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J.P. Morgan
Tech Exchange 2019
简体中文
繁體中文
English
I is for IoT
is for Nickel and Cobalt
is for Hydrogen
is for Range
is for Leadership
is for Subsidies
is for Ownership
for Autonomy
is for Clean Air
专题讨论嘉宾简介
Katherine Rosa女士是摩根大通私人银行全球另类投资部主管。摩根大通私人银行另类投资部监管的资产
超过800亿美元，包括来自世界各地的大型私募股权、私人信贷、房地产及对冲基金公司。
出任现职之前，Rosa女士于2000年加盟摩根资产管理的私募股权部，担任董事总经理一职，是全球投
资、配置及管理委员会的成员之一。她亦同时兼任投资组合管理的工作，带领私募股权部的全球业务发
展。除此之外，Rosa女士是Rizvi Opportunistic Equity Fund的咨询委员会的成员、Icon Holdings, LLC
的董事会观察员、北京股权投资发展管理有限公司的监督委员会主席，以及其管理的基金的投资委员会成
员。她也是摩根资产管理可持续投资领导团队的成员。加盟私募股权部之前，Rosa女士是摩根资产管理
部北美地区销售及客户服务团队的首席营运官。她曾于1996年离开摩根大通加盟摩根士丹利，但于1998
年回归摩根大通。她的第一份工作是在摩根大通的证券服务业务担任产品专员，时为1992年。
Rosa女士是富兰克林·马歇尔学院毕业生，是领导委员会成员。她与丈夫和四名子女居于新泽西州，是莫
宏克保护区、Pablove Foundation及Tomorrows Children’s Fund的支持者。
Katherine Rosa
摩根大通私人银行全球另类投资部主管
林元庆博士是人工智能整体解决方案初创公司Aibee创始人兼首席执行官，曾任百度研究院院长，全面
负责百度的硅谷人工智能实验室(SVAIL)、深度学习实验室((IDL)，大数据实验室(BDL)、增强现实实验
室(ARL)。
加入百度前，他曾任NEC美国实验室媒体分析部门主管。其领导的团队取得多项重要计算机视觉技术国
际测试世界第一，包括第一届ImageNet挑战赛，其技术成果在业界广泛落地。
林博士是第十三批国家「千人计划」特聘专家，他在机器学习和计算机视觉等研究领域拥有多年的研究
经验和显著成果，曾担任NIPS（神经信息处理系统大会）的领域主席、大规模视觉识别和检索国际研讨
会联合主席等。
林博士拥有清华大学光学工程硕士学位和宾夕法尼亚大学电气工程博士学位。
林元庆博士
Aibee创始人兼首席执行官
Rick Harshman先生是谷歌云业务亚太区董事总经理，主管谷歌云的所有收入和产品上市运营业务，
包括谷歌云平台和GSuite（谷歌邮件、谷歌文档、电子表格、幻灯片、谷歌驱动器、谷歌环聊等）。
加入谷歌之前，Harshman先生曾担任亚马逊网络服务(AWS)东盟主管。担任东盟主管之前，
Harshman先生出任AWS印度主管，在印度成功建立了AWS业务。Harshman先生在AWS工作逾六
年，此段期间一直担任高级领导团队成员，在推动收入增长1000倍方面发挥了至关重要的作用。
Harshman先生在销售、管理以及渠道开发方面拥有逾18年的深厚经验，他曾在美国、澳大利亚和新
加坡生活和工作。加入谷歌和亚马逊网络服务之前，Harshman先生曾在Akamai Technologies位于
美国、澳大利亚和新加坡的办事处担任多个管理职务。
作为一名科技思想领袖，Harshman先生曾经多次担任亚太区内多个顶尖活动的主讲人，受众超过
1,500人。他是谷歌云的新闻和分析师发言人，曾经接受东盟地区所有全国性日报和科技刊物专题报
道，并曾经接受印度、泰国和新加坡电视台采访。此外，Harshman先生还担任新加坡美国商会ICT委
员会的联席主席。
Rick Harshman
谷歌云亚太区董事总经理
Manuela Veloso是摩根大通人工智能研究部主管，在与金融服务具有核心相关性的领域，包括数据挖
掘和加密、机器学习、解释能力和人与人工智能互动，从事基础研究。摩根大通人工智能研究部与全公
司的应用数据分析团队以及全球领先的学术机构开展合作。
Veloso教授是卡内基梅隆大学计算机科学院的Herbert A. Simon大学教授，亦曾担任机器学习系主任，
目前正在学术休假。她与其学生一起率先开展了人工智能研究，主攻机器人技术和机器学习，具体研究
并开发出了多种自动机器人，包括机器人足球队和移动服务机器人。她的机器人足球队曾多次获得机器
人世界杯冠军，而CoBot移动机器人在大学建筑物内自动导航了1,000多千米。
Veloso教授是AAAI（美国人工智能发展协会）前任主席，亦为机器人世界杯的联合创始人、受托人和
前任主席。Veloso教授获得过多项荣誉，包括ACM、IEEE、AAAS和AAAI学者。她荣获过多项最佳论
文奖、中国科学院爱因斯坦讲席教授、ACM/SIGART智能体研究奖、美国国家科学基金会杰出青年教授
奖以及Allen Newell杰出研究奖章。
Manuela Veloso
摩根大通人工智能研究部主管
2008年，全球互联设备的数量已经超过了地球上的人口总和。预计到了2020年，物联网设备的数量有望达
到200亿台[1]。身处这个万物互联的世界，随着物联网与人工智能的崭新功能相结合，将会为世界带来哪
些创新科技和重大变革？
智联网（或AIoT）有助简化业务运作，增强人们的安防，提高电力使用效率，甚至可以监测人体的健康状
况。伴随着5G蜂窝网络的大规模推出指日可待，智联网的崭新功能或可带来新一轮的变革与爆发。
5G网络如何赋能并实现这一场变革？未来的发展步伐会否随之加快？借由智能终端设备收集所得的海量数
据，人工智能如何协助分析这些信息然后加以运用呢？此外，价值链上存在哪些值得把握的投资机会呢？
本文根据2019年摩根大通科智荟上针对当前热门话题「人工智联」专题研讨会撰写而成 。
[1]Source: “Driving into 2025: The Future of Electric Vehicles”, J.P. Morgan Research, data as of October 10, 2018.
