Core Viewpoint - The article emphasizes the need for finance to return to its essence of serving the real economy, advocating for a "real industry over capital" approach in investment strategies [4][5]. Group 1: Resource Allocation - Capital should flow towards efficient sectors rather than short-term arbitrage opportunities, with a focus on consumer-driven economic growth as a stabilizing force [6][7]. - The investment landscape has been distorted by excessive capital inflow, leading to a focus on rapid expansion and market capture rather than sustainable business practices [8][9]. Group 2: Governance and Empowerment - The investment philosophy of the company is characterized by deep involvement in the operational aspects of the businesses it invests in, moving beyond mere financial support to strategic partnership [10][11]. - Successful case studies, such as the investment in Xiaocaiyuan, demonstrate the effectiveness of this approach, resulting in significant market achievements and returns [12][13]. Group 3: Brand Behind the Brand - The company seeks to invest in businesses with "real industry genes," focusing on consumer sectors that exhibit high-frequency demand and scalability [19][20]. - Notable investments include brands like Qiaqia Foods and Babimantou, which have become industry leaders due to their alignment with the company's investment philosophy [21][23]. Group 4: Capital's Mission - The company is positioned to play a crucial role in transitioning society towards a consumption-driven economy, emphasizing the importance of enhancing disposable income and improving living standards [28][30]. - The investment strategy aims to create social value that translates into stable economic returns, highlighting the need for a shift from being mere investors to becoming co-creators in the industries they support [31][33].

Core Viewpoint - The article discusses the resurgence of USD funds in 2025, highlighting a significant fundraising round exceeding $2 billion, which is seen as a potential turning point for USD investments in China after a prolonged period of stagnation [5][6][14]. Fundraising Dynamics - Several institutions, including Lightspeed Venture Partners and Black Ant Capital, are reportedly raising new USD funds, with a total target exceeding $2 billion, marking the largest USD fund return in recent years [6][14]. - The primary market views this fundraising positively, interpreting it as a sign of global capital reassessing the Chinese market [7][14]. - The fundraising process is described as low-key, with key details such as closing times and LP composition remaining undisclosed [9]. Investment Trends - Despite caution in sectors like semiconductors and AI, areas such as AI+, robotics, and pharmaceuticals are emerging as key investment directions for this fundraising round [11]. - International investors are increasingly interested in China's advancements in hard technology, with a consensus that the pharmaceutical sector has become attractive due to valuation adjustments [11][12]. - There is a shift in the expectations of US LPs, who are now looking for Chinese GP to establish funds focused on pipeline acquisitions rather than traditional equity financing [11][12]. Market Context - The overall fundraising situation for USD funds remains challenging, with a reported 32% decrease in China's private equity market fundraising, totaling over 1,066.5 billion yuan [14]. - The actions of leading USD fund institutions are viewed as a potential precursor to a broader recovery in the market [14][15]. Structural Changes - The article outlines a structural transformation in USD funds, moving from a focus on internet-based investments to deeper engagement in non-sensitive sectors and innovative opportunities [18]. - The shift in investment strategy is reflected in the language used by fund managers, moving away from terms like "burning money" to concepts like "patent licensing" and "cross-cultural networks" [18]. Historical Perspective - The peak expansion period for USD funds in China was from 2000 to 2015, driven by regulatory arbitrage and significant returns from investments in major tech companies [17]. - The decline from 2015 to 2023 was attributed to the rise of RMB funds and external market pressures, leading to a drastic drop in USD fundraising from $17.2 billion in 2021 to $1.3 billion in 2024 [17]. Future Outlook - While the current fundraising activities are seen as a trial, the long-term outlook for USD funds in China is cautiously optimistic, with expectations of increased influence and scale in the coming years [16][18].

