中国一级市场，一个曾经由人民币、美元基金双轮驱动的繁荣生态，正清晰地滑向一个由人民币主导的单极时代。 IT桔子数据显示，美元基金无论是在投资数量还是金额上，都经历了断崖式的收缩。 2021年，美元资本以5329亿元的投资额占据了市场35.9%的份额，与人民币基金分庭抗礼。而到了2025年，美元年度融资额仅为827亿元，规模萎缩超过 84%，市场份额也跌至10.1%。 相反，人民币基金的金额占比从64.1%强势增长至89.9%，牢牢掌握了资金供给的绝对主导权。 五年间，其投资总额萎缩超过84%，市场份额从曾经占据三分之一江山跌落至仅剩一成。 当国资与产业资本成为牌桌上的绝对主力，当传统的VC融资路径被颠覆，一个根本性的问题摆在了所有市场参与者面前：在人民币基金的「主场」里， 还有美元基金的位置吗？ 断崖式退潮：美元基金的「失落五年」 数据直观地展现了美元基金的退潮轨迹。 从交易数量来看，市场的天平已完全向人民币倾斜。 2021年，美元投资事件尚有871起，占市场总数的9.6%；到了2025年，这一数字锐减至225起，占比萎缩至仅2.5%。 与此同时，人民币投资事件的占比则从90.4%一路攀升至97.5%，几乎实 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 走出美元时代后，似乎也没有人愿意再用这样一个成本来培养人。 对话丨张楠 刘燕秋 编辑丨蒲凡 来源丨投中网 在中国风险投资的行业史上，"美元"是一个绕不过去的符号。 吸引我进入风险投资的，是互联网 刘燕秋：我们编辑部也特别喜欢朱老师，尤其是楠哥，他前段时间刚写了篇文章叫《朱总瘦了》，今天 看朱总确实状态不一样。 首先，它是起点。风险投资萌芽于硅谷，最初的故事是50年代"仙童八叛将"创办英特尔、AMD等公 司，吸引资本进入半导体产业，推动《小企业投资公司法》（SBIC）的成型，进而在60年代掀起以股 权投资为核心的限时风险投资基金成立潮。可以说，"风险投资"就是美元经济体系下的"产物"，与生俱 来带着美元经济体系所习惯的一切。 其次，它是教材。中国创业者们第一次接触到的风险投资，中国创投行业第一批市场化的风险投资机 构，几乎都来自于美元基金。比如张磊接触风险投资的一个重要契机，是他在耶鲁投资办公室实习期 间，帮助传奇投资人大卫·史文森完成了其著作《机构投资的创新之路》的中文版翻译。可以说，是"美 元基金"们帮助中国创投圈完成了启蒙、成长，是 ...

Core Viewpoint - The article discusses the evolution of venture capital in China, particularly the influence of dollar funds and the challenges faced in the current investment landscape as the industry transitions away from the dollar-centric model [3][4]. Group 1: Historical Context of Dollar Funds - Dollar funds have been pivotal in the development of China's venture capital industry, serving as both a starting point and a learning resource for local investors [3]. - The initial wave of venture capital in China was heavily influenced by successful dollar funds, which provided essential knowledge and experience to local entrepreneurs and investors [4]. Group 2: Challenges in the Current Investment Landscape - The current investment environment presents difficulties in nurturing new talent, as the high costs associated with training potential partners (estimated at $100 million) deter firms from investing in human capital [4][22]. - There is a growing concern about the lack of successors in the venture capital space, prompting a need to revisit and redefine investment strategies and philosophies [4]. Group 3: Investment Philosophy and Strategies - The investment philosophy emphasizes the importance of clear viewpoints over brand recognition, suggesting that a strong personal brand can lead to better investment opportunities [15][16]. - The article highlights the significance of understanding financial data and the risks associated with different investment cycles, particularly in the context of technology and hardware investments [17][21]. Group 4: Lessons from Past Investments - Historical investment experiences, such as the early decisions regarding companies like 拉手网 (Lashou) and 宁德时代 (CATL), illustrate the importance of timing and market readiness in investment success [23][25]. - The article reflects on the lessons learned from past failures, emphasizing the need for a balance between technological advancement and market maturity [27][28]. Group 5: Future Outlook and Investment Trends - The current trend in venture capital is to avoid highly concentrated investment areas, advocating for a strategy that diverges slightly from mainstream consensus to find better value opportunities [35]. - The discussion includes the potential for high-return investments in emerging technologies, stressing the importance of understanding customer needs and pricing strategies [36].

