以下文章来源于中国企业家杂志 ，作者陈浩 中国企业家杂志 . 讲好企业家故事，弘扬企业家精神 将投中网设为"星标⭐"，第一时间收获最新推送 迪士尼在中国，乃至全球的成功，本质上是"体验经济"的胜利。 作者丨马吉英、陈浩 编辑丨 马吉英、张昊 来源丨中国企业家杂志 《疯狂动物城2》创造了新的纪录。 北京CBD万达影城午夜场的好位置，在开票时就被抢光。除了凭电影票可以兑换一张海报之外，万 达影城也上架了各种联名周边，最受欢迎的要数印着朱迪、尼克的爆米花桶。有人甚至要求服务员用 纸袋单装食物，只为得到"干干净净的周边"。据透露，《疯狂动物城2》午夜场商品点单率达35%， 远超一般水平。 想要靠"动物城"掘金的不止影院。 11月24日，瑞幸上线联名周边，包括贴纸、冰箱贴、吧唧、联名杯、毛绒相框等。有媒体计算，想 凑齐全套，至少要喝掉22杯咖啡，花费343元。一位瑞幸咖啡店员告诉《中国企业家》，当日门店 一开门，打印出来的订单远超往日，一个人平均一分钟要出餐两杯半。瑞幸官方在电影上映当天紧急 发布通知，称周边缺货，正加急补货。 上映当天，社交媒体里小朋友与电影角色的合影随处可见，这是豆包、千问等平台专门推出的动效， 用 ...

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 市场已从募资驱动的前半场，过渡到退出主导的后半场。 作者丨刘惠娴 来源丨投中嘉川 创投市场正在 显著 回暖。 这是一级市场从业者在过去一年最直观的体感 ， 也是投中嘉川用数据给出的答案。 近期， 投中嘉川联合中国投资协会股权和创业投资专业委员会、北京金融街研究院，重磅 发布 《中国创投市场发展指数报告》。 这是 中国创投行业发展 30余年来首次尝试从系统性数据 " 量化 行业温度 "。 报告构建了一套覆盖面极广的指数体系，包括 " 中国创投 100综合指数 "" 国资创投 50 发展 指数 "" 外资创投 50 发展 指数 " 以及 " 人工智能投资指数 " 。 我们 试图 以多维度的指数，来 回答一个所有人都关心的问题： 中国创投市场到底 处于什么阶段 ？ 未来又将走向何方 ？ 这些指数以投中嘉川 CVSource 私募股权数据库为核心数据源，结合量化分析、定性访谈和典型案 例研究，从募资、投资、退出到机构综合影响力 出发 ，系统呈现行业全景。 今天这篇 文章 就 是 ...

Core Viewpoint - The article highlights the remarkable journey of Zeng Fangqin, the CEO of Lingyi iTech, who built a "hundred billion precision manufacturing" empire over nearly 20 years, emphasizing her significant contributions to the precision components industry and her recent IPO plans [3][4][8]. Company Overview - Lingyi iTech, with a market value of 95 billion, is preparing for an IPO on the Hong Kong Stock Exchange, showcasing its growth and Zeng Fangqin's status as a leading female entrepreneur in China [3][4]. - The company has established itself as a key player in the precision components sector, particularly in the consumer electronics supply chain, with over 60% of its revenue coming from Apple-related businesses [7][10]. Financial Performance - Lingyi iTech's revenue for 2022-2024 is projected to be 34.5 billion, 34.2 billion, and 44.3 billion respectively, with net profits of 1.57 billion, 2.02 billion, and 1.76 billion during the same period [10]. - In the first nine months of 2025, the company achieved a revenue of 37.59 billion, with a notable increase in quarterly earnings, indicating a strong growth trajectory [10]. Strategic Acquisitions - The company has made strategic acquisitions to enhance its market position, including the 21.5 billion acquisition of Saierkang Group and the 11.2 billion acquisition of two automotive parts factories from Flex, which expanded its customer base and production capabilities [11]. - Following these acquisitions, Lingyi iTech's global service points increased from 12 to 28, and its overseas revenue share rose from 35% to 60% by 2024 [11]. Future Growth Initiatives - Zeng Fangqin is focusing on the robotics sector, particularly bipedal robots, with plans to invest at least 200 million annually over the next three years to become a top player in the field [11][12]. - The company has formed strategic partnerships to enhance its capabilities in robotics, indicating a commitment to diversifying its product offerings and exploring new growth avenues [12]. Industry Context - The article also discusses the rise of female entrepreneurs in China, with Zeng Fangqin being part of a broader trend of women leading successful companies in various sectors, including technology and manufacturing [14][16]. - The success stories of female leaders like Zeng Fangqin, Zhou Qunfei, and Wang Laichun illustrate the potential for women to break through barriers in traditionally male-dominated industries [15][16].

