淡马锡CEO狄澜访谈：在中国总敞口仍在上升，全球投资聚焦四大结构性趋势

Core Insights - The discussion between Nicolai Tangen, CEO of Norges Bank Investment Management, and Dilhan Pillay Sandrasegara, CEO of Temasek, highlighted Temasek's global investment strategy and its relationship with national governance [2][5]. Investment Strategy - Temasek manages a total of $350 billion in assets across 13 offices globally, with a portfolio net worth of SGD 434 billion as of March 31, marking a historical high [2][5]. - The investment portfolio is divided into three main segments: long-term investments in local companies with at least 20% ownership, global direct investments focusing on minority stakes aligned with four institutional trends, and collaborative investment projects with other investors [5][10]. - Temasek does not engage in macro timing but focuses on a "exit-reinvest" capital cycle to achieve long-term returns [5][20]. Geographic Exposure - Temasek's overall exposure in China continues to grow, while funds are being rebalanced towards the US and Europe [20]. - Over the past decade, Temasek's investment strategy has been driven by themes such as urbanization, the rise of the middle class, intellectual property advantages, and global champions [19][20]. Governance and Operational Structure - Temasek operates independently from the Singapore government, with no government-appointed directors on its board, allowing for a separation of regulatory and operational functions [12][11]. - The organization emphasizes a networked, partnership-first approach, prioritizing relationships over transactions [35][36]. Trends and Themes - Current investment trends focus on digitalization, future new consumption, longevity, and sustainable living [19][27]. - The organization has shifted its investment focus post-financial crisis, increasing allocations to the US and Europe, with the investment portfolio value doubling over the last decade [18][19]. Performance and Contribution - Companies held by Temasek contribute approximately 5% to Singapore's GDP, playing a crucial role in sectors like finance and public utilities [6][45]. - Temasek's investment philosophy emphasizes long-term sustainable returns while also considering the broader impact of climate change and technological advancements [14][27].