2025/06/11-12 杭州 - 良渚文化艺术中心 我们邀请你来 杭州良渚文化艺术中心 一起WAVES2025！ 6月11-12日， aeKr t 松禾资本创始合伙人 港 36氪CEO (主持) 25/06/11-12 州 · 良渚文化艺术中心 aeK 救】 【 暗涌Waves主编 (主持) 25/06/11-12 何誤 黑蚁资本 管理合伙人 雷 Monolith 创始合伙人 胡博子 XVC 合伙人 動荷森 真格基金 管理合伙人 限量 云启资本 合伙人 明势创投 合伙人 古月前月 高榕创投合伙人 == 暗涌Waves主笔 (主持) 投资人会场直播 创业者会场直播 Fits States 暗(解 . © an HPA oolElassy श्री t ------- V ilip F U . 暗)爾 ◎ 新书 at 2 2 3 暗)爾 CPA OF # xt 2017-02-2 cel 暗(爾 O F . H ！ 각 a c = NII and UU 1 . ▲ 暗) 留 0 3:5 EE . EPETER 7 = .... . 7 暗)爾 ter start O F . H 书:日 L g bttke s ...

Core Viewpoint - The article discusses the strategic investments made by LightSpeed Venture Partners in the field of embodied intelligence, highlighting their focus on next-generation AI carriers and the potential for significant growth in this sector [1][2]. Investment Strategy - LightSpeed Venture Partners is leveraging a global perspective and a robust information network to inform their investment decisions, utilizing cutting-edge research from top universities in the US and Europe [3]. - The investment logic of LightSpeed is empirical, favoring high-ceiling sectors while being cautious in their approach, focusing on long-term trends and practical applications [3][4]. - The firm emphasizes the importance of timing in investments, aiming to balance early-stage risks with growth potential to avoid pitfalls of premature or overly aggressive investments [3][4]. Key Investments - LightSpeed's recent investments include a significant stake in Yushu, a robotics company, which has shown promising advancements in motion control algorithms and the potential to evolve from quadrupedal to humanoid robots [6][9]. - The firm also invested in Self-Variable Robotics, which has rapidly completed multiple funding rounds, raising over 1 billion yuan within a year and focusing on developing general-purpose robots with advanced capabilities [11][12]. Market Trends - The article notes a surge in angel-round projects in the embodied intelligence sector, driven by advancements in generative AI, although the future commercialization of these technologies remains uncertain [11]. - LightSpeed is particularly interested in the software and hardware dimensions of embodied intelligence, recognizing the rapid iteration capabilities of their portfolio companies [11][12]. Future Outlook - The firm sees significant potential in the flying robot sector, with a focus on companies like Weifen Zhifei, which aims to create autonomous flying robots capable of operating in unstructured environments [13][14]. - LightSpeed is also exploring less prominent areas within AI hardware, such as liquid cooling and controlled nuclear fusion, which are critical for enhancing AI system performance and reliability [16][17]. Conclusion - The article concludes that despite the challenges in the current investment landscape, there are still abundant opportunities in technology sectors, particularly in AI and robotics, with the potential for substantial returns as the market evolves [18][19].

Group 1 - James Magnussen, an Australian swimmer known as "the Missile," gained fame at a young age, winning multiple championships and medals before retiring in 2019 [1][2][3] - Recently, he became the first signed athlete for the Enhanced Games, a controversial event that allows the use of performance-enhancing drugs [4][5] - The Enhanced Games aims to challenge traditional sports norms and is set to take place in Las Vegas in June 2024, covering sports where drugs significantly impact performance [5][6] Group 2 - The Enhanced Games was publicly announced by Australian businessman Aron D'Souza, who envisions it as a means to push human limits through science and technology [12][13] - D'Souza, a well-educated entrepreneur with a background in technology and finance, is a key figure in promoting the idea that sports can be enhanced through drugs [16][19] - The involvement of political figures, such as Donald Trump Jr., further intertwines the event with governmental interests, suggesting a blend of business and politics [20][21] Group 3 - The Enhanced Games challenges the International Olympic Committee (IOC) by accusing it of corruption and mismanagement of funds, claiming that athletes receive minimal financial support compared to the IOC's earnings [38][41] - D'Souza's assertions about the IOC's greed resonate with ongoing criticisms of the organization, especially in light of recent financial struggles and declining viewership for the Olympics [49][50] - The Enhanced Games promotes a narrative of athlete autonomy, arguing that competitors should have the right to choose how they enhance their performance, despite the inherent contradictions in its policies [35][36] Group 4 - The Enhanced Games offers substantial financial incentives, including $50,000 for winning and $100,000 for breaking world records, which may attract athletes facing financial pressures [55][61] - The event's marketing strategy includes a direct sales approach for performance-enhancing drugs, making them accessible to the general public for a fee [56][59] - The rise of the Enhanced Games reflects a broader crisis in traditional sports governance, as the IOC and WADA face increasing scrutiny and loss of credibility [59][60]

