3月26日，在亚洲青年领袖论坛金融与投资主题论坛平行对话中，越秀产业基金管理合伙人、总裁卢荣发表了自己的观点。
摘录如下：
谈全球产业链、供应链经历了不同程度调整的大环境之下，金融投资行业面临最大的机遇和挑战
我觉得机会永远都是伴随着挑战所产生，刚刚谢总已经强调了很多，我从三个重构来概括现在面临的挑战和机遇。
第一个挑战是中美脱钩所带来的全球供应链的重构。在过去市场当中，大家都知道所谓的“买全球，卖全球”，在世贸组织的框架之下全球化的趋势。目前，在中美脱钩的大背景之下，全球的供应链正在发生重构，在全球供应链重构背景之下，所谓的产业体系都全部在重塑。
第二个来自于绿色双碳所导致的产业链的重构。绿色双碳不是简简单单的中国作为负责任大国的承诺，背后带来的是整个能源结构的重构。我们都知道能源结构的重构必然带来整个产业链的重构。
第三个更宏观一点，是现在社会撕裂所带来的价值观的重构。过去在改革开放，追求的口号是“不管白猫黑猫，抓到老鼠都是好猫”。这种价值观导向之下，过去可能追求的是物质财富极大地满足。经历了改革开放40年，现在的中国也应该进入了新的生态文明时代，不能像过去只追求物质最大化，也得追求生态、天人合一。所以，这两年，不管是从投资还是从企业来看，大家关于环境、社会和治理，关于负责任投资，这方面的声音越来越多。从过去的关注教育等，到现在更关注制造、硬科技，都是来自于这种价值观重构之后对我们投资所带来的变化。
谈越秀产业基金的投资偏好及主要聚焦的发展阶段
越秀产业基金作为越秀集团战略新兴产业的投资平台，定位为综合性的资产管理公司。在投资阶段方面，我们覆盖了全周期，从天使到首次公开募股前轮甚至并购基金。我们在整个投资策略里面，核心坚持的投资策略就是12个字：赛道聚焦、投研驱动、产业结盟。
在赛道聚焦领域里面，战略性新兴产业非常广泛，我们根据自己的一套投研的方法论，从宏观到趋势，从趋势到赛道，从赛道到组合，我们自己有一套自己的TITP投研的体系。每一年会有自下而上和自上而下投研竞赛，年初的时候把第二年全年发展趋势看清楚。我还是认为，从做投资的角度来讲，趋势的力量还是最大的。所以我们认为，在独角兽这一块，更多还是在于自上而下和自下而上的方法论的践行。第三个是产业结盟，跟眭立总链主制的打法非常类似。在每一个赛道里面，我们要强制渠道建设，必须强制地进行产业的结盟，就像我们在新能源和智能汽车领域选择跟广汽有非常深入的互动，我们在自己内部叫做“可验证”、“可赋能”。“可验证”的概念就是指如果往投早投小、对于产业未来趋势和技术实力的判断方面看，有这样的产业龙头合作的话，可以做到验证技术的可行性。另外一个维度是“可赋能”，可以帮助它整合搭建，帮助产业融合，做好生态圈的构建。
从越秀的角度来讲，我们定位深耕湾区、布局全国。全国化的视野和全产业链的视野，原来既是你的弱点，也可以成为你的优势。
谈ChatGPT在未来是否会在一定程度上取代投资人的决策
我想从两个维度来讲。第一个维度，ChatGPT应该确实带来了一个新的时代，代表着人工智能新的发展阶段。它未来一定会去深刻地影响各个行业，在这方面好像广州聊ChatGPT的比较少，但去到北京、上海，已经看到了ChatGPT在各个应用场景之下的改变。
第二个维度，至于ChatGPT会不会改变投资行业，我相信是必然的发展趋势。我自己认为投资实际上是一个数字驱动或者数据驱动的行业，如果真的把很多底层的数据打通，对于投资做出决策是非常有帮助的。但是，人的力量永远是无法被取代的。举一个例子，比如我们公司里面有一个风控的要求，所有的投资决策完毕之后，风控对我有一个要求，我必须要去跟创始人见个面，哪怕是10分钟、20分钟。在这个过程当中，我去做的事情是什么？我肯定不是去做技术的论证、商业模式的论证，投资团队在投决的时候已经把这个部分完成了。我是去“感受”一下创始人。这个感受更多的是：一个事情的成功，除了事情本身之外，更重要的还是在于人。我其实更重要的是感受这个创始人，从企业或者创始人的使命、愿景、价值观感受企业的文化，到底能走多长、走多远，这个更加重要。
对于投资来讲，我认为，从0到1或者成功与否，ChatGPT可能能做到，但是这个企业能不能够成为一家伟大的企业，还需要我们伟大的投资人。
Chris Lu discusses ChatGPT’s impact on investors’ decision-making in the future
On 26 March, Chris Lu, managing partner and CEO of Yuexiu Industrial Investment Fund Management, shared his thoughts at the Finance and Investment Forum of the Asia Youth Leaders Forum. Following is an excerpt from his speech.
