36氪作为中国最大的新经济媒体平台，过去通过与投资机构、基金合伙人的深度合作，大幅提升企业融资机会。随着新经济不断发展的十年，36氪沉淀和积 累了大量一级市场投资人资源。 「每日路演」是针对优质创业项目开放投资人社群、进行新型的线上闭门路演，持续为创业者与投资人两端提供深度运营服务。to 高潜创业者-高效输出公 司价值亮点+与投资人进行深度交流；to 投资人与投资机构-多维度、低成本对话项目决策人+先一步看到未来，掌握一手资讯，以媒体资源与平台优势助力 创投双端对接。 本期我们精选汇总了三个社群精选路演项目信息。如果您对本文中的项目感兴趣，希望可以对接到项目方，或者如果您手中有好项目需要融资对接更多投资 人，欢迎与我们联系（底部扫码添加运营官，备注项目对接）。 对接项目请扫码添加文章底部专属运营官微信 1.卓世航空 【项目概要】 【融资需求】 Pre-A 轮，3000万-5000万人民币 【项目亮点】 1）黄金赛道-消防应急蓝海市场：精准切入消防应急这一政策支持明确、付费能力强的刚需市场，凭借成熟产品矩阵和服务体系，已验证商业模式的有效 性，展现出在应急消防领域的市场竞争力与发展潜力； 2）15年行业深耕一线 ...

Core Viewpoint - The sustainability of emerging themes in the secondary market, such as controllable nuclear fusion, depends on continuous advancements in policy, funding, and industry developments, leading to increased capital market activity in related stocks [1]. Policy Developments - The new "Atomic Energy Law of the People's Republic of China," which encourages and supports controlled nuclear fusion, has been officially implemented, providing institutional guarantees for fusion energy innovation [2]. - Major financing events include Shanghai Xinghuan Fusion Technology Co., Ltd. completing a 1 billion yuan Series A financing, setting a record for similar domestic enterprises [2]. Industry Dynamics - The nuclear fusion sector is experiencing rapid development, with significant projects and collaborations being established, such as the 2026 Nuclear Fusion Energy Technology and Industry Conference, where multiple major procurement projects were signed [2][4]. - China's major nuclear fusion projects are expected to see investments reaching 146.5 billion yuan, with the industry entering a capital expenditure expansion cycle from 2025 to 2028 [4]. Market Trends - The global demand for electricity is expected to grow exponentially, driven by AI computing needs, with data center electricity consumption projected to reach 945 terawatt-hours by 2030 [7]. - The nuclear fusion industry is entering a phase of intensive equipment procurement and construction to meet this surging demand [7]. Investment Opportunities - The nuclear fusion sector is characterized by a "long slope, thick snow" investment model, indicating a clear investment value emerging as the industry transitions from the "year of fusion" to substantial capital expenditure [10]. - Companies like Shanghai Electric and China General Nuclear Power Corporation are positioned to benefit from national investments in nuclear energy, with Shanghai Electric achieving significant breakthroughs in core equipment [13][14]. Strategic Considerations - The investment landscape for controllable nuclear fusion is expected to evolve, with a focus on companies deeply embedded in national projects and possessing solid technological capabilities [14]. - Investors are advised to be cautious of speculative trading detached from fundamentals, as the path from engineering validation to commercial power generation remains fraught with challenges and uncertainties [14].

