3月26日，在亚洲青年领袖论坛金融与投资主题论坛上，广汽集团执委会委员、董事会秘书、广汽资本有限公司董事长眭立发表主旨演讲。

全文如下：

各位领导、各位来宾：

上午好！非常感谢会议主办方邀请我来参加今天的盛会，同时非常高兴能够与各位境内外的同行在此进行交流分享、互学互鉴。今天的主题是“金融与投资”，这个题目非常大。刚才世默董事长分享了宏观的领域，下面我想就具象的领域，以广汽集团以及广汽集团的全资子公司广汽资本为例，来分享一下产业与资本相结合、金融与投资相并举的魅力。

两个主体，一个是广汽集团，一个是广汽资本；两个关键词，是创新和链主式。从这个图里，我们可以看到，广汽集团近十几年来整个的运作都是与“创新”分不开的。从创新方式整体上市，比如我们在2010年在香港首例以介绍方式发行H股并上市，和私有化红筹上市公司互为条件前提，同步操作并购交易。在境内的上市，是境内首例由证监会重组委审核并出具行政许可的非境内上市公司合并境内上市公司的一站式审核案例，也纳入了十大经典并购案例。

成功上市之后，我们进行了金融板块的布局，成立了覆盖汽车金融、汽车保险、汽车行业的股权投资平台以及内部银行，成为首家金融全牌照的大型车企，为主业累计融资超过700亿。同时，我们在资本运作领域通过股权融资和债权融资累计融资近400亿元。特别是2022年完成了广汽埃安新能源企业的混改，成功募资超过200亿，是国内新能源整车行业最大的单笔私募融资。由此开来，我们十几年的发展在资本市场融资了超过了1300亿，为主业的发展提供了强力的支持。从2005年成立股份公司的时候，我们的总收入从500亿元增长到2022年的超过5000亿元，成为集七大板块营收超过5000亿、世界500强第186位的大型企业集团。这是第一个例子——产业与资本的融合。

第二个例子是广汽资本。广汽资本成立开始，就是广汽集团的一个私募股权投资平台，它的定位就是投资前瞻技术，布局核心，同时是产业和资本的连接纽带，也是产业和资本相互赋能的平台。通过聚焦“新四化”，关注新能源汽车和智能驾驶、智能网联两个领域，经过十年的发展，形成了链主式投资布局模式。这个模式是怎么产生的呢？广汽资本是背靠着广汽集团全产业链，我们对行业、汽车是非常理解的，所以我们认为汽车行业目前有四大趋势。

第一个趋势，自主品牌的占比和新能源车占比持续提升。我们可以看到，2022年自主品牌占比达到将近50%，2023年预计将超过55%。在新能源汽车领域里面，我们从2020年到2022年分别达到5.4%、14.8%和25.6%的市占率，2023年将超过35%，这是第一个趋势。

第二个趋势，我们认为汽车将从工业品向消费品转变。我们以前认为汽车是配备电子产品的机械产品，但我们现在认为汽车是配备机械功能的电子产品。以前的壁垒是动力传动系统，但现在的壁垒是软件、芯片和操作系统。由此我们可以看到，汽车行业将更加注重产品的运营和服务。

第三个趋势，我们认为随着新能源的发展以及整车电子电气架构的重新定义，中国企业有机会把供应链掌握在自己手上。我们可以看到，从智能化、新能化的不断发展，进口替代成为一个趋势，中国已经开始涌现一批优秀的零部件企业，包括地平线、宁德时代、经纬恒润等等。

第四个趋势，我们认为跟着电动智能、网联的趋势下，自动驾驶、智能座舱、三电系统以及云端通信、周围通信的应用，芯片对于汽车的重要性将大幅度提升。

基于以上四点趋势的判断，广汽资本的投资布局将在动力电池和汽车芯片以及智能网联三个领域如何形成一个链主式的投资布局模式呢？我们将会在这三个领域找出龙头企业，就比如说我们在动力电池领域，我们的链主企业是中创新航和欣旺达等等，我们将沿着龙头企业的上下游——电芯生产主业，深度地梳理整个判断，制定一个产业投资图谱，按图索骥。利用产业CVC、我们强大的研发人员的资源和应用场景的资源，从资源的稀缺性和技术的领先性等等方面，有针对性地选择布局对未来产业发展起关键作用的一些有潜力的、有可能的企业，可以用于我们产业链，进行投资布局，形成了链主式的一个投资布局模式。

比如智能网联，我们的链主单位是禾多科技，在自动驾驶领域进行梳理；我们的星河智联，在信息娱乐领域进行梳理，形成我们的投资布局。另外，我们在汽车芯片领域，通过对整车各类芯片的梳理，梳理出我们的投资图谱，这也是我们的汽车芯片领域的投资图谱。这样不仅可以为产业链进行强链补链延链，同时也可以为被投企业形成一个赋能。我们可以看到，中创新航作为我们的链主企业，我们累计目前为他提供订单超过140亿。另外，我们的CVC半导体，梳理了所有的汽车芯片。其中，408款非国产芯片，可以替代全部50%，全部交给他来研发和生产。在智能网联领域，我们有15款车搭载了禾多科技的驾驶软件。在星河智联领域，我们有21个车型超过40万辆的广汽新车搭载了星河智联相关的服务。面向未来，我们将在能源生态领域也坚持链主式的投资模式，在自动驾驶和网联生态领域坚持链主式的布局模式。

Xu Li says finance and investment empower industries’ development

On 26 March, Xu Li, member of executive committee and board secretary of GAC Group and chairperson of GAC Capital, delivered a keynote speech at the Finance and Investment Forum of the Asia Youth Leaders Forum. Following is the full text of the speech.

