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| 7 | <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">CONTENTS · 03</text> |
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| 9 | <text x="60" y="130" font-family="Cambria, "Microsoft YaHei", serif" font-size="44" font-weight="bold" fill="#E8E6E1">目录 / Contents</text> |
| 10 | <text x="60" y="162" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">Six parts · Eighteen data charts · 2026 全球 AI 资本格局</text> |
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| 15 | <text x="60" y="240" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#E63946">I</text> |
| 16 | <text x="120" y="232" font-family="Cambria, "Microsoft YaHei", serif" font-size="22" font-weight="bold" fill="#E8E6E1">全景 · Landscape</text> |
| 17 | <text x="120" y="258" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">Q1 风投 · Hyperscaler $725B Capex</text> |
| 18 | <text x="560" y="240" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P04 — P05</text> |
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| 23 | <text x="60" y="340" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#E63946">II</text> |
| 24 | <text x="120" y="332" font-family="Cambria, "Microsoft YaHei", serif" font-size="22" font-weight="bold" fill="#E8E6E1">三巨头 · The Big Three</text> |
| 25 | <text x="120" y="358" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">OpenAI · Anthropic · xAI</text> |
| 26 | <text x="560" y="340" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P06 — P09</text> |
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| 31 | <text x="60" y="440" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#E63946">III</text> |
| 32 | <text x="120" y="432" font-family="Cambria, "Microsoft YaHei", serif" font-size="22" font-weight="bold" fill="#E8E6E1">中国阵营 · China Camp</text> |
| 33 | <text x="120" y="458" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">DeepSeek $50B 领跑 · 中美双轨</text> |
| 34 | <text x="560" y="440" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P10 — P11</text> |
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| 41 | <text x="660" y="240" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#F4A261">IV</text> |
| 42 | <text x="730" y="232" font-family="Cambria, "Microsoft YaHei", serif" font-size="22" font-weight="bold" fill="#E8E6E1">二线梯队 · The Second Tier</text> |
| 43 | <text x="730" y="258" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">SSI · Perplexity · Mistral · Cohere</text> |
| 44 | <text x="1160" y="240" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P12</text> |
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| 49 | <text x="660" y="340" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#F4A261">V</text> |
| 50 | <text x="730" y="332" font-family="Cambria, "Microsoft YaHei", serif" font-size="22" font-weight="bold" fill="#E8E6E1">基建与闭环 · Infrastructure</text> |
| 51 | <text x="730" y="358" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">Nvidia 闭环 · Stargate $500B</text> |
| 52 | <text x="1160" y="340" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P13 — P16</text> |
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| 57 | <text x="660" y="440" font-family="Cambria, serif" font-size="48" font-weight="bold" fill="#F4A261">VI</text> |
| 58 | <text x="730" y="432" font-family="Cambria, "Microsoft YaHei", serif" font-size="22" font-weight="bold" fill="#E8E6E1">泡沫与判断 · The Bubble</text> |
| 59 | <text x="730" y="458" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">Capex/Revenue 鸿沟 · 六大判断</text> |
| 60 | <text x="1160" y="440" text-anchor="end" font-family="Cambria, serif" font-size="13" fill="#C9C5BE" letter-spacing="1">P17 — P20</text> |
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| 66 | <line x1="60" y1="600" x2="1220" y2="600" stroke="#2A2F36" stroke-width="1"/> |
| 67 | <text x="60" y="635" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#8A857E">阅读建议 / Reading note</text> |
| 68 | <text x="60" y="660" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" fill="#C9C5BE">每章约 3-5 分钟 · 推荐顺序阅读 · 数据均附 §VIII 来源列表</text> |
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| 72 | <text x="60" y="700" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="10" fill="#5C5852">Capital, Compute, and the Closed Loop · 2026 Industry Briefing</text> |
| 73 | <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">03 / 20</text> |
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