熙诚致远私募基金管理公司总经理许峻铭：投资于人，探索无形资产与专利基金的创新路径

Core Insights - The conference "2026 Annual Dialogue and Global Wealth Management Forum" focuses on the theme "China's Resilience in Changing Circumstances" and highlights the importance of investing in human capital as a new focus for financial institutions [1] - Xu Junming, General Manager of Xicheng Zhiyuan Private Equity Fund Management Company, emphasizes the need for rationality in venture capital and the search for structural opportunities, particularly in digital transformation and artificial intelligence [3][12] Group 1: Investment Opportunities - There are significant opportunities in the "Finance + Technology + Industry" integration, especially in sectors requiring digital transformation and AI empowerment [3][11] - The emergence of innovative financial tools like "Science and Technology Loans" has helped SMEs, but there is still room for further innovation, such as using intellectual property as collateral for financing [3][12] - The concept of investing in human capital is gaining traction, as the knowledge and skills of managers and engineers can be transformed into data assets in the AI era [3][12] Group 2: Challenges in Investment - The dominance of local guiding funds as the main source of capital presents two major bottlenecks: spatial and temporal conflicts between local fund management and the free flow of capital [4][14] - The short tenure of decision-makers in local guiding funds often does not align with the long-term nature of venture capital investments, creating challenges for sustained support of innovative projects [4][15] - The need for new fund models, such as talent funds or patent-based funds, is highlighted as a potential solution to overcome existing bottlenecks in the investment landscape [4][15] Group 3: Market Dynamics - The current investment landscape shows a significant divide between commercial viability and technological competition, with varying attitudes towards AI among major tech companies [8][9] - The market is experiencing a fear of missing out (FOMO) among investors, leading to a rush towards early-stage investments despite the high valuations of many AI companies [9][10] - Historical comparisons are drawn between the current AI wave and past technology bubbles, emphasizing the need for careful evaluation of investment opportunities [10][11]