经济观察报·2025-12-24 11:30Core Viewpoint - The article reflects on the journey of Liu Mingda, a pioneer in China's private equity sector, highlighting his investment philosophy and adaptation to market changes over 25 years, emphasizing the shift from consumer stocks to hard technology investments in response to evolving economic conditions [4][5][12]. Group 1: Historical Context and Early Investments - In 1996, the Chinese stock market was characterized by rampant speculation and insider trading, yet Liu Mingda distinguished himself by investing in technology stocks based on a simple belief in their future potential [7][8]. - His early investment in Shenzhen Development Technology Co. yielded significant returns during a time when average salaries were only a few hundred yuan [8]. - In 2005, during a market downturn, Liu made a pivotal decision to establish one of the first trust-based securities investment products in China, marking a shift towards a more regulated investment approach [10][11]. Group 2: Investment Philosophy and Strategies - Liu's investment strategy evolved to focus on "blue-chip" and "oligopoly" companies, betting on the concentration of resources and profits among leading firms as the Chinese economy matured [14][15]. - He identified Kweichow Moutai as a cornerstone of his portfolio, arguing that its cultural significance and social currency would ensure its continued demand despite market skepticism [15][16]. - Liu's approach emphasized the importance of stable, cash-rich companies with clear competitive advantages, even as he faced criticism for missing opportunities in emerging tech sectors [15][16]. Group 3: Shift to Hard Technology - In the new decade, Liu's investment focus shifted towards hard technology, driven by the belief that national security and technological self-sufficiency are paramount in the current geopolitical climate [19][20]. - He began investing in hard tech projects, acknowledging the risks involved but also the necessity of adapting to the changing landscape of investment opportunities [21][22]. - Liu expressed concerns about traditional internet giants and their sustainability, predicting that companies failing to innovate in disruptive technologies could face significant challenges [22]. Group 4: Philanthropy and Personal Philosophy - Liu's involvement in environmental philanthropy through the Alashan SEE Ecological Association reflects his desire for sustainable and transparent charitable initiatives, paralleling his investment principles [25][26]. - He believes that true wealth is measured not by monetary accumulation but by the freedom it provides, emphasizing a balanced approach to life and investment [28][29]. - Liu's philanthropic efforts serve as a counterbalance to the competitive nature of the financial markets, allowing him to contemplate the deeper meaning of wealth [29]. Group 5: Future Outlook and Advice - Liu acknowledges the challenges facing the economy and the difficulty for ordinary individuals to generate wealth, yet he remains optimistic about China's market resilience and technological advancements [31][32]. - He advises young investors to adopt a long-term perspective, warning against the pitfalls of seeking quick profits in a competitive market environment [32].