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<section style="box-sizing: border-box;font-style: normal;font-weight: 400;text-align: justify;font-size: 16px;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: top;width: 50%;box-shadow: rgb(0, 0, 0) 0px 0px 0px;box-sizing: border-box;"><section style="margin: 20px 0% 0px;text-align: right;justify-content: flex-end;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;box-sizing: border-box;"><section style="width: 0.7em;height: 0.7em;margin-right: 5px;margin-top: 0.5em;display: inline-block;vertical-align: top;background-color: rgb(160, 160, 160);box-sizing: border-box;line-height: 0;"><br  /></section><section style="display: inline-block;vertical-align: top;text-align: center;font-size: 18px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section></section></section><section style="display: 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style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section><section style="display: inline-block;vertical-align: top;width: 43%;height: auto;box-sizing: border-box;"><section style="text-align: right;justify-content: flex-end;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: bottom;width: 14%;background-color: rgba(216, 223, 224, 0.32);align-self: flex-end;margin: 0px 0px -20px;height: auto;box-sizing: border-box;"><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section><section style="display: inline-block;vertical-align: bottom;width: 52%;background-color: rgb(242, 241, 235);padding: 5px 0px;align-self: flex-end;box-sizing: border-box;"><section style="text-align: center;font-size: 18px;color: rgb(186, 146, 143);letter-spacing: 2px;box-sizing: border-box;" powered-by="gulangu"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">一览导读</strong></p></section></section><section style="display: inline-block;vertical-align: top;width: 14%;background-color: rgba(242, 207, 201, 0.28);align-self: flex-start;margin: -20px 0px 0px;height: auto;box-sizing: border-box;"><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section></section><section style="margin: 15px 0%;text-align: center;justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 95%;vertical-align: bottom;height: auto;align-self: flex-end;padding: 0px 12px;border-left: 2px dashed rgba(227, 169, 124, 0.43);border-bottom-left-radius: 0px;border-bottom: 2px none rgb(227, 169, 124);border-bottom-right-radius: 0px;border-right: 2px none rgba(227, 169, 124, 0.43);border-top-right-radius: 0px;box-sizing: border-box;"><section style="margin: 7px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;padding: 0px;letter-spacing: 0px;line-height: 1.8;color: rgb(146, 118, 116);box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">我们的生活被美团、摩拜、饿了么、滴滴、Airbnb充斥，但是可能并不知道他们可以被归为同一新技术板块——“城市技术”。本文介绍了城市技术的类型和它令人惊叹的吸引资金的能力，阐述了城市技术类风险投资的行业、国家、城市分布情况，并进行了城市技术崛起、城市成为经济组织平台的讨论。则二我们会介绍毕马威有关智慧城市投资的报告《风投脉搏》的精华解读及摘录。</p></section></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: center;justify-content: center;margin: -22px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: bottom;width: 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style="display: flex;flex-flow: row nowrap;margin: 0px 0%;text-align: left;justify-content: flex-start;box-sizing: border-box;"><section style="display: inline-block;vertical-align: top;width: auto;background-color: rgb(242, 207, 201);padding: 8px;min-width: 10%;max-width: 100%;height: auto;margin: 0px;border-width: 0px;flex: 0 0 auto;align-self: flex-start;z-index: 1;box-sizing: border-box;"><section style="margin: 0px 0% -30px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;padding: 6px 13px;background-color: rgb(242, 241, 235);box-sizing: border-box;"><section style="text-align: center;color: rgb(186, 146, 143);font-size: 18px;line-height: 1.8;letter-spacing: 2px;box-sizing: border-box;" powered-by="gulangu"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">城市技术的崛起</strong></p></section></section></section></section><section style="display: 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inline-block;vertical-align: middle;width: auto;flex: 0 0 0%;height: auto;align-self: center;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="transform: rotateZ(45deg);-webkit-transform: rotateZ(45deg);-moz-transform: rotateZ(45deg);-o-transform: rotateZ(45deg);box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 0px;margin: 0px 0%;box-sizing: border-box;"><section style="display: inline-block;width: 8px;height: 8px;vertical-align: top;overflow: hidden;border-width: 1px;border-radius: 0px;border-style: solid none none solid;border-color: rgb(31, 196, 253);box-sizing: border-box;line-height: 0;"><br  /></section></section></section></section><section style="display: inline-block;vertical-align: middle;width: auto;flex: 100 100 0%;align-self: center;height: auto;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(188, 188, 188);font-size: 12px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">伦敦一位为Deliveroo配送食物的骑手。图：路透社</p></section></section></section></section><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="margin: 10px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;border-width: 0px;border-radius: 1px;border-style: none;border-color: rgb(62, 62, 62);overflow: hidden;background-color: rgb(197, 227, 211);padding: 0px 10px 0px 0px;box-shadow: rgb(0, 0, 0) 0px 0px 0px;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: top;width: auto;min-width: 10%;max-width: 100%;flex: 0 0 auto;height: auto;align-self: stretch;margin: 0px;box-sizing: border-box;"><section style="font-size: 58px;text-align: left;margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: top;box-sizing: border-box;"><section style="box-sizing: border-box;width: 1.5em;height: 3em;border-radius: 0px 162px 162px 0px;background-position: 72.2116% 0%;background-repeat: no-repeat;background-size: 284.426%;box-shadow: rgb(0, 0, 0) 0px 0px 0px;border-right: 3px solid rgb(255, 255, 255);overflow: hidden;border-top: 3px solid rgb(255, 255, 255);border-bottom: 3px solid rgb(255, 255, 255);background-image: url("http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJntPjvYRyJ63FmND8JgwibLdETzUK9eaCEWKFakp5NAicvdV7TFBBhT7Q/640?wx_fmt=png");"><section style="height: 100%;overflow: hidden;line-height: 0;vertical-align: middle;max-width: 100%;box-sizing: border-box;"> <img data-ratio="0.7074074" data-w="1080" src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJntPjvYRyJ63FmND8JgwibLdETzUK9eaCEWKFakp5NAicvdV7TFBBhT7Q/640?wx_fmt=png" style="width: 100%;height: 100%;opacity: 0;box-sizing: border-box;" width="100%" data-type="png"  /></section></section></section></section></section><section style="display: inline-block;vertical-align: middle;width: auto;flex: 100 100 0%;align-self: center;height: auto;padding: 8px 0px 8px 10px;box-sizing: border-box;"><section style="margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(83, 118, 105);padding: 0px 10px;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">从食品配送创业公司到地图、共享居住公司，专注于城市系统的技术正在吸引数十亿美元的风险投资。</p></section></section></section></section></section></section></section><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">提及“高科技”、“风险投资”，人们总会联想到人工智能、数字货币等。但实际上，城市和城市化才是新技术的最大板块，我们称之为“城市技术”。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">过去十年，最重要的科技公司基本致力于研究城市或在城市中工作，其中最著名的可能是Uber和Airbnb。技术行业分析师Scott Galloway认为Uber和Airbnb是能与上层技术区域“四巨头”Apple， Amazon, Alphabet，Facebook形成竞争或是会被它们收购的公司中的两个。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">但Uber与Airbnb还远非城市技术的全部。Uber与Lyft已经定义了巨大的城市移动出行空间，而现在像又有大量其他公司参与进来，其中包括了Lime和Bird这样的众多的共享自行车、共享踏板车创业公司。当然，Airbnb帮助定义了共享居住市场。之后，WeWork引领了联合办公并成为世界上最强大的房地产公司之一。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">Waze和其他地图创业公司的运营领域是提供信息来展现城市是如何组织，又是如何实时更新自身功能。还有许多公司的运营领域是房地产分析、建筑技术和智能基础设施等（智能基础设包括停车技术公司Spot Hero和为城市垃圾创建监控系统的芬兰公司Enevo） 。配送类创业公司也有着巨大的市场，例如总部位于英国的Instacart, Deliveroo和总部位于德国的Delivery Hero。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">城市技术创业公司是投资额最大的项目。非常受欢迎的社交媒体公司Twitter，仅获得了15亿美元的风险投资。而Uber已经吸引了大约160亿美元的风险投资。Lyft，Airbnb和WeWork各自吸引的风险投资在40亿至50亿美元不等。</p></section><section style="margin: 10px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;border-width: 0px;border-radius: 8px 0px 0px 8px;border-style: none;border-color: rgb(62, 62, 62);overflow: hidden;background-color: rgba(197, 227, 211, 0.34);box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;background-color: rgb(197, 227, 211);flex: 0 0 auto;align-self: center;min-width: 10%;max-width: 100%;height: auto;padding: 8px 3px;margin: 0px;border-top: 0px none rgb(62, 62, 62);border-top-left-radius: 0px;border-left: 0px none rgb(62, 62, 62);border-bottom-left-radius: 0px;z-index: 1;box-sizing: border-box;"><section style="color: rgb(255, 255, 255);font-size: 26px;font-family: Optima-Regular, PingFangTC-light;line-height: 1.4;box-sizing: border-box;" powered-by="gulangu"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">表1</strong></p></section></section><section style="display: inline-block;vertical-align: middle;width: auto;align-self: center;flex: 1 1 0%;height: auto;box-sizing: border-box;"><section style="text-align: left;justify-content: flex-start;margin: 0px 0%;font-size: 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 16px;height: 32px;vertical-align: top;overflow: hidden;background-color: rgb(197, 227, 211);border-width: 0px;border-radius: 0px 100px 100px 0px;border-style: none;border-color: rgb(62, 62, 62);box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 100 100 0%;padding: 0px 0px 0px 10px;border-right: 0px none rgb(62, 62, 62);border-top-right-radius: 0px;box-sizing: border-box;"><section style="margin: 8px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: left;color: rgb(83, 118, 105);padding: 0px 5px;letter-spacing: 1px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">按全部投资额排序的大型城市技术创业公司</p></section></section></section></section></section></section></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="0.937561" data-w="1025" src="http://mmbiz.qpic.cn/mmbiz_jpg/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJuFjTpO6D7muDqEwBgOxkVB3ItSRSREicBlk4RMlhjYf9S7ksRnO3MoA/640?wx_fmt=jpeg" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="jpeg"  /></section></section><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">大量公司普遍对城市建设和城市技术空间有明确的定位。