陆宜先生现任XVC基金合伙人，拥有超过10年的风险投资经验。他长期关注技术驱动的结构性创 新机会，重点领域包括消费科技、全球化和企业软件。 本文内容总结自陆宜先生在XVC基金2025年投资人年会上的分享。 加入XVC以来，陆宜先生在早期主导了多个高成长项目的投资，这些项目已经成为各自领域的全 球或全国第一。其代表性投资案例包括美国最大的生鲜杂货电商Weee!、全球最大的智能泳池机器人元 鼎Aiper，中国最大的研发管理工具ONES等公司。除了作为VC投资人身份，他更愿意被当做"创业者长 期的战略伙伴"角色。 加入投资行业之前，陆宜先生曾任职贝恩公司(Bain & Company)，为多家科技和消费行业的全球 500强企业提供战略咨询服务。 以下为陆宜在XVC 2025年投资人年会的分享： 投资的本质，是一种关于未来的研究与判断过程。支撑这种研究与判断的最底层方法，其实可以拆 解为两类：归纳法和演绎法。 简单说，归纳法帮助我们理解过去，演绎法帮助我们推演未来。 而在AI时代巨大的不确定性中，我们还需要第三个维度：理性边界——用理性的边界，对抗认知 上的模糊性。 本次分享尝试用几个真实案例，把这三件事串在一起聊一 ...

让人惊喜的是，这场"实验"是成功的。在陆续收到实体书后，我们很快收到了大量的来自读者的积极反馈，实现了与读者们的跨时空共鸣。更重要的 是，在 2025年11月21日——也就是销售开启仅3天后，《中国风险投资史》即决定加印！ 作者丨蒲凡 来源丨投中网 11月18日，由投中网编辑团队创作、中信出版社出版的《中国风险投资史》正式发售。 从立项到成书，创作团队历时18个月，对话上百位亲历者，尝试用全书三十余万字、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。我们也大胆地在本书中进行了一次大胆"实验"，尝试以"风险投资"为主视角，重新解构那些我们已经熟知的创业故事、行业起伏、商业人 物。 将投中网设为"星标⭐"，第一时间收获最新推送 以"风险投资"为主视角，重新解构那些我们已经熟知的创业故事、行业起伏、商业人物。 我们也因此决定提供一段"试读"内容，用来回答预售以来大量读者们关心的问题，例如这本《中国风险投资史》到底是一部什么样的书？我们选择了什 么样的叙事方式来描述这段复杂的历史？所谓从"风险投资"视角出发的商业故事，到底会与人们熟悉的版本有哪些不同？ 以下内容节选自《中国风险投资史》第九章： ...

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【11月20日桥水基金创始人警告风投困境与私募市场泡沫】11月20日，桥水基金创始人达利奥发出警 告，风险投资领域正陷入困境。大量私募信贷与私募市场深度捆绑，当前泡沫化程度已达80%。 ...

11月17日，复旦大学南土国际金融政策圆桌会第7期暨"金融强国系列"第1期在复旦大学经济学院成功举 办。本次论坛以"金融强国与科技金融"为核心主题，汇聚了学界专家、行业领军者与投资机构代表，围 绕科技金融的内涵界定、国际经验借鉴、国内实践挑战及未来发展路径等关键议题展开深入探讨，为推 动金融强国建设背景下的科技金融创新发展建言献策。观察者网进行独家报道。 拥有25年行业实践经验的上海创业投资有限公司原总裁王品高从实证角度分享了对风险投资的深刻洞 察。他引用美国前总统拜登的讲话，强调风险投资是国家核心竞争力的重要组成部分。 王品高指出，当前我国风险投资领域的私人资本比例还有提高的空间，有限合伙制的核心机制还将发挥 更大作用。他呼吁进一步完善风险投资的政策体系，调动民间资本积极性，构建市场化的风险投资生 态，避免政府从"引导"变为"主导"。 以下为王品高发言全文（已经发言人审定）： 我是一名行动者，与重视理论研究加实践思考的各位不同，我的分享更多基于实证经验，缺乏系统性论 述。今天我想结合自身经历，谈谈对风险投资行业的一些思考。 国内流传着英国前首相撒切尔夫人的一句名言，"欧洲风险投资落后于美国十年"，业内人士已 ...

