Author丨Hong Xiaowen.
Editor丨Lu Yueling.
On December 6, at the 2023 Annual Meeting of the Southern Finance and Economics International Forum hosted by the Southern Finance and Economics Group, the "Annual Development Report on Strategic Emerging Industries in the Greater Bay Area (2023)" (hereinafter referred to as the "Report") jointly researched and compiled by the Guangzhou Industrial Development Research Institute, the Nancai Think Tank of the Southern Finance and Economics Group, and the 21st Century Business Herald was released.
The time has come for industrial research in the Greater Bay Area
As we all know, the Guangdong-Hong Kong-Macao Greater Bay Area is one of the regions with the highest degree of openness and the strongest economic vitality in China. In order to strengthen the research on the development status and development law of strategic emerging industries in the Greater Bay Area, and strengthen the leading role of the state-owned capital investment and operation platform in promoting the development of strategic emerging industries, the Guangzhou Industrial Development Research Institute of Guangzhou Industrial Investment Group and Nancai Think Tank will jointly carry out this research in early 2023 by giving full play to their comparative advantages. The report is based on the in-depth research of researchers from Guangzhou Industrial Development Research Institute and Nancai Think Tank, as well as the front-line research of the senior editorial team of 21st Century Business Herald, and has received the care and guidance of leaders of Guangzhou Industrial Investment, as well as professional reviews by experts from Sun Yat-sen University and Guangdong Academy of Social Sciences.
The report systematically summarizes the current situation of the development of strategic emerging industries in the Greater Bay Area, uses the information collected from first-line research and related databases to deeply analyze the layout characteristics of strategic emerging industries in some cities in the Greater Bay Area, draws a number of "industrial chain maps" of strategic emerging industries in the Greater Bay Area, and puts forward new trends and trends in investment in strategic emerging industries in the Greater Bay Area through the excavation of industrial segments.
Bay Area opportunities in five key industries
The report points out that with the continuous growth of strategic emerging industries in the Greater Bay Area, a number of strategic emerging industrial clusters with complete industrial chains, strong radiation driving force and international competitiveness have gradually emerged, and their comprehensive strength is at the forefront of the country. In 2022, the proportion of strategic emerging industries in Shenzhen and Guangzhou in GDP will reach respectively. 8%, the ten strategic emerging industrial clusters that Guangdong Province focuses on cultivating maintain a rapid development trend.
According to the patent licensing data of strategic emerging industries in the Greater Bay Area, the patent authorization volume of the new generation information technology industry and the new energy vehicle industry in the Greater Bay Area accounts for a relatively high proportion of the patent authorization volume of the corresponding industries in the country, and it is the most competitive industry in the Greater Bay Area. At the same time, the report also pointed out that there is still room for further growth in artificial intelligence, new materials, high-end equipment manufacturing, core electronic components, etc., "which should become the focus of future project investment."
To this end, the report analyzes and summarizes the development of the five major industrial fields in the Greater Bay Area, namely semiconductors and integrated circuits, artificial intelligence, biomedicine, new energy and energy storage, new energy vehicles and autonomous driving, in view of the current areas with relatively rapid development, great growth potential and relatively concentrated technology investment in the Greater Bay Area, and forms a trend judgment on the investment and development of the industrial chain of related industries.
As far as the semiconductor and integrated circuit industry is concerned, in recent years, Guangdong Province has issued a number of plans mentioning the development direction of the semiconductor industry. The "Action Plan for Cultivating Strategic Emerging Industrial Clusters of Semiconductors and Integrated Circuits in Guangdong Province (2021-2025)" proposes to take Guangzhou, Shenzhen, and Zhuhai as the core regions, actively promote the manufacturing of integrated circuits with characteristic processes and advanced processes, accelerate the cultivation of compound semiconductors, and achieve breakthroughs in wafer manufacturing processes, FPGAs, DSPs, digital-analog hybrid chips, analog signal chain chips, RF front-ends, EDA tools, key IP cores, etc., and create a field covering design, manufacturing, The whole industry chain of packaging and testing.
In the survey, the report found that from the perspective of the industrial pattern, the construction of the integrated circuit industry chain in Shenzhen, Guangzhou and Zhuhai is relatively perfect, and it is well-deserved as the "top three" in the Greater Bay Area. In addition, there are cities such as Dongguan and Foshan that have also carried out IC manufacturing with characteristic processes and advanced processes, building a whole industrial chain around weak links, and aiming to reach 400 billion yuan in the scale of integrated circuits by 2025. The Greater Bay Area is China's most important electronic production base and the largest sales market for integrated circuits in China. The advantages of integrated circuits in the Bay Area are outstanding in terms of design, and Shenzhen is at the leading level in the country. The report recommends focusing on investment opportunities in wafer manufacturing, packaging and testing, third-generation and first-class semiconductors.
As one of the important application scenarios of semiconductors and integrated circuits, the report proposes that the Greater Bay Area has developed vigorously in terms of the scale of the artificial intelligence industry, regional development, technological innovation, and ecological construction, and the entire industrial chain has been continuously optimized and upgraded, and key terminal products have developed rapidly, some of which are leading the country in the country. According to data from the Guangdong Provincial Department of Science and Technology, there will be more than 1,500 artificial intelligence enterprises in Guangdong in 2022, and the scale of the core industry of artificial intelligence will exceed 150 billion yuan, ranking first in the country.