[2]Source: “Driving into 2025: The Future of Electric Vehicles”, J.P. Morgan Research, data as of October 10, 2018.
释放人工智联的无限潜能
Meet the Panelists
Jackey Chan is a Managing Director and the Investment Team Lead for China Market of J.P. Morgan Private Bank for Asia. Based in Hong Kong, she leads her team on providing portfolio management and investment advisory services for clients with a focus on absolute returns across equities, fixed income and alternative assets.
Ms. Chan joined J.P. Morgan Investment Bank in 1998 in the Foreign Exchange Department as an institutional sales person focusing on foreign exchange derivatives. Subsequently, she relocated to Singapore, New York and Hong Kong offices servicing institutional clients such as sovereign wealth funds and hedge funds on foreign exchange and equity derivatives products. She then joined J.P. Morgan Private Bank in 2012 as the Asia Head of Global Alternative Investments Group, where her responsibilities include the origination and due diligence of hedge fund, private equity, real estate and direct deal opportunities in Asia.
Ms. Chan received a Master degree in Economic Development from the Graduate School of Public Administration, International Christian University in Japan, where she was awarded a full scholarship.
Jackey Chan
Head of Investments for China
J.P. Morgan Private Bank
Gina Huang joined J.P. Morgan China in May 2018, serving as Head of Government Relations. She started her career in financial services industry at New York City since 2004. In 2009, Ms. Huang came back to China, her motherland, and joined China Banking Regulatory Commission as Head of Derivative Supervision Division. In 2012, she was appointed as Head of Secondary Market Surveillance Dept. at National Association of Financial Market Institutional Investors. From 2014 to May 2018, Ms. Huang served as Beijing Branch Manager for Bank of New York Mellon.
Ms. Huang earned her Bachelor’s degree from University of Science and Technology of China. She also holds a PHD from Columbia University, majoring in Operations Research.
Gina Huang
Head of Government Relations
J.P. Morgan China
Alexander Wolf is the Head of Investment Strategy for Asia at J.P. Morgan Private Bank. In this role, Mr. Wolf is responsible for developing and communicating the Private Bank’s view on the market, economy, and geopolitics for investors and clients in the Asia region.
Prior to joining J.P. Morgan, Mr. Wolf was the Senior Emerging Markets Economist with Aberdeen Standard Investments responsible for economic analysis and macro investing strategies covering China and global EM. Prior to this he spent ten years with the U.S. Government in roles at the State Department and Defense Department. Most recently, Mr. Wolf served as part of the diplomatic service with overseas postings to the U.S. Embassy in Beijing and the American Institute in Taiwan. His responsibilities included managing a range of economic policy issues including trade and investment negotiations, sanctions implementation, intellectual property rights protection, as well as advising senior officials on macroeconomic issues. Prior to joining the diplomatic service, Mr. Wolf was an officer at the Defense Department working on Asian security and defense policy. In addition to his government experience, Mr. Wolf has held roles at Lehman Brothers and Zhejiang University of Finance and Economics.
Mr. Wolf holds degrees in economics from Johns Hopkins University and the University of Pittsburgh and has published extensively on China’s economy, US foreign policy, and North Korea. He resides in Hong Kong and speaks and reads Mandarin Chinese.
Alexander Wolf
Head of Investment Strategy for Asia
J.P. Morgan Private Bank
Dr. Brian Gu is Vice Chairman and President of XPENG Motors, a leading electric vehicle company in China. He is responsible for XPENG’s strategy, finance, fundraising, investments and globalization efforts.
Prior to joining XPENG, Dr. Gu was a Managing Director, Chairman of Asia Pacific Investment Banking and a member of J.P. Morgan’s Global Strategic Advisory Council, and was instrumental in building J.P. Morgan’s franchise in the Asia Pacific Region. Between 1998 and 2004, Dr. Gu also served as an M&A Banker at Lehman Brothers in New York.
Dr. Gu has advised numerous global leading companies on their strategies and landmark transactions totaling over $200 billion. He currently serves as a Co-Chairman of J.P. Morgan’s Asia Pacific Council. He is a member of the Greater China Advisory Committee of Yale School of Management, as well as a Trustee of Yale China Association.
Dr. Gu holds an M.B.A. from Yale University, a Ph.D. in Biochemistry from the University of Washington Medical School, and a bachelor’s degree in Chemistry from the University of Oregon.
