尽管全球经济环境复杂，但中国的一级市场正稳步复苏。 更值得关注的是资本的流向。据dealroom.co创投数据显示，中国82%的风投资金流向了制造业，相比2024年第一季度增长了惊人的60%。这标志着资本市场 对"脱虚向实"的坚定响应，以及对国家战略方向的高度共识。 正是在这样的时代背景下，36氪发起了这场以"精耕时代，潮涌嘉禾"为主题的产业未来大会。这是一场针对产业资本、政府引导基金、辐射财务基金、产业 方和泛一级市场的行业盛典，也是一场记录中国产业变革的顶级盛会，我们将共同探讨在新的历史周期下，如何紧握产业发展的脉搏，推动资本从规模扩张 真正转向效能革命。 构建产业链上下游共同创造的场域。 文 ｜ 晓曦 在所有的不确定性中，总有一种力量能够穿越周期，那就是"精耕"的力量。 全球供应链的加速重构、关键技术的监管趋严以及资本周期的剧烈波动，共同宣告了粗放式扩张模式的终结。 本场大会有五大亮点不容错过。 亮点一：顶级IP强强联合， 打造高规格产业大会 今年，36氪将首次联手由中国商务部主办的"中国国际投资贸易洽谈会"（简称"投洽会"），共同为全球贸易接洽加速。作为已连续举办24届、全球最具影响 力的国际投资盛会 ...

Group 1 - The "2025 Inclusion·Bund Conference" will commence on September 10, featuring 16 academicians and multiple Turing Award winners [1] - The conference is organized by the Bund Conference Organizing Committee, with support from the Shanghai Municipal Financial Supervision Administration and the Huangpu District Government [2] - Notable attendees include Turing Award winners Richard Sutton and Jack Dongarra, as well as Yuval Noah Harari, and several Chinese academicians [2] Group 2 - The conference will collaborate with Global Finance & Technology Network (GFTN) and InvestHK to host a "Global Theme Day" focused on fintech [3] - A series of in-depth forums will be held, featuring representatives from top global financial institutions and tech companies discussing regional practices, technological innovation, and international development [3] - The event will introduce a "Robot Town" showcasing over 100 embodied intelligent robots from more than 40 renowned domestic and international companies [3]

Group 1: Meituan's LongCat-Flash-Chat - Meituan officially released and open-sourced LongCat-Flash-Chat, a large model utilizing a Mixture-of-Experts (MoE) architecture with a total of 560 billion parameters and an activation range of 18.6 billion to 31.3 billion parameters, averaging 27 billion [1] - LongCat-Flash-Chat demonstrates outstanding performance in intelligent tasks with a processing speed exceeding 100 TPS while activating only a small number of parameters [1] - The move into large models is a proactive strategy for Meituan to enhance its delivery and recommendation services, thereby improving user and merchant experiences and solidifying its competitive position in the local service sector [1] Group 2: XREAL's AR Glasses Market Leadership - XREAL has maintained its position as the global leader in consumer-grade AR glasses sales for four consecutive years, with a year-on-year shipment increase of 113.7% in Q2 2025 [2] - As of June 30, XREAL's cumulative shipment volume has surpassed 700,000 units, ranking second in the overall AR+VR market, only behind Meta [2] - XREAL's competitive edge lies in its technological innovation, product experience, and market expansion, supported by deep collaboration with Google to leverage the Android ecosystem [2] Group 3: AI²Robotics Funding Round - AI²Robotics, a company specializing in embodied intelligence, has completed a new round of Series A financing led by Shenzhen Capital Group, with investments exceeding 100 million yuan [3] - The funding round also saw participation from existing shareholders and new investors, including Huaxi Biological and a large retail enterprise, aimed at further developing the GOVLA large model and AlphaBot series robots [3] - The investment highlights the potential of AI²Robotics in a competitive landscape, where the company aims to enhance technology, increase production capacity, and expand market share [3]

