经济观察报面向27位Biotech负责人和10位一级市场投资人 开展了问卷调查和访谈。在受访者中，60%的人认为，创新药 一级市场已经走出谷底，但仍然不够理想；33%的人认为没有 太大变化，一级市场仍处在资本寒冬之中。 作者： 刘晓诺 封图：图虫创意 导读 壹 || 有67%的Biotech受访者认为，融资时遇到的主要困难是"专业壁垒高，投资人不理解创 新药的逻辑"，52%的Biotech受访者认为主要困难是"融资条件苛刻，如对赌协议等"。 贰 || 2025年，投资人最关注的就是药物能否出海，包括在国外开临床、做BD、在海外上市 等，这往往意味着药物即将带来明确的回报。 叁 || 一级市场的股权投资有募、投、管、退几个环节。通过退出实现收益，无疑是一次投资 活动的终点与目标。 肆 || 在10位受访的投资人中，有9位表示目前投资环境有一定好转，但他们仍保持谨慎。受访 者普遍认为，创新药在二级市场的热度，还需要时间传递到一级市场。 神曦生物的创始人陈功注意到，2025年以来，有更多合伙人级别的投资人来看创新药项目、参加 行业会议了。而去年，参加圆桌论坛的很多是投资经理。 不过，投资人虽然开始走动，但当前融资依 ...

Core Viewpoint - The rise of "Pain Gold," which integrates anime and other IP cultural elements into gold jewelry, reflects a new growth curve for gold as a traditional asset, appealing particularly to younger consumers who seek emotional value in their purchases [1][8]. Group 1: Consumer Trends - The ownership rate of gold jewelry among the 18 to 24 age group has reached 62%, doubling from 37% in 2019, indicating that younger consumers are becoming a significant market for "Pain Gold" [3][12]. - The core consumer group for "Pain Gold" is concentrated between the ages of 18 and 35, characterized by a strong interest in subculture and higher disposable income [12][21]. - The emotional economy is driving consumer preferences towards products that provide emotional resonance and psychological comfort, leading to a shift from traditional functional value to emotional value [12]. Group 2: Market Dynamics - The price of gold has increased significantly, with international gold prices rising over 40% since 2025, while domestic prices have increased by about 35% [7][19]. - Despite the rising gold prices benefiting upstream mining companies, downstream traditional gold jewelry brands are struggling, with some reporting revenue declines of up to 43.92% [19][20]. - "Pain Gold" has emerged as a bridge between young consumers' emotional needs and their financial capabilities, showcasing a shift in gold jewelry branding towards more innovative and culturally relevant products [7][20]. Group 3: Product Characteristics - "Pain Gold" products often adopt a fixed price model, which can significantly exceed the price per gram of traditional gold jewelry, with some items priced as high as 2,600 yuan per gram [15]. - The demand for "Pain Gold" is driven by its unique cultural and emotional appeal, with many consumers willing to pay a premium for limited edition items [21]. - Brands are exploring new product forms and cultural values in gold jewelry, moving away from traditional designs to attract younger consumers [22]. Group 4: Consumer Behavior and Risks - Consumers often participate in "Pain Gold groups," which are typically organized by fans and may lack proper authorization, leading to potential risks such as quality issues and consumer rights challenges [15][17]. - The process of purchasing from "Pain Gold groups" involves prepayment and limited return options, increasing the risk for consumers [16][17]. - Despite the risks, many consumers express satisfaction with their purchases, indicating a strong market interest in "Pain Gold" [16].