Core Insights - The emergence of multiple IPOs with valuations exceeding 100 billion yuan in 2025 marks a significant shift in the investment landscape, creating unprecedented high return multiples in the market [2][4][24] - Companies like Moer Thread, Xian Yicai, and Ying Shi Innovation have achieved remarkable market capitalizations, with Moer Thread's first-day surge of 425% leading to a market cap of 280 billion yuan [3][4][12] - The trend indicates a new era for the VC/PE industry in China, where high-value IPOs are becoming more common, potentially reshaping the competitive dynamics among investment firms [4][24][29] Group 1: High-Value IPOs - Moer Thread is the fourth company this year to surpass a market cap of 100 billion yuan, following Xian Yicai and Ying Shi Innovation [4][5][6] - The upcoming IPOs, including companies like Muxi and Yushu, are expected to continue this trend, indicating a production era for 100 billion yuan market cap projects [7][8] - The rapid increase in the number of high-value IPOs is a significant variable that will influence the VC/PE landscape in the coming years [7][24] Group 2: Return Multiples - Xian Yicai's valuation has increased over 70 times since its A-round financing in 2019, showcasing the potential for extraordinary returns in the current market [9][10] - Ying Shi Innovation's valuation has skyrocketed by 4,895 times since its initial financing, highlighting the exceptional growth potential in the sector [10][11] - Moer Thread's early investors have seen returns exceeding 5,600 times their initial investment, demonstrating the lucrative opportunities available in the current investment climate [12][14] Group 3: Market Dynamics - The current market environment is shifting towards a more competitive landscape, where achieving a 100 billion yuan valuation is becoming a benchmark for top-tier investment firms [24][29] - The increasing frequency of high-value IPOs may lead to a re-evaluation of investment strategies among VC/PE firms, as missing out on these opportunities could have significant repercussions [24][29] - The dominance of dollar funds in early-stage investments is evident, as they are more willing to take risks on high-multiple opportunities compared to their RMB counterparts [25][29]

将投中网设为"星标⭐"，第一时间收获最新推送 一起聊聊那些在书中没来得及写、没来得及问的真心话。 整理丨 蒲凡 来源丨 投中网 假如你是一位作家，正在为中国的风险投资，编写一部属于从自我视角出发、定位自我轨迹的"行业 史"，你会选择一个什么样的故事来切入人民币基金的故事？选一位什么样的人物来诠释风险投资会 在2005集体将目光看向中国市场？又会选择一个什么样的投资案例，来解释风险投资的意义不仅仅 在于赤裸的"盈利"？ 这是投中网编辑团队一年多以来反复思考的问题，而今年11月出版的新书《中国风险投资史》就是 我们的答案。自立项到成书，用全书三十余万字、共十四个章节，整理出风险投资如何在中国萌芽、 起步、发展和蜕变的脉络。 但正如投中信息CEO杨晓磊在编后记中说的那样，由于篇幅以及其他客观因素的限制，虽然这部 《中国风险投资史》已经尽可能地做到了以"风险投资"为本，尽可能有临场感的、带有感性洞察地 还原每个阶段的横截面，但终归是有遗憾的。很多重要的命题并没有积累足够的一手素材，很多重要 的历史事件我们也只能以一个更偏"旁观者"的角度来论述，缺乏亲历者的洞察。 好在，这本书并不是我们记录的终点。 11月27日，在" ...

