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CoStone Annual Meeting 2010 & Guangzhou CoStone Investor Conference

2011.03.31 CoStone Capital 浏览次数:

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March 30, 2011

With the theme of "Growth & Reward", CoStone Annual Meeting 2010 & Guangzhou CoStone Investor Conference took place at Sanya Marriott Yalong Bay Resort & Spa., Hainan from March 25 to 27, 2011. Nearly 100 chairmen and senior executives of listed and to-be-listed companies and 200 guests from industry, academia and the sector of financial investment attended the meeting.

Zhang Wei, Managing Partner and Chairman of CoStone Capital, acted as the moderator. In the meeting, Managing Directors Chen Yanli and Wang Qiwen reported on the operation and management of the History Fund and the Guangzhou CoStone Fund respectively, and Managing Director Tao Tao introduced the newly launched funds. The partners expressed their views of the economy and the private equity sector in China. They made detailed analyses of CoStone Capital's investment philosophy, strategies and style, and compared the returns on investment of various investment cases in different sectors. In the Investor Conference, Chairman Zhang Wei made an objective summary of the gain and loss of CoStone Capital in the past year.

Moreover, wonderful keynote speeches were given by Professor Yang Du at the Renmin Business School, Dr. Shi Wei at the Finance and Securities Institute, Renmin University of China (RUC), Professor Wu Chunbo at the School of Public Administration and Policy, RUC, Professor Yu Jianrong at the Rural Development Institute, Chinese Academy of Social Sciences (CASS), Professor Peng Jianfeng, Chairman of China Stone Management Consulting Group, and Professor Zhang Weiying at Peking University.

 

Speaker

Prof. Peng Jianfeng

Peng Jian Feng is Professor and PhD Supervisor at Renmin University of China, Chairman of China Stone Management Consulting Group, Deputy Director of China Enterprise Confederation Management Consulting Committee, Vice President of Beijing Enterprise Directors Association, and a famous management consulting expert in China. He used to be Vice President of the School of Labor and Human Resources of RUC. Having been working on the consulting and research work of HR management and corporate culture for a long time, he provides consulting services for various enterprises. He has been hired as Senior Management Consultant and the team leader by Huawei and TCL successively. The team led by him has served dozens of famous enterprises, with the results of Huawei Basic Law, OCT Charter, TCL: Defeat Scale with Speed, Samsung (China) Culture and Dongfeng Nissan Programme of Action.

Prof. Wu Chunbo

Wu Chunbo is a leading expert of China Stone Management Consulting Group, Director of Institute of Organization and Human Resources, RUC, and a PhD supervisor. With over 100 authored articles in famous journals at home and abroad, he has published or translated more than 10 books, such as Grasp the Future-The Planning of Modern Business Operation, Design and Operation of Organizations, Cases of Human Resources Management, and Get out of Chaos. He provided services of HR management system designing and consulting for dozens of Chinese enterprises. As one of the drafters of Huawei Basic Law, He has served concurrently as Senior Management Consultant at Huawei since 1995.

Dr. Yang Du

Yang Du is Professor and PhD Supervisor at the Renmin Business School. He received a PhD in Economics from RUC and a PhD in Business Administration from Kobe University, and he did his post-doc at RUC. His research focuses on the theory of the growth of the firm, knowledge management, corporate culture and business ethics.

Shi Wei

Shi Wei is a researcher and Chief Consultant of the Finance and Securities Institute of RUC. He has been engaged in enterprise management consulting since 1995, specializing in marketing and enterprise strategy. He provides management trainings for enterprises in China, including TCL, Midea Group, Giti Tire, Motorola, Liuhe Group, Robust Group, CIMC, Telling Telecom and SPD Bank, which have been well received.