编者荐语： 硬科技创新，才可能为人类未来打开一扇新的门。 以下文章来源于邱处机 ，作者邱鑫浩 邱处机 . 专门研究商业牛人 两位清华80后，离"人类终极能源"的梦想又近了一步。 据《投资界》报道，星环聚能近日正式完成10亿元的A轮融资，由上海国投公司旗下上海科创集团、上海未 来产业基金领投，中金资本、上海嘉定科投集团联合领投。 从空厂房到成功运行聚变装置，这家成立仅四年的硬核企业，一举刷新了国内民营核聚变企业的单笔融资 纪录。 01 终极能源 星环聚能的创业故事，最早要追溯到清华园。 1999年，陈锐和谭熠一同考入清华大学工程物理系核工程与核技术专业，成为了同班同学。 核聚变到底有什么意义？一个例子显示，一杯D2O（重水）通过核聚变产生的能量，可以产生900万千瓦时 的清洁电力，这些能量可以为一个家庭供电865年。 因此许多投资人都认为，被称为"人造太阳"的可控核聚变将是人类的终极能源。 而陈锐和谭熠的"人类终极能源"梦想，开始踏上了征途。 02 技术路线 本科毕业后，谭熠留在清华继续攻读博士学位，并深耕核聚变研究，后来成为清华大学工程物理系副教 授。 而陈锐则远赴澳大利亚深造，在悉尼大学获得了经济学硕士和博 ...

Economic Overview - In 2025, Shanghai's GDP reached 56,708.71 billion yuan, with a year-on-year growth of 5.4%, surpassing the national growth rate [1] - Shanghai's economic total ranked fifth among global cities for the first time [1] Industry Performance - The primary industry added value was 99.39 billion yuan, growing by 2.0%; the secondary industry added value was 11,650.62 billion yuan, growing by 3.5%; and the tertiary industry added value was 44,958.70 billion yuan, growing by 6.0% [1] - Industrial added value in Shanghai increased by 5.0%, with total industrial output value growing by 4.6% [1] - Notable growth in specific sectors included transportation equipment manufacturing (15.8%), electrical machinery (11.1%), automotive manufacturing (7.8%), and electronics (7.7%) [1] Leading Industries - The three leading industries in Shanghai—integrated circuits, artificial intelligence, and biomedicine—saw a manufacturing output growth of 9.6%, with integrated circuits growing by 15.1% and artificial intelligence by 13.6% [2] - Strategic emerging industries in Shanghai's industrial sector grew by 6.5%, with new energy industries increasing by 12.9% and high-end equipment industries by 11.1% [2] Service Sector Growth - The tertiary sector's added value grew by 6.0%, with information transmission, software, and IT services increasing by 15.3% and the financial sector by 9.7% [2] Consumer Market - Shanghai's total retail sales of consumer goods reached 16,600.93 billion yuan, with a year-on-year growth of 4.6%, improving by 0.3 percentage points compared to the first three quarters [2] Trade Performance - The total import and export value in Shanghai was 4.51 trillion yuan, growing by 5.6%, with exports at 2.02 trillion yuan (10.8% growth) and imports at 2.49 trillion yuan (1.8% growth) [2] - Exports of "new three samples" products reached 0.16 trillion yuan, growing by 17.4%, with electric vehicle exports increasing by 13.8% [2] Future Development Plans - The "14th Five-Year Plan" suggests that by 2035, Shanghai aims to enhance its five central functions and achieve international leading levels in key development indicators, doubling per capita GDP from 2020 [3] - The plan emphasizes agile development in quantum technology, brain-computer interfaces, controlled nuclear fusion, biomanufacturing, and sixth-generation mobile communications [3] - It also supports the establishment of an international financial asset trading platform and the development of market-oriented merger funds, venture capital funds, and foreign investment funds [3]

②北美市场受电网老化更新与AI数据中心用电需求驱动，电力设备需求激增，2025年1-11月，我国变压 器、高压开关、电线电缆出口额均录得两位数增长。 ③电力设备出海龙头思源电气2025年业绩业绩大超市场预期，其中预计25Q4归母净利润同比+79% 值得关注的产品： 格隆汇1月21日｜电网设备ETF今日震荡下跌0.7%，盘中获资金强势抢筹，截至发稿，获资金净申购 5.15亿份，预估净申购9.18亿元。 电网设备ETF近期持续获资金净流入，昨日单日净流入27.55亿元，居全ETF市场第一，已连续第9日获 净申购，合计"吸金"超94亿元，最新规模达145.06亿元，创成立以来新高，为全市场规模最大的电网行 业主题ETF。 消息面上： ①国家电网正式宣布"十五五"期间固定资产投资总额将达4万亿元，随后，南方电网披露2026年投资规 模为1800亿元，行业预计南方电网"十五五"期间总投资将达1万亿元左右。据此测算，两大电网五年总 投资将逼近5万亿元，远超"十三五"和"十四五"。 特高压权重超60%+智能电网含量55%+可控核聚变含量14%"：电网设备ETF(159326)，是全市场唯一跟 踪中证电网设备主题指数的ETF ...

