My Age of Investment

In the evening, Xia Jingxing and other senior executives had dinner at a private restaurant, which brought the mid-year meeting to a complete end.

After everyone else left, Xia Jingxing called Zeng Huqun to sit together in a private club.

"Due to limited time in today's meeting, I didn't even talk to you for a few words. You will return to Wancheng tomorrow, so I had to drag you here for two glasses of wine late at night."

Zeng Fuqun smiled slightly and said, "Mr. Xia, what are your instructions?"

Xia Jingxing waved his hand, "I don't have any instructions, I just want to chat with you for a while."

After saying that, Xia Jingxing picked up the wine bottle on the table, poured a glass of wine for Zeng Huqun, filled it for himself, and the two began to drink.

After a few glasses of wine, Xia Jingxing stopped being pretentious and explained his purpose directly, "What do you think of the solar energy and photovoltaic industries?"

Zeng Fuqun's face was surprised at first, but soon returned to normal.

Fuxing Solar, a company under the Energy Business Group, has been registered for some time, but has not officially started operations. It is just an empty shell.

However, Zeng Fuqun believed that Xia Jingxing would one day enter the photovoltaic industry, but he did not expect it to come so soon.

After pondering for a moment, Zeng Fuqun slowly said: "Mr. Xia, photovoltaic power generation refers to a technology that uses the photovoltaic effect at the semiconductor interface to directly convert light energy into electrical energy.

In 1839, while doing physical experiments, the 19-year-old French physicist Becquerel discovered that when two metal electrodes in a conductive liquid were irradiated with light, the current would increase, thus discovering the "photovoltaic effect."

However, limited by various factors such as material technology, power generation efficiency, and economic costs, solar cells have not achieved significant development, and the development stage has remained in the laboratory.

It was not until 1954 that Bell Labs developed a monocrystalline silicon solar cell with a power generation efficiency of 6%, which was also the world's first practical solar cell, that this technology ushered in greater development.

Our country's photovoltaic technology started a little late, with the first monocrystalline silicon developed in 1958.

However, because of the shortage of oil resources in our country, we pay more attention to the development and support of the photovoltaic industry.

Since my country established its first polysilicon cell and application system demonstration project in 1998, after ten years of rapid development, last year my country has successfully surpassed Japan and become the world's largest photovoltaic cell producer.

The output jumped from 2w (megawatt) to 1088mw in 2007.

Suntech Electric Power Co., Ltd. in Jiangsu Province and Saiwei Electric Power Co., Ltd. in Gansu Province have both listed on the New York Stock Exchange in recent years and reaped the industry dividends. "

Listening to Zeng Fuqun introducing the domestic and international development history of the photovoltaic industry like a treasure trove, Xia Jingxing nodded slightly in his mind, indicating that the other party had done his homework and was more concerned about the photovoltaic industry.

Xia Jingxing still clearly remembers that when he first returned to China three years ago, Suntech Power had just landed on the capital market and became China's first private enterprise to be listed on the New York Stock Exchange. It was so popular that it was known as the "Microsoft of the photovoltaic industry." , Shi Zhengrong, the founder of Suntech Power, briefly became China's richest man for a few months.

This is evident from the rapid development momentum of the photovoltaic industry.

After that, Xia Jingxing has been paying attention to the development of Suntech Power.

Last year, this company completed an output of 360 MW, forming a production capacity of 540 MW, achieving sales revenue of more than 10 billion yuan. The company's market value exceeded 10 billion US dollars, and it successfully entered the top three photovoltaic companies in the world. In addition, it also became the Bird's Nest, the main stadium of the Olympic Games. Engineering solar power supplier.

Shi Zhengrong himself is unparalleled in the limelight. He has become one of the few entrepreneurs in China to appear on the world stage. He was named one of the "45 World Heroes" by the American "Time" magazine and one of the "50 People Who Saved the Planet" by the British "Health" ”, Chinese media also called him the “Daily Hero”.

Zeng Fuqun said in a calm tone: "Take Shi Zhengrong as an example. He has achieved enlightenment by himself, which can be said to be like a chicken or a dog ascending to heaven. At the same time, he has also changed the photovoltaic industry pattern in China and even the world.

After Shi Zhengrong successfully became the richest man, Xicheng also became China's largest photovoltaic production and export base.

Then Jiangsu Province went crazy, then Jiangnan went crazy, and the entire Chinese photovoltaic industry went crazy along with it!

Various local government offices followed suit, trying to find the next Shi Zhengrong and become the second Xicheng.

At its craziest time, more than 600 cities across the country regarded photovoltaics as a strategic emerging industry, and almost every city had its own photovoltaic industrial park.

In the past few years, dozens of photovoltaic companies have been successfully listed at home and abroad, attracting thousands of entrepreneurs and practitioners to rush into this industry to seek gold. The myth of making wealth is no less than the Internet boom.

Mr. Xia, do you think something terrible will happen next? Like the bubble has been burst? Overcapacity? Subsidy ebb? "

Zeng Fuqun looked at Xia Jingxing with a smile, his eyes were wise and calm, and he seemed not to be moved at all by the photovoltaic industry that he just introduced to get rich.

Xia Jingxing smiled and replied: "The development of any emerging industry is like this. It gradually transitions from chaos to order, but the whole process will be cruel, and a large number of companies will be eliminated."

Seeing that Xia Jingxing was very clear-headed, Zeng Fuqun smiled and stopped reminding him too much. He changed the subject and talked about the technology of the photovoltaic industry.

“The overall carnival of China’s photovoltaic industry is actually more like a fragile building built on the beach, which will fall down if pushed.

Whether it is Suntech or SV, they are essentially "foundries".

