Together, the diversified capital deepen the development of the industry

Investors have to invest in "Shouxing" rather than "stars". Enterprises must first ensure that they can become a company that can continue for a long time.

China in 2021, in a new pulse of the old casting, the national strength is unprecedentedly high. At the same time, 8.1%of economic growth has been achieved under the severe situation of world economic growth, increasing international economic and trade frictions, and the severe situation of the epidemic, and the Chinese economy still plays the role of the "leaders" of the world economic recovery.

On August 17, 2022, the 2022 (8th) China Industrial Investment Summit co -organized by Rongzhong Media and co -organized by China, Rongzhong Finance, and Rongzhong Mother Fund was grandly held.

At present, various capital investment industries have become consensus, and industrial investment pays attention to hard technology, domestic alternatives, new energy, new materials, semiconductors and other emerging industrial tracks that conform to the development of national industries. How does industrial capital start to help at the front end of the industrial development? When the characteristics of some industrial bubbles appear, how can the organization choose? How should enterprises and war investment industry funds achieve market positioning and layout?

Regarding these issues, Guojia and Chairman and Management Partner Wang Ge, Gu Yingchi, General Manager of Guoshou Investment Equity Investment Division, Jiang Xingquan, Chairman of Beijing Science and Technology Innovation Company, Lin Qi, Chairman of Yuecai Fund, Lu Yongtao, Chairman of Hengxu Capital, and Chairman of Hengxu Capital Shi Bing, general manager of China Bing Investment, Zuo Liang, chairman of the Industrial Control Capital, started a heated discussion on the theme of "Together, Deepening the Deepening Industry Deepening Industry".

The following is a wonderful recording of the forum, edited by Rongzhong Finance (ID: thecapital):

Wang Ge: Judging from the guest lineup of our forum, it can be seen that the organizers have selected the four types of mainstream funds in the market, all of which gather together. From the Zuo, Mr. Shi to Lu to the always industrial fund, each has a halo, the gas field is strong, and the automotive industry, new energy, and military -civilian integration are typical industrial capital. President Lin and Jiang Xingquan basically belong to the management guidance fund and parent fund. Mr. Gu, China Life, Capital of Financial Background, I am from Guojiahe, and we are typical technical capital. Everyone played a different role in the national innovation industry chain and large ecological circle.

The first question is from the perspective of technical capital, financial capital, industrial capital, and parent funds, how to give play to the different stages of Chinese hard technology investment and strategic emerging industrial investment, how to give play to our respective characteristics and due to what they have. effect?

Gu Yechi: Looking at China's equity investment market in the past ten years, various market entities have been accompanied by the development of national industrial policies, the iteration of industrial formats, and the development of scientific and technological innovation.

Five years ago, Internet investment was a very hot topic. After 18 years, hard technology tracks not only became the strategic development direction of the country, but also the object of capital chase. Guoshou Investment Company has invested in a series of hard technology companies such as Ruili Integration (Changxin) semiconductor, AVIC Lithium Calp, and Xiaochang Technology. In the past two years, we believe that capital is too concentrated in hotspots such as semiconductors and new energy, and the track has been crowded. We have begun to slow down investment in these overheated fields. In the long run, there are still many opportunities in these fields. But we hope that investors can still look at market changes more rationally and calmly.

Jiang Xingquan: Investment in hard technology, large R & D investment, long cycle, and high risks, it requires the joint efforts of government, enterprises, and financial capital to support them. The state proposed that scientific and technological innovation must "catch up", and it is definitely necessary to increase investment in state -owned capital. The key is to improve the efficiency of state -owned capital allocation, invest in the most supported place, and play a better role.

For the early research and development of hard technology, the so -called stage from 0 to 1, we are also known as qualitative change innovation. The international approach is to use government scientific research project funds and corporate research and development expenses. There is no domestic in China. As far as domestic is concerned, the government should play a more important role in supporting original innovation, and then assist the support of social capital such as VC. The government has also increased credit to innovative SMEs through various financial means, so that it has the conditions to use financial capital, but the current domestic policies have not been implemented. In the second stage of corporate expansion, that is, from 1 to N, it can use capital markets such as listing to raise funds, but the domestic capital market's policies for supporting SMEs will need to be further improved. Enterprises have entered the third stage of large -scale development, and the scale is large enough, mainly for innovation, and mainly rely on financial institutions such as banks to support R & D investment.

Lin Qi: technical capital, industrial capital and financial capital have their own strengths.

In the early stages of enterprises, the entry of technical capital is more from technical to application, providing technical support, and reducing the cost of startups.

