将投中网设为"星标⭐"，第一时间收获最新推送 10月出demo，11月拿TS，12月注册公司。 作者丨 刘燕秋 来源丨 投中网 本期 《 Blue hour 》 请来了一位 AI 应用创业者，在只有 demo 、公司尚未注册的情况下，他拿到了红杉和华创的投资意 向书。 某种程度上说，这是 当下 AI 投资热的一种缩影——那些从大厂和大模型"六小虎"里出来的中高管早早就被投资人们盯上了。 我最近也听不少朋友谈起，红杉这样的大机构又开启了"买赛道"的打法，此情此景，仿佛梦回移动互联网。 技术尚且在走向成熟的过程中，产品是什么形态显得没那么重要，因为大概率会变。从决策层的思路来看，项目不确定性高， 头部机构在资金体量上又有优势，使用和移动互联网相似的打法自然有其合理性。然而没有两个时代完全一致。行业的终局是 什么样的？哪些是创业公司的机会？每个阶段应该布局怎样的主题？在市场上看项目的投资人还得充分打开想象力。打法上可 以复制，但具体的投资策略上， AI 投资未见得能直接抄移动互联网的作业。 回到本期嘉宾橘子，他生于 1987 年，曾就职于黑莓、三星、 Boss 直聘和 MiniMax ，是一位资深的产品负责人。 今 ...

Market Overview - The U.S. stock market showed mixed performance with the Nasdaq down 1.14%, S&P 500 down 0.38%, and Dow Jones up 0.25% as of 23:02 [1] - Major indices such as Nasdaq 100 and the Wande American Technology Seven Giants Index also experienced declines of 1.10% and 1.41% respectively [2] - Commodities saw a drop in gold prices and a decline in oil prices across the board [2] Precious Metals and Energy - Gold prices fell below $3,330 per ounce, with the latest price at $3,329.80, down 0.09% [3] - COMEX gold futures also saw a slight decline of 0.12% [3] - WTI crude oil and ICE Brent crude oil prices decreased by 1.00% and 0.83% respectively [3] Chinese Stocks Performance - Several Chinese concept stocks rose against the trend, particularly in the new energy vehicle sector, which saw an increase of over 2% [6] - Notable gainers included Color Star Technology, which surged over 22%, and several others like YSXT and RAYA, which rose over 10% [7][8] Economic Indicators and Federal Reserve Outlook - Jerome Powell is set to deliver a significant speech, with market concerns that he may counter the growing expectations for aggressive rate cuts [5][18] - Analysts suggest that a 50 basis point rate cut in September may be unlikely, as Powell is expected to maintain a cautious stance [18][19] - The upcoming Jackson Hole Economic Symposium is anticipated to be a platform for Powell to clarify the Fed's position on interest rates [18][20] Market Reactions and Predictions - Historical data indicates that the "Jackson Hole week" typically yields positive returns for the S&P 500, with a median weekly gain of 0.8% [22] - However, the current high P/E ratio of 25.5 for the S&P 500 raises concerns about potential market corrections if Powell's remarks disappoint investors [22] - Analysts predict that if Powell maintains a hawkish tone, it could lead to a negative impact on the market, although a 25 basis point cut remains a strong possibility [23][24]