More than 90% of photovoltaic products are sold overseas, more than 90% of core raw materials are imported, and even key manufacturing equipment is foreign.

With this model in which three or more heads are located overseas, as long as there is any disturbance abroad, China's photovoltaic industry, which is developing like a raging fire, will immediately stall. "

Xia Jingxing nodded lightly, "You are right. With the introduction of Germany's Renewable Energy Act, European countries have followed suit and are all providing heavy subsidies to support the photovoltaic power generation industry.

Under this background, China's photovoltaic manufacturing industry has rapidly formed a scale by utilizing foreign markets, technology, and capital.

The fact that China's photovoltaic industry is what it is today is actually thanks to the Europeans.

If a financial crisis breaks out and the government has no money to subsidize photovoltaic power generation, or European countries launch an anti-dumping investigation, China's photovoltaic industry will stop immediately, leaving no resistance at all. "

Zeng Fuqun nodded slightly. This is not alarmist talk, but a fact. If you look into it a little deeper, you will find that the entire Chinese photovoltaic industry is too fragile.

The reason why people nowadays rush in regardless is that they are completely obsessed with money and are afraid that they will be late and miss a hot bite.

Xia Jingxing suddenly said: "Even if the environment is so unfavorable, we still want to do photovoltaics."

Zeng Fuqun was not too surprised and just asked calmly: "Why?"

Xia Jingxing smiled and explained: "Multiple reasons!

First, the energy business group already includes the two major businesses of consumer electronics lithium batteries and automotive power lithium batteries, and it is impossible to completely ignore photovoltaic power generation.

Second, the photovoltaic industry’s lack of technology and market in China cannot be permanent. As long as policies are implemented, the photovoltaic industry can quickly revive and become more viable than before.

Third, as petroleum energy is gradually exhausted and the global climate is warming, the use and promotion of renewable and clean energy will sooner or later sweep the world from Europe.

This industry is no smaller than manufacturing lithium batteries. It is a bet on the next fifty years. It is estimated that by 2060, the photovoltaic industry may become a behemoth. The birth of Microsoft in the photovoltaic industry is no longer a joke.

Fourth, industrial integration. Fuxing Automobile is already under development. In the future, charging piles and charging networks will need to be established across the country. Photovoltaic power stations in various places will provide strong logistical support, reduce charging costs, and form an industrial closed loop.

Fifth, after the financial crisis, the upstream, midstream and downstream industrial chains of the photovoltaic industry have experienced drastic fluctuations, which is a good time to hunt for dips. "

Zeng Fuqun smiled lightly and said, "Mr. Xia, except for the last one, which may be promising in the past year or two, the other four are long-term plans, ten years, twenty years, or the fifty-year plan you mentioned. "

Xia Jingxing smiled and said: "That's why I said it was just a casual chat. The group has not yet made a clear plan to enter the photovoltaic industry on a large scale."

Zeng Fuqun heard the implication and asked, "You mean entering on a small scale?"

"right!"

Xia Jingxing said with a smile: “China’s photovoltaic industry has three major players outside the market, and we cannot control the market outside the country. We need to wait for national policies to make changes, but raw materials and equipment are outside the country, which is equivalent to being stuck.

Take silicon wafer slicing machines as an example. There is no domestic manufacturer that can produce this kind of manufacturing equipment. They can only import it from the United States and South Korea. Not only is the price high, but the supply may be cut off at any time.

The current situation in the photovoltaic industry is not yet clear. Production capacity is exploding in various parts of the country, and the big stick of anti-dumping investigations in Europe and the United States may be knocked down at any time. It is not advisable to rashly enter cells and battery components in the middle reaches of the industrial chain, let alone go downstream to build Photovoltaic power station.

Therefore, our best choice is to deploy upstream materials and manufacturing equipment, which can solve the bottleneck problem and wait for opportunities;

Secondly, we can open up the industrial chain. When the time comes, we can immediately move to the middle and lower reaches of the industrial chain. "

Zeng Fuqun understood that Xia Jingxing chose to enter the photovoltaic industry from a technical perspective and had a very long-term consideration.

Nowadays, all the photovoltaic companies that are booming in China have little technology. They are only one-generation factories. They are still desperately trying to build new factories and expand their scale. When the storm hits, they have no power to resist and cannot even struggle.

Xia Jingxing continued: “The reason why Chinese manufacturing is at the bottom of the industrial chain is that it cannot make breakthroughs in some core technologies, cannot make much profit, and is easily stuck.

To solve this difficulty, the only way is to cultivate as many "specialized" companies as possible, instead of all becoming giants like Futukang and Suntech Power. "

“Mr.

Xia Jingxing replied: "Yes, we cannot wait until the industry breaks out before chasing the trend. What is needed most now is to work hard on internal skills, research and develop technology, and forge a mature industrial chain.

I would like to say hello to Deng Yuanjun. The Fuxing Industrial Industry Foundation will provide all necessary financial assistance for the development layout of Fuxing Solar Energy.

It doesn't matter whether it's industrial chain investment or mergers and acquisitions. "

Hearing this, the last trace of worry in Zeng Huqun's heart completely disappeared. As long as there is a hundred billion fund to help, then their energy business group's deployment of a photovoltaic industry will not affect the development of new energy technology and CATL.

"No problem, Mr. Xia, I will immediately launch a comprehensive investigation into the photovoltaic industry as soon as I return to Wancheng, and at the same time, I will also establish a framework for revitalizing solar energy."

Xia Jingxing had a faint smile on his face. If Fuxing Industrial built another "photovoltaic thatch", then count how many thatch he would have on hand?

Home appliances, mobile phones, semiconductors, batteries, drones, cloud computing, artificial intelligence...

When these high-end manufacturing industries develop, their market value should be greater than that of Moutai and Benmao, right?

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