Dr. Brian Gu
Vice Chairman and President, XPeng Motors
As Co-Portfolio Manager of Emerging Market Themes, Simon Henry manages equity assets on behalf of his clients, focusing on investment opportunities that arise from structural changes happening in the Emerging Markets and drawing on research from Wellington Management’s global industry analysts, equity portfolio managers and team analysts.
Prior to joining Wellington Management in 2008, Mr. Henry spent five years at Russell Investment Group in London (2003–2008), where he worked as a Portfolio Analyst and then as a Currency Research Analyst on the Global Fixed Income team, both in the Investment Management and Research departments.
Mr. Henry has a master’s degree in Materials, Economics and Management from St. Anne’s College, Oxford University (2003). Additionally, he holds the Chartered Financial Analyst® designation and is a member of the CFA Institute.
Simon Henry
Managing Director and Portfolio Manager, Wellington Management
Today, the smartest device you own is probably your mobile phone. But in three to five years’ time, it’s almost certainly going to be the car that you're driving, or the car that's driving you.
Dr. Daniel Kirchert’s startup, Byton, is redesigning the whole notion of a car to create a “digital living space”.
“People are not necessarily car fans, but they love technology,” says Kirchert, Co-founder and CEO of Byton, a Nanjing-based startup that is coming to market later this year with its first product, the M-Byte. “And they see that this is a convergence of the traditional car and the tech industry.”
is for Smart
In the 1920s when Henry Ford began the replacement of horse-drawn carriages with his pioneering Model T, he wasn’t the one who made the greatest financial gains.
“The guy that made the most money was John D. Rockefeller,” explains Robert Friedland, Founder and Executive Co-chairman of Ivanhoe Mines and the Co-chairman of Clean TeQ.
“He realized that all these cars need hydrocarbons to run––and so the oil and gas business became the world's largest business.”
In today’s emerging electric revolution it is copper, nickel, and cobalt - the critical minerals for producing batteries––that are the new gasoline, and this presents some challenges. Currently, three-quarters of the world’s known cobalt reserves are in one specific location in the Democratic Republic of Congo.
However, just as violins were once solely produced in one Italian town, this looks set to change.
In addition to the expanding cobalt and nickel markets, the need to make the next generation of vehicles lightweight may also expand markets for aluminum and carbon fiber, says Dr. Brian Gu, Vice Chairman and President of XPeng, a car manufacturer based in Guangzhou that is backed by Alibaba, and launched its first model in December last year.
Is hydrogen a competing fuel to electricity? Put simply, it is not.
Both hydrogen fuel cell cars and battery-driven cars are electric cars, and as Mr. Friedland explains, “there's actually no reason why both technologies cannot co-exist.”
Rather, vehicle type will determine the most applicable option.
“The larger the vehicle, such as a bus or a train, the more the physics supports the hydrogen fuel cell,” says Friedland.
“If you're just going down to the corner to drop off the kids or pick up a dozen eggs, a chargeable battery wins every time, he says”
However, climate also plays a part. Vehicles being used in colder temperatures are better suited to hydrogen fuel cells.
So how far does the next generation of cars need to be able to travel without being charged? Dr. Kirchert’s startup offers a 520 kilometer range vehicle, in addition to an entry-level version that has a range of 400 kilometers.
“We think 520 kilometers can pretty much match most combustion engine costs,” says Dr. Kirchert. “So we believe this will be sufficient.”
Given that sophisticated analytics and tracking technology is now used in the rollout of these next-gen vehicles, it is also increasingly easy to cater to actual (versus perceived) demand.
Dr. Kirchart explains that data gathered from tier one and two Chinese cities shows that more than 80 per cent of car users travel less than 50 kilometers per day.
“So actually, it's not very meaningful to give the cars bigger batteries.”
China is currently the world leader in the rollout of electric vehicles. There were roughly two million electric vehicles sold in the previous calendar year, and more than half of those were in China.
Jinglei Cheng explains that China’s command economy has allowed a faster rollout of this new sector, and it looks set to continue leading. He is the Chairman of the China operations of Canoo, an LA-headquartered company that is focusing on next generation electric vehicles and challenging some of the assumptions related to car ownership
For the all-important charging infrastructure that accompanies these new vehicle types, the Chinese government has set targets of establishing around five million charging poles by 2020.
Many electric car makers enjoyed subsidies of up to 80,000 RMB per car under a previous initiative from the Chinese government, which had the effect of building up the budding sector. Today, the subsidy after the cut will be about 23,000 RMB - a substantial reduction.
While this is in many ways a setback for the industry, Dr. Gu believes the ultimate result will be higher quality vehicles.
“It gets rid of the layer of low-end manufacturers who actually produce lower-priced vehicles, purely designed to collect the subsidies.”
Given the significant initial outlay of purchasing a car, young people are increasingly looking towards alternatives. The rise of companies like Uber and Didi have offered relatively cost-effective transport solutions, but the innovation surely won’t stop there.
“A typical American car spends 96% of its time just sitting there dead,” says Mr. Friedland.
“I’m really fascinated by these new models of leasing a car for a short period of time.”
Will we still drive cars in the future?
Analytics from Dr. Gu’s XPeng cars have shown that more than 50 per cent of his customers are using the auto parking functions available in the car, and the rate continues to grow.
To go fully autonomous, Dr. Gu says that the major differentiator of future vehicle producers will be the ability to fuse diverse data sets.
