Core Viewpoint - Shanghai's AI unicorn MiniMax is set to go public on the Hong Kong stock exchange, marking a significant moment for the city's hard technology sector, particularly in AI and large models, with five local AI companies having listed in less than a month [3] Group 1: Investment Landscape - The funding requirements for hard technology are substantial, and there is a persistent contradiction between high financing needs of companies and investors' risk preferences [4] - The call for "patient capital" has been recognized socially, with the central government emphasizing the cultivation of such capital, particularly through state-owned funds in Shanghai [5] - Shanghai aims to establish a 100 billion yuan industry investment mother fund targeting integrated circuits, biomedicine, and artificial intelligence, with a focus on critical areas like computing chips [5] Group 2: Investment Mechanisms - The mother fund model allows for most funds to be invested in other funds, which then invest in specific projects, creating a leverage effect [6] - Unlike traditional financial investments, Shanghai's state-owned capital is deeply involved in technological breakthroughs and ecosystem building, supporting companies like Biran Technology in developing high-performance GPGPU chips [6] Group 3: Ecosystem Development - A strong innovation ecosystem, characterized by a dense concentration of industry elements, can significantly lower innovation costs and enhance company survival and growth rates [9] - The "Mosu Space" serves as a professional incubator for large models, fostering a complete ecosystem that integrates various aspects from foundational chips to core algorithms and applications [9][10] Group 4: Market Dynamics - The competitive landscape in artificial intelligence is dominated by the US and China, with China focusing on both technological breakthroughs and application expansion [8] - The successful scaling of AI applications across various sectors, such as manufacturing and finance, relies on providing innovative companies with real-world scenarios for development and experimentation [11] Group 5: Continuous Improvement - The cultivation of hard technology requires a positive feedback loop involving more nurturing and openness, necessitating reforms beyond mere investment [12][13]

Group 1 - The core viewpoint of the article highlights the successful IPOs of AI companies in Hong Kong, marking a strong start for VC/PE investments in the new year, with two "first stocks" emerging in the first week of January [2][3] - The market has shown significant enthusiasm for these IPOs, with Zhipu's market capitalization exceeding 52 billion HKD and an oversubscription rate of 1164 times during its public offering, indicating strong market recognition [3][5] - The article emphasizes the impressive investment history of Zhipu, which has raised over 8.3 billion RMB across 8 financing rounds, attracting major investors including Meituan, Ant Group, Alibaba, Tencent, and Xiaomi, as well as top-tier VC firms [5][6] Group 2 - The article discusses the broader implications of these IPOs, suggesting that they signal a resurgence in the hard technology sector and a collective acknowledgment of the long-term value of Chinese AI core assets by global capital [9][10] - It notes that early investors in Zhipu have seen substantial returns, with its market value increasing 17 times from a previous valuation of 2.8 billion RMB, and other companies like Biran Technology achieving returns exceeding 1150% [11] - The article identifies future investment opportunities in emerging industries supported by China's "14th Five-Year Plan," including new energy, aerospace, and quantum technology, indicating a growing interest from investors in these sectors [13][15]

Group 1 - Fosun International's subsidiary, Shanghai Yiyao Technology Co., Ltd., has initiated the IPO process, aiming to expand its capital footprint in the A-share market [1][3] - Fosun has developed into an innovative global family consumption industry group over 30 years, focusing on a happiness ecosystem centered around health, happiness, and wealth [1][4] - Currently, Fosun controls six A-share listed companies and four Hong Kong-listed companies, with four of the A-share companies having a market capitalization exceeding 100 billion [1][5] Group 2 - The performance of Fosun's listed companies shows significant divergence, with six companies reporting a decline in net profit, reflecting operational pressures in certain sectors [1][8] - Shanghai Yiyao Technology, established in July 2018, aims to provide high-tech solutions across various intelligent manufacturing sectors, including automotive and food automation [3][4] - Fosun's total assets exceeded 796.5 billion as of December 31, 2024, with a global presence in over 35 countries and regions [4][6] Group 3 - The latest financial reports indicate that among the six A-share companies, Shanghai Steel Union and Fosun Pharma reported net profit growth, while others like Yuyuan and Hainan Mining experienced declines [8][9] - Fosun's strategic focus is shifting from diversified expansion to deepening its core sectors, particularly in health and intelligent manufacturing, to optimize cash flow and enhance capital efficiency [7][8]