Core Viewpoint - The launch of China's first ophthalmic air medical project based on domestically produced large aircraft aims to transform C919 and other aircraft into specialized flying hospitals equipped with domestic devices and intelligent remote systems, achieving the goal of "aircraft arrival, light arrival" [1][3]. Group 1: Background and Motivation - The case of Chen Ziyong, a patient from a remote area suffering from diabetic retinopathy, highlights the urgent need for advanced eye care services, as many patients seek treatment at top facilities like Zhongshan Ophthalmic Center as a last resort [2][7]. - Zhongshan Ophthalmic Center is ranked first in the national ophthalmology specialty reputation rankings, indicating its leading position in the field [2][3]. Group 2: Medical Resource Distribution - There are over 60,000 ophthalmologists in China, with a limited number capable of performing intricate eye surgeries, leading to a significant gap in eye care services, especially in remote areas [6][11]. - The prevalence of cataracts is notably high, with an 80% incidence rate among individuals over 60 years old, exacerbating the need for accessible eye care [7]. Group 3: Technological Innovations - The introduction of high-precision ophthalmic surgical robots offers a viable solution to the challenges of surgical difficulty and precision, enabling operations with micron-level accuracy and filtering out hand tremors from surgeons [12][13]. - The successful development of these robots can enhance the safety and success rates of surgeries, while also expanding the reach of quality medical services to underserved areas through remote operation capabilities [13]. Group 4: Future Aspirations - The establishment of the "Ophthalmic Flying Hospital" represents a significant step towards creating a self-sufficient and advanced eye care system in China, with collaborations among various organizations to promote this initiative [17]. - The vision of a "magic mirror" that can assess eye health and provide real-time feedback to patients reflects the innovative approach of Zhongshan Ophthalmic Center in integrating technology into eye care [17][18].

Core Viewpoint - The article highlights the challenges faced by real estate sales personnel in a difficult market, where traditional metrics like transaction volume are being replaced by customer outreach and appointment setting due to low sales performance [3][12]. Group 1: Sales Pressure and Strategies - Sales personnel are under significant pressure to meet new performance metrics focused on customer outreach and appointment setting rather than actual sales [3][12]. - Many projects now require sales staff to make over a hundred calls daily to meet these new targets, leading to a high level of stress and frustration among employees [3][12]. - The effectiveness of traditional outreach methods, such as phone calls, has diminished, with many potential clients refusing to engage or hanging up immediately [8][10]. Group 2: Market Dynamics - The current real estate market is characterized as a buyer's market, necessitating proactive efforts from sales teams to identify and engage potential clients [10][12]. - The conversion rates at various stages of the sales process have declined, requiring sales personnel to exert significantly more effort to achieve the same results as before [10][12]. - A specific project reported a visitor count exceeding a thousand on opening day, yet only a handful of clients proceeded to make deposits, indicating a severe disconnect between interest and actual sales [10][12]. Group 3: Marketing Evolution - Real estate companies are increasingly shifting their marketing strategies to include both online and offline channels, with a focus on enhancing customer experience and engagement [15][17]. - Traditional methods of customer acquisition, such as direct phone calls and in-person events, are becoming less effective, prompting companies to explore digital marketing and data-driven strategies [15][17]. - Some companies are investing in improving their existing properties and services to enhance customer satisfaction and encourage referrals, indicating a shift towards a more holistic approach to marketing [15][17].

Core Viewpoint - Xiaomi Auto has initiated two recalls for the SU7 standard version, affecting nearly 150,000 vehicles, which is significant as it touches on the reliability of the core selling point: the intelligent driving system [1][2][3]. Group 1: Recall Details - The recent recall involves 117,000 SU7 standard version electric vehicles produced between February 6, 2024, and August 30, 2025, due to deficiencies in the L2 highway navigation assistance function, which may increase collision risks if the driver does not intervene promptly [2][3]. - This is the second large-scale recall for the SU7 standard version, with a total of nearly 150,000 vehicles recalled, amounting to almost half of its total sales since launch [2][3]. - The first recall occurred in January, affecting over 30,000 vehicles due to software issues that could lead to synchronization errors, impacting the intelligent parking assistance feature [2][3]. Group 2: Vehicle Performance and Market Impact - The Xiaomi SU7, launched in March last year, is positioned as a mid-to-large pure electric coupe and has become the best-selling model in its category, surpassing Tesla's Model 3 [2][3]. - As of 2024, Xiaomi Auto has delivered 135,000 vehicles, exceeding its annual sales target of 130,000, achieving a completion rate of 103.85% [4]. - Despite the recalls, Xiaomi Auto remains optimistic about achieving its annual delivery target of 350,000 vehicles, with expectations of profitability in the second half of the year [4].

