行業白皮書核心觀點http://www.destinopucon.com行業白皮書核心觀點 重磅報告!歌斐資產發布《中國PE二級市場基金2019年度展望報告》http://www.destinopucon.com/n/393行業白皮書核心觀點2019-04-19<section class="" data-id="86005" data-tools="135編輯器" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(51, 51, 51); font-size: medium; letter-spacing: 0.544px; line-height: 25.6px; text-align: justify; white-space: normal; widows: 1; font-family: Helvetica, Arial, sans-serif; border: 0px none; background-color: rgb(255, 255, 255); word-wrap: break-word !important;"><section class="" style="margin: 0px 0px 16px; padding: 16px; max-width: 100%; box-sizing: border-box; word-wrap: normal; overflow: auto; font-size: 15px; line-height: 1.45; border-radius: 3px; background-color: rgb(247, 247, 247);"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;">2019年4月17日,歌斐資產、投中信息在昨日舉辦的“看多中國”2019中國投資年會年度峰會上二次攜手,聯合發布了《中國PE二級市場基金(下稱“PE S基金”)2019年度展望報告》,對國內外PE S基金發展趨勢及交易難點等進行詳細解析。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp;</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;">在2018年的投中年會上,歌斐資產與投中信息首次聯合發布了《2018中國PE二級市場白皮書》<a target="_blank" data-linktype="2" style="margin: 0px; padding: 0px; color: rgb(87, 107, 149); text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">(點擊閱讀)</a>,這本白皮書可謂是業內最具權威性的專注于中國PE二級市場的白皮書之一。其結合業內經典案例,針對中國PE二級市場(PE S基金的交易市場)發展現狀、優勢、存在的問題及未來發展趨勢均做出了深入闡述。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp;</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;">以下為《中國PE二級市場基金2019年度展望報告》的要點解讀。</p></section></section><p><br/></p><section class="" data-role="paragraph" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(51, 51, 51); font-size: medium; letter-spacing: 0.544px; line-height: 25.6px; text-align: justify; white-space: normal; widows: 1; font-family: Helvetica, Arial, sans-serif; border: 0px none; background-color: rgb(255, 255, 255); word-wrap: break-word !important;"><section data-role="paragraph" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; letter-spacing: 0.544px; border: 0px none; word-wrap: break-word !important; overflow-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; font-family: 微軟雅黑; color: rgb(165, 165, 165); font-size: 12.8px; text-align: center; line-height: 1.75em; box-sizing: border-box !important; word-wrap: break-word !important; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(136, 136, 136); font-size: 14px; font-family: PingFangSC-Regular; overflow-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; letter-spacing: 0.544px;"></span></span></p></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(165, 165, 165); font-size: 12.8px; text-align: center; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(51, 51, 51); font-size: medium; letter-spacing: 0.544px; line-height: 25.6px; text-align: justify; white-space: normal; widows: 1; font-family: Helvetica, Arial, sans-serif; border: 0px none; background-color: rgb(255, 255, 255); word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section data-role="outer" label="Powered by 135editor.com" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 16px;"><section data-role="outer" label="Powered by 135editor.com" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section class="" data-tools="135編輯器" data-id="94540" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section data-width="100%" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: 645px;"><section style="margin: 0px 0px -1.1em; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; display: inline-block; background: rgb(254, 254, 254);"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; display: flex; justify-content: center; align-items: center;"><section style="margin: 0px 2em 0px 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; width: 8px; height: 8px; border-radius: 100%; color: rgb(255, 255, 255); background: rgb(255, 218, 81);"></section><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: 33px;"></section><section class="" data-brushtype="text" style="margin: 0px; padding: 0px 15px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; color: rgb(255, 255, 255); font-weight: bold; letter-spacing: 1.5px; line-height: 32px; background-color: rgb(255, 218, 81);"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; color: rgb(81, 77, 77); box-sizing: border-box !important; word-wrap: break-word !important;">報告核心觀點:</span></section><section style="margin: 0px 0px 0px 2em; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; width: 8px; height: 8px; border-radius: 100%; color: rgb(255, 255, 255); background: rgb(255, 218, 81);"></section></section></section></section><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 2px dashed rgb(229, 229, 229);"><section data-autoskip="1" class="" style="margin: 0px; padding: 2em 1em 1em; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; font-size: 14px; letter-spacing: 1.5px; line-height: 1.75em; color: rgb(255, 218, 81);"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; color: rgb(255, 255, 0); box-sizing: border-box !important; word-wrap: break-word !important;">?</span><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">國外PE二級市場:</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">1、 運行機制日趨成熟,創造價值愈被認可,將迎來長足發展;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">2、 更復雜的交易類型逐漸出現并產生更高的溢價;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">3、 通常采用“P+S+D”(首次募集+二級市場+直投)的交易策略。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; color: rgb(255, 255, 0); box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">?</strong></span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77); font-size: 15px;">國內PE二級市場:</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">1、 年輕(發展不足十年),但成長迅速;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">2、 交易類型集中于基金份額轉讓,生態系統亟待完善;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">3、 諸多因素使得其在發展過程中機遇與挑戰并存。</span></p></section></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; text-align: center; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; text-align: center; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">一、全球S基金發展趨勢分析</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">1、自金融危機以來,全球PE二級市場交易量近十年保持盤旋上升</span></strong><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"></span></strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">全球PE二級市場交易量呈現盤旋上升趨勢,2017年創下580億美元新高。2003-2017年間全球PE二級市場交易量復合增長率達14%,2008年、2014年與2017年均為PE二級市場交易量大幅度增長點。隨著GP參與度的提升、即將到期基金的增加,<strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">PE二級市場所創造的價值越來越被認可,在可預見的未來勢必迎來長足的發展。</strong></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">2、</span>各類S策略基金中(包括PE基金、實物資產類基金、VC基金、私募債基金、多元化策略基金等),PE S基金募資規模處于領先位置(如下圖)。</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"><img class="" data-ratio="0.4074074" data-src="https://mmbiz.qpic.cn/mmbiz_png/lJvqTbHicicYqdkNnjIabbjVOPFQqNAcBkMQhMDP2bJmNcA0bbdPMCskBFIQzxJXFEdgDUib5rXXD74fBNuNhRbFw/640?wx_fmt=png" data-type="png" data-w="1080" _width="677px" src="error!" crossorigin="anonymous" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; width: 677px !important; visibility: visible !important;"/></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">3、<strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">PE</strong>&nbsp;S基金凈回報倍數的中位數高于其他PE基金</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">如下圖所示,2008-2016年全球市場PE S基金凈回報倍數的中位數普遍高于其他私募基金。</span></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">4、GP為主導的交易占主要交易類型</strong><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"></strong><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"></span></p></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">自2012年以來,以GP為主導的交易增長速度遠超整個PE二級市場,占到2017年整個市場交易額的24%。</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">伴隨PE二級市場的成熟,GP相較于LP更積極主動地參與到PE二級市場交易中。</span></p><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; text-align: center; box-sizing: border-box !important; word-wrap: break-word !important;"><img data-copyright="0" data-ratio="1" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/lJvqTbHicicYqdkNnjIabbjVOPFQqNAcBkyG29icC1hkXDOiaKibELNUyoyoPTqWluJ3icFa12bOmfw1t7QUKQTNeQrQ/640?wx_fmt=png" data-type="png" data-w="50" _width="50px" class="" src="error!" crossorigin="anonymous" data-fail="0" style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(192, 0, 0); font-family: 微軟雅黑; font-size: 14px; height: auto !important; box-sizing: border-box !important; word-wrap: break-word !important; width: 50px !important; visibility: visible !