2026：于临界处坚守，在折叠处重构展望 2026年，技术的快速迭代必将伴随路线的激烈竞争与优胜劣汰。我们怀抱审慎的乐观，坚信中国经 济的深厚底蕴与科技创新的巨大潜能。那些在实验室里酝酿的惊奇，在生产线上升级的工艺，终将 汇聚成推动社会进步的磅礴力量。 CAN PART ? 骏 马 启 新 · 创 赢２０２６ 证券时报。全国创投协会联盟 National Alliance of Vanture Capilal Associations 業 本书出印 科创星创始合伙 2025年，是新一轮科技革命的关键节点。我国的"十五五" 规划建议 与美国的"创世纪计划"，不约 而同地将人工智能、光子、量子、商业航天、脑机接口、可控核聚变和合成生物学等前沿技术列为 国家发展的核心目标。这标志着未来的全球竞争与发展轨迹，正清晰地向着这些硬核领域进发。 我们清晰地看到，经过过去十年的潜心摸索与积累，硬科技已度过缓慢的爬坡期，正站在加速爆 发、指数增长的临界点之上。 锚定长期：在深度调整中聚焦核心价值 2025年，也是中国创投行业经历深度调整后，走向复苏与坚定转型的一年。市场的逻辑从未如此清 晰：唯有回归"投早、投小、投长期、投硬科 ...

一是深挖"非共识"的增长潜力。"若待上林花似锦，出门俱是看花人。"伟大的公司，往往在没人看 得懂、巨头看不上的时候拼命生长。无论是生物医药的爆发增长，还是AI在垂直领域的快速渗透， 裂缝中生长的机会，才有可能创造真正的Alpha。我们坚持寻找在大趋势之下，具备"第一"潜能或 者"唯一"稀缺性的企业。 CAN PART ? 骏 马 启 新 · 创 赢２０２６ 证券时报。全国创投协会联盟 National Alliance of Venture Capilal Associations 業 服 T l 江远投资创始 在周期换挡与科技跃迁交织的当下，新兴VC机构需要思考如何在范式转变的过程中，持续识别价 值、创造增量。 2025年，是江远投资深度聚焦、笃行不怠的一年。我们围绕医疗健康和科技两大方向，在生物医 药、AI应用、先进制造等细分领域，以精准追投+前瞻布局的方式出手近40次，近六成新增项目投 在A轮或更早期。 作为一家创业型VC，江远投资希望与优秀创业者同频共振，成为他们最早或者最重要的合作伙伴。 VC的本质，是在平均数之外寻找异质性，在混沌中发掘可能性，在泥泞里创造确定性。 责编：万健祎 校对： 廖胜超 版 ...

事关外星人！ 当地时间2月19日下午，美国总统特朗普搭乘"空军一号"专机前往佐治亚州途中，回答福克斯新闻记者提问时表示，美国前总统奥巴马近日涉及外星人的 说法"泄露了机密信息"，奥巴马"不应该这么做"。特朗普说，"我不知道它们（外星人）是否真的存在……但我可以告诉你，他（奥巴马）泄露了机密信 息，他犯了个大错。" 此外，特朗普同日在社交媒体发帖称，鉴于公众"表现出巨大兴趣"，他将指示"战争部长"（国防部长）赫格塞思及相关部门与机构，着手启动识别并公开 与外星人、地外生命、不明空中现象（UAP）以及不明飞行物（UFO）相关的政府文件。特朗普在帖文中称，解密范围将包括与这些"高度复杂但极具吸 引力和重要性"的议题相关的"任何及所有信息"。 据美国福克斯新闻网报道，在"外星人确实存在"相关言论引发网民争议后，奥巴马当地时间15日在社交平台Instagram上又发帖澄清说， 从概率上看，宇 宙很可能存在其他生命，不过自己在任期间"并没有看到任何证据表明外星人曾与人类接触"。 综合自：CCTV国际时讯、环球网 责编：万健祎 校对： 廖胜超 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社 ...