今天分享的是：赛迪智库：2025初创企业融资困境、成因分析及政策建议报告 报告共计：20页 《赛迪智库：2025初创企业融资困境、成因分析及政策建议报告》聚焦我国初创企业融资难题，从企业特征、融资现状、困境 成因及政策方向展开系统性分析，核心内容如下： 一、初创企业特征与内生性融资难题 初创企业具有五大核心特征：轻资产运营导致可抵押资产匮乏，业务模式不稳定引致收入波动，缺乏长期信用记录难以量化评 估，经营风险高且抗风险能力弱，现金流创造能力不足依赖长期资金。这些特征衍生出四大融资困境：传统融资渠道（银行贷 款、供应链金融、资本市场）因门槛限制普遍缺位；融资成本高企，股权稀释与高息负债并存；融资周期短与企业长期资金需 求不匹配；易受资本市场周期波动与政策调整冲击，如2021-2023年全球风投紧缩导致融资规模显著下滑。 二、融资市场现状与结构性变化 当前初创企业融资呈现五大趋势：一级市场规模先升后降，2021年达峰值后连续两年下滑，投资阶段向后期倾斜，早期投资占 比下降；VC/PE投资热情减退，政府引导基金影响力上升但资金拨付效率待提升；银行普惠小微贷款增长，但初创企业贷款通 过率仅22.8%，知识产权质押融资 ...

Group 1 - The venture capital (VC) industry has transitioned from a "golden era" characterized by low interest rates and abundant capital to a challenging environment marked by rising capital costs and tightening liquidity [1][2] - In 2024, the number of limited partners (LPs) supporting VC funds with assets between $100 million and $250 million has decreased by nearly 50%, from 83 in 2022 to 47 [2] - Emerging fund managers in the U.S. saw their total fundraising drop from $64 billion in 2021 to $17 billion in 2024, with only $4.7 billion raised so far this year [2][3] Group 2 - The number of VC deals in the Asia-Pacific region fell to its lowest level in over a decade, with a 32% quarter-on-quarter decline to $12.9 billion in Q1 2025 [3] - In 2024, seed-stage investments dropped by 45%, early-stage funding decreased by 8%, and late-stage financing fell by 11% [4] - The frequency of bridge financing in seed rounds rose to 40% in 2024, while it declined in later rounds [4][6] Group 3 - The internal rate of return (IRR) for VC funds has significantly decreased, with the median IRR for 2017 funds dropping from 16.8% in Q4 2021 to 12.0% by Q4 2024 [8][9] - The median TVPI for funds raised in 2021, 2022, and 2023 ranged between 0.92x and 0.99x, indicating lower performance compared to earlier years [13] - The distribution of DPI (distributions to paid-in capital) has become increasingly rare, with only 12% of funds established in 2021 achieving a DPI greater than zero three years after inception [16][14] Group 4 - The decline in valuations during economic downturns has heightened risk aversion among investors, impacting the overall performance of VC portfolios [17] - Liquidity constraints have made exit opportunities less favorable, delaying the realization of investment returns [18] - The trend of investors seeking to liquidate private equity stakes in the secondary market has surged, with secondary market strategies accounting for nearly half of total financing in 2024 [19][22] Group 5 - Established firms with strong brand recognition and track records are perceived as better positioned to withstand long-term volatility, as LPs are increasingly cautious about new investments [23] - The geopolitical landscape has intensified competition in technology investments, exemplified by Saudi Arabia's launch of a $10 billion VC fund focused on AI [24] - Experts suggest that the current environment is a period of reflection rather than collapse, with potential for new fund models to emerge and a more resilient investment landscape to develop [25]

今年Midas List的核心叙事是，一些美国巨型非上市公司的估值飞涨帮助众多投资人名次攀升。今年的榜单的第一名是来自美国红杉资本的林君叡，这得 益于其在2021年以140亿美元估值完成了对OpenAI的投资，如今这笔交易的回报或将超过20倍。 如果我们以常住地划分，今年来自中国的投资人有13位。其中红杉中国创始及执行合伙人沈南鹏今年位列全球第四，也是前十名中唯一入选的中国投资 人。Midas List 20余年的历史中，他曾4度登顶，其中3次（2018-2020年）蝉联。 从左至右：玛尔·赫申森（Mar Hershenson），赫曼特·塔内加（Hemant Taneja），李强（Larry Li）。图片来源：Cody Pickens for Forbes 首次公开募股（ IPO ）和并购活动漫长的冰封期似乎正在回暖，在初创企业市场的一角，交易正进行得如火如荼。 2025 年， SpaceX 、 OpenAI 和 Stripe 等一小批巨型初创企业估值飙升，在未上市企业中实属罕见，而它们的早期投资者也在《福布斯》全球最佳创投人 榜单（ Midas List ）上排名直升。 在我们与TrueBridge Cap ...

