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，广州前润投资控股股份有限公司董事长向阳发表了自己的观点。

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

刚刚两位嘉宾从宏观层面分享了关于机遇和挑战，而前润母基金这几年一直都是扎根在实体产业，我从前润母基金的角度分享三个观点。

第一个观点通俗易懂：所有的机遇是来自于你有准备。准备好的人会把握机遇；如果没有准备好，那么机遇就是挑战。

第二个，我们在资本市场走了将近30年时间，非常清晰知道任何挑战都是在陌生领域。不熟悉、不擅长的领域极具挑战，但如果在熟悉的、擅长的领域充分发力、发挥所长、找到乐趣相结合，对于所有能够发挥所长把握机遇的机构来说，就是收获者。

第三个，当下的环境是变革创新的时代，在这个时代，我们一定要非常清晰知道这个大变局给我们带来的方向。当我们有了清晰的方向，结合到大的趋势，我们投身其中，能够尽己微薄之力。在这样的一种大背景之下，像现在围绕生命科技、半导体以及新能源汽车诸多的行业，我们如果能把握到，我相信都会成为人生的赢家。

谈前润投资与传统母基金的运作管理模式的不同及如何更好地整合股东资源协助被投企业继续成长

这个问题实际上对我的触动蛮大，我先把前润母基金一些创新型的打法凝聚成三句话，来跟大家分享一下。

第一句话，金融服务于实体产业。所有的投资机构如何能做到真真正正把心态放平，发自内心地去服务于实体产业，成为实体产业发展过程当中的一个有力的工具。围绕着这个点，从前润母基金成立，事实上也是包括前面25年的工作经历，做了一个非常好的结合。因为我前面的9年时间一直是在中国的金融最前端中关村，围绕着中关村管委会在产业的招商引资以及产业的深度赋能有一些经验，但同时对自己有一个最大的触动，就是大多数从事投资产业的从业者，在实体产业部分是有短板的。因为很少有像我们眭立总以及越秀产投的卢荣总，他们依托于一个大的集团来很好地去发挥金融的属性。但大多数的金融从业者是很难做到的，往往在跟一些企业家交流的时候就会出现一些问题，眼高手低，更多是在理论，因为他们很难感同身受。

所以说从2010年我做了一个挑战，就在广州投身于实体产业，用了8年时间，亲手打造了两家上市公司。一家是润都股份，这也是我们和中科科创的谢勇总联手打造的，因为我们从这里产生了不错的收益。同时一家是洁特生物，在生命科技这个赛道，我有最大的一个经验，就是你扎得越深，资本的回报率反过来越高，同时，也能得到被投企业的高度认同。所以围绕到第一个观点，一定要有真正服务于实体产业的心态，深度赋能被投企业，帮忙不添乱。

第二个前润母基金的特点，是围绕到地方政府在产业这个部分量身定制。而往往作为一个政府主官，在制定区域的五年发展规划的时候会有他的思考，如果用金融的属性来和地方政府，把它三到五年产业的规划能形成很好的一种互动，在这个部分，前润用了六年时间，成功地为广州开发区在人工智能产业、无人驾驶产业，把百度人工智能基金落地到广州开发区，前润也是广州开发区人工智能母基金的管理人。现在，百度的人工智能基金以及阿波罗总部和百度的无人驾驶小巴总部形成了一个产业集群，都落在了广州开发区。

我们同时又围绕海南即将封关的背景，和广东省科学院联手把广东优秀的技术和海南的政策有效地结合。我们在上周也在海南正式成立了合资公司前润国际，它带动的就是在一个地方政府把我们优秀的产业集群来结合到地方政府形成产业链的整合。另外，也在这里发出邀请，我们为云南的大理州，也把大理美好的生活和文化引进到新丝路集团，5月份也会把世界小姐的总决赛在大理这个美好的地方举办。