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; text-align: center; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">二、國內S基金發展趨勢分析</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">1、國內S基金參與者對市場關注度逐漸增加,頭部參與者仍以母基金為主</strong></span></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">國內母基金越來越重視PE二級市場,一些專業的PE二級市場基金也開始布局亞洲市場。</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">各路新進入者奔赴PE二級戰場的消息不絕于耳,硝煙彌漫。</span></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"><img class="" data-ratio="0.6591133" data-src="https://mmbiz.qpic.cn/mmbiz_png/lJvqTbHicicYqdkNnjIabbjVOPFQqNAcBkZjLG4aZBJnjaroXvVxyhrLlH5KdPttsApQfCCOQ47MctQ0mJr7nxXQ/640?wx_fmt=png" data-type="png" data-w="1015" _width="677px" src="error!" crossorigin="anonymous" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; width: 677px !important; visibility: visible !important;"/></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">2、國內不論GP還是LP參與PE二級市場意愿較往年穩步增強</strong></span></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"></span></p></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">去年僅有11.34%GP參與PE二級市場交易,今年增長到15.04%;</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">去年有18%LP沒有參與基金份額轉讓交易的意愿,今年降低到13%。</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">總體趨勢向好,但因為國內市場發展不完善,GP和LP持觀望態度的依然較多。</span></p><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">3、基金份額轉讓是國內PE二級市場交易主要類型</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">調研發現,目前國內PE二級市場交易類型以基金份額轉讓為主,原因在于</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">1)《資管新規》和資本市場波動帶來的違約繳款增加;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">2)減持新政、特殊行業的并購退出限制、IPO等政策的影響,基金退出速度、資產變現效率均有所減緩;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">3)特定類型LP如政府引導基金等有結構性調倉需求。</span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">3、國內S基金面臨的機遇和挑戰</strong></span></p></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(1)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>資管新規不論是對于機構募資,還是對于政府引導基金出資,帶來的影響很大,部分GP不得已替換出資方或縮小募資規模來完成基金的募集;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(2)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>科創板對S基金估值體系建立提供了很好的借鑒,推動了S基金的發展;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(3)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>目前市場變現需求較為急迫的LP有3類:</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><em style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">1)受資管新規影響,過往通過銀行通道業務出資的LP需盡快轉讓;</em></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><em style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">2)依靠上市公司及其高管出資的LP,需快速變現去補救股票質押帶來的影響;3)來自地產和實業的LP,由于銀行收縮貸款去杠桿,也需盡快變現,回補現金流;</span></em></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></strong></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">(4)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>國內S基金發展之初主要是以LP份額轉讓為主的交易方式,隨著歌斐資產、開元國創等母基金不斷探索,加之國外專業的S基金參與者如科勒資本、新程投資等開始在亞洲市場布局,S基金交易類型不再單一,尾盤交易、定制化交易逐漸成為新的趨勢,間接推動國內PE二級市場的發展。</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; text-align: center; box-sizing: border-box !important; word-wrap: break-word !important;"></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">三、S基金交易難點解析</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">1、國內S基金交易過程中的難點</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(1)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>信息不對稱:國內PE二級市場發展面臨嚴重的信息不對稱,交易過程中產生的需求沒有得到有效解決,有時還會阻礙交易的進行;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(2)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>盡調難題:一方面GP不太希望將自身投資組合和投資策略讓他人了解,另一方面,即便GP配合,S基金團隊也很難在短時間內將GP花費大量時間盡調的項目重新審核一遍;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(3)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>估值難題:估值包含資產估值和LP權益估值,資產估值目前有相對成熟的方法論,而LP權益估值比較難,不同機構有不同方法,存在較大差異;</span></p><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(4)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>整個生態系統發展完善度不高:國外PE二級市場的發展已經成熟完善了,交易過程中都會有相對應的服務商提供服務,促使交易順利進行,然而國內目前發展仍處于早期,除了買家和賣家外,中間環節雖正在逐步形成一些少量的服務商,但還未有很好的系統去整合生態,造成服務與實際業務的脫節。