从过去十多年的投资生涯来看，联想集团副总裁、联想创投管理合伙人王光熙观察到了几个趋势。 一是硅基智能的爆发，带来了大量新机会。他认为，今年有"DeepSeek Moment"，未来两三年空间 智能模型、具身智能等内容会大量涌现。从更长的时间周期来看，AGI会渗透各行各业，为生活带来 巨大的变化。 二是世界进入了超级科技大工程时代。比起过去的"科学发现"，现在的科技创新迭代速度非常快，已 然进入科技大工程时代，将带来颠覆性的变革。因此，联想创投每年都会迭代认知。 王光熙特别强调与年轻一代创业者的交流，"交流不一定马上转化为订单，但碰撞的过程非常有价 值，我们的企业高管能从年轻创业者身上看到很多闪光点、新趋势和创新思想，包括企业文化、战略 转型、生态变化等。" 最后，王光熙感触颇深的是，CVC已经成为科技大企业的核心竞争力之一，是难以忽视的创投力量， 投资业务能和集团的生态重合越来越多，推动突破"创新者窘境"。 以下是联想集团副总裁、联想创投管理合伙人王光熙在创业邦2025DEMO WORLD企业创新创投大 会上的演讲实录，由创业邦整理： 硅基智能爆发，是最大的变量 联想创投成立于2016年，是联想集团旗下的全球 ...

被动投资方面，摩根恒生科技ETF（QDII）（证券代码：513890 ，联接A类：018577，联接C类： 018578），一键布局港股科技资产；摩根中证创新药产业ETF（证券代码：560900）一键布局中国创新 药企；摩根纳斯达克100指数基金（QDII）（人民币A：019172人民币C：019173美元A：019174美元 C：019175）一键布局全球科技龙头。 7月1日国家医保局新闻发布会透露，自2018年医保局成立以来，经过7轮调整，累计将149种创新药纳入 医保目录。截至2025年5月，医保基金对协议期内谈判药品累计支付4100亿元，带动相关药品销售超 6000亿元，临床用药结构明显优化，新药好药可及性显著增加。 截至2025年7月8日 09:41，创新药企ETF(560900)上涨1.27%，成交额不断走阔。跟踪指数中证创新药产 业指数(931152)强势上涨1.39%，成分股亿帆医药(002019)上涨9.90%，荣昌生物(688331)上涨4.82%，泰 格医药(300347)上涨4.34%，康龙化成(300759)，博瑞医药(688166)等个股跟涨。 伴随AI驱动新一轮科技浪潮的兴起，摩 ...

Group 1 - SoftBank Group is raising $4.2 billion through global debt markets to accelerate its investments in artificial intelligence [1] - The company issued $2.2 billion in junk-rated dollar bonds and €1.7 billion (approximately $2 billion) in euro bonds, attracting over $17.3 billion in investor subscriptions [1] - Founder Masayoshi Son has committed up to $500 billion for the "Interstellar Gateway" project and announced plans to invest $30 billion in OpenAI [1] Group 2 - The U.S. Federal Trade Commission is conducting an antitrust investigation into SoftBank's $6.5 billion acquisition of semiconductor design company Ampere Computing, highlighting regulatory pressures on the company's global expansion [1] - At the annual shareholder meeting in June, Son pledged to transform SoftBank into a leading global super AI platform within ten years [1] - SoftBank has raised over ¥600 billion (approximately $4.2 billion) through yen bonds this year, making it the largest issuer in Japan's corporate bond market [1] Group 3 - Tsuchiya Asset Management's CEO noted that Japanese investors' risk exposure to SoftBank has significantly increased, making overseas financing channels logical in the current environment [2] - Benefiting from improved investor sentiment and lower financing costs, dollar bond issuance has surged this year [2] - SoftBank's listed mobile subsidiary recently completed a $1 billion dollar bond issuance, marking its first entry into the U.S. investment-grade bond market [2]

机构简介： 玄卜投资（上海）有限公司成立于2014年，注册资本为人民币4,500万元。公司拥有一支具有理工，金 融，财务，法律等多元专业背景的投资团队，团队核心成员均毕业于国内外知名院校，拥有丰富的证券 从业经历，不仅具有扎实的投资理论基础，同时也具备了丰富的资本市场投资实战经验。公司坚持价值 投资，以深入的基本面分析降低投资中承担的风险，挖掘各行业的优秀上市公司，在中长期投资期间内 为投资者带来合理的收益和资产的稳健增值。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 1）爱施德 （玄卜投资参与公司特定对象调研&券商策略会&线上&线下） 调研纪要：爱施德作为荣耀品牌的线上线下零售服务商，参与了荣耀的联合收购，并在多个领域积极布 局。2025年6月26日，荣耀终端股份有限公司首次公开发行股票并上市辅导备案报告公布，辅导状态为 辅导备案，这将为公司带来更大发展。此外，公司与团队共同斥资6.6亿元参与对荣耀的联合收购。深 圳爱施德智城产业投资并购合伙企业已办理完成工商登记并取得营业执照，专注于智慧终端、人工智能 和低空经济等科技领域。爱 ...

