艾问每日人物第1012期

喜马拉雅FM/36氪/ 爱音斯坦FM/凤凰FM

蜻蜓FM/网易云音乐/十点读书/酷狗音乐/荔枝FM

欢迎来到本期艾问人物！

《艾问人物》（https://iask-media.com/）相信，优秀的投资人不仅要比投机者看的更远，还要能看穿这个时代。在中国私募母基金与全球大战略接轨的过程中，全国社保基金是一个绕不过去的坎。

本期的艾问人物专访对象是全国社会保障基金理事会原副理事长王忠民。

2020年7月20日，蚂蚁集团宣布启动在A股科创板和港股同步寻求上市的计划。3个月后的10月21日晚间，上海证券交易所官网和港交所官网先后披露，蚂蚁集团的科创板IPO已获证监会批准，且香港上市亦通过港交所聆讯。

根据业内专业人士评估，按照蚂蚁金服最新的价值来估计，正式上市之后市值高达2700亿美元，折合人民币接近2万亿人民币。这意味着A股市场或将迎来首家全球互联网第一阵营的企业，蚂蚁金服恐将成为2020年里最大的上市公司。

消息公布的当天，网上传闻蚂蚁整层楼都沸腾了。对于蚂蚁员工而言，蚂蚁金服的上市将催生上千位千万富翁，几百位亿万富翁，这无疑是个人努力奋斗的胜利；而对于资本市场而言，蚂蚁金服这颗“摇钱树”也成了蚂蚁集团背后投资者们坚持长期主义的胜利。

随着招股书的公开，蚂蚁金服上市的最大的赢家之一——全国社保基金的神秘面纱被层层揭开，其背后实际掌舵人也浮出了水面。

《艾问人物》（https://iask-media.com/）调查到，5年前，全国社会保障基金投入70多亿，以5%的比例战略入股蚂蚁金服，成为蚂蚁金服引入的最大外部股东。2020年8 月 23 日，全国社会保障基金理事会原副理事长王忠民在做演讲时毫不避讳的坦言：“社保这笔投资赚老了。”

你很难想象，这笔投资是全国社保基金投资过的唯一一家民营企业，却也是社保基金历史上收益率最高的一笔股权投资。

作为一家成立于2000年的母基金，从最初接受中央财政划拨200亿初始运作资金，到2018年总资产超过2.2万亿元。在资本市场中的投资比例和投资回报，达到年化8.4%的收益。

从2003年到2017年，在王忠民长达10多年的主政下，母基金实现了从无到有的质变飞跃，海量资金增长的背后也被打上了深深的个人操盘烙印。

01

几十年经历了几次身份的巨大转变

梳理中国母基金的发展历史，2000年全国社保基金的成立和王忠民在任期间对于中国母基金的创新和改革，永远都是历史中最浓墨重彩的一笔。

但其实作为母基金“教父”般的人物，王忠民并不是一个天生的投资者。几十年的时间，从学界到政界再到商界，他经历了数次身份的更迭，这样的“转型”甚至堪称“传奇”。

艾诚：在您的人生经历里面，除了我们了解到的全国社保基金的副理事长，更重要的，还有一段跟教师相关的经历？

王忠民：对，大概1993年，全国的博士导师的资格是要国务院学问委员会去统一评审和批复的，当年年底我就被批复为博士导师带博士学生。可以说，在一众博士导师里边，我的年龄上算是年轻的。

1978年，王忠民考入了西北大学经济系攻读经济学，毕业后留校任教，此后的20年他又出任西北大学的校长。然而看似一帆风顺的人生轨迹却发生了改变；

1999年，王忠民一脚从学界跨到了政界，在陕西省政府做了两年的秘书长。后又到了陕西省安康市担任市委书记，担任一个区域的发展战略核心决策人的角色；

2003年，王忠民再次跨界到了商界，负责全国社保基金的股权投资，一直到2017年退休。

在学界，从本科、硕士、博士，再到出国做博士后的长期训练中，王忠民的专业始终在整个经济学大类里。在政界，王忠民做秘书长和市委书记期间，每天处理投资类和财政类的事务。来到商界，他理应得心应手。

但实际上，理论和实操的中间有一道鸿沟需要跨越，做投资就是从零开始。

在当时，整个中国的基金概念都还处在一个萌芽期，做二级市场的投资方法也比较“原始”，就是在公募基金大概总共十多来家里去选管理人。好在过去的经历、过去的学业、过去的知识积累对王忠民有着很好的帮助。

艾诚：从教育界转到投资界，您思维使命上变化是什么样子的？

王忠民：如果用为服务对象去服务，它可以涵盖一切这个问题的答案。但是为服务对象当中的什么利益去服务才是你的专业和你的经验所在。

在中国，社保被当做是为他的养老金，是为他的未来财务支持去服务。

《艾问人物》（https://iask-media.com/）了解到，王忠民做了一个很好的比喻，母基金除了把服务对象的诉求和利益放在更高的角度和位置外，还会从资金的这个角度，把社保当成是对他们的负债。把服务对象的钱拿来了以后，母基金不仅要看到未来给他的时候，还要考虑负债的周期和以后给他带来的收益。