Core Insights - The article discusses the establishment of the largest AI-focused fund in EU history, the KKR Innovation Fund III, which has a management scale of $1 billion [2] - The fund aims to promote deep applications of artificial intelligence across key industries such as digital healthcare, fintech, consumer goods, and energy [2] - KKR emphasizes a collaborative ecosystem that connects startups with nearly 30 Fortune 500 companies to drive deeper industry cooperation [4] Fund Overview - KKR Innovation Fund III focuses on AI applications in specific industries rather than traditional investment approaches [4] - The fund supports early to growth-stage projects with investment amounts ranging from $5 million to $80 million, with capabilities for leading and co-leading investments [4] - The fund has already invested in 15 high-growth companies across various sectors, including consumer technology, financial services, healthcare, and energy technology [5] Strategic Vision - KKR's founder emphasizes that AI is not just a technological trend but a foundational infrastructure that will reshape industry logic [3] - The fund aims to facilitate local innovation and global expansion, helping Chinese companies enter European and North American markets and vice versa [2][3] - KKR's approach is to act as a connector between innovators and practitioners, leveraging capital, knowledge, and industry resources [4]

打造资本强引擎，赋能新质生产力。 5月21日，由证券时报社主办、中国上市公司协会支持的第八届（2025）西湖大会在杭州举行。与会嘉宾聚焦"打造资本强引擎，赋能新质生产力"这一主题，就新质 生产力发展路径、创新生态打造以及人工智能重塑大资管行业逻辑等话题深入探讨，助力资本引擎带动创新核聚变。 新质生产力发展的三大赛道 新质生产力将成为"十五五"到2040年长远规划中制造业的最强音。中国金融40人论坛学术顾问、重庆市原市长黄奇帆指出，新质生产力发展有三大赛道，分别为增 量、存量和生产性服务业。 "'六小龙'在杭州出圈，本质上是创新生态的胜利。"陆建强说，"从生态角度看，人才是主体，数字经济是土壤，营商环境是空气，金融是水分，共同构成创新生态 系统的四要素。" 在陆建强看来，创新生态的胜利需要政府引导基金、产业基金、创投、风投、银行、券商等各类主体综合协同，打破牌照单项服务的壁垒，为科技企业构建"股、 债、贷、保、担、租"多元化接力式融资支持系统，推动资金链、人才链、创新链、产业链四链融合。 其中，增量领域包括新能源、新材料、新人工智能、新生物医药和新高端装备等五大新制造板块，如同五棵参天大树，衍生出多个战略性新兴 ...

5月21日，证券时报社主办的第八届（2025）西湖大会在杭州举行。 深圳市创新投资集团（简称"深创投"）董事长左丁在发表主旨演讲时表示，未来中国培育新兴产业要以人民币基金为主。人民币基金必须担负起历史使命，加速培 育人工智能时代下的新技术、新模式、新业态。同时，中国风险投资要为中国原创提供充裕的耐心资本，要持续大量地投入。 版权声明 左丁表示，近年来风投行业发生诸多变化，其中重要的一点：千行百业都在加速进入人工智能时代。人工智能不仅影响投资企业的发展，对于风投行业本身也会产 生深刻的影响。左丁认为，人工智能正在重塑风投行业的模式，解锁风投决策流程、人才结构以及生态合作模式。左丁指出，未来，深度理解人工智能技术路径、 把握产品应用、构建全方位人工智能使用能力，将成为风投机构的核心竞争力之一。 围绕风投行业的变化和趋势，左丁认为，投资逻辑与策略也要与时俱进。一方面，风投机构的业务管理要紧密围绕投资人诉求的变化不断创新，国资背景等投资人 不仅关注投资盈利，还肩负招商引资、产业培育、资源整合等任务，需要在政策性目标与盈利性目标之间找到平衡。另一方面，投资策略要结合退出路径灵活调 整，不同的退出方式和场所，会对投资机构 ...

5月21日，由证券时报社主办、中国上市公司协会支持的第八届（2025）西湖大会在杭州举行。与会嘉 宾聚焦"打造资本强引擎，赋能新质生产力"这一主题，就新质生产力发展路径、创新生态打造以及人工 智能重塑大资管行业逻辑等话题深入探讨，助力资本引擎带动创新核聚变。 新质生产力 发展的三大赛道 新质生产力将成为"十五五"到2040年长远规划中制造业的最强音。中国金融40人论坛学术顾问、重庆市 原市长黄奇帆指出，新质生产力发展有三大赛道，分别为增量、存量和生产性服务业。 "上市公司科技含量大幅提升，A股公司去年科技研发投入达到1.8万亿元，平均研发强度2.2%。"孙念瑞 表示，"A股市场尤其A股上市公司科技叙事的逻辑越来越清晰，聚集效应越来越明显。" 源源不断的金融"活水"，助力新质生产力枝繁叶茂。浙商证券（601878）总裁钱文海表示，金融机构要 做科技创新的催化剂，应当积极设立更多长期限专业化的科创类投资基金，积极探索投早、投小、投长 期、投硬科技的差异化路径，让耐心资本成为科技创新的"阳光雨露"；要做产业升级的助推器，积极构 建投资机构、产业资本、上市公司的协同机制，通过IPO再融资、并购重组、跨境投资等途径，推 ...