炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 走出美元时代后，似乎也没有人愿意再用这样一个成本来培养人。 对话丨张楠 刘燕秋 编辑丨蒲凡 来源丨投中网 在中国风险投资的行业史上，"美元"是一个绕不过去的符号。 吸引我进入风险投资的，是互联网 刘燕秋：我们编辑部也特别喜欢朱老师，尤其是楠哥，他前段时间刚写了篇文章叫《朱总瘦了》，今天 看朱总确实状态不一样。 首先，它是起点。风险投资萌芽于硅谷，最初的故事是50年代"仙童八叛将"创办英特尔、AMD等公 司，吸引资本进入半导体产业，推动《小企业投资公司法》（SBIC）的成型，进而在60年代掀起以股 权投资为核心的限时风险投资基金成立潮。可以说，"风险投资"就是美元经济体系下的"产物"，与生俱 来带着美元经济体系所习惯的一切。 其次，它是教材。中国创业者们第一次接触到的风险投资，中国创投行业第一批市场化的风险投资机 构，几乎都来自于美元基金。比如张磊接触风险投资的一个重要契机，是他在耶鲁投资办公室实习期 间，帮助传奇投资人大卫·史文森完成了其著作《机构投资的创新之路》的中文版翻译。可以说，是"美 元基金"们帮助中国创投圈完成了启蒙、成长，是 ...

Core Viewpoint - The article discusses the evolution of venture capital in China, particularly the influence of dollar funds and the challenges faced in the current investment landscape as the industry transitions away from the dollar-centric model [3][4]. Group 1: Historical Context of Dollar Funds - Dollar funds have been pivotal in the development of China's venture capital industry, serving as both a starting point and a learning resource for local investors [3]. - The initial wave of venture capital in China was heavily influenced by successful dollar funds, which provided essential knowledge and experience to local entrepreneurs and investors [4]. Group 2: Challenges in the Current Investment Landscape - The current investment environment presents difficulties in nurturing new talent, as the high costs associated with training potential partners (estimated at $100 million) deter firms from investing in human capital [4][22]. - There is a growing concern about the lack of successors in the venture capital space, prompting a need to revisit and redefine investment strategies and philosophies [4]. Group 3: Investment Philosophy and Strategies - The investment philosophy emphasizes the importance of clear viewpoints over brand recognition, suggesting that a strong personal brand can lead to better investment opportunities [15][16]. - The article highlights the significance of understanding financial data and the risks associated with different investment cycles, particularly in the context of technology and hardware investments [17][21]. Group 4: Lessons from Past Investments - Historical investment experiences, such as the early decisions regarding companies like 拉手网 (Lashou) and 宁德时代 (CATL), illustrate the importance of timing and market readiness in investment success [23][25]. - The article reflects on the lessons learned from past failures, emphasizing the need for a balance between technological advancement and market maturity [27][28]. Group 5: Future Outlook and Investment Trends - The current trend in venture capital is to avoid highly concentrated investment areas, advocating for a strategy that diverges slightly from mainstream consensus to find better value opportunities [35]. - The discussion includes the potential for high-return investments in emerging technologies, stressing the importance of understanding customer needs and pricing strategies [36].

二〇二五第八届海南国际健康产业博览会上展示的按摩机器人。海南日报全媒体记者 王程龙 摄 海南日报三亚12月22日电(海南日报全媒体记者 王赫)中医诊疗增添"科技智慧"、可视采耳及面诊仪等智 能设备赚足眼球……12月22日，在第八届海南国际健康产业博览会上，多款医疗"黑科技"亮相，吸引不少观 众驻足体验。 "此次展出了智能艾灸、智能熏脚、可视采耳及面诊仪等智能设备。疗浴药包搭配熏脚，能有效改善关节 疼痛、风湿等症状;专业推拿技师会根据顾客久坐等习惯，提供针对性调理;可视采耳能精准解决耳道清洁问 题，对中耳炎等疾病也有改善作用。"三亚国际友好中医疗养院喜松堂相关负责人牛建斌介绍，海南健博会开 展以来，每天超过100人前来展区体验艾灸、推拿、熏脚等服务。 河南经方云科技有限公司携"数智岐黄·经方云"中医AI大模型、中医大健康管理一体机、智能脉象采集 仪、智能舌象仪等智能设备也给观众带来全新体验，这些设备应用于中医辅助诊疗、健康教育、人才培养及 精准大健康管理等多个领域。该公司方案部经理李世霖介绍，此次参加海南健博会，旨在了解更多健康行业 资讯;同时，希望借助展会平台推介产品，让更多人享受到更高质量、更精准的中医药服 ...

