启明创投邝子平：中国新质生产力正在走向世界，创投行业可以发挥重要作用

Core Viewpoint - The article emphasizes the significant investment opportunities in China's new productive forces, particularly in the context of the global market and technological advancements [2][19]. Group 1: New Productive Forces in China - China's new productive forces are gaining global recognition, with immense investment potential [2]. - The emergence of companies like DeepSeek showcases China's advancements in AI, reducing costs significantly compared to international counterparts [4][5]. - The gap between China's AI capabilities and international standards has narrowed to just two to three months, indicating rapid progress [6]. Group 2: Investment Opportunities - The biopharmaceutical sector in China is experiencing a transformation, with 30% of global license-ins coming from Chinese startups in 2024, up from 0% in 2019 [8]. - The shift from being a major recipient of foreign technology to a leading source of innovation (license-out) highlights China's growing influence in the global market [8]. - The export composition of China has evolved, with machinery and electronics now accounting for 42% of total exports, reflecting a shift towards high-tech products [9]. Group 3: Globalization of Chinese Companies - Chinese tech companies are increasingly expanding their international presence, although none have yet surpassed 50% of revenue from overseas [10]. - Emerging companies like Stone Technology and Insta360 are leading in their respective fields globally, with significant portions of their revenue coming from international markets [11]. - The recognition of Chinese technology firms is growing, paralleling the country's manufacturing capabilities established over the past decades [12]. Group 4: Role of Venture Capital - The venture capital industry in China plays a crucial role in supporting technological innovation, focusing on high-risk, long-term investments [15]. - Despite facing challenges in recent years, the potential for investment in Chinese startups remains strong, with six out of seven companies valued over $100 billion globally being from China [16]. - Key investment areas identified include AI, biopharmaceuticals, and renewable energy, which are expected to yield significant returns in the coming years [18].