GIL 2026 | 王昕博士为2026沙利文峰会开幕式致辞

尊敬的富大为主席、屠市长、祖亚儒总裁、各位领导、各位嘉宾、女士们先生们，大家上午好！这个上午啊，信息量太大了。还是那句老话——听君一席话，胜读十年书。

Dear Chairman David Frigstad, Mayor Tu, President Aroop Zutshi, distinguished leaders and guests, ladies and gentlemen — good morning, everyone! This morning has been incredibly informative. As the old saying goes: "A single conversation with a wise person is better than ten years of study."

沙利文走过65年的历程。沙利文生于1961年，非常幸运和巧合的是，那一年也是我们全球总裁祖亚儒先生的出生之年，那一年是牛年。我们沙利文，自1961年在纽约华尔街诞生，就长期致力于为全球资本市场、证券市场服务，也为众多上市公司、跨国公司、新兴公司、创业公司服务。大家知道股市最喜欢牛市，这一年是寓意兴旺的牛生肖年，沙利文也持续对全球市场保持高度乐观、长期看多。希望这个牛市，给在座的各位与线上的各位朋友们带来牛气冲天。

Frost & Sullivan has worked through a journey of 65-year history. Frost & Sullivan was born in 1961. It is a fortunate coincidence that our Global President, Mr. Aroop Zutshi, was also born in the same year. That year was the Year of the Ox. Since our establishment on Wall Street in New York in 1961, Frost & Sullivan has long served global capital and securities markets, as well as countless listed corporations, multinationals, emerging enterprises and startups. Because it was the Year of the Ox — or the Year of the Bull, symbolizing prosperity — Frost & Sullivan has always maintained a highly optimistic and long-term bullish outlook on the global market. May this bullish market bring soaring success to everyone here with us and watching online. 

跟大家分享一个小故事。今天上午，屠市长接见富大为主席、祖亚儒总裁及各位领导。屠市长问到一个问题：“富大为主席，您是哪一年生的？”他说：“我50年前去了香港，二十几岁小伙子去香港旅游。当时有一个风水大师看到我，他说要帮我算算命。我那时候才知道中国有12生肖，我原来不知道。“这12个生肖是英语写的，但他说不要告诉我具体是哪个生肖，让我自己看一看。”富大为主席就读了这12个生肖的描述，读完之后他说：“好像这个是我呀！”结果一看，那一年是马年的描述。他震惊了。

Let me share a little story. This morning, Mayor Tu met with our Chairman David Frigstad, President Aroop Zutshi, and other leaders.Mayor Tu asked a question: "Mr. Frigstad, what year were you born?" He said: "I went to Hong Kong 50 years ago, traveling there as a young man in my twenties. At that time, a feng shui master saw me and offered to read my fortune. That's when I first learned about the twelve Chinese zodiac signs — I hadn't known about them before. "The twelve signs were in English, but he said he wouldn't tell me which sign was mine — he wanted me to read them myself." So Mr. Frigstad read through the descriptions of all twelve zodiac signs. After reading them, he said, "This one seems to be me!" It turned out to be the description for the Year of the Horse. He was shocked.

今年，我们又回到了马年。中国俗话说什么呢？“牛马年好种田”，对吧？我们甘愿为中国人民、世界人民服务，我们愿意当牛做马为大家服务。你看我们富大为主席，54年生人，今年正好是他的第六轮马年。大家知道，马在中国的传统文化中有众多寓意：唯马首是瞻、龙马精神、一马当先、白驹过隙、天马行空，无数多的跟马有关系的，对吧？“春风得意马蹄疾，一日看尽长安花。”所有跟马相关的题材都是特别好的。希望我们的主席和总裁不远万里，跨越巨大的太平洋，前天来到中国上海，为大家带来我们沙利文的诚意，还有我们最深入的全球市场的了解和分享。

This year, we are back in the Year of the Horse. As the Chinese saying goes: "Good farming in the Year of the Ox and the Year of the Horse," right? We are willing to serve the Chinese people and the people of the world — we are willing to work like oxen and horses for everyone. Mr. Frigstad was born in 1954, and this year is his sixth zodiac cycle — the Year of the Horse once again. The Year of the Horse carries many meanings in traditional Chinese culture: "follow the lead of the horse," "dragon-horse spirit," "taking the lead," "time flies like a white horse," "heavenly steed soaring across the skies" — there are countless idioms related to horses. "Flushed with success, the horse's hooves are swift in the spring breeze; in one day, one sees all the flowers of Chang'an." All themes related to horses are excellent. I hope that our Chairman and President, who traveled thousands of miles across the vast Pacific Ocean to arrive in Shanghai the day before yesterday, will bring you Frost & Sullivan's sincerity, along with our most in-depth understanding and insights on the global market.

