将投中网设为"星标⭐"，第一时间收获最新推送 " 未来五年，将是CVC价值凸显的黄金期。 " 整理丨 王满华 来源丨 投中网 11月27日，在"第19届中国投资年会·有限合伙人峰会"上，芯联资本创始合伙人袁锋发表题 为"CVC的黄金十年：从赋能到共创"的主题演讲。 以下为现场演讲实录，由投中网进行整理： 感谢大会的邀请。今年是中国创投行业二十年，我本人做CVC也七年了，我觉得往前看五年和往后 看五年，对CVC来说是一个"黄金十年"。 "CVC"这个概念近年来被频繁提及，我也积累了一些心得，在此与各位交流。接下来，我将围绕两 个"五年"展开：上半场是过去五年，下半场是未来五年。 供应链投资是CVC上半场的"入场券" 是必须做好的事 过去五年，中国硬科技行业经历了百年一遇的大变革，汽车行业尤为典型。2020年，整个新能源汽 车的渗透率尚不足5%，而今天这个数字已经到了50%。 半导体行业更是如此。半导体本身是全球化程度高、产业周期长、壁垒极强的行业，长期以来，是少 数全球巨头在主导。例如，全球前十大企业占据了汽车芯片市场约70%，这是一个门槛高且集中度 高的行业。 然而在过去五年，中国半导体产业也实现了快速发展。 ...

Core Insights - The lithium battery industry has transitioned from an early "frenzy" phase to a more mature stage, emphasizing collaboration and global respect [4] - The industry leaders stress the importance of long-term commitment and excellence in technology to lead the global market [6] - A call for a shift from short-term speculation to high-quality, high-value, and innovative development is highlighted as essential for future success [7] Industry Development - The event celebrated the achievements of the lithium battery industry over the past 15 years, recognizing its growth and global competitiveness [9][11] - The future 15 years are seen as a critical phase for high-quality innovation and development in the lithium battery sector [11] Awards and Recognition - The "2025 High工锂电 Fifteen Anniversary Award" and "2025 High工金球 Award" were presented to recognize outstanding contributions and breakthroughs in the industry [13] - Notable companies and individuals were acknowledged for their roles in advancing technology, market presence, and innovative business models [14][16][18][19][20][21][22][23][27][28][29][30][31][32][33][34]

Core Insights - The "14th Five-Year Plan" emphasizes venture capital as a core tool for breakthroughs in hard technology, with government guidance funds exceeding 6 trillion yuan, focusing on critical areas like integrated circuits and quantum computing [1] - Policy direction provides a clear path for venture capital while reducing investment risks through fiscal subsidies and tax incentives, alongside deepened capital market reforms that offer diversified exit channels for early-stage projects [1] - The current investment landscape shows a presence of various funds, but a lack of willingness to invest in uncertain projects, leading to a preference for projects with clearer short-term returns [2][3] Investment Environment - Public sector funding aims to support long-term innovation but is constrained by the need for compliance and accountability, resulting in a preference for projects that yield immediate, reportable results [2] - The shift in funding dynamics has led to a focus on projects with high certainty and clear policy backing, sidelining longer-term, high-risk innovations [2][3] Risk and Return Dynamics - The structure of equity investment has shifted towards debt-like terms, creating a scenario where venture capital resembles fixed returns, which discourages entrepreneurs from engaging with such funding [3] - This transformation leads to a homogenization of funded projects, favoring those with clear metrics and demonstrable outcomes, while innovative, exploratory projects are increasingly marginalized [3][5] Market Trends - The changing exit environment, characterized by instability in secondary market windows and IPO rhythms, places additional pressure on long-term projects, making them less attractive to investors [5] - In the AI era, projects that demonstrate immediate cash flow and efficiency improvements are favored, while foundational innovations requiring longer development times are often dismissed as overly idealistic [5][6] Conclusion - The current investment climate reflects a preference for certainty and short-term results, which may undermine the exploration of innovative ideas and technologies, raising questions about the future of venture capital's role in fostering true innovation [6]