Core Viewpoint - The article promotes a series of live broadcasts focusing on investment strategies and opportunities in various sectors, particularly in TMT (Technology, Media, and Telecommunications) and intelligent driving, highlighting the importance of expert insights in navigating the current market landscape [2][4][7]. Group 1: Live Broadcasts Schedule - The live broadcast titled "Will Intelligent Driving Boards Explode? Investment Logic Analysis" is scheduled for August 11 at 14:30, featuring guests from Beixin Ruifeng Fund [4]. - Another session on "TMT Industry Configuration Value for the Second Half of the Year" will take place on August 11 at 16:00, with participation from Jianxin Fund [7]. - A discussion on "A-shares Reach New Highs, Index Investment Strategy Interpretation" is set for August 13 at 10:00, featuring experts from Huaxia Fund [8]. - The topic "Where is the Bull Market Now?" will be addressed on August 13 at 10:30 by Hongyi Yuanfang Fund [11]. - A session on "Investment Opportunities in Specialized and Innovative Small Giants on the Sci-Tech Innovation Board" is scheduled for August 13 at 14:00, with insights from Dongfang Fund [14]. - The broadcast on "The Configuration Value of Commodity ETFs and QDII Indices" will occur on August 14 at 16:00, featuring Jianxin Fund [19]. - A session titled "Humanoid Robots: Don't Miss the Opportunity" will be held on August 8 at 15:30, with participation from Tongtai Fund [22]. Group 2: Engagement and Incentives - The article encourages audience participation through interactive sessions on the Tian Tian Fund APP, offering prizes such as Huawei headphones and JD gift cards [4]. - The broadcasts cover trending topics, aiming to attract a wide audience interested in investment strategies and market trends [4][7].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **US Economics** sector, specifically analyzing the **2Q GDP** performance and its implications for the economy moving forward [1][6]. Core Insights and Arguments 1. **GDP Growth**: The headline US GDP rose by **3.0%** quarter-over-quarter (q/q) seasonally adjusted annual rate (saar) in 2Q, a significant recovery from a **0.5%** decline in 1Q [1][9]. 2. **Domestic Demand**: Domestic demand was notably weaker, slowing to a **1.2%** pace from **2.7%** over the previous year, indicating a softening in both household and business spending [8][9]. 3. **Trade Volatility**: A **30.3%** drop in imports in 2Q, following frontloading in 1Q, artificially inflated the GDP figure, suggesting that the growth may not be sustainable [9][12]. 4. **Inflation Concerns**: Core PCE price inflation exceeded expectations at **2.54%** q/q annual rate, indicating potential upward risks to inflation forecasts [10][26]. 5. **Consumer Spending**: Real personal consumption rebounded to **1.4%** in Q2, driven by a **2.2%** increase in goods spending, particularly in motor vehicles, which rose **16.2%** [15][16]. 6. **Investment Trends**: Nonresidential fixed investment growth slowed, with structures investment declining by **10.3%** in 2Q, reflecting increased uncertainty in the private sector regarding capital spending [29][30]. 7. **Government Spending**: Government spending added modestly to growth, rising **0.4%** in 2Q, but federal spending fell **3.7%**, indicating a potential drag on future growth [28][37]. 8. **Future Outlook**: The outlook for GDP growth remains cautious, with expectations of a slowdown in the second half of the year due to restrictive trade and immigration policies [9][38]. Additional Important Insights - **Inventory Changes**: Changes in inventories contributed significantly to GDP volatility, with inventories subtracting **3.2 percentage points** from GDP in 2Q [13][39]. - **Weakness in Services**: Services spending showed a modest increase of **1.1%** in Q2, but this was still below the pace seen in 2024, indicating ongoing challenges in the services sector [17][24]. - **Residential Investment Decline**: Households sharply reduced residential investment, which fell by **4.6%** in the quarter, following a modest decline in 1Q [18][39]. - **Economic Factors**: The slowdown in economic activity is attributed to various factors, including payback effects, immigration restrictions, and policy uncertainty affecting spending and hiring plans [37][38]. This summary encapsulates the critical findings and projections discussed during the conference call, providing a comprehensive overview of the current state and future expectations of the US economy.

Group 1 - The overall valuation of the A-share market is considered attractive, with a positive outlook on sectors such as dividends, new productive forces, and new consumption [2][3] - The Chinese economy is transitioning from high-speed growth to high-quality development, necessitating a reduction in debt-driven growth [2] - The trend of stock buybacks and dividend distributions by listed companies is increasing, enhancing the long-term investability of the Chinese capital market [3] Group 2 - The U.S. market may present structural opportunities, with the "Big and Beautiful" act likely pushing fiscal spending to new heights [3][4] - The Chinese bond market is expected to maintain an independent trajectory, with low interest rates likely to persist to support economic growth [4] - The outlook for U.S. Treasury yields suggests they may remain above 4%, limiting capital gains potential but favoring coupon income [3][4]

Core Insights - SoftBank's CEO Masayoshi Son announced a new agreement with OpenAI, indicating a commitment to increase investments in the company, bringing the total investment amount to $32 billion, including planned investments [1] Investment Details - The cumulative investment in OpenAI will reach $32 billion, showcasing SoftBank's strong belief in the potential of artificial intelligence [1]