Prof. Zhang Weiying

Zhang Weiying graduated with a bachelor's degree in 1982, and a master's degree in 1984, from Northwest University (China). He received his M. Phil. in Economics in 1992 and D. Phil. in Economics from Oxford University. His D. Phil. supervisors were James Mirrlees (1996 Nobel Laureate) and Donald Hay. Between 1984 and 1990, he was a research fellow of the Economic System Reform Institute of China under the State Commission of Restructuring Economic System. During this period, he was heavily involved in economic reform policy-making in China. He was the first Chinese economist who proposed the "dual-track price system reform" (in 1984). He was also known for his contributions to macro-control policy debating, ownership reform debating, and entrepreneurship studies. After he graduated from Oxford, he co-founded China Center for Economic Research (CCER), Peking University in 1994, and worked with the Center first as an associate professor and then as a professor until August, 1997. He then moved to Peking University's Guanghua School of Management in September, 1997. He is the Sinar Mas Chair Professor of Economics at Peking University's National School of Development.

Prof. Yu Jianrong

Prof. Yu was born in Hengyang, Hunan in 1962. He graduated from the Institute for China Rural Studies, Central China Normal University with a PhD in Law in 2001. Now he is Professor and Director at the Social Issue Research Center, Rural Development Institute, CASS. His representative works including Yuecun Politics: The Changes of China's Rural Political Structure During the Transition Period, The Condition of the Working Class in China, and Contentious Politics: Fundamental Issues in Chinese Political Sociology.


Rewritten by: Jiang Xiaomei, Edited by: Du Zhixin, Wei Yiyi

 

 

几年前,我曾提出一个问题:中国经济繁荣的根基是什么?

我认为是“重商主义(这里借指市场经济)”与“儒家文化”这两个因素的核聚变,只要我们的体制大门开一条小小的缝,中国老百姓与生俱来的聪明、勤奋、奋不顾身,几千年穷怕了的物质主义和实用主义,就能创造一个新天地。

2021年,我见到一个新能源公司的董事长,谈及张维迎所言“直到20世纪70年代,绝大部分中国人的生活水平不比唐宋时期好多少”,他说这是真的,1978年他没有见过电,全家所有家当是一个小木柜。1979年,我的好朋友,一个咨询集团的董事长考上了大学,报到前他勤工俭学,骑六七十里山路卖冰棍,山里的一户人家,用几个鸡蛋和他换了一根,全家人排成一排每个人吮吸一囗。

在改革开放前,这是中国普遍的景象。而我们这一两代人,在改革开放后,怀抱着对美好生活的向往,创造了人类发展史上的奇迹。40多年过去,我们看到,轻舟已过万重山。伟大的中国工业革命,怎么赞扬也不为过!

而另一方面,中国用几十年的时间,走完了发达国家几百年的路,这也就注定了,我们上山的道路,更加的陡峭。同时,中国作为一个有几千年历史的古国,其发展正常就是“孔雀东南飞,五里一徘徊”。作为一个新兴经济体,我们讲究的是实用主义,中国的政策也是因时、因势而变的。

因此,并非一些简单的因素就能够遏制中国的增长,只要不出现战争这样会扰乱经济进程的极端因素,只要中国依然坚定地支持民营经济发展,保护企业家精神,中国经济的前进步伐就是坚定不移的。

如果认同这一点,那么无论是短期的政策、市场变化还是长期的中美对抗,都不会让我们产生太大的焦虑。

具体从我们做企业和做投资来讲,也无需过度悲观。“沉舟侧畔千帆过,病树前头万木春”,在一些行业和企业衰落的同时,也永远有一些行业和企业在崛起。

以半导体产业为例,我们不必纠结于半导体仿佛一年紧缺、一年过剩,因为问题的核心不是这个。问题的核心是第四次工业革命离不开半导体技术,而中美对峙、科技封锁,将进一步迫使中国在所有科技领域谋求自主可控,进一步迫使中国以举国体制解决创新问题。同时,当一项投资吻合科技进步趋势和政策引导的双重影响时,其估值亦将脱离传统财务模型。这些才是中国硬科技投资的重要的底层逻辑。

看待资本市场,我们更不必计较一时的股价波动。回顾历史,在资本市场发生剧烈调整时,那些优质的企业往往也会出现大幅下跌,但不同的是,优秀企业不仅能收复失地,还能再攀高峰。因此,我们继续坚定地布局那些有核心技术、有企业家精神的企业。而从我们的投资经历来看,那些有企业家精神的企业最终都带领我们穿越了周期,并获得了异乎寻常的回报。

莫愁前路无知己,天下谁人不识君!


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