将投中网设为"星标⭐"，第一时间收获最新推送 " 创投的下一个黄金时代会更伟大。 " 对话嘉宾丨 靳海涛 杨晓磊 编辑丨 刘燕秋 韦香惠 来源丨 投中网 都知道，我们最近出了一本书，《中国风险投资史》。一整年，围绕这个话题，我们还策划了一系列访谈，本文就是其中一场 对话实录。捋一捋人民币基金的图谱，无论是作为深创投曾经的掌舵人，还是前海母基金的董事长，靳海涛都是一个绕不开的 关键人物。 在对杨晓磊的后采中，我们谈到一个有趣的现象——往期《拾日谈》很少对话人民币基金的管理人。这本身正是人民币基金在 中国创投行业现状的一个缩影。如今在风险投资生态中体量巨大的人民币基金，似乎没有那么擅于塑造品牌，也无意于抢夺话 语权和定义价值观，因而在创投舆论场上总显得沉默。 追本溯源，本文刚好能解答外界对于人民币基金的一些困惑：它从何处来，被什么推动，有着怎样的行事逻辑，又将向何处 去。对历史的回顾也有助于思考另一个问题：所谓的来自硅谷的那套"正统"风险投资游戏规则就一定是对的，好的吗？必须被 奉为圭臬吗？硬要拿那套标准来套在人民币基金身上，是否有失公平？ 如果把目光聚焦在靳海涛这个人身上，这无疑是一个了不起的人民币风格的投资家 ...

Core Insights - Recent news indicates that multiple venture capital institutions have successfully raised US dollar funds, signaling a resurgence of interest from US dollar limited partners (LPs) in the market [1] - The revival of US dollar funds is attributed to favorable policy incentives and continuous breakthroughs in technological innovation [1] - Industry experts believe that the renewed focus of US dollar funds on Chinese assets is largely driven by the explosive growth in the artificial intelligence (AI) sector in China, which presents a significant opportunity for global capital [1]

Group 1: Dollar Funds - Some dollar fund investors are still pursuing overseas strategies despite a challenging environment, actively seeking opportunities in Southeast Asia [2] - The most pressing issue for dollar fund investors is explaining local investment concepts, such as "招商返投," to foreign partners during fundraising [3] - Many dollar fund investors are facing salary cuts and have recently incurred losses in tech stocks, leading them to invest in U.S. Treasury bonds [5] Group 2: Angel Funds - Most angel investors are either looking for jobs or are on their way to find work [6] - The primary concern for angel investors is the performance of their funds, particularly the DPI (Distributions to Paid-In capital) of funds established in 2014 [7] - Last year's trend of angel investors aggressively seeking professors in university labs has shifted to a focus on recovering funds from those professors this year [8] Group 3: RMB Funds - The new critical questions for RMB funds have shifted from market size and valuation to whether investments can be returned and the nature of the buyback entities [10] - The current strategy for funds involves a dual focus on buybacks and attracting investments [11] - Private equity (PE) investors are increasingly transitioning to mergers and acquisitions and private placements [12] Group 4: Venture Capital (VC) Investors - VC investors have taken on the role of debt collectors, closely monitoring founders for buybacks [13] - The performance of portfolio companies has become a contentious issue, with those not pursuing Hong Kong listings facing criticism [14] Group 5: Corporate Venture Capital (CVC) - There is skepticism regarding the professionalism of CVC management teams, which often consist of individuals with varied and questionable backgrounds [20] - The challenges faced by investment teams include pressure from executives to pursue projects based on personal recommendations rather than thorough due diligence [22] Group 6: State-Owned Enterprises (SOEs) - The investment profession is characterized by long-term accountability, as decisions made can lead to lifelong scrutiny [23] - Employees in investment roles often face low salaries and are required to co-invest in projects, leading to financial losses [25] - There is a culture of mandatory co-investment, which can result in conflicts with regulatory bodies if profits are made [27]