In recent years, under the change of internal and external environment, the demand for scientific and technological innovation in the global market has reached a historical window in recent years. This is also one of the important reasons why cutting-edge technologies such as new energy and chips have swept the world in recent years.
Under the background of a new round of scientific and technological revolution and rapid industrial transformation, the demand for domestic substitution, the demand for developing a group of high-potential "specialized and innovative" enterprises and the demand for solving the "stuck neck" problem are unprecedented; At the same time, the establishment of science and technology innovation board and the introduction of relevant policies have greatly promoted the accelerated development of hard technology industry chain. The more direct reason is the unprecedented wealth of talents in this field.
Gao Ying is also very optimistic about the chip field. As a high-tech industry with high R&D cost, long cycle and scarce talents, chips have been unpopular with investment institutions for many years, but Gao Ying invested in Horizon, an artificial intelligence (AI) chip company, as early as 20 15.
At the moment of digital and intelligent industrial transformation, its primary task is to vigorously develop the semiconductor industry. As the infrastructure of the information age, the importance of semiconductors is self-evident, and every round of information technology explosion is inseparable from the development of semiconductor industry. China enterprises can't wait for digital transformation, so our requirements for computing power and storage are greatly improved.
In Huang Liming's view, there have been three important waves of innovation in the past 15 years. The first wave is the wave of digital innovation represented by Internet companies. The second wave is the development wave of life science represented by innovative drugs, original drugs and medical devices.
The third wave is cutting-edge technology and hard technology including new energy, new materials, artificial intelligence and chips. We also call it the wave of intelligent revolution.
Huang Liming thinks that if Gao Ling has the so-called core gene, there are only two words, "innovation". It is because of continuous innovation that Gao Yan capital can seize these three waves of innovation.
Chongyang investment: reappearance of investment value of high-quality core assets.
Since February this year, the market has been extremely divided. From a fundamental point of view, the economy has continued to decline this year, and the growth rate of corporate profits has declined. The main reason is that the core assets represented by the gross index are mainly composed of leading enterprises in various industries. On the whole, its fundamental prosperity and performance growth rate are closely related to the overall macro-economy. When the overall macro-economy is facing downward pressure, the performance growth rate of most leading companies is also under pressure.
The performance of the market this year has made many investors feel tormented.
Adhering to the concept of "value investment, absolute return", chongyang investment believes that after 30%~40% adjustment, Chongyang Assets has been optimistic about the real core assets for a long time, and the current allocation value of core assets is gradually reflected.
In the short and medium term, the three major factors leading to this round of core asset adjustment are improving.
First, the economic growth rate is expected to gradually stabilize.
Secondly, liquidity is expected to improve slightly and bottom out.
Third, from the policy point of view, the industry supervision policy promulgated by the state is not to suppress a specific industry, but to support the healthy development of the industry with high quality.
Therefore, at the current point, the investment value of high-quality core assets is reappearing. We are particularly optimistic about two types of core assets: first, some high-quality companies that have grown up in new consumption, new models and advanced manufacturing industries, which may be new core assets in the future; On the other hand, the core assets generally recognized in the current market will have a new round of differentiation. Those companies that have withstood the test of industry environment and policy changes and can continuously upgrade and evolve internally will have room for sustained growth and value-added.
Sequoia Capital Shen Nanpeng: Continue to innovate and embrace investment in science and technology.
At present, every enterprise in every field in China, whether retail, automobile, OEM or pharmaceutical, is considering how to digitize their business processes. "Science and technology investment" will be the main investment line for a long time to come.
For example, the current expenditure on technology accounts for only 5% of global GDP. But after the epidemic, the progress of technology has obviously accelerated, and I think this number may double in the next five years.
Shen Nanpeng said that artificial intelligence, high-end manufacturing, medical health and other hard science and technology fields have exceeded 80% of Sequoia China's portfolio.
Shen Nanpeng's main promising directions are cloud computing and SaaS. China is a big manufacturing country, and China's manufacturing industry very much hopes to be more intelligent and efficient at the same time of scale through digital transformation. In the past ten years, we have witnessed the huge capacity of the consumer Internet market. Now, we are more and more aware of the huge potential of the enterprise service market, and SaaS is obviously a very important part of it.
Another promising direction for Shen Nanpeng is "Metauniverse". It spans time and space and integrates people, things and fields in the Internet through the digital world. Its market space will far exceed imagination.
As a top VC/PE organization, Sequoia Capital deals with early entrepreneurs every day. Shen Nanpeng believes that innovation is very important for enterprises.
Just like Microsoft's corporate culture of learning everything, no matter what stage the company is in, it is necessary to establish an innovative management system within the company, so that the innovation of the enterprise can not only be generated from top to bottom, but also be stimulated from bottom to top.