2025.10. 10 作者 | 第一财经 陈天翔 昨日（10月9日）深夜，上海九颂山河股权投资基金管理有限公司发布公告称，该公司实际控制人、 执行董事管金生因突发疾病抢救无效，不幸于2025年10月7日去世。 相比较而言，市场对于管金生于2016年创立这家投资基金管理公司的印象远不及他于1988年创办的 万国证券来得影响力大。当时的万国证券开创了中国证券市场的多个先河，为行业培养了大批人才， 对中国资本市场的规范化、国际化进程进行了大量有益的尝试；管金生本人也毫无争议地被誉为"中 国证券教父"。 此前，一直都有听闻管金生近年来身体状况欠佳的消息。第一财经记者曾于两年前在管金生的办公 室，与他有过一次交流。不知道是不是巧合，还是有意为之，管金生把他的办公地点选在位于上海证 券交易所旧址、浦发银行大厦（世纪大道）的附近，两个建筑抬头便见。 鲜有人知的是，这座位于陆家嘴核心地段的浦发银行大厦，之前还有个名字——万国证券大厦。 1992年，万国证券买下这块地，并举行了奠基仪式，在管金生的计划中，这幢万国证券大厦的建筑 面积将达5万平方米，要投资3.5亿元，建成后与外滩万国建筑群隔岸相望。但随着万国证券这幢"大 厦" ...

鲜有人知的是，这座位于陆家嘴核心地段的浦发银行大厦，之前还有个名字——万国证券大厦。1992 年，万国证券买下这块地，并举行了奠基仪式，在管金生的计划中，这幢万国证券大厦的建筑面积将达 5万平方米，要投资3.5亿元，建成后与外滩万国建筑群隔岸相望。但随着万国证券这幢"大厦"的轰然倒 塌，万国证券大厦也仅停留在图纸上，后来转手到了浦发银行。浦发银行在原图纸上做了一些局部的修 改，完成了建设。 在两年前那次交流中，对于万国证券的过往，管金生并不愿意多谈，只说了他当时正在做的一些投资项 目，但给记者的感觉是，管金生"老了"。如今管金生去世，当我们谈论起他的时候，主题词依然是万国 证券，这何尝不是一种对那个激情澎湃的年代的集体回忆？ 大时代的开启 中国企业股份制改革与股票市场试点的序幕，并非源于顶层设计的统一部署，而是始于基层经济体的自 发探索。改革开放初期，地方集体企业与乡镇企业率先突破体制束缚，以不规范的股票集资形式，催生 了新时期最早的股票发行与流通活动。 这一阶段的股份制企业面临着普遍的起步难题——股票发行阻力重重。受限于当时社会对股份制的认知 空白（股份制模式在国内已中断近 30 年，常识普及需逐步推进）， ...

Group 1 - The core viewpoint of the article emphasizes the resilience and innovative spirit of Shenzhen, as expressed by investor Li Wei, who believes the city is determined to push forward [1][4]. - Li Wei has invested in three notable entrepreneurs from the 1980s across different industries: Xu Li of SenseTime, Wang Tao of DJI, and Liu Zihong of Royole Technology. DJI dominates over 80% of the global non-military drone market, while SenseTime is a strong competitor in the generative AI space. However, Royole has faced significant challenges, leading to its bankruptcy restructuring in May 2024 [2][3][10]. - Despite the failure of Royole, Li Wei remains supportive of Liu Zihong, having invested over 1 billion yuan in the company since its angel round in 2012. He believes in Liu's potential as a scientist and entrepreneur, despite the latter's struggles in business management [2][10]. Group 2 - Li Wei reflects on the importance of luck in success, stating that while effort is crucial, external factors also play a significant role. He believes that if everyone could predict the future, the world would be different [18][19]. - The article discusses the contrasting paths of Liu Zihong and Wang Tao, highlighting that DJI's business model required less capital and market education compared to Royole's, which needed extensive collaboration with terminal manufacturers [20][21]. - Li Wei expresses regret over missed opportunities, such as not investing in CATL, emphasizing that in emerging industries, leading companies are often undervalued [27][28]. Group 3 - The article mentions that Li Wei's investment philosophy is shaped by a balance of idealism and pragmatism, where he values technological advancement and the capabilities of entrepreneurs [5][39]. - Li Wei's father, Li Yining, a prominent economist, has significantly influenced his approach to business and ethics, emphasizing the importance of character in entrepreneurship [4][51][52]. - The discussion includes Li Wei's views on the necessity of continuous learning and adaptation in the fast-evolving tech landscape, advocating for a mindset that embraces both common sense and innovative thinking [42][48].

Core Viewpoint - FAW Bestune is initiating a new round of capital increase to attract strategic investors, aiming to enhance resource integration and support for its transition to new energy vehicles [3][4] Group 1: Strategic Moves - FAW Bestune is targeting local investment firms, upstream and downstream enterprises, and strategic partners of FAW Group to bring diverse resources for its new energy transition [3] - The company has successfully completed a shareholding reform, enhancing its governance structure and operational efficiency, which has led to a 30% reduction in decision-making chains and a significant decrease in product development cycles [5][8] Group 2: Market Performance - In 2024, FAW Bestune's sales reached 158,000 units, a 25% increase year-on-year, with new energy vehicle sales soaring by 214% to 82,000 units, achieving a penetration rate of 55% [8] - The company launched several models, including the Bestune Pony, which has become a popular choice in its segment, and the Yuyue 03, which offers significant advantages in range and space [7][8] Group 3: Technological Advancements - FAW Bestune has invested over 10 billion in technology over the past three years, developing a comprehensive technical architecture that includes the Yuyue series [10][11] - The Yuyue platform, a key technological foundation, features advanced capabilities such as multi-domain integration and high energy efficiency, which have been applied to several new models [10][11] Group 4: Ecosystem and Collaboration - The company is forming an "ecological alliance" to enhance its competitive edge, collaborating with over 20 partners in critical areas like smart driving and battery technology [14] - FAW Bestune is also focusing on safety standards in collaboration with industry bodies, aiming to enhance user safety in new energy vehicles [14][15] Group 5: Future Outlook - The strategic capital increase is intended to strengthen industry chain collaboration and accelerate the company's transition, with a clear goal of becoming a leading player in the domestic market [15]