其中最出名的大概是Sidewalk实验室，它是Alphabet（或者说Google）的分支，致力于在多伦多海滨建立一个新的高科技社区。还有Y Combinator，风险投资家Paul Graham创立的非常成功的硅谷加速器，因为自身的“新城市”项目对城市和都市主义产生了兴趣。支持城市技术创业的基金UrbanUS，它还是加速器URBAN-X的合作伙伴。以及Dreamit Ventures，这个私募股权投资者Jeff Vinik在他的风险投资公司创建的城市技术垂直投资项目。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">为了掌握城市技术空间的规模和范围，我和我在Martin Prosperity Institute的同事Patrick Adler通过CB Insights，得到了在2016-2018年间获得投资并披露了金额的合资企业的数据。我们把城市技术分为六大门类：共享居住和众创空间、移动出行、配送、智能城市、建筑技术和房地产技术。但是这是只是更大项目的第一阶段，即便我们的分析仍然是暂时性的，我们依然相信它会产生一些说明性的发现和趋势。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">在过去三年，城市技术吸引了超过750亿美元的投资额，约占全球风险投资的17%。2016到2017年，城市技术吸引的投资翻了超过一番，从不到200亿美元增加至440亿美元，占全球风险投资的比重从13%猛增至22%。城市技术可能是风险投资的最大板块，在2017年其吸引的资金远远超过制药和生物领域、人工智能领域，后两者分别吸引了160亿美元和120亿美元。<strong style="box-sizing: border-box;"><span style="color: rgba(20, 139, 100, 0.43);box-sizing: border-box;">（参考文献1，请联系我们索取）</span></strong></p></section><section style="margin: 10px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;border-width: 0px;border-radius: 8px 0px 0px 8px;border-style: none;border-color: rgb(62, 62, 62);overflow: hidden;background-color: rgba(197, 227, 211, 0.34);box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;background-color: rgb(197, 227, 211);flex: 0 0 auto;align-self: center;min-width: 10%;max-width: 100%;height: auto;padding: 8px 3px;margin: 0px;border-top: 0px none rgb(62, 62, 62);border-top-left-radius: 0px;border-left: 0px none rgb(62, 62, 62);border-bottom-left-radius: 0px;z-index: 1;box-sizing: border-box;"><section style="color: rgb(255, 255, 255);font-size: 26px;font-family: Optima-Regular, PingFangTC-light;line-height: 1.4;box-sizing: border-box;" powered-by="gulangu"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">表2</strong></p></section></section><section style="display: inline-block;vertical-align: middle;width: auto;align-self: center;flex: 1 1 0%;height: auto;box-sizing: border-box;"><section style="text-align: left;justify-content: flex-start;margin: 0px 0%;font-size: 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 16px;height: 32px;vertical-align: top;overflow: hidden;background-color: rgb(197, 227, 211);border-width: 0px;border-radius: 0px 100px 100px 0px;border-style: none;border-color: rgb(62, 62, 62);box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 100 100 0%;padding: 0px 0px 0px 10px;border-right: 0px none rgb(62, 62, 62);border-top-right-radius: 0px;box-sizing: border-box;"><section style="margin: 8px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: left;color: rgb(83, 118, 105);padding: 0px 5px;letter-spacing: 1px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">2016-2018年城市技术投资</p></section></section></section></section></section></section></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="0.2643902" data-w="1025" src="http://mmbiz.qpic.cn/mmbiz_jpg/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJ4DoeJr5EiavYeeP1746YwRobLBpuMmItUI1ibM6cb6zDWicfrGyibc5r4g/640?wx_fmt=jpeg" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="jpeg"  /></section></section><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">移动出行技术是城市技术中最重要的一部分，包括Uber、Lyft、滴滴出行等超大型公司，在2016至2018年吸引了超过400亿美元的风险投资，占城市技术投资的六成以上。</p></section><section style="margin: 10px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;border-width: 0px;border-radius: 8px 0px 0px 8px;border-style: none;border-color: rgb(62, 62, 62);overflow: hidden;background-color: rgba(197, 227, 211, 0.34);box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;background-color: rgb(197, 227, 211);flex: 0 0 auto;align-self: center;min-width: 10%;max-width: 100%;height: auto;padding: 8px 3px;margin: 0px;border-top: 0px none rgb(62, 62, 62);border-top-left-radius: 0px;border-left: 0px none rgb(62, 62, 62);border-bottom-left-radius: 0px;z-index: 1;box-sizing: border-box;"><section style="color: rgb(255, 255, 255);font-size: 26px;font-family: Optima-Regular, PingFangTC-light;line-height: 1.4;box-sizing: border-box;" powered-by="gulangu"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">表3</strong></p></section></section><section style="display: inline-block;vertical-align: middle;width: auto;align-self: center;flex: 1 1 0%;height: auto;box-sizing: border-box;"><section style="text-align: left;justify-content: flex-start;margin: 0px 0%;font-size: 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 16px;height: 32px;vertical-align: top;overflow: hidden;background-color: rgb(197, 227, 211);border-width: 0px;border-radius: 0px 100px 100px 0px;border-style: none;border-color: rgb(62, 62, 62);box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 100 100 0%;padding: 0px 0px 0px 10px;border-right: 0px none rgb(62, 62, 62);border-top-right-radius: 0px;box-sizing: border-box;"><section style="margin: 8px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: left;color: rgb(83, 118, 105);padding: 0px 5px;letter-spacing: 1px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">2016-2018年领先城市技术类型</p></section></section></section></section></section></section></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="0.5121951" data-w="1025" src="http://mmbiz.qpic.cn/mmbiz_jpg/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJL3dwczT30JDguQ1uM8EFxlVbk4gIia2D1VdAkwiauwK9aKAy9SKpbvfA/640?wx_fmt=jpeg" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="jpeg"  /></section></section><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">从各国占城市技术类风险投资的比重来看：美国是城市技术的主导参与者，占比超过45%。其次是中国，约占1/3的投资额（中国城市技术创业公司约有200家比美国的800家少得多）。新加坡位居第三，占比为6%，再次为印度（占4%）、英国和德国（约各占2%）。排在前十位的还有韩国、阿联酋、法国、荷兰和加拿大，约各占1%。</p></section><section style="margin: 10px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;border-width: 0px;border-radius: 8px 0px 0px 8px;border-style: none;border-color: rgb(62, 62, 62);overflow: hidden;background-color: rgba(197, 227, 211, 0.34);box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;background-color: rgb(197, 227, 211);flex: 0 0 auto;align-self: center;min-width: 10%;max-width: 100%;height: auto;padding: 8px 3px;margin: 0px;border-top: 0px none rgb(62, 62, 62);border-top-left-radius: 0px;border-left: 0px none rgb(62, 62, 62);border-bottom-left-radius: 0px;z-index: 1;box-sizing: border-box;"><section style="color: rgb(255, 255, 255);font-size: 26px;font-family: Optima-Regular, PingFangTC-light;line-height: 1.4;box-sizing: border-box;" powered-by="gulangu"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">表4</strong></p></section></section><section style="display: inline-block;vertical-align: middle;width: auto;align-self: center;flex: 1 1 0%;height: auto;box-sizing: border-box;"><section style="text-align: left;justify-content: flex-start;margin: 0px 0%;font-size: 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 16px;height: 32px;vertical-align: top;overflow: hidden;background-color: rgb(197, 227, 211);border-width: 0px;border-radius: 0px 100px 100px 0px;border-style: none;border-color: rgb(62, 62, 62);box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 100 100 0%;padding: 0px 0px 0px 10px;border-right: 0px none rgb(62, 62, 62);border-top-right-radius: 0px;box-sizing: border-box;"><section style="margin: 8px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: left;color: rgb(83, 118, 105);padding: 0px 5px;letter-spacing: 1px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">2016-2018年领先城市技术国家</p></section></section></section></section></section></section></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="0.3990244" data-w="1025" src="http://mmbiz.qpic.cn/mmbiz_jpg/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJvm6uJlTsRy7jZHXy9DzNHkfzqm7RKrzaS3QVfnibegxSanwksuXhjfQ/640?wx_fmt=jpeg" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="jpeg"  /></section></section><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">但是，创业公司和风险投资仅集聚于相对较少的国际城市中，地理聚集度甚至达到令人难以置信的程度。旧金山湾区约占全球城市技术风险投资总额的30%。北京紧随其后，约占26%的资金。纽约位列第三，占资金的10%，其次为上海，占比约为7%。（换而言之，旧金山和纽约已经比上海和北京拥有更多的城市技术创业公司。）</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">新加坡占全球城市技术风险投资总额的6%，紧随其后的是班加罗尔、洛杉矶、柏林和伦敦。以上是仅有的占全球城市技术投资的比重超过2%的国际城市。首尔、芝加哥、迪拜、阿姆斯特丹、马德里、巴黎、波士顿和多伦多等城市也在涌现出数量相当的城市技术创业公司，尽管它们占全球城市技术总投资额均不足1%。这国际城市是城市技术的关键参与者，这表明“其他城市的崛起”不是发生在美国内部，而是发生在美国外部，尤其是在中国两个最大的城市。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">城市技术的崛起反映了城市和城市化在全球经济中的作用日益增强。城市已经成为全球创新和经济增长的基本平台，取代企业成为当代经济的基本组织单元。