时隔10年，富大为主席来到中国。刚才他在跟屠市长交流的过程中也讲到，看到中国日新月异的巨大变化，感到非常震惊，简直不能用语言来形容。就像刚才我们葛万威教授讲到的：“你想看未来吗？不用去电影院，来中国，免费让您看个够。”这特别体现了我们沙利文一直要讲的一件事：我们要重仓中国，重仓未来。那什么是未来呢？今天我跟大家做几个简短的分享。

After ten years, Mr. Frigstad has come back to China. Just now, during his conversation with Mayor Tu, he mentioned that seeing the rapid and tremendous changes in China left him deeply amazed — it is simply beyond words. Just as Prof. Vinod K. Aggarwal mentioned: "If you want to see the future, don't go to the cinema — come to China, and you'll see it for free." This particularly reflects what Frost & Sullivan has always emphasized: we should overweight China, overweight the future. So what is the future? Today I will share a few brief points with you. 

今年，辉瑞全球CEO艾伯乐（Albert Bourla）说，有人问他：“您每天在关注什么？什么让您睡不着觉？”他说：“就两个主题：一个是China，一个是AI。”大家知道，我们中国作为上下五千年的文明古国，对人类文明的贡献是巨大的。尤其是改革开放40多年，尤其是近十年以来，中国变成了一个世界的标杆。我们创造了人类历史上的一个里程碑——没有任何一个国家在短短四十几年里，把一个GDP相对不是特别高的国家，实现了300倍的增长。这个在人类历史上从来没有看到过，这是永载青史的。中国的这些案例，对我们世界、对我们人类是个什么样的贡献呢？我们现在认为，全球两大主要趋势：中国发展机遇，以及人工智能变革。这一点毋庸置疑。企业如果忽略这两大主线，发展视野将会极度狭隘，难以找准前行方向。

This year, Albert Bourla, the global CEO of Pfizer, told a story. He said someone asked him: "What do you focus on every day? What keeps you awake at night?" He said: "There are only two topics: one is China, and the other is AI." As we all know, China, as an ancient civilization with five thousand years of history, has made enormous contributions to human civilization. Especially in the forty years of reform and opening up, and particularly in the past decade, China has become a global benchmark. We have created a milestone in human history — no other country has, in just over forty years, transformed a country with relatively modest GDP into one with 300-fold growth. This has never been seen before in human history, and it will go down in history. What does China's example contribute to our world and to humanity? If you talk about megatrends, there are only two in the world: number one being China, number two being AI, artificial intelligence. There's no doubt. If you forget these two major megatrends, you will lose your sense of direction, and your perspective will become very narrow.

今天，我们特别郑重感谢：中国广告协会的张国华会长、上海现代服务业联合会的孙建平博士会长、中国网络空间安全协会的卢卫理事长等协会领导的大力支持；感谢各位国家级和上海本地协会的重要领导在百忙之中拨冗莅临；感谢王宇教授、赵国屏院士等业界全球顶级专家亲临现场、坐镇指挥；感谢沙利文各专委会的主席、委员和专家顾问团，以及中金、中信、摩根士丹利、安永等全球顶级专业机构的合作伙伴；感谢盛世集团、徐州市国盛控股集团、兴富资本、元禾璞华、中科创星、探针创投等地方政府产业投资平台及投资机构的领导亲自参与；还有包括央视、新华社、人民日报、中新社、Financial Times、Reuters、Bloomberg等全球顶级媒体记者参与。你们的到来，是对我们沙利文莫大的鼓励与鞭策。让我们快马加鞭、百尺竿头、更进一层。谢谢大家！

