芯联资本袁锋：CVC下半场，要摆脱简单的供应链投资

Core Viewpoint - The next five years will be a golden period for Corporate Venture Capital (CVC), emphasizing its value and role in driving innovation and establishing competitive advantages for companies [2][4]. Group 1: Past Five Years - The past five years have seen the gradual recognition of CVC's value, with supply chain investment serving as the essential entry point for CVCs [5][10]. - The Chinese hard technology sector, particularly the automotive industry, has undergone significant transformation, with the penetration rate of new energy vehicles rising from less than 5% in 2020 to 50% today [6]. - The semiconductor industry has also experienced rapid growth, with domestic companies increasing their market presence, leading to a rise in the localization rate of semiconductor equipment from about 10% to 40%-50% in some wafer fabs [9]. Group 2: Future Five Years - The future will witness a shift from simple supply chain investments to a focus on innovation and ecosystem building, with CVCs acting as connectors to enhance their companies' competitive advantages [11][14]. - By 2025, the industry will see a consolidation phase, with many startups exiting the market, leading to increased concentration in both the automotive and semiconductor sectors [12]. - There will be a transition from pursuing scale to fostering foundational innovation, with Chinese companies aiming to lead in core technologies such as autonomous driving and battery systems [13]. - CVCs will need to build systematic capabilities rather than relying on single-point breakthroughs, as comprehensive systems become crucial for industry leadership [13]. - Internationalization will become increasingly important, with Chinese companies establishing local production to adapt to global supply chain strategies [14]. Group 3: CVC's New Mission - CVCs must evolve to become "links" that help companies build their strengths while also investing in emerging industries and reinforcing competitive barriers through innovation [14][15]. - Successful examples include investments in silicon carbide technology, which has captured 70% of the Chinese market, and collaborations in robotics and AI to enhance foundational technology capabilities [15][16]. - The role of CVCs will vary across different stages of corporate development, as seen in historical examples like Intel, which transitioned from supply chain investments to ecosystem building and embracing AI innovations [17][18].