将投中网设为"星标⭐"，第一时间收获最新推送 这家明星独角兽，三年入账200亿。 作者丨 鲁智高 来源丨 投中网 从安徽天长出发，到四川宜宾落户，英发睿能最终于近日来到港交所门前。 在 61 岁父亲张发玉的带领下， 36 岁的女儿张敏和 32 岁的儿子张杰深度参与英发睿能的运营。经 过近 10 年的打拼，张发玉家族不仅让英发睿能成长为宜宾的明星独角兽，同时还变成全球知名的专 业光伏电池片制造商。 这番成功的背后，离不开宜宾政府的大力支持。在英发睿能超过 33 亿元的融资中，宜宾高新投、宜 宾新兴产业集团、宜宾高投产业、晨道资本等宜宾市国资委的紧密联系人共支持了约 21 亿元，堪称 这个超级 IPO 的" MVP "。 父亲携手子女，干出一家宜宾明星独角兽 在英发睿能的发展过程中，张发玉扮演着重要角色。 从安徽天长一个农民家庭出生后，他于 1986 年开始搞起了家庭作坊。通过加工电视机专用配件， 他用 5 年时间获得自己的第一桶金，成为拥有千万资产的大户。 到了 1990 年，乘着上海浦东开发和开放的东风，张发玉投资 300 多万元在当地办起了工厂。在将 电子配件远销海内外市场的过程中，他的经济实力越来越强，并 ...

以下文章来源于红餐网 ，作者红餐编辑部 红餐网 . 做餐饮，上红餐 ！一个有温度的餐饮产业服务平台。 将投中网设为"星标⭐"，第一时间收获最新推送 这股新茶饮"北美开店热"，才刚刚拉开序幕。 作者丨 郑颖 作者丨 李唐 来源丨 红餐网 8月1日，喜茶位于美国加州库比蒂诺Main Str的门店正式营业。随着这家开在苹果公司总部的新店 开业，据红餐网不完全统计，喜茶在美门店已增至35家，成为了美国门店数量最多的新茶饮品牌。 茉莉奶白迅速崛起，不仅在美国开出5家门店，更成为当地新茶饮圈人气最高的品牌； 霸王茶姬作为首个在美国上市的新茶饮品牌，借上市东风于今年5月进驻洛杉矶富人区Westfield Century City 商场，不到三个月，其第二家门店便在洛杉矶都会区悄然亮相；今年7月，乐乐茶也 在纽约、洛杉矶接连开店，延续国内"茶饮＋烘焙"模式，开业时也引发不少热议…… 市场反馈同样印证着新茶饮在北美的热度。 据美国IP网友反馈，喜茶多家门店即便相隔仅几分钟路程，几乎每家生意都十分火爆。以喜茶今年初 开业的纽约时代广场TEA LAB店为例，公开信息显示，其首日销量突破3500杯，日均稳定在2000 杯以上。 茉莉 ...

将投中网设为"星标⭐"，第一时间收获最新推送 眼下的"闭店潮"似乎是一个时代的终结。 以下文章来源于盐财经 ，作者张羽 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 作者丨 张羽 编辑丨 江江 来源丨 盐财经 盛夏渐渐转凉，MUJI无印良品在北京世茂工三门店，历经十余年，也走向苍凉结局。 日前，工三店门口贴出"闭店通告"，宣告此店于2025年8月31日关闭。店内随处可见的"闭店特 惠"促销海报，溢满了告别的气息。 无印良品在中国关闭门店，事实上，已经不是新鲜事。 近年来，无印良品多地门店相继关闭。据MUJI母公司良品计画的官方财报数据，2022年至2024年 财年，无印良品已累计关闭中国大陆门店30家，而截至2025年5月，已关闭17家门店。上海浦江欢 乐颂店、苏州泰华店、济南市中区振华商厦店、烟台振华商厦店和长沙泊富国际广场店等门店也都于 今年8月底关闭了。 无印良品过气了？不再盈利了？昔日的"中产白月光"，就快倒闭了？ 起源自日本、2005年进入中国大陆市场、引领"性冷淡"极简自然侘寂美学风潮的无印良品，眼下 的"闭店潮"似乎是一个时代的终结。 电商的兴起、大量同类型平替国产品牌的不断涌现 ...