Core Insights - Oracle's recent success is attributed to its accurate insight into technological evolution and strategic decision-making by its leadership [1][5] - The company has positioned itself effectively in the AI wave, securing significant contracts with major players like OpenAI and Nvidia, and potentially taking on a key role with TikTok [2][4] Technology Strategy - Oracle chose to focus on "second-generation cloud infrastructure" (OCI) rather than competing directly in the crowded public cloud market, which aligns well with the computational needs of AI model training and inference [2][3] - OCI's inherent architectural advantages provide Oracle with a competitive edge in cost-effectiveness and energy efficiency, especially as demand for computational power surges [3] Client Base and Trust - Oracle's long-standing relationships with large, complex organizations such as banks and governments create a strong trust factor, making it a reliable choice for AI giants seeking robust computational support [4] - This trust, built over decades, serves as an intangible asset that competitors find difficult to replicate quickly [4] Market Positioning - Oracle has strategically positioned itself as a "water and electricity" supplier in the AI era, avoiding direct competition with application-layer companies and instead focusing on providing essential computational resources [4][5] - The partnership with Nvidia enhances Oracle's infrastructure capabilities, allowing it to serve a wide range of clients without seeking to control them [4] Financial Considerations - Despite Oracle's promising trajectory, it faces challenges such as a $35 billion annual capital expenditure plan, which has impacted its free cash flow [5] - The company must efficiently convert its substantial contract backlog into actual revenue and establish large-scale data centers globally [5] Lessons Learned - Oracle's experience illustrates that established companies can thrive in new cycles by focusing on their strengths rather than diversifying blindly [5] - The case of Oracle demonstrates that while technological waves can disrupt some companies, those that can adapt and find their rhythm can continue to lead in the evolving market landscape [5]

Core Viewpoint - The article highlights the contrasting dynamics between the soaring stock price of Cambricon (寒武纪) and the management's reluctance to provide clear timelines on product iterations, raising concerns among investors about the company's future competitiveness [1][3]. Financial Performance - Cambricon reported a significant revenue increase of 4,347.82% year-on-year, achieving 2.881 billion yuan in the first half of 2025, and a net profit of 1.038 billion yuan, marking a turnaround from a loss of 530 million yuan in the same period last year [5]. - The company reached a quarterly profitability milestone in Q4 2024, with net profits of 355 million yuan and 683 million yuan in Q1 and Q2 of 2025, respectively [5]. - The substantial growth in "contract liabilities" from 142,000 yuan to 54.3 million yuan indicates strong pre-sales and customer confidence in future product offerings [6]. Market Environment - The demand for AI computing power in China is expected to grow from approximately 19 billion USD in 2024 to 55.2 billion USD by 2028, creating a favorable market environment for AI chip manufacturers [6]. - The tightening of U.S. export controls on high-end AI chips has prompted Chinese companies to seek domestic suppliers, enhancing the market opportunities for Cambricon [7][8]. Competitive Landscape - Cambricon's main competitors in the AI chip market include Huawei and Baidu, with Huawei's Ascend series and Baidu's Kunlun chips leading in market share [8]. - As of 2024, Cambricon holds only 1% of the AI accelerator market share, compared to Huawei's 23% [13]. Product Development and Innovation - Cambricon has not released a new generation of cloud training chips since the launch of the Siyuan 370 series in 2022, raising concerns about its product iteration pace compared to competitors like Huawei [11][12]. - The company plans to invest approximately 20.5 billion yuan in a new chip platform and 14.5 billion yuan in a software platform aimed at enhancing its competitive edge in AI chip technology [22]. Customer Dependency and Revenue Composition - The company's revenue is heavily reliant on a single customer, with the largest client contributing 79.15% of total revenue in 2024, increasing to 96.48% in Q1 2025 [20]. - Cambricon has strategically shifted focus from edge computing and smart computing cluster systems to cloud products due to external pressures and internal considerations [19][20]. Communication and Investor Relations - During the earnings call, management provided vague responses to critical questions regarding product timelines and market strategies, opting to reiterate previously disclosed information [23][26]. - The lack of specific details on product launches and market strategies contrasts sharply with competitors like Huawei, which provided a detailed roadmap for future products [26].

