专访淡马锡吴亦兵：继续重仓中国，看好新兴消费和AI应用前景

Core Insights - The net asset value of Temasek's investment portfolio increased by 4 billion SGD compared to the previous fiscal year [1] - Temasek's investment portfolio reached a historical high of 434 billion SGD, with an increase of 45 billion SGD from the previous fiscal year [4] - Temasek's investment activities in the past fiscal year were notably active, with investments totaling 52 billion SGD and divestments reaching 42 billion SGD [5] Investment Focus - Temasek's investment strategy remains focused on China, with a slight decrease in the proportion of its investment portfolio in China to 18% [6] - The company continues to emphasize technology innovation, particularly in AI, as a key investment theme in China [9][10] - Temasek's new private equity fund, established to attract potential RMB limited partners, aims to invest in high-quality assets in China [1][9] Market Dynamics - The investment portfolio is divided into three main segments: Singapore-based investments (41%), global direct investments (36%), and cooperative investment projects (23%) [5] - The company has observed a shift in the investment landscape, with a growing focus on resilient assets and cash flow due to increasing market uncertainties [8] - Temasek's long-term confidence in the Chinese market remains unchanged, despite fluctuations in the investment portfolio's exposure [6][11] Consumer Market Insights - The Chinese consumer market is maturing, with a shift towards service-oriented consumption and the rise of local brands [12][13] - Temasek identifies the potential for growth in service consumption, which has a high multiplier effect, supported by comprehensive consumption promotion policies [13] - The company believes that stabilizing the real estate market is crucial for boosting consumer confidence and overall economic growth [12][13]