一、清代宫廷贺岁大戏中的白龙马专场 古典小说《西游记》里的白龙马，一路勤勤恳恳载着唐三藏、跟着孙悟空等，远赴西天取经，其沉默寡 言、任劳任怨的形象深入人心，常被认为是"幕后英雄"。但它也有出身非凡、有勇有谋的一面，前人因 此将白龙马与我们最熟悉的唐僧、悟空、悟能、悟净师徒四众并称为"取经五圣"。 西游故事中有关白马变化而救主的情节，算得上是白龙马历次出场中的最华彩篇章。《西游记》小说中 第三十回"邪魔侵正法，意马忆心猿"，起因是唐僧遇黄袍怪，被变成老虎，身处险境。而本应通力合作 的悟空、悟能、悟净，也因之前孙行者杀白骨精等事心生嫌隙，团队险些散伙。此时白龙马挺身而 出，"愁他化虎灾难脱，白马垂缰救主人"（《升平宝筏·白龙马雪仇落井》），促成了孙悟空的回归与 取经任务的继续。清代的点评家认为，唐僧经历的九九八十一重磨难之中，"当以化虎为第一难，而白 马于此时化龙救主，亦当为第一功臣"，"向非意马义愤，促请心猿降怪救师，异日安得有五圣成真耶？ 每为诵'疾风知劲草，板荡识诚臣'之句，不觉惨然于怀。白马非马也，真可谓龙德而隐者矣"，"吾于三 藏化虎，既为之伤心掩卷矣。至于白马救主，又不禁涕泪之横集也"。（［明］吴承恩 ...

Investment Logic - The first investment logic is to invest in "unicorn tigers," distinguishing between "tigers" and "pigs" within the unicorn category, where tigers can thrive without constant capital feeding [1][2] - The second logic focuses on investing in "town youth," emphasizing the need for long-term commitment and focus, as these individuals are less likely to chase trends [5][8] - The third logic is about the alignment of people, events, timing, and valuation, where successful investments require a strong entrepreneur, a favorable market, the right timing, and reasonable valuation multiples [9][10] Market Trends - The current investment landscape shows that many new unicorns are led by "town youth," contrasting with previous trends where returnees were favored [7][8] - The article highlights that missing a critical time point can lead to lost investment opportunities, citing examples like the electric vehicle sector after 2016 and the rocket industry after 2018 [11][10] Fund Management - The company has been managing funds for 11 years, with a total fund size exceeding 100 billion, having invested in over 600 companies, with 70-80 of them nearing A-share listing standards [12][13] - It is projected that around 20 companies from the portfolio will go public by 2026, with an average of 1-2 companies expected to list each month [13] Event Promotion - An upcoming event from January 22-24 will involve a deep dive into the technology manufacturing industry, aimed at exploring opportunities in a trillion-dollar market [14][19] - Participants will engage in immersive learning experiences, networking with entrepreneurs and investors, and gaining insights into capital trends and industry strategies [21][22]

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 economic environment [2][5][6]. Investment Landscape - The investment environment has become more challenging, with longer exit cycles; previously, companies like Li Auto and NIO went public in 3-4 years, but now it takes around 12 years for IPOs [3][4]. - Despite the difficulties, early-stage investment can still be profitable in China if investors have sufficient patience [5]. Investment Logic - Three key investment strategies are outlined: 1. **Investing in "Unicorn Tigers"**: Focus on companies that can dominate their market rather than those that merely resemble successful models [7][9]. 2. **Investing in "Town Youth"**: Targeting young entrepreneurs from smaller towns who are more likely to focus on long-term growth rather than chasing trends [10][11][13]. 3. **Aligning People, Events, Timing, and Valuation**: Successful investments require the right team, the right market conditions, and reasonable valuations [14]. Current Trends - The article notes that many new unicorns are emerging from small-town youth, highlighting figures like Zhang Yiming and Wang Xing as examples [13]. - The focus on AI and new productive forces is emphasized, with a belief that China's innovation landscape will continue to thrive for the next 20 years [14]. Investment Portfolio - The company has invested in over 600 enterprises, with around 70-80 achieving profitability close to A-share listing standards, indicating a high success rate in their investment strategy [14].

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].