又将刷新Solo VC的行业纪录。 作者丨 蒲凡 来源丨 投中网 将投中网设为"星标⭐"，第一时间收获最新推送 两年前，我曾经写过一篇题为 《一个人募资80亿》 的文章，聊起了近来年逐渐兴起的Solo VC模式。 所谓Solo VC，可以按照字面意思简单理解为"风险投资个体户"。他们既在物理层面做到"solo"，那样没有团队，不设置复杂 的组织架构，看项目、做尽调、投后管理全部自己完成；同时又在法律层面向"VC"看齐，注册公司、在监管部门把自己从自 然人备案为GP、按照金融产品的标准制定投资节奏、向LP募资、接受IRR和DPI的考核。 这样的特质高度适配当下的投资环境：Solo VC的发起人就是团队里唯一成员，负责思考也负责决策，带来了前所未有的简化 流程；Solo VC的发起人通常是垂直领域专家出身，是特定领域的经验宝库，更能够基于特定领域的特点制定个性化的投资组 合管理方式；Solo VC一旦成立就是"单枪匹马"作战，决定了发起人远比大平台的投资人更有创业心态，斗志旺盛且行动敏 捷，更容易与创业者合拍。 因此最近几年，Solo VC的数量不但大幅增加，能够募集到的资金也越来越夸张，其中最牛逼的Solo V ...

将投中网设为"星标⭐"，第一时间收获最新推送 " 未来五年，将是CVC价值凸显的黄金期。 " 整理丨 王满华 来源丨 投中网 11月27日，在"第19届中国投资年会·有限合伙人峰会"上，芯联资本创始合伙人袁锋发表题 为"CVC的黄金十年：从赋能到共创"的主题演讲。 以下为现场演讲实录，由投中网进行整理： 感谢大会的邀请。今年是中国创投行业二十年，我本人做CVC也七年了，我觉得往前看五年和往后 看五年，对CVC来说是一个"黄金十年"。 "CVC"这个概念近年来被频繁提及，我也积累了一些心得，在此与各位交流。接下来，我将围绕两 个"五年"展开：上半场是过去五年，下半场是未来五年。 供应链投资是CVC上半场的"入场券" 是必须做好的事 过去五年，中国硬科技行业经历了百年一遇的大变革，汽车行业尤为典型。2020年，整个新能源汽 车的渗透率尚不足5%，而今天这个数字已经到了50%。 半导体行业更是如此。半导体本身是全球化程度高、产业周期长、壁垒极强的行业，长期以来，是少 数全球巨头在主导。例如，全球前十大企业占据了汽车芯片市场约70%，这是一个门槛高且集中度 高的行业。 然而在过去五年，中国半导体产业也实现了快速发展。 ...