</p></section><section style="margin: 10px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;border-width: 0px;border-radius: 8px 0px 0px 8px;border-style: none;border-color: rgb(62, 62, 62);overflow: hidden;background-color: rgba(197, 227, 211, 0.34);box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;background-color: rgb(197, 227, 211);flex: 0 0 auto;align-self: center;min-width: 10%;max-width: 100%;height: auto;padding: 8px 3px;margin: 0px;border-top: 0px none rgb(62, 62, 62);border-top-left-radius: 0px;border-left: 0px none rgb(62, 62, 62);border-bottom-left-radius: 0px;z-index: 1;box-sizing: border-box;"><section style="color: rgb(255, 255, 255);font-size: 26px;font-family: Optima-Regular, PingFangTC-light;line-height: 1.4;box-sizing: border-box;" powered-by="gulangu"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">表5</strong></p></section></section><section style="display: inline-block;vertical-align: middle;width: auto;align-self: center;flex: 1 1 0%;height: auto;box-sizing: border-box;"><section style="text-align: left;justify-content: flex-start;margin: 0px 0%;font-size: 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 16px;height: 32px;vertical-align: top;overflow: hidden;background-color: rgb(197, 227, 211);border-width: 0px;border-radius: 0px 100px 100px 0px;border-style: none;border-color: rgb(62, 62, 62);box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;align-self: stretch;flex: 100 100 0%;padding: 0px 0px 0px 10px;border-right: 0px none rgb(62, 62, 62);border-top-right-radius: 0px;box-sizing: border-box;"><section style="margin: 8px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: left;color: rgb(83, 118, 105);padding: 0px 5px;letter-spacing: 1px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">2016-2018年领先城市技术国际城市</p></section></section></section></section></section></section></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="0.5014634" data-w="1025" src="http://mmbiz.qpic.cn/mmbiz_jpg/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJWf50mKNgQk8nIvfRohAto8tUHOSYDLosKMUprkzNWlB7PA10IhXXvA/640?wx_fmt=jpeg" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="jpeg"  /></section></section><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">但城市仍是非常低效的，城市可以说是资本主义低效性的最后一个伟大的前沿。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">大约一个世纪前，农业经历了一场变革。1900年，一半以上的美国工人从事农业。今天，在农业技术和管理水平取得巨大飞跃后，农业劳动力占比不足1%。农场拥有着先进的技术和自动驾驶的拖拉机，已经成为了非常有效率的企业。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">同样，1950年，一半以上的美国劳动力从事制造业。现在只有大约5%或6%的劳动力从事直接生产性工作。工厂高度自动化、有着精益生产的管理原则，可以在仅产生少量废料的条件下无休止运转。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">放眼城市，办公室和住宅在大部分时间空置、汽车闲置、交通拥堵严重。目前，我们正在经历的第三次重大经济转型是向知识经济的转变，要以城市为中心和基础。正如历史时期上的农场和工厂为了提高效率而做出优化，那么，大部分时间处于闲置的办公室、公寓、汽车和其他城市元素也将会适应更高的生产力。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">正对城市展开新一轮的创造性破坏的事物，将会是城市技术崛起的纽带。与以往的经济转型一样，城市技术崛起、城市成为经济组织的主要平台，都会经历成长的阵痛。这一转变取决于城市领导、工人的斗争还有公民，要以民主的方式引导，才能做到尊重所有城市居民的需要，为所有人创造繁荣。</p></section></section></section><section style="text-align: right;justify-content: flex-end;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 45%;vertical-align: top;height: auto;border-bottom: 2px dashed rgba(227, 169, 124, 0.2);border-bottom-right-radius: 0px;box-sizing: border-box;"><section style="margin: 0px 0% -13px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: top;width: 33%;box-sizing: border-box;"><section style="text-align: center;margin: 0px 0%;justify-content: center;opacity: 0.3;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(216, 223, 224);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: top;width: 33%;box-sizing: border-box;"><section style="text-align: center;margin: 0px 0%;justify-content: center;opacity: 0.23;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(239, 205, 175);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;"><section style="opacity: 0.43;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 1%;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 1px;height: 150px;vertical-align: top;overflow: hidden;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: middle;width: 99%;padding: 0px 15px;box-sizing: border-box;line-height: 0;"><section style="line-height: 0;width:0;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: 33%;box-sizing: border-box;"><section style="text-align: center;margin: 0px 0%;justify-content: center;opacity: 0.33;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(242, 207, 201);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;"><section style="opacity: 0.43;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 1%;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 1px;height: 150px;vertical-align: top;overflow: hidden;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: middle;width: 99%;padding: 0px 15px;box-sizing: border-box;line-height: 0;"><section style="line-height: 0;width:0;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section></section></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 70%;vertical-align: top;height: auto;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;margin: 7px 0% 0px;text-align: left;justify-content: flex-start;box-sizing: border-box;"><section style="display: inline-block;vertical-align: top;width: auto;background-color: rgb(239, 205, 175);padding: 8px;min-width: 10%;max-width: 100%;height: auto;margin: 0px;border-width: 0px;flex: 0 0 auto;align-self: flex-start;z-index: 1;box-sizing: border-box;"><section style="margin: 0px 0% -30px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;padding: 6px 13px;background-color: rgb(242, 241, 235);box-sizing: border-box;"><section style="color: rgb(186, 146, 143);font-size: 18px;line-height: 1.8;letter-spacing: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">毕马威《风投脉搏》报告</strong></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">精华解读及摘录</strong></p></section></section></section></section><section style="display: inline-block;vertical-align: top;width: 52.4375px;height: auto;margin: -20px 0px 0px -10px;flex: 0 0 auto;align-self: flex-start;z-index: 1;box-sizing: border-box;"><section style="margin: 0px 0%;justify-content: flex-start;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(216, 223, 224);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;"><section style="opacity: 0.43;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 1%;box-sizing: border-box;"><section style="text-align: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 1px;height: 150px;vertical-align: top;overflow: hidden;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: middle;width: 99%;padding: 0px 15px;box-sizing: border-box;line-height: 0;"><section style="line-height: 0;width:0;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section><section style="margin: 0px 0%;justify-content: flex-start;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(242, 207, 201);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 1%;box-sizing: border-box;"><section style="text-align: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 1px;height: 150px;vertical-align: top;overflow: hidden;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: middle;width: 99%;padding: 0px 15px;box-sizing: border-box;line-height: 0;"><section style="line-height: 0;width:0;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section></section></section></section></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: left;justify-content: flex-start;margin: 10px 0% 20px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: auto;vertical-align: top;min-width: 10%;max-width: 100%;height: auto;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: bottom;width: auto;align-self: flex-end;flex: 4.1445 4.1445 0%;margin: 0px 0px -10px;height: auto;box-sizing: border-box;"><section style="text-align: center;font-size: 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 60px;height: 60px;vertical-align: top;overflow: hidden;border-style: solid;border-width: 1px;border-radius: 0px;border-color: rgb(0, 0, 0);padding: 10px 0px;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: middle;width: auto;align-self: center;background-color: rgb(255, 255, 255);margin: 0px 0px 0px -45px;flex: 100 100 0%;height: auto;box-sizing: border-box;"><section style="text-align: center;margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="1.4294385" data-w="659" src="http://mmbiz.qpic.cn/mmbiz_jpg/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJuQH7gToLnc82WWl1ZOju19BANpKbj5aSX9bWs6gnBcHl0pNWwUNjgg/640?wx_fmt=jpeg" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="jpeg"  /></section></section></section></section></section></section></section><section style="text-align: center;justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 95%;vertical-align: top;height: auto;padding: 0px 13px 13px;border-left: 2px none rgba(227, 169, 124, 0.43);border-bottom-left-radius: 0px;border-bottom: 2px none rgba(227, 169, 124, 0.43);border-bottom-right-radius: 0px;border-right: 2px none rgba(227, 169, 124, 0.43);border-top-right-radius: 0px;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;margin: 0px 0% 10px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 0%;height: auto;align-self: center;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="transform: rotateZ(45deg);-webkit-transform: rotateZ(45deg);-moz-transform: rotateZ(45deg);-o-transform: rotateZ(45deg);box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 0px;margin: 0px 0%;box-sizing: border-box;"><section style="display: inline-block;width: 8px;height: 8px;vertical-align: top;overflow: hidden;border-width: 1px;border-radius: 0px;border-style: solid none none solid;border-color: rgb(31, 196, 253);box-sizing: border-box;line-height: 0;"><br  /></section></section></section></section><section style="display: inline-block;vertical-align: middle;width: auto;flex: 100 100 0%;align-self: center;height: auto;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(188, 188, 188);font-size: 12px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">毕马威《风投脉搏, 2017年第四季度》报告</p></section></section></section></section><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">《风投脉搏, 2017年第四季度》为毕马威发布的2017年第四季度及全年全球风险投资报告，内容包含全球、美洲、美国、欧洲、亚洲风险投资信息总结。