“拒了VC的Offer，实习生回家考公了”

Core Viewpoint - The current investment landscape is marked by nostalgia for the "golden era" of the internet, but the reality is that such perfect times do not exist, and investors must adapt to the present conditions [3][17]. Group 1: Investment Landscape - Many investors from the post-80s and post-90s generations entered the field around 2015, during the peak of the mobile internet boom, but now find themselves in a more challenging environment with fewer opportunities [3][4]. - The investment cycle in China tends to present new opportunities approximately every three years, suggesting that even in less favorable times, there are still chances for value discovery [3][4]. - The current focus has shifted towards generative AI and embodied intelligence, with significant capital flowing into these sectors, indicating a change in the investment landscape [8][9]. Group 2: Emerging Investment Trends - The "Nova · New Star Investor List" highlights a trend where the pool of potential new investors may be shrinking, emphasizing the value of those who remain committed to the investment table [5][6]. - Recent investments in companies like Yushun and Galaxy General reflect a growing interest in advanced technology sectors, with notable participation from various investment firms [7][8]. - The trend of investing in hard technology is becoming more pronounced, with longer investment cycles and a focus on the potential long-term impact of projects in AI and robotics [11][12]. Group 3: Investment Strategies and Mindset - Investors are increasingly adopting a long-term perspective, moving from a mindset of "picking fruits" to "planting trees," indicating a shift towards nurturing early-stage projects [12][14]. - The concept of "patient capital" is gaining traction as investors recognize the need for sustained support for projects that may take years to yield returns [14][19]. - The barriers to successful investment are rising, making it more difficult to achieve significant financial returns quickly, which is prompting a reevaluation of what success means in the investment space [19][20].