Core Insights - The investment enthusiasm for embodied intelligence has significantly increased since 2022, with a notable rise in valuations for related startups following the emergence of ChatGPT [1][2] - Infinite Fund SEE Fund has strategically focused on the less popular field of embodied intelligence, predicting its future impact as AI transitions from virtual to physical realms [1][2] - The fund has invested in various startups within the embodied intelligence sector, leveraging resources from Tsinghua University to build a comprehensive industry chain [1][3] Investment Trends - From January to July 2023, there were over 200 investment events in the embodied intelligence and robotics sectors, with total financing exceeding 240 billion yuan, surpassing the total for the entire year of 2024 [2] - Despite concerns about potential bubbles in the market, the industry is viewed as having substantial long-term potential, with current capital inflows deemed insufficient for the challenges ahead [2] Fund Background - Infinite Fund SEE Fund was established in 2021, supported by Tsinghua University's electronic engineering department and its Tianjin research institute, providing a strong academic foundation [3] - The fund manages three phases of investment and includes a diverse range of limited partners, from state-owned enterprises to prominent venture capital firms and industry players [3] Ecosystem Development - The fund aims to create a more active ecosystem for technology transfer by investing at critical stages of commercialization, particularly when technologies are ready to move from the lab to market [4] - Tsinghua University is recognized as a significant source of talent and innovation in the field, with many successful entrepreneurs emerging from its engineering departments [4][5] Entrepreneurial Focus - The fund emphasizes investing in passionate and self-driven entrepreneurs, as their commitment is crucial for navigating the challenges of startup life [6] - An example includes the investment in Songyan Power, where the founder demonstrated exceptional dedication and enthusiasm for robotics [6][7] Market Dynamics - The U.S. leads in talent and algorithmic innovation in embodied intelligence, while China benefits from a robust manufacturing base and favorable conditions for development [7] - Chinese startups are more pragmatic, focusing on immediate commercial opportunities while also aiming for long-term technological advancements [7] Future Outlook - The investment community is encouraged to remain vigilant for the next technological breakthroughs in embodied intelligence, as the field is still evolving and presents opportunities for significant advancements [8]

Core Viewpoint - The company, Lens Technology, reported strong financial performance for the first half of 2025, with revenue of 32.96 billion yuan, a year-on-year increase of 14.18%, and a net profit of 1.194 billion yuan, up 35.53% [1] Financial Performance - The company plans to distribute a cash dividend of 1.00 yuan per share to all shareholders, totaling 526 million yuan [1] - Lens Technology's stock price increased by 31.1% since its listing on the Hong Kong Stock Exchange on July 9, 2023, with a closing price of 24.64 HKD per share as of August 25, 2023 [1] Business Segments - The core business of smartphones and computers generated revenue of 27.185 billion yuan, a year-on-year increase of 13.19% [6] - The smart automotive and cockpit segment became the second-largest revenue source, achieving 3.165 billion yuan in revenue, up 16.45% [6] - The smart wearables and headsets segment reported revenue of 1.647 billion yuan, a growth of 14.74% [7] - The "other smart terminals" segment saw remarkable growth, with revenue reaching 364 million yuan, an increase of over 128% [7] Innovation and R&D - The company emphasizes technological innovation, with R&D investment reaching 1.644 billion yuan, a year-on-year increase of 29.15% [8] - Lens Technology holds 2,266 patents across various key areas, establishing a strong technological barrier [8] Strategic Partnerships - The company has formed a joint venture with Zhiyuan Robotics to focus on humanoid robot assembly and functional module development [9] - Lens Technology has established strategic partnerships with major global clients, including Apple, Huawei, Meta, Tesla, CATL, and BYD [7]

Core Insights - Shenzhen has cultivated a large number of high-quality listed companies over the past 45 years, which are seen as the "power source" and "ballast" of the national economy [1] - The story of YingShi Innovation, which became the global leader in panoramic cameras, exemplifies the rapid growth and innovation characteristic of Shenzhen companies [2] - Shenzhen's listed companies have shown resilience and vitality, with a significant increase in the number of A-share listed companies [2] Group 1: Company Growth and Market Position - YingShi Innovation achieved a global market share of over 50% in the panoramic camera sector, with more than 70% of its revenue coming from overseas markets [2] - Bawei Storage has seen its revenue and net profit grow approximately threefold and fivefold, respectively, from 2020 to 2024 [3] - Shenzhen's listed companies are projected to have a combined overseas business revenue of 11.4 trillion yuan in 2024, reflecting a year-on-year growth of 15.9% [3] Group 2: Industry Leadership and Innovation - Shenzhen is recognized as the "first city of new energy vehicles" in China, with BYD achieving a milestone of producing its 13 millionth vehicle [5] - The city is also leading in the low-altitude economy, with over 2,300 companies in this sector and significant advancements in eVTOL technology [6] - In the field of embodied intelligence, Shenzhen has the largest number of robot companies in the country, with 74,032 enterprises in the robotics industry [6] Group 3: Financial Sector and Capital Support - The financial sector in Shenzhen is growing, with a projected value added of 471.05 billion yuan in 2024, accounting for approximately 12.8% of GDP [7] - Shenzhen's capital market has supported 11 companies in going public in 2024, raising 9.392 billion yuan, leading the nation in both the number of IPOs and fundraising [8] - The concept of "patient capital" has been emphasized in Shenzhen's government reports, highlighting the importance of long-term investment in supporting emerging industries [9] Group 4: Economic Performance - Shenzhen's GDP is projected to reach 3.68 trillion yuan in 2024, with a year-on-year growth of 5.8% [10] - The city achieved a GDP of 1.83 trillion yuan in the first half of 2025, reflecting a growth of 5.1% [10]