我们将其信息整理、归纳如下，向您展现2017年全球、美洲、欧洲、亚洲的风险投资要点。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="margin: 10px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;border-width: 0px;border-radius: 1px;border-style: none;border-color: rgb(62, 62, 62);overflow: hidden;background-color: rgba(197, 227, 211, 0.34);padding: 0px 10px 0px 0px;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: top;width: auto;min-width: 10%;max-width: 100%;flex: 0 0 auto;height: auto;align-self: stretch;margin: 0px;box-sizing: border-box;"><section style="text-align: left;justify-content: flex-start;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 40px;vertical-align: top;overflow: hidden;border-radius: 0% 100px 100px 0%;border-width: 0px;border-style: none;border-color: rgb(62, 62, 62);background-color: rgb(160, 211, 192);padding: 0px;box-sizing: border-box;"><section style="margin: 8px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: center;color: rgb(255, 255, 255);box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">01</strong></p></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;flex: 100 100 0%;align-self: stretch;height: auto;padding: 8px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(83, 118, 105);box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">全球概览</p></section></section></section></section></section></section><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">2017年第四季度全球风投发展强劲，年度风投规模创历史新高</p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年第四季度，中国的滴滴出行和美团点评形成了40亿美元的巨额交易，蔚来汽车也在D轮融资中收获了10亿美元。美国也产生了3笔10亿美元以上的融资。该季度，总计六笔交易融资在10亿美元以上，是10亿美元以上大型交易数量最多的季度之一。受到第四季度投资市场的强劲助推，2017年的风险投资总额达到了1550亿美元，成为近十年最高值。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">全球风投交易量下降，单笔投资额上升</p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年第四季度，天使轮、种子轮阶段交易数量持续下降，投资者变得更倾向于在最有价值、最有潜力的公司上投入更多。全球的交易量下降，但是交易规模中位数提升。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="0.6006565" data-w="914" src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJO7bibvTd9GaOrUpLmkiaa0a7yqRbm3Aaqt0ZE2O3hialKk3Hx3QQLibvHA/640?wx_fmt=png" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="png"  /></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;margin: 0px 0% 10px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 0%;height: auto;align-self: center;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="transform: rotateZ(45deg);-webkit-transform: rotateZ(45deg);-moz-transform: rotateZ(45deg);-o-transform: rotateZ(45deg);box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 0px;margin: 0px 0%;box-sizing: border-box;"><section style="display: inline-block;width: 8px;height: 8px;vertical-align: top;overflow: hidden;border-width: 1px;border-radius: 0px;border-style: solid none none solid;border-color: rgb(31, 196, 253);box-sizing: border-box;line-height: 0;"><br  /></section></section></section></section><section style="display: inline-block;vertical-align: middle;width: auto;flex: 100 100 0%;align-self: center;height: auto;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(188, 188, 188);font-size: 12px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2010-2017年全球各阶段风险投资表现</p></section></section></section></section></section></section><section style="text-align: center;justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 95%;vertical-align: top;height: auto;padding: 0px 13px 13px;border-left: 2px none rgba(227, 169, 124, 0.43);border-bottom-left-radius: 0px;border-bottom: 2px none rgba(227, 169, 124, 0.43);border-bottom-right-radius: 0px;border-right: 2px none rgba(227, 169, 124, 0.43);border-top-right-radius: 0px;box-sizing: border-box;"><section style="margin: 20px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;padding: 0px;box-sizing: border-box;"><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">全球重点投资行业仍为软件，生物技术、健康行业风投强劲增长</p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年，软件公司仍在吸引大量风险投资，生物技术和健康行业也经历了强劲增长，仅制药和生物技术公司就吸引了160亿美元的全球风险投资，达到历史新高。同年，人工智能吸引全球投资额达到了120亿美元。2017年第四季度有一系列的人工智能风险投资大额交易，包括10亿美元的蔚来汽车，4.6亿美元的旷视和2.06亿美元的Indigo农业科技。</p></section></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="0.819849" data-w="927" src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJgnCNCThv5NwcSXQ36RGSuya2SdKgXMPdr2EtQibJDx2QoZMjLCcnUjg/640?wx_fmt=png" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="png"  /></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;margin: 0px 0% 10px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 0%;height: auto;align-self: center;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="transform: rotateZ(45deg);-webkit-transform: rotateZ(45deg);-moz-transform: rotateZ(45deg);-o-transform: rotateZ(45deg);box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 0px;margin: 0px 0%;box-sizing: border-box;"><section style="display: inline-block;width: 8px;height: 8px;vertical-align: top;overflow: hidden;border-width: 1px;border-radius: 0px;border-style: solid none none solid;border-color: rgb(31, 196, 253);box-sizing: border-box;line-height: 0;"><br  /></section></section></section></section><section style="display: inline-block;vertical-align: middle;width: auto;flex: 100 100 0%;align-self: center;height: auto;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(188, 188, 188);font-size: 12px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2013-2017年全球风险投资行业趋势（左侧按已完成交易数量计算；右侧按投资额计算）</p></section></section></section></section><section style="margin: 20px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;"><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">2018年全球风投预计保持强劲</p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2018年，风险投资市场预计将保持强劲，尤其是在人工智能、生物技术、农业科技和汽车技术等领域。预计2018年二级市场活动会增加，以便为早期投资者提供流动性。IPO活动有可能略有增加，尤其是在生物技术领域。</p></section></section><section style="justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 95%;vertical-align: top;height: auto;padding: 0px 13px 13px;border-left: 2px none rgba(227, 169, 124, 0.43);border-bottom-left-radius: 0px;border-bottom: 2px none rgba(227, 169, 124, 0.43);border-bottom-right-radius: 0px;border-right: 2px none rgba(227, 169, 124, 0.43);border-top-right-radius: 0px;box-sizing: border-box;"><section style="margin: 10px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;border-width: 0px;border-radius: 1px;border-style: none;border-color: rgb(62, 62, 62);overflow: hidden;background-color: rgba(197, 227, 211, 0.34);padding: 0px 10px 0px 0px;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: top;width: auto;min-width: 10%;max-width: 100%;flex: 0 0 auto;height: auto;align-self: stretch;margin: 0px;box-sizing: border-box;"><section style="text-align: left;justify-content: flex-start;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 40px;vertical-align: top;overflow: hidden;border-radius: 0% 100px 100px 0%;border-width: 0px;border-style: none;border-color: rgb(62, 62, 62);background-color: rgb(160, 211, 192);padding: 0px;box-sizing: border-box;"><section style="margin: 8px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: center;color: rgb(255, 255, 255);box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">02</strong></p></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;flex: 100 100 0%;align-self: stretch;height: auto;padding: 8px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(83, 118, 105);box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">美洲及美国投资要点</p></section></section></section></section></section></section><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年，美洲风险投资的最主要驱动者是美国。加拿大是第二大的风险投资交易市场，在2017年筹集资金超过4.35亿美元。2017年第四季度，巴西风险投资额大幅增长，墨西哥风险投资则出现下降。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2018年，预计美洲风险投资将增长。在美国和加拿大，区块链、人工智能、健康科技、生物技术、农业技术将成为投资关键领域。在巴西和拉丁美洲，支付、小额贷款、小企业融资等金融科技类投资将仍是重点内容。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">以下内容为2017年美国投资要点：</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">年度风投创历史新高，第四季度大额交易较多</p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年美国风险投资总额飙升至830亿美元，成为风险投资最强劲的一年。投资额增加但是交易量大幅下降，投资者倾向于对少数公司倾注更多的资金。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年第四季度，美国单季度投资额超过230亿美元，其中三家美国公司筹集了10亿美元以上的资金：乘车公司Lyft获得了15亿美元投资；癌症筛选生物技术公司Grail Technology获得了12亿美元投资；汽车金融公司Faraday Future获得了10亿美元。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">美国重点投资阶段位于后期阶段</p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年，美国风险投资者专注于后期交易，因而其他阶段的交易数量收到重创，种子轮交易数量的下降最为明显。2017年，种子轮交易占所有交易数量比例下降至不足30%。虽然数量下降，但是种子轮与A轮融资规模在增加。投资者进一步向下游买进，对早期公司进行更大规模投资。包括Grail Technology获得12亿美元的B轮融资和Harmony Bioscience获得2.7亿美元的融资。