Zhongguancun Development Group is a market-based platform established by Beijing Municipality for the construction of the Zhongguancun National Independent Innovation Demonstration Zone. Xuan Hong believes that high-quality, high-level, high-yield, and high-quality means that it is also difficult. We often say that There is a 'Death Valley' in the transformation of scientific and technological achievements. At this time, we must design some products to intervene. 'We have a total of 102 funds. Funds close to 80 billion yuan are generally involved in the early stages.' He gave examples of the chip industry, It is necessary to invest 10 billion U.S. dollars in the promotion of the previous generation. The Zhongguancun Development Group has a 30 billion yuan Beijing-based integrated circuit fund, and the revenue cycle is very long.
Wu Yenan analyzed several types of IC companies for reporters: I DM companies have the strongest profitability, they have their own designs, they have factory productions, such as Intel and Samsung. There are Fabl ess-type companies, such as ARM, NVIDIA and Qualcomm, etc. It is Fab-Lit e, like Infineon. The last category is Founder y, such as TSMC and UMC, Glofend, SMIC.
'The gap between China's digital circuit and the United States is not so big, the gap is mainly in the process. In the fab's process, the domestic SMIC has just completed the mass production of 28-nanometer process, foreign countries have already tried 7-nm, 10nm is very mature This piece of investment can only rely on the national team, and the investment is too large. The annual investment is 10 billion yuan. The national integrated circuit industry fund invested more than 80 billion yuan in 3 years. Intel's R&D investment in 1 year exceeded 12 billion U.S. dollars. The process technology is very restrictive for us, and it is always two to three generations worse than foreign countries. 'Wu Yenan said that China's fully self-designed CPU has reached a level close to Intel's performance level in terms of specific applications. The main difference with foreign countries is that it cannot be replaced. It is an analog chip. In the communications field, analog chips are used very much. There are also acousto-optic, and a lot of analog components are needed. Analog components The famous American company is Texas ADI, which monopolizes most of the market. This piece is hard to find a substitute.
The Zhongguancun Development Group has funds that are prepared for difficult industries. Xuan Hung told reporters that we have government guidance funds, as well as industrial development funds, which specifically support IC industries. The Zhongguancun Management Committee has a conversion fund around Beidou. Focusing on a core enterprise to establish an ecological environment for industrial development. Each year, the company provides support of nearly 100 billion yuan in debt financing services, including guarantees, small loans, leases, etc. Meanwhile, it is also established in many cities around the world. Innovation center, let the company's R&D center move abroad, and then guide good technology back. 'If the multi-level capital market is more perfect and innovative, the future service capability will be stronger, and many opportunities will be seen. Space. '
Wang Naixiang said that financial assets trading is part of a multi-tiered capital market. Beijing Financial Asset Exchange was the first financial asset exchange in the country established in 2010. The transaction data in 2015 was 2.73 trillion yuan, and in 2016 it was 5.26 yuan. Trillion yuan, in 2017, it was 4.43 trillion yuan. As of the end of April 2018, the transaction volume exceeded 2 trillion yuan. At present, the development pattern of 'one body and two wings', 'oneness', has become the Chinese interbank bond market. Infrastructure, bond issuance, distribution, and documentation are all carried out here. 'Two wings', one wing is a state-owned financial assets trading platform designated by the Ministry of Finance, and the other wing is non-standardized, standardized or co-innovated with major financial institutions. Standardized financial products.
He gave an example. In terms of debt financing plans, we have financed enterprises in the Beijing region to 7.1 trillion yuan, ranking first in all provinces and cities across the country, with a ratio of 14.84%. 'In the past few years of development, high The development of sophisticated industries Most financial institutions rely on large-scale enterprises. For small and medium-sized enterprises or highly sophisticated enterprises with light assets, efforts are still to be strengthened. 'Wang Naixiang said.
China's technological innovation requires institutions to provide corresponding services. What kind of industries are currently under consideration? Yin Zhe said that among the investment projects, the smart hardware industry, including big data industry, mobile medical industry, machine learning industry, etc., are all concerns. In the past, we only focused on business model innovation. Now we are paying more attention to the underlying technology and products. How deep can we determine how fast the company can grow in the future? Moreover, industrial capital has gradually increased its investment attributes. Tencent, Tencent, Alibaba, JD.com, and U.S. corporations are very common in the venture capital investment and early investment projects in the market. This will continue for quite a long time.