Group 1 - The core viewpoint highlights the resilience and innovation of Shenzhen's listed companies, showcasing their ability to thrive under pressure and contribute significantly to the economy [1][2][8] - Shenzhen has nurtured a large number of high-quality listed companies over the past 45 years, which have become key drivers of the national economy [1][2] - The number of A-share listed companies in Shenzhen reached 425 by June 2023, an increase of 128 compared to the same period in 2020 [2] Group 2 - The global market share of YingShi Innovation in panoramic cameras is the highest, with over 70% of its revenue coming from overseas markets and an average gross margin exceeding 50% [1][2] - The revenue and net profit of Baiwei Storage are projected to grow approximately threefold and fivefold, respectively, from 2020 to 2024 [2] - Shenzhen's listed companies are expected to have a combined R&D expenditure of 196.7 billion yuan in 2024, reflecting a year-on-year increase of 10.8% [2] Group 3 - Shenzhen's Saltian Port handles over one-third of Guangdong's foreign trade import and export volume, with a trade value exceeding 1 trillion yuan in the first seven months of the year [3] - The city is recognized as the "first city of China's new energy vehicles," with BYD achieving a milestone of producing its 13 millionth vehicle [3][4] - Shenzhen has over 2,700 companies in the new energy vehicle industry, supported by a complete industrial chain [3] Group 4 - Shenzhen aims to become the "first city of the global low-altitude economy," with significant advancements in eVTOL technology and logistics [4] - The city has established nearly 300 drone routes, completing over 1.7 million cargo flights, marking a significant achievement in commercial applications [4][5] - The number of companies in Shenzhen's robotics industry is projected to reach 74,032 by 2024, with 34 listed companies and 9 unicorns [5] Group 5 - The financial sector in Shenzhen is projected to achieve a value-added of 471.05 billion yuan in 2024, growing by 4.2% [6] - Shenzhen's banking sector had total assets of 13.57 trillion yuan by the end of 2024, while the insurance sector's total assets reached 7.3 trillion yuan [6] - In 2024, 11 companies in Shenzhen successfully listed on the A-share market, raising 9.392 billion yuan, leading the nation in both the number of listings and fundraising [7] Group 6 - Shenzhen's GDP is expected to reach 3.68 trillion yuan in 2024, with a year-on-year growth of 5.8% [8] - The city's GDP for the first half of 2025 is projected to be 1.83 trillion yuan, reflecting a growth of 5.1% [8] - The ongoing development of innovative and capital-driven strategies is essential for Shenzhen to navigate global challenges and maintain its economic momentum [8]

