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| 7 | <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">CLOSING · 20</text> |
| 8 | <line x1="60" y1="72" x2="200" y2="72" stroke="#E63946" stroke-width="1"/> |
| 9 | <text x="60" y="120" font-family="Cambria, "Microsoft YaHei", serif" font-size="44" font-weight="bold" fill="#E8E6E1">六大判断 / <tspan fill="#E63946">Six Takeaways</tspan></text> |
| 10 | <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Closing notes on 2026's global AI capital landscape</text> |
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| 14 | <text x="60" y="220" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#E63946">①</text> |
| 15 | <text x="120" y="216" font-family="Cambria, "Microsoft YaHei", serif" font-size="18" font-weight="bold" fill="#E8E6E1">资本集中度是 2026 主旋律</text> |
| 16 | <text x="120" y="240" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">单季 65% 的全球 VC 进入 4 家公司——"钱没变多，是更集中"</text> |
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| 21 | <text x="60" y="312" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#E63946">②</text> |
| 22 | <text x="120" y="308" font-family="Cambria, "Microsoft YaHei", serif" font-size="18" font-weight="bold" fill="#E8E6E1">算力是 2026 的硬通货</text> |
| 23 | <text x="120" y="332" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">Nvidia 既是基建供应商又是大股东，形成全行业闭环结构</text> |
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| 28 | <text x="60" y="404" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#E63946">③</text> |
| 29 | <text x="120" y="400" font-family="Cambria, "Microsoft YaHei", serif" font-size="18" font-weight="bold" fill="#E8E6E1">下一道护城河是电力，不是芯片</text> |
| 30 | <text x="120" y="424" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">$725B Capex 中 60%+ 流向电力 / 冷却 / 土建——资源约束已转移</text> |
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| 35 | <text x="660" y="220" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#F4A261">④</text> |
| 36 | <text x="720" y="216" font-family="Cambria, "Microsoft YaHei", serif" font-size="18" font-weight="bold" fill="#E8E6E1">中美双轨结构已成型</text> |
| 37 | <text x="720" y="240" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">美国推迟 IPO 喂超大私募，中国二级市场全面打开，路径差异不再可逆</text> |
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| 42 | <text x="660" y="312" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#F4A261">⑤</text> |
| 43 | <text x="720" y="308" font-family="Cambria, "Microsoft YaHei", serif" font-size="18" font-weight="bold" fill="#E8E6E1">真实 ROI 滞后但巨头未止血</text> |
| 44 | <text x="720" y="332" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">95% 试点失败 vs $725B capex 继续上调——这是赌"未来兑现"</text> |
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| 49 | <text x="660" y="404" font-family="Cambria, serif" font-size="40" font-weight="bold" fill="#F4A261">⑥</text> |
| 50 | <text x="720" y="400" font-family="Cambria, "Microsoft YaHei", serif" font-size="18" font-weight="bold" fill="#E8E6E1">Anthropic 反超 OpenAI</text> |
| 51 | <text x="720" y="424" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">在谈估值 $900B vs $852B；ARR 增速 Anthropic 已超越 OpenAI</text> |
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| 58 | <text x="100" y="525" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">EDITORIAL CLOSE</text> |
| 59 | <text x="100" y="565" font-family="Cambria, "Microsoft YaHei", serif" font-size="22" font-style="italic" fill="#E8E6E1">"This is not yet the bubble bursting.</text> |
| 60 | <text x="100" y="590" font-family="Cambria, "Microsoft YaHei", serif" font-size="22" font-style="italic" fill="#E63946">It is the bubble compounding."</text> |
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| 65 | <text x="60" y="654" font-family="Cambria, serif" font-size="11" fill="#5C5852" letter-spacing="2">PRIMARY SOURCES</text> |
| 66 | <text x="60" y="678" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="11" fill="#8A857E">Crunchbase · PitchBook · CNBC · Bloomberg · TechCrunch · OpenAI / Anthropic / xAI press · Tom's Hardware</text> |
| 67 | <text x="60" y="696" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="11" fill="#8A857E">Goldman Sachs · Allianz · Statista · MIT GenAI Pilot Study · BigGo Finance · TechFundingNews · DataCenterDynamics</text> |
| 68 | <text x="1220" y="696" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">20 / 20 · End of briefing</text> |
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