Core Insights - The private equity (PE) and venture capital (VC) landscape in 2025 is characterized by a "polarized" market, with record financing rounds and valuations contrasted by one of the most challenging fundraising environments in recent years [1][3]. Fundraising Environment - In the first half of 2025, fundraising for PE and VC reached its lowest levels in years, with US VC activity hitting a near-decade low and traditional industries struggling to attract meaningful investments [5]. - The root causes of this crisis include rising interest rates, geopolitical uncertainties, and a distribution crisis where limited partners (LPs) face constraints in reinvesting capital into new commitments [5]. - The average fundraising interval for funds has exceeded three years for the first time, forcing fund managers to adopt increasingly creative deal structures to delay re-entering an unfriendly capital market [5]. Investment Themes - A custom financing score created using FactSet's multi-factor screening tool reveals a "polarization" in the market, identifying areas of strong investor confidence [5]. - High-scoring sectors include AI/ML, cybersecurity, defense, enterprise SaaS, and digital infrastructure, while lower-scoring sectors include consumer applications, e-commerce, food delivery, Web3/cryptocurrency, and edtech [6]. AI as a Dominant Force - AI has emerged as a dominant force reshaping resource allocation in the private market, with AI startups capturing a significant share of global VC funding, reflecting a fundamental shift where AI is becoming core business infrastructure [10]. - Companies viewing AI as a "basic function" rather than a differentiating advantage are achieving higher valuations, indicating a shift in investor perception [11]. Defense Technology - Geopolitical tensions have transformed defense technology from a niche area into a mainstream investment theme, with startups in the aerospace and defense sector experiencing unprecedented funding levels in the first half of 2025 [14]. - Companies that combine dual-use technology for commercial and defense purposes are attracting cross-sector investors looking to leverage accelerated government procurement cycles while maintaining commercial scalability [14]. Cybersecurity Resilience - Despite overall market headwinds, the cybersecurity sector has shown significant resilience, driven by its status as a non-discretionary expenditure amid escalating geopolitical threats and increasing regulatory demands [16]. - Late-stage companies dominate cybersecurity funding, indicating a preference among investors for established, market-validated platform enterprises [16]. Climate Technology - Climate technology financing faces headwinds globally, but the US market shows notable resilience, attracting a significant portion of global funding due to policy stability and strong business relationships between technology suppliers and buyers [19]. - Innovative companies, such as Capalo AI in Finland, are emerging in Europe, developing AI-driven solutions for clean energy infrastructure, demonstrating the ability to align with multiple high-confidence themes [19]. New Investment Paradigm - The current fundraising environment signifies a long-term shift in capital allocation, with themes attracting capital in 2025 sharing common characteristics, such as AI infrastructure, defense technology, high-margin enterprise software, and demand-driven cybersecurity [22]. - Private market participants must adopt targeted thematic investment approaches to identify companies at the intersection of multiple positive trends, as capital becomes increasingly scarce and selective [22].

图片系AI生成 第四，在用户交互层面，软件使用方式发生了根本性转变：传统菜单式操作模式已被自然语言交互所取 代。用户通过语音指令或自然文本输入即可完成操作并达成使用目标，这使得软件从被动工具转变为具 有主动服务能力的智能伙伴，如同为用户配备了专属助理。 第五，企业软件的商业模式和付费机制或将迎来重要调整，从原有的许可授权或订阅制付费模式，逐步 转向基于业务实际成效的成果导向型付费。 "今天所有的企业最关切的是AI如何在企业应用落地，而且企业应用AI的目标也很明确，就是要'增效降 本、精准运营、管控风险'。"在2025全球商业创新大会（GBIC·2025）上，用友网络董事长兼CEO王文 京表示。 如何才能让AI在企业成功应用落地？ 王文京指出，接入或部署大模型是必须的，但是还不够，企业需要推进好三个方面的工作：一是升级应 用数智化的新一代企业软件；二是加强开展数据治理、知识治理；三是接入或部署主流大模型和垂类模 型。 AI对企业软件带来六大改变 AI不仅重塑企业的经营管理与生产运营，对企业软件产业本身也带来革命性改变。这种变革主要体现 在六个维度，首先，人工智能技术的应用使企业软件突破了既有能力边界与价值层级体 ...