用刚刚的三个案例，也就是说资本的属性和地方政府的产业发展，如果有效地结合，在当下整个经济比较迷茫的时候，会走出一条阳关大道。

最后一个前润母基金的特点，我们用了一个母子基金联动的灵活方式，打通了整个企业产业链的上下游。事实上在这个部分，大家可以了解一下前润母基金在一些项目的过程当中的整合，就像刚才广汽资本的眭立总，我在有一次和广汽集团董事长曾庆洪交流过程中，得知他在内部提出来要在广汽集团内部孵化，也是因为他才和广汽结缘。最近我们和广汽研究院的肖晶博士打造了一个灯光的新能源，我们把这个新的公司也已经落地到广州开发区。之所以能够有这样一种效应，我们就是有效的用到母子基金联动的方式，结合到产业落地政府，形成一个良好的生态。

谈ChatGPT在未来是否会在一定程度上取代投资人的决策

非常有意思的话题。这个话题出来的时候，我是微微一笑的，我相信在座每一位也是。我想谈两个观点。

第一个观点，前润母基金最有资格谈这个话题，因为人工智能在2016年开始提，2017年正式落地，我们就联手百度在2017年成立了中国第一支专项的人工智能的母基金和子基金，到现在已经投了49个公司。这49个公司有很多都是在替代甚至颠覆一些行业，今年已经明确有3家会上市，未来估计超过30家会顺利上市。同时我们又把人工智能结合在生命科技，特别是钟南山院士团队，这一块我们整合得特别好。

刚刚卢荣总提到两个维度，我用另外两个维度谈一下。未来已来，我们要做好准备，因为人工智能的时代确实是让全人类越来越智慧，同时我们的效率也越来越高。但是从另外一个角度，人是万物之灵，最终如何发展还是取决于人的本身。在未来已来的前提下，我们如何能够在当下整个世界整体升维的状态里面找到我们的方向，不至于走偏，这是非常重要的。还有一个维度，我们看见的不一定属于你的，所以我们要掂量一下如何能做到脚踏实地，把自己和时代能够形成非常好的结合，只有这种状态下，你才能把握未来，所有新的科技才能被你所用，成就你的人生。谢谢大家！

Xiang Yang shares experience of joining forces to empower growth of invested companies

On 26 March, Xiang Yang, chairperson of Rain FOF, 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?

The two panelists before me have covered the macro aspects of the opportunities and challenges. We, Rain FOF, have been focusing on the real economy for the past several years. I would like to share three ideas from our perspective.

The first idea is easily understood: all opportunities come from preparedness. For the prepared, they are opportunities. For the unprepared, they are challenges.

The second idea comes from experience. We have been in the capital market for 30 years, and we understand by heart that challenges are manifested in an unfamiliar field. Areas that you are stranger to or you are weak at are very demanding. But if you work in a familiar filed, make a real effort, give play to your strengths, and find you joy, there will be opportunities. Any organization that can leverage its strengths and seize the opportunities will be the beneficiary.

The third idea concerns the big picture. This is an age of changes and innovations. In such an age, we must remain clear-headed and figure out the directions these changes are pointing. When we know the directions and the trends of the times, we throw ourselves into it and contribute what we can. If we can see such a big picture, like the focus on life sciences, semiconductors, NEVs, and many other industries, we will all become winners in life.

Question: What tell you apart from other FOFs? How does your model of operation and management contribute to better integration of shareholder resources for constant growth of the companies you invest in?

I actually have a lot to say on this, but I will summarize our innovative practices into three sentences and share with you.

Firstly, finance must be in service of the real economy. Any investment institution should set themselves straight and really commit to empowering the real sector, contributing to its development. This is what Rain FOF was founded upon. Actually this is also what my 25 years of experience has led to. Before Rain FOF, I had been at the frontier of China's financial sector, Zhongguancun, helping its administrative commission with business and investment attraction and thorough empowerment of industries. I have had the biggest awakening. Most practitioners of industrial investment fall short in the real sector, because few are as endowed as Ms. Xu Li and Mr. Lu Rong, who have the backing of big corporations to give play to the strengths of finance. Most financial practitioners cannot accomplish this. Oftentimes when they talk with the entrepreneurs, they make mistakes such as unrealistic expectations and too much focus on theories. This is because they cannot be in their shoes. 