当资金服务的性质变化成了对资金的诉求，资金的逻辑和资金成长的管理的好坏，就能完全通过资金的方式被传递出去。

02

如何“趟出”一条杨康大道

社保基金的20年是一步一个脚印，是从无到有的走出来的。

</p><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"><br/></span></section><p style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">翻开世界全球母基金的大历史，《艾问人物》</span><span style="color: rgb(76, 76, 76);"><span style="font-size: 15px;">（</span>https://iask-media.com/<span style="font-size: 15px;">）</span></span><span style="font-size: 15px;color: rgb(76, 76, 76);">发现一个最为重要的历史事件是<strong>1976年，全球母基金鼻祖雅登投资设立了历史上第一个私募股权投资母基金，总金额约为6000万美元。而在那时，中国甚至还没有风险投资这个行业</strong>。</span><br/></p><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">在国外私募股权母基金近五十年的历史中，母基金是投资行业中收益最稳定的类别之一。比如全球最大的母基金管理公司Alpinvest，在过去16年里为客户创造年均12%的净投资收益。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">相比较而言，中国母基金的历史非常的短暂且略显稚嫩。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">当时成立社保基金是党中央国务院的一个重大决策，但是社保基金成立了以后，用什么样的投资逻辑和什么样的组织架构去实施这个投资，对于王忠民来说一直是个难题。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(232, 10, 77);"><strong><span style="font-size: 15px;">艾诚</span></strong></span><span style="font-size: 15px;color: rgb(76, 76, 76);">：<strong>当时您在摸索社保基金如何去为民理财的时候，是否也参考过国际上最好的母基金的经验呢？</strong></span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(61, 170, 214);"><strong><span style="font-size: 15px;">王忠民</span></strong></span><span style="font-size: 15px;color: rgb(76, 76, 76);">：我收集了全球各地成规模的资产管理机构来研究、采访、咨询，逐渐摸索出了一套自己的“打法”：一方面，往高风险的、长久期的VC上去投；另一方面，做到母基金的层次，由母基金投到基金，基金再投到项目，或者基金再投到子基金，子基金的专业垂直再做下去。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section data-tools="新媒体排版"><section style="padding: 10px;margin-top: 5px;border-top: none;border-right: none;border-bottom: none;font-size: 16px;color: rgb(153, 153, 153);background-color: rgb(243, 243, 243);box-shadow: rgb(153, 153, 153) 1px 1px 2px;border-left: 10px solid rgb(233, 233, 233);text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(76, 76, 76);font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: 15px;">王忠民也深知以他一己之力打造起一个全能的团队是不可能的事情，更不必说投资配置的逻辑和贯彻执行的逻辑的矛盾，很难给予员工市场化的激励。</span></section><p><br/></p></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(76, 76, 76);font-size: 15px;">在这种情况下，王忠民就去找中国市场当中的最专业、最细分的那些机构同步去成长。</span><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(76, 76, 76);font-size: 15px;">如果市场上有这样的机构就与之合作，如果没有，王忠民团队就跟市场当中这些机构共同去摸索怎么走出来这样一个生态体系。</span><br/></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">某种程度上来说，在中国母基金的生态体系当中，社保基金既是裁判员也是运动员，既是合作者也是开拓者。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(232, 10, 77);"><strong><span style="font-size: 15px;">艾诚</span></strong></span><span style="font-size: 15px;color: rgb(76, 76, 76);">：<strong>海量资金实现百倍增长的背后，您是否总结过哪些可借鉴的经验？</strong></span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(61, 170, 214);"><strong><span style="font-size: 15px;">王忠民</span></strong></span><span style="font-size: 15px;color: rgb(76, 76, 76);">：做对的事情很多，其中母基金的管理架构和管理模式是最值得市场借鉴的。比方说社保基金中大部分都是委托出去的。而在委托中，一级市场的私募股权投资，我们会选择市场当中最有业绩记录，最有管理制度，最有管理团队；二级市场当中的股票类投资，我们会选择市场当中的最稳健的公募基金和最优秀的管理人。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section data-tools="新媒体排版"><section style="padding: 10px;margin-top: 5px;border-top: none;border-right: none;border-bottom: none;font-size: 16px;color: rgb(153, 153, 153);background-color: rgb(243, 243, 243);box-shadow: rgb(153, 153, 153) 1px 1px 2px;border-left: 10px solid rgb(233, 233, 233);text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">从2000年成立之初的200亿的运作资金，到2018年是两万多亿，这些背后就是一套可供今天的母基金市场继续参考的操作逻辑。</span></section></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"/><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: 15px;color: rgb(76, 76, 76);"> </span><img 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normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-tools="新媒体管家" style="max-width: 100%;color: rgb(0, 0, 0);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="padding-top: 9px;max-width: 100%;display: flex;justify-content: center;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="max-width: 100%;border-right: 1px solid rgb(237, 45, 99);border-bottom: 1px solid rgb(237, 45, 99);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="margin: -4px 4px 4px -4px;padding-right: 2px;padding-left: 4px;max-width: 100%;border-width: 1px;border-style: solid;z-index: 99;line-height: 24px;font-family: PingFangSC-Semibold;font-size: 16px;letter-spacing: 1px;text-align: center;white-space: nowrap;overflow: hidden;border-color: rgb(237, 45, 99);color: rgb(237, 45, 99);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="max-width: 100%;min-width: 16px;box-sizing: border-box !important;overflow-wrap: break-word !important;">03</section></section></section></section></section></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span><br/></section><p style="text-align: center;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(232, 10, 77);"><strong><span style="color: rgb(232, 10, 77);font-size: 17px;"><span style="color: rgb(232, 10, 77);font-size: 17px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;">借用代表着人民的投资去追求政策的落实</span></span></strong></span></p><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">做投资不怕做对的事情，就怕做错的事情。