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J.P. Morgan
Tech Exchange 2019
繁體中文
简体中文
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
專題討論嘉賓簡介
Katherine Rosa女士是摩根大通私人銀行全球另類投資部主管。摩根大通私人銀行另類投資部監管的資
產超過800億美元，包括來自世界各地的大型私募股權、私人信貸、房地產及對沖基金公司。
出任現職之前，Rosa女士於2000年加盟摩根資產管理的私募股權部，擔任董事總經理一職，是全球投
資、配置及管理委員會的成員之一。她亦同時兼任投資組合管理的工作，帶領私募股權部的全球業務發
展。除此之外，Rosa女士是Rizvi Opportunistic Equity Fund的諮詢委員會的成員、Icon Holdings, LLC的董事會觀察員、北京股權投資發展管理有限公司的監督委員會主席，以及其管理的基金的投資委員
會成員。她也是摩根資產管理可持續投資領導團隊的成員。加盟私募股權部之前，Rosa女士是摩根資產
管理部北美地區銷售及客戶服務團隊的營運總監。她曾於1996年離開摩根大通加盟摩根士丹利，但於
1998年回歸摩根大通。她的第一份工作是在摩根大通的證券服務業務擔任產品專員，時為1992年。
Rosa女士是佛蘭克林․馬歇爾學院畢業生，是領導委員會成員。她與丈夫和四名子女居於新澤西州，是莫
宏克保護區、Pablove Foundation及Tomorrows Children’s Fund的支持者。
Katherine Rosa
摩根大通私人銀行全球另類投資部主管
林元慶博士是人工智能整體解決方案初創公司Aibee創始人兼行政總裁，曾任百度研究院院長，
全面負責百度的矽谷人工智能實驗室(SVAIL)、深度學習實驗室((IDL)，大數據實驗室(BDL)、增強現實
實驗室(ARL)。
加入百度前，他曾任NEC美國實驗室媒體分析部門主管。其領導的團隊取得多項重要電腦視覺技術國
際測試世界第一，包括第一屆ImageNet挑戰賽，其技術成果在業界廣泛落地。
林博士是第十三批國家「千人計劃」特聘專家，他在機器學習和電腦視覺等研究領域擁有多年的研究
經驗和顯著成果，曾擔任NIPS（神經資訊處理系統大會）的領域主席、大規模視覺識別和檢索國際研
討會聯合主席等。
林博士擁有清華大學光學工程碩士學位和賓夕法尼亞大學電氣工程博士學位。
林元慶博士
Aibee創始人兼行政總裁
Rick Harshman先生是谷歌雲業務亞太區董事總經理，主管谷歌雲的所有收入和產品上市運營業務，
包括谷歌雲平台和GSuite（谷歌郵件、谷歌文檔、電子表格、幻燈片、谷歌驅動器、谷歌環聊等）。
加入谷歌之前，Harshman先生曾擔任亞馬遜網絡服務(AWS)東盟主管。擔任東盟主管之前，
Harshman先生出任AWS印度主管，在印度成功建立了AWS業務。Harshman先生在AWS工作逾六
年，此段期間一直擔任高級領導團隊成員，在推動收入增長1000倍方面發揮了至關重要的作用。
Harshman先生在銷售、管理以及渠道開發方面擁有逾18年的深厚經驗，他曾在美國、澳大利亞和新
加坡生活和工作。加入谷歌和亞馬遜網絡服務之前，Harshman先生曾在Akamai Technologies位於
美國、澳大利亞和新加坡的辦事處擔任多個管理職務。
作為一名科技思想領袖，Harshman先生曾經多次擔任亞太區內多個頂尖活動的主講人，受眾超過
1,500人。他是谷歌雲的新聞和分析師發言人，曾經接受東盟地區所有全國性日報和科技刊物專題報
導，並曾經接受印度、泰國和新加坡電視台採訪。此外，Harshman先生還擔任新加坡美國商會ICT
委員會的聯席主席。
Rick Harshman
谷歌雲亞太區董事總經理
Manuela Veloso是摩根大通人工智能研究部主管，在與金融服務具有核心相關性的領域，包括數據挖
掘和加密、機器學習、解釋能力和人與人工智能互動，從事基礎研究。摩根大通人工智能研究部與全
公司的應用數據分析團隊以及全球領先的學術機構開展合作。
Veloso教授是卡內基梅隆大學電腦科學院的Herbert A. Simon大學教授，亦曾擔任機器學習系主任，
目前正在學術休假。她與其學生一起率先開展了人工智能研究，主攻機器人技術和機器學習，具體研究
並開發出了多種自動機器人，包括機器人足球隊和移動服務機器人。她的機器人足球隊曾多次獲得機器
