CATHAT 骏 马 启 新 · 创 赢２０２６ 证券时报。全国创投协会联盟 National Alliance of Venture Capital Associations 業 %难 基石资本董事 过去一年，牛市重启，科技领航。 正如我在2024年10月所说的那样，"9·24"的行情并不是一个反弹，而是一个反转，自那以后，中国资本市场经历了一个 从低估到价值回归的过程。 当上证指数来到10年最高点，"易中天"一年翻几倍，"寒王"市值一度突破6000亿元，其他科技股也动辄百倍PE、百亿估 值，有人贪婪，有人恐惧，还有人问我：科技股存在估值泡沫吗？ 我说，这是一个时代的饥渴与焦虑，在资本市场中的投射。如果你理解这一点，就不会对当前科技投资的热潮感到困 惑。 中国的饥渴与焦虑是什么？第四次工业革命的大幕已然开启，第三次工业革命的短板却还未补齐，时不我待！ 所以，当有人疑惑，为什么国产算力芯片企业，技术难以望英伟达之项背，却有这么高的估值？为什么英伟达的PE只有 50倍，"中国版英伟达"却有300倍？ 我说，逻辑刚好反了，正是因为短期内追不上英伟达，这些企业才被赋予了更高的战略性定价，而且差距越大，战略价 值越高 ...

2月4日，天眼查融资历程显示，槃实科技（深圳）有限公司近日获得"A轮"融资，涉及融资金额亿级人 民币，投资机构为海通创新，深圳资本，招银国际资本，中小担创投，宇杉资本，基石资本。 通过天眼查大数据分析，槃实科技（深圳）有限公司共对外投资了4家企业，知识产权方面有商标信息 24条，专利信息92条，此外企业还拥有行政许可10个。 天眼查信息显示，槃实科技（深圳）有限公司的股东为：崔庆文、深圳槃源企业管理中心（有限合 伙）、深圳市中科华盛投资合伙企业（有限合伙）、盈富泰克（深圳）信息产业创业投资私募基金合伙 企业（有限合伙）、深圳市槃汇企业管理中心（有限合伙）。 来源：市场资讯 资料显示，槃实科技（深圳）有限公司法定代表人为崔庆文，成立于2019年，位于深圳市，是一家以从 事专用设备制造业为主的企业。企业注册资本645.8603万人民币，并已于2026年完成了A轮，交易金额 亿级人民币。 ...

2025年，中国企业在资本市场表现活跃，IPO数量与募资规模均呈现增长趋势。数据显示，全年共有大量企业完成上市，涵盖A股、港股及美股市场，其中 A股仍是主要融资渠道。从行业分布看，科技、医疗、新能源等领域企业表现突出，成为IPO热点。 在投资回报方面，部分VC/PE机构通过所投企业成功上市实现显著收益。账面退出回报率显示，多数项目在上市后短期内获得正向回报，但不同行业和市场 的表现存在差异。例如，A股市场首日涨幅较为稳定，而美股市场波动性较大，影响了整体回报水平。 从地区分布来看，北京、上海、深圳等一线城市仍是IPO企业集中地，但二三线城市企业的上市数量也在逐步上升。这反映出更多区域企业具备较强的资本 运作能力，并能够进入主流资本市场。 2025年IPO政策环境总体保持稳定，监管层持续优化发行机制，提升市场透明度。汇率变动对境外上市企业的募资金额产生一定影响，需在统计中进行合理 调整。 2025年中国企业IPO市场呈现出多元化、专业化的发展态势，为投资者提供了更多退出机会，同时也对企业的财务能力和战略规划提出更高要求。 来源：投中嘉川 数据来源: 投中嘉川 CVSource 报告时间: 2026.01 リ』嘉 ...

