■ Our reporter Ji Hongmei

Xi'an, Hangzhou, Shenzhen, Shijiazhuang ... In 2023, the 100 billion government guidance funds have just come.Many investors are transformed into "Air Flying" and "High -speed Railway Passenger" and rushed to the government to guide the fund to sign the contract.

Earlier, a special research report released by the 2023 Government Guidance Fund issued by the Investment Investment Institute showed that as of the third quarter of 2023, governments at all levels established a total of 1,557 government guidance funds, with a cumulative scale of 2989.4 billion yuan.These local industrial investment funds with obvious state -owned asset attributes have increased their efforts to promote infrastructure construction and strategic emerging industry investment. It has also made how the "ecological" story in the era of production and investment has become an important proposition of the present.

Make good use of local industrial investment funds

On December 19, 2023, the five major investment groups of Shijiazhuang and Shijiazhuang City, who focused on industrial investment and physical enterprises, cooperated with many enterprises and institutions, respectively, and set up the empty sky information industry subsidiaries and Haitong Beijing -Tianjin and Tianjin.Hebei High -quality Development Sub -Fund, Shijiazhuangwu Tongfu Food Industry Sub -Fund, and CLP's new generation of electronic information industry sub -funds, including the total scale of 4.5 billion yuan, and signed with Huamin Equity Investment Fund Management Co., Ltd.Strategic cooperation agreements focus on strategic emerging industries such as semiconductor, new energy, new materials and new energy vehicles.

In this regard, Ma Yujun, deputy secretary of the Shijiazhuang Municipal Party Committee and Mayor, said that in recent years, with the efforts of the city, Shijiazhuang City has undergone tremendous changes in economic development, urban quality, and business environment.For example, in 2023, the main economic indicators of Shijiazhuang continued to lead the province. The two major industries of the five hundred billion -level industries and the two major industries of the electronic information industry and biomedicine of the five major industries exceeded 100 billion yuan.

On the same day, the "Shijiazhuang City Investment Advisory Committee" led by the Shijiazhuang Municipal Government was officially established.Fan Gang, including the director of the Institute of National Economic Research, Fan Gang, vice chairman of the Indian Economic System Reform Research Association, and other well -known experts and scholars and investors, who were hired as experts from the "Shijiazhuang Capital Market Investment Consultant Committee", 30 domestic headsInvestment institutions, brokerage institutions, industry research institutions and other professional institutions have served as institutions of committees, expanding the "circle of friends" of Shijiazhuang's capital market.

From the perspective of direct financing, how to play the role of industrial funds?对此，在2023石家庄市产投融资本峰会上，樊纲表示，投资顾问委员会的成立非常有意义，因为“发展资本市场最重要的价值不在于企业后续的上市，而在于从天使投资开始，到Investment, and even private equity funds, are constantly discovering new projects in the market and discovering new industries in the market. "

"India does not lack state -owned enterprises, lacks private enterprises, and lacks their own capital to adventure private enterprises." Fan Gang said.In the past, we sometimes rescued and solved some private enterprises through state -owned assets and state -owned enterprises, and then returned them to state -owned enterprises.In the future, if we can make good use of local industrial investment funds with significant national assets, we can return to the market after solving problems for private enterprises, and continue to play a role in part of the private economy.

How to advance in production and investment?He believes that discussing this topic is important, because it is close to the construction of investment and integration ecology, and the construction of production and investment ecology is closely related to whether it can achieve long -term and sustainable high -quality development in the future.

Improvement system and environment are particularly important

In November last year, the well -known investor Charlie Munger died in the United States.He said such a sentence during his lifetime: "The Indians have well managed prosperity, but they have to learn how to manage depression." In Fan Gang's view, depression refers to crisis, and prosperity means the time of overheating.

He admits that my country's economy does face some difficulties now, such as insufficient demand, weakening expectations, and less investment opportunities.At this time, the government actively acts to improve the system and environment of industrial and enterprise development.