Group 1 - The core viewpoint highlights the significant growth and performance of the innovative pharmaceutical ETF (560900), which has seen a 1.64% increase and is experiencing active trading with a turnover of 12.59% and a transaction volume of 4.4435 million yuan [1] - The CSI Innovative Pharmaceutical Industry Index (931152) has also shown strong performance, rising by 1.83%, with notable increases in constituent stocks such as Rongchang Bio (688331) up 10.28%, Zai Lab (688266) up 6.28%, and Yifan Pharmaceutical (002019) up 5.77% [1] - As of June 30, the innovative pharmaceutical ETF (560900) has seen a significant increase in shares by 500,000, ranking first among comparable funds [1] Group 2 - According to Guojin Securities, the global competitiveness of innovative drugs is becoming more prominent, with accelerated external licensing and a trend towards profitability in the industry [1] - The number and quality of new drug approvals in China have continued to improve since the beginning of 2025, with an increasing pace of commercialization for innovative drugs and the introduction of internationally leading new drugs into China [1] - The innovative pharmaceutical sector, which has experienced several years of stagnation, is now considered to be in a value trough [1] Group 3 - The rise of AI is driving a new wave of technological advancements, prompting Morgan Asset Management to integrate its "Global Vision Investment Technology" product line to assist investors in strategically positioning themselves in quality tech companies [1] - Morgan's actively managed funds focus on emerging industry trends, including the Morgan Emerging Power Fund and the Morgan Smart Connectivity Fund, which targets opportunities in artificial intelligence [2] - The passive investment options include the Morgan Hang Seng Technology ETF and the Morgan CSI Innovative Pharmaceutical Industry ETF, providing easy access to Chinese innovative pharmaceutical companies [2]

Group 1 - Japan is leading the recovery of the Asian M&A market, with a total transaction value of $232 billion in the first half of 2025, driven by privatization deals, foreign investments, and private equity activities [1] - The value of transactions involving Japanese companies increased more than threefold in the first half of the year, while the total M&A value in Asia reached $650 billion, more than doubling compared to the same period last year [1] - Japanese companies are undergoing management reforms to address long-standing valuation issues, attracting interest from foreign and activist investors [1] Group 2 - Major transactions include Toyota's subsidiaries and NTT acquiring private listed subsidiaries for $34.6 billion and $16.5 billion respectively, marking them as some of the largest deals globally [2] - SoftBank led a new funding round for OpenAI amounting to $40 billion, the largest private tech financing ever [2] - Despite global economic uncertainties, Japanese companies continue to seek growth opportunities in overseas markets, with strong demand across various sectors [2] Group 3 - Challenges in Japan's M&A activity include global economic uncertainty affecting future business outlook assessments, leading to valuation discrepancies between buyers and sellers [3] - Companies are under pressure to divest non-core business units, with private equity funds increasingly acquiring these segments, exemplified by Seven & I Holdings selling parts of its business for approximately $5.5 billion to Bain Capital [3] - There are numerous potential transaction opportunities involving private equity firms, including a potential acquisition of Japanese cybersecurity company Trend Micro, valued at approximately $8.54 billion [3] Group 4 - Private equity funds are viewed as ideal buyers for taking public companies private [4]

点评：若交易属实，将标志其从IPO转向私募并购路径，借助KKR资源加速扩张。 2.星巴克中国回应高瓴资本等机构拟收购其部分股权 1.大窑饮品回应拟被KKR收购85%股权传言：不予置评 据澎湃，6月23日，针对美国私募股权机构KKR拟收购大窑饮品85%股权的传言，大窑饮品回应称："不予置 评。"今年1月，曾有传闻称，大窑饮品考虑在香港进行5亿美元的IPO，可能寻求2025年下半年在香港上 市。当时大窑饮品表示，公司以经营发展为主，暂未考虑IPO事项，一切以官方回复为准。 据界面新闻，6月24日，星巴克中国对界面新闻表示，星巴克坚信中国市场蕴藏的巨大增长机遇。我们正在 评估把握未来增长机遇的最佳方式。我们将继续专注于实现中国业务的重振增长，保持积极正向的发展趋 势。有市场消息称，高瓴资本、凯雷投资和信宸资本等多家投资机构参与了星巴克中国区的反向管理层路 演。目前，交易结构尚未敲定，星巴克中国业务估值约为50至60亿美元。 点评：借力本土化破局竞争。 3.三星计划于2026年安装2nm设备 三星正在计划于2026年开始在泰勒工厂安装2nm工艺的设备。经过数次推迟，三星于2025年第二季度重启泰 勒工厂的洁净室建设， ...

