2018.05.25 CoStone Capital 浏览次数:
On May 21, the seventeenth CoStone Master Forum, which lasted for two days, was brought to a successful close in Hangzhou, Zhejiang. The theme was "Defining the Future and Surpassing Competition". Dr. Liao Jianwen, Chief Strategy Officer (CSO) of JD, and Dr. Ge Dingkun, Co-chairman of Techand Ecology & Environment and Former Professor at the China Europe International Business School (CEIBS), were invited to give lectures in the Forum.
On May 21, the seventeenth CoStone Master Forum, which lasted for two days, was brought to a successful close in Hangzhou, Zhejiang. The theme was "Defining the Future and Surpassing Competition". Dr. Liao Jianwen, Chief Strategy Officer (CSO) of JD, and Dr. Ge Dingkun, Co-chairman of Techand Ecology & Environment and Former Professor at the China Europe International Business School (CEIBS), were invited to give lectures in the Forum.
Dr. Ge Dingkun: How to Sustain Corporates' Profitability?
Dr. Ge delivered a speech on How Can Medium-sized Enterprises Remove the Growth Bottleneck. He shared his views on enterprise strategy from two aspects: how to choose the battlefield and how to win the battle. He also emphasized that only by adopting a systematic thinking could a CEO make a roadmap or action plans with sustained profitability, thus breaking the bottleneck of growth.
Liao Jianwen: To Build A Coexisting, Mutually Reinforcing, and Renewable Business Ecosystem
Dr. Liao pointed out that technology and consumption upgrading had brought the retail industry to a turning point where the game would be played by totally different rules. The key is to build a business ecosystem where various business models and forms are coexisting and mutually reinforcing and keep renewing themselves. To create tremendous business opportunities, as Dr. Liao said, we have to empower the innovation of future online and offline retail business forms with the existing physical and digitalized retail capacity.
Speaker
Liao Jianwen PhD
Dr. Liao was Professor of Practice of Strategic Innovation & Entrepreneurial Management and Academic Director of the Innovation Research Center at the Cheung Kong Graduate School of Business (CKGSB). Now he is the CSO of JD. Dr. Liao worked in North America and Asia. He once taught at the Illinois Institute of Technology as a tenured professor, the Hong Kong University of Science and Technology, Peking University and CEIBS. Dr. Liao, with a particular interest in the integration of technology and business, enjoys a high reputation in his teaching in and interdisciplinary research on strategy, innovation and entrepreneurship.
Ge Dingkun PhD
Dr. Ge is Co-chairman of Techand Ecology & Environment, Former Professor at CEIBS, and Professor of Strategy at the Peking University HSBC Business School. He received his bachelor's degree in HR Management from the Renmin University of China, and a master's degree in Marketing Management and a PhD in Strategy & Entrepreneurship Management from the University of Illinois. Dr. Ge is a world-class Chinses-American scholar with intensive research on enterprise strategy of growth. He is one of the professors of strategy with the highest rating at CEIBS, described as an accomplished and widely praised "atypical" professor with "excellent academic performance" and a focus on "localization". His doctoral thesis won the Best Doctoral Thesis Prize of the COLEMAN Foundation, American Management Association. He is the only Chinese scholar who won the prize.
Rewritten by Jiang Xiaomei, Edited by Li Yunzhen, Du Zhixin
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。