「 下一代价值网络长什么样子？ 」 文 ｜ 任倩 「暗涌Waves」独家获悉，全球AI驱动的数字金融基础设施平台 PhotonPay光子易（以下简称"光子 易 " ） 近 日 完 成 数 千 万 美 元 B 轮 融 资 ， 由 IDG 资 本 领 投 ， 高 瓴 创 投 （ GL Ventures) 、 Enlight Capital、Lightspeed Faction、Shoplazza跟投，Blacksheep Technology担任独家财务顾问。 光子易创始人陈敏在创立光子易之前，曾在百度国际化部门负责海外支付系统的搭建。2014年前后，正 值百度尝试将其多元化业务矩阵推向全球市场。而在那个互联网出海起步的拓荒期，陈敏作为架构师， 第一线直面了全球支付基础设施的极度碎片化与复杂性。 "很多人以为全球支付的问题在于慢，但本质上，它从来就不是一个完整的系统。"陈敏直言，"光子易的 初衷不只是把钱汇得更快一点，而是在思考：全球化企业到底需要什么样的金融基础设施？我们能否推 导出那个能兼容全球复杂性的根本解？" 正是这种Day1的思考，这家在支付赛道里声量也许不是最大、甚至尚处早期的玩家——从创立起就选了 ...

「 VC的新能力是如何长出的？ 」 文 ｜ 陈之琰 那是2022年的一个深夜，一架从深圳飞往上海的航班上，机舱内灯光熄灭，只有红色的紧急出口指示灯在黑暗中突兀地亮着。 五源资本董事总经理井绪天和他投资的一位创始人——晶泰科技的温书豪——并排坐在紧急出口旁的位置。他们没有聊日益紧绷的行业现 实，由于温书豪是MIT物理博士后，井绪天问了他一个物理问题：世界是注定的吗？ "既然万物由微观粒子构成，知道了它们的运动轨迹，是否就能预测一切？"井绪天补充问道。 "一个事件的走向，与离它最近的观测者的'观测和信仰'高度相关。"温书豪回答说，"这些人的相信程度对这个事情的走向有着决定性作 用。" 彼时，正是一级市场生物医药的低迷期，赛道的坏消息统治着一切。在五源资本负责开拓ITBT（信息技术+生物技术）赛道的井绪天在密集 出手投资了一批公司后，市场迅速从一系列估值高点跌落。处在对赛道和自我双重怀疑的井绪天在那一刻被温书豪的回答点亮。 两年后，2024年6月13日，晶泰科技在港交所挂牌上市，成为首家通过18C特专科技规则登陆交易所的上市公司。 在这之后，五源在生物医药领域的投资组合迎来集体爆发——截止目前，除了已经上市的多家公 ...

Core Viewpoint - The article emphasizes the critical importance of adapting to AI technologies for survival and success in the evolving landscape of investment and business, highlighting the need for a shift in mindset and operational workflows to embrace AI fully [2][3][28]. Part 01: Competition Between the US and China - The article discusses the historical context of AI, noting that a decade ago, the potential of AI was often dismissed, but it is now recognized as essential for individual and collective survival [6]. - It identifies two key players in the AI landscape: the US, known for its innovative spirit and ability to create from scratch, and China, which excels in scaling and execution [7][8]. - The concept of "含华量" (Chinese by volume) is introduced, indicating a competitive dynamic where the US has a significant proportion of Chinese talent in AI, while China has a fully Chinese talent pool [10][11]. Part 02: Reevaluating Human Value - The article predicts that by 2030, 30% of current jobs will be replaced by AI, with further increases expected by 2040 and 2050, leading to a fundamental restructuring of the workforce [14]. - It argues that AI's ability to replicate creative processes challenges the notion of unique human value, prompting a reevaluation of what constitutes irreplaceable human contributions [15][16]. - The necessity of integrating AI into daily workflows is emphasized, with a call for individuals and organizations to adopt an "AI-first" approach to remain competitive [17]. Part 03: Distinguishing Between Types of Bubbles - The article differentiates between two types of market bubbles: "soap bubbles," which leave no value when they burst, and "beer bubbles," which enhance the experience of the underlying product [19]. - It acknowledges the current hype around AI but suggests that there are substantial underlying values in certain sectors, particularly in robotics and automation [20][21]. - The future of factories is envisioned as highly adaptable environments where robots can quickly switch tasks, driven by advancements in AI and supply chain efficiencies [21][22]. Part 04: Globalization in Transition - The article discusses the historical cycles of global leadership and suggests that the next few decades may see a shift in power dynamics, with a focus on the interplay between AI development and geopolitical changes [25][26]. - It highlights the importance of understanding and leveraging AI advancements in conjunction with global resource integration to create significant value [26]. - The article concludes with a call for entrepreneurs to adapt and innovate in the face of these changes, emphasizing the need for a mindset shift to thrive in a new era [27][28].