2月2日，逐际动力LimX Dynamics宣布完成2亿美元的B轮融资。本轮融资由多家国内外机构投资人参 与，包括阿联酋磊石资本（Stone Venture）、东方富海、基石资本、天创资本、广发信德、合肥创新 投、国泰君安创新投资、中信建投、唐兴资本、财鑫资本；战略产业投资人包括京东、中鼎股份、光洋 股份、东土科技；老股东上汽集团旗下尚颀资本、彼岸时代、蔚来资本、明势创投持续加码。 ...

Group 1 - LimX Dynamics has completed a $200 million Series B financing round, with participation from various renowned domestic and international investors, including Stone Venture, Dongfang Fuhai, and others [2] - The company aims to enhance research and market investment by 2026, focusing on breakthroughs in core technologies related to embodied intelligence, including hardware design, foundational models, and the Agentic OS [2] - Recent product innovations include the TRON 2 multi-form embodied robot and the LimX COSA embodied intelligence OS, which have gained significant global attention [2][4] Group 2 - TRON 2 features a modular design that allows for flexible combinations of various forms, enabling developers to quickly construct suitable robotic forms for different application scenarios without the need for hardware customization [2] - The LimX COSA OS integrates high-level cognitive and decision-making capabilities with full-body motion control, allowing humanoid robots to understand tasks, perceive environments, and adjust decisions in real-time [4] - The company emphasizes original innovation and collaboration with global partners to advance the practical application of embodied intelligence robots in real-world scenarios [6]

1月29日，汽车软件研发商弋途科技宣布完成A轮战略融资。本轮融资由火山引擎和瑞丞基金共同担任 领投方，合肥市包河区创业投资基金跟投，老股东云启资本、以骏资本、基石资本等持续加码追投。 ...

Core Insights - The IPO market for Chinese companies is showing signs of recovery in 2025, with a total of 247 companies listed, supported by VC/PE institutions, indicating a positive trend in both domestic and international IPOs [2] VC/PE Institutions IPO Performance - In 2025, 164 Chinese companies supported by VC/PE institutions went public, involving 951 institutions, marking a 34.5% year-on-year increase in the number of institutions benefiting from IPOs [3] - The total book value of shares held by VC/PE institutions in newly listed companies reached approximately RMB 358.51 billion, a significant increase of 87.7% year-on-year [3] - Including SPAC listings, 23 VC/PE institutions held shares worth over RMB 7 billion at year-end, totaling RMB 253.42 billion [3] Total IPO Volume and Penetration Rate - The total number of VC/PE-supported IPOs rose by 27.1% in 2025, with 71 companies listed in the first half and 93 in the second half [10] - The total financing amount from VC/PE-supported IPOs was approximately RMB 170.83 billion, reflecting a 94.9% increase year-on-year [11] - The VC/PE penetration rate in the Chinese IPO market was about 66.4%, with A-shares showing a higher penetration rate of 76.7% compared to 57.3% in overseas markets [14] Average Book Return - The average book return multiple for VC/PE-supported IPOs increased to 3.79 times, reversing a downward trend since 2022 [17] - In 2025, four VC/PE institutions achieved IPO projects with returns exceeding 100 times, compared to only one in 2024 [9] Industry Trends - The distribution of VC/PE-supported IPOs shifted towards biotechnology/healthcare, mechanical manufacturing, and semiconductors, indicating a stronger focus on hard technology [10] - Notable IPOs included companies like Moxing Technology and Xian Yicai, which attracted over 40 participating VC/PE institutions, with book values around RMB 20 billion [10] Conclusion - The 2025 IPO market for Chinese companies signals a positive outlook, with increased participation from VC/PE institutions and significant growth in the book value of shares held [20] - Future strategies for VC/PE institutions should focus on enhancing research capabilities in the technology sector and fostering long-term value development in portfolio companies [20]

