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你好,，这是伊芙琳,，从北京给您写信。欢迎阅读最新一期的《中国连线—》，其中概述了我'm 在当地企业的所见所闻。
Hi, this is Evelyn, writing to you from Beijing. Welcome to the latest edition of The China Connection — a snapshot of what I'm seeing and hearing from local businesses.
人工智能的崛起可能会在中国:体验经济中创造一个意想不到的赢家。
The rise of artificial intelligence could be creating an unexpected winner in China: the experience economy.
大故事
The big story
资金可能会涌入 AI,，但对于 BAI Capital的 Annabelle Yu Long, 来说，中国消费者仍然是王者。
Money might be piling into AI, but for BAI Capital的 Annabelle Yu Long, the Chinese consumer is still king.
她说，人工智能的 " 意外后果 " 是人类之间互动方式的转变 — 以及他们周围的企业, 的互动方式。这意味着现在是"了解未来消费趋势,的最佳时机"，这将需要更多地关注线下体验。
An "unintended consequence" of AI is the transformation of how humans interact with each other — and the businesses around them, she said. That means now is the "best time" to get in on the consumer trends of the future, which will require much more focus on offline experiences.
总部位于北京的 BAI Capital,，其根源在于德国媒体集团贝塔斯曼,，5 月份为其最新的美元基金 — 筹集了 248 亿美元，这在中国的风险投资界, 中相对罕见，该公司最近在人民币计价基金方面更加倾向于本地投资者。
Beijing-based BAI Capital, whose roots lie in German media conglomerate Bertelsmann, raised $800 million in May for its latest U.S. dollar fund — a relative rarity in China的 venture capital world, which has recently leaned more on local investors for Chinese yuan-denominated funds.
Long 表示，她在进行投资时会考虑三件事: 公司是监管中立的, 面向消费者且以市场为导向。
Long said she looks for three things when making investments: that the companies are regulation-neutral, consumer-facing and market-oriented.
"并非所有技术都必须是书呆子,必须是航空航天,量子计算,所谓的硬核,"她说。 "If I was able to invest into the next TikTok, ByteDance ... I'd be more than happy to do it, in addition to the Nintendos, the Sonys and Panasonics arising from China.我现在看到了这种情况。"
"Not all technology has to be nerdy, has to be aerospace, quantum computing, so-called hard core," she said. "If I was able to invest into the next TikTok, ByteDance ... I'd be more than happy to do it, in addition to the Nintendos, the Sonys and Panasonics arising from China. I see it happening now."
全球投资者长期以来一直关注着中国数亿消费者的潜力。但自大流行,以来，支出仍然低迷，而资金却流入了AI,芯片和硬件。 5 月份零售额出现负增长，6 月份勉强实现 1% 的增长。
Global investors have long eyed the potential of China的 hundreds of millions of consumers. But spending has remained sluggish since the pandemic, while money has flowed instead into AI, chips and hardware. Retail sales turned negative in May before eking out 1% growth in June.
In an effort to boost spending, China launched a nationwide trade-in subsidy program in 2024, encouraging consumers to trade in old goods for new ones.与此同时，地方当局,正在尝试其他方式来吸引居民和外国游客消费。
In an effort to boost spending, China launched a nationwide trade-in subsidy program in 2024, encouraging consumers to trade in old goods for new ones. Local authorities, meanwhile, are trying other ways to get residents and foreign tourists to spend.
位于北京市中心的传统王府井购物区正在尝试通过更多的亲身体验, 进行自我改造，例如即将推出的以虚拟现实和爱奇艺 网剧角色为特色的主题区。
The traditional Wangfujing shopping district in downtown Beijing is trying to revamp itself with more in-person experiences, such as a forthcoming themed area featuring virtual reality and characters from iQiyi的 online dramas.
Sharon Tan, 从事王府井项目, 咨询公司北京 Lyvion International, 首席执行官, 表示，她也希望让 Vogue 母公司 Condé Nast 加入。年轻人'的需求最终决定了消费场所, Tan本月对记者表示。 Condé Nast 没有立即回复 CNBC 的置评请求。
Sharon Tan, CEO of consultancy Beijing Lyvion International, which is working on the Wangfujing project, said she is also looking to get Vogue parent Condé Nast on board. Young people的 demands ultimately shape consumer venues, Tan told reporters this month. Condé Nast did not immediately respond to a CNBC request for comment.
