这不仅是刘芹个人有过的困惑，也是整个中国创投圈的集体焦虑。人们在问：在这个不再有简单模式创新红利的时代，该如何自 处？是固守旧日的荣光，还是在完全陌生的领域里从零开始？ 刘芹选择了后者，但他并没有用激昂的口号来掩饰转型的痛苦，而是选择剖析自己作为一名"过时投资人"的心路历程。从他的文字 里，能看到一种与时代和自我的和解：接受焦虑是一种常态。而在所有变量都在剧烈波动的当下，唯一不变的最优策略，或许就是 保持在这个游戏里，不要离场，持续成长。 「2025尾声」仍在征集之中，欢迎商业世界和资本市场的思考者们通过后台或chenzhiyan@36kr.com与我们联系。相信，时代变幻， 唯真正的思考不灭。 「 Test early, fail fast, learn faster. 」 文 ｜ 五源资本 刘芹 又到年末，在各种年度盘点、未来预测出街之前，「暗涌Waves」邀请了一级市场里以思考性著称的投资人们，分享一年尾声时自 己最想说的话。这是第一篇，来自五源资本创始合伙人刘芹。 这篇文章来自五源资本近期的创始人年会上刘芹的开场演讲。今年大会的主题是"Prompt()·涌现"，它指向当下这个没有标准答案的 时代，AI ...

Jay 发自 凹非寺 量子位 | 公众号 QbitAI 原来低调退休的华为海思创始总裁 徐文伟 ，现在的新身份是 大学老师 。 最近，清华五道口AI首期班开学的报道中，徐文伟以教授身份亮相，给企业家学员上了一堂 《AI时代的企业创新》 为题的课程。 据说课上，徐文伟教授结合华为突破欧洲市场的故事，生动地解析了创新与商业的关系，还为企业家们分享了干货满满的创新方法论。 这也是这位前华为董事、科学家咨询委员会主任、战略研究院院长、战略Marketing总裁、企业业务总裁、IRB主任、欧洲地区部总裁以及海 思半导体总裁…… 在满满当当的履历中， 一步一个脚印凝结下来的宝贵经验 。 1963年9月，徐文伟出生于江苏常州，1990年从东南大学毕业，一年后加入华为，开启了长达三十多年的职业生涯长跑。 任职期间，徐文伟战功赫赫 ，包括但不限于：主持研发首款局用程控交换机、首颗芯片、首套GSM系统及首台云数据中心核心交换机、提出 创新2.0战略，2020年发布面向数学的十大挑战问题，布局光子计算、裸眼3D显示等前沿技术研发…… 直到2024年，在61岁时低调退休。 低调荣休后的新生活 从2023年4月起，华为启动新一轮高层换 ...

Core Viewpoint - The article emphasizes the significant shift in global investor perception of Chinese assets, driven by the emergence of DeepSeek and the ongoing innovation in technology and industry within China, which is expected to reshape the economic landscape and enhance domestic consumption and investment [2][5][21]. Group 1: Impact of DeepSeek - DeepSeek has catalyzed a global reassessment of China's asset value, marking a pivotal moment in the AI narrative that has previously been dominated by the U.S. tech giants [4][11]. - The introduction of DeepSeek is seen as a transformative event that democratizes AI technology, allowing broader access and fostering innovation across various sectors in China [4][9]. - The rise of DeepSeek is expected to accelerate the penetration of AI in China, enhancing efficiency in industries such as autonomous driving and robotics [4][6]. Group 2: Policy and Economic Environment - Recent government policies aimed at stabilizing the stock and real estate markets have created a more favorable investment climate, leading to a resurgence in asset valuations [7][12]. - The Chinese government has introduced substantial financial support measures, including a 20-year national venture capital fund aimed at mobilizing 1 trillion yuan in social capital [12]. - The combination of effective government policies and a robust market response is seen as a driving force for innovation and economic growth in China [7][12]. Group 3: Innovation Ecosystem - China's unique innovation ecosystem, characterized by a comprehensive industrial system and a strong emphasis on R&D, is a critical factor in its ability to lead in technology and innovation [12][15]. - The integration of various technological sectors, such as AI, robotics, and renewable energy, is fostering a collaborative environment that enhances innovation and reduces costs [15][19]. - The scale of China's market and its rapid technological advancements position it as a formidable player in the global economy, capable of competing with established Western firms [18][20]. Group 4: Global Perception and Future Outlook - The global narrative surrounding China is shifting from a focus on low-cost manufacturing to recognizing its capabilities in high-value innovation and technology [11][18]. - Investors are increasingly viewing Chinese companies as competitive on the world stage, with expectations of continued growth and innovation across multiple sectors [18][21]. - The article suggests that 2025 will be a crucial year for re-evaluating China's international competitiveness, as the country continues to make strides in various technological fields [21].