Today's newly released Forbes China's Best CEOs list shows that at a glance, the number of people in the Internet industry is 0 This list is worth mentioning. The narrative of Chinese business elites has shifted from Internet platform economy to "hard technology+advanced manufacturing+global supply chain" 1/Advanced manufacturing almost dominates the list If electronics, semiconductors, communications, electrical equipment, hardware, and electronic manufacturing services are all considered as "broad hard technology/advanced manufacturing", they account for over 70% This is very different from the business narrative of China from 2010 to 2020. In the first decade, e-commerce, social networking, local life, games, Internet finance and platform companies are more likely to appear on the list. But in this list, platform companies such as Alibaba, Tencent, Meituan, JD.com, Pinduoduo, and ByteDance are almost absent 2/The AI industry chain is a hidden mainline Although the list does not directly mention AI, many companies actually benefit from AI hardware capital expenditures. AI is not only beneficial for model companies, but also for AI chips, upstream hardware, communication, semiconductor equipment, storage, materials, etc PCB、 Electronic Manufacturing Services 3/Complex manufacturing is a strong point of Chinese enterprises Instead of continuing to replicate the last round of Internet dividends on the asset light platform, China has formed an advantage in "asset heavy+engineering+supply chain+sea going" 4/A-shares are the main battlefield The capital market pricing of Chinese 'hard tech CEOs' mainly occurs in A-shares; Hong Kong stocks carry more leading industries in consumption, automobiles, pharmaceuticals, resources, and traditional manufacturing 5/The main force is CEOs aged 50-60 The main body of the list is not young entrepreneurs, but middle-aged entrepreneurs and engineering managers who have long been deeply involved in the industry chain This also conforms to the laws of the manufacturing industry: to truly achieve scale, yield, customers, cash flow, and global competitiveness, it usually takes more than ten or even twenty years of accumulation 6/Semiconductors are not one industry, but multiple sub industries listed together Semiconductor related companies are very dense, but they are not the same type of company AI Chip: Narrative of Domestic AI Computing Power Storage/chip design: domestic substitution+AI server chain Semiconductor equipment: domestic equipment replacement Semiconductor materials: upstream materials Optical module/communication chip chain: AI data center requirements Rather than being listed as the best CEOs in China, it is more like a power map of China's advanced manufacturing industry chain