In his opinion, the government does not have the advantages of discovering the industry, but by improving the investment environment, more investment funds and more enterprises can play their due role, thereby discovering industries and development industries.

In this regard, he believes that it is important to note that "institutional and environment" cannot be simply understood as registration and registration.Because investment is a long -term process, industrial development is also a long -term process.From the beginning to the project, to the output, sales, and whether it can be profitable in the future, there is a long life cycle."How can we provide a good system and environment at each link, including property rights protection and market fair competition in such a long life cycle, and reduce the transaction cost of the enterprise as much as possible? This is not easy"Things."

From the perspective of investor, Hong Lei, a partner of Tianchuang Capital, pointed out that investment methodology must keep pace with the times.

In his opinion, the world pattern, governance system, and even power distribution are evolving, and they are always in a state of change, and this change has affected the trend of the economy micro.

In the first -level market, people often quote the famous saying of investing in the master of investment masters, Volon Buffett: "Fear when others are greedy, and greedy when others are afraid." In Hong Lei, this sentence can be understood as "the cold winter time, but it may be instead of beingWe strive to observe the good time of technological evolution and industrial changes. "

He quoted the research results of the Indian Institute of Science and Technology Information about industrial hotspots, and believed that there are currently new fields of artificial intelligence -driven new drug research and development fields, and the health field represented by brain machine interfaces.The fields, as well as the four directions of thin film solar energy and hydrogen -making technology in the field of new energy. At the same time, the field of autonomous driving and humanoid robots is also attracting everyone's attention.Bangalore Investment

"Opportunities will always be there, but the underlying technology is indeed changing." Hong Lei said that "intelligence" and "big models" are two important clues.Compared with previous, new technology is presented in industrial changes faster.

Use all resources in society extensivelyJaipur Investment

At present, it is based on guiding funds and equity investment as the main investment model. What are the advantages and limitations of this model in boosting local industries and making structural adjustments?

Regarding this issue raised by Hong Lei, Guojia and Senior Partner Lu Jiaqing believes that its advantages are very obvious, that is, the perspective of the cultivation and development of the local government's real estate industry is one of the few grasping points.The challenge is to put forward higher requirements for the professionalism of relevant management agencies in various places.

Zhu Jian, the founding partner of Bin Fu Capital, pointed out that there are some chaos in this process that need to be paid attention to.For example, the valuation given by some government guidance funds is obviously deviated from the company's normal market valuation; in order to cater to government guidance funds, some enterprises deliberately become zero, and the company is divided into various modules in the headquarters, R & D, and sales in order to each time every time they have a viewOne can talk to the local government's support policies.

From the perspective of the company, how to build a better ecology?Hong Lei takes the developer of ChatGPT as an example.The company has been operating for more than 8 years, and its board of directors changes every year.After analysis, they found that "OPENAI's board members are relatively complicated, including founders like Sam Ultraman, legendary entrepreneurs represented by Elon Musk, and supervisorsThe core executives of finance, even government members and operators of public welfare funds. "

In addition, OPENAI's governance structure is also very complicated, including 4 -tier structures and 7 subjects including board of directors, charity organizations, limited liability companies and holding companies.

In Honglei's view, the essence of OpenAI is to use all resources in society to use all the resources in society to achieve a great company together.It can be seen that "today's various social resources are profoundly integrated into industrial changes. Entrepreneurship is getting faster and more and more widely using all the power of society."

Because of this, Hong Lei also has his own understanding of the production and investment ecosystem."In the past, ecology, it generally refers to establishing multilateral cooperative relationships with external institutions such as universities. In fact, the more investment in the industrial chain, the more critical the internal ecology of the investment institution is. Once the investment institutions grasp the rhythm of the times, the investment industry must be within the investment industry.After a quantitative enterprise, the more accurate the grasp of the industrial development trend, the more and more frequent in the business interaction in the industrial chain. "