作者：tutu 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
这是我若干年前写的文章
创业投资专题：高科技真是中国目前的最好投资方向吗？
首先，什么是高科技本身就是一个模糊的概念。有人说高科技指那些人均产值高的制造业，也有人强调研发费用占销售额的比例为最重要的指标。在美国高科技（ｈｉ－ｔｅｃｈ）泛指ＩＴ和生物制药行业，国内风险投资公司称之为高科技领域的有电子信息、生物科技、新材料、新能源、环保和光机电一体化，这六个行业的热门程度也以此排序。
先看电子信息类的软件行业。国内软件行业盗版盛行，作为核心技术的计算机操作平台软件、数据库技术、应用开发平台和人工智能技术等全都掌握在国外公司手里。我国加入ＷＴＯ之后，知识产权问题将成为绝大多数中国软件公司最头痛的问题之一。在中国软件行业里有点起色的只有财务软件、金融类应用软件和通讯类应用软件。现在财务软件已经在走下坡路，各财务软件公司纷纷转向ＥＲＰ（企业资源计划）软件，可是我们的软件开发商连ＭＲＰ（制造资源计划）和ＭＲＰＩＩ（管理资源计划）都没搞懂，软件系统实施人员对企业管理运作并不在行，很多软件公司把财务软件加上简单的进销存功能模块，就号称是ＥＲＰ系统了。
再看电子信息类的硬件行业。电子设备和计算机行业在中国只能算劳动密集型装配行业，原创型的和领导世界潮流的产品根本没有，上游核心零部件的技术都在外国公司手里。我们的核心竞争力在哪里？高利润从何产生？
另一个大热门——生物制药行业的形势如何呢？我国制药业新产品开发的费用还不到国外药厂的一个零头。我国有自主知识产权的生物技术药品屈指可数，整个行业落后于欧美十几年。化学制药的产品百分之九十九是非专利药或者是国外专利产品的仿制品（加入ＷＴＯ后将逐步受到限制）。传统中药行业一直没有突破，韩国和日本的中药出口都比我们做得出色。
新材料行业听起来也很诱人。可是我国电子材料技术水平远远落后于西方国家；说纳米材料启动新的工业革命只是个别炒手一厢情愿的想法；水泥和其他建筑材料都被风险投资公司视作传统行业，即使市场巨大，风险投资公司也不想投资。
新能源行业又怎样？风力发电设备风险投资公司根本不屑去投资，太阳能热水器在中国已经做滥了，太阳能发电成本高居不下，赚钱的领域的确很难找。
环保和光机电一体化行业就更不用说了。环保行业多是做项目做工程的，很难迅速形成规模。光机电产品看起来简单，可是高档产品全得进口，中低档产品国内厂商都在靠压价来竞争，投资投向何处？
下面是关于VC投资风电企业的新闻
Venture Capitalists Hot On Energy
Investments In Alternative Energy Increase As Gas Prices Soar
PALO ALTO, Calif., Oct. 5, 2005
(AP) With oil prices surging and increased talk of global warming, venture capitalists are straying from their traditional focus on computer technology and biotechnology to put increasing sums into alternative-energy companies.
Venture activity is way up in the past six months, with more energy companies presenting business plans to investors and more high-priced deals being done. Over the summer, four solar-energy companies attracted a stunning $60 million in a round of high-priced financings that generated the first whispers an investment bubble may be forming.
For venture capitalists, "it's a very nascent market," says Warren Weiss, general partner at Foundation Capital. "It almost reminds you of looking at the Internet market 10 years before (browser pioneer) Netscape" unleashed the dot-com gold rush, he says.
Weiss says that in the past 18 months his firm has made three energy investments in an attempt to identify where advances in technology — cheap, powerful chips, more capable software and broadband communications — will have an impact on the energy business.
"You couldn't do it 10 years ago," he says. "We think the market is ready."
Weiss is not the only one to decide the time is right. Many white-shoe venture firms have named energy specialists and written funding checks, including Kleiner Perkins Caufield & Byers and Mohr Davidow Ventures, which became one of the year's more active firms with its first three investments.
"We see a great market opportunity," says Erik Straser, general partner at Mohr Davidow, who studied the business for almost three years before getting involved. "There's lots of innovation."
Two of the firm's startups — Energy Innovations Inc. of Pasadena, Calif., and Nonosolar Inc. of Palo Alto — make solar cells while the third, Jadoo Power Systems Inc. of Folsom, California, makes fuel cells.
According to a recent survey, venture investments in alternative-energy companies jumped this year, although they remain a small slice of the overall business. Venture capitalists put $139.5 million into solar, wind and geothermal energy companies through the second quarter of the year, already surpassing the $95 million they spent in all of 2004, according to the National Venture Capital Association, Thomson Financial and PricewaterhouseCoopers.
Other groups monitoring the market see a similar rise in spending, if not as steep. Nth Power, a venture firm focused on energy, calculates venture firms and venture arms of corporations put $690 million in emerging technology companies in 2004 and already close to $533 million through September of this year. The numbers are higher because Nth Power includes investments not only energy producers but technology companies — such as software firms — that make products for the energy business.
"There's no doubt we are seeing quite a bit more activity," says Tim Woodward, managing director at Nth Power.
Cleantech Venture Network LLC also is seeing more funding take place. The research organization says $189.4 million went into energy-related venture deals in the second quarter, up 42 percent from the first quarter. The company also uses a broad definition of an energy company that includes startups making energy-generating equipment, as well as batteries and products to improve energy efficiency, such as low-power lighting.
