11月28日上午，在2021亚洲青年领袖论坛“国际金融与投资合作”主题论坛中，广州金融控股集团投资管理部总经理、广州金控基金管理有限公司董事长黄成发表了题为《关于投资价值观、投资机遇及金融合作方向的思考》的主旨演讲。

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大家上午好！

我是广州金控集团的黄成，非常高兴来到亚洲青年领袖论坛，首先对主办方的邀请表示感谢，同时也祝贺论坛的成功举办。

刚才几位嘉宾都分享了各自的投资理念，对未来的投资机遇也做了深刻剖析，我很受启发。接下来想谈谈个人在工作实践过程中的一些思考，供大家参考。

来之前，主办方给我们提示思考几个方向的问题：一是关于投资价值观的问题；二是目前我们这边比较关注的投资机遇的问题；三是关于亚洲各国和地区金融合作方向的问题。以下围绕这三个问题，谈谈我们的看法。

首先是关于投资价值观的思考。当前世界正处于百年未有之大变局，加上新冠疫情带来的巨大不确定性，我们预期大家在未来一段时间内都要做好面对海内外经济下行的各项准备工作。在这种背景下，广州金控认为，不忘初心，保持战略定力显得尤为重要。从投资价值观的角度来讲，广州金控一直坚持着以下三个方面的原则：

一是坚持国企使命担当的原则。广州金控是目前国内规模最大的、信用评级最高的地方性金融控股平台。大家可能也看到了，广州金控也在向央行申请金融控股牌照，目前地方金融控股牌照提交申报材料的是两家。我们自身的企业特征决定了我们投资价值观的逻辑起点是服务好粤港澳大湾区、广东还有广州市。截至目前为止，我们今年新增所有投资项目都是落在粤港澳大湾区的，这个区域也是目前国内甚至全球少数几个经济最活跃的区域之一。

二是坚守金融服务实体经济的初心。我们在投资过程中，既关注被投项目为我们投资所创造的财务价值，同时也非常关注我们能为被投项目提供的服务价值，即我们能提供怎么样的金融服务。

三是坚持长期投资的原则。我们很关注被投企业为我们提供的财务指标上的回报，但更加关注的是投资之后对企业的培育和赋能能够获取的超额收益。就是说，不管是赛道打法还是狙击打法，其实对我们来讲，可能更重要的是我们能够给企业什么样的赋能，为企业的跨越式的发展能够起到怎么样的作用。这点是我们的打法，也是我们关注的要点。

关于投资机遇的思考，我们广州金控目前最主要关注的还是四个领域：一是双碳战略下的绿色经济；二是数字经济；三是高端制造业；四是生物医药。因为广州的生物工程中心就在我们集团的下面，生物医药也是我们关注的一个领域。对我个人来讲，可能更加关注新能源，就是双碳战略下为全球经济提供新的增长点。今年不管是集团还是基金，我们在这方面投了好几个项目，投资额相对比较大。我认为新能源领域具有非常多的投资机会，中国未来长期的投资价值最大的机会很可能就在新能源的技术。

从中短期投资来看，目前我们也会比较关注提升发电效率以及储能、特高压等降低发电成本的技术，因为只有这些技术进一步完善，中国才能从传统的能源过渡到新能源的路径，这样的话才会平衡。这是关于投资机会的思考。

关于亚洲各国跟经济金融合作方向，老实讲这方面我思考的不是很多。来参加论坛之前，我专门找了我们金融研究院的团队做了一次深度沟通，他们认为主要是这四个方面：

一、在货币上的合作。为了维护各国国际收支平衡和金融稳定提供流动性支持，推动贸易和投资使用本币结算，亚洲各国应该在中央银行与本地互换上开展紧密的合作。

二、在金融监管和金融稳定上的合作。要支持亚洲各国央行，通过相关的会议机制检测全球及地方金融经济风险并提出建议。

三、在新的金融业态上的合作。比如绿色金融、普惠金融、包括现在的金融科技方面开展合作。

四、中长期投融资合作。可以大力支持亚洲各国及区内的机构，建立中长期的投融资平台。具体实施办法很多，包括刚才第三位嘉宾提到的，通过QFLP可以和区内机构共同设立基金，在大陆境内的基础设施、再生能源、科技和先进制造业等各个领域做投资。当然，也可以通过QDLP将国内资金对接到亚洲各国和地区，寻求投资机会。目前，广州金控也在这方面有尝试。

以上就是我和我们的团队的一些思考，供大家参考。再次感谢主办方的邀请和大家的聆听。谢谢！


On 28 November, Huang Cheng, general manager of Investment Management Department of Guangzhou Finance Holding Group and chairman of Guangzhou Finance Holdings Capital Management, delivered a keynote speech titled “Thoughts on Investment Philosophies, Investment Opportunities, and Future of Financial Cooperation” at the International Finance and Investment Cooperation Forum of the Asia Youth Leaders Forum 2021.

