Returning to his senior year of high school, he went all in and made billions by buying at the botto

Chapter 293 Closed-Door Meeting

At the same time, in the western suburbs of Beijing, in a conference area that was not publicly marked.

The heavy wooden door closed from the inside.

All participants' communication devices have been centrally stored, and even the accompanying secretaries can only remain in the rest area outside.

There were no nameplates on the conference table.

The people sitting here don't need to introduce themselves to each other.

Lu Changming sat in the second seat on the left.

Lu Zhilan, who was a few seats away from him, also opened the red-covered document in front of her.

On either side of the long table were key officials from the central bank, the Ministry of Finance, the Ministry of Industry and Information Technology, and the science and technology system, as well as key figures from several central financial institutions, policy-based funding platforms, and national-level research institutions.

The meeting was chaired by an elderly man with gray hair.

He didn't say any opening remarks, but simply pointed to the documents on the table.

"We'll only discuss one thing today."

How should funds flow into the high-tech industry in the next decade?

The meeting room was quiet.

The old man continued, "Over the years, we have invested a lot in major projects, basic scientific research, and industrial funds."

"There are achievements, but also problems."

"Some places build industrial parks and factories under the guise of industrial upgrading, but the equipment they buy is left idle for years."

"Some companies chase subsidies, making photovoltaics today, making chips tomorrow, and changing their business model to whatever policy changes."

"There are also some projects that truly require long-term investment. They have the right technical approach and the team is capable, but because they cannot see profits within three to five years, they are unlikely to receive support from social capital."

The old man closed the documents.

"The country's money cannot just be used to fill holes."

"You can't do everything yourself."

"We need to clarify the framework for how policy funds, state-owned capital, and private capital should be divided today."

The first report comes from the semiconductor industry.

China has just crossed the threshold of mass production for 28-nanometer technology. The number of design companies is growing rapidly, but the gap between manufacturing, equipment, materials, packaging and basic software is still significant.

Limited funds are overly concentrated in the wafer manufacturing process.

The second report covers artificial intelligence and high-performance computing.

Currently, most internet companies in China still use artificial intelligence as a recommendation algorithm, Google Ads, and speech recognition tool.

The true understanding of large-scale models, computing platforms, distributed training, and high-bandwidth interconnects has not yet been fully formed in the industry.

The third report covers new energy, aerospace, industrial robots, biomedicine, and key minerals.

These directions may seem independent of each other, but they all rely on computing power, materials, energy, and long-term funding at their core.

After the person in charge of the report finished speaking, the conference room remained quiet for a long time.

A middle-aged man sitting opposite them spoke first.

"High-tech investments have long cycles and high failure rates."

"If state funds directly bear all the risks, it can easily become another form of administrative approval."

"If it can be completely left to the market, capital will prioritize internet platforms and consumer projects with faster returns."

"A new arrangement is needed between these two."

The old man looked at Lu Changming.

What is the Development and Reform Commission's view on this?

Lu Changming put down his pen.

"The state sets the direction, strengthens the foundation, and safeguards the bottom line."

"The specific choice of which team and which technology route to take should be made by people who truly understand the industry."

"We can establish a fund of funds and a long-term capital platform, or we can co-invest with market-oriented institutions."

"But just because state funds are used, private enterprises cannot be turned into project units with layers of reporting and no one taking responsibility."

Someone asked, "How can we determine if a market-based institution has this capability?"

"Look at where it has invested its money in the past, and also see if it is willing to continue investing when there is no profit."

Lu Changming opened a document.

"A number of domestic samples have emerged that are worth observing."

"For example, some people in the western province have integrated the fluorite and fluorochemical industry chains in advance, extending their resources to electronic materials. They have also invested in building a storage laboratory with Tsinghua University, and are advancing from storage to chip stacking, silicon photonics interconnects and high-performance computing."

"The same set of capital is also being used to invest in artificial intelligence overseas and in optical modules, precision manufacturing, and computing infrastructure in China."

