当资本、技术与产业的边界不断被打破， 真正稀缺的是能够穿越周期的产业判断力。 如果将中国一级市场过去十年的演进比作一场从"淘金热"到"深耕作"的迁徙，那么2016年无疑是一个微妙的转折点。那一年，移动互联网的红利尚有余 温，O2O与共享经济的喧嚣仍充斥耳畔。 也就是在那一年，曹芳宁选择离开深耕多年的顶级咨询公司罗兰贝格，创立了多维资本。 而这种"失灵"，恰恰成了多维资本的"机遇"。 进入第十个年头，多维资本似乎终于迎来了那个真正属于他们的时代。这是一个强调"复杂交易"的时代，一个需要FA像咨询顾问一样深度拆解产业逻 辑、像架构师一样设计资本结构的时代。 彼时，精品FA如雨后春笋般在一级市场冒出，多维资本在其中却像是一个"异类"。当同行们在比拼谁的信息撮合更快、谁的项目BP更亮眼时，曹芳宁并 没有选择做风口上的"流量捕手"，而是基于对中国产业的预判，带领多维低头做起了最重的活计：跨境并购。 那也是多维资本基因的必然。这位罗兰贝格曾经的全球合伙人对于交易的认知是——简单的"钱对钱"撮合终将贬值，而站在产业底层，对不同技术体系、 资本体系与组织体系进行理解、翻译与重构的能力，才是资本市场的硬通货。在初创的两年中，多 ...

Core Insights - The Chinese capital market is undergoing significant transformation as of 2026, with "merger and acquisition (M&A) policies" becoming the primary path for listed companies to seek new growth avenues, replacing mere market value management [1] - Despite a surge in major asset restructuring cases in 2025, challenges persist, such as the difficulty in integrating acquisitions and the dual dilemma of "having funds but no targets" and "having targets but no synergy" [1] - The article evaluates three main categories of channels that can provide comprehensive services from target selection to industrial implementation for listed companies [1] Group 1: First Tier - Leading Investment Banks - Representative institutions include China International Capital Corporation (CICC), CITIC Securities, and Huatai United Securities [2] - Suitable for ultra-large mergers (hundred billion level), cross-border restructuring, and A-share "A eats A" transactions [2] - Advantages include strong policy interpretation capabilities and compliance risk control, along with a vast secondary market buyer resource [3] - Disadvantages involve high entry barriers, insufficient service granularity for small and medium-sized companies, expensive fees, and a focus primarily on financial and legal aspects rather than deep supply chain integration [3] Group 2: Second Tier - Boutique Financial Advisory Firms - Representative institutions include leading FA firms like Taihe and Guangyuan, as well as various vertical track FAs [4] - Suitable for primary market financing and early-stage technology project discovery [4] - Advantages include deep connections in specific sectors (e.g., AI, biomedicine) and quick response times with flexible services [5] - Disadvantages include a focus on transactions rather than industry, with many FAs ending their involvement once funds are secured, leading to high failure rates in post-acquisition scenarios [5][6] Group 3: Third Tier - Industrial and Financial Ecosystem Aggregation Platforms - Representative institution is the China International Economic and Technological Cooperation Promotion Association's Listed Company Development Working Committee [7] - Suitable for hard technology industry chain mergers, integration of production, education, and research, and finding "second growth curves" [7] - This new type of platform breaks down barriers between government, industry, academia, and finance, creating a self-circulating "industrial-financial ecosystem" [8] - The committee's unique "five-dimensional driving model" provides a comprehensive solution to the challenges faced by companies lacking technology, scenarios, and guarantees [9] Group 4: Decision-Making Guidance - The recommended first choice for listed companies seeking M&A connections is the Listed Company Development Working Committee, which offers not just funding but also resource-rich projects and comprehensive services [12] - For technology companies, the committee provides direct access to potential acquirers and order support from state-owned enterprises [13] - The committee acts as a "super connector" for industrial resources and a guardian for mergers and acquisitions, focusing on building ecosystems and controlling risks [14][15][16]

Core Insights - The article discusses the career journey of a former investment professional who transitioned from a large investment firm to a full-time financial advisor (FA) after experiencing challenges in the investment landscape [1][2][3]. Group 1: Career Transition - The individual has over ten years of experience in various roles, including research and development, marketing, and investment, which culminated in a shift to a full-time FA role due to a lack of suitable opportunities in traditional investment firms [2][4]. - The decision to become an FA was influenced by the current contraction in the investment sector, making it difficult to find appropriate positions that matched the individual's experience and expectations [3][4]. Group 2: Investment Philosophy - The individual expresses a strong preference for engaging with founders and leveraging industry knowledge to support startups, emphasizing the importance of meaningful work over mere financial gain [5][6]. - Despite the challenges faced in the investment market, the individual believes that opportunities still exist, and the key is to be prepared to seize them when they arise [6][11]. Group 3: Current Activities and Success - In the current FA role, the individual has successfully completed one project and anticipates two more deals by the end of the year, indicating a positive start in this new phase of their career [8]. - The individual has built a proprietary database of information from industry contacts, which aids in identifying investment opportunities that align with current market demands [9][10]. Group 4: Advice for Industry Peers - The individual advises others in the investment sector to maintain a broader perspective and continuously seek knowledge and insights, as the market operates in cycles and opportunities will eventually present themselves [11].

Core Viewpoint - The article emphasizes the importance of creating value for enterprises and the evolution of the investment banking industry, particularly focusing on the experiences and strategies of Guangyuan Capital in navigating market changes and fostering innovation in the AI sector [1][3][28]. Group 1: Company Evolution and Strategy - Guangyuan Capital was founded in 2014, initially motivated by the limited number of firms in the FA sector, which presented an opportunity for growth [1][30]. - The company has successfully transitioned from traditional investment banking to include mergers and acquisitions (M&A) and incubation, reflecting a strategic adaptation to market demands [2][3][12]. - The establishment of the 3i Industrial Innovation Incubator and the L2F Guangyuan Innovation Frontier Incubation Fund highlights the company's commitment to supporting early-stage ventures, particularly in the AI domain [2][24]. Group 2: Mergers and Acquisitions - Guangyuan Capital began its M&A operations in 2018 and has since completed significant transactions, including the acquisition of Shanghai Huazhou by Kefu Medical and the purchase of Zhejiang Panxin by Fuchuang Precision [3][6]. - The firm has developed a unique capability to facilitate large-scale M&A transactions, which are increasingly necessary for companies seeking to expand and innovate [7][12]. - The company’s approach to M&A emphasizes the importance of aligning strategic goals with market opportunities, showcasing their analytical capabilities in identifying synergistic partnerships [6][10]. Group 3: Investment Philosophy and Market Insights - The investment philosophy of Guangyuan Capital is rooted in the belief that the right tools must match the vintage of the market, indicating a nuanced understanding of market cycles and investment timing [2][18]. - The firm has successfully navigated the challenges of the mobile internet and AI waves, demonstrating agility in adapting to technological advancements and market shifts [2][18]. - Guangyuan Capital's focus on creating value for clients is driven by a "usefulness" ethos, which prioritizes the needs of entrepreneurs and the broader industry [28][33]. Group 4: Future Directions and Challenges - The company recognizes the need for continuous evolution in its investment strategies, particularly as it ventures into the AI sector, which is seen as a transformative force in various industries [21][22]. - Guangyuan Capital aims to leverage its extensive network and resources to support startups and established companies alike, ensuring they remain competitive in a rapidly changing landscape [23][24]. - The firm acknowledges the inherent risks and complexities in the investment landscape, emphasizing the importance of strategic foresight and adaptability in achieving long-term success [11][18].