人世界盃冠軍，而CoBot移動機器人在大學建築物內自動導航了1,000多千米。
Veloso教授是AAAI（美國人工智能發展協會）前任主席，亦為機器人世界盃的聯合創始人、受託人和
前任主席。Veloso教授獲得過多項榮譽，包括ACM、IEEE、AAAS和AAAI學者。她榮獲過多項最佳論
文獎、中國科學院愛因斯坦講席教授、ACM/SIGART智能體研究獎、美國國家科學基金會傑出青年教
授獎以及Allen Newell傑出研究獎章。
Manuela Veloso
摩根大通人工智能研究部主管
2008年，全球互聯設備的數量已經超過了地球上的人口總和。預計到了2020年，物聯網設備的數量有望
達到200億台[1]。身處這個萬物互聯的世界，隨着物聯網與人工智能的嶄新功能相結合，將會為世界帶來
哪些創新科技和重大變革？
智聯網（或AIoT）有助簡化業務運作，增強人們的安防，提高電力使用效率，甚至可以監測人體的健康狀
況。伴隨着5G蜂窩網絡的大規模推出指日可待，智聯網的嶄新功能或可帶來新一輪的變革與爆發。
5G網絡如何賦能並實現這一場變革？未來的發展步伐會否隨之加快？借由智能終端機設備收集所得的海數
據，人工智能如何協助分析這些資訊然後加以運用呢？此外，價值鏈上存在哪些值得把握的投資機會呢？
本文根據2019年摩根大通科智薈上針對當前熱門話題「人工智聯」專題研討會撰寫而成 。
[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.
釋放人工智聯的無限潛能
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技術蘊藏的顛覆力量，我們可以先從日常生活中與數
字活動相關的時間框架開始剖析。
5G的獨特之處
谷歌雲業務亞太區董事總經理Rick Harshman指
出，當思考人工智能如何與物聯網強大結合以迸
發無限潛能時，我們應該掙脫枷鎖、勇於創新。
「在個人電腦時代，雖然通信和連接不受時間限
制，但卻依然受到地域局限，」雲米科技有限公
司創始人兼行政總裁陳小平說。雲米科技是一家
從事新興全屋互聯網家電的高科技公司。
所有一切都可以
在使用者毫不察覺
的情況下實現。
陳小平
創始人兼行政總裁
雲米科技
新一輪物聯網設備浪潮
即將啟航
人工智能的地位日益重要
隨着聯網設備大幅滲透至我們生活中的每個角落，我們賴以使用的場所、機器和設備涉及的範圍已經越來越廣泛。
陳小平說：「你可以發出指令遙控汽車空調，甚至在開車回家的路上，或者離家還有幾英里的途中，遠程操控全屋
互聯網家電全面照顧您生活上的所想所需。」
他繼續指出：「所有一切都可以在使用者毫不察覺的情況下實現。智能互聯系統可以自動計算出您目前離家多遠，
或者您跟誰一起回家等等。」
實際上，這些嶄新功能使得圍繞我們日常生活環境中的各種設備和機器，能夠從我們的生活習慣和行為獲得更加複
雜的資訊。
「相比目前只有語音和文本兩類數據，人工智聯設備可以針對我們的圖像或觸摸物體的感受做出反應，」
Manuela Veloso說。
「現在我們可以獲得關於真實世界的數據：我的冰箱裡有幾個蘋果，或者我的皮膚有多乾燥。」
顯然而見，這些嶄新功能的應用層面非常廣泛。
這些嶄新功能掀起市場上的大量炒作和熱切期待，
反倒讓人難以看清當前最有利的投資角度。
Rick Harshman解釋，業已處於領先地位的科技公
司通過改進技術架構有望進一步提振業務增長。
「對於像谷歌雲端這些科技巨擘來說，5G技術的出
現無疑已經成為了科技公司的加速器和賦能者，」
他說。
5G技術已經成為了
像谷歌雲這些科技公司
的加速器和賦能者
Rick Harshman
亞太區董事總經理
谷歌雲
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
智聯網即將迎來的投資機會
“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
我認為企業可以通過
創新的思維模式來發揮
收集所得數據的用途。
陳小平
創始人兼行政總裁
雲米科技
他嘗試利用未來的石油鑽井平台作為例子，「所有流程都是通過網絡傳輸返回中央系統，而中
央系統可以是私人雲端，甚至是公共雲端。」
在整個流程中，您抓住了最重要的一環，那就是即時數據。
「您可以通過即時處理數據，然後使用機器學習和人工智能分析收集所得數據，打造一個實力
更強大的人工智聯系統。」
人工智聯的未來走向何方?