Excellencies,

Distinguished guests,

Thank you very much for the invitation to this grand event. I’m also delighted to be here to communicate with and learn from domestic and international counterparts. The theme of today’s conference is finance and investment, a broad and important topic. Earlier, Eric shared his insights on the macro aspects. Next, I would like to focus on specific aspects, and with the example of GAC Group and its wholly-owned subsidiary, GAC Capital, show you the charm of combining industry with capital, as well as finance with investment.

The two subjects are GAC Group and GAC Capital. The two key words are innovation and “chain leader” model. If we look at this slide, we can see the overall operation of GAC Group over the past decade or so is inseparable from “innovation”. Our overall listing is in itself innovative. For example, in 2010, we were the first to adopt listing in Hong Kong by introduction and privatizing a red-chip company as the prerequisite to each other to carry out M&A and transaction simultaneously. Our listing in the mainland was the first case to be reviewed by the Auditing Committee for Corporate M&A and Restructuring and granted a single administrative license, a one-stop auditing case of a listed non-mainland company merging a listed mainland one. It was recognized as one of the top 10 classic M&A cases.

we have raised nearly 40 billion yuan. Especially in 2022, we completed the mixed-ownership reform of GAC Aion New Energy Automobile, raising over 20 billion yuan, which is the largest single private equity financing in the new energy vehicle industry in China. From this perspective, over the past decade of development, we’ve raised over 130 billion yuan in the capital market, providing our core business with strong support. In 2005 when the company was established, our annual revenue was 50 billion yuan. By 2022, the revenue has grown to over 500 billion yuan. We now own 7 major business sectors, with an over-500-billion-yuan revenue and ranks 186th on the Fortune Global 500. This is the first example of the integration of industry and capital.

The second example is GAC Capital. Since its establishment, GAC Capital has been GAC Group’s private equity investment platform, 

focusing on investing in forward-looking technologies for our core business. Meanwhile, it serves as a link between industry and capital, enabling mutual empowerment. By focusing on electrification, intelligence, connectedness, and sharedness, as well as the fields of new energy vehicles and intelligent driving and connectedness. Through ten years of development, GAC Capital has formed a “chain leader” investment model. How did this model come into being? GAC Capital is backed by the whole industry chain of GAC Group. We have a profound understanding of the auto industry. In our opinion, there are four major trends in the auto industry currently.

First, the proportions of independent brands and new energy vehicles continue to rise. We can see that in 2022 the penetration of independent brands reached nearly 50% and is expected to exceed 55% by 2023. In the field of new energy vehicles, from 2020 to 2022, we’ve achieved market share of 5.4%, 14.8%, and 25.6% respectively and will exceed 35% in 2023. This is the first trend.

Third, we believe that with the development of new energy and the redefinition of vehicle electronic and electrical architecture, Chinese enterprises have a chance to take control of the supply chain. We can see that the constant transition to intelligence and new energy has made import substitution a trend. There has emerged in China a group of excellent parts enterprises, including Horizon Robotics, CATL, and Jingwei Hirain.

Fourth, we believe that with the trend towards electrification, intelligence, and connectedness comes autonomous driving, intelligent cockpit, EIC system, cloud communication, and ambient communication. Chips will become more indispensable to cars.

Based on these four trends, GAC Capital’s investment will focus on the three fields of power batteries, automotive chips, and intelligent connectedness. Then how to form a chain leader investment model?

We will identify leading enterprises in these three fields. For example, in the field of power battery, we have identified leading companies like CALB and Sunwoda. Along the upstream and downstream of these leading enterprises, say it is a battery cell producer, we will analyze its vertical and horizontal connections and developed an investment plan for this industry before executing it. With our industry-related CVC, rich R&D resources, and application scenario resources, we will consider resource scarcity and the level of technology advancement to make targeted investment in some promising and potential enterprises that will play a crucial role in the business’s development and can be integrated into our industry chain. This will be our investment. This way, a chain leader investment model is developed.

For example, in intelligent connectedness, our chain leader, Holomatic, will make analysis in the autonomous driving field, and Syncore will analyze the information and entertainment field, to help us make our investment. Besides, in the automotive chip field,

by analyzing various chips, we have come up with our investment plan, which is what we see on the slide. This way, we can strengthen,

complete, and extend the industry chain and enable the development of the companies we invest. We can see that CALB, a chain leader of ours, has received from us business orders totaling over 14 billion yuan. In addition, for CVC semiconductors, we sorted out all our automotive chips and found that among 408 non-domestic chips, 50% of them can be replaced by those they develop and produce. In the field of intelligent connectedness, 15 of our vehicle models are equipped with the driving software from Holomatic. In the information and entertainment field, 21 GAC models, or over 400,000 new vehicles, are equipped with services from Syncore. Looking forward, In the energy field, we’ll adopt the chain leader investment model. In the autonomous driving and connectedness field, we’ll also adopt this model.