如果回首社保基金的投资发展史会发现，我们国家的投资政策刚开始是比较保守的。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">尤其是像社保基金这样的机构，投资也仅限于存银行、买国债，全都是固收，固收里边还都是低风险的固收。当时上级主管部门直接硬性规定了社保基金所有的固收不能低于总资产的40%，以保证投资的收益和低风险性。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">《艾问人物》（</span><span style="font-size: 15px;color: rgb(76, 76, 76);">https://iask-media.com/</span><span style="font-size: 15px;color: rgb(76, 76, 76);">）在采访中获悉，世纪初，中国的权益的投资市场正处在改革开放的快速的成长期，王忠民觉得这场浪潮中，社保基金一定要参与其中。于是在固收以外逐渐打开信用类的债券、企业债，甚至私募债，往高风险的一些债券领域当中去走。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">彼时，王忠民赶上了<strong>中国金融机构的股份制改革和IPO证券化</strong>；在直接投资领域，社保基金借用代表着人民的投资可以把20%的资产投向国有企业的股份制改制当中。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><strong><span style="font-size: 15px;color: rgb(76, 76, 76);">最为关键的还有私募股权</span></strong><span style="font-size: 15px;color: rgb(76, 76, 76);">，社保基金在市场当中得到的批准的时间点比其他的机构都要早，甚至可以用总资产的10%去投向私募股权。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(232, 10, 77);"><strong><span style="font-size: 15px;">艾诚</span></strong></span><span style="font-size: 15px;color: rgb(76, 76, 76);">：<strong>社保基金成为中国母基金历史上非常创新的一个参与者，您觉得是偶然还是必然呢？</strong></span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(61, 170, 214);"><strong><span style="font-size: 15px;">王忠民</span></strong></span><span style="font-size: 15px;color: rgb(76, 76, 76);">：通过这样的投资，我们社保基金无论是在二级市场还是一级市场，拿进来一万亿，投资挣了一万亿。这挣来的一万亿，都是社保投资管理人通过母基金的投资方法，管理了、投资了，高权益、高风险的权益类投资的风险收益回报。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">这一突出的例子就是对蚂蚁金服的直投经历造就了母基金最荣耀的时刻。外界只知道，蚂蚁金服的股东里面全国社保是最大的外部股东，实际上早在2014年开始双方就开始接洽。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(232, 10, 77);"><strong><span style="font-size: 15px;">艾诚</span></strong></span><span style="font-size: 15px;color: rgb(76, 76, 76);">：<strong>当时您投资蚂蚁金服会有实际的困难吗？有不解，有阻挠吗？</strong></span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(61, 170, 214);"><strong><span style="font-size: 15px;">王忠民</span></strong></span><span style="font-size: 15px;color: rgb(76, 76, 76);">：那困难太多了。第一，投蚂蚁金服是社保<a class="relation-object tag" data-ticket="e7a34fed73792cd2c4d88b9cd4c8cd46" data-type="tag" href="javascript:void(0);">基金投资</a>的第一家民营的股权公司，第一家做数字化类的前沿的公司。而这些过去在我的资产配置和整体的政策当中是没有的。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span><img data-backh="321" data-backw="562" data-ratio="0.5708333333333333" data-type="png" data-w="1920" height="auto" style="width: 100%;height: auto;" width="3300" src="https://img.jinglingshuju.com/news-image/42ea9d4ae262e2d58032c159c334bdac.png"/><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(76, 76, 76);font-size: 15px;">最初的主动性是来自于蚂蚁，而不是社保，尽管后者在心理上早就主动了。</span><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(76, 76, 76);font-size: 15px;">当时<a class="relation-object person" data-ticket="3ad13bc4222bf8a9bf19bf3f97b65a33" data-type="person" href="/data/person/3ad13bc4222bf8a9bf19bf3f97b65a33" target="_blank">马云</a>、彭蕾和井贤栋三人主动邀请社保基金加入，并第一次说明要把支付宝从阿里里边分离出来，做蚂蚁金服，并愿意社保能够跟他们一起成长，一起发展。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">这次交易的成功很大原因来自前者的诚意，不仅在精神层面上打动了社保基金，在物质上也给予了社保比其他所有股东都要高的折价率和充分尽调的空间。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(232, 10, 77);"><strong><span style="font-size: 15px;">艾诚</span></strong></span><span style="font-size: 15px;color: rgb(76, 76, 76);">：<strong>当时您是如何去证明这是一个正确的投资行为呢？</strong></span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: 15px;color: rgb(76, 76, 76);"> </span><img data-ratio="0.5760416666666667" data-type="png" data-w="1920" height="auto" style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;" width="3264" src="https://img.jinglingshuju.com/news-image/c44c62c34bfe882d4250f2ec2d9c58b9.png"/><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"/></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(61, 170, 214);"><strong><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: 15px;">王忠民</span></strong></span><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(76, 76, 76);font-size: 15px;">：首先要有<strong>政策突破的逻辑</strong>，我们向上级部门从不同角度和不同管理层面尽可能的解释的深刻、仔细和清楚，最终得到了国务院中央的支持。这意味着，社保基金如果能够开展对民营投资的话，实际上是增加了整个民营企业发展融资渠道，而全国社保本身就是替老百姓服务的，投向民营经济这个领域当中并不矛盾。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">更为关键的是，数字经济时代的来临，只有数字经济的公司的成长性和发展潜力才有足够的未来的权益资本的成长空间。这也意味着，社保基金的这笔投资不是拿到了一个单一项目，而是拿到了投资先进的产业领域当中的民营企业的通行证。