场"科研成果产业化"的初心。作为浙江大学控制科学与工程学院的求是特聘教授，熊蓉自2000年起，就深耕机器人智能 感知与控制技术领域，在IEEE汇刊等发表论文100余篇。 最初，在褚健教授的指引下，熊蓉从足球机器人研发起步，带领团队在国际赛场屡创佳绩——2013年、2014年、2018年三次击败卡耐基梅隆大学，斩 获RoboCup机器人世界杯冠军，其研发的乒乓球对打仿人机器人、四足跑跳机器人等成果，填补国内多项技术空白。 2016年，正值国内工业机器人创业热潮兴起，熊蓉敏锐地意识到，实验室积累的核心技术已经到了服务国民生产的关键阶段。于是，她带领几名朝夕相 处的学生，以及获得过机器人世界冠军的陈首先，在杭州滨江区创办了迦智科技，将创业方向锁定在工业移动机器人（AMR）赛道。 陈首先回忆称，"当时国内AMR领域与国外技术差距微 ...

以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 将投中网设为"星标⭐"，第一时间收获最新推送 租赁机器人，是短期需求还是长期价值？ 最 近 ， 魔法原子、银河通用机器人、宇树科技 、松延动力等多 家具身智能企业，相继官宣成为今年春晚合作伙伴，试图为这一赛道再添一把火。 不只是在春晚舞台，在线下，人形机器人租赁的需求也颇为旺盛。与央视主持人合拍宣传片、登上大学联欢晚会，在企业年会跳《大花轿》、进影视剧 组表演咏春拳，这些日薪高达数千甚至上万元的"硅基打工人"，早已加入赶场大军。 但热闹之下，问题也随之出现。最常见的包括价格体系混乱、服务标准不一、宣传效果与实际表现不符，甚至出现"花万元租机器人，台上只跳三分 钟"的落差感。 看似繁荣的租赁需求，究竟是人形机器人走向商业化的一条通路，还是仅仅由年会、商演等短期场景托起的泡沫？机器人租赁，是一门真正可持续的生 意吗？ 年会旺季到来 机器人比人还忙 "能跳《大花轿》还会后空翻的（人形机器人租赁方）联系我，需要4台。" 这样的需求，最近频繁出现在「定焦One」所在的 机器人 租赁交流群里。 春节临近，企业年会、商业活动进入高峰期，人形机器 ...

Core Insights - The article highlights the resurgence of merger and acquisition (M&A) activities, with global M&A transaction volume projected to reach $4.5 trillion in 2025, marking a nearly 50% increase from 2024 and the second-highest level in over 40 years, only behind the peak in 2021 [3]. Group 1: M&A Trends and Strategic Moves - The recent acquisition of Coller Capital by EQT for up to $3.7 billion signifies a shift in focus from traditional industry targets to peer firms within the private equity (PE) sector [4][5]. - The importance of secondary transactions (S transactions) is growing, evolving from a liquidity tool to a core component of diversified investment strategies for large institutions [5][16]. - EQT's acquisition aims to strategically complete its presence in the S market, which is experiencing unprecedented growth, with a reported 41.7% year-on-year increase in global S fund investments in the first half of 2025 [15][16]. Group 2: Company Profiles and Financials - Coller Capital, founded in 1990, is a pioneer in the S fund business and recently closed its largest fund, Coller International Partners IX, with a total size of $14.2 billion, bringing its total assets under management to $50 billion [8][10]. - EQT, established in 1994 and backed by the wealthy Wallenberg family, has a total asset management scale of €267 billion (approximately ¥2.21 trillion) and is the second-largest private equity group globally [9][10]. - Post-acquisition, the combined asset management scale of EQT and Coller Capital will exceed ¥2.55 trillion [11]. Group 3: Future Outlook and Strategic Goals - Following the acquisition, Coller Capital will operate as "Coller EQT," establishing a new independent business platform within EQT, with plans to double its business size within four years and launch a new fund targeting $6-8 billion by mid-2027 [18]. - The merger reflects a strategic response to increasing competition and market concentration in the S transaction space, where the top 20 firms hold 62% of the market share [17]. Group 4: Broader M&A Landscape - EQT's acquisition of Coller Capital is part of a broader trend where leading investment firms are using M&A to rapidly scale their capabilities, as seen in EQT's previous acquisition of Baring Asia for approximately ¥478 billion [21]. - Other firms, such as CVC Capital and Ares Management, have also pursued similar strategies to establish S transaction platforms through acquisitions [22]. Group 5: Challenges and Considerations - The article notes that while M&A can be a powerful tool for growth and transformation, it requires significant financial strength and operational capabilities, making it primarily a "game for giants" in the investment landscape [22].