在 7 月发布的新措施中 13, 中国政策制定者明确表示，未来五年的重点是支持以体验为中心的消费,，例如表演艺术和体育领域。
In new measures published July 13, Chinese policymakers made clear that their focus over the next five years is to support experience-focused consumption, such as in the performing arts and sports.
'真正的线下社交关系'
'Genuine offline social connections'
比利时的 Tomorrowland电子音乐节去年,来到中国，首场活动在上海举行。该赛事由 BAI 支持的 Dino Ying的 Hero Esports 和 INS Land, 合作举办。
Belgium的 Tomorrowland electronic music festival came to China last year, with its first event in Shanghai. It was held in partnership with Dino Ying的 Hero Esports and INS Land, which is backed by BAI.
"随着人工智能日益普及,在线内容将变得更加同质化,，AI的流失将会越来越多," Ying说。 "因此，我们相信消费者将越来越多地寻求回归真正的线下社交联系。人们对面对面互动的需求将会不断增长。"
"As artificial intelligence becomes increasingly widespread, online content will become more homogeneous, and there will be more and more AI slop," Ying said. "We therefore believe consumers will increasingly seek a return to genuine offline social connections. People will have a growing need for face-to-face interaction."
The emphasis on offline is striking, coming from someone heavily involved in China的 first premium video game Black Myth: Wukong, which became an overnight success two years ago.
但 Hero Esports 正在迅速发展。 Initial conversations about Tomorrowland的 China expansion only started in early 2025, Ying said. By November that year, the first festival was live, and it的 due to return in October this year. Ying的 INS Land complex also operates a nightclub and other entertainment venues throughout the year.
But Hero Esports is moving quickly. Initial conversations about Tomorrowland的 China expansion only started in early 2025, Ying said. By November that year, the first festival was live, and it的 due to return in October this year. Ying的 INS Land complex also operates a nightclub and other entertainment venues throughout the year.
如果现在场馆门票是200-300元($30-$44),，将来会贵10倍, BAI的 Long说。 "因为线下体验,真的要闻到汗水[and]在真实的音乐中与真人一起跳舞— [认为]将成为终极的奢侈品。"
If tickets to the venue now cost 200-300 yuan ($30-$44), they will cost 10 times more in the future, BAI的 Long said. "Because offline experience, really to smell the sweat [and] dance in real music with real people — [that] will become the ultimate luxury."
需要知道
Need to know
美国贸易官员表示'很少 Nvidia H200 AI 芯片已运往中国"最重要的是，根据 H200 和同等产品的许可，发货量非常少。这是 芯片数量非常少的," 负责工业和安全的商务部副部长杰弗里·凯斯勒 (Jeffery Kessler) 在国会听证会上表示。
U.S. trade official says 'very few Nvidia H200 AI chips have been shipped to China
"The bottom line is very few shipments against licenses for H200s and equivalents have taken place. It的 a very small quantity of chips," Under Secretary of Commerce for Industry and Security Jeffery Kessler said at a congressional hearing.
'上市是必须的'%3中国人形初创公司争先恐后地进行IPO LimX创始人Will Zhang将这种情况与中国电动汽车初创公司进行了比较。 "一旦技术成熟,，如果[公司]不'不列出,，那么就像威马汽车,一样，它可能会消失,"他用CNBC翻译的普通话,说道。
'Listing is a must': Chinese humanoid startups are rushing to launch IPOs
LimX founder Will Zhang compared the situation to Chinese electric car startups. "Once the technology is mature, if [the company] doesn't list, then like WM Motor, it may disappear," he said in Mandarin, translated by CNBC.
BrainCo 押注大脑技术的未来是可穿戴的。该公司的 仿生手, 已获得美国食品和药物管理局, 批准, 读取截肢者的 的神经和肌肉电信号，并将预期运动转化为手指运动。
BrainCo bets the future of brain tech is wearable
The company的 bionic hands, approved by the U.S. Food and Drug Administration, read an amputee的 neural and muscular electrical signals and translate intended movements into finger motions.
Coming up
7月16日 - 29: 2026 APEC数字周在成都举行
July 16 - 29: 2026 APEC Digital Weeks in Chengdu
7月27:中国的存储芯片公司长鑫存储传将上市
July 27: China的 memory chip company CXMT is reportedly to list
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