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section data-tools="新媒体排版" data-id="3182168" data-style-type="undefined" style="max-width: 100%;font-family: -apple-system-font, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.408px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-style-type="5" data-tools="新媒体排版" data-id="2273978" style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-style-type="5" data-tools="新媒体排版" data-id="2242200" style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-style-type="5" data-tools="新媒体排版" data-id="2179955" style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-style-type="5" data-tools="新媒体排版" data-id="1853085" style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><p style="margin-right: 8px;margin-left: 8px;max-width: 100%;min-height: 1em;text-align: center;line-height: 1.75em;box-sizing: border-box !important;overflow-wrap: break-word !important;"><img data-backh="53" data-backw="556" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/wJnBYia4zBXYjGeMq4MKzBicJphFwiaAsq8iaspgwaHyQ1d7gEdBW9f6EsC9HmfcoO3klsyfFRNwzmZX4txOGdqyicA/0?wx_fmt=png" data-cropselx1="0" data-cropselx2="562" data-cropsely1="0" data-cropsely2="53" data-ratio="0.09447674418604651" data-s="300,640" data-type="png" data-w="1376" style="box-sizing: border-box !important;overflow-wrap: break-word !important;visibility: visible !important;width: 562px !important;" src="https://img.jinglingshuju.com/news-image/4a2e79da4ba4f5b491acb2b2a04da122.png"/></p></section></section></section></section></section><section data-tools="新媒体排版" data-id="3919314" data-style-type="undefined" style="max-width: 100%;font-family: -apple-system-font, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.408px;white-space: normal;background-color: rgb(255, 255, 255);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-tools="新媒体管家" style="max-width: 100%;color: rgb(0, 0, 0);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="padding-top: 9px;max-width: 100%;display: flex;justify-content: center;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="max-width: 100%;border-right: 1px solid rgb(237, 45, 99);border-bottom: 1px solid rgb(237, 45, 99);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="margin: -4px 4px 4px -4px;padding-right: 2px;padding-left: 4px;max-width: 100%;border-width: 1px;border-style: solid;z-index: 99;line-height: 24px;font-family: PingFangSC-Semibold;font-size: 16px;letter-spacing: 1px;text-align: center;white-space: nowrap;overflow: hidden;border-color: rgb(237, 45, 99);color: rgb(237, 45, 99);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="max-width: 100%;min-width: 16px;box-sizing: border-box !important;overflow-wrap: break-word !important;">04</section></section></section></section></section></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(76, 76, 76);font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;"><br/></span></section><p style="text-align: center;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(232, 10, 77);"><strong><span style="color: rgb(232, 10, 77);font-size: 17px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;">数字化不是投资方法而是投资对象<br/></span></strong></span></p><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">从某种意义上说，一个好的起始点能够作为制度性的一个创新，能够在整个的中国的投资市场当中引起足够的重视和足够的身体力行的参与。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><strong><span style="font-size: 15px;color: rgb(76, 76, 76);">王忠民喜欢把社保基金发展的过程称为孤独的LP</span></strong><span style="font-size: 15px;color: rgb(76, 76, 76);">。作为早期唯一的大型LP，当他和GP去谈判的时候，总觉得这种谈判的力度远不如更多的LP一同竞争更有意义。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">因为市场上如果LP就你一家，那你在做LP的时候你就要十分小心，因为你就是全部的LP，你的成功就是它的成功，你的失败有可能把这一条赛道给堵塞住，有可能就是全行业的失败。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">王忠民带领下的社保基金如果不被其他国有的资金接受的话，那这个赛道当中就不会有群体效应，也就不会有更多的后来者。2020年，当中国<a class="relation-object item" data-ticket="c6b4acebcd1486f2f36e612f9bbb607c" data-type="item" href="/data/item/c6b4acebcd1486f2f36e612f9bbb607c" target="_blank">母基金周刊</a>举办的母基金峰会召开的时候，所有人都感受了到一种来自行业的力量，这让他很欣慰。据《艾问顶级·母基金人物》访谈现场，就有来自国有深圳市创新投资集团有限公司副总裁蒋玉才、代表私募股权的母基金的星界资本方远等著名投资人。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(232, 10, 77);"><strong><span style="font-size: 15px;">艾诚</span></strong></span><span style="font-size: 15px;color: rgb(76, 76, 76);">：<strong>如果我们看母基金的历史，哪些是您觉得在中国母基金历史上必须去浓墨重彩，去把它记住，去把它传播的星光时刻？</strong></span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(61, 170, 214);"><strong><span style="font-size: 15px;">王忠民</span></strong></span><span style="font-size: 15px;color: rgb(76, 76, 76);">：从母基金这个视角当中，哪一家投资机构最早用的模式，一定要把它记下来。这个投资模式当中的制度化的建设，谁先提出来这个东西，一定要把它记取下来。在我们向前走的过程中，哪个是我们走过的，犯过的错误和积累过的教训都应该记下来，只有这样，我们回过头再去看的时候，才会更睿智、更全面、更通透。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span><span style="color: rgb(76, 76, 76);font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;"> </span></section><section data-tools="新媒体排版" data-id="3182196" data-style-type="undefined" style="white-space: normal;max-width: 100%;font-family: -apple-system-font, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.408px;background-color: rgb(255, 255, 255);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-tools="新媒体排版" data-id="2981112" data-style-type="undefined" style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="margin-top: 10px;margin-bottom: 10px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;box-sizing: border-box;width: 2.25em;height: 2.25em;border-left: 5px solid rgb(237, 45, 99);border-top: 5px solid rgb(232, 48, 100);overflow-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"/></section><section style="margin-top: -2.25em;margin-left: 5px;padding-top: 5px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;background-color: rgb(247, 247, 247);overflow-wrap: break-word !important;"><section powered-by="xiumi.us" style="max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="padding: 10px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;text-align: center;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box;min-height: 1em;color: rgb(0, 0, 0);text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;overflow-wrap: break-word !important;"><span style="font-size: 15px;text-align: center;letter-spacing: 0.408px;color: rgb(76, 76, 76);">从投资五年翻六倍的蚂蚁金服，再到中国许多数字化的基金，王忠民显然对数字有着更深的认识。