以下文章来源于超越 J Curve ，作者刘惠娴 超越 J Curve . 用数据延伸你的阅读 将投中网设为"星标⭐"，第一时间收获最新推送 中美S市场热度都在攀升。 作者丨 刘惠娴 编辑丨 杨博宇 来源丨 超越 J Curve S交易市场热度持续攀升。 根据 PitchBook最新发布的《美国VC二级市场观察》，在2024年6月至2025年6月的12个月期 间， 美国 VC二级市场交易总额达到611亿美元，首次超越同期IPO退出总额的588亿美元， 标志 着二级市场在退出渠道中的重要性显著提升。 无独有偶， 中国私募股权市场也 正 掀起一场以 "存量盘活"为核心的变革浪潮。 投中嘉川 团队在 《 2025年中国私募股权二级市场专题研究报告》 对 2020-2024年 海内外的 S市场进行了梳理 。 数据显示， 2014年成立的基金，截至 今年 4月 也只有 24.2%的项目实现了退出。这意味着有超 过7成的被投项目，在最长11年的时间内无法退出。 而 5年前设立的基金， 则有 9成以上的 项目 等待 退出。随着时间推移， 当 大量基金 正 进入退出窗口， S交易与S基金逐渐从边缘走向舞台中 央。 而且与美国 ...

以下文章来源于锦缎研究院 ，作者侯兵hoping 锦缎研究院 . 专注上市公司价值发现与传播 将投中网设为"星标⭐"，第一时间收获最新推送 可能对光伏产业来说，是一个信号。 作者丨 侯兵hoping 来源丨 锦缎研究院 锂电行业相较于新能源复苏的好像更快。 我们此前分析过海目星获得了爆发式的订单增长数据，由此就可见锂电行业正在发生的复苏过程。当 然，海目星也是第一家比较"热情"的公布订单情况的锂电光伏设备企业，以此来向大家证明"自己并 不差"。 那锂电行业究竟如何了呢？储能行业为何近期又爆发了呢？对光伏产业来说又有什么指导意义？ 订单爆发式增长背后的行业复苏逻辑 我们即便对锂电激光设备龙头企业海目星急剧下行的毛利率所带来的低价竞争情形不解，但也更应该 看到其订单呈现爆发式增长，尤其是高毛利率的海外市场。 受行业复苏推动，2025年1-6月，海目星实现新增订单约44.21亿元（含税），同比增长约 117.5%；截至2025年6月30日在手订单约为100.85亿元（含税），同比增长约46%。报告期内， 公司海外的新签订单（含交付地在海外）金额为18.88亿元，同比增长192.5%，创下自公司成立以 来海外订单的高 ...

以下文章来源于腾讯财经 ，作者谢照青 腾讯财经 . 腾讯新闻旗下腾讯财经官方账号，在这里读懂财经！ 将投中网设为"星标⭐"，第一时间收获最新推送 华人圈开启币股联动热潮。 作者丨 谢照青 编辑丨 刘鹏 来源丨 腾讯财经 香港金融圈正在重新叙事，原本疏远于传统金融圈视线的币圈，成为这一轮新叙事的主流 。 稳定币 和 RWA 的 概念 方兴未艾 之时 ， DAT 的 风 又从 美国 吹到 了 香港 。 所谓 DAT ， 即 Digital Asset Treasury 的 缩写 。 在币圈， DAT 通常指的是持有和管理加密货 币的公司或者实体。在当下的语境中，大多时候 DAT 对应的则是上市公司实体， 其 通过公开市场 购买比特币、以太坊或者 solana 等代币， 业内人士 把 这一动作 称为"屯币 " ，并使 这些 代币 成为公司核心资产，随后上市公司股价随币价涨跌而波动。在传统金融圈，他们 又 这一现象 称 为"币股联动 " 。 "币股联动是过去这段时间香港二级市场和币圈的热词。 " 一位美股上市公司负责人 如是说 ，他的 上市公司已经持有不少比特币。 仅 8 月 27 日一天，他就参加了 8 场在港的活 ...