So, in 2010 I threw myself a gauntlet, right here in Guangzhou. I put myself into the real sector. In eight years, I made two public companies. One is Rundu Pharma. This is a joint project with Mr. Xie right here. We have had considerable returns from it. The other one is Jet Bio-Filtration. In the field of life sciences, my biggest experience is that the deeper you get yourself in, the higher your returns will be. Meanwhile you will receive the regards from the companies you invest in. So this is our first practice: to commit to serving the real sector and empowering the companies you invest in, lending the help they need.

The second practice of ours is to pivot around local governments and tailor our strategies in choosing the industries. When designing the five-year plan for the region, the leadership of a local government have their considerations. If we can connect finance with the government's industrial plan for the next three to five years, this will be a good interaction. In this regard, we have spent six years helping Guangzhou Development District with its AI and autonomous driving industries. We have landed Baidu's AI fund in the district. We are also the manager of the district’s FOF for AI. Now, Baidu's AI fund, Apollo's headquarters, and the headquarters for Baidu's self-driving vans have become a cluster of its own in the district.

In view of the upcoming independent customs operation in Hainan, we are working with the Guangdong Academy of Sciences to connect good technologies from Guangdong and Hainan's policies effectively. Last week, we just established in Hainan a joint venture, Rain International. What it does is combine good industrial clusters in one locality with another locality to achieve an integration of the industrial chain. I'd like to extend an invitation on behalf of Dali, Yunnan. We are introducing Dali's lifestyles and culture into New Silk Road Group. In May this year, Ms World China Finals will be held in the beautiful city of Dali.

With these three examples, I want to say if we combine finance with industrial development of local governments effectively, we will see in this economic haze a silver lining.

The last practice of ours is a flexible interaction between our FOFs and sub-funds to connect the whole industrial chain. I am going to tell you something about how we achieve integration during our investment, just like how Ms. Xu Li does in GAC Capital. Once I was talking with GAC Group's chairperson, Mr. Zeng Qinghong, and I learned that he had put forward the idea of incubating businesses inside GAC. Our connection with GAC also started with him. Recently we partnered up with Dr. Xiao Jing from GAC Research Center and develop new-energy lights. We have already registered this new company in Guangzhou Development District. The reason that we could achieve this is because we were able to effectively use this FoFs + sub-funds model on the industries and with the local governments, developing a good ecosystem.

Question: In the future, will ChatGPT replace investors to a certain extent in decision-making?

This topic is very interesting. It brings a smile to my face, and I think to everyone here. I want to share two opinions.

I think we are qualified to comment on this. Back when the concept of AI started in 2016 and landed in 2017, we partnered with Baidu to create China's first AI-focused FOF and sub-fund. Up to now we have invested in 49 companies. Many of these companies are replacing or disrupting certain industries. Clearly three of them will go to IPO this year, and over 30 of them are expected to do the same later. Meanwhile we integrate AI with life sciences, especially by working with Academician Zhong Nanshan's team, which is doing really well.

Earlier Mr. Lu mentioned two aspects. I want to talk about this from two others. Firstly, the future is now, and we need to be prepared. The age of AI is indeed empowering humans to be more intelligent and more efficient. But on the other hand, human is the paragon of animals. How we develop depends on ourselves. Now that the future has arrived, how we find our direction and not walk off course in this world of dimensional improvement is very important. Secondly, what we see is not guaranteed to be ours. We need to consider how to get down to earth, integrating ourselves with the goings of the times. Only with this mentality can we take control of our future, can we use all new technologies to fulfil our life. Thank you.