他觉得数字化不仅是投资方法更是投资的对象。</span></section></section></section></section></section></section></section></section></section></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: 15px;color: rgb(76, 76, 76);"> </span><img data-backh="326" data-backw="562" data-ratio="0.5805555555555556" data-type="png" data-w="1080" height="auto" style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;width: 100%;" width="3216" src="https://img.jinglingshuju.com/news-image/7450862d209f93aa45dbbafc3cf43665.png"/><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: 15px;color: rgb(76, 76, 76);"> </span><br/></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"/></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(76, 76, 76);font-size: 15px;">说它是一种投资方法，是因为数字化的公司的估值，和过去的工业化、金融化的公司估值逻辑是不一样的。</span><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(76, 76, 76);font-size: 15px;">从这个意义上说，社保基金在投资期赶上了数字化浪潮的来临，抓住了这一次浪潮，分享到了它的资产和产业的成长结果。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);">而如今我们基于数字化时代，只有找到这当中最有创造力、最有落地能力的企业和企业家，投在当中才会使你的资产增值，这正好是社保基金把握投资的逻辑，也可能是母基金发展自身的一个方向。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(232, 10, 77);"><strong><span style="font-size: 15px;">艾诚</span></strong></span><span style="font-size: 15px;color: rgb(76, 76, 76);">：<strong>在寻找数字化的投资标的和运用数字化的过程中，那么母基金这个行业的数字化是不是也指日可待？</strong></span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="color: rgb(61, 170, 214);"><strong><span style="font-size: 15px;">王忠民</span></strong></span><span style="font-size: 15px;color: rgb(76, 76, 76);">：当然了，它表现的是你按数字化的逻辑去构建母基金的投资模式。比如说未来明确的是新技术，新技术的应用能最快速和最有效的创新和成长企业，母基金会自己做不了，就可以找最有能力的去做。这是用数字化的投资的逻辑去认识自己的长处和短处，从而构建出一个投资的生态体系。</span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"><br/></span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"> </span></section><section data-tools="新媒体排版"><section data-tools="新媒体排版" data-id="2965903" data-style-type="undefined"><section powered-by="xiumi.us" style="box-sizing: border-box;max-width: 100%;"><section style="margin-top: 10px;margin-bottom: 10px;box-sizing: border-box;max-width: 100%;"><section style="padding-top: 5px;margin-top: -2.25em;margin-right: 5px;box-sizing: border-box;max-width: 100%;"><section style="background-color: rgb(247, 247, 247);box-sizing: border-box;max-width: 100%;"><section powered-by="xiumi.us" style="box-sizing: border-box;max-width: 100%;"><section style="padding: 10px;box-sizing: border-box;max-width: 100%;"><section style="text-align: center;box-sizing: border-box;max-width: 100%;"><section style="box-sizing: border-box;max-width: 100%;color: rgb(0, 0, 0);text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><strong style="font-family: 宋体, SimSun;font-size: 16px;white-space: normal;"/><span style="font-size: 15px;color: rgb(76, 76, 76);">在他眼里，具备所有优秀投资人品质的母基金还是最谦虚的投资人，因为他认为母基金要想达到某一个目标，自己做不到，就在市场当中找最专业的团队，最专业的力量，去帮助其完成这样的历史使命。一个人走很快，一群人才可以走得更远。</span></section></section></section></section></section></section></section></section></section></section><p><br style="font-family: "PingFang SC", "Source Sans Pro", "Hiragino Sans GB", "Helvetica Neue", Helvetica, "Microsoft Yahei", arial, sans-serif;font-size: 14px;text-align: start;white-space: normal;background-color: rgb(245, 247, 249);"/></p><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: 15px;color: rgb(76, 76, 76);">《艾问人物》</span><span style="font-size: 15px;color: rgb(76, 76, 76);">（https://iask-media.com/）</span><span style="font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: 15px;color: rgb(76, 76, 76);">认为，如今，退休三年的王忠民依旧活跃在中国母基金领域，他说他只是这江湖当中的一朵浪花，如果曾经犯过的错误能给这个行业所感知和接受并为之借鉴，那将是他最大的贡献。