(原标题：强脑科技公布新专利，可提升按摩机器人的舒适性、精确性与安全性） 企查查APP显示，近日，浙江强脑科技有限公司申请公布"按摩机器人及其控制方法、控制装置和存储介质"专利。 专利摘要显示，本公开一实施例中，按摩机器人的控制方法包括：获取用户的多模态信号，多模态信号包括脑电信号、皮肤电信号、皮肤温度、 身体阻抗信号和压力阵列信号；融合多模态信号以获得用户的疲劳度指数、舒适度指数和风险度指数，根据疲劳度指数、舒适度指数和风险度指 数确定用户的按摩路径、目标部位和按摩参数；生成按摩操作指令以控制按摩机器人的机械臂按照按摩路径移动按摩机器人的执行端至目标部位 并控制执行端按照按摩参数执行按摩操作。本公开实施例能够显著提升按摩机器人的舒适性、精确性与安全性。 相关ETF 食品饮料ETF (产品代码: 515170) ★ 跟踪：中证细分食品饮料产业主题指数 近五日涨跌:1.64%。 市盈率: 20.23倍 资金流向: 最新份额为110.8亿份, 增 加了2550.0万份,净申赎 1417.5 可元。 估值分位:19.01% 游戏ETF (产品代码：159869) 资金流向: 最新份额为79.5亿份,减少 了1.4亿 ...

人民财讯12月19日电，企查查APP显示，近日，浙江强脑科技有限公司申请公布"按摩机器人及其控制 方法、控制装置和存储介质"专利。专利摘要显示，该公开实施例能够显著提升按摩机器人的舒适性、 精确性与安全性。 ...

Core Insights - The article discusses the growing popularity and technological advancements of massage robots in the wellness industry, highlighting their increasing acceptance among consumers and potential market growth [2] Industry Overview - The wellness industry is experiencing a shift towards automation and technology, with massage robots being a significant part of this trend [2] - The market for massage robots is projected to expand as consumer demand for convenient and effective wellness solutions rises [2] Company Developments - Companies involved in the production of massage robots are innovating to enhance user experience and functionality, integrating advanced features such as AI and personalized settings [2] - The competitive landscape is intensifying as more players enter the market, leading to advancements in technology and pricing strategies [2]

Core Viewpoint - The article highlights the advancements in Chinese technology and innovation, particularly in the field of robotics, showcasing various intelligent products that enhance daily life and consumer experiences [9][10][12]. Group 1: Robotics and Innovation - The article introduces various innovative robots developed in China, such as coffee-making robots and ice cream-serving robots, which are becoming increasingly common in urban settings [12][13]. - The coffee robot utilizes two mechanical arms to prepare beverages, demonstrating the complexity and efficiency of modern robotics in food service [13][14]. - The rise of intelligent robots in various sectors, including food and beverage, reflects the growing sophistication and application of domestic robotics technology [13][14]. Group 2: Personal Experiences and Observations - A foreign resident, Jamie, shares his positive experiences with Chinese-made robots, expressing satisfaction with the quality and innovation of these products [10][11]. - Jamie's interactions with the robots, including a massage robot, highlight the unique and therapeutic experiences offered by these technologies, which differ significantly from traditional methods [14][15]. - The article emphasizes the importance of consumer engagement with innovative products, as Jamie's experiences serve to illustrate the appeal and functionality of these advancements [10][15]. Group 3: Industry Insights - The article mentions the increasing market share of domestic collaborative robots, with a leading position in China and a significant global presence [16]. - The focus on agricultural robots, such as the tomato-picking robot, underscores the potential for robotics to transform traditional industries and improve efficiency in agriculture [16]. - The integration of AI with robotics, as demonstrated by the AI painting robot, showcases the innovative approaches being taken in the development of intelligent systems [16].