「 轻装上阵。 」 文 ｜ 任倩 编辑 ｜ 陈之琰 2025年，中国消费硬件出海的叙事正式进入"深水区"。 从卷向极致的手机、扫地机，到大杀四方的3D打印与人形机器人，华人创业者几乎重塑了全球硬科技的 版图。但在一个年产值数百亿美金、被称为消费硬件"最大单品"的赛道——房车（Recreational Vehicle， 简称"RV"）里，规则却长期由一种极其原始的"作坊逻辑"统治。 美国第一台房车诞生于1910年，即便在拖挂式房车趋于成熟的50年代后，其制造工艺依然极度依赖人 工、数字化程度近乎为零。有业内人士曾刻薄地形容：这是全球唯一一个"长期虐待用户却依然能活得下 去"的奇特市场。 疫情结束后，杨秉锐（Bingrui Yang）决定打破这种沉闷。这位在硅谷生活近20年、曾在苹果总部主导 iPhone5-12系列触摸和显示系统模块开发，并先后在Zoox和Cruise担任自动驾驶高管的典型华人精英，在 一次优胜美地露营中的"狼狈一小时"里察觉到了颠覆性的机会。 Bingrui： 这是一个理性和感性交织的决定。感性的一面是，疫情彻底改变了人们的生活方 式。"Live, work and play from any ...

「 6 个 关键的小故事 」 文 ｜ 徐牧心 编辑 ｜ 陈之琰 穿过雾霾天气下的中关村大街，深势科技的办公室隐藏于其中，到处都是冷白光与玻璃幕墙，像一家硅 谷的公司。 这让人联想到最近在科技圈爆火的DeepMind纪录片《The Thinking Game》（思维博弈）。在大洋彼岸， Demis Hassabis和他的团队正是在类似的冷光下，试图用人工智能解构生物学的底层奥秘。 不过一场资本风暴也在这里落定， 深势科技已于近期完成C轮融资， 规模 超 8 亿元人民币，融资后 估值超60亿元。本轮融资由老股东北京人工智能产业投资基金继续加注，新股东名单中出现了达晨 财智、联想创投、元禾璞华、京国瑞等具有深厚产业背景和国资属性的机构。 牧羊少年的奇幻漂流 回到深势科技的故事起点。2017年，在一趟航班上，张林峰打开电脑，用深度学习算法模拟出了64 个水分子在10皮秒内的运动结果，在40年前，这个实验需要耗费2亿核时，而如今他只需要一个笔记 本电脑。 张林峰把这件事告诉了北大同窗孙伟杰，他们都意识到，AI不仅算准了，而且比传统分子动力学模拟 快了数个数量级。而这不仅仅是一个数学游戏，他手中握住的，可能是一把通往微观 ...

「 勤奋、提炼、落地。 」 文 ｜ 经纬创投 王华东 处在时代的变革期，"转型"成为大到国家、小到个人都需要去思考和实践的事。 投资人当然也一样。而在一级市场投资人这个群体中，围绕转型的对话，有一个名字总会在最开始就被提及——经纬创投管理合伙人王华东。 在王华东身上，你很难看到那种不同赛道、不同产业、不同学科间的"断裂感"。从媒体人到投资人，从陌陌到理想汽车、沐曦和宇树，从文娱、消费、新能源生 态，再到先进制造与AI相关的硬科技核心领域，他一次次完成了丝滑的迁移。这些看似跨度极大的选择，背后其实是一条清晰的技术与产业演进逻辑，而非简单 的赛道轮换。 我们曾经很好奇这种在投资行业罕见的"腾挪之术"，但每每与王华东聊起，得到的答案都有些轻描淡写。 很多人都知道他是一个对自己极狠的人，像管理精密工程一样管理自己的生活与思想。这么多年有两件事雷打不动：第一，每天清晨五点半起床；第二，保持每 年30本以上的高强度阅读。 对他而言，阅读不是消遣，而是一种"认知补齐"与"规律迁移"的过程—— 读通用汽车传奇CEO斯隆的传记，去理解100年前汽车产业链的演进逻辑，并以此作为判断新能源车的底层坐标；他还反复研读尤瓦尔·赫拉利， ...