</p></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="0.6229686" data-w="923" src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJSHricgCoMBqqeIayndzSsCYTqOk41wCpGmrY4ZetK45dv5iaYs7hLUzA/640?wx_fmt=png" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="png"  /></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;margin: 0px 0% 10px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 0%;height: auto;align-self: center;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="transform: rotateZ(45deg);-webkit-transform: rotateZ(45deg);-moz-transform: rotateZ(45deg);-o-transform: rotateZ(45deg);box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 0px;margin: 0px 0%;box-sizing: border-box;"><section style="display: inline-block;width: 8px;height: 8px;vertical-align: top;overflow: hidden;border-width: 1px;border-radius: 0px;border-style: solid none none solid;border-color: rgb(31, 196, 253);box-sizing: border-box;line-height: 0;"><br  /></section></section></section></section><section style="display: inline-block;vertical-align: middle;width: auto;flex: 100 100 0%;align-self: center;height: auto;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(188, 188, 188);font-size: 12px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2010-2017年美国各阶段风险投资表现</p></section></section></section></section></section></section><section style="justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 95%;vertical-align: top;height: auto;padding: 0px 13px 13px;border-left: 2px none rgba(227, 169, 124, 0.43);border-bottom-left-radius: 0px;border-bottom: 2px none rgba(227, 169, 124, 0.43);border-bottom-right-radius: 0px;border-right: 2px none rgba(227, 169, 124, 0.43);border-top-right-radius: 0px;box-sizing: border-box;"><section style="margin: 20px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;padding: 0px;box-sizing: border-box;"><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">美国重点投资行业为健康科技、生物技术、农业技术<br style="box-sizing: border-box;"  /></p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年，风险投资、企业投资对健康科技和生物技术的兴趣大幅增长。社会对健康科技和生物技术的兴趣和投资预计将持续火热至2018年，并且考虑到市场规模与不断上涨的医疗成本这种关注只会进一步增加。2017年，农业技术投资大幅上涨，达到6亿美元以上，并且预计在2018年受关注度将提升。</p></section></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="0.5983087" data-w="946" src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJzWOMzn04iaKBs8OoJzgHa8UBETb9aaLibHc7qw22HGSdYB11gBoks8VA/640?wx_fmt=png" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="png"  /></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;margin: 0px 0% 10px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 0%;height: auto;align-self: center;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="transform: rotateZ(45deg);-webkit-transform: rotateZ(45deg);-moz-transform: rotateZ(45deg);-o-transform: rotateZ(45deg);box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 0px;margin: 0px 0%;box-sizing: border-box;"><section style="display: inline-block;width: 8px;height: 8px;vertical-align: top;overflow: hidden;border-width: 1px;border-radius: 0px;border-style: solid none none solid;border-color: rgb(31, 196, 253);box-sizing: border-box;line-height: 0;"><br  /></section></section></section></section><section style="display: inline-block;vertical-align: middle;width: auto;flex: 100 100 0%;align-self: center;height: auto;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(188, 188, 188);font-size: 12px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2014-2017年美国风险投资行业趋势（左侧按已完成交易数量计算；右侧按投资额计算）</p></section></section></section></section></section></section><section style="justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 95%;vertical-align: top;height: auto;padding: 0px 13px 13px;border-left: 2px none rgba(227, 169, 124, 0.43);border-bottom-left-radius: 0px;border-bottom: 2px none rgba(227, 169, 124, 0.43);border-bottom-right-radius: 0px;border-right: 2px none rgba(227, 169, 124, 0.43);border-top-right-radius: 0px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;" powered-by="gulangu"><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">2018年美国风投延续乐观情绪</p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2018年美国投资市场预计将延续2017年的乐观情绪。税法改革将对风险投资产生积极影响，吸引海外资金回流，可能会为并购带来更多流动性。2018年年初， IPO活动前景乐观，尤其是生物科技类公司。对人工智能、区块链的投资也有望增长。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="margin: 10px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;border-width: 0px;border-radius: 1px;border-style: none;border-color: rgb(62, 62, 62);overflow: hidden;background-color: rgba(197, 227, 211, 0.34);padding: 0px 10px 0px 0px;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: top;width: auto;min-width: 10%;max-width: 100%;flex: 0 0 auto;height: auto;align-self: stretch;margin: 0px;box-sizing: border-box;"><section style="text-align: left;justify-content: flex-start;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 40px;vertical-align: top;overflow: hidden;border-radius: 0% 100px 100px 0%;border-width: 0px;border-style: none;border-color: rgb(62, 62, 62);background-color: rgb(160, 211, 192);padding: 0px;box-sizing: border-box;"><section style="margin: 8px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: center;color: rgb(255, 255, 255);box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">03</strong></p></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;flex: 100 100 0%;align-self: stretch;height: auto;padding: 8px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(83, 118, 105);box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">欧洲投资要点</p></section></section></section></section></section></section><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;" powered-by="gulangu"><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">欧洲风投交易量下降，但规模上升，年度风投规模创记录</p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">欧洲风险投资者更关注项目的质量而非数量，各交易阶段的交易额中位数都在增加，后期阶段投资额的增幅最大。</p></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="0.5701944" data-w="926" src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJBUfokX6a2tZU4vb1Ekz2gdH8zjpibx1gkvgzkjb1W71h5ONxcnjAYqQ/640?wx_fmt=png" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="png"  /></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;margin: 0px 0% 10px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 0%;height: auto;align-self: center;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="transform: rotateZ(45deg);-webkit-transform: rotateZ(45deg);-moz-transform: rotateZ(45deg);-o-transform: rotateZ(45deg);box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 0px;margin: 0px 0%;box-sizing: border-box;"><section style="display: inline-block;width: 8px;height: 8px;vertical-align: top;overflow: hidden;border-width: 1px;border-radius: 0px;border-style: solid none none solid;border-color: rgb(31, 196, 253);box-sizing: border-box;line-height: 0;"><br  /></section></section></section></section><section style="display: inline-block;vertical-align: middle;width: auto;flex: 100 100 0%;align-self: center;height: auto;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(188, 188, 188);font-size: 12px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2010-2017年欧洲各阶段风险投资表现</p></section></section></section></section></section></section><section style="justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 95%;vertical-align: top;height: auto;padding: 0px 13px 13px;border-left: 2px none rgba(227, 169, 124, 0.43);border-bottom-left-radius: 0px;border-bottom: 2px none rgba(227, 169, 124, 0.43);border-bottom-right-radius: 0px;border-right: 2px none rgba(227, 169, 124, 0.43);border-top-right-radius: 0px;box-sizing: border-box;"><section style="margin: 20px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;padding: 0px;box-sizing: border-box;"><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">欧洲重点投资行业为制药和生物技术<br style="box-sizing: border-box;"  /></p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年第四季度，欧洲的制药和生物技术吸引了大量风投，达到创纪录的23.7亿美元，瑞士ADC Therapeutics筹集了2亿美元，德国CureVac筹集了1亿美元，英国也有着数量相当的生物技术投资。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br  /></p><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">德国风险投资提升显著，英国第四季度投资额大幅提升，法国在风投市场重要性提升管</p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年，德国的风投方式与欧洲整体方式一致：投更多资金在少数高质量公司上，而不是投资众多机会。2017年，企业在德国风险投资市场的参与度提升。德国重点投资行业为生物技术、金融科技和自动化。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年第四季度，英国风险投资创下新高，共有7笔投资在1亿美元以上，分别为Deliveroo，Truphone，TransferWise，OakNorth，The Ink Factory，Orchard Therapeutics和SecretEscapes。英国政府宣布设立专项基金，支持企业启动和扩大规模，包括用于人工智能的7500万英镑和用于电动汽车充电站的4亿英镑。英国重点投资行业为金融科技。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年，法国风险投资主要集中于健康科技、生物技术、人工智能。法国风险投资总额低于英国，但有更多的交易量。</p></section></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="0.819849" data-w="927" src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJgnCNCThv5NwcSXQ36RGSuya2SdKgXMPdr2EtQibJDx2QoZMjLCcnUjg/640?wx_fmt=png" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="png"  /></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;margin: 0px 0% 10px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 0%;height: auto;align-self: center;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="transform: rotateZ(45deg);-webkit-transform: rotateZ(45deg);-moz-transform: rotateZ(45deg);-o-transform: rotateZ(45deg);box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 0px;margin: 0px 0%;box-sizing: border-box;"><section style="display: inline-block;width: 8px;height: 8px;vertical-align: top;overflow: hidden;border-width: 1px;border-radius: 0px;border-style: solid none none solid;border-color: rgb(31, 196, 253);box-sizing: border-box;line-height: 0;"><br  /></section></section></section></section><section style="display: inline-block;vertical-align: middle;width: auto;flex: 100 100 0%;align-self: center;height: auto;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(188, 188, 188);font-size: 12px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2013-2017年全球风险投资行业趋势（左侧按已完成交易数量计算；右侧按投资额计算）</p></section></section></section></section><section style="margin: 20px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;"><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">2018年欧洲风投预计持续蓬勃发展<br style="box-sizing: border-box;"  /></p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">预计PSD2的实施将对金融科技的投资模式产生重大影响。