Core Viewpoint - MiniMax, a young AI model company, successfully went public on the Hong Kong Stock Exchange, becoming the fastest IPO in the AI model sector, supported by multiple venture capital firms [2]. Investment Background - MiniMax has undergone seven rounds of financing, with early investors including prominent firms such as Yunqi Capital, IDG, Hillhouse Capital, and MiHoYo. Tencent and Alibaba participated in its Series A and B rounds, with the latest round in August last year raising approximately $390 million, leading to a valuation exceeding $4.2 billion [2]. - The company has a diverse investor base, including internet giants like Alibaba and Tencent, venture capital firms such as Sequoia and IDG Capital, and sovereign wealth funds [3]. Investment Matrix - The investment matrix of MiniMax includes industrial capital, well-known venture capital, and international capital, providing a synergistic value and global perspective. This structure allows for a clear path to value realization post-IPO [4]. - Industrial investors, holding over 25% of shares, have established business collaborations with MiniMax, creating a win-win situation by providing market channels and technical support for AI transformation [4]. - The presence of international capital highlights global recognition of Chinese AI technology, with early-stage investors supporting the company's growth [4]. Future Prospects - The financial performance will be a critical test for MiniMax in the Hong Kong market, which emphasizes commercialization and profit levels. The company is expected to enhance its model capabilities, leading to new applications and software forms [5]. - The youthful composition of the board, with members around 30 years old, is seen as a core advantage for MiniMax in understanding user demands in social and entertainment sectors [5].

Core Viewpoint - The "People's Truth" capital market information service platform has been launched to combat rumors and misinformation affecting the market, aiming to create a clearer online information environment [1][3]. Group 1: Background and Need - Various stakeholders, including government, enterprises, and media, recognize the detrimental impact of online rumors and misinformation on the capital market [1][3]. - The current market is highly sensitive to negative information, leading to increased reputational risks for institutions and challenges in maintaining market stability [3][4]. Group 2: Challenges Faced - Companies, especially smaller and pre-IPO firms, often struggle with managing public sentiment and responding to misinformation effectively [6][7]. - The complexity of misinformation sources complicates governance, as "small essays" can originate from various actors, including financial influencers and competing firms [7]. Group 3: Proposed Solutions - The "People's Truth" platform aims to develop professional, connected, and shared resources to address misinformation [9]. - Major companies like Tencent and Douyin are implementing tools and systems to enhance the speed and accuracy of misinformation management, emphasizing the need for collective societal involvement [9][10]. Group 4: Call to Action - A collaborative effort among government, enterprises, academia, and media is essential to build a safer and more transparent capital market [10].

Core Viewpoint - The article emphasizes the urgent need to purify the online information environment in the capital market due to the negative impact of rumors and false information, particularly "small essays" that disrupt market stability and investor trust [1][3]. Group 1: Current Challenges - Various stakeholders at the seminar highlighted that the capital market has long suffered from "small essays" and that the proliferation of false information has become a significant pollution source in the market ecosystem [3][4]. - The sensitivity of the market to negative information has increased, leading to heightened reputational risks for institutions and a demand for faster response times to public sentiment [3][6]. - A representative from a prospective listed company noted that unverified negative news can severely impact a company's market value, illustrating the challenges faced in managing misinformation [3][6]. Group 2: Pain Points - Many institutions, particularly private equity firms, reported feeling overwhelmed by public sentiment management, with a notable "ostrich mentality" where they avoid addressing emerging issues [6][7]. - The slow response to false information is a core pain point, with companies needing to act within 24 hours to mitigate damage, yet often facing delays in addressing rumors [6][7]. - The complexity of misinformation sources complicates governance, as "small essays" can originate from various actors, including financial influencers and competing firms [7]. Group 3: Proposed Solutions - The article discusses the need for a collaborative approach to tackle online rumors, with companies sharing their experiences and strategies for effective misinformation management [9]. - Tencent and Douyin have developed tools and systems to assist in rumor management, emphasizing the importance of rapid response and collaboration with media outlets to disseminate accurate information [9]. - The "People's Jian Zhen" platform is proposed to evolve towards professionalism, connectivity, and sharing, aiming to leverage resources and enhance the collective effort in maintaining a clean online environment [9][10].