At the same time, at this stage, the entry of industrial capital plays a very important strategic support. The strategic supporting role of industrial capital is reflected in its long time tolerance, which is a more patient capital. The intervention of industrial capital can help early enterprises to get comprehensive empowerment of talents, technology, marketing, and management. Especially in the software and semiconductor and integrated circuit industry, the important thing is the application of the product. The product is mature in the application process. The localization of software, semiconductors and integrated circuits is mainly because everyone was willing to use imported, technical mature prices are cheap, solving software, semiconductor, and integrated circuit card neck problems are mainly to provide market application opportunities for the industry. Industrial capital can open a small -scale application opportunity for hard technology startups, which is of great significance to industrial capital to startups. In the early stages of the enterprise, the entry of financial capital also played a role of credit endorsement in addition to capital blessing. Yuecai Group is a financial investment holding platform. It has multi -financial instruments such as banking, trust, guarantee, and financial leasing. In addition to equity investment, through the endorsement of our investment and the credit guarantee of our guarantee company, it helps companies to obtain bank loans more easily. This can play a great role in the growth of start -up high -tech light asset companies.

In the middle and late stages of enterprises, industrial capital can give enterprises more capacity expansion and market assistance support. In addition to the support of enterprises in financial capital, it can also use debt capital to play a leverage through debt capital to solve the cash flow problem of the development and growth of the enterprise. For example, financial capital can provide corporate bonds to provide credit increase and reduce the cost of corporate financing. It can use financial lease financing for heavy asset enterprises, and can also use professional advantages to counsel the listing of enterprises and lay the foundation for the next capital path.

Lu Yongtao: We are the old forces of the automotive industry. The new forces have gone quickly. Looking back at the previous ten years, the original car manufacturer mainly solved the problem of consumers who had a car. At that time, investment was investment in traditional parts, gearbox parts, mobilization to parts, chassis, and enjoy the bonus brought by the growth of the automotive industry. Essence

After the new energy industry is hot, the automotive industry from a large country to a strong country is the only way for new energy vehicles. Because of the application of new energy vehicles and the application of high computing power chips, it has undergone changes in car manufacturers and users, such as driving habits, performance, user experience, etc. In 2016, we started the early layout of the power battery industry chain, dug this track earlier than other institutions, and enjoy the growth of the industry's outbreak. Because of the new energy, the battery is installed on the car, laser radar, millimeter wave radar, and autonomous driving also brought new (investment) opportunities.

Industrial capital has a thorough understanding of the industry, knowing where early companies are. For good opportunities, industrial capital is to discover early and get in early, and the other is to accompany the entire growth process of the enterprise, protect the escort, not add chaos, and let the enterprise use their intelligence and wisdom. Good entrepreneur learning ability and strong iteration ability will go farther and better. Capital can help him grow together in this process.

After the company was successfully listed, we also had a lot of opportunities. Because the enterprise has reached a certain stage, can we make a second product and the third product. We can help them make a lot of acquisitions and mergers and extend the product line. From the perspective of industrial capital, we also hope to cooperate with financial capital to help companies grow rapidly, which is faster than ordinary enterprises.

Shibing: Technical capital, financial capital, and industrial capital have played their own different roles in different stages of development, but the ultimate goal is the same, that is, to promote the rapid growth and stable operation of enterprises.

Industrial capital is especially like we focus on the field of military -civilian integration, suitable for enterprises that are suitable for investment growth. It is more about looking for the corresponding investment targets in the direction of the weapon industry group, and play the role of the "probe" of industrial investment. Continuously supplement chain, strong chain, and stable chain, and play a role in forging the modern industrial chain.

For the investment enterprises, relying on the industrial background of our group and the work of the manager, it empowers three aspects.

First, introduce them to our weapon industry group related enterprises and institutions to carry out business exchanges, and promote the bidders to further clarify the strategic development direction of enterprises, which is very important for enterprises to based on long -term development.

Second, with capital as the link, closely cooperate with the brothers in the group to assist them into the group's industrial development ecosystem, and it may get a higher share in the market.

Third, there are many high -tech enterprises controlled by private capital in the military -civilian integration. Individual enterprises have advanced technologies. It is also important to waste this.

Zuo Liang: As a state -owned capital not only talks about money, rewards, but also feelings.

We have to be the "leader" in the field of pan -industrial. For industrial capital, as long as you walk along the industry, whether it is an early angel, VC or PE, no matter how early the project is, no matter how large the investment is, you are not afraid of investing. The more you are in the difficulty of the economy or adversity, the more you need to develop an industry.

We have to do hard technology "layout". Guangzhou Industrial Control focuses on the 11 major industries. The definition of hard technology should not be divided according to the industry, but should be driven by whether it is a stuck neck and high -tech kinetic energy, not a scale driver.

