VC/PE周报：腾讯领投智元机器人；茅台基金出手投大模型公司

Group 1: Fund Establishment and Capital Raising - Kaide Investment has established its first onshore mother fund in China with a total commitment of 5 billion RMB, expected to contribute 20 billion RMB to its asset management scale [2] - Xiangfeng Investment has successfully raised over 500 million RMB for its second angel fund, focusing on innovative technology and medical technology [3] - Lighthouse Capital has launched the Lighthouse Founders' Fund, raising at least 50 million USD for early-stage investments in AI and frontier technology [4] - Hong Kong Investment Management Company has announced multiple collaborations to establish funds aimed at promoting technology innovation and supporting Chinese entrepreneurs [5][6] Group 2: Investment Trends and Focus Areas - The investment direction of Kaide Investment reflects a strong interest in high-quality real estate in China, targeting stable cash flow and long-term appreciation potential [2] - Xiangfeng Investment's focus on early-stage technology investments indicates a maturing ecosystem in China's tech investment landscape, driven by policy support and improved exit channels [3] - The establishment of the Lighthouse Founders' Fund highlights the growing interest in AI and frontier technology, attracting non-traditional early-stage investors [4] - The collaboration of Hong Kong Investment Management Company with various partners aims to create a multi-layered technology investment matrix, enhancing Hong Kong's role as an international venture capital hub [5][6] Group 3: Notable Investments - Mianbi Intelligent has completed a financing round with participation from Moutai Fund and other investors, focusing on edge AI models [7] - Tencent has led a new financing round for ZhiYuan Robotics, which has developed a full-stack technology for humanoid robots, indicating strong interest from cross-industry capital [8] - The cross-border e-commerce company "Kagu E-commerce" has raised 650 million JPY (approximately 30 million RMB) in its A round, focusing on integrating Chinese furniture supply chains for the Japanese market [9]