</span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">2、對從業人員的綜合能力要求頗高</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">國內S基金發展面臨著良好機遇的同時也面臨著較多難題,且對S基金團隊投資能力來講挑戰較高,總結歸納為以下四點:</span></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(1)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp;&nbsp;&nbsp;</span>具有較強的項目判斷能力</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">S基金團隊需要在對portfolio中不同行業、不同階段的各個項目,有一定深度的判斷,并進行合理估值;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(2)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp;&nbsp;&nbsp;</span>具有極好的資源網絡</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">S基金團隊需要同時覆蓋足夠廣泛的GP資源、LP資源,建立良好的份額來源渠道;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(3)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp;&nbsp;&nbsp;</span>具備較好的交易能力</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">S基金團隊需要具備復雜交易結構的設計能力、談判能力、交易執行能力;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(4)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp;&nbsp;&nbsp;</span>具有良好的關系處理能力</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">S基金團隊需要平衡協調各方利益訴求的能力,包括買方、賣方、GP、標的資產方等。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">針對上述難點,歌斐資產作為母基金和S基金的先行者,已經構建了強大的系統和優化了完整的打法。</span></strong></p></section></section></section></section></section></section></section></section></section><p><br/></p><p><br/></p> 《GP生存發展報告》歌斐資產&母基金周刊聯合發布丨重磅行研http://www.destinopucon.com/n/388行業白皮書核心觀點2019-04-04<p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;">《GP生存發展報告》新鮮出爐啦~</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;">本報告由歌斐資產&amp;母基金周刊聯合發布,旨在把GP看作資產管理行業的重要部分去研究,研究產業中從業主體的需求、特點,找到他們的痛點,然后整合資源更好去服務、賦能。</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; text-align: center;"><img src="http://www.destinopucon.com/Uploads/Gopher/UEditor/2019-02-11/95d75b24-f8c6-4dee-92ba-8101799b96f5.png" width="900" height="600" border="0" hspace="0" vspace="0" title="" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; font-size: 16px; white-space: normal; width: 900px; height: 600px;"/></p><p><br/></p><section data-role="outer" label="Powered by 135editor.com" style="padding: 0px; margin: 0px; box-sizing: border-box; font-size: 16px;"><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">本文根據歌斐資產董事長殷哲在中國母基金峰會的演講;</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; text-align: center;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;"></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; text-align: center;"><img src="http://www.destinopucon.com/Uploads/Gopher/UEditor/2019-02-11/image4889667.png" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">以及歌斐資產合伙人曾純與母基金周刊創始合伙人兼CEO在中國母基金年會上的演講和對話整理。<br style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"/></span><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">01</strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">拐點</strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">“我們看到多遠的過去,就能看到多遠的未來。轉折也好,拐點也罷,希望看到長周期視野下我們在什么位置?!?lt;/span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">目前,整個中國的金融行業在時間、形態和體量上基本都在對標美國。我們從數據上可以看到,美國VC市場2000年有一個非常明顯的變化——整個互聯網在沖頂之后,有一個強烈的回落。2003年之后,基本上進入相對平穩的階段。政策引導及經濟環境的變動,是當時美國VC“拐點”的關鍵因素。</span></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" em="em" style="padding: 0px; margin: 20px 16px 25px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 14px;">圖:1978年至2018年美國VC募資總規模</span></strong></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; text-align: center;"><img data-ratio="0.39886039886039887" data-type="jpeg" data-w="702" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDC69TpgMibHGmrczEhNUxNFP9IuZBxcibTmOFtdDEVKmz8ibTwHeNKJ2ttA/640?wx_fmt=png" data-backw="556" data-backh="222" data-copyright="0" data-oversubscription-url="http://mmbiz.qpic.cn/mmbiz_jpg/3lb4glknKyTX0W3CSQaXLTohRUwZOFDC6ZR1EjHyCGY8F1hEgsVQyvHib6Cwx1BG0vSUQwR9qxLYhLSC6VNveLQ/0?wx_fmt=jpeg" _width="645px" class="" src="http://www.destinopucon.com/Uploads/Gopher/UEditor/2019-02-11/image6336886.