The full speech is as below.

Distinguished guests,

Good morning! I am Huang Cheng from Guangzhou Finance Holdings Group, and I am delighted to attend the Asia Youth Leaders Forum. Firstly, I would like to thank the organizers for inviting me. At the same time, I wish the forum every success.

Just now, a few speakers shared their investment philosophies with us, and also gave in-depth analysis into future investment opportunities. I found it very inspiring. Now I would like to share with you my personal reflections on my work. Before I came, the organizers gave us some topics to consider for discussion: One was investment philosophies. Another was investment opportunities we are looking at. The third topic was the future of financial cooperation between Asian countries and regions. I will share with you our thoughts on these three topics.

As for our thoughts on investment philosophies, at present the world is experiencing a transformation unseen in a century; added to that are the great uncertainties surrounding the COVID-19 pandemic. We predict that for the foreseeable future everyone will have to be prepared for a domestic and international economic downturn. Set against this background, we believe that it is incredibly important to remember our original aspirations and maintain our strategic focus. From the perspective of investment philosophies, we have always adhered to the following three principles.

The first principle is undertaking a state-owned company’s responsibilities. Guangzhou Finance Holdings Group is presently the largest local domestic financial holding platform with the highest credit ratings. As you can all see, at present, Guangzhou Finance Holdings Group has applied to the central bank for a financial holding license. Only two companies have submitted such application. Our company’s characteristics dictate the logical starting point of our investment being to serve the Guangzhou Municipality, Guangdong Province, and the Guangdong-Hong Kong-Macao Greater Bay Area. Our new investment projects this year are all within the Guangdong-Hong Kong-Macao Greater Bay Area. Of course, this area is also one of the few economically dynamic areas in China – and even the world.

The second principle is adhering to our original aspirations of empowering the real economy. When we make investments, we pay attention not only to the financial value that projects we have invested in can generate for us, but also to the value that we can provide them – that is, what financial services we can provide them.

The third principle is sticking to long-term investment. We pay a lot of attention to the financial returns that companies we have invested can yield, but we care more about the excess earnings we can gain from investing in and empowering these companies. Be it the undifferentiated method or targeted method, probably the more important thing for us to consider is what kind of empowerment we can bring to the companies and what kind of role we can play in their leapfrog development. This is how we approach investment. These are the things we pay most attention to.

Concerning investment opportunities, what Guangzhou Finance Holdings Group cares most about at present is the following four fields: First is the green economy under “double carbon” strategy. Second is the digital economy. Third is high-end manufacturing. Fourth is biomedicines. As Guangzhou Biotechnology Center is our subsidiary, biomedicine is a field we are interested in, too. Personally speaking, I pay more attention to new energy because the “double carbon” strategy provides new growth points for the global economy. In this respect, both Guangzhou Finance Holding Group and Guangzhou Finance Holdings Capital Management this year have invested in several projects focusing on this area, and the amounts invested have been relatively large. I believe that there are a lot of investment opportunities in the field of new energy, and investments with the highest returns could lie in new-energy technologies.

In terms of mid- and short-term investments, at present we are paying a lot of attention to technologies that can improve power-generation efficiency and such power-generation cost-reduction technologies as power storage and ultra-high voltage, because only by improving these technologies can China break from traditional energy sources and move onto new energy sources. This is the only way we can achieve a balance. Those are my thoughts on investment opportunities. 

As to the future of economic and financial cooperation between Asian countries, to be honest, I personally have not put a lot of thinking into that. Before I came to the forum, I discussed with our team at the financial research institute in depth. They believe that there are four main points.

The first is currency cooperation. In order to ensure stability of balance of international payments, provide fluid support for financial stability, and promote trade and investment using local currency settlement, each Asian country should begin cooperating closely at the central-bank level and in swaps.

The second is cooperation in financial regulation and financial stability. There should be support for Asian central banks to develop certain convention mechanisms to monitor global and regional financial risks and offer recommendations.

The third is cooperation in new business forms of finance, for example, green finance, inclusive finance, as well as some new forms of fintech.

The fourth is cooperation in mid- and long-term investment and financing. There can be greater support for organizations in all Asian countries to establish platforms for mid- and long-term investment and financing with organizations in Nansha. There are many ways to do this, including setting up funds in the capacity of a QFLP together with organizations in Nansha to invest in infrastructure, renewable energy, technology, and advanced manufacturing in China’s mainland. Of course, we could also rely on QDLPs to funnel domestic capital into other Asian countries and regions and look for investment opportunities. Guangzhou Finance Holdings Group is also experimenting in those areas.

These are some of our thoughts. I hope they are useful to you. I'd like to thank the organizers once again for inviting me and to everyone listening to me. Thank you!