【导读】五位AI顶级投资人谈AI浪潮下的投资机会 中国基金报记者 莫琳 9月17日，由中国基金报主办的"2025中国资本市场发展论坛暨私募基金论坛"在上海举办，论坛主题为"洞见价值 智创未来"。 圆桌论坛环节中，在执中CEO李淼主持下，红杉中国合伙人郑庆生、浙创投总经理程俊华、孚腾资本管理合伙人章锟、华民投创始合伙人崔斌、基石资本 合伙人杨胜君，围绕"AI大浪潮的时代机会"主题，深入剖析此轮AI浪潮的最大驱动力，并分享不同角色下的投资机构的投资路径和投资展望。 技术驱动、共识筑基 点燃AI新浪潮 李淼：请各位嘉宾用一句话或一个关键词来描述您眼中AI大浪潮最核心的特质，并比较它与您过去经历过的移动互联网浪潮的根本区别。同时，请谈谈 AI大浪潮的爆发是由于技术积淀的积累，还是算力、数据、资本等多方面因素的共振，以及您认为推动这一浪潮的最大动力是什么？ 郑庆生：在当前科技周期的起点，我认为最大的驱动力仍然是技术本身。从创业的特点来看，大量的技术人才担任CEO，这与移动互联网和互联网时代， 产品人才占优的情况不同。因此，我们现在正处于一个以技术为主导的科技浪潮的开始阶段，随后将逐渐过渡到产品。 程俊华：浪潮的来临，既 ...

Core Viewpoint - The 2025 China Capital Market Development Forum will be held in Shanghai from September 16 to 17, focusing on the theme "Insight into Value, Intelligent Creation of the Future" [3][4]. Group 1: Forum Overview - The forum will gather nearly a thousand representatives from regulatory bodies, industry, and investment sectors to discuss new paths for high-quality development of the Chinese capital market [4]. - Key areas of focus include listed companies, the securities industry, and private equity funds, aiming to enhance the capital market's service to the real economy, empower technological innovation, and lead industrial transformation [4]. Group 2: Key Events and Agenda - The forum will feature the release of the "2025 Listed Company Value Management White Paper" and showcase the latest applications of AI technology in the industry [4]. - The agenda includes opening speeches, thematic presentations, and roundtable discussions with prominent speakers from various sectors, including finance and technology [6][10][12]. Group 3: Notable Participants - Notable speakers include leaders from China Renmin University, Shenzhen Stock Exchange, and various company executives from sectors like biotechnology and technology [6][10]. - The forum is supported by several financial institutions, including China Merchants Securities, Ningbo Bank, and others, indicating strong industry backing [4][18].

Core Viewpoint - Dollar General (DG.US) unexpectedly raised its full-year sales and profit forecasts, driven by strong demand for discount essential goods amid inflation and tariff pressures [1][2] Company Performance - Dollar General's same-store sales increased by 2.8% in the second quarter of fiscal year 2026, surpassing Wall Street's expectation of 2.5% [2] - The adjusted earnings per share for the second quarter were $1.86, significantly higher than the expected $1.57 [2] - The company now expects net sales growth of 4.3% to 4.8% for fiscal year 2026, up from a previous forecast of 3.7% to 4.7% [3] Market Trends - Discount retailers are performing exceptionally well as more consumers focus on saving money, with Dollar General attracting higher-income customers seeking lower-priced products [2][4] - The overall retail sector shows optimism, with major players like Walmart also adjusting their sales forecasts upward [2] Consumer Behavior - There is a noticeable shift in consumer spending, with high-income consumers less affected by inflation and continuing to spend on non-essential items, while low-income consumers are cutting back on discretionary spending [4][5] - The demand for essential goods remains strong, with both high and low-income groups prioritizing purchases of food and daily necessities [5]