Group 1 - The core viewpoint of the article highlights the emergence of a new generation of fund managers, with over 4,100 fund managers currently in the industry, and more than 1,500 of them having less than three years of experience, accounting for over 35% of the total [1][9] - Many of the top-performing fund managers in the past year have less than three years of experience, with some achieving over 200% returns during their tenure [3][4] - Notable fund managers like Ren Jie from Yongying Fund and Rong Zhinen from Baoying Fund have seen their managed products' performance increase by over 273% and 200% respectively within a short period [3][4] Group 2 - Fund managers achieving over 50% returns are common, with Chen Ziyang from Changcheng Fund achieving a 103% return in just 2.5 years of managing public funds [4] - The article emphasizes that the success of these new fund managers is often supported by strong research teams and personal efforts, rather than solely relying on "betting on sectors" [6][5] - New fund managers are often well-prepared through years of industry research and investment experience before stepping into management roles, as seen with managers like Tan Jiajun and Chen Ziyang [5][6] Group 3 - The current market environment, characterized by extreme structural trends, allows new fund managers with less traditional investment experience to thrive, as they are less constrained by previous investment paradigms [7][9] - The article suggests that the fund manager landscape will evolve into two categories: distinctive style fund managers with independent strategies and tool-oriented or team-based fund managers focusing on specific sectors [10][9]

机器人、AI概念股逆市大涨。 2月20日，港股节后恢复交易，主要指数均低开，随后跌幅扩大。截至发稿，恒生指数跌约1%，恒生科技指数跌超2%。 AI应用、人形机器人等概念逆市走高。 人形机器人方面，越疆涨近20%，速腾聚创涨近11%，优必选涨超9%，微创机器人涨超5%。 | 代码 | 名称 | 现价 | 淵跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 2432 | 越疆 | 47.860 | 7.960 | 19.95% | | 2498 | 速腾聚创 | 38.100 | 3.700 | 10.76% | | 9880 | 优必选 | 150.500 | 12.500 | 9.06% | | 2252 | 微创机器人-B | 30.140 | 1.440 | 5.02% | | 6608 | 百融云-W | 12.950 | 0.350 | 2.78% | | 0300 | 美的集团 | 93.050 | 1.350 | 1.47% | | 0631 | 三一国际 | 14.780 | 0.120 | 0.82% | 据澎湃新闻消息，马年春晚开播两小时（2月16日 ...

Market Overview - On February 19, U.S. stock indices fell collectively due to multiple negative factors, including tightening liquidity in the private credit industry and escalating geopolitical tensions between the U.S. and Iran. The Dow Jones Industrial Average dropped by 267.5 points, a decline of 0.54%, while the S&P 500 and Nasdaq Composite fell by 0.28% and 0.31%, respectively, with the Nasdaq experiencing a cumulative decline of over 2% since 2026 [1][2]. Private Credit Industry - A liquidity crisis in the private credit sector was a core reason for the market's weakness. Blue Owl Capital announced the sale of $1.4 billion in loan assets and tightened investor liquidity, leading to a significant drop in its stock price by 1%. This triggered a collective decline in the private credit sector, with major firms like Blackstone and Apollo Global Management seeing their stock prices fall by over 5% [2][3]. Geopolitical Tensions - The geopolitical tension between the U.S. and Iran has become another major market disturbance. President Trump indicated a decision on potential military action against Iran would be made within ten days, which has heightened investor caution and led to a general sell-off of risk assets [3]. Corporate Earnings and Guidance - Discrepancies in corporate earnings and guidance have intensified market volatility. Walmart's fourth-quarter revenue and profit exceeded expectations, but its annual profit guidance fell short, resulting in a stock price drop of over 1%. In contrast, Amazon surpassed Walmart in projected net sales for 2025, reaching $716.9 billion [4]. Economic Data - Recent economic data showed initial jobless claims in the U.S. fell to 206,000, significantly below expectations, indicating resilience in the labor market. The Philadelphia Fed Manufacturing Index rose to 16.3, the highest since September of the previous year. However, the trade deficit unexpectedly widened to $70.3 billion in December 2025, with the annual goods trade deficit reaching a record $1.2409 trillion, an increase of $25.5 billion or 2.1% from the previous year [4]. Market Sentiment - According to a recent survey by the American Association of Individual Investors, the proportion of bearish retail investors has exceeded bullish investors for the first time since November of the previous year, with bearish, bullish, and neutral sentiments at 36.9%, 34.5%, and 28.5%, respectively. This reflects a growing caution among investors [5]. Sector Rotation - The U.S. stock market is undergoing a rotation in leading sectors. Excluding the top companies, other stocks in the S&P 500 are in urgent need of earnings momentum. Despite a decline in valuations for the "Magnificent Seven," their price-to-sales ratios remain at historical highs, indicating they are not in undervalued territory [5].