陳小平指出人工智聯的發展軌跡始於人類的所有流程、行為和偏好邁向數位化。下一步就是全
面自動化；由機器「主動並自動回應我們的需求。」
接下來就是「內容導向」，「提供更加多樣化的非功能性應用。」
林元慶博士是目前一家面向零售和旅遊行業的人工智能初創公司Aibee（愛筆智能）的創始人
兼行政總裁。
林博士與中國一些商業巨擘合作，致力於挖掘可通過數位化進一步推動業務增長的方案，成績
有目共睹。
針對主題公園遊客往往需要大排長龍才可進入園內熱門景點這一挑戰，他的公司將每個持票人
的面孔有效地製成了電子門票通行整個公園，不單止加快了入園速度，也大幅改善了客戶體驗。
他說：「我認為企業可以通過創新的思維模式來發揮收集所得數據的用途。不管從商業角度還
是個人安防來看，通過計算能力和人工智能的輔助，人工智聯設備有望進一步走入我們的日常
生活當中。」
“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.”
釋放人工智聯的無限潛能
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
English
简体中文
繁體中文
A Global Entrepreneur’s Journey
The Retail
Revolution
HealthTech
Video in Demand
24/7
The Display of
the Future
Leading
Digital Bank
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A Technology
Renaissance
Unpacking the
Technological
Cold War
The Future is
Electric
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Adapting to
an A.I. Future
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Artificial
Intelligence of
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Protecting
Your Data
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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的獨特之處
陳小平認為，智聯網領域的先鋒公司能夠成功「快速將研究結果轉化成產品，實現市場化和商
業化」，由此可見現在正是「投資智聯網的理想時機」。
但是，並不是所有參與本場研討會的專家對智聯網的未來都一致樂觀。
「我認為值得參與投資的公司尚有待出現，」Manuela Veloso表示。
陳小平先生是雲米創始人兼行政總裁。2014 年創辦雲米，開創全屋互聯網家電。2018 年 9 月，成立
4 年的雲米在美國納斯達克成功上市（代碼: VIOT）。雲米定位IoT @ Home，是家庭物聯網第1股。
是國家級高新技術企業、小米生態鏈公司。
雲米率先通過 AI+IoT 的方法進行跨界整合，打破家電、數碼、家居、汽車等產品邊界，構建全屋智能、
萬物互聯的一體化解決方案，實現「人-車-家的智能互聯」。
雲米曾邀請中國最熱女星楊冪品牌代言，並建立了 F2C 新零售，覆蓋全國的 1500+ 家旗艦門店，實現
全屋智能場景體驗式營銷。
雲米作為傳統家電向家庭物聯網轉型趨勢的先行者和開創者，2019 年 3 月，聯合 IDC 發布《全球消費
物聯網趨勢展望 2025 》6 大趨勢《白皮書》，引領行業發展方向。
陳小平
雲米科技創始人兼行政總裁
舉個例子，如果您使用只有3G信號的網絡下載一部長達兩小時的電影，整個過程可能需要花
上26個小時方能完成。不過，連接4G網絡後，您卻只需大約6分鐘。
再想一想：隨着5G時代即將來臨，下載時間甚至進一步縮短至只需4秒。
顯而易見，5G網絡處理的巨大數據流量，與我們以往所經歷的情況截然不同。
摩根大通人工智能研究部主管Manuela Veloso教授解釋，實現這些功能所需的基礎設施與採
用4G技術部署的基礎設施有着天壤之別。
4G技術需要依賴數量相對較少的大型基站塔發射訊號，而5G技術則需要非常巨大的波頻，這
些波頻更極有可能被城市內的高樓大廈和各種不同障礙物阻擋。
「我們不得不在現實環境中安裝所需基礎設施，」Veloso表示。「這意味着我們需要在燈柱
甚至建築物上安裝一些規模相對小得多的基站……以保持發射訊號不會中斷。」
實際上，5G環境中使用的設備比許多人家裡使用的無線路由器稍微大一點。
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] 資料來源：Gartner。數據截至2019年4月。
[1] 資料來源：Gartner。數據截至2019年4月 。
Katherine Rosa: 我們很榮幸邀請到兩位行政總裁和創始人參與本場研討會，通過他們的分享和體驗，深入了解用來搜集數據和聯網連接的設備如何
