前海方舟靳海涛：目前资本市场对消费领域关注不够，这是错误的

Core Viewpoint - The current venture capital funds should focus on five major processes that are expected to yield good investment returns, including addressing supply chain issues, digital transformation, carbon neutrality, health advancements, and consumption upgrades [3][8]. Group 1: Five Major Processes for Investment - The first process is the "short board" process, which aims to solve critical supply chain issues and ensure safety and self-control [3][8]. - The second process is the digital transformation process, emphasizing the need to use digital technology to reform traditional industries and improve various aspects of life and work [3][9]. - The third process is the carbon neutrality process, which has evolved from being driven by financial products to policy-driven, and now is entering a demand-driven phase [3][10]. - The fourth process is the "big health" process, shifting from symptomatic treatment to root cause resolution, with predictions that China will lead in biopharmaceuticals in the next seven to eight years [3][11]. - The fifth process is the consumption upgrade process, which is crucial for economic growth and should receive more attention and support from the capital market [3][11]. Group 2: Global Perspectives on Venture Capital - The development trends in the venture capital industry are influenced by changes in demand and supply, requiring innovation and reform in products and services [4][5]. - Countries are adopting different development paths, with some focusing on innovation-driven investment strategies that support small and medium enterprises and disruptive innovation, while others rely on traditional investment strategies [5][6]. - China has maintained an innovation-driven investment strategy, which has significantly contributed to its technological advancements and economic growth [6][7]. Group 3: Investment Impact and Achievements - Since the emergence of venture capital in 1999, China's GDP has increased over 13 times, with venture capital contributing more than 43% to this growth [7]. - Venture capital has played a significant role in establishing a complete industrial chain in China, with over 40% of major industrial products leading globally [7]. - The venture capital sector has supported the development of leading companies in various industries, including semiconductors and renewable energy [7]. Group 4: Future Recommendations for Venture Capital - The industry should focus on "early, small, and future" investments, promoting patient capital as a fundamental requirement for a healthy venture capital ecosystem [12]. - The capital source structure should be optimized to include government capital, various financial capitals, and family wealth, creating a balanced investment environment [13]. - Emphasis should be placed on post-investment management and support to help companies grow, rather than solely pursuing high-profile successes [14]. - The development of S funds and follow-up funds is essential to avoid potential market disruptions and support the real economy [15].