「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨 冯汝梅 赵晓晓 编辑丨 关雎 图源 丨港交所 1月28日，整合了"零食很忙"和"赵一鸣零食"两大品牌的零食巨头——湖南鸣鸣很忙商业连锁股份有限公司（股票代码：01768.HK，下称"鸣鸣很忙"）， 正式在港交所主板敲钟上市，成为港股量贩零食第一股。 鸣鸣很忙以236.6港元/股的发行价全球发售1410.11万股，募资总额约33亿港 元，发行后市值约473亿港元。开盘大涨 88%，报每股445港元，市值959 亿港元。 这家公司的掌舵者是两位85后创始人——晏周和赵定。他们从街边小店起步，凭借对下沉市场的洞察，通过创新的量贩模式销售零食，提供多品牌、多品 类、多规格的产品组合，重组供应链，聚焦高性价比定位，如今已构建起一个有近2万家门店的零售网络。 鸣鸣很忙2024年商品交易总额（GMV）达555亿元，是中国最大的休闲食品饮料连锁零售商。截至2025年9月30日止九个月，GMV 为661亿元，较2024 年同期增长74.5%。 2025年前三季度，鸣 ...

4. 【中企海外建电池储能工厂热潮再起】当前中国储能出海，在由规模扩张转向价值深耕的关键阶 段，海外建厂热潮再起。埃及公司Kemet与楚能新能源签署了合作协议，双方将共同在埃及建立一座 价值2亿美元的储能电池工厂，年产能为5GWh。阳光电源也宣布与埃及政府签署18亿美元的合作协 议，规划年产能10GWh成为区域产业核心枢纽，预计于2027年4月投产。中创新航已与葡萄牙政府 签署投资协议，双方将推进动力及储能用锂电池制造项目落地。此外，隆基绿能联合精控能源，与美 国NeoVolta共同成立了合资公司NeoVolta Power，并宣布将在美国佐治亚州彭德格拉斯建设电池 储能系统生产基地。 (电池中国 ) 5.【量子计算机"本源悟空"全球访问量突破4000万次】1月27日消息，据安徽省量子计算工程研究中 心最新发布，我国第三代自主超导量子计算机"本源悟空"全球访问量正式突破4000万次，服务网络 覆盖全球163个国家和地区，标志着中国自主量子 算力全球影响力持续提升。截至 目前，"本源悟 空"累计完成超76万个 全球量子计算任务。（ 科创板 日报 ） 更多智能制造产业资讯…… 扫码可订阅产业日报 1.【美光计划斥 ...

Core Viewpoint - The article discusses the evolving competition between Jeff Bezos's Blue Origin and Elon Musk's SpaceX in the satellite internet sector, particularly focusing on Blue Origin's ambitious TeraWave satellite network plan, which aims to deploy 5,408 satellites to provide high-speed data services, potentially surpassing SpaceX's Starlink [6][7][9]. Group 1: Company Strategies - Blue Origin's TeraWave will deploy 5,408 satellites, offering up to 6 Tbps symmetrical data speeds, targeting enterprise, data center, and government clients, while excluding ordinary consumers [6][9][12]. - SpaceX's Starlink currently has over 9,400 satellites in orbit, aiming for a total of 12,000 to 50,000, providing broadband services to over 9 million users with speeds of 100-200 Mbps, potentially increasing to 1 Tbps [9][11]. - The strategic positioning of TeraWave in the high-end market contrasts with Starlink's mass-market approach, reflecting the differing business philosophies of Bezos and Musk [11][12][14]. Group 2: Market Dynamics - The competition between Blue Origin and SpaceX is characterized by a strategic choice to avoid direct confrontation in areas where each company excels, with Blue Origin focusing on high-quality services for enterprises and SpaceX on large-scale consumer access [14][16]. - Amazon's satellite project, Amazon Leo, aims to compete directly with Starlink by providing broadband services to consumers and businesses, further diversifying Bezos's approach in the satellite internet market [16][17]. Group 3: Historical Context - The rivalry between Musk and Bezos dates back to their early ventures in space exploration, with notable tensions arising from competitive bids and public criticisms over the years [18][22][26]. - Their relationship has evolved from direct competition to a more collaborative stance, particularly in light of shared political interests and mutual respect for each other's technological advancements [29][32]. Group 4: Industry Challenges - The satellite internet sector faces significant challenges, including risks of space debris and collision, as well as potential interference with astronomical observations due to the increasing number of satellites [37][38]. - The lack of effective regulatory oversight in the satellite internet industry raises concerns about the sustainability of space operations and the potential for chaotic competition among nations and companies [38].

