在当前硬科技投资高度共识化的背景下，如何寻找真正具备超额收益的机遇？当主流视野聚焦于人形机 器人、商业航天等热门赛道时，一批具备产业深度洞察的投资机构，正将目光投向更底层、更未被充分 认知的价值地带：从逆全球化带来的工业自动化机遇，到能源供给侧的技术重构；从中国智能制造出海 的替代潜力，到卫星互联网和下一代算力架构的颠覆性可能。 2025年9月24-25日，创业邦2025（第十九届）DEMO CHINA在杭州拱墅举行。会上， 摩根大通中国科 技及创新经济业务执行董事钟音，浙商创投合伙人、副总裁陈伟民，原子创投合伙人冯一名，毅达资本 合伙人金异，吉晟资本管理合伙人王君磊，绿动资本管理合伙人余乐、华映资本管理合伙人章高男 ，围 绕《硬核时代的智造创业法则》展开焦点对话，现场金句频出： "避开过热赛道，聚焦逆全球化下'生产制造端'的被低估机会。""企业出海面临从6个月到2年的回款周期挑 战，需提前规划现金流。""依托'产业协同+技术同源'的逻辑，从汽车延伸至人形机器人与低空经济。""基 于第一性原理，看好能源供给侧创新和中国智能制造的出海替代。""在半导体与航天的上下游布局中，寻 求多方共赢的可持续平衡点。""投资 ...

Core Viewpoint - The article emphasizes the importance of investing in unique, non-consensus sectors rather than crowded, low-barrier industries, which are seen as wasteful of social wealth [4][7]. Investment Strategy - The company avoids investing in popular sectors like prepared food, shared bicycles, and community group buying due to their low entry barriers and high competition [3][4]. - The focus is on sectors with scarcity and uniqueness, requiring independent judgment from investors [7][8]. Case Study: Canban - The success of Canban, which achieved over 2 billion in sales within a year, is highlighted as a non-consensus investment decision [13][15]. - The founder of Canban, who lacked formal educational credentials, exemplifies the type of ambitious and resourceful entrepreneurs the company seeks to support [15][16][19]. Future Investment Plans - The company plans to invest no less than 1.5 billion in the upcoming months, indicating a strong financial position [24][25]. - An upcoming event in Sichuan aims to explore innovative growth engines and connect with entrepreneurs [26][30]. Entrepreneurial Characteristics - The article discusses the traits of successful entrepreneurs, emphasizing that educational background is not a determining factor for success [19][20]. - The narrative includes examples of other successful entrepreneurs with similar backgrounds, reinforcing the idea that ambition and resilience are key [17][18].

Core Insights - The article discusses the importance of understanding people in the investment industry, particularly focusing on the characteristics of successful entrepreneurs and the investors who back them [2][3] - It highlights the emergence of a new generation of entrepreneurs, particularly in the AI and technology sectors, and how they are being recognized and supported by investors [3][4] Group 1: Insights on Founders - The conversation features three investors discussing their experiences with notable founders: He Yu with Wang Ning of Pop Mart, Cao Xi with Wang Xingxing of Yushu Technology, and Hu Boyu with Zhang Junjie of Bawang Tea [5][6] - He Yu describes Wang Ning as a blend of artistic sensibility and strong business acumen, emphasizing his meticulous attention to cost management [6][7] - Cao Xi characterizes Wang Xingxing as pure and focused, noting his practical approach to business decisions, such as pursuing humanoid robots due to demand [9][10] - Hu Boyu describes Zhang Junjie as undergoing transformative growth, highlighting his unique background and rapid development in the business [10][11] Group 2: Investment Decision-Making - Investors emphasize the importance of understanding the underlying qualities of founders, such as strategic thinking and self-awareness, rather than superficial traits [13][14] - The challenge lies in recognizing new knowledge and business models that may initially seem unfamiliar, as seen with Pop Mart's innovative approach [14][15] - Investors also discuss the difficulty of conveying their insights about founders to their investment committees, given the complexity of the information received during meetings [14][15] Group 3: Personal Reflections - The investors share their perspectives on each other, highlighting traits such as curiosity, empathy, and a focus on simplicity in decision-making [23][30] - They reflect on how their experiences in the investment industry have shaped their understanding of human nature and the importance of respecting it in business [37][38] - The article concludes with thoughts on the ongoing evolution of personal insights and the significance of human connections in both entrepreneurship and investment [39][42]