“We actually utilize both camera and radar sensors,” he says. “It is vital that the car can work within real daily driving scenarios within China.”
Mr. Friedland looks forward to a bold new future where machine learning will anticipate our need to be transported.
“I’m sure we'll have a little microchip in our tooth and when you need a car, it'll hear you talk about it and a car will appear.”
The health ramifications of air pollution are increasingly apparent. Apart from the exciting disruptive elements of the emerging sector, perhaps the greatest benefit of electric vehicles is the change they can produce within our cities -- and in our atmosphere.
“Most of the world's cities have really toxic air,” says Mr. Cheng. “These sub-2.5-micron particles from the internal combustion engine are toxic to you and your kids’ health.”
These tiny particles have now been clearly identified as contributors to heart disease, cancer, asthma - and perhaps also dementia.
Fortunately, a new era is emerging.
A New Drive
The way we move ourselves is going to change fundamentally in the coming decades. In this video Virginia Fang, Managing Director at J.P. Morgan Private Bank, shares her key takeaways from this popular panel discussion, ranging from electric vehicles to the resources that fuel them.
Virginia Fang
Managing Director
J.P. Morgan Private Bank
Audio Description
View Transcript
Close Transcript
A New Drive - Transcript
[Music]
Virginia Fang: How the automotive industry, a 3.5 trillion industry, is undergoing a radical transformation.
China is and will lead the way, and it is expected that by 2025 China's EV penetration will be up to, or close to 20 percent.
The panel addressed several points as to why China is going to be leading the EV market penetration.
One obviously is the strong policy commitment, so even though they announced recent subsidy cuts, the panellists felt that the subsidy cuts were positive for the industry as it favours the middle segment versus the lower tier segment.
The second point that the panellists addressed was the strong consumer demand from the generation born in the '90s.
The panellists mentioned that they're not only tech savvy, they're open to change and not afraid to adopt new idea.
This generation's are also converging with their US and European counterparts, and the panellists also mentioned that this generation is looking to the car almost as a smart device.
Another point that the panellists pointed out was that despite technological advances in battery range and density China is already able to produce EVs with a range of up to 600 kilometres, which is competitive to the traditional cars manufactured today.
And finally with the EV revolution here to stay copper, cobalt and nickel is the new oil of EV cars.
X
The Future is Electric
The Future is Electric
In just the next five years, up to 30 per cent of all global vehicle sales are forecast to be electric and hybrid electric vehicles[1], with China accounting for a staggering 55 per cent of sales[2] .
Investors are seeing the opportunities, governments are showing support, and battery costs are falling. But as demand continues to grow, what are the roadblocks on the horizon? This panel discussion at the 2019 J.P. Morgan Tech Exchange brought together four leading innovators in the emerging electric vehicle industry.
Here’s our alphabet for the next generation of vehicles.
A Technology Renaissance
Unpacking the Technological
Cold War
The Future is Electirc
Adapting to an A.I. Future
Artificial Intelligence of
Things (AIoT)
Protecting Your Data
The Display of the Future
The Retail Revolution
HealthTech
Video in Demand 24/7
A Global Entrepreneur’s
Journey
The Leading Digital Bank
如要深入理解5G技术蕴藏的颠覆力量，我们可以先从日常生活中与数
字活动相关的时间框架开始剖析。
5G的独特之处
谷歌云业务亚太区董事总经理Rick Harshman指
出，当思考人工智能如何与物联网强大结合以迸
发无限潜能时，我们应该挣脱枷锁、勇于创新。
「在个人电脑时代，虽然通信和连接不受时间限
制，但却依然受到地域局限，」云米科技有限公
司创始人兼首席执行官陈小平说。云米科技是一
家从事新兴全屋互联网家电的高科技公司。
所有一切都可以
在用户毫不察觉的
情况下实现。
陈小平
创始人兼首席执行官
云米科技
新一轮物联网设备浪潮
即将启航
人工智能的地位日益重要
随着联网设备大幅渗透至我们生活中的每个角落，我们赖以使用的场所、机器和设备涉及的范围已经越来越广泛。
陈小平说：「你可以发出指令遥控汽车空调，甚至在开车回家的路上，或者离家还有几英里的途中，远程操控全屋
互联网家电全面照顾您生活上的所想所需。」。
他继续指出：「所有一切都可以在用户毫不察觉的情况下实现。智能互联系统可以自动计算出您目前离家多远，或
者您跟谁一起回家等等。」
实际上，这些崭新功能使得围绕我们日常生活环境中的各种设备和机器，能够从我们的生活习惯和行为获得更加复
杂的信息。
「相比目前只有语音和文本两类数据，人工智联设备可以针对我们的图像或触摸物体的感受做出反应，」
Manuela Veloso说。
「现在我们可以获得关于真实世界的数据：我的冰箱里有几个苹果，或者我的皮肤有多干燥。」
显然而见，这些崭新功能的应用层面非常广泛。
这些崭新功能掀起市场上的大量炒作和热切期待，
反倒让人难以看清当前最有利的投资角度。
Rick Harshman解释，业已处于领先地位的科技公
司通过改进技术架构有望进一步提振业务增长。
「对于像谷歌云这些科技巨擘来说，5G技术的出
现无疑已经成为了科技公司的加速器和赋能者，」
他说。
5G技术已经成为了
像谷歌云这些科技公司
的加速器和赋能者
Rick Harshman
亚太区董事总经理
谷歌云
While it’s easy to get excited about the potential for AI, it is important to remember that given data is the key ingredient, security and responsibility are also vital.