</span><span style="font-size: 15px;color: rgb(76, 76, 76);"><br/></span></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"/></section><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"><br/></span></section><p style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><img class="rich_pages js_insertlocalimg" data-backh="325" data-backw="578" data-ratio="0.5625" data-s="300,640" data-type="png" data-w="1280" style="width: 100%;height: auto;" src="https://img.jinglingshuju.com/news-image/5cba06b2d8e072c6b82998336a16eb0e.png"/></p><section style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><span style="font-size: 15px;color: rgb(76, 76, 76);"/><br/></section><p style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><img class="rich_pages js_insertlocalimg" data-backh="1028" data-backw="578" data-ratio="1.7777777777777777" data-s="300,640" data-type="png" data-w="1080" style="width: 100%;height: auto;" src="https://img.jinglingshuju.com/news-image/aea2d9bab90751abd1d0b3284673f9f7.png"/></p><p style="text-align: justify;margin-left: 8px;margin-right: 8px;line-height: 1.75em;"><br/></p><p><br/></p><section data-tools="新媒体排版" data-id="3085040" data-style-type="undefined" style="max-width: 100%;letter-spacing: 0.544px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-tools="新媒体排版" data-id="3647315" data-style-type="undefined" style="max-width: 100%;color: rgb(0, 0, 0);box-sizing: border-box !important;overflow-wrap: break-word !important;"><img data-ratio="0.01875" data-type="jpeg" data-w="640" style="box-sizing: border-box !important;overflow-wrap: break-word !important;visibility: visible !important;width: 640px !important;" title="1431316505675053465.jpg" src="https://img.jinglingshuju.com/news-image/b11cbf9b475b067d1904cbd98a72dbe3.jpeg"/> </section><p style="margin-right: 8px;margin-left: 8px;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;color: rgb(0, 0, 0);line-height: 1.5em;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 14px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;letter-spacing: 0.544px;color: rgb(76, 76, 76);box-sizing: border-box !important;overflow-wrap: break-word !important;">2020年，</span><span style="max-width: 100%;letter-spacing: 0.544px;color: rgb(232, 10, 77);box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">「最具影响力创始人」</strong></span><span style="max-width: 100%;letter-spacing: 0.544px;color: rgb(76, 76, 76);box-sizing: border-box !important;overflow-wrap: break-word !important;">年度人物榜单评选正式启动，将诞生</span><span style="max-width: 100%;letter-spacing: 0.544px;color: rgb(232, 10, 77);box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">「最具全球影响力创始人</strong>（30人）<strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">」</strong></span><span style="max-width: 100%;letter-spacing: 0.544px;color: rgb(76, 76, 76);box-sizing: border-box !important;overflow-wrap: break-word !important;">和</span><span style="max-width: 100%;letter-spacing: 0.544px;color: rgb(232, 10, 77);box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">「最具行业影响力创始人</strong>（300人）<strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">」</strong></span><span style="max-width: 100%;letter-spacing: 0.544px;color: rgb(76, 76, 76);box-sizing: border-box !important;overflow-wrap: break-word !important;">两大榜单。</span></span><br style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"/></p><p style="max-width: 100%;min-height: 1em;letter-spacing: 0.544px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"/></p><section style="margin-right: 8px;margin-left: 8px;padding-right: 0em;padding-left: 0em;max-width: 100%;letter-spacing: 0.544px;min-height: 1em;line-height: 1.5em;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;letter-spacing: 0.544px;font-size: 14px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(76, 76, 76);box-sizing: border-box !important;overflow-wrap: break-word !important;">请扫描下方</span></strong><span style="max-width: 100%;color: rgb(232, 10, 77);box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">二维码</span></strong></span><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(76, 76, 76);box-sizing: border-box !important;overflow-wrap: break-word !important;">或点击</span></strong><span style="max-width: 100%;color: rgb(232, 10, 77);box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">阅读原文</span></strong></span><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(76, 76, 76);box-sizing: border-box !important;overflow-wrap: break-word !important;">参加榜单评选</span></strong><span style="max-width: 100%;color: rgb(76, 76, 76);box-sizing: border-box !important;overflow-wrap: break-word !important;">，评选截止日期为2020年9月5日，评选结果公布后，</span></span><span style="max-width: 100%;letter-spacing: 0.544px;font-size: 14px;color: rgb(76, 76, 76);box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">获奖创始人将共同</strong></span><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">相约9月底召开的</span></strong></span><span style="max-width: 100%;letter-spacing: 0.544px;color: rgb(232, 10, 77);font-size: 14px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">「</span></strong><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">2020全球创始人大会</span></strong><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">」</span></strong></span><span style="max-width: 100%;letter-spacing: 0.544px;font-size: 14px;color: rgb(76, 76, 76);box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;">暨榜单发布会，敬请关注！