行业赛道研究 计算机软件 2025年二季度投融市场报告 来觅研究院 | 2025-08-11 发布 | | | --- | --- | | 本报告是计算机软件 | 2025 年二季度投融市场报告 | | 1.1 计算机软件季度概览 | ———————————————————————————————————————————— | 4 | | --- | --- | --- | | 1.2 二季度行业相关政策 | ———————————————————————————————————————————— | 5 | | 1.3 Q2 时间线 | ———————————————————————————————————————————— | 6 | | 1.4 赛道图谱 | ———————————————————————————————————————————— | 8 | | 投融动态 | | | | 2.1 Q2 投融动态 | —————————————————————————————————————————————— | 10 | | 2.2 活跃投资者 | ——————————————————————————— ...

金融护航新型工业化，集成电路成政策重点 2025-08-11 导读：8 月 5 日，七部门联合印发《关于金融支持新型工业化的指导意见》，标志着国家层面对新型工业 化战略的金融支持进入实质落地阶段。在所有提及的产业链中，集成电路排名最前，充分显示了产业的重 要程度。目前，集成电路产业现状如何？为何政策高度关注？产业还有哪些未突破的重点领域？投融情 况如何？本文尝试分析和探讨。 政策加码新型工业化 2024 年 10 月，工业和信息化部在国务院新闻办发布会上明确表态，将加速制定出台《关于金融支持新 型工业化的指导意见》。2025 年 8 月，该政策正式出台，标志着国家层面对新型工业化战略的金融支持 进入实质落地阶段。该政策的酝酿与出台，正值中国经济面临内外多重挑战的关键时期。一方面，全球产 业链重构进程加快，高端制造与核心技术自主可控上升为国家战略核心；另一方面，国内经济转型压力凸 显，传统制造业面临产能过剩、效率低下等结构性难题，而新兴产业尚处培育期，亟需金融资源的精准支 持。在此背景下，政策文件的发布既是对"十四五"规划新型工业化战略的深化落实，更是对当前经济运行 中结构性矛盾的精准施策。 请务必阅读正文之后 ...

行业概览 生物技术概览 行业相关政策 Q2时间线 赛道图谱 生物技术概览 行业赛道研究 生物技术 2025年二季度投融市场报告 来觅研究院 2025年上半年，生物技术领域在政策持续支持和技术创新的双重驱动下取得显 著突破，细分领域创新生物药、生物育种、生命科学等细分领域皆有突出表现。 AI与生物技术的深度融合成为新趋势，推动研发效率提升和产业化加速。 创新药出海持续火爆，商保创新目录官宣下创新药支付影响因素持续改善。我 国创新药行业在政策支持、技术突破背景下持续发展，在国际化领域取得了进 一步的进展。据医药魔方数据显示，2025年上半年披露的合作总金额合计高达 508.8亿美元，延续了2024年中国药企全年BD交易出海创下了历史新高总额 522.6亿美元，今年上半年中国创新药的BD出海交易延续了2024年的出海热度， 有望达到新的高峰。 政策层面持续推动我国生物育种发展，2025年5月16日农业农村部印发《关于 加强农作物品种全链条管理的若干措施》，其中提到要加快引进高油高产大豆、 耐密抗病抗逆玉米、优质专用抗病小麦、糖料、特色设施蔬菜及热带作物等资 源，丰富育种研发种质资源基础。 人工智能持续赋能生命科学基 ...

行业赛道研究 低空经济 2025年上半年投融市场报告 来觅研究院 | 撰稿 | | --- | | 来觅研究院 谭浩 | | 设计 | | 来觅数据设计团队 | | 来觅数据设计团队 | | --- | | 2025-08-06 发布 | | 本报告是低空经济2025年上半年投融市场报告 | | 行业概览 | | | | --- | --- | --- | | 低空经济二季度概览 | ————————————————————————————————————————————— | 4 | | 二季度行业相关政策 | ————————————————————————————————————————————— | 5 | | 2025Q2时间线 | ————————————————————————————————————————————— | 7 | | 低空经济产业链 | ————————————————————————————————————————————— | 9 | | 投融动态 | | | | 二季度投融动态 | ———————————————————————————————————————————— ...

行业赛道研究 乡村振兴 2025年二季度投融市场报告 来觅研究院 | 行业概要 | | --- | | 1.1 | 乡村振兴季度概览 | ———————————————————————————————————————————— | 4 | | --- | --- | --- | --- | | 1.2 | Q2 行业相关政策 | ———————————————————————————————————————————— | 5 | | 1.3 | Q2 时间线 | ———————————————————————————————————————————— | 6 | | | 1.4 赛道图谱 | ———————————————————————————————————————————— | 8 | | 投融动态 | | | | | 2.1 | Q2 投融动态 | —————————————————————————————————————————————— | 10 | | 2.2 | 活跃投资者 | —————————————————————————————————————————————— | 12 | | 2. ...