Today without trust, you don't have any business.
Alain Crozier
Corporate Vice President, Chairman and Chief Executive Officer of Microsoft (China)
Greater China Region
智联网即将迎来的投资机会
“Companies need to really understand and be super transparent on how they use data,’ says Saxena. “And for that you need to have an organization that is strict enough to make sure they can control their information in a certain way.”
Crozier shares the sentiment, asserting that “data businesses (which he considers will make up 99 per cent of future businesses) are going to have to be trusted by their customers, no matter if the consumers are B2B, government, or individuals.”
“Today without trust, you don't have any business.”
With data comes responsibility
我认为企业可以通过
创新的思维模式来发挥
收集所得数据的用途。
陈小平
创始人兼首席执行官
云米科技
他尝试利用未来的石油钻井平台作为例子，「所有流程都是通过网络传输返回中央系统，而中
央系统可以是私人云端，甚至是公共云端。」
在整个流程中，您抓住了最重要的一环，那就是实时数据。
「您可以通过实时处理数据，然后使用机器学习和人工智能分析收集所得数据，打造一个实力
更强大的人工智联系统。」
人工智联的未来走向何方?
陈小平指出人工智联的发展轨迹始于人类的所有流程、行为和偏好迈向数字化。下一步就是全
面自动化；由机器「主动并自动回应我们的需求。」
接下来就是「内容导向」，「提供更加多样化的非功能性应用。」
林元庆博士是目前一家面向零售和旅游行业的人工智能初创公司Aibee（爱笔智能）的创始人
兼首席执行官。
林博士与中国一些商业巨擘合作，致力于挖掘可通过数字化进一步推动业务增长的方案，成绩
有目共睹。
针对主题公园游客往往需要大排长龙才可进入园内热门景点这一挑战，他的公司将每个持票人
的面孔有效地制成了电子门票通行整个公园，不单止加快了入园速度，也大幅改善了客户体验。
他说：「我认为企业可以通过创新的思维模式来发挥收集所得数据的用途。不管从商业角度还
是个人安防来看，通过计算能力和人工智能的辅助，人工智联设备有望进一步走入我们的日常
生活当中。」
“You don't really become a modern company because you have one or two applications that are AI run,” says Saxena. “You need to really build your structure, because the real value will be when you start attacking your core business processes.”
释放人工智联的无限潜能
Artificial Intelligence (AI) is set to transform industries large and small, and fundamentally shift the way we think about data collection. Just as the internet crossed the mass consumer threshold, the ability of AI to process large amounts of data will make it a critical competitive advantage in the very near term.
This panel discussion at the 2019 J.P. Morgan Tech Exchange set out to inform participants of the game-changing nature of AI, and provide practical steps for individuals and business owners to engage with this important, but often misunderstood, capability.
Adapting to
an AI Future
Adapting to
an AI Future
繁體中文
English
简体中文
A Global Entrepreneur’s Journey
The Retail
Revolution
HealthTech
Video in Demand
24/7
The Display of
the Future
Leading
Digital Bank
COMING
SOON
COMING
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A Technology
Renaissance
Unpacking the
Technological
Cold War
The Future is
Electric
COMING
SOON
COMING
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Adapting to
an A.I. Future
COMING
SOON
COMING
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Artificial
Intelligence of
Things (AIoT)
COMING
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Protecting
Your Data
COMING
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Meet the Panelists
As Co-Portfolio Manager of Emerging Market Themes, Simon Henry manages equity assets on behalf of his clients, focusing on investment opportunities that arise from structural changes happening in the Emerging Markets and drawing on research from Wellington Management’s global industry analysts, equity portfolio managers and team analysts.
Prior to joining Wellington Management in 2008, Mr. Henry spent five years at Russell Investment Group in London (2003–2008), where he worked as a Portfolio Analyst and then as a Currency Research Analyst on the Global Fixed Income team, both in the Investment Management and Research departments.
Mr. Henry has a master’s degree in Materials, Economics and Management from St. Anne’s College, Oxford University (2003). Additionally, he holds the Chartered Financial Analyst® designation and is a member of the CFA Institute.
Simon Henry
Managing Director and Portfolio Manager, Wellington Management
Dr. Brian Gu is Vice Chairman and President of XPENG Motors, a leading electric vehicle company in China. He is responsible for XPENG’s strategy, finance, fundraising, investments and globalization efforts.
Prior to joining XPENG, Dr. Gu was a Managing Director, Chairman of Asia Pacific Investment Banking and a member of J.P. Morgan’s Global Strategic Advisory Council, and was instrumental in building J.P. Morgan’s franchise in the Asia Pacific Region. Between 1998 and 2004, Dr. Gu also served as an M&A Banker at Lehman Brothers in New York.
Dr. Gu has advised numerous global leading companies on their strategies and landmark transactions totaling over $200 billion. He currently serves as a Co-Chairman of J.P. Morgan’s Asia Pacific Council. He is a member of the Greater China Advisory Committee of Yale School of Management, as well as a Trustee of Yale China Association.
Dr. Gu holds an M.B.A. from Yale University, a Ph.D. in Biochemistry from the University of Washington Medical School, and a bachelor’s degree in Chemistry from the University of Oregon.