Today, we would like to express our special thanks to: President Zhang Guohua of the China Advertising Association; Dr. Sun Jianping, President of the Shanghai Modern Service Industry Federation; Chairman Lu Wei of the China Cyberspace Security Association; and other association leaders for their strong support; we thank the leaders of national and Shanghai-based associations for taking time from their busy schedules to be here; we thank Professor Wang Yu, Academician Zhao Guoping, and other world-class experts for gracing us with their presence; we thank the chairpersons, committee members, and expert advisory boards of Frost & Sullivan's various committees, as well as partners from top global professional institutions including CICC, CITIC, and Ernst & Young; we also thank the leaders of Shengshi Group, Xuzhou Guosheng Holding Group, Richen Capital, Hua Capital, CASSTAR, and Probe Venture Capital, along with other local government industrial investment platforms and investment institutions, for participating in person; Finally, we thank the reporters from top global media outlets, including CCTV, Xinhua News Agency, People's Daily, China News Service, Financial Times, Reuters, and Bloomberg. Your presence is a tremendous encouragement and inspiration for Frost & Sullivan. Let us spur our horses on and reach even greater heights. Thank you all!

刚才各位领导已经讲到，2026年是我们“十五五”计划的开局之年。中国人讲，万事开头难；好的开始相当于成功的一半。今年也是我们沙利文成立65周年，沙利文进入中国28周年，也是我们的沙利文峰会——增长、科创与领导力峰会——今年在上海第20个年头成功举办。20年，我们风雨无阻，从未间断，不管是平时还是特殊时期，我们一如既往按期举行。希望我们的峰会给大家创造一个全球思想碰撞的平台，也能沟通东西，融合商业未来，融合不同国家、不同思维、不同行业、不同赛道、不同业界，还有生态伙伴的整合共融。

As the leaders have just mentioned, 2026 marks the inaugural year of China's 15th Five-Year Plan. As the Chinese saying goes: "Everything is hard in the beginning, but a good start is half the battle." This year also marks the 65th anniversary of Frost & Sullivan, and the 28th anniversary of Frost & Sullivan's entry into China. It also marks the 20th consecutive year that our Frost & Sullivan Summit — the Growth, Innovation and Leadership Summit — has been successfully held in Shanghai. For 20 years, rain or shine, we have never missed a year. Whether in normal times or unprecedented periods, we have always held it on schedule. We hope our summit creates a grand platform for global intellectual exchange, bridging East and West, integrating the future of business, and bringing together different countries, mindsets, industries, sectors, and ecosystem partners for integration and synergy.

首先，我要给大家讲的是：我们要知道未来，首先要回顾既往，让历史告诉未来。前事不忘，后事之师。大家知道吗？我们的数码相机，最初据我所知是柯达发明的。但是他发明了数码相机之后，束之高阁，把它放到了保险柜里，秘密地藏了起来。因为他觉得这个不会成为主流。结果呢？柯达已经基本上退出了历史的舞台。

First, to understand the future, we must look back at the past. Let history tell the future. "Remember the past, and it shall be a guide for the future." Did you know that the digital camera was originally invented by Kodak? But after inventing the digital camera, they shelved it — locking it away in a safe. Because they thought it would never become mainstream. And the result? Kodak has essentially faded into history.

而富士胶卷呢。富士虽然不是最早发明数码相机的，但它发现了一件事：将来数码产品、数码相机一定成为未来。在大规模推广数字经济、数码产品的时候，它利用原有的涂布技术、光学成像、高分子技术等，进入了医疗赛道、生命科学赛道。它从硅基进入了碳基，从半导体产业进入了生命科学产业。现在大家知道，我们很多医疗用的medical imaging设备产品，占了巨大的份额。从零开始变成一个特别有影响力的医疗和半导体相关公司，它用了短短的二三十年。这二三十年，沧桑巨变，不可同日而语。

As for Fujifilm. Fujifilm wasn't the first to invent the digital camera, but it realized something: digital products and digital cameras would inevitably be the future. During the mass adoption of digital products and the digital economy, it leveraged its existing coating technology, optical imaging, polymer technology, and other capabilities, and entered the medical and life science fields. It moved from silicon-based to carbon-based, from the semiconductor industry to the life science industry. Now, as we know, their medical imaging equipment holds a massive market share. Starting from scratch, it became a highly influential company in medical and semiconductor-related fields in just twenty to thirty years. In these two to three decades, the transformation has been profound — it's a completely different era now. 