在英伟达投资英特尔的消息公布后，AMD股价出现跳水，跌 幅一度超过5%。有投资者认为，"双英"牵手会在CPU市场与 AMD形成对抗。 作者： 钱玉娟 封图：东方IC 北京时间9月19日凌晨，美国两大芯片巨头英伟达与英特尔的首席执行官黄仁勋与陈立武现身网络 直播，共同宣布双方达成战略合作，英伟达以50亿美元入股英特尔，交易完成后，英伟达将持有 英特尔这家老牌芯片制造商约4%或更高的股份。 "与英特尔的战略合作不会影响英伟达的现有业务。"黄仁勋称，投资合作动作背后，英伟达既不会 将芯片制造合作伙伴从台积电转向英特尔，也不存在战略转移，英伟达始终坚持Arm的发展路线， 芯片架构不会转向x86架构。 经济观察报记者从英伟达方面获悉，双方计划基于英伟达NVLink技术实现架构间的无缝连接，将 英伟达在AI与加速计算领域的能力，与英特尔的CPU技术及x86生态进行整合，从而为超大规模计 算、企业级及消费级市场的客户提供解决方案。 素有"蓝色巨人"之称的英特尔，曾凭借x86架构统治全球计算机市场40余年，却在2024年迎来自成 立以来的最惨烈寒冬，2024年全年净亏损188亿美元，除了受全球PC销量下滑影响外，直接原因还 ...

Core Viewpoint - The article highlights the success story of a small business owner, Chen Chen, who leveraged digital platforms to expand his export business, demonstrating that small players can thrive in the global market through digital transformation and support from local initiatives [1][40]. Group 1: Business Growth and Digital Transformation - Chen Chen's clothing business achieved over 10 million yuan in foreign trade exports in 2023, expanding its reach to 12 countries across Southeast Asia, the Middle East, and Africa [24]. - The introduction of the "City Procurement" platform played a crucial role in facilitating Chen's entry into foreign trade, providing necessary training and support [8][10]. - The use of digital management tools significantly improved operational efficiency, allowing for real-time tracking of orders and reducing errors in processing [25][26]. Group 2: Challenges and Resilience - Chen faced significant challenges, including a major order from a Vietnamese client that required quick adaptation to rising material costs, which he managed through transparent communication and maintaining customer trust [19][23]. - A crisis in early 2024 due to a 30% increase in raw material prices and shipping costs nearly halted his business, but support from the platform helped him pivot to higher-value customized products [30][32][34]. - Regulatory changes in tax compliance posed new challenges, but Chen's prior engagement with the platform ensured his business remained compliant and adaptable [35][37]. Group 3: Future Aspirations - Chen aims to achieve an annual sales target of 50 million yuan within three years and is focused on building his own brand while continuing to support fellow small business owners [39]. - The article emphasizes the importance of government policies and platform support in enabling small businesses to engage in global trade [41].

国资已成为S交易的重要参与者。2020年国资在S交易的卖方 市场中占比6.9%，排在第四位。但短短两年后，就一跃成为 第二大卖方。 作者： 王雅洁 封图：图虫创意 签字笔提起又放下，北京一家S基金（私募股权二级市场基金）法律顾问王哲的办公桌上，一份涉 及中东主权财富基金的跨境份额转让协议，已在桌上静躺接近两周的时间。 2024年底那笔险些"夭折"的跨境交易，至今让他心有余悸。令他印象深刻的是，跨境S基金的每笔 资金出入境都需要单独申请，并且需要一定的审批周期。 不止于外汇审批，税负差异、法律适配、信息壁垒等一系列难题相继横亘在前，让许多看似优质的 跨境交易最终止步于谈判桌前。 2025年以来，跨境交易正在成为国资S基金（由政府或国有企业主导设立的私募股权二级市场基 金，主要从投资者手中收购基金份额或企业股权）盘活存量资产的新选择。 投中研究院发布的数据显示，国资已成为S交易的重要参与者。2020年国资在S交易的卖方市场中 占比6.9%，排在第四位。但短短两年后，就一跃成为第二大卖方，并且在2022年、2023年和2024 年，一直维持着20%左右的占比。 这一"盘活存量资产的新选择"，正面临着前所未有的挑战。 ...