We also need to be a special "pioneer". Specialized and new, now more is a comprehensive and integrated institution that focuses on small, beautiful, specialized, and builds from scenes, technology to finance. We want to be the leader of the industrial ecology, and the state -owned capital is strong in scale and standardization. In addition to "self -transfer", we must develop well and make money, we also need to create a good ecology for the upstream of the industrial chain. We call it a "revolution" role, so that small enterprises, Chinese enterprises, and large enterprises in local industrial clusters have Money can make sustainable development. The more in the current environment, the more you need to hold a group heating and develop together.

Wang Ge: Under the current situation, many companies have high valuations, the first and secondary markets are upside down, and the trend is becoming more and more obvious. How should capital choose the main track? How to make hard technology investment?

Jiang Xingquan: From the perspective of encouraging scientific and technological innovation, if there is no bubble, everyone is unwilling to enter (invest). At present, the company's early valuation has been pushed too high, and many early investors are unwilling to concession, but the market has a correction mechanism. This valuation will gradually adjust.

Investment in scientific and technological innovation depends on the global trend. We recently studied the investment trend of the United States. VC's investment was 30%invested in the software industry, including corporate services, big data, blockchain, the second major direction is fintech, the third is biotechnology, and the automotive industry and other industries. However, in China, currently investing at most is semiconductor, biomedicine and other hot industries. I feel that while paying attention to the short -board hotspots such as domestic card necks, we must pay close attention to foreign trends. Otherwise, it will make up for the current shortcomings, but in a few years It may be behind other emerging industries. Pay more attention to investment in more long -term and forward -looking industries, which can avoid the secondary market bubble to a certain extent.

Lu Yongtao: Since the second half of last year, the first -level market has crowded in many institutions on the new energy track, and the valuation has been pushed high. Recently, several IPOs have been listed, and we are also paying attention to its strategic distribution. In terms of valuation, we believe that there is no problem in the early investment. Investors who came in in the next few rounds faced a lot of pressure.

From an industrial perspective, it is necessary to invest early, and enterprises must not make a single product. Early entrepreneurs, if they take a high valuation, can they calm down their hearts? With the power of industrial capital to help these companies do business volume, increase anti -risk capabilities, and increase the moat and technical barriers. Of course, in the near future, we will also be more cautious about high -valuation companies.

Zuo Liang: For this phenomenon, I feel that three more.

First, the track should be more focused. It depends on the ten -year cycle, the scale is trillions, and there must be a good industry ecology. From the perspective of new energy vehicles, we hope to become an independent third -party capital, and we will optimistic about three details:

San Dian, although a group of overlords have emerged, we think that there are opportunities for 10 billion -level companies to appear, we intend to invest in 100 billion yuan; dual carbon is not only an energy strategy and environmental protection strategy, but also a strategy for manufacturing upgrades. Essence In addition, high -end equipment and intelligent and industrial Internet are also our key investment tracks.

Second, more strengthening industrial thinking. On the one hand, it is necessary to invest in more "chain -main" enterprises. Under uncertainty, it is the core of large fish eating small fish, value chain and technology chain. Relative valuation, we would rather invest in companies with higher confirmation. The tide is retreating, and this company may be established.

Third, the bottom line of thinking is more emphasized. The current valuation bubble and epidemic are not just negative effects. Only companies that really have technical moats and long -term strategies can survive. The more in the current environment, the more you need to hold the heating. Keeping the technical threshold of growth and moat. Only these two bottom lines can invest in the real crossing cycle of value creation.

Shi Bing: Now, it is difficult to find in the first -level market, it is not easy to grab, it is also very expensive. Judging from the specific practice of China Bing Investment, the following three points are mainly:

First, arrangement and consideration in investment strategy. In accordance with the country's policy guidance of the origin of original technical strategies, we have in -depth research on the "14th Five -Year Plan" and 2035 medium and long -term development planning, and properly develop early investment in industrial incubation in emerging fields such as special materials, special energy, and core devices.

Second, we strengthen internal and external research to deepen industry research, and cultivate the details on the track. We have a lecture hall, encouraging each employee to be an investor as an industry expert.

Third, in the entire system of China Bing Investment, in addition to doing first -level markets, we also have institutions that specialize in secondary markets. In the case of IPO breaking and the first and secondary markets, we can also adopt the primary and secondary markets Linkage mechanism.

Lin Qi: Although the market IPO slows down this year, some companies have broken, their stock prices are cut, and their investment rhythms are relatively slow.

But we also see that new energy and car tracks are still enthusiastic. The market returns to a logic of value return.

