We never chase the mouth of the wind. Han Fu capital CEO Ren believes that peoples energy may be limited. Han Fu hopes to invest in some industries and fields that he can see more clearly. The long-term stable development of enterprises, and whether there are good business models and profit points are the most important concerns of Ren. Therefore, for the recent hot block chain project, Ren Jin told NetEase technology that he had not invested too much energy in his attention. He explained, it is not that these are not important, but the focus of our attention and investment is different. Han Fu capital is focusing on consumer upgrading, TMT, big health, high-end manufacturing and other fields, and has invested several unicorns and listed companies with a market value of more than $one billion. Such as soft Yu technology, excellent guest workshop, singing, Wei Lai automobile, Qihoo 360 and so on. More attention is paid to the breakthroughs in the field of application of artificial intelligence The past growth of Chinas economy depends mainly on the low labor cost and the huge market. Now it has come to the time point of economic transformation and industrial upgrading. In the middle of the transformation process, some industries and technological innovation enterprises in China have narrowed the gap with other countries, and now the largest market value company in the world is in front of them. Two Chinese technology companies have proved very well. It should be said that the engine and motivation of our future economic growth is the progress of technology, and artificial intelligence has a wide range of applications in transportation, medical, education, entertainment and other fields. In his view, AI mainly relies on three aspects: one, powerful computing power, two, complex algorithm, three, big data. While Chinas population has a large base, the market is larger, and some of the more leading technology enterprises have emerged in the near future, and a huge amount of data has been accumulated. Therefore, there is an opportunity for investment in the field of artificial intelligence. However, the investment tide of the NetEase technology is now in the past and is now more concerned. How can we break through in the application field? I think there may be some opportunities to create opportunities for world-class enterprises in this respect. In terms of investment in the core technology sector, Ren believes that more government planning is needed. Once we recognize our weak links or some technology and products, there is a gap between the advanced countries and the advanced countries, it will continue to invest and develop. In the long run, we may see different scenes in the next five years and ten years. The recent conflict between China and the United States will affect the future of Chinas big data and the development of artificial intelligence. In the short term, it is believed that there are two aspects of things, which may have an impact on the industry in the short term. But from another point of view, let us know more about the position of the environment and the tide of economic and technological development, and can more stimulate the determination and enthusiasm to catch up with the developed market. Return to A shares: the home market is more attractive According to media reports, the three Internet Co Alibaba, Baidu and Jingdong listed on the US stock market will be returned to A shares by CDR in June. By then, three companies will be the first to return to A shares. At the same time, many enterprises listed in the US and Hongkong markets also put forward plans to return to the domestic capital market. Different markets have different characteristics. Enterprises should make reasonable choices based on themselves. Ren Song analyzed the US stocks, Hong Kong stocks and A shares in NetEase technology. Chinas capital market not only requires enterprises to have income, but also has a clear level of profitability and profits. The US market may be more innovative, because the capital market is more likely to provide financing opportunities for innovative companies than banks, and banks tend to be more mature, and the capital market will be more tolerant. The United States may provide the most support to innovative enterprises, so many enterprises are listed on NASDAQ or the NYSE. Hongkong is also a relatively mature market. In the past, there were a lot of Chinese companies going to Hongkong. On the one hand, there were many investors in Hongkong market institutions. On the other hand, because of the restrictions on some industries, many enterprises could not be listed in China because of the restrictions on some industries. If real estate companies want to go abroad, Hongkong is the best choice. But as China did the reform of the share division in 2005, it inspired the enthusiasm and vitality of the whole market, and many companies chose to go on the market at home, such as banks, insurance companies, energy companies, or communications companies. Now, there are some companies, for a variety of reasons, to choose the overseas capital market, The main reason is that they can not meet the domestic listing conditions in the initial stage. The exchange of Hongkong, the Securities Regulatory Commission, the China Securities Regulatory Commission, or the Shanghai and Shenzhen stock exchanges are now aware that the development of an enterprise is actually more dependent on the market of the home country. Therefore, if the capital market can be listed in the capital market of the home country, the development of enterprises and the role of promoting the economy may be stronger, so the regulatory agencies also negotiate to make some changes and make some rules adjustment. There are five major aspects to be taken into consideration for the selection of a listed company. One is how long the cycle will be, the two is the requirement of information disclosure, the three is whether the refinancing is convenient, the four is the cost burden of the listing, and the most important is the valuation, that is, the valuation is more important in which exchange is listed. High. I think Chinas market may still be attractive in terms of valuation. In the evening of April 27th, the central bank, the SFC, the CBRC and the Foreign Affairs Bureau jointly issued the guidance on the regulation of the assets management of financial institutions. This also means that the new regulation of large capital management has finally been settled. In recent years, financial regulation has been tightening up. Ren believes that this is related to Chinas economic development. In the past few decades, Chinas economy has developed rapidly and has accumulated some risks in the middle of this process, especially the recent shadow banking, as well as the self circulation of the financial system caused by the collapse of reality. The high debt of leveraged debt brings hidden danger to the stability of the whole financial system and the steady development of the economy. Financial support for the real economy in the past mainly relies on banking, insurance, trust and other financial institutions to provide services and products, but these may not be enough to cover the financial needs of the whole society. In this context, a lot of management agencies in the business process also have a lot of regulatory arbitrage behavior, that is, who do not manage these areas, so the risk will gradually accumulate. Therefore, the introduction of this unified regulatory policy, indicators and rules and regulations, Ren Jin believes that we can make up for this loophole in time. And for the Asset Management Co, how to identify the risk, control the risk, and on this basis to pursue the best return on investment is an important link. He believes that this requires the Asset Management Co to accurately grasp the trend of economic development, to understand which industries in the future can continue to develop for a long time, there is a huge space for growth. Then in these industries choose to master core technology enterprises, so only have core competitiveness and industry threshold, in order to maintain sustained growth. We will make some screening so as to provide the best products to our customers and pursue good returns on the basis of controlling risks. Source: NetEase science and technology report editor: Bai Xin _NT4464 In this context, a lot of management agencies in the business process also have a lot of regulatory arbitrage behavior, that is, who do not manage these areas, so the risk will gradually accumulate. Therefore, the introduction of this unified regulatory policy, indicators and rules and regulations, Ren Jin believes that we can make up for this loophole in time. And for the Asset Management Co, how to identify the risk, control the risk, and on this basis to pursue the best return on investment is an important link. He believes that this requires the Asset Management Co to accurately grasp the trend of economic development, to understand which industries in the future can continue to develop for a long time, there is a huge space for growth. Then in these industries choose to master core technology enterprises, so only have core competitiveness and industry threshold, in order to maintain sustained growth. We will make some screening so as to provide the best products to our customers and pursue good returns on the basis of controlling risks.