Group 1 - OpenAI's advertising cost for ChatGPT is approximately $60 per 1,000 views, which is three times higher than Meta's advertising prices. However, the data provided to advertisers is limited compared to Google and Meta [2] - OpenAI anticipates that its advertising revenue will exceed $10 billion by 2027 and aims for $110 billion from non-paying users by 2030 [2] - The domestic AI startup Moonlight Dark Side has launched the Kimi K2.5 model, which integrates multimodal capabilities and has achieved top scores in various agent evaluations [2] - Alibaba Health's AI product "Hydrogen Ion" has introduced a new feature called "Dynamic Evidence Positioning," which allows for precise citation of supporting statements in texts [2] - The open-source project Clawdbot has gained popularity, with its developer claiming it was developed almost entirely using AI, and it can operate locally on Mac mini [3] - DeepSeek has released the DeepSeek-OCR 2 model, which utilizes an innovative method to dynamically rearrange image components based on their meanings [3]

以下文章来源于睿兽Pro ，作者Bestla 睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 行业定义 可控核聚变（ Controlled nuclear fusion）是指在一定条件下，控制原子核聚变反应的速度和规 模，使其能够安全、持续、平稳地输出能量的过程。其最常见的反应是让氢的同位素氘和氚在极高温 度下聚合生成氦，并释放巨大能量。该技术模拟太阳发光发热的原理，因此被称为"人造太阳"。 可控核聚变是人类能源领域的 "终极梦想"，它通过将轻原子核聚合成较重的原子核来释放巨大能量， 其原理与太阳发光发热的本质相同。与传统的核裂变反应堆相比，可控核聚变在燃料来源、安全性、 放射性废物处理等方面具有显著优势。氘和氚作为主要燃料，可从海水中大量提取，理论上可供人类 料、低活化钢、氚增殖材料等特种材料，以及高精度真空泵、低温制冷系统等辅助设备，直接决定聚 变装置的运行温度、约束时间和能量转换效率。 使用数亿年；反应过程不产生长寿命高放射性核废料，且不具备链式反应失控条件，本质安全性更 高。 来源： T uition P hysics 从发 ...

Group 1: Economic Developments - Shenzhen's Nanshan District has become the first district in China to surpass a GDP of 1 trillion yuan, achieving an average annual growth rate of over 5.8% from 2016 to 2025, with a total economic output of 652.7 billion yuan at the end of the 13th Five-Year Plan [1] - The global electric vehicle market is projected to exceed 12.1 million units sold by 2025, driven by the decreasing costs of batteries and improved charging infrastructure, with a significant contribution from the entry-level market [27] - China's sports industry is expected to surpass 5 trillion yuan in total scale by 2025, with the sports goods market reaching 2.49 trillion yuan, reflecting a surge in domestic sports consumption [27] Group 2: Corporate Actions and Strategies - Anta Sports has agreed to acquire approximately 29% of Puma's shares for 1.5 billion euros, becoming the largest shareholder of the German sports brand [3] - Ideal Auto plans to close a small number of inefficient retail stores this year, clarifying that this is a normal operational adjustment and not indicative of a significant change in business operations [11] - BYD has abandoned its plan to invest 290 million dollars in a lithium project in Chile due to slow government responses and declining lithium prices [11] Group 3: Market Trends and Performance - Tesla's vehicle registrations in Europe dropped by 20% year-on-year in December, with a total annual decline of 27%, while BYD's registrations surged over twofold in the same period [11][13] - Nike plans to lay off 775 employees to enhance profitability and accelerate automation, amid ongoing challenges with sales growth and profit margins [11] - OpenAI's advertising prices for ChatGPT are three times higher than those on Meta platforms, with projected advertising revenue exceeding 10 billion dollars by 2027 [11]

Core Viewpoint - The article discusses the ongoing debate about the impact of AI on GDP and productivity, focusing on the varying predictions regarding AI's contribution to economic growth over the next decade, which range from 0.07% to 10% [3][4]. Group 1: Perspectives on AI's Economic Impact - The academic community is divided into three distinct narratives regarding AI's potential to enhance long-term GDP growth, influenced by differing views on technological capabilities and economic mechanisms [7]. - The gradualist perspective, represented by Daron Acemoglu, suggests that AI's contribution to total productivity growth will be minimal, estimating a cumulative increase of only 0.71% over the next decade, based on the assumption that AI can impact 20% of tasks with a 25% cost reduction [8][9]. - The explosive growth perspective, represented by William Nordhaus and Epoch AI, views AI as a new production factor that could lead to significant economic growth, predicting that if AI can automate research processes, global GDP growth rates could exceed 10% in the 2030s [10][11]. Group 2: Integration of Perspectives - Erik Brynjolfsson's "J-Curve" theory suggests that the introduction of general-purpose technologies like AI may initially slow productivity growth due to the need for substantial investments in intangible assets, which may not yield immediate returns [12]. - Charles I. Jones introduces a unifying framework that acknowledges both the revolutionary potential of AI and the structural weaknesses in the economic system that may delay its impact, coining the term "bottleneck effect" to describe how the slowest part of a process determines overall productivity [13][20]. Group 3: Bottlenecks and Economic Growth - Jones argues that the economic system is complex and interdependent, where the productivity gains from AI may be limited by the slowest tasks in a process, emphasizing that even with advanced AI, the overall output is constrained by these bottlenecks [14][26]. - The article highlights that while AI can significantly enhance certain tasks, the overall economic growth will be gradual, with predictions suggesting a potential increase in TFP growth to around 5% over several decades, rather than an immediate leap [20][26]. Group 4: Future Scenarios and Human Roles - Jones outlines three potential scenarios for how AI could reshape economic structures, including the possibility of redefining production functions, expanding the share of tasks that can be automated, and addressing fundamental bottlenecks in energy and materials [22][25]. - The article suggests that as AI continues to evolve, human roles will shift towards areas where AI has not yet made significant inroads, such as complex physical tasks, regulatory oversight, and defining societal values [28][30].