More money is on the way. Between 80 and 100 funds are out raising new money to invest in "cleantech," a term that includes energy companies and environmental businesses with transportation, water-purification and air-improvement projects, says Nicholas Parker, chairman of Cleantech.
The recent surge in energy investing isn't hard to understand. With oil prices around $65 a barrel, alternative-energy sources become more competitive, especially with subsidies in many countries and new subsidies in the United States.
Venture capitalists also see opportunities in the fragile power-transmission grid. "The first shock to the system was the Northeast blackout" of 2003, says Woodward. Yet, even as the health of the Earth may be under assault from global warming, the potential demand for power remains enormous.
Venture capitalists say there are good and bad sides to the surge in energy investing. On one hand, "it's easier to put together investment syndicates than it used to be," says Peter Edwards, a partner at Altira Group LLC, an energy VC. On the other, "I would say there is more competition," he says.
So far, the valuations being paid in energy deals remain reasonable. But prices are creeping higher, and some VCs say the danger of a bubble is real. Nanosolar, Miasole of San Jose, California, Energy Innovations and HelioVolt Corp. of Austin, Texas, closed on a total of $60 million in a few short weeks, leading some to suggest the category is overheated.
"I think the (solar) market will absolutely continue to grow," says Woodward. But "not every one of those companies will succeed."
风电设备商明阳集团获美林等5亿人民币注资
原作者：王晶 发帖人: arotapple 来源: 21世纪经济报道 时间：2007-9-11 9:43:35
意料之外，国家开发银行在装备制造业的第一个投资案例是明阳集团，一家位于广东中山市的民营企业。但也在情理之中，因为这家公司正在从“变频器生产”转投炙手可热的“风力发电机制造”。
和国开行并列的还有美林投资、深创投集团等投资机构，合计投入的资金约为5亿元人民币。其中，国开行的股份将由深圳创新投代为持有。
在“可再生能源”这个徐徐开启的大市场中，数千亿元的“风电”诱惑，正在吸引着捕风者的脚步。
拒绝“组装”
“刚起步时，有些企业拿1个亿买国外公司的生产许可证，又拿几个亿买了部件来装配，最后还要打上别人的牌子。业内都清楚这回事。”对于国内风力发电机企业早期的“技术引进”，明阳集团董事长张传卫并不感冒。
在他看来，“通过购买生产许可证的方式进入市场”，只是做了“中国组装”。
而这一时期，明阳尚未真正进入风电行业。1993年成立，明阳从配电箱起家，1998年开始做电网自动化。2000年，明阳开始接触到风机的核心控制系统——变频器，成为风机制造企业的供应商。“变频器相当于整部风机的大脑，我们是从核心部件起家的”，“我们的高压变频器做到了国内第一品牌”。
直到2005年底，明阳才“开始做整机开发”。其时，主流风机制造企业早已确立市场地位，但从“风机大脑”起家的张传卫，对“机会”有自己的判断。
“当时，国内的风机机型大多是750千瓦以下，但我们的起步是1.5兆瓦（1500千瓦）”，更重要的是，“虽然国内有70多种机型，但多是从欧洲国家引进，几乎没有自主设计”。当这个“核心部件”供货商转向整机制造时，已不愿意只做简单的“组装商”。
张传卫称，那些“买了部件来装配”的企业，“根本没有产品的概念”，而“明阳是从产品设计起家的”。
为中国风电场“量体裁衣”是他特别强调的。“中国的风况和欧洲大陆不同。对比直接引进的风机，我们的产品更适应中国。叶片更长，叶型也不同，还考虑了台风、结冰、风沙等的影响，甚至是广东的雾气。”“我们拿国内风场的资料，跟德国厂商一起开发了适合中国体型的‘西装’”，张传卫说。
2007年8月，明阳1.5兆瓦的整机下线。而在别人已经收获大把定单时，明阳获得了来自投资者的青睐。
资本的期待
“美林从介入到资金到位，只用了40天就完成了。”在张传卫看来，是因为“业内有自主知识产权的企业中，明阳走在前列”。目前，除7月公开的美林外，其它投资者尚未正式宣布。
深创投副总经理孟建斌确认，其已与明阳“达成战略合作关系”。在他看来，目前风能行业里做得比较大的企业，一般都从重型装备制造业起家。这些企业的优势是“现场施工经验比较强”，但“自主创新的能力还不足”。
“国内很多整机商都是引进机型，专利掌握在国外企业的手里。”而且，“在机型方面，我们比较看好生产1.5兆瓦以上的机型”，因为“在国外，兆瓦级的风机才是主流”。
未来的市场空间，已被纳入投资者的考虑。在孟建斌看来，许可证生产，“不仅技术受制于国外，而且不能到境外销售”。而“研制出具有自主知识产权的兆瓦级风电机组，是国内企业打开海外销售市场的关键所在”。明阳计划，未来三分之一的产能将用于出口。
孟建斌称，在对国内风能行业做了大量的调研，“对多家企业的优劣势做过比较”后，他最终选择了明阳。
在获得风险投资后，明阳的发展思路已经相当清晰：一是，补充1.5兆瓦及以上级别机型的研发费用；二是，完成产业链的打造，如风机片的生产，“为扩大产能做好充分的准备”。
而张传卫“全国布局”的“风能王国”已然隐现。在西安，明阳建立了制造基地，在广东，也将“建立中国东南沿海，最大的大型风机研发、制造和出口基地”，同时“还在北京建立了研发中心”。
作者：tutu 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