Investment Rating - The report does not explicitly state an investment rating for the artificial intelligence industry Core Insights - China's AI technology has made significant progress, contributing 61.5% of the global patents in generative AI, but still lags behind the US in core technologies [9] - The market for AI applications is rapidly expanding, with notable growth in user engagement and revenue generation [10][11] - The investment landscape is becoming increasingly active, with a notable increase in financing cases and amounts in Q2 2025 compared to previous quarters [21][22] Summary by Sections Industry Overview - The report highlights a significant increase in AI patent filings in China, with 27,000 out of 45,000 global patents in 2024 [9] - The competitive landscape shows a "duopoly" emerging in general AI assistants, with DeepSeek and Doubao dominating the market [10] - AI commercialization is accelerating, with several companies reporting substantial annual recurring revenue (ARR) [11] Q2 Investment Dynamics - In Q2 2025, there were 332 financing cases in the AI sector, a 37.8% increase from the previous quarter, with a total disclosed financing amount of 20.19 billion yuan [21] - Robotics and AI software platforms led in financing cases, with robotics receiving the most investments [21] - The report notes a shift towards later-stage financing, with early-stage investments decreasing in both number and amount [22] Active Investors - A total of 486 institutions invested in AI projects in Q2 2025, with 40 institutions making three or more investments [40] - The report lists several active investors and their focus areas, particularly in robotics and AI software [41] Key Financing Events - Significant financing events include Anysphere's $900 million Series C round and the $1 billion B3 round for Jiushi Intelligent [42] - The report details various companies and their respective financing rounds, highlighting the growing interest in AI technologies [42] Industry Trends - The report discusses the emergence of AI programming tools, which are transforming software development processes [44][49] - AI programming tools are gaining traction, with a projected market size of $29.57 billion in 2025, expected to grow to $64.68 billion by 2030 [51][53] - The competitive landscape in AI programming features both large tech companies and innovative startups [49][50]

Report Summary 1. New Fund Establishments - A 5 billion RMB Yangtze Special Vehicle (Suizhou) Industrial Investment Fund was established, with an initial phase of 500 million RMB, focusing on industries like special vehicles, new energy, and high - end manufacturing to support the auto industry in Suizhou [1] - A 5 billion RMB Yunnan Central Yunnan New Area Industrial Guidance Fund was launched, targeting non - listed enterprise equity in growth and maturity stages through sub - fund investments [3] - The Ningbo Angel Investment Guidance Fund plans to set up two angel sub - funds: Xiangshan Shanjin Angel Dream Equity Investment Partnership (planned) with a 200 million RMB scale, and Ningbo Beilun Yongke Talent and Wisdom Equity Investment Partnership (planned) with a 100 million RMB scale [4] 2. Large - scale Financing - Anhui Junbao Technology Co., Ltd. completed an 80 million RMB Series A financing, enhancing its position in the unmanned retail sector [5] - Qingzhi Intelligent Equipment completed a 15 million RMB Series A financing for R & D, capacity expansion, and market development in the intelligent equipment field [7] - Lingyun Zhikuang completed a multi - million - dollar angel round financing, using funds to secure high - quality mining rights and operate through an AI decision - making system [8] 3. Policy Focus - The central bank and the foreign exchange bureau drafted a regulation to establish a unified RMB - foreign currency fund pool policy framework, facilitating cross - border capital operations for multinational companies [9] - The State Council deployed measures to gradually implement free pre - school education, emphasizing subsidy arrangements and policy coordination [11] - Ten government departments jointly issued a plan to promote agricultural product consumption by optimizing supply, developing new food ingredients, and enriching product offerings [12] 4. Overall Investment and Financing Data - On July 25, 2025, 14 investment and financing events were disclosed in domestic and foreign venture capital markets, including 12 domestic and 2 foreign companies, with a total financing of about 120 million RMB [1]

