对话六位投资大佬：2026年，他们打算这样花钱

Core Insights - The equity investment industry is entering a "refinement period" characterized by a return to cognition and capability reshaping, with long-term capital expanding and patient capital becoming a core force supporting technological innovation [3][41] - Investment institutions are focusing on hard technology and strategic emerging industries, deepening their layouts and uncovering value [3][41] - The conference aims to create an efficient ecosystem that integrates investors and enterprises, promoting the full-chain integration of the investment industry [3][41] Group 1: Institutional Positioning and Core Advantages - The forum features prominent figures from leading investment institutions, emphasizing their long-term commitment and sensitivity to cyclical and structural changes [5][42] - 弘毅投资 has shifted its focus to early-stage technology investments, aligning with national policies and industry trends, while also managing a significant real estate investment business [7][8] - 华映资本 has a strong emphasis on early-stage investments, with over 80% of its investments concentrated in this phase, particularly in AI and related fields [10][11] Group 2: Investment Strategies and Opportunities - Investment strategies for 2026 will focus on AI, biomedicine, and gene technology, with a recognition of the need for a forward-looking perspective on how AI will reshape industries [19][20] - The importance of early-stage investments is highlighted, with institutions planning to deepen their engagement in sectors like semiconductors and artificial intelligence [15][22] - 鼎晖投资 emphasizes a dual structure of traditional PE and VGC, focusing on both acquisition investments and innovative growth funds in hard technology sectors [13][14] Group 3: Balancing Policy Guidance and Investment Returns - The concept of "patient capital" is discussed, with a distinction between "active patience" and "passive patience," emphasizing the need for a proactive approach to long-term investments [32][36] - The balance between policy direction and market logic is crucial, with a focus on finding projects that align with both government strategies and market demands [33][34] - The need for a diversified capital structure to support long-term investments in hard technology is emphasized, highlighting the role of various capital sources [32][33]