过去三年里，VC行业最深刻的变化并不是募资难、估值修正，也不是加息周期带来的退出压力，而是一个更隐蔽但更致命的趋势——非共识投资正在系 统性消失。 随着a16z、红杉美国等头部机构转向RIA（注册投资顾问机构）架构、建立常青母基金、扩大跨资产投资权限，看似是为了灵活性、合规性与长期资本， 但背后的真正逻辑是：行业正在走向规模化、制度化与资产管理化，传统意义上的"风险投资"正在被重写。 非共识投资的核心机制——信息差、前瞻判断、长期耐心正在被制度化的资本逻辑持续稀释。这一趋势本身，就是行业的真正危机。 风投被改写为"资产管理" "非共识基因"正在被稀释 过去三年，VC行业最显眼的变化是募资困难、退出受阻、估值修正和加息周期。但这些都是周期性现象，真正决定行业未来方向的，是一个更深、不易 被看到的趋势——非共识投资正在系统性消失。 这不是一两家机构的路径选择，而是整个行业底层逻辑的重构。 2019年，a16z主动放弃传统VC的"豁免身份"，以注册投资顾问（RIA）的形式接受SEC（美国证券交易委员会）的全监管。这一转变允许其投资公开市 场、信贷、结构化产品、加密资产，提高调仓灵活度，并能以永久资本构建"长期资产池 ...

Core Viewpoint - The article discusses the evolving landscape of the investment market in China, emphasizing the need for recalibrating strategies and judgment in response to structural changes and competitive pressures [5]. Group 1: Event Overview - The 19th China Investment Annual Conference and Limited Partner Summit will be held on November 26-27, 2025, in Shanghai, focusing on the theme "Paddling in Midstream" [5]. - The conference aims to address the common challenges faced by the industry during a period of accelerated structural changes, exploring strategies for value reassessment and ecological reconstruction [5]. Group 2: Special Sessions - A special session titled "I Experienced 'The History of Chinese Venture Capital'" will feature three discussions with key figures in the venture capital industry, reflecting on their experiences and decisions [6]. - The Dollar Fund session will review the significant role of dollar funds in the early stages of Chinese venture capital, discussing various entry models and their impact on investment philosophy and operational rules [9]. - The Renminbi Fund session will focus on the evolution of Renminbi funds, highlighting their strategic explorations and experiences in the early market, including participation in the Shenzhen Stock Exchange and internet investment opportunities [11]. - The VC 2.0 session will address the industry's evolution over the past two decades, emphasizing the need for new methodologies and frameworks in a changing market environment [13]. Group 3: Audience Engagement - The event will include interactive segments for audience participation, with opportunities to receive signed copies of the new book "The History of Chinese Venture Capital" [15].

Core Insights - The article emphasizes the importance of adaptability and seizing opportunities in the evolving investment landscape over the past two decades [3][15] - It highlights the strategic decisions made by the company, including focusing on the mobile internet and establishing dual-currency funds, which have contributed to its success [4][6] Group 1: Key Strategic Decisions - The company identified the potential of the mobile internet early on and sought to invest in individuals with industry expertise rather than traditional investors [4] - It established a dual-currency fund strategy, launching its first RMB early-stage fund in 2010, to better align with the Chinese market's liquidity and exit paths [5][6] - The company recognized the importance of post-investment services, investing in team building and support systems to enhance trust with founders [5] Group 2: Investment Focus and Trends - The company shifted its focus towards the new energy vehicle sector, aligning with national priorities for technological self-reliance and innovation [6][7] - Successful investments in companies like Li Auto and XPeng Motors marked significant milestones in the company's transition towards a technology-driven investment strategy [7][8] Group 3: Personal Insights and Philosophy - The company values a deep understanding of human nature, which aids in identifying the core motivations of entrepreneurs [9] - The philosophy of "self-strengthening leads to collective strength" is emphasized, highlighting the importance of personal integrity and genuine relationships in business [10][13] - The company aims to support quality entrepreneurs through various initiatives, reinforcing its commitment to the entrepreneurial ecosystem [13][15]