Group 1 - Fosun International's subsidiary, Shanghai Yiyao Technology Co., Ltd., has initiated the IPO process, aiming to expand its capital footprint in the A-share market [1][3] - Under the leadership of Guo Guangchang, Fosun has evolved into an innovation-driven global family consumption industry group, focusing on a happiness ecosystem centered around health, happiness, and wealth [1][4] - Currently, Fosun controls six A-share listed companies and four Hong Kong listed companies, with four of the A-share companies having a market capitalization exceeding 100 billion [1][6] Group 2 - The performance of Fosun's listed companies shows significant divergence, with six companies reporting a decline in net profit, reflecting operational pressures in certain sectors [1][8] - In the first three quarters of 2025, six A-share companies reported revenues exceeding 2 billion, with Shanghai Steel Union leading at approximately 57.32 billion [8] - Among the A-share companies, only Fosun Pharma and Shanghai Steel Union reported year-on-year growth in net profit, while others, including Yuyuan and Hainan Mining, experienced declines [8][9] Group 3 - Yiyao Technology, established in July 2018, focuses on providing high-tech solutions across various intelligent manufacturing sectors, including automotive and food automation [3][4] - Fosun's total assets exceeded 796.5 billion as of December 31, 2024, with a significant portion of revenue coming from international operations [4][6] - The group is shifting its strategy from diversification to deepening its core sectors, particularly in health and intelligent manufacturing, to optimize capital structure and enhance cash flow [7]

科士达（002518）1月8日晚间公告，公司联合申菱环境（301018）以及专业投资机构成立合伙企业，投 向以数据中心产业为核心的上下游产业链、硬科技、AI及新能源（风电、光伏、储能）等相关领域。 科士达表示，公司以数据中心业务为核心主业，并布局新能源赛道，双轨业务持续拓展。近年，数据中 心及新能源行业进入新一轮发展周期，掀起投建新热潮，国内外各细分市场及专业领域都存在诸多优质 标的。通过参与投资产业链相关基金，协助寻找行业匹配度高、业务协同性好的技术方向及优质标的， 强化产业协同效应。同时，公司亦可通过项目投资实现资本增值，提升公司综合竞争力，为公司及股东 创造更多价值。 公告显示，近日科士达与时石私募基金管理（嘉兴）有限公司、宁波汇鑫富企业管理有限公司、申菱环 境签订了《嘉兴沐桐股权投资合伙企业（有限合伙）合伙协议》，各方共同投资嘉兴沐桐股权投资合伙 企业（有限合伙），投资方向为以数据中心产业为核心的上下游产业链、硬科技、AI及新能源（风 电、光伏、储能）等相关领域，具有较高的行业匹配性及业务协同性。 申菱环境在同日公告表示，通过与专业投资机构合作投资产业投资基金的方式搭建投资基金平台，投向 以数据中心产 ...

Group 1 - The core point of the article is that Fosun International is expanding its capital footprint by pushing its subsidiary, Shanghai Yiyao Technology Co., Ltd., towards an IPO in the A-share market, which would mark another addition to its portfolio of listed companies [1][3] - Fosun has developed into an innovative global family consumption industry group over more than 30 years, focusing on a happiness ecosystem centered around health, happiness, and wealth [1][4] - As of now, Fosun controls six A-share listed companies and four Hong Kong-listed companies, with four of the A-share companies having a market capitalization exceeding 10 billion [1][6] Group 2 - The financial performance of Fosun's listed companies shows significant divergence, with six companies reporting a decline in net profit, reflecting operational pressures in certain sectors [1][8] - In the first three quarters of 2025, among the six A-share companies, Shanghai Steel Union reported the highest revenue of approximately 57.32 billion, while the net profit of several companies, including Yuyuan and Hainan Mining, saw a year-on-year decline [8][9] - Fosun's strategic focus is shifting from diversified expansion to deepening its core sectors, particularly in health and intelligent manufacturing, as indicated by its efforts to optimize cash flow and enhance capital efficiency [7]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：虎嗅APP 大量资源都会往硬科技里砸了 出品|虎嗅科技组 作者|陈伊凡 编辑|苗正卿 头图|视觉中国 "早期投资，更重要的是投人，只要人看好了，就没有太多犹豫。" 在1月8日智谱上市前的几天，中科创星创始合伙人米磊，在接受包括虎嗅在内的机构交流时，如是回答 了虎嗅的问题。 作为智谱的联合发起方，中科创星在2019年智谱创立之初便天使轮独家投资了4000万元，在此后的6年 时间，根据智谱招股书显示，其先后完成了8轮融资，机构股东超过了80家，融资规模超过了83亿元。 在今天智谱开盘股价报120港元，较发行价116.2港元涨3.27%，总市值达528亿港元，中间智谱的股价跌 破发行价。截至发稿，智谱的股价为128.7港元。 "尽管在2023年，全球AI进展迅速，中国模型公司被质疑，但其实还是有一些模型公司，在很短的时间 里做出来了，比如智谱。"米磊解释，很多人都低估了中国科技人才的创新能力和创业能力。 但米磊表示，对中科创星而言，（投资大模型公司）最好的时间，还是在大模型火之前投。 2018年左右，米磊安排了团队做了AI行业的研究，看 ...

