一级市场开始“上卷”

Core Viewpoint - The article emphasizes that while "involution" is an unavoidable reality in the current competitive landscape, there are clear pathways to break through, primarily through technological innovation, international expansion, and ecosystem empowerment, all of which should return to the essence of value investing [3][25]. Group 1: Current Market Dynamics - The industry is experiencing an unprecedented wave of technological innovation, with advancements in AI, robotics, low-altitude economy, and new materials expanding industrial boundaries [4]. - Structural challenges accompany technological progress, such as resource concentration, rapid market saturation, and homogenized competition, leading to intensified "involution" especially in the primary market [4][5]. - Investment firms face challenges like fundraising, investment, and exit pressures, necessitating a strategic reevaluation to navigate through cycles while adhering to value principles [4][5]. Group 2: Investment Strategies - The roundtable discussion at the forum highlighted the need for venture capital firms to focus on the value foundation of "new quality productivity" to break free from the "involution" dilemma and lead industrial upgrades [5][6]. - Key strategies for identifying true value in investments include integrating new technologies with traditional industries and focusing on emerging industries driven by continuous information technology advancements [8][9]. - The importance of timing in entering future industries is emphasized, with a focus on high-value segments of the supply chain rather than core assets that may be overvalued [9][10]. Group 3: Overcoming Involution - The discussion on overcoming "involution" stresses that competition is inevitable, and innovation is essential for establishing a competitive edge [19][20]. - Companies should not view international expansion and innovation as mutually exclusive but rather as complementary strategies to build core advantages [20][21]. - The necessity of maintaining a long-term perspective and a commitment to serving national development needs is highlighted as a way to resist "involution" [21][24]. Group 4: Policy and Structural Support - Recent government initiatives emphasize the need for "continuity of capital" to address long exit cycles, with structured funds supporting different investment stages [15][24]. - The establishment of seed funds and the introduction of market-oriented investment institutions at various stages aim to enhance project value assessment and exit strategies [15][24]. - The article concludes with a call for investment firms to uphold their mission of supporting technological innovation and industrial development during this critical phase of nurturing "new quality productivity" [24][25].