深圳中轴线 张秀杰 张纳沙 厉伟 2025年8月26日，深圳经济特区迎来建立45周年。 作为中国改革开放的"窗口"和"试验田"，深圳在45年的发展历程中，不仅哺育了高质量的上市公司群 体，也培育了市场化、有竞争力的中介机构"深圳军团"。 20世纪90年代，深圳面临"二次创业"的艰难抉择，为扭转"三来一补"的发展惯性，深圳积极布局、未雨 绸缪，推动成立了深创投，支持科技企业通过资本市场融资，以期解决融资难、融资贵的难题。 这也意味着，深创投从成立伊始，便肩负双重使命：既要扛起推动科技企业成长、助力产业转型升级的 重任，也要在前沿领域蹚出一条国有企业市场化发展的新路子。 生于深圳： 市场化国有风投机构的创新基因 深圳45年来创造的伟大奇迹，离不开特区精神。深创投从成立伊始，便确立了"政府引导、市场化运 作"的原则，避免行政干预，以经济规律与国际惯例为导向，构建灵活高效的决策机制。"立足深圳、面 向全国"，打破地域限制，允许资金投向全国，为服务国家科技产业发展大局奠定基础。 截至2025年6月底，深圳共有证券公司24家、公募基金管理公司31家（经营地口径）、期货公司14家、 私募基金管理人2977家，均位居全国前三 ...

这同样意味着，当投资者成为GP后，投资亏损的下行空间有限，因为毕竟有整个酒庄的葡萄酒为其兜底，获得收益的上行空间却可以更大。 财富的分配似乎总是呈现出一种两极分化的状态，有钱人往往变得越来越富有，而穷人想要突破困境却困难重重。 这背后的原因复杂而深刻，《纽约时报》畅销书作家托尼·罗宾斯的新书，《聪明钱》重磅上市！揭秘有钱人为什么越来越有钱！ 从《钱：7步创造终身收入》到《不可撼动的财务自由》再到《聪明钱》，从入门到高阶，托尼·罗宾斯完成了覆盖不同投资群体的全面方法指南。 在这本书里，托尼·罗宾斯综合了庞大的访谈和数十年的投资实践，详解"聪明钱"的7个另类投资策略，破译有钱人赢得超额收益的投资路径。 买一瓶葡萄酒，还是买一座酒庄？ 如果把投资产品比做一支葡萄酒，在投资之前，谁都无法知晓，究竟哪一年的葡萄酒更好，因此，你必须先投资，然后等待，这是传统投资的常见场景。 但是，通过持有GP股权并且晋升为GP（资产管理人）后，就可以免去这种烦恼，这是有钱人获得持续收益的策略之一。 一家典型的公司，拥有众多年份不同的基金，相当于一座酒庄，拥有众多年份的葡萄酒。当你拥有该公司的GP股权，意味着你获得的收益是从整个基金 阵容 ...

Core Viewpoint - The VC/PE market in 2025 is experiencing a superficial recovery, primarily benefiting top-tier institutions, while the overall market activity remains stagnant, leading to a survival-of-the-fittest scenario for smaller GPs [1][5][10]. Group 1: Market Conditions - The first half of 2025 shows an increase in LP contributions, new fund establishments, and investment numbers, but this is misleading as it mainly reflects the activities of leading institutions [1]. - The concentration of resources among top-tier institutions has intensified, exacerbating the challenges faced by smaller GPs [1][5]. - Many smaller GPs are adopting cost-saving measures, such as shared office spaces, to survive in a challenging environment [2][3]. Group 2: Employment and Cost Management - Cost-cutting has reached a point where some firms can no longer afford to hire interns, indicating a severe reduction in operational capacity [4][5]. - A significant number of firms have implemented salary reductions and layoffs, with many employees facing pay cuts and job losses [5][6][7]. - The overall salary levels in the industry have continued to decline, with a notable drop in the median annual salary for front-line investment managers to 300,000 yuan [6][7]. Group 3: Organizational Changes - Many firms are undergoing significant personnel changes, with a focus on replacing traditional business backgrounds with industry-specific expertise to enhance operational efficiency [10]. - The trend of "survival of the fittest" is leading to a restructuring of teams, with younger investment professionals facing the highest risk of layoffs [10]. - The implementation of performance-based layoffs and salary reductions has become common, even in state-owned enterprises, challenging the perception of job security in these institutions [8][9].

