7个月收获5个人工智能IPO，启明创投继续坚定相信：中国的AI没有泡沫

Core Viewpoint - Investment in AI is considered the most certain opportunity for the next twenty years in China, as highlighted by Qiming Venture Partners [3][13]. Group 1: Investment Achievements - Qiming Venture Partners has invested over 12 billion RMB in more than 100 AI projects since 2013, marking a significant presence in the AI sector [5]. - The firm has witnessed a series of IPOs in the AI field, including five notable companies in the past seven months, indicating a solid harvest period after years of strategic investment [3][6]. - Key IPOs include Yunzhisheng, which went public in June 2025, and Wallen Technology, which became the first GPU stock on the Hong Kong Stock Exchange in January 2026 [6][9]. Group 2: Investment Philosophy - Qiming's investment philosophy is encapsulated in the concept of "half a step faster," allowing the firm to identify and invest in key technological and market inflection points before they become mainstream [11][12]. - The firm emphasizes the importance of understanding both the disruptive potential of technology and the timing of market demand to make informed investment decisions [11][12]. Group 3: Future Outlook - Qiming Venture Partners believes that the AI industry in China is still in its early stages, with significant growth potential as applications begin to emerge and costs decrease [13][14]. - The firm is shifting its focus towards application layers in AI, anticipating a diverse range of native applications and super platforms to emerge in various sectors, particularly in healthcare [14].