Weekly Investment Overview
Largest Dividend in History
MiniMax AI New Valuation
Record Retail Subscription
The Chinese investment market this week demonstrated a diversified and active landscape, particularly in new energy vehicles, artificial intelligence, biopharmaceuticals, and frontier technology sectors. Major highlights included BYD's record-breaking dividend payout, MiniMax's new funding round, and the official establishment of China Fusion Energy Co., Ltd. with a valuation exceeding RMB 10 billion.
Key Deals
| Company | Sector | Amount | Deal Type |
|---|---|---|---|
| MiniMax | Artificial Intelligence | $300 million | Growth Round |
| China Biopharmaceutical | Biopharmaceuticals | $950 million | Acquisition (95.09% of Virogin) |
| Cloud Soar | AI Computing | $100 million+ | Series D |
| Evolution Accelerate | Humanoid Robots | RMB 100 million+ | Series A+ |
| Shanxi Guoke Semiconductor | Semiconductor | RMB 100 million | Series A |
| Proton Auto | Hydrogen Fuel Cell | Hundreds of millions | Series B |
| Guangxiang Technology | Embodied Robotics | Tens of millions | Seed Round |
| Tianluhai Navigation | High-precision Inertial Navigation | Nearly RMB 100 million | Series A |
| Xinhan Intelligence | Liquid Cooling Technology | Tens of millions | Seed Round |
Investment Highlights
This week's investment landscape in China showed strong momentum in frontier technology sectors. The establishment of China Fusion Energy Co., Ltd. with a valuation exceeding RMB 10 billion marks a significant milestone in China's pursuit of clean energy, targeting commercial fusion energy application by 2035. Meanwhile, Chengdu's launch of a massive RMB 112 billion Future Industries Fund signals strong government support for emerging industries like humanoid robots and flying cars.
In the AI sector, companies like MiniMax secured substantial funding, achieving a valuation of over $4 billion. This reflects the continued confidence in China's AI capabilities, particularly as Chinese enterprises have contributed 40% of global large language models. The biopharmaceutical sector also witnessed landmark deals, including China Biopharmaceutical's $950 million acquisition of Virogin, the largest domestic biotech acquisition in Chinese history.
The new energy vehicle sector continues to demonstrate strength, with BYD's record-breaking sales of 4.27 million vehicles in 2024 and its historic RMB 12.077 billion dividend payout. The industry shows signs of technological maturation, with companies like Honeycomb Energy advancing battery technology and announcing plans for semi-solid-state battery production in Q4 2025.
China Market & Policy Weekly Update
New Trade-in Policy Stimulus
Consumption Growth
Manufacturing Profit Growth
This week, China's market showed significant policy adjustments and market dynamics across multiple sectors. On the fiscal front, the Ministry of Finance and National Development and Reform Commission continued to advance the "consumer goods trade-in" policy, allocating the third batch of RMB 69 billion in special treasury bonds, with a fourth batch of equal value planned for October to stimulate consumption.
Policy Analysis
China's continued implementation of the consumer goods trade-in policy, supported by special treasury bonds, represents a strategic fiscal approach to stimulate domestic consumption. The allocation of RMB 69 billion in the third batch, with plans for a fourth batch of equal value in October, demonstrates the government's commitment to boosting consumer spending. This policy has already shown significant results, with 280 million subsidy applications driving sales exceeding RMB 1.6 trillion, particularly benefiting the household appliance and audio-visual equipment sectors.
The industrial sector shows signs of stabilization, with manufacturing profits turning positive in June, growing 1.4% year-on-year. Equipment manufacturing has performed exceptionally well, with the automotive industry's profits surging by 96.8%. This turnaround reflects the effectiveness of industrial support policies and the resilience of China's manufacturing base amid global economic challenges.
The new tax exemption policy for Hainan Free Trade Port, waiving import tariffs for goods with value-added processing of 30% or more, signals China's continued commitment to opening its economy and developing strategic regions. Meanwhile, the expansion of the luxury car consumption tax to vehicles priced over RMB 900,000, including new energy vehicles for the first time, represents an adjustment to tax policy in response to the growing premium vehicle market.
Market indicators for the first half of 2025 reveal a mixed but generally positive economic picture. The manufacturing sector has shown resilience, with profits turning positive after earlier declines. Equipment manufacturing has been a particular bright spot, with the automotive industry leading the way at nearly 97% profit growth. These trends align with China's industrial policy priorities focused on high-end manufacturing and technological innovation.