Focus Review - The hard technology sector is seeing significant investment from "national teams" and industrial capital, with companies like AI² Robotics and Zhongke Jilian completing substantial financing rounds [4][12][16] - The health sector, particularly in biopharmaceuticals, remains active, with companies like Yinuo Pharmaceutical and Qiyuan Bio securing new funding [4][22][24] - The enterprise service sector continues to focus on digital transformation, highlighted by Doushang Technology and Yingfan Technology completing significant financing rounds [4][31][32] Hard Technology - AI² Robotics completed a new round of Series A financing led by Shenzhen Capital Group, with over 100 million yuan invested [12] - Zhongke Jilian secured several hundred million yuan in Series B financing, led by Luxin Venture Capital [16] - Blue Core Computing received a new round of financing exceeding 100 million yuan, with participation from various investment firms [10] Health Sector - Yinuo Pharmaceutical completed a new financing round with participation from multiple investment institutions [22] - Siairan Medical announced a new financing round exceeding 100 million yuan, led by Qianji Capital and Shunwei Capital [23] - Qiyuan Bio completed nearly 200 million yuan in Series B financing, led by Fuzhe Linzhu Fund [24] Enterprise Services - Doushang Technology announced a new round of 200 million yuan bridge strategic financing, exclusively invested by Zhongding Capital [31] - Yingfan Technology, part of the First Financial Group, completed a strategic A round financing of over 100 million yuan [32] - Huichuang Human Resources completed 28.5 million yuan in A round financing, exclusively funded by Huicai Capital [30]

Core Viewpoint - Horizon's market value has surpassed HKD 130 billion, indicating significant growth potential in the robotics and intelligent driving sectors, with a projected CAGR of 7.18% from 2024 to 2028 [3][6]. Company Overview - Horizon is the first domestic company to develop edge intelligent driving chips, founded in 2015 when the intelligent driving sector was still nascent [5]. - The company has achieved a revenue increase from approximately CNY 467 million in 2021 to CNY 1.567 billion in 2025, reflecting a growth rate of 67.6% year-on-year [6][7]. - Horizon's gross margin has remained stable and high, with figures of 70.9%, 69.3%, 70.5%, and 79% over the same period [6]. Market Position - By August 2025, Horizon had shipped over 10 million units of its chips, becoming the first intelligent driving technology company in China to reach this milestone [7]. - The company has established partnerships with over 40 global automotive manufacturers, enabling more than 400 vehicle models to utilize its technology [7]. Investment Insights - Horizon has completed over 10 rounds of financing, raising a total of USD 2.3 billion (approximately CNY 16.5 billion) since its inception, with a pre-IPO valuation of USD 8.71 billion (CNY 62.5 billion) [7][8]. - The IPO was met with enthusiasm, with shares rising by 28% on the first day, leading to a market capitalization exceeding HKD 700 billion [7]. Future Prospects - The intelligent driving market is expected to see increased adoption, with over 60% of cars sold in China in the first half of 2025 equipped with advanced driver assistance systems [54]. - Horizon aims to deploy 10 million units of its HSD (High-Performance Driving) solution in the next 3-5 years, positioning itself as a leader in the high-end intelligent driving chip market [54]. Strategic Partnerships - Horizon's collaboration with major automotive manufacturers, including a significant investment from Volkswagen, highlights its strong market position and potential for future growth [47]. Entrepreneurial Leadership - The founder, Yu Kai, is recognized for his unique blend of scientific and entrepreneurial skills, which has been pivotal in driving the company's success and establishing strong industry relationships [24][30]. Investment Philosophy - The investment firm He Xuan Capital has expressed confidence in Horizon's long-term growth potential, viewing it as a significant opportunity for returns, akin to investing in Nvidia [50][56].