Investment Rating - The report indicates a positive investment outlook for the smart hardware industry, highlighting a recovery in investment activity and a shift towards later-stage investments [16][23]. Core Insights - The smart hardware sector is experiencing explosive growth driven by technological breakthroughs, market expansion, and industry collaboration, marking a transition from "function stacking" to "intelligent native" products [7][8]. - AI glasses have emerged as a focal point in the second quarter of 2025, with major companies like Xiaomi, Huawei, Lenovo, Google, and XREAL launching new products, leading to a significant increase in market shipments [7][10]. - The integration of AI technologies is enhancing the capabilities of smart hardware, allowing devices to evolve from passive tools to autonomous intelligent agents capable of perception, reasoning, and decision-making [8][22]. Summary by Sections Industry Overview - The smart hardware industry is transitioning to a new phase characterized by the integration of lightweight large models and edge computing, enabling devices to perform complex tasks such as image recognition and natural language processing [8]. - The Chinese smart glasses market saw a shipment of 494,000 units in Q1 2025, representing a year-on-year growth of 116.1%, with expectations to exceed 2.9 million units for the entire year [7][10]. Q2 Industry Policies - Various regional policies have been introduced to support the development of AI-driven smart hardware, including funding for research and production of AI computers, smartphones, and wearable devices [11]. Q2 Timeline - Significant financing events occurred in Q2 2025, including a $100 million round for Yunji Intelligent and a strategic financing of 200 million RMB for XREAL, aimed at advancing core technologies [12][14]. Investment Dynamics - The smart hardware sector saw a total of 41 financing cases in Q2 2025, with a total amount of 2.37 billion RMB, reflecting a 37% year-on-year increase [16]. - Investment preferences are shifting towards later-stage projects, with 66% of financing amounts directed towards B-round and strategic financing, indicating a focus on projects with established market potential [17][23]. Active Investors - A total of 18 investment institutions have participated in multiple financing rounds in 2025, with a notable interest in smart vehicle hardware and XR hardware [27][28]. Key Financing Events - Notable financing events include a 600 million RMB Pre-A round for Xinshijia in XR hardware and a 1.01 billion RMB D round for Moshizhineng in automotive smart hardware [29]. Smart Audio-Visual Hardware - The handheld smart imaging device market is projected to grow at a compound annual growth rate of approximately 12.9% from 2023 to 2027, reaching a market size of 59.2 billion RMB by 2027 [32][36]. - The rise of short video platforms is driving demand for consumer-grade panoramic cameras, with significant sales growth expected in this segment [33][43]. Company Spotlight: Photon Leap - Photon Leap, established in March 2025, focuses on AI-driven consumer imaging innovations and has completed a significant angel round of financing to enhance its AI imaging algorithms and prepare for product launch [47][51].

Report Summary Investment Rating - No investment rating information is provided in the report. Core View - On July 17, 2025, a total of 29 investment and financing events were disclosed in domestic and foreign venture capital markets, including 24 domestic enterprises and 5 foreign enterprises, with a total financing amount of approximately 11 billion yuan [3]. Detailed Summary by Category Fund Establishment - On July 16, a 1-billion-yuan AIC equity investment fund was registered in Xixian Fengxi New City, the first of its kind in Northwest China. Focusing on the electronic information industry, it's jointly initiated by Shaanxi Jinzi, Gongyin Capital, and Xi'an Industrial Multiplication Guidance Fund [3]. - On July 16, the founding meeting of the Saizhile AI Innovation Fund (Zhongchuang Phase III) was held. Its initiating shareholders include Sheng Ao Group and others, focusing on AI innovation projects [5]. Large-scale Financing - Kun KUN recently completed a Series A financing of over $50 million. It's an innovative technology company providing digital payment solutions for cross - border trade and other fields [6]. - Grain Boundary Technology completed a nearly $10 million Series B3 financing. The funds will be used for AI upgrade of its 3D graphics engine and R & D in related fields [7]. - Thinking Sky completed a Pre - A financing of over $10 million. It focuses on building an AI collaboration platform to solve content creation pain points [9]. Policy Focus - Dalian aims to cultivate new marine productivity, develop marine economy, and build a modern marine city [10]. - The Ministry of Finance and the State Taxation Administration adjusted the consumption tax policy for ultra - luxury cars, lowering the threshold to 900,000 yuan and exempting used cars from tax [11]. - Shenzhen issued policies to support the micro - drama industry, offering up to 2 million yuan in subsidies for eligible micro - drama projects [12][13].

Fund Raising Events - Zhongke Chuangxing Leading Venture Capital Fund completed its first close with 2.617 billion yuan. 70% of the funds will be invested in early-stage hard technology projects, focusing on the "AI+" field [3] - Fujian Industrial Fund initiated and established its second specialized and sophisticated fund of the year, with a scale of 600 million yuan, supporting specialized and sophisticated SMEs in the new energy field [4] - Jiangsu Marine Economy Equity Investment Fund, with a scale of 2 billion yuan, is publicly selecting industrial sub - fund management institutions to support the development of marine strategic emerging industries in Jiangsu [5] Large - scale Financing - Zhongshu Ruizhi completed a 200 million yuan A+++ round of financing, with funds for R & D and market promotion to strengthen its position in AI intelligent agent infrastructure and industry implementation [6] - Weimou Biotech completed a 140 million yuan D2+ round of financing, focusing on R & D of ophthalmic innovative drugs [7] - CertifID completed a $47.5 million C - round of financing, using funds to expand product functions and strengthen its market leadership in wire transfer security [9] Policy Focus - Henan encourages listed companies to carry out mergers and acquisitions to transform and upgrade and gather resources in new productive forces fields [10] - Beijing aims to build an internationally influential "Quantum Constellation" new - quality industrial ecological community by 2027 [11]