这告诉我们什么？如果我们不能把握未来的大趋势，我们注定很难走得远、走得长。AI，我们大家都知道——刚才祖亚儒总裁已经介绍了，我们沙利文自主研发的、拥有独立自主产权的、完全由我们内部团队编写的AI平台，包括我们跟SAP合作，也借鉴了很多先进经验。我们创造了自己的AI平台，叫MEGA NEGA。Mega什么意思呢？Mega就是“大”的意思，megatrend就是大趋势。NEGA是Next Generation的缩略语——我们搞了个谐音梗。实际上generation应该缩写为GE，但是为了跟通用电气公司（GE）以示区别，我们用了GA。所以下一代最大的事情是什么？就是AI。

What does this tell us? If we could not leverage the future megatrend, we would struggle to survive let alone thrive in the long run. As for AI, we just saw President Aroop introduce Frost & Sullivan's proprietary, in-house developed AI platform. It was coded entirely by our own team, while also drawing on advanced practices from our collaboration with SAP. We have created our own AI platform called MEGA NEGA. What does Mega mean? Mega means "big" — as in megatrend. NEGA stands for Next Generation. We used a bit of wordplay here — normally, "generation" might be abbreviated as GE, but to avoid confusion with General Electric, we went with GA. So what is the biggest thing for the next generation? It's AI.

刚刚前不久，我们国家的最高领导层出席了在上海举办的世界人工智能大会WAIC。这是非常非常重要的。我们最高领导的指示就是讲：这代表全世界未来。这就是我们沙利文讲的transformation（转型）。那transformer对企业来说有什么意义呢？AI是不能忽视的。那AI是不是完美？不是。实际上最好的组合是AI加HI，一会我会讲到。

Just recently, China's top leadership attended the World Artificial Intelligence Conference (WAIC) held in Shanghai. This is extremely important. The message from our top leadership was clear: AI represents the future of the world. This is what Frost & Sullivan calls transformation. So what does being a "transformer" mean for enterprises? AI cannot be ignored. Is AI perfect? No. In fact, the optimal combination is AI plus HI (Human Intelligence) — which I will discuss shortly.

沙利文over the years，这好像是我们第16年连续出版全球50大变革性技术——Top Fifty Technologies，实际上是Disruptive Technologies，这是第16次、16th edition。每年我们都持续跟踪，因为我们沙利文有个特别强大的部门叫Tech Vision（技术洞察）。很多人对沙利文的理解，认为我们可能只对市场、金融有一定的了解，其实我们是一家特别深入了解技术的公司。好技术不一定有好市场，但是好市场一定有一个特别优秀的技术。今年我们也是第五次更新我们《中国未来50年产业发展趋势白皮书》。

This marks Frost & Sullivan's 16th consecutive year publishing the Global Top 50 Technologies — which are, in reality, disruptive technologies. We track them every year, driven by Frost & Sullivan's highly capable Tech Vision department. Many people assume Frost & Sullivan only understands markets and finance. In reality, we are a firm with a profound understanding of technology. While good technology doesn't always guarantee market success, market success is almost always backed by outstanding technology. This year also marks the fifth edition of our "White Paper on China's Industrial Development Trends Over the Next 50 Years".

下面的活动，我们即将看到我们跟Financial Times（金融时报）联合发布——前四届我们一直是独自发布，这次FT大力支持我们，给我们背书，我们一同发布这个中英文版。在这本书里边，我们有十大经典案例，都是最优秀的、最杰出的中国企业和中国企业家。有的企业家我看今天已经到场，比如说赵燕董事长。她做的很多产品，包括玻尿酸，还有很多相关产品，占据世界上基本半壁江山。过去的36个月和过去的12个月，我们沙利文在赴香港及境外上市作为独立行业顾问，市场份额从69%增长到71%。

Later in today's program, we will be co-releasing this report with the Financial Times. While we published the first four editions independently, we are thrilled to have the strong support and endorsement of the FT this time, and we will jointly release the Chinese and English versions. The white paper features ten classic case studies highlighting some of the most outstanding Chinese enterprises and entrepreneurs. I see some of these leaders are here with us today, such as Chairwoman Zhao Yan. Her company's products, particularly hyaluronic acid and its derivatives, account for nearly half of the global market share. Over the past 36 months — and specifically in the last 12 months — Frost & Sullivan's market share as an independent industry consultant for Hong Kong and overseas IPOs has grown from 69% to 71%.