邁向智能化或賦能，通過萬物互聯提取數據分析並交流資訊。其中一家公司從事家居物聯網業務。現代家居裡的智能冰箱、烤箱、
廚房以至所有家電，都已賦予聯網功能，例如您把蘋果放進了冰箱，然後突然發現冰箱裡只剩下最後一個蘋果。通過智能家居，您
便得知必須去超市購物的時間和清單。雖然這一切看似簡單，但只需細想一下，物聯網智能家居背後所需的先進技術，不難想像到
萬物互聯可發揮的巨大力量。
Manuela Veloso: 完全正確。您可以想像到，當我們在亞馬遜或網上購物時，總會收到「您為什麼不買這本書?您為什麼不買這個?」之類的推薦資訊。
伴隨着物聯網的急速發展，我們就以廚房作為一個特別例子吧，您剛巧就在超市準備購物，智能家居設備可以針對您的日常生活需要
提出相應的購物建議。這種情況就像我們網上購物時收到的推薦建議一樣，我們或許會收到「哦，您的冰箱裡已經有這些材料，今天
您要為客人準備晚飯，不如去買冰淇淋? 它是一頓晚餐的完美搭配」，然後繼續建議，「順帶一提，冰淇淋就在那個通道找到」，如
此這樣您便走了過去。在這個萬物智聯時代，不單止可以根據您在數位領域的活動提出推薦和建議，甚至可以透過您的智能家居、機
器和人工智能技術，推斷出「家裡沒有冰淇淋」，您其實可能從沒想到以冰淇淋搭配蘋果派，然後就看到了這些推薦建議，主要是來
自——
Katherine Rosa: 是的。
Manuela Veloso: 機器學習和海量數據的處理。讓我補充一下，從冰淇淋和蘋果派這個簡單的例子來看，這兩種物體之間的聯繫來自
哪裡? 實際上，這就是雲端發揮的作用。由於能夠收集所有數據，而數據模式本身並非個性化，而是類似於人類行為、萬物如何互聯、
設備互聯、如何利用冰箱裡的材料做成一頓豐富大餐，所有各種類似的關係模式，借助人工智能、雲端使用收集所得數據，加上所有
這些由機器學習提供的模式。通過聯網設備、收集所得數據、雲端數據的存儲和使用互相結合，加上我們能夠借助雲端數據進行機器
學習，就可以幫助收集數據得出實際結果。我們還討論了另外一個課題，對嗎?
Katherine Rosa: 是的，本場專題研討會結束前我們討論了兩件事情：首先，物聯網絕非靈丹妙藥，也會帶來威脅、隱私或網絡安全問題，其他研討會
上都提到了這些問題。另外，物聯網的技術發展才剛剛正式展開。因此，實際上我們需要思考的是如何利用這些優勢並加以應用，如
何從投資角度受益，以及將會被顛覆的領域。隨着雲端逐漸邁向商業化，圍繞雲端的投資設想也許可以受到投資者青睞，並考慮投資
於開發雲端產品的私營公司。
Manuela Veloso: 所言甚是。
Katherine Rosa: 我們似乎再次回到了這一話題上，就是萬物互聯，不同物體之間通過智能化的方式連接並賦能，傳遞出對我們日常生活中各種事物產
生正面影響的資訊。
Manuela Veloso: 是的，我們真的希望成功找到物聯網的最佳用途。我們就此得出一個結論，即使這些數據是在我的家中、別人家中、從您的用戶、超
市或其他地方或者您在購物中心等場所的個人行為收集所得，由於這些數據收集並存儲到雲端之後，某程度上隱藏了個人的特定行
為，因此也成為了有望改善不少人日常生活的資源，正是因為有了這些不同數據的支持，可以運用數據作為您的個人助手，從實際角
度幫助您做好決策。除了重大決策，還可以幫助您落實日常生活上的小決策。例如，您已買了太多雞蛋，但卻已忘得一乾二淨，物聯
網設備便可成為您的好助手，為您提供有關資訊。這點與我們得出的結論完全一致，但是從實際觀點出發，有一點非常重要，就是我
們要知道，從感知數據到語音數據以至觸覺數據等多種不同數據類型，投資於與這類數據開發產品相關的公司或人員均可帶來好處，
因此我們的投資重點在於，可通過所有這些多模式數據學習並真正構建出基礎架構的公司。人工智能系統可以將所有數據收集，為您
提出有用建議，而這些智能設備助手通過回饋資訊和更多數據發揮更大的作用，最終對我們日常生活的方方面面帶來深遠影響。
X
釋放人工智聯的無限潛能
當人工智能與物聯網深度融合，將會為
世界帶來哪些重大變革?在本短片中，
摩根大通私人銀行全球另類投資部主管
Katherine Rosa與人工智能研究部主管
Manuela Veloso，一起探討了人工智聯
這波新一代技術革命，在我們日常生活
中方方面面的廣泛應用。
Katherine Rosa
全球另類投資部主管
摩根大通私人銀行
語音描述
閱讀文字版
釋放人工智聯的無限潛能
當人工智能與物聯網深度融合，將會為
世界帶來哪些重大變革?在本短片中，
摩根大通私人銀行全球另類投資部主管
Katherine Rosa與人工智能研究部主管
Manuela Veloso，一起探討了人工智聯
這波新一代技術革命，在我們日常生活
中方方面面的廣泛應用。
Manuela Veloso
人工智能研究部主管
摩根大通
語音描述
閱讀文字版
關閉文字版本
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
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