Core Insights - The article focuses on the investment landscape in various regions of China, highlighting the establishment of new funds and their strategic focus areas, particularly in emerging industries and technological innovation [6][7][9][12][13][14][15][17][18][19][20][21]. Fund Establishments - The Shaoxing Industrial Fund, with a total scale of 15 billion RMB, aims to support strategic industry projects and technological innovation in Shaoxing [7]. - The Wuhan Future Intelligent Venture Fund has been established with a total scale of 1 billion RMB, focusing on artificial intelligence and humanoid robotics [9]. - The Henan Lihua Angel Fund has been successfully set up with a total scale of 1.77 billion RMB, targeting investments in AI, 5G, and new energy sectors [10][11]. - The Jiangmen High-tech Guangdong Science and Technology Industrial Development Fund has been established with a total investment of 1 billion RMB, focusing on emerging industries like new energy and AI [12]. - The Xiamen Industrial M&A Equity Investment Fund has been registered with a total scale of 2 billion RMB, focusing on key industries such as new energy and semiconductor [18]. - The Jimei Specialized Fund has been established with a scale of 100 million RMB, targeting strategic emerging industries and traditional industry upgrades [19]. Strategic Focus Areas - The funds are primarily directed towards high-tech sectors such as integrated circuits, biomedicine, and advanced equipment, reflecting a strong push for technological innovation and industrial transformation [7][12][13][14]. - The collaboration between Cainiao and China Life to establish a logistics investment fund of over 1.7 billion RMB emphasizes the importance of modern logistics infrastructure in key economic regions [17]. - The establishment of the Xin Ke Industry Investment Fund, with a total scale of 5 billion RMB, aims to enhance the communication network and support the development of cutting-edge technologies like AI and quantum communication [13]. Regional Highlights - Shaoxing is recognized for its traditional industries, particularly textiles, which have evolved significantly since the 1980s [6]. - Wuhan is positioning itself as a hub for light communication technology, leveraging its strong industrial base and strategic partnerships [13]. - The Hebei Free Trade Zone is focusing on high-end manufacturing and digital economy sectors, with the establishment of the Yunfan Equity Investment Fund to fill the investment gap in these areas [20][21].

将投中网设为"星标⭐"，第一时间收获最新推送 一起聊聊那些在书中没来得及写、没来得及问的真心话。 整理丨 蒲凡 来源丨 投中网 假如你是一位作家，正在为中国的风险投资，编写一部属于从自我视角出发、定位自我轨迹的"行业 史"，你会选择一个什么样的故事来切入人民币基金的故事？选一位什么样的人物来诠释风险投资会 在2005集体将目光看向中国市场？又会选择一个什么样的投资案例，来解释风险投资的意义不仅仅 在于赤裸的"盈利"？ 这是投中网编辑团队一年多以来反复思考的问题，而今年11月出版的新书《中国风险投资史》就是 我们的答案。自立项到成书，用全书三十余万字、共十四个章节，整理出风险投资如何在中国萌芽、 起步、发展和蜕变的脉络。 但正如投中信息CEO杨晓磊在编后记中说的那样，由于篇幅以及其他客观因素的限制，虽然这部 《中国风险投资史》已经尽可能地做到了以"风险投资"为本，尽可能有临场感的、带有感性洞察地 还原每个阶段的横截面，但终归是有遗憾的。很多重要的命题并没有积累足够的一手素材，很多重要 的历史事件我们也只能以一个更偏"旁观者"的角度来论述，缺乏亲历者的洞察。 好在，这本书并不是我们记录的终点。 11月27日，在" ...

将投中网设为"星标⭐"，第一时间收获最新推送 一些保险资金在股权投资领域的思考与实践。 整理丨 张雪 来源丨 投中网 当前，长期利率下行和寿险行业久期缺口，促使保险资金加大另类资产配置，这是全球保险行业应对 低利率环境的经验。 作为保险基金，如何在行业变革之下，精准抓住机会，实现合理的资产配置？ 11 月 27 日，在 " 第 19 届中国投资年会 · 有限合伙人峰会 " 上，北京泰康投资 CEO 黄升轩发表了题为《稳健 + 创 新的保险资本投资新范式》的主题演讲。 他谈到， VC/PE 行业已从美元基金主导的 1.0 时代，经济增长 beta 和 IPO 驱动的 2.0 时代进 入产业资本 3.0 时代，并呈现出了三大特征 —— 赛道转向硬科技、资金来源以人民币为主、退出 方式从依赖 IPO 转向并购整合。 同时存量经济下，产业整合与 S 交易成为结构性机会。 在这一背景下，依赖一二级市场套利和经济整体增长的收益模式已经改变，股权行业出清与分化势在 必行，未来能穿越周期持续创造 alpha 的头部管理人数量有限， LP 对管理人的产业资源获取、赋 能及整合退出能力要求显著提升。同时，美国养老金、耶鲁基金的实 ...

