2016.07.30 CoStone Capital 浏览次数:
On June 18, the tenth CoStone Master Forum commenced with the theme of "Behavioral Finance in Investment" in Huangshan, Anhui. Professor Zhu Ning at the Shanghai Advanced Institute of Finance (SAIF) offered wonderful lectures. Kong Xiaohong, Mayor of Huangshan Municipal People's Government, Zhang Wei, Chairman of CoStone Capital, and Qian Li, General Manager of Anhui Credit Guarantee Group and Secretary of the Municipal Party Committee, delivered speeches before the lectures.
On June 18, the tenth CoStone Master Forum commenced with the theme of "Behavioral Finance in Investment" in Huangshan, Anhui. Professor Zhu Ning at the Shanghai Advanced Institute of Finance (SAIF) offered wonderful lectures. Kong Xiaohong, Mayor of Huangshan Municipal People's Government, Zhang Wei, Chairman of CoStone Capital, and Qian Li, General Manager of Anhui Credit Guarantee Group and Secretary of the Municipal Party Committee, delivered speeches before the lectures.
Kong Xiaohong making a speech
Kong Xiaohong praised what CoStone Capital had achieved and wished "more enterprises to know about Huangshan, and set branches, invest and start businesses in Huangshan".
Zhang Wei making a speech
Zhang Wei made a brief introduction of the theme of "Behavioral Finance in Investment". He said, "Behavioral Finance is quite an interesting subject that focuses on humans' psychological activities when making risk decisions. Many human behaviors are actually irrational in terms of decision-making in financial, political and family life. So Behavioral Finance is interdisciplinary, which covers the contents of Psychology, Finance and Sociology."
Qian Li making a speech
Qian Li said that a massive social transformation was emerging in the post-crisis era, and innovation, as its dominant driving force, would cause disruptive changes. He also pointed out that Google, Facebook, IBM, Baidu, Alibaba and Tencent were the major innovators in the world.
Speaker
Prof. Zhu Ning
Zhu Ning received a bachelor's degree in International Finance from Peking University in 1997, a master's degree in Management from Cornell University in 1999, and a PhD in Finance from the Yale School of Management (SOM) in 2003. He used to be Professor of Finance with Tenure at the University of California. Now he is Deputy Dean and Professor of Finance at SAIF and a researcher at the International Center for Finance, Yale SOM. He also serves as Special Term Visiting Professor of Finance at the Guanghua School of Management, Peking University, and Adjunct Professor at the University of California.
Rewritten by Jiang Xiaomei, Edited by Li Yunzhen, Du Zhixin
去年我写了三篇文章：《我们究竟需要什么样的资本市场》、《什么是真正的“做多中国”》和《汽车界下一个退场的会是谁？》，引发了一些反响。
三篇文章看似三个主题，其实还是一个主题——什么是真正的“做多中国”。
我的核心观点很简单，也是我二十多年来始终强调的：
企业家在经济与产业发展中具有不可替代的作用。因此，支持民营企业、培育和保护企业家精神，才是推动发展与进步的核心要义。
民营企业家的信心何在？来自对未来的良好预期，包括对政策、法律、营商环境、产权以及安全等各个方面的预期，其底层逻辑是法治社会和市场决定论。
如何激励企业家创新创业？核心在于创造巨大的财富效应。一个包容的、有强大财富效应的资本市场，对保护企业家精神、激励创新创业、推动科技发展具有至关重要的作用。注册制的核心是调动全社会的创业和投资热情，进而改变全社会的融资结构。
为何去年我又开始密集地提及这些问题？因为我们确乎已经处于世界大变局的关键时点了，一切都在加速演进。
在政治上，国际格局深度调整，地缘政治博弈升级，新旧力量激烈竞逐。如何续写和平与发展、稳定与繁荣的篇章，深刻地考验着各国的智慧与担当。
在科技上，技术革命方兴未艾，前沿科技不断突破，人工智能风起云涌。第四次工业革命或将以前所未有的力度推动生产力的大发展，从而深刻地改变国家前途与人类命运。
在产业上，新兴产业不断解码，中国智造强势出海，市场竞争如火如荼。以新能源汽车产业代表的新兴产业，中国正在席卷全球，行业的淘汰赛将加速。在汽车机器人时代，即人工智能与芯片定义汽车的时代，比人聪明的汽车机器人登上舞台将是这个产业的奇点！
对于投资来说，2024年，中国经济和资本市场都经历了一个从低估到价值回归的过程。
长恨春归无觅处，不知转入此中来。在一些行业和企业表现暗淡的同时，很多新兴企业正在崛起。
正如我在基石资本的22条投资“军规”中强调的那样：投资与宏观经济无关。股市不是经济的晴雨表。从5至10年来看，资本市场与宏观经济并不成正比。同时，股价走势与企业绩效也并非完全对应。
投资不是投资宏观经济，也不是投资行业和赛道，而是投资活生生的企业和企业家。我们投资的是微观中代表新经济的优秀企业。
站在2025年的新起点，AI的征程才刚刚拉开大幕，让我们继续坚定不移地重仓硬科技，大力支持民营企业发展，持续为中国经济和产业发展注入新动力，打好这场“做多中国”的持久战。