Core Insights - The 138th Canton Fair serves as a barometer for China's foreign trade, showcasing over 32,000 exhibitors and attracting nearly 240,000 overseas buyers, marking a 6.8% increase compared to the previous session [1][2][8] Group 1: Exhibitor and Buyer Statistics - The fair features over 32,000 exhibitors, a historical high, with more than 10,000 quality enterprises participating for the first time [5][8] - Nearly 240,000 overseas buyers from 223 countries and regions attended the first two phases of the fair, indicating a strong international interest [2][4] Group 2: Market Opportunities and Innovations - Exhibitors are showcasing innovative products, including smart devices and home decor, reflecting the vitality of Chinese manufacturing and supply chain capabilities [2][11] - The fair has established a dedicated area for foreign trade products to connect with domestic markets, promoting the integration of domestic and international trade [7] Group 3: Industry Trends and Future Outlook - The fair highlights a shift towards high-tech, specialized, and innovative enterprises, with a notable increase in the number of exhibitors recognized for their advanced technologies [8][12] - The event is seen as a critical platform for foreign trade enterprises to demonstrate their R&D capabilities and introduce new industry products [9]

Core Insights - The 138th China Import and Export Fair (Canton Fair) showcases a significant transformation in China's foreign trade, emphasizing innovation and a shift from manufacturing to intelligent manufacturing, with record participation and exhibition space [1][3]. Group 1: Transformation in Foreign Trade - The fair features over 74,600 exhibition spaces and more than 32,000 participating companies, both of which are historical highs, signaling a robust commitment to foreign trade transformation [1]. - The theme of the first phase is "advanced manufacturing," highlighting the emergence of hard technology products such as AI home appliances and robotics, which are now driving actual orders rather than merely showcasing capabilities [3]. Group 2: Market Strategy Evolution - Chinese companies are shifting from broad market strategies to more tailored approaches, focusing on deep market insights to align products and services with specific customer needs [4]. - Examples include customized products for African markets, indicating a move from "what can I produce" to "what do you need," fostering long-term relationships based on trust [4]. Group 3: Integrated Market Approach - The fair introduces a section for "foreign trade quality products to expand domestic sales," promoting the integration of domestic and foreign trade [5]. - The number of buyers from countries involved in the Belt and Road Initiative is increasing, with emerging markets like Brazil, the Middle East, Central Asia, and Africa becoming key drivers of order growth [5]. Group 4: Systematic Competition - The Canton Fair reflects a comprehensive advancement in China's supply chain, emphasizing technology empowerment, market insight, and global layout [9]. - The evolution of foreign trade is characterized by a transition from price competition to value creation, supported by new productive forces and trust-based relationships [9].

Core Insights - The 138th Canton Fair has seen a surge in global buyers eager to purchase Chinese service robots, reflecting strong trust and enthusiasm for Chinese manufacturing [1][3] - Chinese manufacturers dominate the global commercial service robot market, with a shipment share of 84.7% in 2024, driving significant interest from international buyers [3][4] Group 1: Product Performance - Chinese service robots have evolved from conceptual products to practical solutions addressing real-world challenges, such as exoskeleton robots reducing physical exertion by 30% and therapy robots replicating expert massage techniques [4][6] - The high performance and application value of these robots in sectors like elderly care, healthcare, and cleaning have attracted considerable attention from buyers [4][6] Group 2: Cost-Effectiveness - The cost-effectiveness of Chinese robots is a major selling point, with prices often one-third of similar products from Europe and the U.S., while offering superior load capacity and durability [4][6] - Buyers recognize the potential for profitability in deploying these robots in hotels and gyms, as well as the reduced maintenance costs associated with modular designs [4][6] Group 3: Innovation Ecosystem - China has established a complete robot industry ecosystem, encompassing core components, manufacturing, system integration, and application, which fosters continuous innovation and rapid feedback [6] - The presence of 46 leading companies at the Canton Fair showcases a robust product matrix capable of providing ongoing upgrades and globally adaptable solutions [6] Group 4: Market Confidence - The enthusiastic purchasing behavior at the Canton Fair signifies global market confidence in Chinese technological innovation, cost control, and industry collaboration [6] - The event is positioned to enhance stability in Chinese foreign trade and global commerce, showcasing the resilience and innovative vitality of Chinese enterprises in the robot sector [6]