Group 1: Future Industry Development - The strategic choice to vigorously develop future industries is essential for seizing the global technological competitive high ground and forming a modern industrial system [2] - Future technologies serve as the foundation for future industries, with their generation paths filled with uncertainties [2] - Key challenges include strengthening source technology supply, breaking through conversion bottlenecks, cultivating key talents, and balancing development with safety [2] Group 2: Technology Supply System - Future industries require a multi-dimensional technology supply system, including source technologies, frontier cross-disciplinary technologies, and disruptive technologies [3][4] - Advanced nuclear energy innovation is highlighted as a key technology for future clean energy, showcasing significant progress in China's nuclear technology [4] - China has entered the global first tier in quantum computing industrialization, with a complete independent technology system established in superconducting quantum computing [4][5] Group 3: Challenges in Future Technology - Transitioning from future technology to future industry faces multiple challenges, including technology route selection, engineering implementation, and new productivity conversion mechanisms [5][6] - Advanced nuclear technology still faces challenges in commercial application and regulatory standards, impacting its multi-purpose utilization [6] - Quantum computing requires further foundational research to address issues like qubit coherence time and fault-tolerant quantum computing [7][12] Group 4: Talent Development - The breakthrough in future industries relies on deep interdisciplinary collaboration, with a significant talent gap in fields like brain-computer interfaces [11][12] - Recommendations include establishing interdisciplinary programs in key universities and promoting collaboration between academia and industry for talent cultivation [11][12] - A multi-layered talent education system is suggested to support the quantum computing field, addressing the significant talent demand [12] Group 5: Safety and Regulatory Mechanisms - Establishing an inclusive and prudent regulatory mechanism is necessary to manage the uncertainties of future industries, including exploring "regulatory sandboxes" [13] - A comprehensive safety regulatory system is essential for nuclear facilities, emphasizing the need for strict oversight throughout the lifecycle of nuclear projects [13][14] - The development of technical standards and intellectual property protection in quantum computing is crucial to ensure compatibility and safeguard innovations [14]

Core Viewpoint - The generative AI and embodied intelligence industries are experiencing a transformative moment, with a focus on the integration of AI into various sectors and the acceleration of new intelligent species in robotics [1]. Event Overview - The AI + Robotics forum titled "Welcoming the Era of Human-Machine Symbiosis: Accelerating the Evolution of New Embodied Intelligent Species" is scheduled for August 29 at the National Convention Center in Beijing [1][5]. - The event is co-hosted by Baidu Smart Cloud, Silicon Star People Pro, and the Robot Lecture Hall, with support from BV Baidu Venture Capital, Yiyun Capital, and the Human-Robot Scene Application Alliance [1]. Key Topics and Speakers - The forum will feature discussions on embodied models, data, human-machine interaction, practical applications, and product internationalization [1]. - Notable speakers include: - Zhang Wei, Vice President of Baidu Smart Cloud, discussing the current state and challenges of embodied intelligent models [6]. - An assistant professor from Peking University, addressing the acceleration of embodied intelligent technology and product development [6]. - Zhang Longjun, responsible for the embodied intelligence track at Baidu Smart Cloud, focusing on the industrialization of embodied intelligence [6]. - Other experts from various organizations will cover topics such as innovation standards, data platforms, and end-to-end application development [7]. Exhibition and Interaction - The event will feature a technology exhibition covering over 10,000 square meters, with interactive sections including "Application Garden," "Technology Hot Island," and "Innovation Gravity Field," showcasing hundreds of AI application cases across various industries [1].

Macro Economic Overview - The report indicates that the next important time point may be in the late third quarter of 2025, with a suggested asset allocation order of stocks > commodities > bonds > currency [2][4] - In the first half of 2025, China's actual GDP grew by 5.3% year-on-year, laying a good foundation for achieving the annual target of 5.0% [2][4] - Economic data from July shows signs of growth pressure, including weakened external demand due to increased tariffs from the US and sluggish domestic consumption [2][4] Asset Performance - The A-share market saw an increase, with the CSI 300 index rising by 2.37% and the CSI 300 stock index futures up by 2.83% [11][12] - Commodity futures showed mixed results, with coking coal futures up by 0.33% and iron ore down by 1.65% [11][12] - The yield on ten-year government bonds rose by 6 basis points to 1.75%, while active ten-year government bond futures fell by 0.26% [11][12] Policy Insights - The report emphasizes the importance of expanding domestic demand in the second half of the year, suggesting that policies should be implemented to enhance efficiency and release domestic demand [2][4] - It is noted that the fiscal policy may have room for further adjustments within the year, particularly in light of external pressures easing due to potential interest rate cuts by the Federal Reserve [2][4] Sector Performance - The report highlights that the TMT sector has shown significant growth, with the ChiNext index leading with an 8.58% increase, followed by the Shenzhen Component Index at 4.55% [35][36] - The report also notes that the banking sector has faced declines, with a drop of 3.22% [35][36] Financial Data - In July, new social financing amounted to 1.13 trillion yuan, while new RMB loans decreased by 500 million yuan, indicating weak financing demand in the real economy [4][17] - The M2 money supply grew by 8.8% year-on-year, reflecting a relatively strong liquidity environment despite weak economic indicators [4][17]