Enterprises And Investment Institutions Jointly Seek Technological Innovation Path Under The New Pattern Of "Double Cycle"

Under the new pattern of "double cycle", how to break the monopoly of foreign technology, realize the substitution of technology and products, and even lead the development and application of new technology in the industry? What rules need to be followed? What is the current strategy of domestic enterprises?

On November 28, at the theme forum of "China Southern finance and Economics International Forum 2020 annual meeting - opportunities and challenges for listed enterprises under the pattern of" double cycle ", Zhou Hong, director of Pengding holding, Zhou Chunhua, deputy general manager of Zhenyou technology, Deng Haoran, CFO and Director Secretary of Yuntian lifeI, Lei Jie, chairman of Zhongcai Longma capital, and Luo huanta, founder of industry era data center (TD), launched the above topics Warm dialogue.

From industry to industry

The premise of innovation is application, especially the realization of industrialization and scale, which is fundamental.

From the perspective of investment, Lei Jie pointed out, "we feel that we need to integrate with the market, be demand-oriented, and obey the objective laws of industrial development and industrial upgrading."

He takes consumer electronics as an example, including modules. With the development of Apple's industrial chain, it has also led to the domestic substitution of upper equipment and materials. "Domestic substitution is also an innovation. In other people's situations, we can imitate, we can do better, we can also save costs, provide better services, close to services to do industrial and technical applications Innovation. "

Secondly, we should pay more attention to the market direction and application scenarios.

"At the end of 2018, we invested in a company that was listed in the first batch of science and technology innovation board. This company was engaged in battery materials. At that time, it was engaged in 811 materials, which was also the leading industry in the industry. At that time, it was innovation and thought that the prospect was very good." Raj said.

He said that Tesla chose the iron lithium battery, not the 811 battery. "Innovation is a breakthrough in technology and industrial application, not the original in the true sense. Therefore, it is necessary to pay special attention to the application prospect of the market when making investment, rather than just looking at the originality and advancement. We need to look at the application prospects and market prospects, which are our focus on innovation and core content. "

At the corporate level, the same is true. Zhou Hong gave the different stages of research and development of Pengding holdings on the spot.

The first stage is to follow customers, because the company's own strategy is to serve the world's best customers, such as Google, Facebook, etc., this stage is to meet the needs of customers' products.

The second stage is to cooperate with R & D. for example, what is the technical path of the next two or three generations of products? Pengding holdings will cooperate with excellent customers to carry out R & D.

The third stage, which is also the highest level, is to cooperate with well-known universities at home and abroad to jointly lead the development of the industry, including making some reserves in terms of materials and future development trends.

She said that a well-known brand will launch a product in the spring of next year. They will use ultra-thin backlight motherboard to develop future products and solutions with customers, and ultimately determine which solution is ahead of the market. We will provide customers with the products they need with our technology and management.

Innovation and risk balance

"How to carry out scientific and technological innovation for small and medium-sized enterprises poses a serious challenge to us." Zhou Chunhua said that at the time of its establishment in 2005, considering the risks of technology and market, we chose companies that are more mature and more technical.

According to him, the company is facing competition with ZTE and Huawei, which requires enterprise innovation, more in line with customer needs, more suitable for their products, and development of products that meet their needs. "Through user recognition, we will take our own road. We take ZTE and Huawei as competitors. We should maintain high R & D investment and promote the company's deep-seated development."

Deng Haoran pointed out that in the industrial chain, different companies have different characteristics. For example, Yuntian lifeI is a knowledge intensive enterprise. At present, it adopts a design focused mode, similar to Huawei Hisilicon, and has no plan to involve in semiconductor manufacturing. "The genes and R & D needed by manufacturers are completely different."

As an enterprise, it needs to pursue long-term sustainable development; as an investor, it needs to pay attention to long-term and stable returns. How can the innovation cycle of the two companies not be balanced in the current period, while the innovation cycle is very long?

In this regard, Pengding holding adopts the way of supporting the joint development of upstream and domestic suppliers of the industrial chain, including equipment suppliers, and making its products more and more localized by means of equity participation and joint research and development.

"We will consider the industrial chain and upstream companies, especially some potential small and medium-sized enterprises in China, whether there are opportunities to bring them into our supply system, and we can use equity investment to drive the development of small and medium-sized enterprises." Zhou Hong said that both last year and this year have invested in equipment companies, which is the normal development of the company in the future, and use their own technology to drive the development of domestic industrial chain.

Lei Jie believes that in order to be truly original, more cooperation is needed, "this is not the function of listed companies, and there is a high degree of uncertainty. It should be that before listing, investment institutions should bear the risk, and more should be borne by venture capital."

He pointed out that they mainly focus on the progress of technology or the application of application-side technology, "we mainly focus on technological innovation, not model innovation."

On the basis of the enterprise's own scientific research hard power, part of the innovation risk should be shared by the investment institutions. The latter may obtain corresponding excess investment returns in the future, which may be more reasonable.