2023.06.10 浏览次数:
At the recent Shenzhen Qianhai " The Venture Capital Day Of Shenzhen" forum, Zhang Wei, Chairman of CoStone Capital，expressed optimism about the AI productivity revolution brought by ChatGPT and the emergence of new application scenarios in industries such as office, education, healthcare, and imaging. Based on it,CoStone Capital will focus on investing in companies that specialize in computing power, storage, data, and large-scale models in the future.
Zhang Wei stated that artificial intelligence has gone through three major stages of development from 2012 to the present.
The first stage, from 2012 to 2016, saw limited applications of artificial intelligence in fields such as facial recognition and license plate recognition, represented by companies like Google, META, Baidu, and Alibaba. Zhang Wei mentioned that during this period, CoStone Capital invested in companies like SenseTime, CloudWalk Technology, and Innovation Works.
The second stage, from 2017 to 2021, witnessed the expansion of AI applications into fields such as internet entertainment, smartphones, smart healthcare, and autonomous driving. In this stage, CoStone Capital invested in companies like 4Paradigm and SmartMore, according to Zhang Wei.
The third stage began in 2022, where AI disruptively revolutionizes productivity, and the birth of ChatGPT4 has the potential to reshape all industries and create new applications, represented by companies like OpenAI.
Regarding ChatGPT, Zhang Wei mentioned that its core lies in algorithms, computing power, and data, which require a mighty infrastructure for artificial intelligence. For instance, OpenAI's technological breakthrough relies on powerful Nvidia GPU chips. "There is a significant gap between China's current GPUs and those of Nvidia and AMD. Additionally, there is a noticeable disparity in storage chip technology compared to foreign companies like Samsung."
Looking ahead, Zhang Wei recommended that China should focus on investing in and supporting infrastructure companies related to algorithms, computing power, data, and more. He specifically emphasized the significance of the "three factors: proactive government, innovative capital, outstanding entrepreneurs" in areas like Shenzhen, Beijing, and Shanghai, where the government is aiming to seize the next round of AI industry leadership.
Firstly, the government should continuously upgrade and establish new-generation computing centers to meet the requirements of the new AI industry. At the same time, existing supercomputing centers should be studied to adapt to the needs of the new generation AI industry.
Secondly, the government needs to support the development of local GPU and storage chip companies, covering areas from computing power to storage.
Furthermore, the government should establish data sharing platforms.
Additionally, the government should strongly support the development of innovative capital and utilize market-based approaches to promote industry competition, ultimately selecting outstanding AI entrepreneurs.
According to Zhang Wei, the United States has constructed the Silicon Valley innovation ecosystem, which involves collaboration between companies, universities, national laboratories, independent research labs, platform service providers, public and private clients, multiple institutional entities, startup companies, and investors.
According to Zhang Wei's introduction, the United States has established the Silicon Valley innovation system in the development of the AI industry. This system involves collaborations between companies and universities, national laboratories, independent research labs and universities, platform service providers and public or private clients, multiple institutional entities and various partners, as well as cooperation between large corporations, institutions, startups, and investors.
Drawing on overseas models, Zhang Wei also mentioned that Shenzhen needs to formulate a comprehensive industrial plan by planning production lines and designing system layouts. This entails creating a blueprint to establish an overall industry planning framework. Simultaneously, Shenzhen should focus on talent introduction, identifying and recognizing entrepreneurs, and supporting the development of private enterprises. "More importantly, Shenzhen needs to invest substantial resources to strongly support the development of the AI and chip industries.
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。