The IPO market recovery has shown significant progress, with 109 Chinese companies going public in the first half of the year, representing a 32.9% year-on-year increase. Particularly notable is the performance in overseas markets, where Hong Kong offerings saw a 476.2% increase in funds raised. This indicates both renewed market confidence and the effectiveness of financial market reforms aimed at supporting corporate financing.
Tech Market Overview
China's technology sector showcased robust development this week, particularly in artificial intelligence, smart manufacturing, new energy vehicles, and consumer electronics. The 2025 World Artificial Intelligence Conference (WAIC) in Shanghai served as a pivotal platform for demonstrating China's AI leadership, with major tech giants unveiling breakthrough technologies. Multiple innovations and business models were realized, indicating the enormous potential of future markets.
Chinese AI Models
DeepSeek User Growth
WPS AI Monthly Users
Tech Frontiers
This week's technological developments highlight China's accelerating advancement in artificial intelligence. According to CCTV News, China now accounts for 40% of global large language models with 1,509 models developed by Chinese companies. The 2025 World Artificial Intelligence Conference (WAIC) in Shanghai showcased major breakthroughs from tech giants, with Baidu's digital human technology NOVA creating a record 55 million yuan GMV for live streaming, while Tencent reported that 700+ business services have integrated AI, with 30% of code now generated by AI and coding efficiency improved by 16%.
In robotics and smart manufacturing, significant progress was evident with Tsinghua University's Star Motion L7 humanoid robot and UBTECH's industrial humanoid robot Walker S2 capable of 24/7 operation. NetEase's embodied intelligence model "Spirit Excavation" has achieved 80% of human efficiency in vehicle loading tasks. Avita's new 5G smart factory in Chongqing became the world's first full-domain 5G digital AI flexible super factory, achieving 100% equipment automation rate with a new car rolling off the line every 60 seconds.
The new energy vehicle market continues to thrive, with BYD achieving sales of 4.27 million vehicles in 2024, a 41.26% year-on-year increase, including 417,200 overseas sales (up 71.9%). The industry is seeing rapid technological advancement, with Honeycomb Energy unveiling its second-generation Dragon Scale Armor battery with a world-leading 65KWh capacity and plans for semi-solid-state batteries by Q4 2025. NIO's Firefly completed its 10,000th delivery milestone, while Leap Motor's B01 secured over 10,000 orders within 72 hours.
Trending Tech Keywords
Selected News
CCTV Releases Typical Cases of AI Fake News, Police Issue Regulatory Warning
With the rapid development of artificial intelligence technology, some lawbreakers have used AI to create false information, seriously disrupting social order. CCTV has released several typical cases of AI fake news. Police in Yichang, Hubei and Dali, Yunnan have legally penalized those who used AI tools to fabricate rumors, emphasizing the urgent need for enhanced regulation and improved public discernment skills.
WeChat HarmonyOS Version Installations Exceed 10 Million with Daily Growth of 100,000
The number of installations of WeChat's HarmonyOS version has exceeded 10 million, showing continued rapid growth since its official launch on Huawei's app market in January this year. Installations reached 5 million on June 4 and 6 million on June 15, averaging about 100,000 new installations daily, demonstrating WeChat's strong demand in the Chinese market and the increasing popularity of the HarmonyOS system.
Kingsoft Office Launches WPS AI 3.0 Version—WPS LingXi with Nearly 20 Million Monthly Active Users
Kingsoft Office released WPS AI 3.0 version—WPS LingXi at the World Artificial Intelligence Conference, enabling users to complete document creation, presentation generation, and voice assistant functions through natural language and multi-round dialogues, marking the realization of native Office intelligent assistants. Currently, WPS AI has nearly 20 million monthly active users, with the company reporting 2024 revenue of RMB 5.121 billion (12% year-on-year increase) and net profit of RMB 1.645 billion (25% increase).
China Mobile Releases "Jiutian" Foundation Model 3.0 and Fully Open-Sources Core Technologies
China Mobile released its "Jiutian" foundation model 3.0 at the 2025 World Artificial Intelligence Conference, with reasoning capabilities improved by 35%, ranking second globally in the GPQA-Diamond evaluation with a score of 77.67, and achieving leading results in multiple code generation leaderboards. China Mobile has also fully open-sourced core technologies including Jiutian Children's structural data large model, mathematics large model, and code large model.