</span></strong></span><br style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"/></section><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;letter-spacing: 0.544px;min-height: 1em;line-height: 1.5em;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"/></section><section data-id="3572504" data-style-type="undefined" style="max-width: 100%;letter-spacing: 0.544px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-tools="新媒体排版" data-id="2939893" data-style-type="undefined" style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="max-width: 100%;font-family: Arial;border-width: 0px;border-style: none;border-color: initial;color: rgb(49, 147, 105);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="margin: 1em auto;max-width: 100%;border-width: initial;border-style: none;border-color: initial;text-align: center;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="max-width: 100%;border-left: 3px solid rgb(170, 166, 149);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="margin-left: 2px;padding: 0.6em;max-width: 100%;line-height: 1.5;text-align: left;border-left: 1px solid rgb(170, 166, 149);border-top-color: rgb(170, 166, 149);border-right-color: rgb(170, 166, 149);border-bottom-color: rgb(170, 166, 149);box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;min-height: 1em;line-height: 1.5em;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 14px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;color: rgb(76, 76, 76);box-sizing: border-box !important;overflow-wrap: break-word !important;">「全球创始人大会」组委会联系邮箱</span><span style="max-width: 100%;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;">：</span><br style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"/></span></section><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;min-height: 1em;line-height: 1.5em;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 14px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(232, 10, 77);box-sizing: border-box !important;overflow-wrap: break-word !important;"> gfs@iask-media.com</span></strong></span></section></section></section></section></section></section></section></section></section><p style="margin-right: 8px;margin-left: 8px;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;text-align: center;line-height: 1.75em;box-sizing: border-box !important;overflow-wrap: break-word !important;"><img class="rich_pages" data-backh="206" data-backw="425" data-cropselx1="63" data-cropselx2="261" data-cropsely1="0" data-cropsely2="198" data-ratio="0.6106666666666667" data-s="300,640" data-type="png" data-w="750" style="letter-spacing: 0.544px;box-sizing: border-box !important;overflow-wrap: break-word !important;visibility: visible !important;width: 324px !important;" src="https://img.jinglingshuju.com/news-image/3d1be69a21aa3b5cf4f234c3c4d24006.png"/></p><p style="max-width: 100%;min-height: 1em;letter-spacing: 0.544px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"/></p><section data-tools="新媒体排版" data-id="3319321" data-style-type="undefined" style="max-width: 100%;letter-spacing: 0.544px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="margin-top: 17px;max-width: 100%;box-sizing: border-box;border-width: 0px;border-style: none;border-color: initial;overflow-wrap: break-word !important;"><section style="margin: 3px auto;padding: 15px;max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;color: rgb(121, 121, 121);line-height: 24px;box-shadow: rgb(170, 170, 170) 0px 0px 3px;border-width: 2px;border-style: solid;border-color: rgb(240, 240, 240);"><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;min-height: 1em;line-height: 1.5em;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(76, 76, 76);box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 15px;box-sizing: border-box !important;overflow-wrap: break-word !important;">GFS全球创始人大会（Global Founders Summit）是艾问的旗舰活动，全面服务和链接创始人、投资人、媒体人群体，向世界讲好中国创始人的故事，在全球布局中辅佐企业成功商业落地。</span></strong></span></section></section></section></section><section data-tools="新媒体排版" data-id="3647315" data-style-type="undefined" style="max-width: 100%;color: rgb(0, 0, 0);box-sizing: border-box !important;overflow-wrap: break-word !important;"><br style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"/></section></section><section style="padding-right: 8px;padding-left: 8px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;line-height: 2;letter-spacing: 0.54px;font-size: 15px;"><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word;text-align: center;line-height: 1.75em;"><section style="margin-right: auto;margin-left: auto;max-width: 100%;box-sizing: border-box;overflow-wrap: break-word;border-radius: 100%;width: 2.5em;height: 2.5em;color: rgb(255, 255, 240);line-height: 2.5em;font-size: 14px;display: inline-block;background-color: rgb(46, 44, 44);"><p style="max-width: 100%;overflow-wrap: break-word;min-height: 1em;box-sizing: border-box !important;"><span style="max-width: 100%;overflow-wrap: break-word;color: rgb(255, 255, 255);box-sizing: border-box !important;">END</span></p><p style="max-width: 100%;box-sizing: border-box;overflow-wrap: break-word;min-height: 1em;"><br style="max-width: 100%;overflow-wrap: break-word;box-sizing: border-box !important;"/></p></section></section></section><p><br/></p><blockquote style="color: rgba(0, 0, 0, 0.498);max-width: 100%;overflow-wrap: break-word;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.54px;box-sizing: border-box !important;"><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;overflow-wrap: break-word;line-height: 1.75em;min-height: 1em;box-sizing: border-box !important;"><span style="max-width: 100%;color: rgb(76, 76, 76);font-size: 12px;letter-spacing: 0.54px;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;"/><span style="max-width: 100%;color: rgb(76, 76, 76);font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: 12px;letter-spacing: 0.54px;box-sizing: border-box !important;overflow-wrap: break-word !important;">编辑：</span><span style="max-width: 100%;color: rgb(76, 76, 76);font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;font-size: 12px;letter-spacing: 0.54px;box-sizing: border-box !important;overflow-wrap: break-word !important;">杨洁琳</span></section><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;overflow-wrap: break-word;line-height: 1.75em;min-height: 1em;box-sizing: border-box !important;"><span style="max-width: 100%;overflow-wrap: break-word;color: rgb(76, 76, 76);letter-spacing: 0.54px;font-size: 12px;box-sizing: border-box !important;">图编：万姗红</span></section></blockquote><p><br/></p><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;overflow-wrap: break-word;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;text-align: center;line-height: 1.75em;letter-spacing: 0.54px;font-size: 16px;min-height: 1em;box-sizing: border-box !important;"><br style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"/></section><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;overflow-wrap: break-word;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;text-align: center;line-height: 1.75em;letter-spacing: 0.54px;font-size: 16px;min-height: 1em;box-sizing: border-box !important;"><br style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"/></section><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;overflow-wrap: break-word;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;text-align: center;line-height: 1.75em;letter-spacing: 0.54px;font-size: 16px;min-height: 1em;box-sizing: border-box !important;"><br style="max-width: 100%;overflow-wrap: break-word;box-sizing: border-box !important;"/></section><section data-style-type="undefined" data-id="3182168" data-tools="新媒体排版" style="max-width: 100%;overflow-wrap: break-word;font-family: -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.54px;font-size: 16px;box-sizing: border-box !important;"><section data-style-type="5" data-id="2273978" data-tools="新媒体排版" style="max-width: 100%;overflow-wrap: break-word;box-sizing: border-box !important;"><section data-style-type="5" data-id="2242200" data-tools="新媒体排版" style="max-width: 100%;overflow-wrap: break-word;box-sizing: border-box !important;"><section data-style-type="5" data-id="2179955" data-tools="新媒体排版" style="max-width: 100%;overflow-wrap: break-word;box-sizing: border-box !important;"><section data-style-type="5" data-id="1853085" data-tools="新媒体排版" style="max-width: 100%;overflow-wrap: break-word;box-sizing: 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13.33px;box-sizing: border-box !important;">（电话）</span></span></p></section></section></section></section></section></section></section><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;overflow-wrap: break-word;min-height: 1em;box-sizing: border-box !important;"><br style="max-width: 100%;overflow-wrap: break-word;box-sizing: border-box !important;"/></section></section></section><p><br/></p><p style="margin-right: 8px;margin-left: 8px;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;line-height: 1.75em;box-sizing: border-box !important;overflow-wrap: break-word !important;"><img class="rich_pages" data-backh="563" data-backw="578" data-ratio="0.9748700173310225" data-s="300,640" data-type="png" data-w="1154" style="box-sizing: border-box !important;overflow-wrap: break-word !important;visibility: visible !important;width: 661px !important;" src="https://img.jinglingshuju.com/news-image/5cf2f92aa8c30534b0e7cdd9729402a0.png"/></p><p><br/></p><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;letter-spacing: 0.408px;line-height: 1.75em;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(76, 76, 76);font-size: 15px;font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;"> </span><br style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"/></section><section data-tools="新媒体排版" data-id="3574298" data-style-type="undefined" style="max-width: 100%;letter-spacing: 0.408px;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section data-tools="新媒体管家" style="max-width: 100%;display: flex;justify-content: space-between;box-sizing: border-box !important;overflow-wrap: break-word !important;"><section style="max-width: 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