2018年，金融科技、健康科技、自动化和农业技术有望吸引更多的投资。</p></section></section></section></section><section style="justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 95%;vertical-align: top;height: auto;padding: 0px 13px 13px;border-left: 2px none rgba(227, 169, 124, 0.43);border-bottom-left-radius: 0px;border-bottom: 2px none rgba(227, 169, 124, 0.43);border-bottom-right-radius: 0px;border-right: 2px none rgba(227, 169, 124, 0.43);border-top-right-radius: 0px;box-sizing: border-box;"><section style="margin: 10px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;border-width: 0px;border-radius: 1px;border-style: none;border-color: rgb(62, 62, 62);overflow: hidden;background-color: rgba(197, 227, 211, 0.34);padding: 0px 10px 0px 0px;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: top;width: auto;min-width: 10%;max-width: 100%;flex: 0 0 auto;height: auto;align-self: stretch;margin: 0px;box-sizing: border-box;"><section style="text-align: left;justify-content: flex-start;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 40px;vertical-align: top;overflow: hidden;border-radius: 0% 100px 100px 0%;border-width: 0px;border-style: none;border-color: rgb(62, 62, 62);background-color: rgb(160, 211, 192);padding: 0px;box-sizing: border-box;"><section style="margin: 8px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: center;color: rgb(255, 255, 255);box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">04</strong></p></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;flex: 100 100 0%;align-self: stretch;height: auto;padding: 8px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(83, 118, 105);box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">亚洲投资要点</p></section></section></section></section></section></section><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;" powered-by="gulangu"><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">风投交易量下降，但年度风投规模达到历史高位<br style="box-sizing: border-box;"  /></p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年第四季度，亚洲风险投资达150亿美元，推动亚洲全年风险投资超过450亿美元。投资交易量整体下降，其中天使轮和种子轮交易量下降尤为明显，二者占各投资阶段交易数量的比值由50%急剧下降致10%。</p></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="0.6718404" data-w="902" src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJ2BFiblATwuWblVdQxNRaYbznHNRmRpHZhlnHicsTicW9X87NIlQPZ7AaA/640?wx_fmt=png" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="png"  /></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;margin: 0px 0% 10px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 0%;height: auto;align-self: center;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="transform: rotateZ(45deg);-webkit-transform: rotateZ(45deg);-moz-transform: rotateZ(45deg);-o-transform: rotateZ(45deg);box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 0px;margin: 0px 0%;box-sizing: border-box;"><section style="display: inline-block;width: 8px;height: 8px;vertical-align: top;overflow: hidden;border-width: 1px;border-radius: 0px;border-style: solid none none solid;border-color: rgb(31, 196, 253);box-sizing: border-box;line-height: 0;"><br  /></section></section></section></section><section style="display: inline-block;vertical-align: middle;width: auto;flex: 100 100 0%;align-self: center;height: auto;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(188, 188, 188);font-size: 12px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2010-2017年亚洲各阶段风险投资表现</p></section></section></section></section></section></section><section style="justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 95%;vertical-align: top;height: auto;padding: 0px 13px 13px;border-left: 2px none rgba(227, 169, 124, 0.43);border-bottom-left-radius: 0px;border-bottom: 2px none rgba(227, 169, 124, 0.43);border-bottom-right-radius: 0px;border-right: 2px none rgba(227, 169, 124, 0.43);border-top-right-radius: 0px;box-sizing: border-box;"><section style="margin: 20px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;padding: 0px;box-sizing: border-box;"><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">中国关注自动技术，印度重视金融科技，人工智能影响持续扩大<br style="box-sizing: border-box;"  /></p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年第四季度，腾讯向蔚来汽车投资10亿美元。为汽车行业提供技术解决方案的公司吸引了大量亚洲风险投资者。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">印度重点投资领域为金融科技，人工智能、客户关系管理和数据分析，也是投资者关注的热门领域。也有着强大的种子轮和天使轮交易，但交易融资中期仍与中国有巨大差异。</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">在亚洲，人工智能尤其是与健康科技、金融科技相关的人工智能引起了投资者极大兴趣。2017年第四季度，一家面部识别人工智能公司SenseTime Group吸引了5亿美元投资，Face++也获得了4.6亿美元的投资。</p></section></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="1.0513699" data-w="876" src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJrmiaYfXJLVic0JFLevZ19gtsgL8SVLhBCK1ibibDrfMqlI9oAZibtCzJG5g/640?wx_fmt=png" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="png"  /></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;margin: 0px 0% 10px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 0%;height: auto;align-self: center;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="transform: rotateZ(45deg);-webkit-transform: rotateZ(45deg);-moz-transform: rotateZ(45deg);-o-transform: rotateZ(45deg);box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 0px;margin: 0px 0%;box-sizing: border-box;"><section style="display: inline-block;width: 8px;height: 8px;vertical-align: top;overflow: hidden;border-width: 1px;border-radius: 0px;border-style: solid none none solid;border-color: rgb(31, 196, 253);box-sizing: border-box;line-height: 0;"><br  /></section></section></section></section><section style="display: inline-block;vertical-align: middle;width: auto;flex: 100 100 0%;align-self: center;height: auto;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(188, 188, 188);font-size: 12px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2014-2017年亚洲风险投资行业趋势（左侧按已完成交易数量计算；右侧按投资额计算）</p></section></section></section></section><section style="margin: 20px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;"><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">2018年亚洲风投预计持续蓬勃发展<br style="box-sizing: border-box;"  /></p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2018年，预计自动技术、人工智能和企业服务将继续获得大额投资。同时，印度语互联网用户不断增加，对多语言技术与与访问的需求增加，可能会引起相关投资。过去两年实践中，共享单车市场区域饱和，摩拜和ofo成为行业主导者，但其他公司已经失败并消亡。2018年，共享单车市场可能会出现整合。</p></section></section></section></section><section style="justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 95%;vertical-align: top;height: auto;padding: 0px 13px 13px;border-left: 2px none rgba(227, 169, 124, 0.43);border-bottom-left-radius: 0px;border-bottom: 2px none rgba(227, 169, 124, 0.43);border-bottom-right-radius: 0px;border-right: 2px none rgba(227, 169, 124, 0.43);border-top-right-radius: 0px;box-sizing: border-box;"><section style="margin: 10px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;vertical-align: top;border-width: 0px;border-radius: 1px;border-style: none;border-color: rgb(62, 62, 62);overflow: hidden;background-color: rgba(197, 227, 211, 0.34);padding: 0px 10px 0px 0px;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;box-sizing: border-box;"><section style="display: inline-block;vertical-align: top;width: auto;min-width: 10%;max-width: 100%;flex: 0 0 auto;height: auto;align-self: stretch;margin: 0px;box-sizing: border-box;"><section style="text-align: left;justify-content: flex-start;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 40px;vertical-align: top;overflow: hidden;border-radius: 0% 100px 100px 0%;border-width: 0px;border-style: none;border-color: rgb(62, 62, 62);background-color: rgb(160, 211, 192);padding: 0px;box-sizing: border-box;"><section style="margin: 8px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: center;color: rgb(255, 255, 255);box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">05</strong></p></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: auto;flex: 100 100 0%;align-self: stretch;height: auto;padding: 8px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(83, 118, 105);box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">各大区大额风险投资项目</p></section></section></section></section></section></section><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;" powered-by="gulangu"><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">2017年美洲风投规模前十项目<br style="box-sizing: border-box;"  /></p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">下图为2017年美洲风投规模最高的项目，所有项目均位于美国。第一名至第十名分别为Lyft，Grail，Faraday Future，Magic Leap， Compass， SpaceX， Essential Product， Ginkgo Bioworks， Harmony Biosciences， Via。所有项目吸引投资额15亿美元至2.5亿美元不等。其中3家为移动出行类公司，3家为生物技术类公司，剩余4家分别为增强现实、房地产服务、航空航天和电子商务领域公司。