我一直是连续创业者，从加入百度以后，包括在酷讯，都是我创业的，从酷讯里面创立一家公 司叫大掌门，获得 1500倍回报 就开始做投资。 酷讯另外一家公司，张一鸣的字节跳动，我在B轮才参与投了一点，所以没投到天使轮，是我 的人生遗憾。 因为 张一鸣是我单招的第一个员工。 我的一个愿景，相信国运，因为在这个时代，早期投资回报周期特别漫长，如果你没有一点信 仰的话，很难坚持这么长期的事情，基本上现在播种要到十年后才有收获。 我有两个身份： 天使投资人，还有投资心学导师。 我们是中国最全面布局的早期投资机构 ，无论从移动互联网时代，到现在AI时代，我们都在每 个赛道都能够提前布局，包括投了 理想、星河动力 这样的企业，这是在硬科技的布局。 现在的星河动力， 微纳星空 都在筹备上市了，已经上市的企业有十几家。现在大环境有些艰 难，首先是募资难，创业也很艰难，现在流量也很贵，很多红利不在了。 退出周期特别漫长，以前有美股上市通道的时候，像当时理想汽车四年时间就上市了， 小牛电 动 三年半上市， 趣店 也是三年上市的，但现在基本上最好的一个企业在A股上市的话，从天 吴世春 梅花创投合伙人、黑马加速导师 使轮到IPO都需要12 ...

Core Insights - The article discusses the challenges and opportunities in early-stage investment in China, emphasizing the need for patience and a long-term vision in the current investment landscape [2][5][6]. Investment Landscape - The current investment environment is characterized by difficulties in fundraising and high costs of customer acquisition, leading to longer exit cycles for investments [3][4]. - Historically, companies like Li Auto and Niu Technologies had shorter IPO timelines, but now the best companies may take up to 12 years to go public [4]. Investment Logic - The author outlines three key investment strategies: 1. **Investing in "Unicorn Tigers"**: Focus on companies that can dominate their market rather than those that merely exist alongside competitors [7][9]. 2. **Investing in "Town Youth"**: Emphasizes the importance of young entrepreneurs from smaller towns who are more likely to adopt a long-term focus and avoid chasing trends [10][11][13]. 3. **Alignment of People, Events, Timing, and Valuation**: Successful investments require the right team, the right business model, favorable market conditions, and reasonable valuations [14]. Current Investment Activity - The company has invested in over 600 enterprises, with around 70 to 80 achieving profitability close to A-share listing standards, indicating a high success rate in their investment strategy [14]. Upcoming Events - A learning event is scheduled in Xi'an, focusing on technology manufacturing and exploring opportunities in various sectors, including robotics, aerospace, and new materials [15][21].

Core Viewpoint - Early-stage investment in China remains a viable business despite challenges such as difficult fundraising and long exit cycles, which can take approximately 12 years from angel round to IPO. The key to success lies in having faith in the country's future and extreme patience [2][6]. Investment Environment - The current investment environment is characterized by a scarcity of fundraising opportunities, with state-owned capital dominating about 70-80% of the funding landscape. This makes it challenging for venture capital firms to secure sufficient resources [6][8]. - The exit cycle has significantly lengthened, with the best companies now taking around 12 years to go public in A-shares, compared to much shorter timelines in the past [6][7]. Investment Logic - The speaker advocates for a shift from investing in "unicorns" to "independent tigers," which are companies that can generate their own revenue and have a sustainable business model. This approach emphasizes the importance of identifying companies that can dominate their market [7][9]. - A focus on investing in resilient "small-town youth" entrepreneurs is recommended, as they are less likely to chase trends and more likely to commit to long-term projects [8][9]. Key Advice - Eight pieces of advice for investors include: 1. Invest in future scarcity rather than current trends 2. Make independent judgments in non-consensus areas 3. Only invest if there is absolute confidence in the project 4. Be wary of market fads and technology bubbles 5. Recognize that investment is often counterintuitive 6. Be prepared to correct mistakes and cut losses 7. Diversify exit strategies and focus on brand building 8. Understand that early-stage investment requires a long-term commitment [2][10][11]. Investment Criteria - The four essential elements for investment decisions are: people, projects, timing, and valuation. Each of these factors must align for a successful investment [8][9]. - The concept of "independent tigers" was introduced to differentiate between companies that are genuinely viable and those that are merely inflated in valuation without sustainable business models [9]. Future Outlook - Despite the current challenges, there is optimism about capturing the benefits of technological revolutions and achieving high returns through long-term investments in sectors like AI and hard technology [6][11].