The reason for breaking is because the first -level market is too high. The reason why new energy is still a hot track is because from a global perspective, this track still has a cost advantage. New energy vehicles are a very important starting point for the car industry's curve. Especially for photovoltaic, our country in this industry chain can achieve national production. Whether technology or the market, there are considerable cost advantages. Why are you keen to invest in this track because everyone sees really valuable things here.

Gu Yechi: Capital is emotional, sometimes overheating, sometimes too cold. Doing a first -level market investment must not care about capital emotions, but not care too much. As an investor, you must have your own persistence and principles. The market will rise and fall, but what is valuable? When to invest, there are inherent rules from the perspective of investment. From an industry perspective, there is no bubble, and the industry is impossible. But from an investment perspective, it is necessary to be responsible for investors' money. From the perspective of experience, chasing the so -called star project, especially the star projects with higher valuations in the later period, will not be too good, there are too many examples in history. For projects embraced in the market, you may consider how to leave the field.

If the industry is recognized, investment is regular. As a professional investor, how to do project selection is the manifestation of professional ability at the current time.

Wang Ge: Today, we have entered the new era and a new stage of development. Due to the influence of internal and external factors in various aspects, the only determination in the future is exactly uncertainty. In this case, as a technical capital, financial capital, and industrial capital, please share the expectations when investing in the next year.

Zuo Liang: For enterprises, uncertainty is indeed an objective fact. At this time, we must do a good job of strategic thinking. First of all, you must emphasize that you must survive, and the second is to focus on your main business. What investors want to invest in "Shouxing" not to invest in "stars". Enterprises must first ensure that they can become a long -term cash flow and long -term existence. In fact, many companies have a lot of ambitious ideas, and now they slowly start to focus, and more tightly tied to the industry.

For investment institutions, we must also be more emotional. We are both an investment institution and an entrepreneur. We have greater patience to have long -term value creation, firm long -termism and patience capital.

Shi Bing: Under the current uncertain environment, insist on focusing on the industries they are familiar with, and at the same time, in the process of mixed state -owned capital and private capital, we adhere to the concept of risk prevention and control and value investment. In an uncertain environment, fully apply the elements you can control, and find a higher -defined investment target.

Lu Yongtao: We are all investing in many specialized new companies. Looking back at our development, I think it is necessary to spend some energy on the special and new.

Specialized, we must cultivate deeply on the familiar track to form an ecosystem. In this case, we must find the best combination of industry research, industrial policies and national strategies. In the process, investment institutions must be dug in the track that they are familiar with, and they can be deep and deep in order to find a good target target. Essence

New, find a new track. Where is our future track? Can it be one year or half a year than other GPs to lay out in the track, which is a great challenge to our GP.

At the same time, we hope that in a difficult environment this year, LP can support us and prepare for a long -term war. I believe that the more difficult it is, the more you can find a good target.

Lin Qi: In any era of bad economy, the market is making the choice of "weakening and strong". I believe that as long as you maintain an optimistic spirit and do your own business, you will become a strong person.

Jiang Xingquan: China's private equity investment is still very early. The core of the private equity investment industry is human, the transmission of investment capabilities and incentive mechanisms between investors, managers and entrepreneurs, but it is currently a capital -driven and a little bit off.

In addition, the lack of long -term and large -scale market -oriented LPs in China is a big problem. Whether it is consumption or investment technology, insurance and social security funds are still low in private equity investment. It is unsustainable and easy to distort the industry mechanism. It is hoped that such a professional media to call for the policy and system will call for the industry to do a healthier industry.

Gu Yechi: In fact, we have recently done some research on the entire market GP. If a fund's ten -year DPI is more than 1, it is already a good performance. GP's money comes out of the time, in fact, the cycle is very long. From this perspective, some fluctuations in front of you are not so important, and the time to exit is the key to determining the true income. From the perspective of investment income, it should avoid overheated industries.

There are many opportunities for market determination, such as Chinese aging is a very certain trend. In the past year, many people say that consumption is a long -snow track. Today, no investors have seen consumption, and even the investment bank has cut off the consumer team. This is wrong to invest in first -level markets with long -term investment. Therefore, no matter how the market changes, investors still have their own judgment and persistence to be a real first -level market value investor.

Wang Ge: The relationship between time, I make a simple induction and organizing according to everyone's point of view.

First, the investment ecosystem of China's first -level market and the entire science and technology industry is still in the early days. Among them, there is both the influence of LP structure factors, such as lack of long -term funds, as well as the problem of the ability circle of GP participants. It is a multi -factor that comprehensive interweaving.

Second, with the development of China's overall private equity fund, financial capital, industrial capital, and technical capital have basically formed their own effective division of labor in the scientific and technological innovation ecosystem. With an indispensable role, the overall between them is synergy.

- END -