以下文章来源于超越 J Curve ，作者杨博宇 超越 J Curve . 用数据延伸你的阅读 将投中网设为"星标⭐"，第一时间收获最新推送 "在基金达到100%的收益率门槛后，GP才能分享超额收益部分的20%。" 作者丨杨博宇 编辑丨Sissi 来源丨超越 J Curve 国内VC已经进入到按实缴计费的时代。这是投中研究院尽调了172家新设基金得出的结论。 数据显示，2024年之前成立的基金，按照实缴计费还只是少数；但是在2024年之后，按照实缴金额计费的基金已经超过7成以上。这意味着假如基金分 三期CALL款，相比于此前按照认缴模式，首期收取的管理费已经缩减到原来的三分之一。 我们将调研数据与美国市场进行了比较。发现虽然管理费费率相差不大，但是按照实缴与认缴进行提计，造成的基数差异越来越明显。 值得一提的是，我们在对比中还发现，欧美市场存在一批管理费在10%以上的风险投资基金。虽然不是主流机构，但也体现了海外市场的多样性尝试。 其中一家机构，更是收取高达20%的管理费，即使是放在海外市场，也让人感到意外。 01 美国竟然有VC收20%的管理费 聊国内调研数据之前，我们先看看海外的情况。 上述那家"奇葩"的 ...

Key Points - The article discusses significant events in the global market, focusing on companies expanding their operations and facing challenges in various regions [2][3]. Group 1: Major Events - TikTok Shop's launch in Japan has faced obstacles, with sellers expressing concerns about the platform's viability in a market that values traditional retail practices [5]. - SHEIN's sales in the UK reached £2.05 billion (approximately $2.77 billion) in 2024, marking a 32.3% increase from the previous year, with pre-tax profits rising from £2.44 million to £3.83 million [6]. - Temu has become the fastest-growing retail brand in Australia, attracting 1.35 million new users in the 2024/2025 fiscal year, with advertising spending doubling in recent months [7][8]. - AliExpress has launched an "overseas hosting" service in Mexico, allowing local merchants to stock products and benefit from various incentives [10][13]. Group 2: Company Developments - Manus is facing scrutiny from U.S. authorities regarding its funding round led by Benchmark, which may lead to the venture capital firm exiting its investment [15][17]. - SHEIN's beauty brand SHEGLAM is set to enter Germany's largest drugstore chain, DM, with plans to launch in up to 1,500 stores [18][20]. - JD.com has completed the acquisition of Hong Kong's Jia Bao supermarket chain, with the transaction reportedly valued at HK$4 billion [21][23]. - Didi's food delivery platform 99Food has launched in Brazil, implementing a strategy to reduce delivery costs and attract customers [24][26]. Group 3: Market Trends - Xiaomi is increasing its investment in the African market, appointing several executives to strengthen its presence [27][29][30]. - Uniqlo's sister brand GU will close its first store in China, although the company states it is not exiting the market [38][39][43]. - Intersport is considering shifting production to China to increase its procurement of private label products [35][37]. - Amazon is testing a low-cost platform in Australia to compete with Temu and SHEIN, reflecting the growing price sensitivity among consumers [44][46]. Group 4: Investment News - Grab plans to invest tens of millions of dollars in autonomous driving company WeRide, aiming to integrate its technology into Grab's fleet management [52]. - Ninja Van is negotiating a new funding round of approximately $80 million, but its valuation has been halved [54]. - Carlyle Group is set to acquire the UK online retailer Very Group, which has been experiencing declining sales [56][58]. - Dubai fintech company Alaan has raised $48 million in a Series A funding round, marking one of the largest A-round financings in the region [59][60].