每日金句 创业者在适合他的领域，成功率才大，没有一个人是全才。 这个世界上，有 大约1%的人适合成为连接者，比例是1%； 4%的人是专家，就是能生产内 容； 还有15%是销售员，他从专家听了东西告诉其他人。 剩下80%的人就是 听那20%的人说。 宁柏宇 | 蓝象资本创始合伙人 蓝象教育加速实验室 报名 「吴世春·西安出行活动」 1月22日-24日 ， 吴世春将亲自带队 100家企业家 ， 去陕西西安线下游学 ， 走进科技制造 产业，打开万亿赛道蓝海。 你 在 创业路上遇到的问题和想法 ， 都可以找吴老师聊聊 。 如果你是 优质的项目，吴老师也会果断投 你 。 希望所有支持吴老师的人 ， 一如既往的相信他、支持他，大家 一起 加油！ 活动详情如下 ↓↓↓ 吴世春导师亲自带队 | 2026.01.22-24 走进科技制造产业 升级数字文旅体验 探索产业生态协同 打开万亿赛道蓝海 这里认真推荐你： II ITH 机器人、航空航天、高希装备、新材料、新能源、 科技演费、Al+产生的创出者看过来! 你将收获 【场 产业重做的深度链接之旅 与独角虎企业、梅花投资人深度交流,占据产业链关键 卡位,共建协同生态 3天 深度 ...

文 | 新质动能，作者｜沐风，编辑｜时楠 上海悄悄包圆国产GPU，国资成背后大"金主"。 2026年开年，上海企业壁仞科技，正式登陆港交所，认购倍数超过2300倍，开盘暴涨超80%，市值一度 冲破1000亿港元。这不仅是开年最大的IPO，更是上海国投先导人工智能产业母基金的首个直投项目。 事实上，国产GPU"四小龙"中，有3家都诞生在上海。壁仞、沐曦、燧原，全是土生土长的上海公司。 不久前，沐曦股份在科创板上市，首日涨幅接近700%，市值一度冲上3500亿。也就是说，短短一个 月，上海就多了两家千亿级公司。 第3家也正在路上。2026年开年，燧原科技顺利完成IPO辅导，正全速冲刺科创板。 很多人纳闷：为什么是上海？在这个被海外巨头封锁的芯片赛道，上海凭什么能包圆国产GPU的超级 IPO？ 其实，芯片只是冰山一角。上海最可怕的地方在于，它已经提前10年把未来的"底牌"全部握在了手里。 从GPU、机器人到核聚变 曾几何时，国产GPU一度被欧美"卡脖子"，但上海硬是把这块硬骨头啃了下来。 2018年，赵立东与张亚林在上海张江创立了燧原科技；2019年，哈佛博士张文决定在上海成立壁仞科 技；2020年，同样是在上海张 ...

大量资源都会往硬科技里砸 出品|虎嗅科技组 作者|陈伊凡 编辑|苗正卿 头图|视觉中国 "早期投资，更重要的是投人，只要人看好了，就没有太多犹豫。" 在1月8日智谱上市前的几天，中科创星创始合伙人米磊，在接受包括虎嗅在内的机构交流时，如是回答了 虎嗅的问题。 作为智谱的联合发起方，中科创星在2019年智谱创立之初便天使轮独家投资了4000万元，在此后的6年时 间，根据智谱招股书显示，其先后完成了8轮融资，机构股东超过了80家，融资规模超过了83亿元。 了 在今天智谱开盘股价报120港元，较发行价116.2港元涨3.27%，总市值达528亿港元，中间智谱的股价跌破 发行价。截至发稿，智谱的股价为128.7港元。 "尽管在2023年，全球AI进展迅速，中国模型公司被质疑，但其实还是有一些模型公司，在很短的时间里做 出来了，比如智谱。"米磊解释，很多人都低估了中国科技人才的创新能力和创业能力。 但米磊显得很平静，在交流中，他回应了最初投资智谱的动机；中科创星对于AI投资的底层逻辑；以及对 大模型公司未来空间的想象。 通过行业找技术方向、 通过最权威的组织寻找 合适的人 最初关注到人工智能，是2012年前后。 米磊和 ...