Wuhan Optoelectronics National Research Center Develops "Glass Optical Discs" Expected to be Mass-Produced by Year-End
The "glass optical disc" developed by the Information Storage System Key Laboratory of the Ministry of Education at the Wuhan Optoelectronics National Research Center is expected to achieve mass production by the end of the year. Its storage capacity is 10 times that of ordinary optical discs, with a theoretical maximum capacity of 360TB and near-permanent storage life. The cost of 1GB of storage media is about 1 yuan, while the cost of 1TB of glass storage media is only tens of yuan, about one-tenth the cost of other storage media.
ByteDance AI Agent Platform "Coze" Officially Goes Open Source Supporting Global Developer Participation
ByteDance's AI Agent development platform—Coze announced its official open source release, including Coze Studio (development platform) and Coze Loop (operations platform) core components, using Apache 2.0 license allowing commercial use with no additional terms, while clearly authorizing related patents to support global developer participation.
NetEase Releases World's First Embodied Intelligence Model "Spirit Excavation" for Mining Applications
NetEase announced the launch of "Spirit Excavation," the world's first embodied intelligence model specifically designed for open-pit mining excavator loading scenarios, at the 2025 World Artificial Intelligence Conference. In the harsh environment of Inner Mongolia's Huolinhe North Open-pit Coal Mine, single-machine loading efficiency has reached 80% of human performance, with nearly 70% of operation time requiring no human intervention.
National Development and Reform Commission Announces Third Batch of RMB 69 Billion Special Treasury Bonds to Support Consumer Goods Trade-in Policy
The National Development and Reform Commission announced it has allocated the third batch of RMB 69 billion in long-term special treasury bonds to support the consumer goods trade-in policy, with plans to allocate a fourth batch of RMB 69 billion in October. Since the beginning of this year, 280 million applications for related subsidies have been processed, driving sales of consumer goods exceeding RMB 1.6 trillion, particularly benefiting home appliances and audio-visual equipment retail sales, which increased by 30.7% and 25.4% year-on-year respectively.
Industrial Enterprises Above Designated Size Report 1.8% Profit Decline in H1 2025, Manufacturing Turns Positive in June
In the first half of 2025, industrial enterprises above designated size nationwide achieved a total profit of RMB 3.43650 trillion, a year-on-year decrease of 1.8%. In June, total profit decreased by 4.3% year-on-year, narrowing the decline by 4.8 percentage points compared to May. Manufacturing profits turned positive, increasing by 1.4% year-on-year. Equipment manufacturing revenue increased by 7.0% year-on-year, with profits turning from a 2.9% decrease to a 9.6% increase, and the automotive industry seeing profit growth of 96.8%.
12nm Process Node Becomes Core Focus for Chip Industry with Domestic and Foreign Manufacturers Actively Deploying Solutions
The 12nm process node has become a core focus of the chip industry, with domestic and foreign manufacturers such as UNISOC and Loongson actively deploying solutions. This process is suitable for various applications including AI, edge computing, and automotive electronics. Against the background of "technology sanctions" and "chip localization," it is considered a safe choice and is highly compatible with advanced packaging technologies.
State Grid New Source Holdings Raises RMB 36.5 Billion for Pumped Storage Projects, Multiple Central Enterprises Accelerate Renewable Energy Deployment
State Grid New Source Holdings Company's capital increase and share expansion project has been signed, raising RMB 36.5 billion for pumped storage project construction, expected to drive investments exceeding RMB 300 billion. China Fusion Energy Co., Ltd. has been established with a registered capital of RMB 15 billion. China Huadian Group's Huadian New Energy successfully listed, with multiple central enterprises actively promoting the listing of quality assets. In the first half of the year, the amount of newly signed contracts for new energy increased significantly.
Customs Administration Issues Tax Management Measures for Hainan Free Trade Port Value-Added Processing Tax-Free Goods
The "Interim Measures for Tax Collection and Administration of Value-Added Processing Tax-Free Goods in Hainan Free Trade Port by the Customs of the People's Republic of China" have been issued. The regulations stipulate that goods containing imported materials produced by encouraged industries in Hainan Free Trade Port, with value-added processing reaching or exceeding 30% in the port, are exempt from import tariffs when entering the mainland from Hainan Free Trade Port.
Ministry of Finance and State Taxation Administration Expand Luxury Car Consumption Tax Scope to Include New Energy Vehicles
The Ministry of Finance and State Taxation Administration expanded the scope of luxury car consumption tax, lowering the price threshold from RMB 1.3 million to RMB 900,000, and including new energy vehicles in the tax scope for the first time, imposing an additional 10% consumption tax. In the first five months of this year, consumption tax revenue reached RMB 772.9 billion, up 1.6% year-on-year.