但这个并不是我要说的问题。我发现了一个特别重要的现象。我不读具体数，我只是跟大家分享一下今年上半年在港交所的几个数字：上半年港交所有84只新股，沙利文提供了50家的独立行业顾问服务，达到将近70%。半导体行业16家，沙利文服务了11家。AI行业18家，沙利文服务了13家，包括智谱华章（2513.HK）（大模型第一股）、兆易创新(3986.HK)（半导体龙头）、天数智芯(9903.HK)（国产通用GPU第一股）。大家看到资本流向什么？硬科技、AI、新质生产力。

But that's not the main point I want to make today. Instead, I want to highlight a highly significant trend. While I won't read out an endless list of statistics, I do want to share a few key figures from the Hong Kong Stock Exchange for the first half of this year: In the first half, there were 84 new listings on HKEX. Frost & Sullivan provided independent industry consulting services for 50 of them — nearly 70%. In the semiconductor sector, Frost & Sullivan advised on 11 out of 16 listings. In the AI sector, Frost & Sullivan advised on 13 out of 18, including Z.AI（2513.HK） (the first large-model stock), GigaDevice (3986.HK) (a leading semiconductor company) and ‌ILUVATAR (9903.HK) (the first domestic general-purpose GPU stock). Where is the capital flowing? Toward hard technology, AI, and new quality productive forces.

今天我们也把我们的新质生产力的主席徐士龙董事长请到了现场，请徐主席帮我们坐镇。必须把我们的新质生产力、所有沙利文的工作做好，有领导把关，我们才有信心。港股AI集中大爆发，从去年底到今年年初，AI相关的IPO累计集资近千亿港币，占同期整体新股集资额超过50%-55%。所以AI不仅是一个单独的行业，它就像电力。我们可以假想：from the power generation——比如发电是算力，到transmission和distribution——输电、配电网，这就是模型、我们的大模型，最后到用电设备——家用电器也好、工厂设备也好，这些都是应用。

Today, we are honored to have Chairman Xu Shilong, who champions our initiatives in new quality productive forces, here to provide his guidance. With our leadership at the helm ensuring the quality of this work, we move forward with tremendous confidence. We've witnessed a massive boom in AI IPOs on the HKEX. From the end of last year to the beginning of this year, AI-related IPOs have cumulatively raised nearly 100 billion Hong Kong dollars, accounting for over 50%-55% of total new share capital raised in the same period. So AI is not just a single industry — it's like electricity. Think of it this way: power generation is the computing power; the transmission and distribution grid represents the large models; and the end-user devices — whether household appliances or factory equipment — are the AI applications.

所以我们看到AI重构了我们整个的产业链。穿越周期到底靠的是什么？不忘初心，方得始终。大家知道，我们一直讲一个企业要有它的vision和mission，对吧？那mission到底讲什么呢？就是企业家也好、工作人员也好，一定要有责任心、使命感。位卑也不能忘了国家的忧。I是什么？这是我们国家这些年大力提倡的Innovation，创新。但是其实创新的意义非常广，我们现在更侧重讲科技创新，简称科创。T呢就是要建立一个Trust（信任），因为没有信任就没有人会跟你合作，人而无信，没有办法在社会上立足。

Through this lens, it's clear that AI is completely reshaping our entire industrial value chain. What does it take to navigate through cycles? Never forget your original aspiration — that is the key to success. We always say a company must have its vision and mission, right?  So what is mission all about? It means that entrepreneurs and employees alike must have a strong sense of responsibility and mission. As the old saying goes, no matter how humble our position, we must never lose sight of our duty to our nation. What does the "I" stand for? It stands for Innovation, a concept our country has been heavily promoting in recent years. While innovation is a broad concept, our primary focus today is on technological innovation. The "T" stands for Trust. Without trust, collaboration is impossible, and you simply cannot establish a foothold in society. 

大家知道在几何学里边，三角形是最稳定的结构，四边形是不行的，其他多边形也很难做到这一点，只有三角形才是最牢固最稳定的。企业家的责任是什么？他们的使命是什么？往广义上讲，为人类命运共同体创造一个美好的未来——a better world，这是第一点。第二点，一定要造福我们的伟大祖国，造福我们伟大的人民，为我们的人民服务。第三点，一定要在我们的社会责任方面——比如ESG、CSR，不管是环保问题、双碳问题，还是企业社会责任方面——一定要做到力所能及的最大表率。

As we know from geometry, the triangle is the most stable structural shape. Unlike quadrilaterals or other polygons, the triangle provides unparalleled solidity and stability. What, then, is the responsibility of an entrepreneur? What is their ultimate mission? First, in the broadest sense, it is to build a better world — to create a brighter future for a global community with a shared future. Second, we must benefit our great nation, uplift our people, and truly serve our society. Third, we must lead by example in our social responsibilities. Whether through ESG initiatives, environmental protection, or achieving our dual carbon goals, we must do everything in our power to set the highest possible standard. 

