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| 7 | <text x="60" y="56" font-family="Cambria, serif" font-size="11" fill="#8A857E" letter-spacing="3">PART III · CHINA CAMP · 10</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">中国 AI 五雄：<tspan fill="#F4A261">DeepSeek</tspan> 领跑，估值阶梯分明</text> |
| 10 | <text x="60" y="152" font-family="Cambria, serif" font-size="14" font-style="italic" fill="#8A857E">China's AI five — privately valued vs. publicly listed</text> |
| 11 | </g> |
| 12 | |
| 13 | <g id="chartArea"> |
| 14 | <g id="axis"> |
| 15 | <line x1="340" y1="200" x2="340" y2="600" stroke="#5C5852" stroke-width="1"/> |
| 16 | <line x1="340" y1="600" x2="1180" y2="600" stroke="#5C5852" stroke-width="1"/> |
| 17 | |
| 18 | <line x1="508" y1="200" x2="508" y2="600" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/> |
| 19 | <line x1="676" y1="200" x2="676" y2="600" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/> |
| 20 | <line x1="844" y1="200" x2="844" y2="600" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/> |
| 21 | <line x1="1012" y1="200" x2="1012" y2="600" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/> |
| 22 | <line x1="1180" y1="200" x2="1180" y2="600" stroke="#2A2F36" stroke-width="1" stroke-dasharray="2,4"/> |
| 23 | |
| 24 | <text x="340" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$0</text> |
| 25 | <text x="508" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$15B</text> |
| 26 | <text x="676" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$30B</text> |
| 27 | <text x="844" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$45B</text> |
| 28 | <text x="1012" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$60B</text> |
| 29 | <text x="1180" y="624" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="middle">$75B</text> |
| 30 | </g> |
| 31 | <!-- chart-plot-area: 340,200,1180,600 --> |
| 32 | |
| 33 | <g id="bar-deepseek"> |
| 34 | <text x="330" y="248" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" font-weight="bold" fill="#E8E6E1" text-anchor="end">DeepSeek</text> |
| 35 | <text x="330" y="266" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">national fund-led</text> |
| 36 | <rect x="340" y="232" width="560" height="40" fill="#E63946"/> |
| 37 | <text x="918" y="259" font-family="Cambria, serif" font-size="20" font-weight="bold" fill="#E63946">$50B</text> |
| 38 | </g> |
| 39 | |
| 40 | <g id="bar-zhipu"> |
| 41 | <text x="330" y="318" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" font-weight="bold" fill="#E8E6E1" text-anchor="end">Zhipu AI 智谱</text> |
| 42 | <text x="330" y="336" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">HK listed · market cap</text> |
| 43 | <rect x="340" y="302" width="628" height="40" fill="#F4A261"/> |
| 44 | <text x="986" y="329" font-family="Cambria, serif" font-size="20" font-weight="bold" fill="#F4A261">$56.1B</text> |
| 45 | </g> |
| 46 | |
| 47 | <g id="bar-minimax"> |
| 48 | <text x="330" y="388" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" font-weight="bold" fill="#E8E6E1" text-anchor="end">MiniMax</text> |
| 49 | <text x="330" y="406" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">HK listed · market cap</text> |
| 50 | <rect x="340" y="372" width="417" height="40" fill="#F4A261"/> |
| 51 | <text x="775" y="399" font-family="Cambria, serif" font-size="20" font-weight="bold" fill="#F4A261">$37.2B</text> |
| 52 | </g> |
| 53 | |
| 54 | <g id="bar-moonshot"> |
| 55 | <text x="330" y="458" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" font-weight="bold" fill="#E8E6E1" text-anchor="end">Moonshot (Kimi)</text> |
| 56 | <text x="330" y="476" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">Series D · 美团领投</text> |
| 57 | <rect x="340" y="442" width="224" height="40" fill="#C9C5BE"/> |
| 58 | <text x="582" y="469" font-family="Cambria, serif" font-size="20" font-weight="bold" fill="#C9C5BE">$20B</text> |
| 59 | </g> |
| 60 | |
| 61 | <g id="bar-stepfun"> |
| 62 | <text x="330" y="528" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="14" font-weight="bold" fill="#E8E6E1" text-anchor="end">StepFun 阶跃</text> |
| 63 | <text x="330" y="546" font-family="Cambria, serif" font-size="11" fill="#5C5852" text-anchor="end">in talks · ~$2.5B raise</text> |
| 64 | <rect x="340" y="512" width="90" height="40" fill="#8A857E"/> |
| 65 | <text x="448" y="539" font-family="Cambria, serif" font-size="20" font-weight="bold" fill="#8A857E">~$8B</text> |
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| 69 | <rect x="340" y="660" width="14" height="14" fill="#E63946"/> |
| 70 | <text x="362" y="672" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="12" fill="#8A857E">国家大基金领投</text> |
| 71 | <rect x="520" y="660" width="14" height="14" fill="#F4A261"/> |
| 72 | <text x="542" y="672" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="12" fill="#8A857E">港股上市</text> |
| 73 | <rect x="660" y="660" width="14" height="14" fill="#C9C5BE"/> |
| 74 | <text x="682" y="672" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="12" fill="#8A857E">私募</text> |
| 75 | <rect x="760" y="660" width="14" height="14" fill="#8A857E"/> |
| 76 | <text x="782" y="672" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="12" fill="#8A857E">在谈</text> |
| 77 | </g> |
| 78 | </g> |
| 79 | |
| 80 | <g id="callout-bottom"> |
| 81 | <line x1="940" y1="660" x2="940" y2="675" stroke="#2A2F36" stroke-width="0"/> |
| 82 | <text x="960" y="672" font-family="Cambria, serif" font-size="11" fill="#E63946" letter-spacing="2">DATA NOTE</text> |
| 83 | <text x="960" y="694" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="11" fill="#8A857E">港股市值 vs 私募估值<tspan x="960" dy="14">不直接可比，仅供量级参考</tspan></text> |
| 84 | </g> |
| 85 | |
| 86 | <g id="page-footer"> |
| 87 | <text x="60" y="715" font-family=""Microsoft YaHei", Arial, sans-serif" font-size="10" fill="#5C5852">Sources: BigGo Finance · TechCrunch · KuCoin · Reuters · HKEX 上市文件 2026-01</text> |
| 88 | <text x="1220" y="715" text-anchor="end" font-family="Cambria, serif" font-size="10" fill="#5C5852">10 / 20</text> |
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| 91 |