来源：大湾区经济门户 大湾区经济网香港讯（王强）全球投资机构Fore富尔基金（Fore Fund）今日披露，其已开始战略性布局 由香港交易所前行政总裁李小加先生创办的"滴灌通"创新金融模式，并已对滴灌通澳门金融资产交易所 （MCEX）上的部分结构性产品（SPAC）进行了初步投资尝试。此举标志着富尔基金正式将"每日收入 分成凭证（DRO）"这一新兴资产类别，纳入其全球投资雷达，旨在深度参与并推动解决全球中小微企 业的融资难题。 滴灌通澳交所自2023年8月正式营运以来，以其颠覆性的模式引发了全球资本市场的广泛关注。它通过 将中小微企业（尤其是餐饮、零售等消费行业）未来的每日部分收入打包，创设为标准化的、可交易的 数字金融凭证（DRO），让这些传统意义上难以获得长期、低成本融资的企业，得以直接对接国际资 本。 SPAC在滴灌通澳交所的生态中，扮演着类似"上市投资基金"的角色，由专业的投资管理人发起，募集 资金后，再投资于平台上多个中小微企业的DRO资产组合。 富尔基金的投研团队指出，滴灌通澳交所上已涌现出一批极具活力的消费品牌，例如知名的连锁餐饮品 牌"大斌家串串火锅"，以及将电竞体验融入传统酒店的创新企业"YY ...

Investment Rating - The report does not explicitly state an investment rating for the small and micro enterprise financing platform industry Core Insights - The small and micro enterprise financing platform industry is experiencing continuous expansion driven by policy support and market demand, with innovative service models emerging to address financing challenges [3][21] - The industry is characterized by a concentration of leading players, with a significant market share held by top companies, while smaller firms are adopting differentiated strategies to capture market share [20][23] - The transition towards the "drip irrigation" model is anticipated, as it aligns better with the financing needs of small and micro enterprises compared to traditional credit models [56][57] Summary by Sections Industry Definition - Small and micro enterprise financing platforms integrate resources from financial institutions, government, data technology, and industry ecosystems to provide customized financing solutions, addressing issues like information asymmetry and insufficient collateral [4] Industry Characteristics - The market is expanding rapidly, with the balance of inclusive small and micro loans reaching 32.9 trillion yuan by Q3 2024, a year-on-year increase of 14.5% [21] - Continuous product and service innovation is evident, with platforms like Drip Irrigation Group utilizing the Revenue-Based Financing (RBF) model to enhance service efficiency [22] - The competitive landscape shows a concentration of market share among leading firms, with state-owned banks holding 42.77% of the inclusive small and micro loan market [23] Development History - The industry has evolved through various stages, from initial support for small enterprises in the 1990s to the rapid development phase post-2000, and now to a high-quality development phase characterized by digitalization and green finance [24][30] Industry Chain Analysis - The industry chain consists of upstream funding sources, midstream financing service providers, and downstream small and micro enterprises, with a focus on addressing structural mismatches in financing needs [31][32] - Upstream funding is characterized by a dual structure of policy-driven and market-driven sources, with commercial banks being the primary funding providers [37] - Midstream service providers are leveraging technology to enhance risk assessment and improve service delivery, transitioning from traditional asset-based evaluations to cash flow-based assessments [43] Market Size and Growth - The small and micro enterprise financing platform industry has seen rapid growth from 2019 to 2024, driven by policy support, technological advancements, and improvements in the credit system [53] - The market is expected to continue expanding as new tools like digital currency and cross-border payment systems are introduced [54] Future Trends - The industry is shifting towards the Drip Irrigation model due to mismatches between traditional credit models and the financing needs of small enterprises, with a focus on real-time cash flow monitoring and digital infrastructure [56][58]

Core Viewpoint - The article discusses the challenges and dynamics of financing in the AI industry, highlighting the shift towards state-owned capital and the difficulties faced by startups in securing funding amidst a tightening investment environment [2][8][12]. Group 1: Financing Landscape - In the past year, the U.S. saw $80.8 billion in AI venture capital, significantly outpacing China's investment [2]. - The financing cycle for startups is shortening, while the time to complete a single round of financing is lengthening, leading to a "short and quick" financing approach [3]. - State-owned capital has become a prominent source of funding, with many startups now relying on government-backed investments [12][13]. Group 2: Challenges for Startups - AI entrepreneurs face increased scrutiny regarding profitability and commercial viability, with many questioning the long-term sustainability of projects [3][4]. - The density of talent and rising computational costs make it increasingly difficult for startups to thrive without continuous funding [5][6]. - The current investment climate is characterized by a cautious approach, where each financing round is seen as a critical choice [4][6]. Group 3: Role of State-Owned Capital - State-owned capital is viewed as a necessary partner for many AI companies, with significant investments from government-backed funds in major cities like Beijing, Shanghai, and Shenzhen [12][13]. - The Beijing AI Industry Investment Fund has invested in over 30 AI companies since its inception, with a total investment decision amounting to approximately 17 billion yuan [12]. - Companies that secure state funding often need to align their operations with local government policies and expectations [14]. Group 4: International Funding Strategies - Some startups are looking beyond domestic funding sources, with examples of companies successfully raising capital from international investors in regions like Singapore and Japan [16][17]. - The path to securing funding from Silicon Valley remains challenging, requiring specific conditions such as founder nationality and company structure [17][20]. - The trend of Chinese founders targeting global markets while leveraging lower operational costs in China is becoming more common [17]. Group 5: Corporate Venture Capital (CVC) and Mergers - Corporate venture capital from major tech firms is becoming a significant source of funding, although it comes with the risk of direct competition [25]. - Recent acquisitions in the AI sector indicate a trend where early investors exit while maintaining independent operations for the acquired companies [26]. - The potential for increased mergers and acquisitions in the AI space is growing, driven by the rapid entry of large tech firms into the market [27].