Here are 13 industry research reports and a podcast episode to get you off to a strong start.
Let's explore the cutting edge and discover new knowledge.
Back to work today, and we want to share 13 research reports and one special podcast episode with you. These cover macroeconomic trends, AI, cutting-edge life sciences, consumer markets, and globalization.
Just as DeepSeek reshaped the global LLM narrative during the 2025 Spring Festival, we believe even more breakthroughs will emerge this year. Looking ahead, we hope to keep observing, thinking, acting, and growing alongside you. Wishing you a smooth start to the year — may the future surpass the past!
Giveaway Leave a comment at the end of this article sharing your New Year's wish or a small goal you'd like to achieve. By 5:00 PM on February 10, the five most thoughtful commenters will each receive a FreeS Fund research handbook plus a book recommended by Feng Shu.
Feng Shu once noted, "As an early-stage investor, I used to focus on figuring out 'where we're headed.' Over the past year, I've come to realize that to answer that, you first need to understand 'how the world got here.'"
In 2025, we still need to deeply understand this increasingly complex and diverse world — to better trace our path, see the road ahead, and boldly engage with it.
We're sharing two episodes from High Energy: the Spring Festival special and year-end special. In these conversations, Feng Shu and business writer Li Xiang reflect on 2024 and look ahead to 2025.
Head over to Xiaoyuzhou or Apple Podcasts, search for and subscribe to "High Energy" to listen to our podcast series.
During the 2025 Spring Festival, DeepSeek's large language model sparked widespread discussion. According to data from Sensor Tower and Appfigures, by February 3, DeepSeek had topped mobile download charts in 140 markets worldwide. Some industry observers have even called it China's "ChatGPT moment."
Staying on top of AI developments and mastering relevant tools has arguably become routine for most people's learning and work. In 2024, we published a series of AI-focused research reports, examining the industry landscape, AI for Science, embodied intelligence, AI NAS, and more.
In 2025, we'll continue tracking investment and startup opportunities in AI, and look forward to partnering with more innovative companies in the space.
"Looking Ahead to 2025: What Innovation Opportunities Exist in AI? | FreeS Report"
We zero in on core questions facing the AI industry and explore where new possibilities might emerge. Topics include: Are tech companies' massive bets on compute paying off proportionally? Which players in the AI value chain actually hold the power, and can an imbalanced chain where only a few profit sustain itself? Is building consumer-facing AI applications really a shortcut?
"AI for Science: At the Turning Point of Scientific Research Paradigms | FreeS Report"
As humanity once again stands at a turning point in scientific research paradigms, a new wave is surging forth — bringing both challenges and opportunities. Foundational disciplines like physics and mathematics have long provided theoretical grounding and methodological support for AI's development, while AI's powerful data processing and pattern recognition capabilities are increasingly being applied to scientific research itself. With low-hanging fruit already picked, AI is now helping scientists tackle more formidable problems.
"The Road to Embodied Intelligence | FreeS Report 37"
Even as the large model wave continues, the embodied intelligence track has shifted into high gear. This report addresses: What exactly is embodied intelligence? Which technological advances have driven it to its current level? What has the large model brought to embodied intelligence? How far is the road ahead? Are humanoid robots the endgame? And where do entrepreneurs still have opportunities along embodied intelligence's technological evolution path?
As pushing human limits becomes increasingly difficult, the sports field is growing more competitive — creating more room for innovation. Equally promising, some innovations may cross-pollinate into other industries, sparking entirely new technological applications. In sports digitization, for instance, sensors generate vast new data, combined with structured information from video archives, then analyzed through big data and AI optimization to help athletes and fitness enthusiasts find training methods better suited to them.
"The Private Cloud Era Arrives: How AI NAS Is Reshaping Your Digital Life | FreeS Research"
In an era of severe information overload, surging and evolving personal storage needs, growing individual concern for data privacy and security, plus AI's technological boost, a new storage solution — NAS — has found its moment. NAS stands for Network Attached Storage, more intuitively called "private cloud." Once seen as a toy for tech hobbyists, it's now entering ordinary consumers' homes and studios, becoming a new staple of digital life.