Dr. Brian Gu
Vice Chairman and President, XPeng Motors
For more than 25 years, international financier Robert Friedland has been recognized by leaders of the international financial sector and mineral resource industries as an entrepreneurial explorer, technology innovator and company builder. Mr. Friedland has successfully developed a portfolio of respected public and private companies whose initiatives have led to several of the world’s most significant mineral discoveries and mine developments, applications of disruptive technologies and contributions to significant economic growth in established and emerging markets in Asia, the Asia Pacific Region, Sub-Saharan Africa and the Americas.
Mr. Friedland’s enterprise and leadership gained prominent, industry recognition in January 2016 when he was inducted into the prestigious Canadian Mining Hall of Fame. The citation acknowledged his company-building and exploration achievements, honouring him as “a dynamic, transformative force in the Canadian and international mining industries” and “one of the most recognized mining personalities and achievers in the world”. Mr. Friedland said at the ceremony that he shared the honour with several teams of dedicated individuals whose efforts with his companies during the past 30 years had contributed to a series of notable discoveries and new mines. Housed at the University of Toronto, the Hall of Fame is featured in the Treasures from Earth galleries at the Royal Ontario Museum, Toronto.
In April 2017, the Northern Miner, the century-old flagship of Canada’s leading mining-industry media group, announced that Mr. Friedland would receive a Lifetime Achievement Award at the Canadian Mining Symposium held at Canada House in London, England. This followed the U.K-based Mining Journal’s successive rankings of Mr. Friedland in 2016 and 2015 as one of the Top 20 Most Influential People shaping the future of the world of mining, declaring him “the undisputed king of junior development.” Also in 2016, Canada’s Financial Post magazine named Mr. Friedland one of 25 members of its inaugural Power List — termed “the biggest, buzziest and most influential movers and shakers in Canada and beyond”.
He graduated from Reed College with an undergraduate degree in Political Science.
Robert Friedland
Founder and Chairman, Ivanhoe Capital Corporation, Co-Chairman, Clean TeQ
Jinglei (Ramon) Cheng is currently Chairman and a Member of the Board of China Operation, CANOO and Partner and President AGRC (PE Fund).
Prior to this Mr. Cheng had a long and distinguished career at SAICMOTOR where he held positions including Chief Technology Officer responsible for strategy, technology, IT and Big Data, Chairman of SAICMOTOR VC and Innovation Center in Silicon Valley and Chairman of Dalian Sunrise Power. Mr. Cheng started his career with Volkswagen where he was Division Manager across multiple departments.
Jinglei (Ramon) Cheng
Member of Board and Chairman of China Operation, CANOO
5G的独特之处
陈小平认为，智联网领域的先锋公司能够成功「快速将研究结果转化成产品，实现市场化和商
业化」，由此可见现在正是「投资智联网的理想时机」。
但是，并不是所有参与本场研讨会的专家对智联网的未来都一致乐观。
「我认为值得参与投资的公司尚有待出现，」Manuela Veloso表示。
陈小平先生是云米创始人兼首席执行官。2014 年创办云米，开创全屋互联网家电。2018 年 9 月，成立
4 年的云米在美国纳斯达克成功上市（代码: VIOT）。云米定位 IoT @Home，是家庭物联网第1股。是
国家级高新技术企业、小米生态链公司。
云米率先通过 AI+IoT 的方法进行跨界整合，打破家电、数码、家居、汽车等产品边界，构建全屋智能、
万物互联的一体化解决方案，实现「人-车-家的智能互联」。
云米曾邀请中国最热女星杨幂品牌代言，并建立了 F2C 新零售，覆盖全国的 1500+ 家旗舰门店，实现
全屋智能场景体验式营销。
云米作为传统家电向家庭物联网转型趋势的先行者和开创者，2019 年 3 月，联合 IDC 发布《全球消费
物联网趋势展望 2025 》6 大趋势《白皮书》，引领行业发展方向。
陈小平
云米科技创始人兼首席执行官
举个例子，如果您使用只有3G信号的网络下载一部长达两小时的电影，整个过程可能需要花
上26个小时方能完成。不过，连接4G网络后，您却只需大约6分钟。
再想一想：随着5G时代即将来临，下载时间甚至进一步缩短至只需4秒。
显而易见，5G网络处理的巨大数据流量，与我们以往所经历的情况截然不同。
摩根大通人工智能研究部主管Manuela Veloso教授解释，实现这些功能所需的基础设施与采
用4G技术部署的基础设施有着天壤之别。
4G技术需要依赖数量相对较少的大型基站塔发射信号，而5G技术则需要非常巨大的波频，这
些波频更极有可能被城市内的高楼大厦和各种不同障碍物阻挡。
「我们不得不在现实环境中安装所需基础设施，」Veloso表示。「这意味着我们需要在灯柱
甚至建筑物上安装一些规模相对小得多的基站……以保持发射信号不会中断。」
实际上，5G环境中使用的设备比许多人家里使用的无线路由器稍微大一点。
Apoorv Saxena joins JPMorgan Chase & Co. as the Global Head of Artificial Intelligence Technology for Asset & Wealth Management and Global Head of Firmwide Artificial Intelligence and Machine Learning Services. He has 19+ years of software engineering, strategy and management consulting, product management leadership, and entrepreneurial experience in the technology industry.
