Shengjing Jiacheng Liu haofei: an investment institution that appreciates independent thinking and pursues "non consensus" high quality projects

This is the 5th LP conference of shengjingjia chengmu fund, and it is also the fifth time for me to share with you. In the past five years, all friends here have witnessed the development of science and technology and new economy in China.

At the same time, I also recall that four years ago, when we held the first LP conference in May 2015, the market atmosphere at that time was totally different from that at present. At that time, the Shanghai stock index was more than 5000 points, and now it is about 3000 points. At that time, everyone was very enthusiastic about speculation in stocks, and the liquidity of currency was also very high. Today, however, we are more cautious. We have just recovered from our pessimism and digested the bad news of the Sino US trade war for more than a year.
With the passage of time and the change of the external environment, we continue to cycle in this cycle, but we are still relatively rational optimists, not blind optimists. We should rationally remain optimistic, embrace positive energy, and be full of confidence in the future, which is completely consistent with our long-term investment and investment in scientific and technological innovation as the master fund.
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The harvest of five years

This curve is not completely accurate and started in 2016. That is, in addition to the targeted issuance projects of listed companies, the projects we invested in in 2016 have gradually entered the listing stage.
Only one project was listed in 2016, but by 2017, we had gained 16 projects to go public. 2018 is the most severe year in the external environment. In the context of serious price decline in more than 90% of assets, our assets are still continuously increasing value. Although the IPO number of a shares is 80% lower than that in 2011, Shengjing Jiacheng's IPO number in 2018 has reached 25. By 2019, the potential energy will continue. By the second quarter, 12 projects have been listed and 6 projects will be met.
After listing, it means that it can be traded, liquidity will become more and more expectable, and the possibility of withdrawal will be closer and closer. So why can we get this?
Shengjing Jiacheng has always been taking technology investment as its own responsibility. Since 2014, it has been the same as the parent fund business, and has always emphasized the investment in scientific and technological innovation. At the LP conference in 2017, the theme was "reaping the future of science and technology and intelligence", which aims to convey the view that "technological progress will promote great change in the whole society".

This is a survey report of iResearch. The top 100 Internet enterprises in China in 2018 are in the top 100, and 21 are in the top 100. The proportion is already very high. Any harvest is not achieved overnight, it takes time to precipitate, just like a tree to take root deeper, and then harvest the dense forest. Therefore, Shengjing's investment purpose is to "pursue medium and long-term compound interest under the premise of safety" under the guidance of internal value.
When the market is very hot, everyone wants to speculate in stocks. But there is always the possibility of recession and depression.  

 Why has Shengjing Jiacheng achieved so much in the past five years? All the gains come from the change of trend, there are both positive and negative changes.
First of all, we use GDP and broad money (M2) as data reference

In 2014, the nominal GDP was 64.1 trillion, and in 2018, the nominal GDP reached 90.0 trillion, with an overall growth rate of 40.4% in five years.