HIKVISION(SZ:002415) 聪明投资者·2025-07-03 07:01Core Viewpoint - The essence of angel investment is a battle of faith and confidence, where investors must be willing to bet on projects that others overlook, especially during times of greatest divergence and loneliness [4][20][54]. Group 1: Investment Philosophy - Angel investors like Gong Hongjia believe that true innovation in China will emerge when someone is willing to invest 1 billion yuan in early-stage ventures [40]. - Successful angel investing requires a deep understanding of human nature and a long-term commitment to the mission of the projects [5][64]. - The investment landscape is changing, with a focus on life sciences, health, and foundational technologies, reflecting a worldview that emphasizes respect for natural rhythms and the environment [4][26]. Group 2: Investment Success Stories - Gong Hongjia's investment in Hikvision in 2001 for 2.45 million yuan, which yielded over 20,000 times returns, exemplifies the potential of long-term holding strategies in the A-share market [4]. - The investment in VeriSilicon (芯原股份) highlights the importance of believing in a company's future, even when it faces significant challenges, such as failing to list on NASDAQ [12][18]. - The journey of Dameng Data (达梦数据) illustrates the patience required in investing, as it took nearly 24 years for the company to go public, despite initial skepticism about domestic database capabilities [23][24]. Group 3: Challenges and Market Dynamics - The current investment environment is marked by a need for "root innovation" and a shift towards domestic capabilities in technology, particularly in the face of geopolitical tensions [26][30]. - The challenges of investing in high-tech sectors, such as semiconductors, are compounded by the need for advanced manufacturing processes and equipment, which are currently difficult to obtain [30][31]. - The emphasis on nurturing local talent and fostering an environment conducive to innovation is critical for the future of China's tech landscape [40][93]. Group 4: Entrepreneurial Insights - Successful entrepreneurs are characterized by their ability to learn, simplify complex problems, and possess leadership qualities that inspire others [65][66]. - The importance of a shared mission among team members is crucial for overcoming challenges, as seen in past projects that failed due to a lack of commitment [67]. - The entrepreneurial journey is often unpredictable, and the ability to adapt and learn from failures is essential for long-term success [50][60].