"独立，才是指向发展原动力'钱'的唯一路径。" "中国VC就不存在严格意义上的合伙人。"书中有这样一句断言。这不是贬损，而是现实。在美国，Benchmark以5 人小团队、平权决策、均分利润的模式，投出了Uber、Twitter等明星项目，成为VC界的信仰。 而在中国，尽管每家机构都叫"合伙人"，但绝大多数机构仍然有一个核心话事人。即便是最崇尚"硅谷精神"的机 构，也难逃"一个人说了算"的命运。 为什么呢？"中国盛产'强人'，喜欢'宁当鸡头，不当凤尾'。" 即便是最早引入西方合伙制理念的鼎晖投资创始人吴尚志，也在访谈中坦言："没有一个人会比所有人都强，但如 果没有一个人主导就很乱。" 而更深层的原因，是利益分配机制的不成熟。一位头部基金的合伙人，凭借一个广为人知的大平台案例，拿到过 一笔千万美元级的奖金——这被同行称为"中国VC打工人的天花板"。 如果你问一个中国风险投资人，他的终极梦想是什么？答案很可能不是"成为合伙人"，而是——独立。 从阎焱、王功权，到韩彦、潘攀，再到今天无数默默出走的投资经理，"单飞"几乎成为中国VC行业一条不成文的 职业终局。而这背后，是中国式合伙人制度的全面溃败。 有人说，中国VC ...

Core Viewpoint - The establishment of the Runmiao Fund in Hangzhou aims to provide early-stage support for technology startups, focusing on the "first kilometer" of financing, characterized by a long-term investment horizon and a government direct investment model [3][6][10]. Fund Overview - The Runmiao Fund has a total initial scale of 2 billion yuan, with a 20-year duration, making it the longest for a government-led early-stage technology fund in China [3][6]. - The fund targets technology startups that are less than 5 years old, have fewer than 100 employees, or are valued at under 100 million yuan, specifically focusing on projects in the R&D or product prototype stages before Series A financing [6][7]. Investment Strategy - The fund emphasizes "early, small, long-term" investments, aiming to provide the first investment for nascent technology companies [6][10]. - It aligns its investment direction with Hangzhou's industrial planning, focusing on key sectors such as artificial intelligence, integrated circuits, and synthetic biology [6][14]. Decision-Making Mechanism - The fund's decision-making committee consists of 7 members, with 4 external experts to ensure professional judgment and mitigate potential internal biases [7][10]. - The fund adopts a "non-controlling stake" approach, allowing startups to maintain operational autonomy while benefiting from strategic investment [7][12]. Ecosystem and Support - The Runmiao Fund is integrated into a broader ecosystem of funds in Hangzhou, including a 300 billion yuan fund cluster, facilitating a "relay investment" approach for startups [14][15]. - It offers comprehensive support services for portfolio companies, including access to resources, funding, and talent through various initiatives [13][14]. Market Context - The fund addresses a structural financing gap for early-stage technology projects, particularly in a challenging capital environment where traditional VC/PE firms are hesitant to invest [10][15]. - The establishment of the Runmiao Fund reflects Hangzhou's proactive stance in supporting innovation during periods of market failure, ensuring a balance between risk and responsibility [10][15].

Core Viewpoint - The article discusses the upcoming release of "The History of Venture Capital in China," which aims to document the evolution of the venture capital industry in China over the past two decades, highlighting its significance in fostering innovation and entrepreneurship [3][4][17]. Group 1: Book Overview - The book is a collaborative effort by the China Venture Capital Research Institute and the CITIC Publishing Group, consisting of over 300,000 words across fourteen chapters, detailing the growth and transformation of venture capital in China [5]. - It features insights from over a hundred industry participants, providing a retrospective on their investment decisions and experiences [5][6]. Group 2: Historical Context - The book reflects on the significant developments in the Chinese venture capital landscape from 2005 to 2025, emphasizing the industry's contributions to innovation and entrepreneurship in China [10][12]. - It explores the historical context of venture capital in China, particularly the challenges and uncertainties faced by investors in the early 2000s [20][21]. Group 3: Key Themes and Insights - The book addresses the localization of venture capital in China, questioning the need for a unique Chinese venture capital methodology and the evolution of investment rules tailored to the RMB market [27]. - It discusses the transformation of venture capital as a profession, examining the generational shift towards a younger demographic of investors and the evolving identity of venture capitalists [29]. - The narrative includes the geographical dynamics of investment, the significance of various industry sectors, and the changing roles of venture capitalists in the investment ecosystem [29]. Group 4: Reflections from Industry Leaders - Prominent venture capitalists share their reflections on the book, noting its importance in capturing the spirit of entrepreneurship and the evolution of the industry [8][10][12][16]. - The insights highlight the interplay between individual efforts and broader market trends, emphasizing the role of venture capital in driving technological innovation and economic transformation in China [12][16].