加速会注：本文正文为PPT，共计50页。

2018年是个特殊的年份，互联网上会爆发一场大规模创投热潮，规模超过历史任何一次，带来的影响也是史无前例的。

我们分析了108家互联网上市公司的数据，结合20多年中国互联网发展的研究，形成了本文《大格局 时代》的报告。这里提到的2018热潮，正是报告里一个大胆的预言。报告里还有许多观点，可能会颠覆你对中国互联网既有的认知。

比如：

• 江湖双雄并立，总市值呈倒三角形。
• 80后掌门人崛起，“大叔”无优势。
• 同在互联网，为何有的股价上天，有的资不抵债？
• 智能硬件？无人汽车？在线医疗？物联网？VR？谁是下一站王者？
• 资产高回报率的真实秘密是什么？

众所周知，科技改变格局，资本是第一推动力。没有资本市场的助力，就没有互联网产业的繁荣。

那么，推动互联网格局演变的真正力量是什么？

一晃20年。中国互联网出现了三次创业高潮。五次上市高峰。统计规律表明，新一轮创投高峰即将出现，一个前所未有的大格局正在形成……

https://imgs.bipush.com/article/cover/201608/11/062239227966.jpeg

https://imgs.bipush.com/article/cover/201608/11/062239239368.jpeg

https://imgs.bipush.com/article/cover/201608/11/062239715669.jpeg

https://imgs.bipush.com/article/cover/201608/11/062239043003.jpeg

https://imgs.bipush.com/article/cover/201608/11/062516549795.jpeg

https://imgs.bipush.com/article/cover/201608/11/062516254398.jpeg

https://imgs.bipush.com/article/cover/201608/11/062516004853.jpeg

https://imgs.bipush.com/article/cover/201608/11/062516059188.jpeg

https://imgs.bipush.com/article/cover/201608/11/062516596691.jpeg

https://imgs.bipush.com/article/cover/201608/11/062516254850.jpeg

https://imgs.bipush.com/article/cover/201608/11/062516318227.jpeg

https://imgs.bipush.com/article/cover/201608/11/062517467819.jpeg

https://imgs.bipush.com/article/cover/201608/11/062517789132.jpeg

https://imgs.bipush.com/article/cover/201608/11/062517510575.jpeg

https://imgs.bipush.com/article/cover/201608/11/062518749708.jpeg

https://imgs.bipush.com/article/cover/201608/11/062518553005.jpeg

https://imgs.bipush.com/article/cover/201608/11/062519873145.jpeg

https://imgs.bipush.com/article/cover/201608/11/062519263380.jpeg

https://imgs.bipush.com/article/cover/201608/11/062519444121.jpeg

https://imgs.bipush.com/article/cover/201608/11/062520822227.jpeg

https://imgs.bipush.com/article/cover/201608/11/062520031608.jpeg

https://imgs.bipush.com/article/cover/201608/11/062520796632.jpeg

https://imgs.bipush.com/article/cover/201608/11/062521471305.jpeg

https://imgs.bipush.com/article/cover/201608/11/062521334043.jpeg

https://imgs.bipush.com/article/cover/201608/11/062521570747.jpeg

https://imgs.bipush.com/article/cover/201608/11/062522828895.jpeg

https://imgs.bipush.com/article/cover/201608/11/062522687628.jpeg

https://imgs.bipush.com/article/cover/201608/11/062523768634.jpeg

https://imgs.bipush.com/article/cover/201608/11/062523533318.jpeg

https://imgs.bipush.com/article/cover/201608/11/062523747090.jpeg

https://imgs.bipush.com/article/cover/201608/11/062524648468.jpeg

https://imgs.bipush.com/article/cover/201608/11/062524853667.jpeg

https://imgs.bipush.com/article/cover/201608/11/062524547036.jpeg

https://imgs.bipush.com/article/cover/201608/11/062525956425.jpeg

https://imgs.bipush.com/article/cover/201608/11/062525982046.jpeg

https://imgs.bipush.com/article/cover/201608/11/062525426389.jpeg

https://imgs.bipush.com/article/cover/201608/11/062526185731.jpeg

https://imgs.bipush.com/article/cover/201608/11/062526246272.jpeg

https://imgs.bipush.com/article/cover/201608/11/062527177792.jpeg

https://imgs.bipush.com/article/cover/201608/11/062527956244.jpeg

https://imgs.bipush.com/article/cover/201608/11/062527177363.jpeg

https://imgs.bipush.com/article/cover/201608/11/062528441282.jpeg

https://imgs.bipush.com/article/cover/201608/11/062528491912.jpeg

https://imgs.bipush.com/article/cover/201608/11/062528365340.jpeg

https://imgs.bipush.com/article/cover/201608/11/062529966769.jpeg

https://imgs.bipush.com/article/cover/201608/11/062529861548.jpeg

https://imgs.bipush.com/article/cover/201608/11/062530787737.jpeg

https://imgs.bipush.com/article/cover/201608/11/062530639721.jpeg

https://imgs.bipush.com/article/cover/201608/11/062530927345.jpeg

https://imgs.bipush.com/article/cover/201608/11/062531883182.jpeg

作者：张孝荣、卢树锟，分别为腾讯研究院资深专家、助理研究员。如您对本报告有任何问题，请微信：zhangxiaorong1609