Core Points - The meeting between Wu Qingwen, the Deputy Secretary of the Municipal Party Committee and Mayor of Suzhou, and Liu Chengyun, Vice President of China Communications Construction Company and Chairman of Greentown China Holdings, highlights the ongoing collaboration and investment in Suzhou's real estate sector [1] - Greentown China Holdings has invested over 45 billion yuan in 16 projects in Suzhou since entering the market in 2009, indicating a strong commitment to the region [1] Group 1 - Wu Qingwen expressed gratitude for Greentown China's long-term investment and support for Suzhou's economic and social development [1] - The city of Suzhou is focusing on integrating people, industry, and urban development, aligning with the central government's directives [1] - Greentown China aims to leverage its advantages as a central enterprise to enhance its investment in Suzhou, focusing on building safe, comfortable, and green housing [1] Group 2 - Liu Chengyun emphasized Greentown China's confidence in Suzhou's innovative vitality and favorable business environment, indicating a positive outlook for future cooperation [2] - The company plans to adhere to a "quality first" philosophy in its projects, contributing to high-quality urban development [1]

Core Viewpoint - The Chinese government signals a strong commitment to promoting high-quality development in the real estate market over the next five years, emphasizing its role in improving people's livelihoods and driving economic growth [1][3]. Group 1: Real Estate Market Development - The real estate sector still has demand and development potential, with its value added to GDP at 6.3% in 2024, compared to over 10% in some developed countries [3][4]. - The focus will shift from investment-driven growth to exploring new growth areas in leasing, operations, and services within the real estate sector [3][4]. Group 2: Housing Supply System - A dual supply system will be established, consisting of a clear and complementary structure of guaranteed and market housing, optimizing the supply of affordable housing for urban workers and low-income families [4][6]. Group 3: Reforming Real Estate Practices - The industry will undergo reforms to address existing issues, including strict regulations on fund management for real estate projects and promoting the sale of existing homes to mitigate delivery risks [6][7]. Group 4: Quality and Safety Enhancements - The government aims to implement housing quality improvement projects and enhance property service quality, focusing on both the physical aspects of housing and ongoing maintenance [9][10]. - A comprehensive safety management system for the entire lifecycle of housing will be established, including housing inspections, insurance, and pension systems [10].

Core Viewpoint - The Chinese government aims to enhance the housing supply system and promote high-quality development in the real estate sector over the next five years, emphasizing the importance of housing for improving people's livelihoods and driving economic growth [1][5]. Group 1: Housing Supply System - The government will establish a dual supply system consisting of both guaranteed and market-oriented housing, optimizing the supply of affordable housing for urban workers and families in need while increasing the supply of improved housing based on local conditions [3]. - A "people, housing, land, and money" linkage mechanism will be established to balance market supply and demand, focusing on both the quantity and quality of housing supply [3]. Group 2: Reform of Real Estate Development - The government plans to reform and improve the real estate development, financing, and sales systems to address existing issues in the industry, promoting a new model for high-quality development [3]. - Strict regulations will be enforced to prevent investors from misappropriating funds related to project sales and financing, ensuring that financing needs are met through designated banks [3]. Group 3: Quality and Safety of Housing - The initiative includes implementing housing quality improvement projects and enhancing property service quality, indicating a focus on both the physical aspects of housing and its operational maintenance [4]. - A comprehensive safety management system for the entire lifecycle of housing will be established, including housing inspections, insurance, and pension systems to ensure residential safety [4]. Group 4: Future Potential of Real Estate - The real estate sector still has significant potential, with the industry's value added to GDP projected at 6.3% in 2024, compared to higher percentages in developed countries, suggesting opportunities in rental, operation, and service sectors for new growth [2].

Core Insights - Hong Kong banks are seeking to expand their wealth management market in the Guangdong-Hong Kong-Macao Greater Bay Area, with East Asia Bank (China) opening its flagship branch in Shenzhen focused on wealth management [1][4] - The bank aims to shift its retail to wholesale business ratio from approximately 3:7 to 5:5, emphasizing the development of retail services, particularly wealth management for high-net-worth clients [1][7] - The Greater Bay Area is identified as a significant wealth management market with a population nearing 100 million, providing a substantial target client base for banks [5][9] Wealth Management Strategy - East Asia Bank's strategy aligns with other foreign banks in China, focusing on enhancing services for high-net-worth individuals and cross-border financial services [5][6] - The bank reported a 39% increase in affluent clients in the Greater Bay Area and a 54% increase in clients moving to Hong Kong, with a 90% growth in assets under management (AUM) for cross-border wealth management [5][6] - The bank's flagship branch features dedicated areas for wealth management, indicating a strong retail focus [6][7] Integration of Services - The distinction between corporate and personal services is becoming less clear, with a trend towards integrating financial needs across personal, family, and business levels [2][8] - East Asia Bank is developing a framework called "People, Family, Enterprise, Society" to address the wealth management needs of ultra-high-net-worth entrepreneurs [9] - The bank plans to enhance its transaction banking services and leverage AI for cross-border settlement and trade financing [9]

