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| 8 | <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART III · CHINA CAMP · 11</text> |
| 9 | <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1" /> |
| 10 | <text x="60" y="120" font-family="Cambria, "Microsoft YaHei", serif" font-size="28" font-weight="bold" fill="#E8E6E1">中美 AI 资本：<tspan fill="#E63946">两条路径</tspan>，两种节奏</text> |
| 11 | <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Two markets, two playbooks — the structural divergence in 2026</text> |
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| 15 | <line x1="60" y1="200" x2="1220" y2="200" stroke="#5C5852" stroke-width="1.5" /> |
| 16 | <text x="80" y="226" font-family="Cambria, serif" font-size="12" fill="#8A857E" letter-spacing="2">DIMENSION</text> |
| 17 | <text x="380" y="226" font-family="Cambria, serif" font-size="12" fill="#E63946" letter-spacing="2">UNITED STATES</text> |
| 18 | <text x="960" y="226" font-family="Cambria, serif" font-size="12" fill="#F4A261" letter-spacing="2">CHINA</text> |
| 19 | <line x1="60" y1="246" x2="1220" y2="246" stroke="#5C5852" stroke-width="1.5" /> |
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| 22 | <text x="80" y="290" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" fill="#8A857E">单轮规模</text> |
| 23 | <text x="80" y="312" font-family="Cambria, serif" font-size="11" fill="#5C5852">Single-round scale</text> |
| 24 | <text x="380" y="295" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#E8E6E1">$30B – $122B</text> |
| 25 | <text x="380" y="318" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">OpenAI $122B 史上最大</text> |
| 26 | <text x="960" y="295" font-family="Cambria, serif" font-size="22" font-weight="bold" fill="#E8E6E1">$2B – $4B</text> |
| 27 | <text x="960" y="318" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">Moonshot $2B 单轮最大</text> |
| 28 | <line x1="60" y1="340" x2="1220" y2="340" stroke="#2A2F36" stroke-width="1" /> |
| 29 | </g> |
| 30 | |
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| 32 | <text x="80" y="370" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" fill="#8A857E">IPO 节奏</text> |
| 33 | <text x="80" y="392" font-family="Cambria, serif" font-size="11" fill="#5C5852">IPO timing</text> |
| 34 | <text x="380" y="375" font-family="Cambria, "Microsoft YaHei", serif" font-size="20" font-weight="bold" fill="#E8E6E1">推迟 · 私募延后</text> |
| 35 | <text x="380" y="398" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">Q4 2026 目标 $1T</text> |
| 36 | <text x="960" y="375" font-family="Cambria, "Microsoft YaHei", serif" font-size="20" font-weight="bold" fill="#E8E6E1">Q1 已落港</text> |
| 37 | <text x="960" y="398" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">Zhipu / MiniMax 2026-01</text> |
| 38 | <line x1="60" y1="420" x2="1220" y2="420" stroke="#2A2F36" stroke-width="1" /> |
| 39 | </g> |
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| 42 | <text x="80" y="450" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" fill="#8A857E">政府角色</text> |
| 43 | <text x="80" y="472" font-family="Cambria, serif" font-size="11" fill="#5C5852">Government role</text> |
| 44 | <text x="380" y="455" font-family="Cambria, "Microsoft YaHei", serif" font-size="20" font-weight="bold" fill="#E8E6E1">市场驱动</text> |
| 45 | <text x="380" y="478" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">私营 capex · 监管框架</text> |
| 46 | <text x="960" y="455" font-family="Cambria, "Microsoft YaHei", serif" font-size="20" font-weight="bold" fill="#E8E6E1">大基金领投</text> |
| 47 | <text x="960" y="478" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">DeepSeek 首次国家大基金</text> |
| 48 | <line x1="60" y1="500" x2="1220" y2="500" stroke="#2A2F36" stroke-width="1" /> |
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| 52 | <text x="80" y="530" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" fill="#8A857E">估值峰值</text> |
| 53 | <text x="80" y="552" font-family="Cambria, serif" font-size="11" fill="#5C5852">Peak valuation</text> |
| 54 | <text x="380" y="540" font-family="Cambria, serif" font-size="28" font-weight="bold" fill="#E63946">$852B</text> |
| 55 | <text x="380" y="562" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">OpenAI · 私募</text> |
| 56 | <text x="960" y="540" font-family="Cambria, serif" font-size="28" font-weight="bold" fill="#F4A261">$56B</text> |
| 57 | <text x="960" y="562" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">Zhipu · 港股市值</text> |
| 58 | <line x1="60" y1="580" x2="1220" y2="580" stroke="#2A2F36" stroke-width="1" /> |
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| 62 | <text x="80" y="610" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" fill="#8A857E">退出路径</text> |
| 63 | <text x="80" y="632" font-family="Cambria, serif" font-size="11" fill="#5C5852">Exit path</text> |
| 64 | <text x="380" y="620" font-family="Cambria, "Microsoft YaHei", serif" font-size="20" font-weight="bold" fill="#E8E6E1">超大私募 → 推迟 IPO</text> |
| 65 | <text x="380" y="642" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">Anthropic Series G $30B</text> |
| 66 | <text x="960" y="620" font-family="Cambria, "Microsoft YaHei", serif" font-size="20" font-weight="bold" fill="#E8E6E1">二级市场优先</text> |
| 67 | <text x="960" y="642" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">港交所是出口</text> |
| 68 | <line x1="60" y1="660" x2="1220" y2="660" stroke="#5C5852" stroke-width="1.5" /> |
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| 73 | <text x="60" y="700" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Crunchbase · HKEX 招股书 · BigGo Finance · 综合公开披露</text> |
| 74 | <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">11 / 20</text> |
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