Core Viewpoint - The article discusses the emergence of Index Technology, an AI hardware design generation platform that aims to revolutionize the hardware development process by significantly reducing the time required for electronic circuit design and embedded code generation, thus democratizing hardware creation [3][10][18]. Group 1: Company Overview - Index Technology recently completed a nearly 100 million RMB Pre-A round of financing, led by Yunqi Capital, with participation from Yuzun Capital and Shangshi Capital [3]. - The company aims to utilize AI technology to generate electronic circuit design diagrams and accompanying embedded code, achieving "unmanned" hardware development [3][10]. - The founder, Ye Qunsong, has a background in electronic engineering and previously founded a company focused on AI education hardware before pivoting to Index Technology due to market changes [4][17]. Group 2: Product and Technology - The core product of Index Technology is an AI-based automated design platform that can generate circuit board design diagrams and embedded code based on user requirements, focusing on four-layer and below circuit boards [10]. - The platform can reduce the design time for a medium-complexity consumer electronic product from 20-30 days to just 1-2 days [10]. - The platform boasts a high success rate in EMC testing, with fewer than 2 iterations typically required to pass radiation tests, compared to 3-5 iterations for traditional designs [10]. Group 3: Market Position and Strategy - Index Technology positions itself as a "new energy vehicle" in the electronic design field, aiming to bypass traditional EDA giants by using AI models to generate results without adhering to existing complex rules [9][10]. - The company targets B2B clients, emphasizing speed and efficiency, with annual orders exceeding 80 million RMB from around 50 enterprise users [20]. - Future plans include expanding to a broader audience of engineers and eventually to consumers, allowing anyone to generate hardware products through simple input [21][22]. Group 4: Challenges and Barriers - The electronic industry faces challenges such as fragmented and low-quality data, which complicates the training of AI models for circuit design [14]. - There is a lack of established evaluation benchmarks for embedded code, making it difficult to assess the quality of AI-generated designs [14]. - Index Technology aims to build a specialized corpus of electronic data and establish evaluation standards to overcome these barriers [14]. Group 5: Future Vision - The founder envisions a future where anyone can easily create hardware products, similar to how software development has become more accessible [22]. - The company believes that lowering the barriers to hardware design will unleash a wave of creativity and innovation among users [22]. - Index Technology aims to maintain a lean workforce, with a strategic goal of not exceeding 100 employees while achieving high revenue per employee through AI-driven efficiencies [26].

Core Viewpoint - AI companionship is seen as a promising application in the consumer market, with significant investment interest, but there are ongoing debates about its long-term viability and user retention [2][3]. Group 1: Company Overview - Cai Mao founded the AI companionship product "Infinite Valley" after leaving Bilibili, raising over $10 million in two funding rounds, with a valuation nearing $70 million [4]. - The team consists of over 50 members, primarily from the original Cat Ear FM team and the 3D team of the game "Gu Jian Qi Tan 3," ensuring a strong foundation for collaboration [4]. Group 2: Product Features and Differentiation - "Infinite Valley" is not a game or a chatbot but aims to be an app that integrates into users' lives, focusing on enhancing daily experiences through proactive services [5][12]. - The product features a virtual male character "Lu" for daily interactions, relationship building, and functionalities like schedule management and habit formation [4][5]. - The company emphasizes that data will be the key to successful AI companionship, requiring the collection of casual conversation data for personalized services [6][10]. Group 3: Market Positioning and Strategy - Cai Mao believes that existing AI products often focus on efficiency rather than improving life quality, which is the core vision of "Infinite Valley" [5][12]. - The product aims to differentiate itself by providing high-quality content and a high degree of user freedom, positioning itself in a unique quadrant compared to competitors [13][11]. - The company plans to monetize through content and IP logic, similar to successful models in the gaming and audio sectors, rather than relying on superficial monetization strategies [23][22]. Group 4: User Engagement and Retention - The company has reported a retention rate of over 80% for initial data, with users averaging 160 chat rounds and over 60 minutes of usage on the first day [6]. - Cai Mao highlights the importance of building trust and community engagement through continuous content development and user feedback [18][19]. Group 5: Future Vision and AI Integration - The company envisions AI companionship as a supplement to real relationships, providing emotional support and personalized interactions that are difficult to achieve with human counterparts [28][29]. - The product aims to create a unique identity for each user’s "Lu," combining public IP with personalized experiences, thus enhancing user attachment and loyalty [24][25].