Core Viewpoint - The stable and healthy development of the real estate market fundamentally depends on the effective allocation of four resource elements: "people, houses, land, and money" [3]. Group 1: Housing Development Strategy - The "14th Five-Year Plan" period is a transitional phase for housing development, requiring a balance between stability, development, and transformation [1]. - The concept of "good houses" is central to the new development model, focusing on five key aspects: good standards, good design, good materials, good construction, and good maintenance, reflecting a full lifecycle approach [1][2]. - The Ministry of Housing and Urban-Rural Development (MOHURD) has emphasized the importance of establishing standards for good construction and maintenance, with a focus on safety management throughout the lifecycle of buildings [2]. Group 2: Market Dynamics and Policy Implications - The recent "9·26" policy measures aim to stabilize the market, but further efforts are needed to ensure a sustained recovery [3]. - A detailed analysis of supply and demand relationships within regions is essential to identify structural demand and achieve "people-house matching" [4]. - The approach should prioritize real demand rather than local government land sales or investment targets, shifting from an incremental to a stock-oriented mindset [4]. Group 3: Implementation and Standards - The MOHURD has initiated various competitions and evaluations to promote the standards for "good houses," with a focus on high-quality residential projects [1][2]. - The establishment of a comprehensive maintenance system, including property management and housing pension schemes, is underway to enhance service quality and efficiency [2].

Core Viewpoint - The Ministry of Housing and Urban-Rural Development is accelerating the construction of a new model for real estate development, focusing on reforming and improving the financing and sales systems in the real estate sector [1][2]. Group 1: Achievements During the 14th Five-Year Plan - During the 14th Five-Year Plan, approximately 5 billion square meters of new residential properties were sold nationwide [1]. - Over 11 million units of various types of affordable housing and urban renewal projects were constructed, benefiting more than 30 million people [1]. - More than 240,000 old urban communities were renovated, impacting over 40 million households and 110 million individuals [1]. Group 2: Reform Initiatives - The establishment of a "people, housing, land, and finance" linkage mechanism is a key initiative to ensure the stable and healthy development of the real estate market [2]. - Local governments are guided to develop housing plans based on population changes, ensuring a scientific arrangement of land supply and financial resource allocation [2]. - The traditional "three highs" model in real estate development is deemed unsuitable for current conditions and requires transformation [2]. Group 3: Financing and Sales Reforms - Project companies are required to exercise independent legal rights, and investors are prohibited from misappropriating funds before project delivery [3]. - A "white list" system for project financing has been established, with over 7 trillion yuan approved for loans to "white list" projects, ensuring the construction and delivery of residential properties [3]. - The promotion of "real estate sales as seen" aims to fundamentally prevent delivery risks, while pre-sale funds are subject to strict regulatory oversight to protect buyers' rights [3]. Group 4: Future Plans - During the 15th Five-Year Plan, the Ministry will continue to collaborate with relevant departments to implement tasks aimed at creating a new model for real estate development [4]. - The goal is to establish a sound supply system, reasonable resource allocation, standardized regulatory frameworks, and stable industry operations to promote high-quality development in the real estate sector [4].

Core Viewpoint - The Ministry of Housing and Urban-Rural Development is accelerating the establishment of a new model for real estate development, focusing on reforming and improving the financing and sales systems in the real estate sector [1][2]. Group 1: Achievements During the 14th Five-Year Plan - During the 14th Five-Year Plan, approximately 5 billion square meters of new commercial residential space were sold nationwide [1]. - Over 11 million units of various types of affordable housing and urban renewal projects were constructed, benefiting more than 30 million people [1]. - More than 240,000 old urban communities were renovated, impacting over 40 million households and 110 million individuals [1]. Group 2: Reform Initiatives - The establishment of a "people, housing, land, and finance" linkage mechanism is a key initiative to ensure the stable and healthy development of the real estate market [2]. - Local governments are guided to develop housing plans based on population changes, ensuring a scientific arrangement of land supply and financial resource allocation [2]. - The traditional "three highs" model in real estate development is deemed unsuitable for current conditions and requires transformation [2]. Group 3: Financing and Sales Regulations - Project companies are required to exercise independent legal rights, and investors are prohibited from misappropriating funds before project delivery [3]. - A "white list" system for project financing has been established, with over 7 trillion yuan approved for loans to "white list" projects, ensuring the construction and delivery of commercial housing [3]. - The promotion of "现房销售" (selling existing houses) is being actively pursued to mitigate delivery risks and protect buyers' rights [3]. Group 4: Future Plans - During the 15th Five-Year Plan, the Ministry will continue to collaborate with relevant departments to implement tasks aimed at creating a new model for real estate development [4]. - The goal is to establish a sound supply system, reasonable resource allocation, standardized regulatory frameworks, and stable industry operations to promote high-quality development in the real estate sector [4].