Core Insights - The essence of "effort" in entrepreneurship is a quantifiable economic behavior variable that plays a crucial role in value creation [2] - The concept of "effort" is linked to the economic principles of "anti-entropy" and the dynamics of capital returns [3][4] Group 1: Economic Nature of Effort - The economic nature of effort in entrepreneurship is described as "anti-entropy," countering the natural tendency of market systems towards inefficiency and resource dispersion [3] - SpaceX's efforts to reduce launch costs from approximately $150 million to $62 million per launch exemplify the successful application of effort in overcoming industry challenges [3] - The formula for great outcomes is identified as talent, practice, and effort, with SpaceX achieving a 97% rocket recovery success rate after 13 years of persistent effort [3] Group 2: Investment Strategies and Effort - In venture capital, effort manifests as a deep understanding of industry cycles, with Sequoia Capital's "zeitgeist investment method" focusing on predicting future demand gaps [4] - The investment logic aligns with the idea of creating currently missing value, where systematic effort leads to asymmetrical risk and return distributions [4] - The principle of "marginal returns" and "opportunity cost" in investment emphasizes focusing effort on critical issues rather than spreading resources thinly [4][5] Group 3: Capital Returns and Effort Density - The density of effort directly impacts capital return rates, with data showing that founders working over 60 hours a week have a 47% higher success rate in securing funding compared to those working fewer hours [5] - The concept of "effective effort zone" is introduced, highlighting the importance of matching effort with physiological limits and cognitive load [5] - Successful examples, such as ByteDance's focus on algorithm development, demonstrate how concentrated effort can lead to significant improvements in operational efficiency [5] Group 4: Creative Destruction and Industry Transformation - The theory of "creative destruction" is linked to the sustained effort required for disruptive innovation in industries, as seen in OpenAI's investment in AI model training [6] - OpenAI's investment of over $1.5 billion and the increase in training data from 10TB to 100PB illustrate the transformative potential of dedicated effort [6] - The combination of talent, practice, and effort is essential for achieving breakthroughs in technology and industry paradigms [6] Group 5: Long-term Value Creation - The long-term accumulation of knowledge and effort leads to "cognitive compounding," which is crucial for value creation in investment [8] - Historical examples, such as Warren Buffett's extensive research and reading, demonstrate how sustained effort can yield significant returns over time [8] - The emphasis is placed on recognizing and filling future value gaps through systematic effort, aligning with the principles of creating technological, market, and cognitive barriers [8] Group 6: Conclusion on Effort in Business - The narrative concludes that true greatness in business arises from persistent efforts towards unclear goals, moving away from shortcut thinking [9] - The framework of effort as a calculable and verifiable value formula is reinforced, suggesting that capital returns and industry advancements are natural outcomes of dedicated effort [9]

Core Viewpoint - Index Ventures has become a prominent topic in Silicon Valley due to its controversial stance on the "996 work culture," advocating for increased productivity in the AI era, which has sparked both support and opposition within the investment community [3][4]. Group 1: Controversy and Support - The support for Index Ventures' viewpoint comes from notable investors like Harry Stebbings, who emphasizes the necessity for European entrepreneurs to adopt a similar work ethic as their Silicon Valley counterparts [4]. - Conversely, many entrepreneurs and investors have publicly opposed this stance, leading to heated debates and personal attacks within the industry [4]. Group 2: Financial Success - Index Ventures reported a remarkable financial achievement, earning approximately $11 billion (around 79 billion RMB) in just two months through significant transactions [4]. - The primary source of this profit was the IPO of Figma, which saw its stock price surge by over 250% on its first day, significantly increasing its market valuation to $67.6 billion [5][6]. - Index Ventures capitalized on this IPO by cashing out 5% of its stake, netting around $108 million (approximately 780 million RMB) while still retaining a 15% ownership in Figma, which is valued at about $5.8 billion (around 41.6 billion RMB) [6]. Group 3: Other Major Transactions - Another significant transaction was Meta's acquisition of Scale AI for $14.8 billion, where Index Ventures, as an early investor, held over 10% of the company, translating to a valuation of $3.02 billion (approximately 21.7 billion RMB) for its stake [7]. - Additionally, Index Ventures invested in Wiz, which is set to be acquired by Google for $32 billion (around 230 billion RMB), with Index Ventures holding a 12% stake valued at approximately $3.8 billion (around 27.3 billion RMB) [8][10]. Group 4: Company Background and Philosophy - Founded in 1996, Index Ventures has evolved from a bond trading company to a leading venture capital firm, with a focus on fostering relationships and understanding the stories behind entrepreneurs [12][17]. - The firm emphasizes the importance of talent evaluation and storytelling ability in potential investments, which has led to successful partnerships with companies like Figma [16][17].