Mr. Saxena comes to the firm from Google, where he spent the past six years. He was the Product & Business lead for Google Cloud AI Solutions, managing six product lines. He was responsible for product vision, growth and revenue, user experience and resource planning. He led the Google Apps marketplace and platform responsible for two generations of Apps intelligence platforms and integrations. He launched three industry-leading Cloud AI products as well as launched and grew Cloud AutoML, Cloud Natural Language API and Cloud Translation API products. Mr. Saxena set the vision, strategy and got funding for two stealth mode 2 Cloud AI solutions. As the lead for Google Apps marketplace, he redesigned the end-to-end user experience on material design principles, and defined and built a new pricing and payment platform for emerging markets.
Prior to Google, Mr. Saxena was the Co-Founder of AI Frontiers (the leading Applied AI conference in the Bay area), and Okati Inc. (a mobile payment startup providing instant credit). He also worked at McKinsey & Co. and Alcatel-Lucent, where he delivered significant impact in strategy, operations, design and build, and sales and marketing for clients in the financial and tech industries.
Mr. Saxena has received numerous awards and has been published in the Harvard Business Review, Knowledge@Wharton, and has been interviewed by multiple top publishers on AI technology. He has also been a keynote speaker at many industry AI conferences.
Mr. Saxena has a Bachelor of Technology in Electrical Engineering from Indian Institute of Technology, Mumbai, a Master of Science in Electrical and Computer Engineering from Purdue University of Indiana, and a Master of Business Administration, major in Finance & Entrepreneurial Management, from the Wharton School in Pennsylvania. He resides in California with his family.
Apoorv Saxena
Head of Firmwide Artificial Intelligence and Machine Learning Services, JPMorgan Chase & Co.
[1] 资料来源：Gartner。数据截至2019年4月。
[1] 资料来源：Gartner。数据截至2019年4月。
陈小平
创始人兼首席执行官
云米科技
Katherine Rosa: 我们很荣幸邀请到两位首席执行官和创始人参与本场研讨会，通过他们的分享和体验，深入了解用来搜集数据和联网连接的设备
如何迈向智能化或赋能，通过万物互联提取数据分析并交流信息。其中一家公司从事家居物联网业务。现代家居里的智能冰箱、
烤箱、厨房以至所有家电，都已赋予联网功能，例如您把苹果放进了冰箱，然后突然发现冰箱里只剩下最后一个苹果。通过智能
家居，您便得知必须去超市购物的时间和清单。虽然这一切看似简单，但只需细想一下，物联网智能家居背后所需的先进技术，
不难想像到万物互联可发挥的巨大力量。
Manuela Veloso: 完全正确。您可以想象到，当我们在亚马逊或在线购物时，总会收到「您为什么不买这本书?您为什么不买这个?」之类的推荐信
息。伴随着物联网的急速发展，我们就以厨房作为一个特别例子吧，您刚巧就在超市准备购物，智能家居设备可以针对您的日常
生活需要提出相应的购物建议。这种情况就像我们在线购物时收到的推荐建议一样，我们或许会收到「哦，您的冰箱里已经有这
些材料，今天您要为客人准备晚饭，不如去买冰激凌?它是一顿晚餐的完美搭配」，然后继续建议，「顺带一提，冰激凌就在那个
通道找到」，如此这样您便走了过去。在这个万物智联时代，不单止可以根据您在数字领域的活动提出推荐和建议，甚至可以透
过您的智能家居、机器和人工智能技术，推断出「家里没有冰激凌」，您其实可能从没想到以冰激凌搭配苹果派，然后就看到了
这些推荐建议，主要是来自——
Katherine Rosa: 是的。
Manuela Veloso: 机器学习和海量数据的处理。让我补充一下，从冰激凌和苹果派这个简单的例子来看，这两种物体之间的联系来自哪里?实际上，
这就是云端发挥的作用。由于能够收集所有数据，而数据模式本身并非个性化，而是类似于人类行为、万物如何互联、设备互联、
如何利用冰箱里的材料做成一顿丰富大餐，所有各种类似的关系模式，借助人工智能、云端使用收集所得数据，加上所有这些由
机器学习提供的模式。通过联网设备、收集所得数据、云端数据的存储和使用互相结合，加上我们能够借助云端数据进行机器学
习，就可以帮助收集数据得出实际结果。我们还讨论了另外一个课题，对吗?