</p></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="1.0899242" data-w="923" src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJJQ4UJDBG35135tu1nKUb10qOx10sRdiatBQa8XNpdHeS2KbgmSHLL1w/640?wx_fmt=png" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="png"  /></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;margin: 0px 0% 10px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 0%;height: auto;align-self: center;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="transform: rotateZ(45deg);-webkit-transform: rotateZ(45deg);-moz-transform: rotateZ(45deg);-o-transform: rotateZ(45deg);box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 0px;margin: 0px 0%;box-sizing: border-box;"><section style="display: inline-block;width: 8px;height: 8px;vertical-align: top;overflow: hidden;border-width: 1px;border-radius: 0px;border-style: solid none none solid;border-color: rgb(31, 196, 253);box-sizing: border-box;line-height: 0;"><br  /></section></section></section></section><section style="display: inline-block;vertical-align: middle;width: auto;flex: 100 100 0%;align-self: center;height: auto;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(188, 188, 188);font-size: 12px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年美洲风投规模前十项目分布</p></section></section></section></section></section></section><section style="justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 95%;vertical-align: top;height: auto;padding: 0px 13px 13px;border-left: 2px none rgba(227, 169, 124, 0.43);border-bottom-left-radius: 0px;border-bottom: 2px none rgba(227, 169, 124, 0.43);border-bottom-right-radius: 0px;border-right: 2px none rgba(227, 169, 124, 0.43);border-top-right-radius: 0px;box-sizing: border-box;"><section style="margin: 20px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;padding: 0px;box-sizing: border-box;"><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">2017年欧洲风投规模前十项目<br style="box-sizing: border-box;"  /></p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">下图为2017年欧洲风投规模最高的项目，大部分项目位于英国。第一名至第十名分别为Deliveroo, Truphone, TransferWise, OakNorth, ADC Therapeutics, The Ink Factory, Orchard Therapeutics, Secret Escapes, BIMA, CureVac，项目吸引投资额4.82亿美元至1亿美元不等。涉及领域较为广泛包括互联网零售、社交、金融、休闲、生物科技、保险科技等。</p></section></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="1.1872197" data-w="892" src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJE8OeQPekgKNibk6SGF5faXN4ib7ib0lQN7ZAicTbOX3p9Zhzib8YrBSZfqQ/640?wx_fmt=png" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="png"  /></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;margin: 0px 0% 10px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 0%;height: auto;align-self: center;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="transform: rotateZ(45deg);-webkit-transform: rotateZ(45deg);-moz-transform: rotateZ(45deg);-o-transform: rotateZ(45deg);box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 0px;margin: 0px 0%;box-sizing: border-box;"><section style="display: inline-block;width: 8px;height: 8px;vertical-align: top;overflow: hidden;border-width: 1px;border-radius: 0px;border-style: solid none none solid;border-color: rgb(31, 196, 253);box-sizing: border-box;line-height: 0;"><br  /></section></section></section></section><section style="display: inline-block;vertical-align: middle;width: auto;flex: 100 100 0%;align-self: center;height: auto;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(188, 188, 188);font-size: 12px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年亚洲风投规模前十项目分布</p></section></section></section></section><section style="margin: 20px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;"><ul class="list-paddingleft-2" style="list-style-type: disc;box-sizing: border-box;"><li style="box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">2017年亚洲风投规模前十项目<br style="box-sizing: border-box;"  /></p></li></ul><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">下图为2017年亚洲风投规模最高的项目，所有项目均位于中国。第一名至第十名分别为滴滴出行、美团-点评、蔚来汽车、瓜子、哈罗单车、旷视、大搜车、途家网、我来贷、航天科工火箭技术有限公司。吸引投资额40亿美元至1.8亿美元不等，其中3家为移动出行类公司、3家为电子商务公司，剩余四家分别为人脸识别、休闲、金融、航空航天领域公司。</p></section></section><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="1.0864461" data-w="937" src="http://mmbiz.qpic.cn/mmbiz_png/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJdjOQt1GC8fRATy2QLI5xCVPNjgIic1411qyULol0VNlVPsvKM5Oe28A/640?wx_fmt=png" style="vertical-align: middle;max-width: 100%;box-sizing: border-box;" data-type="png"  /></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: flex;flex-flow: row nowrap;margin: 0px 0% 10px;box-sizing: border-box;"><section style="display: inline-block;vertical-align: middle;width: auto;flex: 0 0 0%;height: auto;align-self: center;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="transform: rotateZ(45deg);-webkit-transform: rotateZ(45deg);-moz-transform: rotateZ(45deg);-o-transform: rotateZ(45deg);box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 0px;margin: 0px 0%;box-sizing: border-box;"><section style="display: inline-block;width: 8px;height: 8px;vertical-align: top;overflow: hidden;border-width: 1px;border-radius: 0px;border-style: solid none none solid;border-color: rgb(31, 196, 253);box-sizing: border-box;line-height: 0;"><br  /></section></section></section></section><section style="display: inline-block;vertical-align: middle;width: auto;flex: 100 100 0%;align-self: center;height: auto;padding: 0px 0px 0px 10px;box-sizing: border-box;"><section style="text-align: justify;color: rgb(188, 188, 188);font-size: 12px;padding: 0px;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">2017年亚洲风投规模前十项目分布</p></section></section></section></section><section style="margin: 20px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;color: rgb(146, 118, 116);line-height: 1.8;letter-spacing: 1px;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">各大区表现突出、获得大额风险投资额的项目集中程度较强。首先，其地理集聚程度均较强，美洲与亚洲各自吸引风险投资额在前10位的公司均集中于美国或是中国，欧洲吸引风险投资额在前10位的公司也绝大部分位于英国；其次，其行业集中程度也较强，移动出行与生物技术是两个在2017年获大额风险投资项目较为集中的行业。<br style="box-sizing: border-box;"  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">本文为《风投脉搏, 2017年第四季度》的精华解读及摘录，重点摘录和总结了全球、美洲、欧洲、亚洲投资要点及各大区获得风险投资额最高项目的信息。2017年，全球及各大区风险投资均发展迅猛达到创历史新高，生物技术、健康技术、人工智能、自动化技术等为全球及各大区重点风险投资领域。预计2018年，全球与各大区风险投资将延续2017年的态势，蓬勃发展。</p></section></section></section></section></section></section><section style="color: rgb(186, 146, 143);box-sizing: border-box;" powered-by="gulangu"><p style="text-align: center;white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">～ THE END ～</strong></p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: right;justify-content: flex-end;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 45%;vertical-align: top;height: auto;border-bottom: 2px dashed rgba(227, 169, 124, 0.2);border-bottom-right-radius: 0px;box-sizing: border-box;"><section style="margin: 0px 0% -13px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: top;width: 33%;box-sizing: border-box;"><section style="text-align: center;margin: 0px 0%;justify-content: center;opacity: 0.3;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(216, 223, 224);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: top;width: 33%;box-sizing: border-box;"><section style="text-align: center;margin: 0px 0%;justify-content: center;opacity: 0.23;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(239, 205, 175);border-radius: 100%;border-width: 2px;border-style: dashed;border-color: rgba(239, 233, 207, 0);padding: 0px;box-sizing: border-box;"><section style="opacity: 0.43;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: middle;width: 1%;box-sizing: border-box;"><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 1px;height: 150px;vertical-align: top;overflow: hidden;box-sizing: border-box;line-height: 0;"><br  /></section></section></section><section style="display: inline-block;vertical-align: middle;width: 99%;padding: 0px 15px;box-sizing: border-box;line-height: 0;"><section style="line-height: 0;width:0;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section></section><section style="display: inline-block;vertical-align: top;width: 33%;box-sizing: border-box;"><section style="text-align: center;margin: 0px 0%;justify-content: center;opacity: 0.33;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 30px;height: 30px;vertical-align: top;overflow: hidden;background-color: rgb(242, 207, 201);border-radius: 100%;border-width: 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border-box;"  /></p></section><section style="text-align: left;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 40%;vertical-align: top;background-color: rgb(243, 167, 186);box-sizing: border-box;"><section style="margin: 10px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section></section></section><section style="text-align: left;margin: -40px 0% 0px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 60%;vertical-align: top;border-top: 5px solid rgb(237, 194, 113);border-top-left-radius: 0px;box-sizing: border-box;"><section style="margin: 10px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section></section></section><section style="margin: 10px 0%;text-align: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;border-color: rgb(181, 190, 143);border-style: none;border-width: 1px;background-color: rgb(243, 167, 186);border-radius: 0px;box-sizing: border-box;"><section style="margin: -30px 0% 10px;transform: translate3d(5px, 0px, 0px);-webkit-transform: translate3d(5px, 0px, 0px);-moz-transform: translate3d(5px, 0px, 0px);-o-transform: translate3d(5px, 0px, 0px);opacity: 0.77;text-align: right;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: justify;font-size: 42px;color: rgba(68, 69, 225, 0.86);letter-spacing: 7px;line-height: 1.5;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;">一览众山小<br style="box-sizing: border-box;"  /></strong></p></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 90%;vertical-align: top;box-sizing: border-box;"><section style="text-align: right;transform: translate3d(60px, 0px, 0px);-webkit-transform: translate3d(60px, 0px, 0px);-moz-transform: translate3d(60px, 0px, 0px);-o-transform: translate3d(60px, 0px, 