Core Viewpoint - The issuance of the first stablecoin-based venture capital fund by China National Capital Venture Investment Co., Ltd. (Guofengtou) marks a significant step into the digital finance sector for state-owned capital in China, with a fund size of 3 billion USDT, providing new solutions for cross-border investment and global capital allocation [1][4]. Group 1: Fund Characteristics - The fund has a scale of 3 billion USDT and offers an innovative daily yield of 1.6%, which translates to an annualized return of over 500%, making it highly attractive to investors seeking stable returns [3][5]. - Stablecoins, such as USDT, are pegged to the US dollar, providing value stability, efficient cross-border transfers, and low costs, thus becoming essential financial tools in cross-border investment and digital finance [3][5]. Group 2: Strategic Implications - The fund's launch signifies a strategic transformation for Chinese state-owned capital in the globalized and digital investment landscape, serving as a strong example for innovation in China's capital markets [4][11]. - The fund aims to invest in strategic resources in global markets, focusing on advanced technology sectors such as smart manufacturing, renewable energy, and artificial intelligence, thereby promoting the "Belt and Road" initiative and deepening global industrial integration [10][11]. Group 3: Global Competitiveness - The stablecoin fund is designed to enhance the efficiency of capital operations and improve global capital allocation capabilities, thereby increasing the competitiveness of Chinese capital in international markets [11][12]. - By utilizing digital asset technology, the fund can effectively mitigate traditional investment risks such as currency fluctuations and transaction costs, providing greater investment flexibility and adaptability for Chinese enterprises [11][12]. Group 4: Risk Management and Compliance - The fund incorporates a strict risk control and compliance framework, ensuring transparency and security in its operations, with third-party custody and regulatory oversight for all investment projects and fund flows [12][13]. - Guofengtou collaborates with well-known financial institutions to provide comprehensive compliance guarantees, ensuring the fund's operations are secure and transparent [12][13]. Group 5: Conclusion - The establishment of the 3 billion USDT stablecoin fund not only represents a significant innovation for Chinese state-owned capital in the digital finance sector but also introduces a new investment model to the global capital market [13]. - With its attractive yield, global investment strategy, and rigorous risk management, Guofengtou is poised to play a more prominent role in cross-border investment and digital asset management in the future [13].

展出星星 ■ ■ ■ ■ ■ ■ N ■ ■ ■ ■ .... 2025年8月8日，"科创驱动·共创未来"项目路演暨母基金研究中心粤港澳大湾区办事处挂牌活动在香蜜湖国际风投创投街区综合服务平台成功举办。本次活 动由福田区金融服务和风险防控中心指导，福田资本运营集团、母基金研究中心主办，福田创业投资公司承办，广东省科学院控股有限公司、澳银资本支 持。 活动伊始，福田区金融服务和风险防控中心领导冯向阳发表致辞。他表示，福田作为深圳中心城区，金融业态丰富，为创投机构及科技企业深耕"福田沃 土"提供完善配套。福田区不断谋划创新举措，加强金融与实体经济的融合，持续提升金融服务的质量和效率。期待未来母基金研究中心、广东省科学院与 福田区的深化合作，充分发挥自身的专业优势，在行业研究、人才集聚、科技成果转化等工作中发挥积极作用，推动资本与产业深度融合。 深圳商报·读创客户端记者 刘虹辰 and and No 00 and and the state 屏制管助 科 the state FRAN 注贝车 ps and 7 I 1 4 中 dir r Ar r 最后，活动进行了企业的路演环节，来自中科云图、中科谛听、万物传感、昇 ...

Core Viewpoint - Intel's newly appointed CEO Lip-Bu Tan faces pressure from President Trump to resign due to alleged serious conflicts of interest, leading to a 3.14% drop in Intel's stock price on the same day [1][3]. Group 1: CEO Background and Experience - Lip-Bu Tan was born in Malaysia and has a diverse background, having studied in Singapore and the United States, where he has built a successful career in various industries [1][5]. - He has a strong academic and engineering background, having earned degrees in physics and nuclear engineering from prestigious institutions, but shifted his focus to business after the Three Mile Island nuclear accident in 1979 [5][6]. - Tan founded Walden International, a venture capital firm, in 1987, growing its capital from $20 million to $2 billion by 2001, earning recognition as an "Asian venture capital pioneer" [8]. Group 2: Investment and Leadership Achievements - Under Tan's leadership, Cadence Design Systems saw its stock price increase by over 3200% from 2008 to 2021, showcasing his effective management and investment strategies [8][9]. - He has made significant investments in Chinese semiconductor companies, accounting for over 40% of U.S. venture capital participation in China's semiconductor deals from 2017 to 2020 [8]. - Tan is noted for his unique combination of technical expertise, economic knowledge, and strong industry connections, which led to his appointment as Intel's CEO in March 2025 [9][11].