2011.03.31 CoStone Capital 浏览次数:
March 30, 2011
With the theme of "Growth & Reward", CoStone Annual Meeting 2010 & Guangzhou CoStone Investor Conference took place at Sanya Marriott Yalong Bay Resort & Spa., Hainan from March 25 to 27, 2011. Nearly 100 chairmen and senior executives of listed and to-be-listed companies and 200 guests from industry, academia and the sector of financial investment attended the meeting.
Zhang Wei, Managing Partner and Chairman of CoStone Capital, acted as the moderator. In the meeting, Managing Directors Chen Yanli and Wang Qiwen reported on the operation and management of the History Fund and the Guangzhou CoStone Fund respectively, and Managing Director Tao Tao introduced the newly launched funds. The partners expressed their views of the economy and the private equity sector in China. They made detailed analyses of CoStone Capital's investment philosophy, strategies and style, and compared the returns on investment of various investment cases in different sectors. In the Investor Conference, Chairman Zhang Wei made an objective summary of the gain and loss of CoStone Capital in the past year.
Moreover, wonderful keynote speeches were given by Professor Yang Du at the Renmin Business School, Dr. Shi Wei at the Finance and Securities Institute, Renmin University of China (RUC), Professor Wu Chunbo at the School of Public Administration and Policy, RUC, Professor Yu Jianrong at the Rural Development Institute, Chinese Academy of Social Sciences (CASS), Professor Peng Jianfeng, Chairman of China Stone Management Consulting Group, and Professor Zhang Weiying at Peking University.
Speaker
Prof. Peng Jianfeng
Peng Jian Feng is Professor and PhD Supervisor at Renmin University of China, Chairman of China Stone Management Consulting Group, Deputy Director of China Enterprise Confederation Management Consulting Committee, Vice President of Beijing Enterprise Directors Association, and a famous management consulting expert in China. He used to be Vice President of the School of Labor and Human Resources of RUC. Having been working on the consulting and research work of HR management and corporate culture for a long time, he provides consulting services for various enterprises. He has been hired as Senior Management Consultant and the team leader by Huawei and TCL successively. The team led by him has served dozens of famous enterprises, with the results of Huawei Basic Law, OCT Charter, TCL: Defeat Scale with Speed, Samsung (China) Culture and Dongfeng Nissan Programme of Action.
Prof. Wu Chunbo
Wu Chunbo is a leading expert of China Stone Management Consulting Group, Director of Institute of Organization and Human Resources, RUC, and a PhD supervisor. With over 100 authored articles in famous journals at home and abroad, he has published or translated more than 10 books, such as Grasp the Future-The Planning of Modern Business Operation, Design and Operation of Organizations, Cases of Human Resources Management, and Get out of Chaos. He provided services of HR management system designing and consulting for dozens of Chinese enterprises. As one of the drafters of Huawei Basic Law, He has served concurrently as Senior Management Consultant at Huawei since 1995.
Dr. Yang Du
Yang Du is Professor and PhD Supervisor at the Renmin Business School. He received a PhD in Economics from RUC and a PhD in Business Administration from Kobe University, and he did his post-doc at RUC. His research focuses on the theory of the growth of the firm, knowledge management, corporate culture and business ethics.
Shi Wei
Shi Wei is a researcher and Chief Consultant of the Finance and Securities Institute of RUC. He has been engaged in enterprise management consulting since 1995, specializing in marketing and enterprise strategy. He provides management trainings for enterprises in China, including TCL, Midea Group, Giti Tire, Motorola, Liuhe Group, Robust Group, CIMC, Telling Telecom and SPD Bank, which have been well received.