将投中网设为"星标⭐"，第一时间收获最新推送 S基金通过创造流动性推动资本循环投资，对行业可持续发展具有关键意义。 整理丨陈美 来源丨 投中网 "退出"一直是一级市场最关心的话题。11月27日，由投中信息、投中网共同主办的第19届中国投资 年会·有限合伙人峰会在上海隆重召开。 作为S基金最有代表性的投资机构，盛世投资董事长姜明明表示，当前中国创投市场面临募投管退全 链条挑战，核心症结在于"退"。若14万亿存量资产无法实现有效退出，在地方政府、国资财政压力 较大的当下，期望其持续投入新资金支持创投行业，难度可想而知。因此，S基金通过创造流动性推 动资本循环投资，对行业可持续发展具有关键意义。 S基金的快速发展，有源于三个关键层面的推动： 一是政策驱动。今年"国办一号文"明确提及S基金，这在国家层面支持创投、VC/PE行业发展的文件 中实属罕见，也为S基金完成了高效科普。如今，上海、江苏、浙江、安徽等私募股权活跃地区，地 方政府金融办在出台创业投资支持政策时，也必然会纳入S基金相关内容。 二是行业退出需求的集中释放。一方面，14万亿存量规模对应22.8万个项目，庞大的存量资产亟待盘 活；另一方面，人民币基金自20 ...

Core Viewpoint - The investment landscape is undergoing a structural transformation, with optimism for 2026 as the industry shows signs of recovery despite ongoing challenges in fundraising and exits [3][4][44]. Group 1: Market Dynamics - 80% of fundraising is still dominated by state-owned capital, and 70% of projects from 2014 have yet to exit, indicating low market liquidity [3][4]. - The entry of long-term capital, such as social security funds and national-level venture funds, is increasing, shifting the focus from where to find money to what to invest in [3][19]. - The interest of state-owned capital in merger and acquisition funds has risen, contributing to increased market liquidity [3][19]. Group 2: Drivers of Asset Allocation - Three main drivers are influencing asset allocation trends: technology, policy, and funding [7][8]. - Technology has provided numerous themes and topics for venture capital, leading to significant returns for limited partners (LPs) [8]. - Policy has historically aligned with venture capital growth, with initiatives like the "National Integrated Circuit Industry Development Promotion Outline" contributing to market success [9]. - Funding dynamics have shifted post-2014, with government-led funds replacing direct subsidies, creating a robust funding base [9]. Group 3: Investment Trends - In the first three quarters of the year, new fund establishments and investments grew by approximately 10%-20%, with exit scales more than doubling due to favorable secondary market conditions [12]. - State-owned capital's participation in venture capital has evolved, with a stable collaboration model emerging between various levels of state-owned entities and market-oriented institutions [15][18]. - The increase in long-term capital has created a "happy trouble" for the industry, as the challenge now lies in identifying suitable investment opportunities rather than securing funding [20]. Group 4: Product Preferences - Corporate Venture Capital (CVC) has gained popularity due to its high lower limits and strong industry knowledge, making it a favored choice among LPs [29][33]. - M&A funds are also gaining traction, with state-owned capital showing increased interest, reflecting a shift in market dynamics [34]. - The performance of Chinese venture capital funds is reportedly higher than that of U.S. funds, with a notable focus on cash returns [40][41].