Katherine Rosa: 是的，本场专题研讨会结束前我们讨论了两件事情：首先，物联网绝非灵丹妙药，也会带来威胁、隐私或网络安全问题，其他研
讨会上都提到了这些问题。另外，物联网的技术发展才刚刚正式展开。因此，实际上我们需要思考的是如何利用这些优势并加以
应用，如何从投资角度受益，以及将会被颠覆的领域。随着云端逐渐迈向商业化，围绕云端的投资设想也许可以受到投资者青睐，
并考虑投资于开发云端产品的私营公司。
Manuela Veloso: 所言甚是。
Katherine Rosa: 我们似乎再次回到了这一话题上，就是万物互联，不同物体之间通过智能化的方式连接并赋能，传递出对我们日常生活中各种事物
产生正面影响的信息。
Manuela Veloso: 是的，我们真的希望成功找到物联网的最佳用途。我们就此得出一个结论，即使这些数据是在我的家中、别人家中、从您的用户、
超市或其他地方或者您在购物中心等场所的个人行为收集所得，由于这些数据收集并存储到云端之后，某程度上隐藏了个人的特定
行为，因此也成为了有望改善不少人日常生活的资源，正是因为有了这些不同数据的支持，可以运用数据作为您的个人助手，从实
际角度帮助您做好决策。
除了重大决策，还可以帮助您落实日常生活上的小决策。例如，您已买了太多鸡蛋，但却已忘得一乾二淨，物联网设备便可成为您
的好助手，为您提供有关信息。这点与我们得出的结论完全一致，但是从实际观点出发，有一点非常重要，就是我们要知道，从感
知数据到语音数据以至触觉数据等多种不同数据类型，投资于与这类数据开发产品相关的公司或人员均可带来好处，因此我们的投
资重点在于，可通过所有这些多模式数据学习并真正构建出基础架构的公司。
人工智能系统可以将所有数据收集，为您提出有用建议，而这些智能设备助手通过反馈信息和更多数据发挥更大的作用，最终对我
们日常生活的方方面面带来深远影响。
X
释放人工智联的无限潜能
当人工智能与物联网深度融合，将会
为世界带来哪些重大变革?在本短片中，
摩根大通私人银行全球另类投资部主管
Katherine Rosa与人工智能研究部主管
Manuela Veloso，一起探讨了人工智联
这波新一代技术革命，在我们日常生活
中方方面面的广泛应用。
Katherine Rosa
全球另类投资部主管
摩根大通私人银行
语音描述
阅读文字版
释放人工智联的无限潜能
Manuela Veloso
人工智能研究部主管
摩根大通
语音描述
阅读文字版
关闭文字版本
我是今年「摩根大通科智荟」的联席主席。
过去9个月，我们花了很多时间思考和计划在今年
研讨会上为嘉宾和客户带来哪些令人感兴趣的讨论
主题。
不出所料，电子商务依然成为我们的首选题材，
目前电商或电子平台占全球购物消费只有10%，大
部分销售仍在线下进行，因此电商的发展空间依然
非常广阔。这次我们想从完全不同的角度来探讨电
商主题。
在本届研讨会上，我们的三位嘉宾分别从三个不同
角度探讨了这一主题。首先是沃尔玛。众所周知，
沃尔玛是全球最大零售商。他们在传统实体店领域
做得非常成功，但鲜为人知的是，沃尔玛也是中国
最大的电商平台之一，过去十年里一直致力发展电
商平台，成功实现了从传统零售企业向电商平台转
型。
其次是社交媒体。今天，我们邀请了Instagram市场
部主管来讨论他们的全新购物平台Shopping on Instagram。就在十天前，脸书在其开发商大会上介
绍了Shopping on Instagram，这是一项非常令人期
待的崭新发展，大多数人认为，Instagram只是一个
朋友相互分享兴趣爱好的传统社交媒体平台。很少人
会知道用户目前已经可以查看好友的兴趣爱好，例如
他们的穿着或饮食喜好。
用户只需点击图片或视频，即可直接在Instagram上
购买这些产品，甚至无需离开应用程式。便利性是驱
动未来电商业务发展的一个非常成功和重要的因素，
我们认为大多数客户和嘉宾应重点关注这一点。我们
也分享了另一个重要内容，在座许多客户和嘉宾都采
用传统的方式经营业务。
他们了解传统广告业务，但许多人从未想过利用社交
媒体进行促销。如今，我们希望Instagram能够帮助
他们通过社交媒体来实现销量增长。本场电商专题讨
论会上的最后一位嘉宾来自安特。
安特是东南亚一家非常成功的孵化器和加速器公司，
重点专注于电商初创企业。
安特的创始人曾经营了东南亚一家非常成功的电商平
台零售网站Zalora，他们不仅能够从一个非常独特的
角度来探讨像Instagram和沃尔玛这些规模庞大的电
商巨擘，还能够从规模细小的初创企业角度来分享如
何在电商领域脱颖而出、争取成功。
在本场专题研讨论会上，我获得的一个重要体会是，
即使对于电商平台而言，团队和执行力依然是最重要
的制胜因素。许多人可能没有对此给予足够的关注，
主要因为寻求电商创投机会的大多数客户和嘉宾，可
能过度重视创意本身，而往往忽视了这些公司的团队
和创始人。
X
畅想零售革命的未来
释放人工智联的
无限潜能
全民娱乐
全民娱乐
科技发展的复兴时代
Leading
Digital Bank
COMING
SOON
COMING
SOON
COMING
SOON
COMING
SOON
COMING
SOON
COMING
SOON
COMING
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COMING
SOON
COMING
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COMING
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COMING
SOON
科技发展的
复兴时代
科技冷战
运力未來
即將推出
即將推出
迎接未来的
人工智能世界
即將推出
即將推出
智造柔性魅力
即將推出
即將推出
网络安全马拉松
刚刚正式展开
即將推出
即將推出
科技发展的复兴时代
科技冷战
运力未来
迎接未来的人工智能世界
智造柔性魅力
网络安全马拉松刚刚正式展开
畅想零售革命的未来
释放人工智联的无限潜能
全民娱乐
全民娱乐
当代全球化企业家
科技赋能未来银行
Manuela Veloso
人工智能研究部主管
摩根大通
Katherine Rosa
全球另类投资部主管
摩根大通私人银行