以下文章来源于20社 ，作者贾阳 20社 . 关注年轻人的钱包、工作和生活。 将投中网设为"星标⭐"，第一时间收获最新推送 永赢成了2025年最红的基金公司。 小顾最近喝美式都能喝出香甜。 作者丨 贾阳 来源丨 20社 去年才入市的她，最初跟着小红书买基金，"超市"一开就是一货架，十几支基。结果一支"机器人"，把其他赚到的全赔进去了。小顾吸取教训，年末不 开超市了，只留下了4支基金，包括两支永赢的基金。 谁曾想，赶上了商业卫星板块爆发的行情，永赢高端装备智选这支21天怒涨40%。"永赢真的疯了！"小顾不敢再拿了，卖出次日果然就大跌。精准逃 顶的小顾安心了：一个月的奶茶咖啡钱有了。 历数小顾买过基金厂牌，大小公司全都有，易方达、南方、德基、广发……但要数永赢的名字最有记忆点，尤其是在给她赚到钱之后，"永赢的好几个 板块都涨很好啊"。 正是像小顾这样的投资者追捧，让永赢成了2025年最红的基金公司。永赢的品牌效应，既来自它的名字本身，也来自其惊人业绩。 永赢科技智选基金，全年收益率233.29%，成为2025年主动权益类基金冠军，打破了王亚伟保持多年的纪录，也被部分投资者称为史上最赚钱的公募 基金。 几年前的明星 ...

将投中网设为"星标⭐"，第一时间收获最新推送 为何是现在出手？ 作者丨 陈美 编辑丨 王庆武 来源丨 投中网 尘埃落定。 2 月 3 日，红杉中国宣布，正式完成对全球知名抗生素莫西沙星（商品名：拜复乐 ® /Avelox ® ）相关业务与资产的全球收购，并同步成立全新生物 医药平台——杭州杉泽生物医药有限公司（以下简称"杉泽生物"）及其母公司 Ascenda Pte.Ltd. 。 根据协议，杉泽生物及其母公司获得了拜复乐 ® 在全球范围内的特定资产，包括相关国家和地区的药品注册证、知识产权及业务合同等。至此，这款 年治疗患者超 2.4 亿的经典抗生素，正式纳入红杉中国麾下，成为一家由投资机构 100% 控股的全球性医药资产。 与此同时，新公司也将采取"双轮驱动"商业模式，打造一个聚焦于抗感染、呼吸与急重症领域的生物医药领军平台。 那么，在这一时点上，红杉中国为何要干这样一件事，且是 100% 控股重注出手？ 红杉中国成立了一家新公司 此次交易中，红杉中国专门设立"杉泽生物"及其母公司，用于承接莫西沙星业务。 在资本市场语境中，新公司通常指" NEWCO "（ New Company ），被用于描述为特定交易或 ...

