2013.04.02 CoStone Capital 浏览次数:
CoStone Annual Meeting 2013 took placeatthe Interlaken OCT Hotel,Shenzhen, Guangdong on March 30 and 31,2013.
April 1, 2013
With the theme of "Transformation", the meeting offered a platform for CoStone Capital's investors to discuss hot topics with experts in economics, sociology and management. Nearly 300 investors, representatives of CoStone network companies and elites from various circles attended the meeting.
Zhang Wei on the Situation and Strategies of Equity Investment
At the meeting, Chairman Zhang Wei delivered a keynote speech on the situation and strategies of equity investment. He said, "CoStone Capital is optimistic about the long-term economic development of China. A dramatic plunge will not occur. The government has provided strong support for the social and economic development in China. Moreover, active private sectors also boast numerous investment opportunities." "The VC investment sector experienced great challenges in 2012. As the asset management industry is booming, VC investors need to develop more businesses and diversify their business modes and investment methods, so as to improve the service value chain and their risk resistance capacity and profitability," suggested Zhang Wei.
Dr. Tao Dong making a speech
The international and domestic macro-economic situation is one of the topics most concerned by people. Dr. Tao Dong, Managing Director and Vice Chairman of Credit Suisse Private Banking Asia Pacific, offered his insights into China's systematic reform, real estate market and industrial structure. As he pointed out, to increase productivity, China needs a structural and systematic reform, including allowing private capital to enter the service sector, and breaking up monopolies in the banking sector, eliminating the Hukou system, and activating the 500 million rural consumers.
Prof. Joseph Fan making a speech
Professor Joseph Fan at the Chinese University of Hong Kong (CUHK) is an expert in the governance and inheritance of family businesses run by Chinese. He talked about the how to maintain the sustainable development of a family business. Based on the experience of Chinese family businesses in Southeast Asia and the West, Prof. Fan proposed new management modes other than the traditional one in which heirs to the family businesses have the ownership of special assets and professional managers are hired to manage them. He also explored the internal governance structure of family businesses from a unique perspective.
Prof. Terence Tsai making a speech
Prof. Terence Tsai at China Europe International Business School (CEIBS) proposed the strategies companies should adopt in the new context and offered suggestions for them on how to identify the key external influential factors. The issue of Chinese companies’ internationalization was also discussed in his speech.
Prof. Yan Xuetong making a speech
The Sino-Japanese relations and the Diaoyu Islands dispute, which are of the public's concerns, have caused heated debates over the past two years. Professor Yan Xuetong, China's most renowned expert in international relations, shared his wisdom on the two issues.
Mao Yushi making a speech
Mao Yushi, the winner of Milton Friedman Prize for Advancing Liberty, shared his research outcomes on China's economic prospects and government reforms at the meeting. As he pointed out, the past 30 years have been the prime period in modern China, but there remain a lot to be reformed. China needs to go on advancing social equity. Many attendees were inspired by his academic ideas.
Prof. Yang Kuisong making a speech
Professor Yang Kuisong is a famous Chinese historian, with in-depth research on the history of the Communist Party of China, Sino-foreign relations and modern China. His comparative study of Chiang Kai-shek and Mao Zedong is quite refreshing. The two great men, traditionally viewed as enemies, are found with common features in many aspects in Prof. Yang's study.
Speaker
Dr. Tao Dong
Dr. Dong Tao, highly regarded by investors worldwide, is Managing Director and Vice Chairman of Credit Suisse Private Banking Asia Pacific. He has published more than ten books in his careers. Dr. Tao joined Credit Suisse in 1998 as Chief Regional Economist for Non-Japan Asia, with a focus on China. He moved from investment bank to private bank in July 2016. Prior to joining Credit Suisse, he was with Schroders Securities Asia as Senior Regional Economist and Head of China research. Dr. Tao holds a PhD degree and a master's degree from the University of Utah and a bachelor's degree from Beijing Foreign Language University. He worked in China, the US and Japan. He has been based in Hong Kong since 1994.
Prof. Joseph Fan
Joseph Fan is Professor of School of Accountancy and Department of Finance of CUHK. He holds a PhD in Finance from University of Pittsburgh, US, and a bachelor's degree in Economics from National Taiwan University. Before joining CUHK in 2004, he was on faculty of the Hong Kong University of Science and Technology and the University of Hong Kong.
Prof. Terence Tsai
Terence Tsai is Associate Professor of Management at CEIBS and PhD Supervisor at Shanghai Jiaotong University in China. He has also served as Visiting Professor of Management at National Taiwan University, Chang Gung University and Sun Yat-Sen University in Taiwan. Prior to joining CEIBS, he served as Acting Associate Dean (Graduate Studies), Director of Centre for Case Teaching and Research and Acting Director & Associate Director of MBA Programmes at CUHK. Dr. Tsai was also a full-time faculty member of Richard Ivey School of Business at the University of Western Ontario in Canada and Judge Business School at the University of Cambridge in England.
Prof. Yan Xuetong
Yan Xuetong is President of the Carnegie–Tsinghua Management Board and Dean of Tsinghua University's Institute of Modern International Relations. Prof. Yan is Editor-in-chief of the Chinese Journal of International Politics and serves as an adviser to several leading academic journals. He is Vice Chairman of both the China Association of International Relations Studies and the China Association of American Studies, and is a member of the Consultation Committee of China's Ministry of Commerce. He also serves on several boards, including those of the China Diplomacy Association and the China Association of Foreign Friendship. Prof. Yan has written several books, including Analysis of China's National Interests, winner of the 1998 China Book Prize, Ancient Chinese Thought, and Modern Chinese Power.
Prof. Mao Yushi
Prof. Mao Yushi is a Chinese economist. He graduated from Shanghai Jiao Tong University in 1950. He was a visiting scholar at Harvard University in 1986 and a senior lecturer at Queensland University in 1990.
Prof. Yang Kuisong
Prof. Yang Kuisong is a Chinese historian. His studies the history of the Chinese Communist Party. He is Professor of History at the East China Normal University, a researcher at the Si-Mian Institute for Advanced Study in Humanities. He also holds a position as a professor at Peking University. His research focuses on the history of modern China, the history of the Chinese Communist Party, Sino-Soviet relations, the relationship between the Kuomintang and the CPC, and the intellectual history of socialism.
Rewritten by: Jiang Xiaomei, Edited by: Du Zhixin, Li Yunzhen
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。