【东财策略】每日复盘20260120 一、市场概况 1月20日A股震荡下行，三大指数集体收跌。 截至收盘，沪指跌0.01%收报4113点，深证成指跌0.97%，创业板指跌1.79%；两市成交额2.78万亿，较昨日小幅放 量。 全天上涨2233家，下跌3102家。 二、行业表现 【东财策略】每日复盘20260120 一、市场概况 1月20日A股震荡下行，三大指数集体收跌。 截至收盘，沪指跌0.01%收报4113点，深证成指跌0.97%，创业板指跌1.79%；两市成交额2.78万亿，较昨日小幅放 量。 全天上涨2233家，下跌3102家。 二、行业表现 分行业看，申万一级行业中，涨幅前五位是石油石化（+1.74%）、建筑材料（+ 截至目前，LPR已连续8个月保持不变。 3）盈方微于今日复牌并披露重大资产重组进展，拟收购上海肖克利及富士德中国100%股权以强化半导体分销业 务。 四、后市展望和思考 融资端约束叠加题材澄清、业绩扰动，行情更可能从"高弹性主线"转向"可验证线索"主导的轮动：一是涨价与供给 收敛的资源、化工链，二是地产链的低位修复与政策预期交易，三是年报预告驱动的业绩线索。 分行业看，申万一级行业中，涨 ...

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【微软CEO纳德拉预警：AI若不能广泛落地，终将沦为投机泡沫】 微软首席执行官纳德拉警告称，除非人工智能的应用范围扩展到大型科技公司和富裕经济体之外，否则这一技 术繁荣可能演变为投机泡沫。 1月20日，纳德拉周二在达沃斯世界经济论坛年会上表示，AI的长期成功取决于其能否被更广泛的行业采用， 以及在发达国家以外地区的普及程度。他指出，如果只有科技公司从AI崛起中获益，而其他行业未能受惠， 这将是"泡沫的明显迹象"。 来自微软等科技公司的数据显示，全球AI采用率存在明显分化，生产力提升和工作应用主要集中在较富裕的 发达国家。这种不均衡的发展格局正引发业界对AI投资回报可持续性的担忧。 尽管存在这些担忧，纳德拉表示对AI的变革潜力充满信心，认为该技术将在药物研发等多个行业发挥作用， 并最终推动全球经济增长。 【TCL电子、索尼，电视行业两大巨头将"牵手"！新公司预计明年4月开始运营】 1月20日全天收盘后，TCL电子控股有限公司（以下简称"TCL电子"，01070.HK）在港交所公告，于2026年1月 20日（交易时间 ...

格隆汇1月19日丨金隅集团(601992.SH)公布，公司关注到有媒体将公司列入"商业航天""可控核聚变"概 念。经自查，公司相关业务占比极小，并已对外披露。 ...

证券日报网讯 1月20日，新奥股份在互动平台回答投资者提问时表示，可控核聚变相关布局归属新奥集 团层面战略规划，截至目前新奥股份未涉足该领域相关业务。公司主营业务聚焦天然气销售、基础设施 运营、泛能及智家、工程建造及安装等核心板块，始终围绕既定战略深耕能源主业，致力于为投资者创 造长期稳定价值。 （文章来源：证券日报） ...

南方财经1月20日电，新奥股份1月20日在互动平台表示，可控核聚变相关布局归属新奥集团层面战略规 划，截至目前新奥股份未涉足该领域相关业务。公司主营业务聚焦天然气销售、基础设施运营、泛能及 智家、工程建造及安装等核心板块，始终围绕既定战略深耕能源主业，致力于为投资者创造长期稳定价 值。 ...