当地时间2月19日，美股三大指数集体收跌，道指跌0.54%，纳指跌0.31%，标普500指数跌0.28%。 值得注意的是，当天美股能源股大幅走高，其中，西方石油大涨近10%。与此同时，国际油价大幅收涨，Wind 数据显示，NYMEX WTI原油收涨近2.5%，ICE布油收涨超2.2%。 消息面上， 美国总统特朗普19日对媒体称，伊朗应在10天到15天内同美国达成协议。 特朗普在总统专机"空军 一号"上接受随行记者采访时，被问及美伊达成协议的最后期限，称他认为"10到15天的时间足够了，差不多是 极限了"。当天上午，特朗普在华盛顿举行所谓"和平委员会"首次会议时表示，美伊会否达成协议，"接下来十天 左右"就会知道结果。 伊朗必须与美国达成"有意义的协议"，否则"将会发生不好的事"。 此外，美国方面19日消息称， 特朗普正权衡对伊朗实施一次"有限规模"的初步军事打击， 以迫使其接受美国提 出的核协议要求。相关知情人士称，若获得授权，该行动可能在数日内展开。 特朗普再对伊朗"下通牒"。 综合自：新华社、央视新闻、Wind 责编：万健祎 校对： 廖胜超 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个 ...

Group 1 - OpenAI's new funding round is expected to exceed $100 billion, potentially raising its overall valuation to over $850 billion, a 70% increase from the end of last year [1][4][3] - The first phase of this funding will primarily come from strategic investors such as Amazon, SoftBank, NVIDIA, and Microsoft, with expected commitments nearing $100 billion [4][5] - The Tata Group has partnered with OpenAI to build AI infrastructure in India, allowing thousands of Tata Consultancy Services employees to utilize OpenAI's enterprise-level tools [6][7] Group 2 - Reliance Industries plans to invest $110 billion over the next seven years to advance AI data center construction, while Adani Group aims to invest $100 billion by 2035 for large-scale data centers [1][2][9] - The combined investment from Reliance and Adani in AI data centers will reach $210 billion, approximately 1.45 trillion yuan [2] - Tata Consultancy Services will develop AI infrastructure with an initial capacity of 100 megawatts, expandable to gigawatt levels, to support next-generation AI workloads [7][8]

19日，在米兰冬奥会速度滑冰男子1500米比赛中，宁忠岩以1分41秒98刷新奥运纪录的成绩摘得金牌。这是本届冬奥会中国体育代表团获 得的第3枚金牌，也是中国在速滑男子1500米比赛中赢得的首枚冬奥金牌。 美国名将乔丹·斯托尔兹和卫冕冠军荷兰人凯·努伊斯分获第二、三名。 宁忠岩在第13组与该项目的世界纪录保持者努伊斯一同出发，而此前，荷兰选手乔普·温内马斯已经以1分43秒05打破奥运纪录。 前700米，努伊斯一度以微弱优势压制宁忠岩，但宁忠岩后程持续发力实现反超。最终，宁忠岩以1分41秒98冲线，将温内马斯刚打破的 奥运纪录提升了1秒07。 紧接着上场的第14组选手未能有所突破，比赛悬念留到斯托尔兹所在的最后一组。本赛季五站世界杯比赛中，斯托尔兹手握五枚金牌， 排名世界第一。本届冬奥会，他已摘得男子500米和1000米两块金牌，并表示对1500米金牌志在必得。但最终美国人以1分42秒75完赛， 摘得银牌。 确认自己获胜后，宁忠岩泪洒赛场，他身披五星红旗缓缓绕场滑行庆祝，观众纷纷起身为他欢呼、鼓掌。"这个成绩对我来说非常、非常 满意。我的目标是打开（1分）43秒，但我真没想到自己能滑进（1分）42秒。"他说。 宁 ...

2月18日，硬盘制造商西部数据宣布，计划通过二次配售出售子公司闪迪的部分股权，交易规模约30.9亿美元（合213亿元人民币）。 据闪迪发布的声明，西部数据计划将其持有的闪迪股票与摩根大通证券、美银证券关联方持有的西部数据债务进行置换，置换完成后由承销商在二级市场 出售。此次出售的股份约为580万股，定价区间最终确定为每股545美元，较闪迪周二收盘价折让约7.7%。闪迪本身不参与发行。 此次减持举措在市场的意料之中。此前召开的财报电话会议上，西部数据CFO Kris Sennesael表示，计划在2月24日分拆一周年前出售剩余的750万股闪迪 股份。根据去年向美国证券交易委员会提交的注册文件，西部数据必须在2月21日前完成股份出售以避免税务后果。 Evercore ISI分析师表示，这笔交易实质性加速了西部数据的去杠杆化进程，公司未来可能转向净现金状态。通过股票回购减少流通股数量，这笔交易有 望在短中期内推动西部数据每股收益增长4%至6%。 从市场表现来看，近几个月来，闪迪股价表现抢眼。自2025年2月从西部数据分拆以来，累计涨幅已超过1500%。仅2026年，闪迪股价上涨近150%，在标 普500指数成份股中 ...