刚才我跟大家讲了，我们最近推出的MEGA NEGA，它其实是个AI的platform。但是它并不是把沙利文的员工全lay off，我们是要用它做一个complement——对我们human intelligence（人类智能）的补充。因为大家知道，人类的智能有很多缺陷，虽然它有非常多的优势。它的缺陷是什么呢？它没有办法把浩如烟海的人类知识在短时间内读一遍，尽快总结出它的规律——这个是没有任何人可以做到的。但是人类的智能比人工智能优异的点是什么？就是人工智能只能识别一些模式，它对非线性的、非理性的思维、对预判性的东西，不是非常做得到位。我相信随着AI的发展——这就是为什么AI有巨大市场机会、有巨大投资潜力。所以我们的世界大势，浩浩荡荡，顺之则昌，逆之则亡——这是我们推翻帝制的伟大革命先驱孙中山先生提出的话。我们不能做螳臂挡车的人，我们要顺应历史的洪流，要做时代的弄潮儿。

As I mentioned earlier, our recently launched MEGA NEGA is, at its core, an AI platform. However, its purpose is not to replace or lay off Frost & Sullivan employees. Rather, it is designed to act as a complement to human intelligence (HI). As we know, despite its many advantages, human intelligence has its limitations. For instance, no human can process the vast ocean of global knowledge in a fraction of a second to instantly extract underlying patterns. Conversely, where does human intelligence outperform AI? Currently, AI is largely limited to pattern recognition. It struggles with non-linear, abstract thinking, and nuanced predictive judgment. Bridging this gap as AI continues to evolve is exactly why the sector holds such enormous market opportunity and investment potential. As Dr. Sun Yat-sen, the great revolutionary pioneer who overthrew the imperial system, famously said: "The tide of history is mighty; those who submit to it will prosper, those who resist it will perish."  We cannot be like the proverbial mantis trying to stop a chariot. Instead, we must ride the tide of history and become the trendsetters of our era.

所以我认为AI加HI才是最好的CI。有人把它叫Co-Intelligence，有人叫Combined Intelligence，so whatever。只有联合起来、整合这两种智能方式，我们才是最优的结果。我们沙利文这些年提出了两个理念，一个是向内的，一个是向外的。向内，我们提出了Open Industry Research Format（OIRF，开放行业研究格式）——什么意思呢？我们要做一个开源的系统。沙利文还有我们咨询行业、知识服务业，不是一个黑箱，不是一个盲盒。大家不知道内部的运作过程，没有透明度，zero transparency——这不是我们希望的。我们希望让大家看到我们这个“开放的厨房”——一个小小的厨师在这里切菜、备餐的每一个细节、每个动作，乃至我们的食物、我们的数据、我们的信息、我们的来源，全部公开，全部透明。接受我们的监管层、我们的客户、所有合作伙伴的监督——这个才是我们的目的。我们把这个叫KNIT，可信知识网络——The Knowledge Network of Integrity and Trust。这个“信”字怎么写呢？大家可以看到，左边是个单人旁，右边是个“言”。

Therefore, I believe that AI plus HI equals the ultimate CI. Whether you call it Co-Intelligence or Combined Intelligence, the takeaway is the same. Only by combining and integrating these two forms of intelligence can we achieve the optimal outcome. In recent years, Frost & Sullivan has introduced two core concepts: one internal and one external.  Internally, we launched the Open Industry Research Format (OIRF). What exactly does this entail? Our goal is to build an open-source model for our industry. Frost & Sullivan, and indeed the broader consulting and knowledge services sectors, should never operate as a black box. Operating behind closed doors with zero transparency goes entirely against our vision. We want our clients to see into our "open kitchen." Just as you can watch a chef meticulously prepare a meal, we want our data, our information, and our sources to be completely visible and transparent. We actively welcome the scrutiny and oversight of regulators, clients, and partners alike. That is our ultimate objective. We call this initiative KNIT: The Knowledge Network of Integrity and Trust. Consider the Chinese character for trust, "信" (xìn). The left side represents a "person," and the right side represents "speech" or "words." 