Group 1 - VinFast collaborates with Autobrains to develop autonomous driving technology, focusing on enhancing the L2 level autonomous driving capabilities of its upcoming electric vehicles [2] - Tesla's sales in Europe declined significantly, with a 20% year-on-year drop in December, totaling 35,280 units, and an annual decline of 27% to 238,656 units, while BYD's sales surged over twofold to 27,678 units in December, with an annual total of 187,657 units [2] - BYD plans to launch at least three new models in South Korea this year, aiming for sales exceeding 10,000 units [3] - Xiaopeng Motors anticipates "very strong" growth this year, with overseas sales growth potentially outpacing domestic sales [2] - The 2026 Beijing Off-road BJ40 family has been launched, with prices starting from 132,900 yuan, featuring various upgrades including a new drone storage system in one model [2][3]

红杉中国合伙人周逵说 ， " 在这样一个商业上不是那么肥沃、没有那么多人鼓掌的行业里坚持这么 久，犯过错、踩过坑 ， 但仍然愿意坚持前行，并总有创新，我认为这才是今天创业者的绝大多数。 " 作者丨卷耳 编辑丨吴岩 北京市海淀区东升科技园的办公室里，占据了 一 面墙的电子屏上，跳动着全国各地农产品的实时供需走势，这是一亩田自 研 的农产品B2B天机大数据系 统。 " 我们是一 家 帮农民卖农产品的公司，也是 一家 自己种地的公司，接下来还想成为 一家 帮农民采购 化肥和 生活用品的公司 。"创始人邓锦宏现在这样 介绍一亩田。 2025年圣诞节，是一亩田搬到东升科技园的第十年。10年前的圣诞节，一亩 田刚刚 度过创立以来最大的低谷，完成了一轮关键的融资，搬到了这里。 成立初期的一亩田，伴随着移动互联网的创业热潮，高歌猛进。作为最早的农业互联网创业者，如何在这个 最 传统的行业中发现农民最大的需求，一直是 个不小的挑战，一亩田也经历了业务方向上的探索，有过低谷、有过挫折，但也最终找到了适合的方向，直到2025年8月在纳斯达克上市。 就 像最大 机构股东红杉中国 的 合伙人周逵所说， 不是每个创业者都能一帆风顺，甚至 ...

深网腾讯新闻 . 腾讯新闻出品栏目，关注科技和TMT领域公司、事件和人物中的故事，探究背后的深层逻辑。 以下文章来源于深网腾讯新闻 ，作者饶富英 编辑丨 叶锦言 图源丨Midjourney 2025 年末，希迪智驾在港交所敲响的钟声，为这一年智能驾驶产业的"上市潮" 落下了句点。这已是 年内第 9 家登陆港股的产业链公司，从方案商到芯片商，超百亿港元的融资汇聚成一股资本浪潮。 然而，钟声余韵未散，一个更严峻的考题已转向 2026 年：上市募得的"弹药"，能否助企业穿越商业 化的深水区？当财务报表再无遮蔽，那些巨额的研发投入与难以规模化的盈利现实，将赤裸地置于市 场审视之下。 展望 2026 年，产业的狂欢将沉淀为理性的分化。资本市场的焦点，正从追逐"上市故事"转向拷 问"上市后表现"。 资金必将更苛刻地流向那些已初步证明商业化能力的公司。商业的主旋律，则从"技术演示"切换 至"规模化落地"，在港口、矿山、干线物流等特定场景中，寻找切实的盈利突破口。 随之而来的，将是一场不可避免的行业洗牌，"百家争鸣"的草莽时代临近尾声，"整合与淘汰"的进程 将急剧加速。 上市从来不是终点。 2026 年，一场关于技术、盈利与 ...