Core Viewpoint - The article discusses the recent Pre-A round financing of "昉擎科技" (Fangqing Technology), a developer of AI chips and system architecture, highlighting the significant interest from both industrial and financial investors, and the innovative technology direction proposed by the new CEO, Liang Jun [2][3][5]. Financing and Investment - Fangqing Technology recently completed its Pre-A round financing, with over 500 million RMB raised, aimed at core technology development, productization, and market expansion [3][5]. - The company has attracted a prestigious lineup of investors, including major internet firms and top venture capital institutions, indicating strong market confidence [5][6]. Company Background and Leadership - Founded in late 2022 and based in Shanghai's free trade zone, Fangqing Technology appointed Liang Jun, a veteran in the chip industry, as CEO in August 2024 [3][4]. - Liang Jun's extensive experience in chip design, particularly with Huawei's Kirin SoC and Cambricon, positions him as a key asset for the company's strategic vision [4][5]. Technological Innovation - Fangqing Technology proposes a novel "context-aware" and "context-free" decoupled distributed computing architecture, which separates feed-forward networks and attention mechanisms to enhance computational efficiency [3][5][6]. - This architecture aims to liberate computing capabilities from a single SoC, allowing edge devices like smart glasses and headphones to function as independent processing nodes [6][17]. Market Context and Future Outlook - The article emphasizes the urgency for innovative solutions in AI computing, especially as 2025 is anticipated to be a pivotal year for AI applications [5][6]. - The shift from traditional transformer architectures to more efficient designs is seen as crucial, with Fangqing Technology's approach potentially redefining the AI hardware landscape [5][12]. Competitive Landscape - Liang Jun discusses the challenges faced by Chinese companies in the GPU market, particularly regarding supply chain constraints and the need for innovative designs that can compete globally [8][10]. - Fangqing's separation architecture is positioned as a unique solution that contrasts with existing models, aiming to enhance system scalability and reduce development costs [12][16]. Strategic Vision - The company aims to redefine the AI hardware system landscape, moving beyond being just a chip design firm to potentially becoming a platform for the next generation of AI hardware systems [6][19]. - Liang Jun's vision includes fostering a culture of innovation and technical excellence within the company, aiming for long-term success in the competitive tech market [20][21].

「 逆势募资10亿人民币。 」 「入局」是「暗涌 Waves 」的固定栏目。它源于我们发现，曾经行之有效的运行模式出现新的挑战，过往自西向东所承袭的 行业规则已经被打散。人们亟待创新与资本的新版图和新秩序。而 " 入局 " 则是一种最珍贵的姿态。 「入局」诞生于变局之中。 若用一句话总结这个栏目的书写对象：我们希望找到更适应变化环境中的新玩家、新玩法。以下 是本栏目的第十四篇文章。 文 ｜ 徐牧心 编辑 ｜ 陈之琰 久违地，人民币基金募资端也有了好消息。一家水下的市场化的人民币基金在一年内募资金额超 10亿。 「暗涌 waves」获悉， 静水湖创投完成新一期 5亿元盲池基金 的 首关。算上其此前连续设立的 S基金、 FOF基金 以及已在设立流程中的新一支 S基金 ，在不到 12个月的时间内，静水湖创投合计募资金额已超 10亿元人民币 ，静水湖也相继成功引入了元禾辰坤、厦门资本、 国联新创、宿城创投以及源铄资本 等新 的 LP。 在当下的人民币基金市场，这算得上可观的融资规模。而这家 在市场上颇为低调 的投资机构，更 让人 值得关注的一点是， 其政府引导基金属性的资金被控制在 30%以下，且过去基金的资金来源中 ...