我们的老祖宗仓颉造字是不得了的，中华民族的伟大之处就在于它有灿烂的文明和文化。必须要言而有信，说到做到。特别希望我们沙利文还有所有生态的合作伙伴，构筑一个信任体。您把重大的责任交给我们——比如说很多客户在国际资本市场、证券市场要做的融资活动、并购活动、再融资再发行活动、债券——他需要的是一个特别信得过的、为他严守机密、为他提供高质量专业服务的公司。我们沙利文要有这种承诺、这种信心、这种决心、这种勇气，我们才能为大家当好牛做好马。我们真心的——俯首甘为孺子牛。

The wisdom embedded in our ancient language is profound — the greatness of the Chinese nation lies in its splendid civilization and culture. A person must stand by their word and honor their promises. It is our sincere hope that Frost & Sullivan, alongside all our ecosystem partners, can forge a truly trust-based network. When clients entrust us with critical milestones — whether it be IPOs, M&A, refinancing, or bond issuances in international capital markets — they require a partner they can implicitly trust to safeguard their confidentiality and deliver top-tier professional services. Frost & Sullivan must embody this commitment, confidence, determination, and courage to serve our clients to the highest standard. We are fully committed to working tirelessly and humbly as dedicated servants to our clients' success. 

大家可以看到，我们对内和对外——不管是从OIRF还是KNIT——我们都要做。我们认为企业家现在最核心关注的三点是什么？要勇攀像雪山一样的高峰——第一个就是要做Branding（品牌建设）。所有在座的杰出的企业家，没有一个人是不讲branding的。I，Innovation，创新，不说了，科创大家不用讲。G，Globalization，出海。我们沙利文是怎么总结的？中国的企业家要引领科创、服务人民、报效祖国、走向世界。我们特别强调这个理念，也希望大家跟我们产生互动和共鸣，也希望大家为我们的理念指正。刚才我们的主席富大为先生（David Frigstad），还有我们的总裁祖亚儒先生（Aroop Zutshi），他们都不约而同地讲到了这本书。企业增长是企业永恒的主题。企业增长需要靠什么？必须有一个教练。

As you can see, whether looking inward through OIRF or outward through KNIT, we are fully committed to putting these principles into practice. What, then, are the three core priorities for today's entrepreneurs as they scale new heights in their industries? The first is Branding. Every outstanding entrepreneur in this room understands the critical importance of brand building. The second is the "I" for Innovation — specifically technological innovation, the necessity of which goes without saying. And the third is the "G" for Globalization. How do we at Frost & Sullivan summarize this mission? We believe Chinese entrepreneurs must Pioneering Innovation, Serving the People, Dedicated to the Motherland, Going Global. This is a philosophy we strongly emphasize. We hope this vision resonates with you, and we warmly welcome your insights and feedback. Earlier, both our Chairman, David Frigstad, and our President, Aroop Zutshi, mentioned this book. Corporate growth is an eternal pursuit. But what drives this growth? Every enterprise needs a coach.

大家知道，教练未必就是世界冠军——好像梅西的教练不是世界冠军哦，C罗好像也不是。恰恰是这些不是冠军的coaches，才能成为你的引路人。这本书，我们即将在年底之前发布——时社长今天我也看到亲临了我们大会的现场——我们会和机械工业出版社共同发布这本书。大家知道机械工业出版社不是光出版工程制图、机械制图的，它是一个中国最顶级的、商学院式的、大百科全书式的经营管理类、金融类的出版商，有巨大的全球影响力。

As we know, a coach doesn't necessarily have to be a world champion. Neither Messi's nor Cristiano Ronaldo's coaches were world champions themselves. Yet it is exactly these non-champion coaches who serve as the greatest guides. We will be officially launching this book before the end of the year, co-published with China Machine Press. I actually saw President Shi in the audience today. As many of you know, China Machine Press goes far beyond engineering and technical manuals. It is one of China's premier publishers for business management and finance, boasting a comprehensive portfolio and significant global influence.

我跟大家再官宣一个消息，小小提前剧透一下：沙利文我们成立了一个Growth Coaching Center。这个center，我跟我们David富大为主席汇报过。富大为主席钦定说，第一站把我们的培训中心、学校放到上海。我们的公司专门为此成立了一个training center、coaching center。它有一套特别系统的方法，教大家分析、识别、鉴别这些机会，找到增长的赛道，然后实现一个完整的闭环式服务。

I'd also like to make an official announcement — a bit of a sneak peek: Frost & Sullivan has established a Growth Coaching Center. When I discussed this with Chairman Frigstad, he personally designated Shanghai as the inaugural location for our training academy. We have set up a dedicated coaching center specifically for this initiative. This center features a highly systematic methodology designed to teach you how to analyze, identify, and evaluate opportunities, pinpoint the right growth tracks, and ultimately deliver a complete closed-loop service.