Question: The global economy has gone through significant changes. Particularly, after the COVID pandemic, the global industry chain and supply chain are experiencing shuffles of different degrees. Against this backdrop, what are the biggest opportunities and challenges facing the financial and investment sector?
I think opportunities always rise from challenges. I’d like to use three "restructuring" to summarize the challenges and opportunities before us.
The first challenge is restructuring of the global supply chain brought about by China-US decoupling. In the past, the so-called "global buying and selling" was made possible within the WTO framework. It was a trend towards globalization. However, against the background of China-US decoupling, the global supply chain is experiencing restructuring. Under this circumstance, the whole system of industries is reshaping.
The second supply chain restructuring comes out of the dual carbon strategy. The dual carbon strategy is not just the commitment of China as a responsible nation, but also a reshuffle of the whole energy structure. We know that energy restructuring will lead to supply chain restructuring.
The third is from a more macro perspective: the reshaping of values caused by social divides. During the reform and opening-up, there was this phrase, “Be it white cat or black cat, it is a good cat that catches mice.” With such values, perhaps we used to focus more on satisfaction on the material level. After 40 years, China now is probably ushered into a new era of ecological civilization. The focus has shifted from material pursuit to ecological conservation and harmony with the universe. So, for the past two years, whether from the perspective of investment or companies, there has been more consideration for ESG issues, as well as responsible investment and businesses. The shift of focus from education to manufacturing, to hard technologies, is manifestation of these shifted values in the investment landscape.
Question: What are your investment preferences? Which development stages do you focus on?
Yuexiu Industrial Fund is Yuexiu Group's platform for investment in strategic emerging industries. We are a comprehensive asset management company. As for the development stage in which we invest, we actually invest in the whole life cycle, from angel round to pre-IPO to buyout. But within our investment strategies, there is one mainstay, that is, "industry-focused, research-based, and industry-allied".
In terms of finding focus on industries, although there are many strategic emerging industries, we have come up with our own investment research methodology. From the macro to trends, and further to specific industries and portfolios, we have our own “TITP” research system. Each year, we have top-down and bottom-up research competitions. At the beginning of the year, we will identify the trends of this coming year. In my opinion, when making an investment, the trend is the most important factor. Therefore, we think that in terms of unicorn investment, more focus should be placed on taking the top-down and bottom-up approach. The third is alliance with the industry. This is similar to Ms. Xu Li's "chain leader" model. In every industry, we make channel building mandatory. We must ally ourselves with the industries. Like in the field of new-energy and intelligent vehicle, we have chosen to interact in depth with GAC. We call this "verifiable" and "empower-able".
“Verifiable” means when investing in companies from their beginning, which relies on judgement of future trends in the industry and their technical strength, if there are industry leaders to partner with, we will be able to verify their strength. The other is "empower-able", in which we can help with resource integration in the industry and the creation of an ecosystem.
As for how we position ourselves, we focus on the Greater Bay Area, and we have our eyes on the whole nation. A whole-nation and whole-industry perspective used to be the weakness, but it can turn into the strength as well.
Question: In the future, will ChatGPT replace investors to a certain extent in decision-making?
I want to go into this from two aspects. Firstly, ChatGPT has indeed ushered us into a new era. It represents a new stage of AI development. Looking forward, it will definitely have huge impact on every industry. There has not seemed to be much talk of this in Guangzhou. But it is different in Beijing and Shanghai because of the tangible changes ChatGPT has brought to various scenarios.
Secondly, whether ChatGPT will change the investment landscape, I believe this is an inevitable trend. I believe investment is actually
a number-powered, or data-powered, industry. If those underlying data can be truly connected, it will be very helpful to making investment decisions. But I also believe the strengthen of humans cannot be replaced. Here's an example. In our company, there is this requirement on risk control. After an investment decision is made, the risk control department has this request for me: I must meet with the founder, even just for 10 or 20 minutes. When I meet with them, what do I do? I am not there to discuss the technical aspects or business models, which have already been covered by my team when the investment decision is made. I am there to – what I say – "feel" the founder. The success of an endeavor depends not just on the endeavor itself, but more importantly on the people making it. What is more important to me is to feel this founder from the company's – or the founder's – mission, vision, and values. What is the culture of this company? How far can this company go? This is actually more important.
As for investment, I believe, from zero to one, or making a success, ChatGPT can do that. But for a company to become a great one, that requires greater investors. Thank you.
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