0px);box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;vertical-align: top;width: 33.33%;box-sizing: border-box;"><section style="text-align: left;margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;width: 93%;box-sizing: border-box;"><img data-ratio="1.4675768" data-w="586" src="http://mmbiz.qpic.cn/mmbiz_jpg/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJyz2hJ3DZde0K7pibnWkfh1u2oZsj2tGdQDAXRf0vljBb8txdRAFrArA/640?wx_fmt=jpeg" style="vertical-align: middle;max-width: 100%;width: 100%;box-sizing: border-box;" width="100%" data-type="jpeg"  /></section></section></section><section style="display: inline-block;vertical-align: top;width: 33.33%;box-sizing: border-box;"><section style="text-align: center;margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;width: 100%;box-sizing: border-box;"><img data-ratio="1.2463533" data-w="617" src="http://mmbiz.qpic.cn/mmbiz_jpg/mee9Bdh9Tia9QTiakdKMeKxQqjzCa0awSJK4CGnMgAhtjEebib1iaKTAsxTa3ibjX5csS0nchSwvQd2MusfPI2DxZZg/640?wx_fmt=jpeg" style="vertical-align: middle;max-width: 100%;width: 100%;box-sizing: border-box;" width="100%" data-type="jpeg"  /></section></section></section><section style="display: inline-block;vertical-align: top;width: 33.33%;box-sizing: border-box;line-height: 0;"><section style="line-height: 0;width:0;"><svg viewbox="0 0 1 1" style="vertical-align:top;"></svg></section></section></section></section></section><section style="transform: rotateZ(180deg);-webkit-transform: rotateZ(180deg);-moz-transform: rotateZ(180deg);-o-transform: rotateZ(180deg);box-sizing: border-box;" powered-by="gulangu"><section style="margin: 10px 0% -30px;transform: translate3d(5px, 0px, 0px) rotateX(180deg);-webkit-transform: translate3d(5px, 0px, 0px) rotateX(180deg);-moz-transform: translate3d(5px, 0px, 0px) rotateX(180deg);-o-transform: translate3d(5px, 0px, 0px) rotateX(180deg);opacity: 0.77;text-align: right;box-sizing: border-box;"><section style="text-align: justify;font-size: 42px;color: rgba(68, 69, 225, 0.86);letter-spacing: 7px;line-height: 1.5;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><span style="font-family: Optima-Regular, PingFangTC-light;box-sizing: border-box;"><strong style="box-sizing: border-box;">免费下载<br style="box-sizing: border-box;"  /></strong></span></p></section></section></section></section></section><section style="text-align: left;transform: translate3d(50px, 0px, 0px);-webkit-transform: translate3d(50px, 0px, 0px);-moz-transform: translate3d(50px, 0px, 0px);-o-transform: translate3d(50px, 0px, 0px);box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 20%;vertical-align: top;border-top: 2px none rgb(255, 202, 0);border-top-left-radius: 0px;border-bottom: 3px solid rgb(125, 146, 160);border-bottom-right-radius: 0px;box-sizing: border-box;"><section style="text-align: justify;box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section></section><section style="margin: 10px 0%;transform: translate3d(50px, 0px, 0px);-webkit-transform: translate3d(50px, 0px, 0px);-moz-transform: translate3d(50px, 0px, 0px);-o-transform: translate3d(50px, 0px, 0px);box-sizing: border-box;" powered-by="gulangu"><section style="line-height: 1.8;font-size: 12px;color: rgb(125, 146, 160);letter-spacing: 2px;box-sizing: border-box;"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">免费下载一览众山小提供的原文资料：</p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">微信公众号 后台留言<br style="box-sizing: border-box;"  /></p><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;">或电邮 Daizongliu@qq.com </p></section></section><section style="margin: 10px 0%;text-align: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 100%;border-color: rgb(181, 190, 143);border-style: none;border-width: 1px;background-color: rgba(228, 11, 66, 0.12);border-radius: 0px;box-sizing: border-box;"><section style="margin-top: 10px;margin-bottom: 10px;font-size: 18px;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;border-radius: 6px;line-height: 1.6em;background-color: rgb(255, 255, 255);box-sizing: border-box;"><section style="border-radius: 6px 0px 0px 6px;display: inline-block;vertical-align: top;background-color: rgb(240, 133, 192);width: 1.6em;height: 1.6em;color: rgb(255, 255, 255);box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">01</p></section><section style="padding: 0px 5px;display: inline-block;vertical-align: top;color: rgb(62, 62, 62);letter-spacing: 3px;line-height: 1.6;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">KPMG-Venture Pulse</p></section></section></section></section></section><section style="text-align: center;margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;box-sizing: border-box;"><img data-ratio="1.4294385" data-w="659" 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0%;box-sizing: border-box;" powered-by="gulangu"><section style="text-align: center;font-size: 14px;padding: 0px;letter-spacing: 5px;line-height: 1.3;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;"><span style="color:#ba0000;box-sizing: border-box;"><span style="color: transparent;background-image: linear-gradient(115deg, rgb(254, 169, 156) 0%, rgb(255, 207, 164) 20%, rgb(254, 246, 158) 40%, rgb(171, 254, 150) 60%, rgb(152, 224, 252) 80%, rgb(186, 158, 255) 100%);-webkit-background-clip: text;box-sizing: border-box;">一览众山小</span></span></strong></p><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><strong style="box-sizing: border-box;"><span style="color:#ba0000;box-sizing: border-box;"><span style="color: transparent;background-image: linear-gradient(115deg, rgb(254, 169, 156) 0%, rgb(255, 207, 164) 20%, rgb(254, 246, 158) 40%, rgb(171, 254, 150) 60%, rgb(152, 224, 252) 80%, rgb(186, 158, 255) 100%);-webkit-background-clip: text;box-sizing: border-box;"> 可持续城市与交通</span></span></strong></p></section></section><section style="margin: 10px 0%;text-align: center;justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="display: inline-block;width: 25%;vertical-align: top;border-style: solid;border-width: 3px;border-radius: 10px;border-color: rgb(242, 108, 144);padding: 10px;height: auto;overflow: hidden;background-color: rgb(233, 244, 249);box-sizing: border-box;"><section style="margin: 0px 0%;box-sizing: border-box;" powered-by="gulangu"><section style="max-width: 100%;vertical-align: middle;display: inline-block;line-height: 0;border-width: 4px;border-radius: 5px;border-style: solid;border-color: rgb(252, 247, 201);overflow: hidden;width: 100%;height: auto;box-sizing: border-box;"><img data-ratio="0.9185185" data-w="1080" src="http://mmbiz.qpic.cn/mmbiz_jpg/mee9Bdh9TiaibnPCK1xCFMN9KfJwpgynPJIo49NOuibL8IXV7rWaoficsCuynCvPv7BEicmXQ2aHVAohRVl1lOHS8sg/640?wx_fmt=jpeghigh" style="vertical-align: middle;max-width: 100%;width: 100%;box-sizing: border-box;" width="100%" data-type="jpeghigh"  /></section></section></section></section><section style="text-align: center;justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 12px;letter-spacing: 2.5px;line-height: 2.2;padding: 0px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><span style="background-color: rgb(246, 199, 211);box-sizing: border-box;"> 我们 </span> | 作为独立的专业志愿者团体</p><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><span style="background-color: rgb(246, 199, 211);box-sizing: border-box;"> 秉承 </span> | 专业理想与价值观</p><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><span style="background-color: rgb(246, 199, 211);box-sizing: border-box;"> 信守</span><span style="background-color: rgb(246, 199, 211);box-sizing: border-box;"> </span> | 非盈利原则</p><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><span style="background-color: rgb(246, 199, 211);box-sizing: border-box;"> 愿景 </span> | 帮助中国城市可持续发展</p><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><span style="background-color: rgb(246, 199, 211);box-sizing: border-box;"> 关注 </span> | 城市、交通、公共空间与大数据</p></section></section><section style="text-align: center;justify-content: center;box-sizing: border-box;" powered-by="gulangu"><section style="font-size: 12px;letter-spacing: 2.5px;line-height: 2.2;padding: 0px;box-sizing: border-box;"><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><span style="background-color: rgb(246, 199, 211);box-sizing: border-box;"> 至今 </span> | 我们已经拥有遍布全球近500名志愿者</p><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><span style="background-color: rgb(246, 199, 211);box-sizing: border-box;"> 推送 </span> | 近3000篇原创专业译文</p><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><span style="background-color: rgb(246, 199, 211);box-sizing: border-box;"> 感谢</span><span style="background-color: rgb(246, 199, 211);box-sizing: border-box;"> </span> | 过去6年多来您的支持</p><p style="margin: 0px;padding: 0px;box-sizing: border-box;"><span style="background-color: rgb(246, 199, 211);box-sizing: border-box;"> 欢迎 </span> | 后台留言“志愿者”了解如何加入</p></section></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section><section style="text-align: center;font-size: 12px;letter-spacing: 2px;padding: 0px;color: rgb(125, 146, 160);box-sizing: border-box;" powered-by="gulangu"><p style="margin: 0px;padding: 0px;box-sizing: border-box;">2014-2020 ? 转载请注明：</p><p style="margin: 0px;padding: 0px;box-sizing: border-box;">转载自公众号“”</p></section><section style="box-sizing: border-box;" powered-by="gulangu"><p style="white-space: normal;margin: 0px;padding: 0px;box-sizing: border-box;"><br style="box-sizing: border-box;"  /></p></section></section></section></section>
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