将投中网设为"星标⭐"，第一时间收获最新推送 "索罗斯老了，现在看我的。" 作者丨 蒲凡 来源丨 投中网 如今聊起创业，最时髦的词语叫 " 超级个体 "、" 一人公司 " 。很多人相信，当世界跑步进入 AI 时代，创业者不需要所谓的 " 组织 "" 协同 "" 团队 建设 " 也同样开发新产品、满足新需求。比如风险投资行业，就堪称这股浪潮中的 " 急先锋 " ： 在过去几年，无数顶级投资人选择离开 A16z 、红杉这样的顶级平台，成立个人的独立基金（ Solo VC ）。人们认为这种不设置团队、不设置复杂决 策流程的公司结构，一方面能够更加 " 敏捷 " ，能跟得上当下不断变化的市场环境，另一方面能够激活基金管理人的 " 创业者 " 心态，更容易与被投 企业在策略优先级上达成共识、更能 " 设身处地 " 地为被投企业着想。 埃拉德 · 吉尔（ Elad Gil ）是这股独立基金创业潮中的绝对榜样。埃拉德 · 吉尔 2020 年开始运营自己的独立基金，先后投中了美国最大杂货配送平 台 Instacart 、全球最大的设计协作平台 Figma 。 2023 年 11 月，埃拉德 · 吉尔完成了个人独立基金的第三期 ...

以下文章来源于虎嗅APP ，作者董必政 虎嗅APP . 从思考，到创造 银价的下跌直接利好电池与组件环节。 作者丨 董必政 编辑丨 丁萍 来源丨 虎嗅APP 白银开始暴跌。 而扣动扳机的，极有可能是一个叫凯文·沃什（Kevin Warsh）的男人。 将投中网设为"星标⭐"，第一时间收获最新推送 随着这位美联储主席热门候选人的上位概率飙升，全球资产定价逻辑正在发生剧烈反转。 此前，银价暴涨逻辑主要有3： 1.美元长期弱势预期强化了白银的"准货币资产"地位，吸引大量保值和避险资金流入，使其从"工业配角"转变为"终极价值储藏工具"； 2.美联储降息压低名义利率和实际利率，大幅降低了白银这类无息实物资产的持有机会成本，激发其金融属性，吸引配置型和交易型资金大规模入场； 3.工业需求刚性增长，供给弹性极低导致2021年以来持续性供给短缺且缺口可能进一步扩大。 妙投认为，银价的下跌直接利好电池与组件环节。 这对于目前普遍亏损、且对银价极度敏感的电池片及一体化企业，是喘息之机。 据2025年业绩预告，4大一体化组件巨头晶科、隆基、晶澳、天合光能的亏损均在40亿元以上，电池企业爱旭股份、钧达股份亏损也超过了12亿元。 本来就 ...

聚焦财务底层逻辑与资本进阶。 来源丨 投中网 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"第五模块课程顺利结课。 本次课程聚焦财务评估与融资规划这一战略 高地，特邀黑马财税CEO、创业黑马集团首席财税专家姚宁，普华永道上海企业交易并购服务部合伙人唐敏捷，行知探索集团董事长、玄奘之路创始人 曲向东，海望资本执行总裁孙加韬，以及家庭教育中外人文交院常务副院长牟丹，分别围绕企业财税合规和优化策略、CEO视角下的财务管理、融资情 况分析等话题展开深度剖析，通过多维度的实战分享，助力学员重构财务底层逻辑，赋能企业稳健增长与资本进阶。 在第一天的课程中， 作为拥有近30年横跨央企、外企及头部事务所经验的资深财税专家，姚宁老师以"18个真实案例+系统方法论"为核心，通过幽默 易懂的方式为学员奉上了一场高密度的财税实务盛宴。 不仅深度解析了新《公司法》背景下注册资本实缴的压力测试与股权架构避坑指南，更直面企业 账外循环、社保合规及虚开刑责等核心痛点，提供了极具落地性的合规治理路径。 课程跳出单一的账务视角，将宏观的"金税四期"监管趋势具象化为企业的数字化应对策略，引导学员们从商业模式重构的高度 ...

