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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> |
| 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="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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| 12 | |
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| 14 | <rect x="60" y="190" width="280" height="220" rx="6" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/> |
| 15 | <line x1="60" y1="190" x2="60" y2="290" stroke="#E63946" stroke-width="3"/> |
| 16 | <use data-icon="tabler-outline/world" x="80" y="210" width="22" height="22" fill="#8A857E" stroke-width="1.5"/> |
| 17 | <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> |
| 18 | <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> |
| 19 | <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> |
| 20 | <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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| 24 | <rect x="360" y="190" width="280" height="220" rx="6" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/> |
| 25 | <line x1="360" y1="190" x2="360" y2="290" stroke="#E63946" stroke-width="3"/> |
| 26 | <use data-icon="tabler-outline/percentage" x="380" y="210" width="22" height="22" fill="#8A857E" stroke-width="1.5"/> |
| 27 | <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> |
| 28 | <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> |
| 29 | <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> |
| 30 | <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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| 34 | <rect x="60" y="430" width="280" height="220" rx="6" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/> |
| 35 | <line x1="60" y1="430" x2="60" y2="530" stroke="#F4A261" stroke-width="3"/> |
| 36 | <use data-icon="tabler-outline/currency-dollar" x="80" y="450" width="22" height="22" fill="#8A857E" stroke-width="1.5"/> |
| 37 | <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> |
| 38 | <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> |
| 39 | <text x="80" y="600" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="13" fill="#C9C5BE">OpenAI · Anthropic · xAI · Waymo</text> |
| 40 | <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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| 42 | |
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| 44 | <rect x="360" y="430" width="280" height="220" rx="6" fill="#1A1F26" stroke="#2A2F36" stroke-width="1"/> |
| 45 | <line x1="360" y1="430" x2="360" y2="530" stroke="#F4A261" stroke-width="3"/> |
| 46 | <use data-icon="tabler-outline/target" x="380" y="450" width="22" height="22" fill="#8A857E" stroke-width="1.5"/> |
| 47 | <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> |
| 48 | <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> |
| 49 | <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> |
| 50 | <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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| 54 | <line x1="680" y1="190" x2="680" y2="650" stroke="#2A2F36" stroke-width="1"/> |
| 55 | <text x="700" y="220" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="3">EDITORIAL NOTE</text> |
| 56 | <line x1="700" y1="232" x2="820" y2="232" stroke="#E63946" stroke-width="1"/> |
| 57 | |
| 58 | <text x="700" y="280" font-family="Cambria, "Microsoft YaHei", serif" font-size="22" font-weight="bold" fill="#E8E6E1"> |
| 59 | <tspan x="700" dy="0">钱没变多，</tspan> |
| 60 | <tspan x="700" dy="32">是更集中。</tspan> |
| 61 | </text> |
| 62 | |
| 63 | <text x="700" y="380" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" fill="#C9C5BE"> |
| 64 | <tspan x="700" dy="0">"While more money than ever is being</tspan> |
| 65 | <tspan x="700" dy="22">invested in the private markets, that's</tspan> |
| 66 | <tspan x="700" dy="22">thanks to <tspan fill="#E63946" font-weight="bold">larger checks, not more</tspan></tspan> |
| 67 | <tspan x="700" dy="22"><tspan fill="#E63946" font-weight="bold">of them</tspan> — capital concentrated into a</tspan> |
| 68 | <tspan x="700" dy="22">select few companies and a single</tspan> |
| 69 | <tspan x="700" dy="22">industry."</tspan> |
| 70 | </text> |
| 71 | |
| 72 | <text x="700" y="555" font-family="Cambria, serif" font-size="12" font-style="italic" fill="#8A857E">— Crunchbase, Q1 2026 venture report</text> |
| 73 | |
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| 75 | <line x1="700" y1="600" x2="1160" y2="600" stroke="#2A2F36" stroke-width="1"/> |
| 76 | <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> |
| 77 | <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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| 82 | <line x1="60" y1="680" x2="1220" y2="680" stroke="#2A2F36" stroke-width="1"/> |
| 83 | <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> |
| 84 | <text x="1220" y="700" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">04 / 20</text> |
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