According to the report, Guangzhou has formed a complete artificial intelligence industry chain, covering three links: the basic layer, the technology layer and the application layer, constituting an enterprise ecosystem that is connected by echelons. Relying on the advantages of the electronic information industry, Shenzhen has accelerated the in-depth layout of the artificial intelligence industry by vigorously breaking through the core key technologies, especially the artificial intelligence application layer in Shenzhen has a very rich scene, which is greatly favored by capital.
In addition, relying on the solid foundation of electronic information and equipment manufacturing, as well as the vigorous development of artificial intelligence, the report finds that the Greater Bay Area has formed a good development advantage in medical devices, ranking first in the country in terms of output value, complete industrial foundation, and relatively complete ecological chain, but in terms of industrial scale, innovation ability, industrial agglomeration and supporting facilities, compared with the Yangtze River Delta and other regions, there is still room for further acceleration to catch up.
As another important industry with the most competitiveness in the Greater Bay Area, thanks to the development of vehicle companies, start-up teams of full-stack autonomous driving companies and the first-chain system, coupled with the support of many R&D institutions, the Greater Bay Area has now formed a relatively complete layout in the field of new energy vehicles and autonomous driving. In the field of complete vehicles, relying on leading enterprises such as Guangzhou Automobile Group, Xiaopeng Motors, Dongfeng Venucia, and BYD, the leading effect of smart cars is constantly increasing.
At present, Guangzhou and Shenzhen are stepping up efforts to open up larger-scale road testing and introduce more policies to support autonomous driving, and the policy and business environment in the Greater Bay Area are very suitable for the development of the autonomous driving industry. The report proposes that with the rapid rollout of autonomous driving application scenarios such as mining areas, ports, airports, parks, logistics, and sanitation, it will bring substantial cost reduction and efficiency increase. In terms of passenger cars, the second half of autonomous driving is coming, and technology research and development + large-scale mass production will make the investment logic change to the direction of commercial landing.
To promote investment: looking forward to the industry**20 times
At present, strategic emerging industries on a global scale play a major leading role in the overall and long-term economic and social development of all countries. The report finds that since 2018, major developed countries have changed the practice of relying solely on the market to allocate resources in the science and technology industry, and have tried to take the lead in the increasingly fierce global competition for the science and technology industry by strengthening the intervention of national forces. Major urban agglomerations in China have begun to accelerate their layout by relying on their local characteristic locations, trying to consolidate their advantages in the frontier and key areas of strategic emerging industries with the help of the "regional + industry" and inter-industry dual integration mechanism.
Judging from the situation throughout 2023, the establishment of industry guidance in the Greater Bay Area has shown a blowout trend. According to the report, "state-owned capital leads social capital, and investment promotes industrial development of the industry**2."The 0 era has begun. The report proposes that Guangzhou Industrial Investment is one of the typical examples worth paying attention to, the company takes the two major mothers as the starting point to enhance the investment level, actively builds a "four-in-one" collaborative operation model, promotes the formation of a "three linkages" innovation mechanism, creates an "ecosystem" of scientific and technological innovation, and strengthens the introduction of resources through digital empowerment, management empowerment, resource empowerment, etc., and promotes the formation of three linkage mechanisms of "investment linkage, investment and research linkage, and two-level linkage".
The report proposes that since 2022, the trend of the domestic venture capital market has changed greatly, and on the investment side, hard technology investment has become the mainstream of the marketOn the fund-raising side, policy-based mothers such as industrial guidance are becoming an important starting point for all localities to use finance to support the development of the real economy and promote the high-quality development of industrial upgrading, and they have also become funds with high "compatibility" with hard technology investment. As a result, the selection requirements and return requirements of the policy parent for the management agency (GP) are becoming a topic of great concern to venture capital institutions. ”
At the beginning of this year, Guangzhou announced the establishment of a 150 billion yuan Guangzhou industrial investment parent and a 50 billion yuan Guangzhou innovation investment mother. After research and discussion, the report found that the two major mothers set up in Guangzhou have no financial contribution, which is neither a general guide nor a simple marketization, but a state-owned industry that fully revitalizes the stock of state-owned resources and establishes the investment concept of "a game of chess" for the development of state-owned assets in the city, and is established in accordance with the guiding ideology of "guidance, enterprise operation, professional implementation, and comprehensive supervision". This means that, different from the general **guidance**, the two mothers should not only play the role of state-owned assets in the "public transfer", but also strive to activate the stock, expand the increment, superimpose energy, and improve the quality for Guangzhou, but in terms of operation, it is also more market-oriented, more flexible, more open, relatively loose investment conditions, short investment decision-making time, and high efficiency.
According to the report, under the policy background of accelerating the construction of a new development pattern and focusing on promoting the high-quality development of the Greater Bay Area, Guangzhou has the foundation and conditions to lead the manufacturing industry in the Greater Bay Area to strengthen the foundation and extend the upgrade.
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