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| 7 | <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART I · LANDSCAPE · 04</text> |
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| 9 | <text x="60" y="120" font-family="Cambria, "Microsoft YaHei", serif" font-size="28" font-weight="bold" fill="#E8E6E1">2026 Q1 全球风投：<tspan fill="#E63946">$297B</tspan> 创纪录，AI 拿走 <tspan fill="#E63946">81%</tspan></text> |
| 10 | <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Global VC Q1 2026 — four mega-deals carry the quarter</text> |
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| 24 | <text x="112" y="227" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E" letter-spacing="0.5">单季 VC 总额 / Q1 VC</text> |
| 25 | <text x="80" y="320" font-family="Cambria, serif" font-size="72" font-weight="bold" fill="#E8E6E1">$297<tspan font-size="32" fill="#C9C5BE">B</tspan></text> |
| 26 | <text x="80" y="360" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">单季历史最高 · Single-quarter record</text> |
| 27 | <text x="80" y="385" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="11" fill="#5C5852">来源: Crunchbase</text> |
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| 31 | <path fill="#1A1F26" stroke="#2A2F36" stroke-width="1" d="M366,190 H634 A6,6 0 0 1 640,196 V404 A6,6 0 0 1 634,410 H366 A6,6 0 0 1 360,404 V196 A6,6 0 0 1 366,190 Z" /> |
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| 39 | <text x="412" y="227" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E" letter-spacing="0.5">AI 占全季 VC / AI share</text> |
| 40 | <text x="380" y="320" font-family="Cambria, serif" font-size="72" font-weight="bold" fill="#E8E6E1">81<tspan font-size="32" fill="#C9C5BE">%</tspan></text> |
| 41 | <text x="380" y="360" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">约 <tspan fill="#E63946" font-weight="bold">$242B</tspan> 流入 AI 行业</text> |
| 42 | <text x="380" y="385" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="11" fill="#5C5852">来源: Crunchbase / PitchBook</text> |
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| 53 | <text x="112" y="467" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E" letter-spacing="0.5">Top 4 笔大单 / Top 4 deals</text> |
| 54 | <text x="80" y="560" font-family="Cambria, serif" font-size="72" font-weight="bold" fill="#E8E6E1">$188<tspan font-size="32" fill="#C9C5BE">B</tspan></text> |
| 55 | <text x="80" y="600" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">OpenAI · Anthropic · xAI · Waymo</text> |
| 56 | <text x="80" y="625" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="11" fill="#5C5852">来源: PitchBook Q1 2026 Report</text> |
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| 67 | </g> |
| 68 | <text x="412" y="467" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E" letter-spacing="0.5">集中度 / Concentration</text> |
| 69 | <text x="380" y="560" font-family="Cambria, serif" font-size="72" font-weight="bold" fill="#E8E6E1">65<tspan font-size="32" fill="#C9C5BE">%</tspan></text> |
| 70 | <text x="380" y="600" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">Top 4 占全季全球 VC 比例</text> |
| 71 | <text x="380" y="625" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="11" fill="#5C5852">钱不是更多，是更集中</text> |
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| 76 | <text x="700" y="220" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">EDITORIAL NOTE</text> |
| 77 | <line x1="700" y1="232" x2="820" y2="232" stroke="#E63946" stroke-width="1" /> |
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| 79 | <text font-weight="bold" font-size="22" fill="#E8E6E1" font-family="Cambria, "Microsoft YaHei", serif" x="700" y="280">钱没变多，</text><text font-weight="bold" font-size="22" fill="#E8E6E1" font-family="Cambria, "Microsoft YaHei", serif" x="700" y="312">是更集中。</text><text font-size="14" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="700" y="380">"While more money than ever is being</text><text font-size="14" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="700" y="402">invested in the private markets, that's</text><text font-size="14" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="700" y="424"><tspan>thanks to <tspan fill="#E63946" font-weight="bold">larger checks, not more</tspan></tspan> |
| 80 | </text><text font-size="14" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="700" y="446"><tspan><tspan fill="#E63946" font-weight="bold">of them</tspan> — capital concentrated into a</tspan> |
| 81 | </text><text font-size="14" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="700" y="468">select few companies and a single</text><text font-size="14" fill="#C9C5BE" font-family=""Microsoft YaHei", Arial, sans-serif" x="700" y="490">industry."</text><text x="700" y="555" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">— Crunchbase, Q1 2026 venture report</text> |
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| 84 | <line x1="700" y1="600" x2="1160" y2="600" stroke="#2A2F36" stroke-width="1" /> |
| 85 | <text x="700" y="630" font-family="Cambria, serif" font-size="13" fill="#8A857E">三大模型公司单季合计</text> |
| 86 | <text x="1160" y="630" text-anchor="end" font-family="Cambria, serif" font-size="32" font-weight="bold" fill="#E63946">$172B</text> |
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| 92 | <text x="60" y="700" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="10" fill="#5C5852">Sources: Crunchbase · PitchBook Q1 2026 Venture Reports</text> |
| 93 | <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">04 / 20</text> |
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