Core Viewpoint - China's hard technology investment is not overheated but is significantly insufficient, requiring collective efforts from society to enhance the financial system's confidence and understanding of technology [1] Group 1: Investment Landscape - Zhongke Chuangxing, founded in 2013, is a pioneer in hard technology investment, focusing on the transformation of excellent scientific research achievements from research institutions and universities [1] - As of June this year, the fund's managed scale exceeds 12 billion yuan, having invested in and incubated over 530 hard technology companies [1] - Zhongke Chuangxing maintains a rapid investment pace despite the contraction of dollar funds and difficulties in GP fundraising [1] Group 2: Investment Strategy - Zhongke Chuangxing is one of the fastest institutions in the market, with last year's project count equivalent to the total of 30 GPs [2] - The firm employs a unique risk-hedging logic, emphasizing a large project pool to diversify risks, where 50 out of 100 projects may fail, but top projects can cover losses [2] - The company is particularly focused on the AI sector, which, despite being hot, is still in its early development stage, and values breakthroughs in underlying technologies such as quantum computing and controlled nuclear fusion [2] Group 3: Long-term Vision - Hard technology investments require "patient capital," with many projects co-invested with local future industry funds due to long investment cycles that can last up to 20 years [2] - Zhongke Chuangxing aims to balance long-term value with short-term exits by constructing a "research-incubation-industry" flywheel, binding early with research projects and later introducing industrial capital [2] - The company emphasizes the need for more "last-mile" participants to improve the low conversion rate of China's scientific and technological achievements [3]

截至2025年6月9日 11:07，创新药企ETF(560900)上涨3.86%，盘中换手9.64%，成交311.37万元。跟踪指 数中证创新药产业指数(931152)强势上涨3.77%，成分股百利天恒(688506)上涨10.71%，众生药业 (002317)上涨9.99%，百济神州(688235)上涨8.14%，迪哲医药(688192)，信立泰(002294)等个股跟涨。 信达证券表示， ADA会议是中国创新药企业向海外展示GLP-1领域研发实力的重要窗口，有望带动 GLP-1 产业链相关行情。在CXO 和生命科学上游产业链方面，创新药企业投融资修复及授权BD获得的 资金，有望带动药企加码研发投入并加速研发项目推进速度。 中信建投证券指出，创新药方面，近期研发突破及新药获批上市驱动创新药板块表现强劲，中国创新药 在全球市场展现出强大的竞争力。 创新药企ETF紧密跟踪中证创新药产业指数，中证创新药产业指数从主营业务涉及创新药研发的上市公 司证券中，选取不超过50只最具代表性上市公司证券作为指数样本，以反映创新药产业上市公司证券的 整体表现。 伴随AI驱动新一轮科技浪潮的兴起，摩根资产管理整合旗下"全球视野投 ...

将投中网设为"星标⭐"，第一时间收获最新推送 标志着机构管理规模与管理能力的稳步提升。 来源丨 投中网 朝希资本近日完成二期人民币主基金的首关签约，规模为7亿元。 这是继一期人民币主基金的超9亿 元募集后， 朝希再次完成相当体量规模的资金募集， 标志着机构管理规模与管理能力的稳步提升。 在当前以地方政府为主力资金来源的市场环境中，本期基金的首关LP阵容依旧保持较高的产业化与 市场化程度。延续一期主基金风格，本期基金得到了诸多 产业LP的支持，其占比接近六成，其他由 市场头部母基金、国资投资平台与金融机构构成；老LP复投比例约50%。 我们认为，能源是科技创新的动力，科技是能源发展的催化剂。全球零碳共识推动能源转型，能源、 电力及电子等产业发展催化更多科技场景的打开，并为现代科技范式创新带来深远影响；而AI、空 天等更多颠覆式产业的蓬勃发展，除重视其自身各要素的突破进展之外，我们也尤其关注科技为能源 产业带来的新机。 延续朝希的产业投资方法论，打法上，我们基于能源与科技的双重视角，以判断市场需求为原点，结 合突破性创新技术和产业化应用拐点，前瞻布局、精准出击；投资阶段上，我们基于产业与资本的周 期曲线，结合企业 ...