By the time he finished speaking, the people around the conference table already knew who he was referring to.

The elderly man who was chairing the meeting also looked up.

"Chen Mo?"

"right."

Lu Changming did not evade the question.

"His judgment is not necessarily correct every time."

"But he is willing to invest real money in basic industries with long cycles, and his recent choices have all been in areas where the country needs to make up for its deficiencies."

An official from the Ministry of Industry and Information Technology took over the conversation.

"I've seen Qingjia's materials."

"If that heterogeneous integration solution can complete the first phase of verification, the application space for mature processes will be reopened."

"The National Integrated Circuit Industry Investment Fund has increased its investment, and the project has entered a higher level of confidentiality."

"However, Chen Mo himself is too young."

"The financial and industrial assets he controls have grown too rapidly, and risks need to be guarded against."

The old man did not immediately express his opinion, but instead looked at Lu Zhilan.

"How is Unit 2 operating?"

Lu Zhilan opened the report in front of her.

"Each fund has its own independent account, independent custody, and independent execution."

"Currently, accounts with nearly 50 billion yuan are operating normally. After this year's sharp market fluctuations, overall returns, drawdowns, and liquidity are all within the expected range."

"Judging from the results, Chen Mo's judgment has been proven."

She paused for a moment.

"From an institutional perspective, we have not entrusted state funds to any particular young person."

"All recommendations must be independently judged by each participating party."

Someone reviewed the internal assessment of Taichu II.

"What about creation?"

"Completely market-driven."

Lu Zhilan answered.

"There are no financial transactions between domestic policy funds and Chuangsheng, and Taichu No. 2 has not provided Chuangsheng with any undisclosed transaction information."

"These two lines have been separated in terms of accounts, teams, hosting, and information permissions."

"We need to continue to strengthen this in the future."

The elderly man who chaired the meeting nodded.

"Youth is not a problem."

"Having a lot of money is not a sin."

"We need to look at where the funds came from, where they were used, and whether they crossed the boundaries of the law and national security."

"For such people, we cannot let them go unrestrained just because they are capable, nor can we rush to suppress them just because they are growing rapidly."

He looked at everyone present.

"Tighten the cage of regulations."

"Let those who are truly capable run within the rules."

This statement set the tone for the brief discussion about Chen Mo.

The meeting quickly moved on to the next topic.

In the next three to five years, China will establish a longer-term capital synergy mechanism focusing on integrated circuits, artificial intelligence, advanced materials, aerospace, and high-end equipment.

National funds are responsible for basic capabilities and strategic bottom lines.

Local industry funds are responsible for undertaking projects and supporting infrastructure construction.

Market-based capital is responsible for selecting teams, validating technologies, and promoting industrialization.

Taichu No. 2, Qingjia Microelectronics, and the entire industrial system that Chen Mo is building have been placed on a higher-level watch list for the first time.

The meeting lasted from morning until night.

Lu Changming and Lu Zhilan never left.

Unbeknownst to them, shortly after the meeting began, Xu Xiang was taken away from the restaurant by investigators.

Unbeknownst to them, the trading permissions of Primordial No. 4 had been suspended, and both Creation and Primordial No. 2 received verification requests at the same time.

According to confidentiality regulations, no one was able to know the specific content of this meeting in advance.

The list of attendees, the date of the meeting, and the fact that all attendees are unable to contact the outside world during the meeting are not absolute secrets to certain levels of people.

Some people have been waiting for this very moment.

As long as Lu Changming and Lu Zhilan leave their original positions at the same time, the two most direct connections between Chen Mo and the Lu family will be temporarily severed.

They do not need to permanently sever the Lu family's influence.

It only takes one night.

……

It was 11:40 p.m.

The meeting took a short break.

His secretary immediately got up and followed.

The two walked to a corner outside the surveillance range.

The old man stopped.

"Has something happened outside?"

The secretary reported to the leader in a low voice.

There were no obvious changes on the old man's face.

"When did it start?"