Core Insights - The article discusses the emergence of MoonShot's latest open-source model K2, which has a parameter scale of 1 trillion, making it the largest open-source model currently available [2] - K2's performance in various benchmarks positions it as a strong competitor against established models like Claude 4 Opus and GPT-4.1, highlighting China's growing influence in the global AI landscape [2][4] - The competitive landscape in the AI sector is intensifying, with Chinese companies like MoonShot and MiniMax leading the charge in open-source innovation, challenging Western counterparts [4][6] Company Developments - MoonShot's K2 model has quickly gained popularity, becoming the top trending open-source model on HuggingFace shortly after its release [4] - The model's architecture incorporates fewer attention heads and more experts, enhancing efficiency in processing long contexts, which is a significant improvement over previous models [8][10] - MoonShot has disclosed a total funding amount of approximately $1.5 billion, which is significantly lower than that of its Western competitors, indicating a more efficient operational model [6] Market Impact - K2's compatibility with OpenAI and Anthropic's API formats positions it favorably in the AI application development market, potentially allowing it to capture a significant share of the market [7] - The article notes that the competitive dynamics between MoonShot and DeepSeek have intensified, with both companies releasing multiple models aimed at various AI applications [5][12] - The focus on multi-agent collaboration and the integration of various models into K2 may enhance its commercial viability and market appeal [12]

Core Viewpoint - China's hard technology investment is not overheated but is significantly insufficient, requiring collective efforts from society to enhance the financial system's confidence and understanding of technology [1] Group 1: Investment Landscape - Zhongke Chuangxing, founded in 2013, is a pioneer in hard technology investment, focusing on the transformation of excellent scientific research achievements from research institutions and universities [1] - As of June this year, the fund's managed scale exceeds 12 billion yuan, having invested in and incubated over 530 hard technology companies [1] - Zhongke Chuangxing maintains a rapid investment pace despite the contraction of dollar funds and difficulties in GP fundraising [1] Group 2: Investment Strategy - Zhongke Chuangxing is one of the fastest institutions in the market, with last year's project count equivalent to the total of 30 GPs [2] - The firm employs a unique risk-hedging logic, emphasizing a large project pool to diversify risks, where 50 out of 100 projects may fail, but top projects can cover losses [2] - The company is particularly focused on the AI sector, which, despite being hot, is still in its early development stage, and values breakthroughs in underlying technologies such as quantum computing and controlled nuclear fusion [2] Group 3: Long-term Vision - Hard technology investments require "patient capital," with many projects co-invested with local future industry funds due to long investment cycles that can last up to 20 years [2] - Zhongke Chuangxing aims to balance long-term value with short-term exits by constructing a "research-incubation-industry" flywheel, binding early with research projects and later introducing industrial capital [2] - The company emphasizes the need for more "last-mile" participants to improve the low conversion rate of China's scientific and technological achievements [3]

Core Viewpoint - LePure Biotech has achieved a significant breakthrough with its self-developed Extreme™ PVDF sterilizing filter membrane, marking a major step for domestic bioprocess companies in ensuring supply chain security [1][2]. Downstream Demand Side - Historically, the Chinese biopharmaceutical upstream market has relied heavily on imported consumables, with over 95% market share held by multinational companies. However, domestic biopharmaceutical companies are now focusing on self-reliance to mitigate risks from international supply chain fluctuations [2]. - Currently, domestic single-use consumables and equipment account for over 50% of the biopharmaceutical R&D and production process, with LePure Biotech holding a competitive advantage in market share for filters and culture media [2]. - The Extreme™ PVDF filter membrane can process 2-3 times the amount of imported competitors per unit area during constant pressure filtration tests, significantly reducing production costs and improving efficiency [2]. Upstream Process Side - The introduction of the PVDF filter membrane is expected to fundamentally improve the quality of domestic virus removal filtration materials, which have faced high technical performance requirements [4]. - LePure Biotech has also successfully developed another widely used membrane material, the PES hydrophobic filter membrane, and plans to launch a complete range of PES ultrafiltration membrane products by the end of the year [4]. - The company emphasizes the importance of foundational R&D capabilities to stabilize supply chain security, having launched the Lekrius® membrane in 2021 and the Extreme™ PVDF filter membrane this year [4][6]. Product Development Strategy - LePure Biotech adopts a strategy of "strengthening foundational R&D, deepening application R&D, and optimizing overall processes" across three categories of consumables: single-use systems, cell culture, and filtration purification [6]. - The rapid growth of the filtration business has become the company's second growth curve, with plans to continue developing various product models to meet pharmaceutical market demands [6]. Market Position and Future Outlook - LePure Biotech recognizes both the advantages and challenges of "Chinese manufacturing capabilities," noting unique strengths in technology conversion efficiency, supply chain responsiveness, and cost-effectiveness [7]. - Despite the rapid development of domestic companies in formulation development and process stability, there remains a gap compared to established international brands, necessitating longer cycles for technology validation and market cultivation [7]. - The successful self-research by LePure Biotech provides a safer and more reliable supply chain assurance for the Chinese biopharmaceutical industry, positioning the company to play a more significant role in the global biopharmaceutical supply chain as more innovative products are launched [7].