Key Insights - The article highlights the ongoing investment trends in various sectors, particularly in hard technology and healthcare, with significant funding rounds reported for several companies [4][5][26][27]. Group 1: Hard Technology - The semiconductor sector remains a hot investment area, with韬润半导体 completing a new round of financing worth several hundred million yuan, led by熙诚金睿 and supported by multiple institutions [4][16]. - 润芯微科技, a provider of smart base solutions, announced nearly 400 million yuan in B+ round financing, with participation from various state-owned and industrial capital [4][22]. - 中茵微电子 secured several hundred million yuan in C round financing, led by京投公司 and other investors [11]. Group 2: Healthcare - 新景智源, focused on TCR-T immunotherapy for solid tumors, completed over 200 million yuan in B round financing, led by杏泽资本 and a well-known industrial fund [4][26]. - 纽欧申医药, specializing in CNS treatments, raised several million dollars in A+ round financing, led by礼来亚洲基金 [4][28]. - 弼领生物 raised over 200 million yuan in B round financing, with participation from宏诚投资 and other investors [4][27]. Group 3: Internet and AI - Mindverse, a Personal Intelligence company, completed a Pre-A round financing exceeding 20 million USD, led by蚂蚁集团 and supported by红杉中国 [5][33]. - ThetaWave AI, an AI content company, secured several million USD in Pre-A round financing, with investments from BAI Capital and高瓴创投 [5][35]. -阶跃星辰, a startup in the large model space, completed over 5 billion yuan in B+ round financing, with participation from various institutional investors [32]. Group 4: Other Notable Financing -挪瓦咖啡 completed a C round financing worth several hundred million yuan, with investments from multiple prominent institutions [7]. -英汉思动力 announced consecutive financing rounds exceeding 100 million yuan, led by红杉中国 and other investors [8]. -DeepWay raised 1.177 billion yuan in Pre-IPO financing, led by普华资本 and supported by various investors [15].

Core Viewpoint - The article discusses the competitive landscape of AI applications during the Chinese New Year, highlighting major companies' strategies to attract users through cash giveaways and promotional activities, reminiscent of past successful marketing tactics in the mobile payment and short video sectors [6][7][12]. Group 1: AI Application Strategies - Major companies like Tencent, ByteDance, and Baidu are launching cash giveaway campaigns during the Spring Festival, with Tencent planning to distribute 1 billion yuan in red envelopes, aiming to replicate the success of WeChat's past marketing strategies [6][7]. - The competition is not merely a marketing tactic but a strategic positioning based on historical experiences, as the Spring Festival has proven to be a critical period for user acquisition in the Chinese internet landscape [7][10]. - The article notes that the past successes of WeChat and Alipay during the Spring Festival have set a precedent for how companies can leverage this period to achieve exponential user growth [10][12]. Group 2: User Growth and Market Dynamics - The article emphasizes that user growth for AI applications is not just about numbers but is crucial for model evolution and future ecosystem positioning, with major players facing pressure to expand their user bases [13][14]. - Data from QuestMobile indicates that by September 2025, monthly active users for major AI applications like ByteDance's Doubao and Tencent's Yuanbao are projected to be 172 million and 33 million, respectively, suggesting significant room for growth in the AI user market [13]. - The need for user growth is tied to the acquisition of training data, which is essential for improving AI models, creating a positive feedback loop that enhances content accuracy and attracts more users [14]. Group 3: Commercialization Paths for AI - The article outlines three main commercialization paths for AI models: selling APIs, subscription services, and advertising monetization, with current subscription rates for AI tools being relatively low [16]. - The challenge for AI companies is to increase user bases and improve service quality to enhance conversion rates for paid services, with the Spring Festival presenting a prime opportunity for user acquisition [16]. - Advertising is highlighted as a potential revenue stream, but companies must first engage users effectively to increase their daily usage time, which currently averages only 10 minutes [16]. Group 4: Competitive Landscape and Small Firms - Smaller AI firms face challenges in competing with larger companies' aggressive marketing strategies during the Spring Festival, leading them to focus on enhancing their models and finding niche applications [21][22]. - The article suggests that while large firms dominate the cash giveaway landscape, the influx of new users attracted by these promotions could benefit the entire AI industry by fostering user habits and expanding the market [22][23]. - The potential for smaller firms to innovate and carve out specific niches is emphasized, as they may not compete directly with larger firms but can develop unique applications that meet specific user needs [21][22].