We continue tracking frontier trends in life sciences. At the macro level, we're examining the complexity of healthcare delivery systems and potential innovation directions. At the micro level, we're focusing on human health itself — studying how to combat aging, unlock brain mysteries, and scientifically understand body weight.
"China's Healthcare System Over 40 Years: From Past to Future | FreeS Report"
In this report, we survey healthcare delivery systems across countries, exploring the factors behind their design choices. We also review China's 40-plus years of healthcare reform, from which we see the complexity of healthcare systems and reform efforts. Looking forward, we consider potential innovation directions in China's healthcare market.
"Decoding Aging, Resisting Aging | FreeS Report"
In recent years, thanks to deeper scientific research and biotech breakthroughs, many puzzles of aging have been unlocked. We're also shifting focus from age-related diseases to the aging process itself, and to innovative approaches attempting to resist it.
"The Truth About Weight Loss, and Innovation Opportunities | FreeS Report 36"
With the holiday season behind us, if the curse of "gaining three pounds every festive season" has struck again, perhaps this report can help you better understand and manage your weight. From the intersecting perspectives of technology, medicine, and consumer markets, we studied authoritative papers, clinical trial reports, and relevant books on weight loss, distilling the key insights and reflections.
"Brain-Computer Interfaces and the Development of Brain Science"
Brain-computer interface technology represents the fusion of cross-disciplinary innovation. From neuroscience and brain science to materials science, psychology, and computer science, BCIs have become a frontier arena of multidisciplinary convergence. In developing these interfaces, we're not just clearing barriers between brain and machine — we're gradually unlocking brain mysteries while advancing human intelligence itself.
In 2025, total Spring Festival box office surpassed 9.2 billion yuan, making it the highest-grossing Spring Festival season in Chinese film history. China National Radio commented: "The 'strong start' in the Spring Festival film market has kicked off 2025's Chinese economy on a positive note."
For China's consumer market in 2025, questions remain ripe for deeper exploration: What opportunities still exist in consumer retail? Is consumption downgrading or upgrading dominant? What factors shape consumption behavior across age groups?
Globally, according to UNCTAD's Global Trade Update, continued global economic growth and further easing of inflationary pressures in 2025 should support trade recovery, yet geopolitical challenges and trade tensions also cloud the outlook. US tariff policy will be a key variable affecting global trade in 2025.
So for startups, is going global still a must? What shifts are occurring in global supply chains? How will these affect China? For companies "born in China, facing the world," where do opportunities lie and how should they meet challenges?
"Feng Shu x Guan Qingyou: What New Opportunities Remain in the Consumer Market for 2025?"
Key takeaways:
- When debating whether consumption is upgrading or downgrading, we need to distinguish: Are we forced into low-quality, unbranded or white-label products, or actively choosing high-value products enabled by more efficient supply chains?
- China's older, middle-aged, and younger generations have distinct characteristics and consumption patterns, because spending power mainly depends on expectations for the future and balance sheet health. Notably, young people — tagged as "lifeless" on social media — remain the primary creators and drivers of consumption trends.
- Retail is becoming more service-oriented, while services are becoming more retail-like.
"18 Charts to Understand the Changing Global Supply Chain | FreeS Research"
As a vast network connecting global supply and demand, shifts in the global supply chain have long been a focal point of attention across sectors. They relate to the rise and fall of different economies, and profoundly affect the strategic positioning and development prospects of companies going global.
"If Globalization Is Slowing, Why Is Going Global Still a Must? | Feng Shu Column"
Core topics addressed: Looking across long historical arcs, has globalization been continuously increasing? How many phases has it gone through, and which countries led each? Are the tech war and trade friction China is experiencing inevitable? Have similar things happened before? In a cycle of slowing globalization, where does China's opportunity lie?
Li Xiang and Feng Shu trace the evolution of China's gaming industry, examining its patterns and new changes. Topics include: What waves has Chinese gaming experienced since 2000, and what innovation opportunities emerged in each? As different game types rose and fell, what user preferences and market shifts did this reflect? Why is it said that "gaming both serves as a landing pad for AI technology and carries the weight of cultural export"?
Giveaway Leave a comment at the end of this article sharing your New Year's wish or a small goal you'd like to achieve. By 5:00 PM on February 10, the five most thoughtful commenters will each receive a FreeS Fund research handbook plus a book recommended by Feng Shu.
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