全球产业链重构下，跨境投资如何穿越周期？

Core Insights - The fourth Davos Global Fund of Funds Summit was held on January 21, 2026, focusing on the future development of the global fund of funds and venture capital industries amidst economic cycles [2][3]. Group 1: Cross-Border Investment - The second panel discussed the "New Paradigm of Cross-border Investment: Balancing Opportunities and Risks," addressing emerging cross-border investment sectors amid global industrial chain restructuring [4][5]. - Key issues included the opportunities in new cross-border investment tracks and the balance between technology maturity and valuation bubbles in long-cycle equity investments [6][7]. - The restructuring of the global industrial chain is reshaping cross-border investment patterns, highlighting contradictions between emerging tracks and valuation bubbles [7]. Group 2: Investment Strategies - Companies are advised to focus on "technology + real industries" in cross-border investments, emphasizing regional synergy and the integration of resources across different areas [8][9]. - The healthcare sector in China is identified as a high-quality track for cross-border investment, with a total transaction volume of nearly $140 billion in 2025, accounting for 49% of the global international pharmaceutical business development [11][12]. - Long-cycle investments should establish mechanisms for "technology iteration tracking + dynamic valuation adjustment" to avoid chasing conceptual bubbles and focus on projects with proven commercialization capabilities [10][12]. Group 3: Risk Management - Risk management in long-cycle investments requires attention to policy compliance and industry cycles, with China's healthcare industry benefiting from strong policy support and resilient demand [12]. - Companies should adopt a diversified allocation strategy, investing in various sectors such as cryptocurrencies, AI, and energy projects to hedge risks associated with single tracks [13][15]. - The importance of geopolitical considerations and localization policies is emphasized, particularly in regions like the Middle East, where local content requirements for major projects are significant [14][15].