Market Performance - On May 9, 2025, the market experienced fluctuations, with the ChiNext Index leading the decline, down 0.87%[2] - The Shanghai Composite Index fell by 0.30%, and the Shenzhen Component Index decreased by 0.69%[2] - Total market turnover was 1,191.886 billion yuan, a decrease of 101.373 billion yuan from the previous trading day[2] Sector and Style Analysis - Among the 30 CITIC first-level industries, most sectors declined; the banking sector rose by 1.46%, while comprehensive finance fell by 2.21%[19] - The performance ranking by style showed financials leading, followed by stability, consumption, and growth sectors[19] - Fund-heavy stocks outperformed the CSI All Share Index[19] Capital Flow - On May 9, 2025, the net outflow of main funds was 57.463 billion yuan, with large orders contributing to a net outflow of 29.980 billion yuan[23] - Small orders continued to see a net inflow of 48.770 billion yuan[23] ETF Trading Activity - Major ETFs like the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -7.82 billion yuan and -3.53 billion yuan respectively[28] - The total trading volume for the major ETFs was as follows: Huaxia SSE 50 ETF at 1.405 billion yuan, Huatai-PB CSI 300 ETF at 2.734 billion yuan, and others showing similar declines[28] Global Market Trends - On May 9, 2025, the Hang Seng Index rose by 0.40%, while the Nikkei 225 increased by 1.56%[32] - The U.S. stock market saw gains across major indices, with the Dow Jones Industrial Average up 0.62% and the Nasdaq Composite up 1.07%[32]

哪怕刚接到个 bp 也没关系，也要写上。等到基金募集起来了，人家项目的融资窗口可能都已经过了。 不知道我讲清楚没有。我说的再直白点： 我 2018 年刚入行的时候，在一家家办性质的机构，不需要对外募资，也能自己做 lp 。 当时我接触过很多其他机构的募资岗位的人，清一色年轻靓丽，高颜值高气质的小姐姐。 那时的我还是单身，顶着一脸的青春痘。面对这样的小姐姐，我心想：募资好光鲜啊。 直到我后面去了其他机构，自己也参与过一些募资 .... （一）募资就是各种排列组合 一家机构， 2020 年开始投新能源，还没投几个， 22 年又要募集半导体主题的基金， 于是从已投项目里疯狂找，找已投的新能源项目，有哪些和半导体有一定的关联。 比如材料类，有些新能源材料也可以用于半导体材料，快，快把这类项目写进募资文件里。 募资团队每年都拿着放大镜，寻找全国各地的母基金，引导基金。不管是否合适，先去勾搭再说。 投资团队随时根据募资团队的需要，根据近期要投标哪个母基金，迅速对已投项目做排列组合。 机构已经投了十个项目，扒拉扒拉，可以算作新能源的有六个，可以算作半导体的有五个，和 AI 贴点 边的也能有四个。 除了已投项目，储备项目也要 ...

道琼斯工业平均指数下跌427.51点，跌幅为0.99%，收于42,579.08点，在盘中一度跌超600点。标准普尔500指数大跌1.78%，报5,738.52点。纳斯达克综合 指数下跌2.61%，收于18,069.26点，正式进入技术性调整区间，也就是从最近的高点下跌超过10%。 中概股方面， Direxion 3倍做多中国每日ETF (YINN)上涨了1.03%，iShares MSCI中国ETF (MCHI)下跌了0.55%，纳斯达克中国金龙指数 (HXC)下 跌了0.77%，万得中概科技龙头指数 (DRAG)上涨了0.41%。 周四的下跌发生在美国对加拿大、墨西哥关税本周生效后，这些关税动摇了金融市场。加拿大作出报复性关税回应，而墨西哥则表示将于周末公布 相关措施。纳斯达克指数本周迄今已下跌超过4%，而道琼斯和标准普尔500指数分别下跌了约2.9%和3.6%。三大股指正处于自2024年9月以来最糟糕 的一周。 周四的抛售潮源于白宫宣布对符合美墨加协议（USMCA）的汽车制造商延迟征收关税一个月，此前这一消息曾促使市场在周三出现反弹，这让投资者对 关税政策进一步退让抱有希望，并认为这将缓解美国经济的冲击。 ...