Prof. Zhang Weiying
Zhang Weiying graduated with a bachelor's degree in 1982, and a master's degree in 1984, from Northwest University (China). He received his M. Phil. in Economics in 1992 and D. Phil. in Economics from Oxford University. His D. Phil. supervisors were James Mirrlees (1996 Nobel Laureate) and Donald Hay. Between 1984 and 1990, he was a research fellow of the Economic System Reform Institute of China under the State Commission of Restructuring Economic System. During this period, he was heavily involved in economic reform policy-making in China. He was the first Chinese economist who proposed the "dual-track price system reform" (in 1984). He was also known for his contributions to macro-control policy debating, ownership reform debating, and entrepreneurship studies. After he graduated from Oxford, he co-founded China Center for Economic Research (CCER), Peking University in 1994, and worked with the Center first as an associate professor and then as a professor until August, 1997. He then moved to Peking University's Guanghua School of Management in September, 1997. He is the Sinar Mas Chair Professor of Economics at Peking University's National School of Development.
Prof. Yu Jianrong
Prof. Yu was born in Hengyang, Hunan in 1962. He graduated from the Institute for China Rural Studies, Central China Normal University with a PhD in Law in 2001. Now he is Professor and Director at the Social Issue Research Center, Rural Development Institute, CASS. His representative works including Yuecun Politics: The Changes of China's Rural Political Structure During the Transition Period, The Condition of the Working Class in China, and Contentious Politics: Fundamental Issues in Chinese Political Sociology.
Rewritten by: Jiang Xiaomei, Edited by: Du Zhixin, Wei Yiyi
过去一年，牛市重启，科技领航。
正如我在2024年10月所说的那样，“924”的行情并不是一个反弹，而是一个反转，自那以后，中国资本市场经历了一个从低估到价值回归的过程。
当上证指数来到10年最高点，“易中天”一年翻几倍，“寒王”市值一度突破6000亿，其他科技股也动辄百倍PE、百亿估值，有人贪婪，有人恐惧，还有人问我：科技股存在估值泡沫吗？
我说，这是一个时代的饥渴与焦虑，在资本市场中的投射。如果你理解这一点，你就不会对当前科技投资的热潮感到困惑。
投资与宏观经济无关，但确与地缘政治有关。
中美关系决定了未来几十年的投资，地缘政治极大构建了我们这个时代的饥渴与焦虑，深刻重塑了我们的投资行为。
中国的饥渴与焦虑是什么？第四次工业革命的大幕已然开启，第三次工业革命的短板却还未补齐，时不我待！
所以当有人疑惑，为什么国产算力芯片企业，技术难以望英伟达之项背，却有这么高的估值？为什么英伟达的PE只有50倍，“中国版英伟达”却有300倍？
我说，逻辑刚好反了，正是因为短期内追不上英伟达，这些企业才被赋予了更高的战略性定价，而且差距越大，战略价值越高。越得不到越饥渴，越追不上越焦虑，如果有一天，我们的算力芯片完全突破了，估值反倒会下来。
中国最美的自然风景在哪里？我认为很大一部分分布在横断山脉及其周边，梅里雪山、玉龙雪山、贡嘎山、四姑娘山、九寨沟等等都在这里。巨大的落差，结构性断裂，形成了壮丽的风景。
硬科技投资就是这样，技术代差、能力断点、体系缺口——难度的跃迁，带来了估值的跃迁，成功之后也将带来回报的跃迁。
这一逻辑，除了算力芯片领域，在存储芯片、商业航天等中国与外国差距比较大的领域，也都有所体现。
正因如此，从2016年开始，基石资本就果断将投资重点聚焦到硬科技、新兴产业和生命科学与健康三个领域——在这个语境下，“硬科技”特指那些与美国有代差的重要产业。
得益于这样的前瞻性，基石资本很早就在半导体、人工智能和机器人等关键领域实现了全产业链布局。
展望未来，科技进步与产业升级是无尽的前沿，硬科技产业差距的缩小亦无法一蹴而就，技术创新和国产替代的双重机会之窗才刚刚打开，任重道远，未来可期。
作为投资机构，基石资本将继续投身于每个时代的饥渴与焦虑，顺着时代的张力前行，向最难、也最重要的方向延伸。