葛万威教授，是我们的第一任Dean、第一任院长。葛万威教授他没有讲，他非常谦虚，实际上他是著作等身的，三五十本书全是被Oxford出版社买断了版权。我昨天跟葛万威教授说：“Professor, can you do me a favor？你能不能把有些版权转让给我们，我们跟Oxford Press商量一下。”他说可以。我们希望把这些好的书引到我们的培训中心。

Professor Vinod K. Aggarwal will serve as our founding Dean. He is far too modest to mention this himself, but he is a prolific author with dozens of books published exclusively by Oxford University Press. Yesterday, I asked him, "Professor, could you do me a favor and transfer some of those copyrights to us? We can negotiate with Oxford University Press." He graciously agreed. We look forward to bringing these outstanding resources into our training center.

因为大家知道，很多朋友问说你们FS代表什么？一个代表是我们希望有好的风水，上风上水；还有一个叫Future Study，叫Future Study Institute，就是未来学院。未来学院——当然我们的校董会主席是我们的富大为先生，我们的第一任执行院长是祖亚儒先生，院长是葛万威教授。希望在座各位踊跃报名参加我们的第一轮活动。第一次我们有21天，有21位企业家。有人问我为什么21？因为我觉得我们这几位老板、专家都是全球顶级的中国通，特别热爱中国文化、爱中国的食物、爱到中国来。他们知道这句话——“不管三七二十一”。“三七二十一”是什么意思？不管什么困难，我们一定要破除千难万险，我们要上。21是个特别好的数字——123，道生一、一生二、二生三、三生万物。结论就是：中国经济长期保持持续、稳健的增长是全球最大的利好之一。

As you all know, many friends often ask me what "FS" stands for. One interpretation is good "Feng Shui" — favorable winds and auspicious waters; another is "Future Study," which I've expanded into the "Future Study Institute" — our Future Academy. For this Future Academy, Mr. David Frigstad serves as Chairman of the Board, Mr. Aroop Zutshi as our founding Executive Dean, and Professor Aggarwal as our Dean. I warmly invite everyone here to sign up for our inaugural program. Our first cohort will run for 21 days, featuring 21 entrepreneurs. People ask me, "Why 21?" Our world-class leaders and experts deeply appreciate Chinese culture. They are familiar with the Chinese idiom "regardless of three-times-seven-twenty-one" (不管三七二十一), which translates to "no matter what." It symbolizes our determination to overcome any obstacle and charge forward. Furthermore, 21 is an auspicious number. It breaks down into 1, 2and 3, echoing the philosophy of the Taoism: "The Tao produces One, One produces Two, Two produces Three, and Three produces all things." Ultimately, what is the greatest boon for the global economy? It is China's sustained and steady long-term economic growth is one of the world's greatest positives.

希望按照我们市长给我们的重要指示，我们按照领导的指示方针落实这个事，尽全力做好我们沟通全世界的工作。我再讲一个简单的事，就是图灵奖讲到，我们要从硅基的科学，走向碳基的科学，从生命科学开始研究未来。过去不管你是计算科学、人工智能、空间科学，实际上都是硅基的，只有我们life science是from silicon to carbon，这很重要——S to C，对吧？这个S to C是非常非常重要的。再次感谢大家莅临现场，听取我们的汇报。我希望在座各位永远大力支持沙利文。谢谢大家！

Guided by the important directives of our Mayor and city leadership, we are fully committed to putting these principles into action and doing our utmost to fulfill our mission of connecting with the world. Let me share one final thought, echoing what the Turing Award laureate mentioned earlier: we are transitioning from silicon-based science to carbon-based science, looking toward life sciences to understand the future. Historically, fields like computational science, artificial intelligence, and space science have all been fundamentally silicon-based. Life sciences represent a crucial shift "from silicon to carbon" — or "S to C." This S to C transition is of paramount importance. Once again, thank you all for being here today and for listening to our presentation. I hope we can count on your continued and unwavering support for Frost & Sullivan. Thank you!