对话建发新兴投资王文怀：创投的本质是预判，做技术“左侧”的种树人

Core Insights - The article discusses the role of state-owned venture capital institutions in balancing strategic focus with market adaptability amidst technological innovation and industrial upgrades [2][3] Group 1: State-Owned Venture Capital - State-owned capital should enhance its ability to judge future trends based on a thorough understanding of national, regional, and urban development strategies, aiming to become "patient capital" [2][3] - Jianfa Emerging Investment has managed nearly 30 billion and covered over 2,000 entrepreneurial projects, achieving a cumulative net profit exceeding 4 billion since its inception [3] Group 2: Market Efficiency and Policy Guidance - There is a belief that government direction and market efficiency are not contradictory; Jianfa Emerging Investment primarily manages market-oriented funds rooted in a deep understanding of national high-quality development strategies [3][4] - The organization serves as a bridge for market-oriented entrepreneurial firms to connect with local policy resources, leveraging its unique understanding of government strategies [4] Group 3: Investment Landscape - The current venture capital market does not lack funds; rather, it lacks efficient market-oriented Limited Partners (LPs) to channel capital into high-quality General Partners (GPs) and core competitive technology enterprises [6] - A call for more market-oriented state-owned LPs to shift from task-oriented funding to market-oriented capital allocation, promoting upgrades in industrial structure towards high value-added and high-tech content [6] Group 4: Investment Logic in Hard Technology - The essence of venture capital lies in foresight and prediction, with successful investors willing to invest before a company's financial maturity [7] - Investment judgment should consider four levels: financial statements, business development, understanding technology and products, and evaluating the team [7] - There is recognition of a bubble in the robotics investment sector, which is typical during new technology introduction phases, and a need for more flexible valuation thinking beyond simple metrics [7]