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; visibility: visible !important; width: 645px !important;"/></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; max-width: 100%; color: rgb(136, 136, 136); font-size: 16px;">數據來源:路透社,FOF weekly整理<br style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"/></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">回來看中國的私募股權行業,以2004年為界,自此之后,中國的私募股權投資一路飆升,發展迅猛。而在之前,國內私募基金基本處于地下生長階段。正是2004年,國內的私募股權基金才步入陽光化發展階段。私募基金從地下運營到政策支持,從野蠻生長到規范發展,從鮮為人知的細分領域成長為金融行業的重要組成部分。</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">把節點放到2018年,中國整個私募股權的發展和美國VC非常陡峭的發展形態類似。如果對標美國,中國的私募股權行業需要三年左右的時間才可以回歸到相對平穩的狀態,回歸到一個更理性、更符合資產管理業態的合適比例。</span></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><img data-ratio="0.3777292576419214" data-type="png" data-w="458" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCzOe6597Fj0R72B5ru1Br8jnf15FlKvKTPtxgUvNDHG7d8YPyXicLLYg/640?wx_fmt=png" data-backw="514" data-backh="194" data-copyright="0" data-cropsely2="194" data-cropsely1="0" data-cropselx2="486" data-cropselx1="28" _width="458px" class="" src="http://www.destinopucon.com/Uploads/Gopher/UEditor/2019-02-11/1fde3e25-6fb8-4c4f-a414-9c353faada23.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; letter-spacing: 0.544px; text-align: center; white-space: normal; width: 735.333px; visibility: visible !important;"/><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); letter-spacing: 1px; font-family: 宋體, SimSun; font-size: 16px;">&nbsp;</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">對標國際和美國,中國私募行業逐漸進入機構投資者主導的成熟發展階段。但目前國內外差距依然存在。</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">從統計數據來看,中國私募基?管理?及數量約為美國同?的8倍與2.5倍,整體管理規模只有七分之一,?美國私募基?規模平均管理基?數量是中國的3倍多,平均管理規模?達54倍多。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 14px;">圖:中美私募股權管理人數量/規模對比</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 14px;"><img src="http://www.destinopucon.com/Uploads/Gopher/UEditor/2019-02-11/image3665070.png" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle;"/></span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(136, 136, 136); font-family: 宋體, SimSun; font-size: 16px;">數據來源:中基協截至2018年6月底:《2017年四季度私募基金行業統計報告》,截至2017年底。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">可見,從基?管理能力的角度來看,中美之間還有很?差距,也是中國同?的努??向,未來還有很長的路要走,任重道遠。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">02</strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">分流</strong></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">“LP的專業化和機構化,有利于促進長期資本的形成”</strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">1、資金的問題</strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">在當前國內金融大環境下,中國資金市場目前面臨三個問題:</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">風險定價錯配;</strong>國內的大部分金融資產的風險定價是錯配的,即其風險并不體現在收益上。政府干涉和 “剛性兌付”意味著債券、信托、房地產、甚至股權類資產等的價格并不由市場主導,不滿足資產配置的風險收益對等的基本條件。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">時間預期錯配;</strong>許多根據投資人的偏好生成的資產配置建議,導致國內投資市場有很多“短錢長用,長錢短用”的現象。國內出現的許多“爆雷”現象,主要是存在時間錯配的問題。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">市場限制錯配;</strong>因為國內資產在全球配置上的限制,資產除了很難投出去以外,估值也是一個比較大的問題。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">2、LP的分流</strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">把中國目前的資金面分成四類,我們對不同的錢對它的導向和特點做了一些簡單的解讀。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">圖:中國LP&nbsp;4種類型和特點</span></strong></span></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><img data-ratio="0.41935483870967744" data-type="png" data-w="620" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDC4YlibIVrXucP8wqOicMRv8cPMbcdfibTRBYaUXwHzunf7CJxRkpmliaFtA/0?wx_fmt=png" data-backw="524" data-backh="220" data-copyright="0" data-cropsely2="222" data-cropsely1="0" data-cropselx2="524" data-cropselx1="0" _width="645px" class="" src="http://www.destinopucon.com/Uploads/Gopher/UEditor/2019-02-11/image7614009.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; width: 698px; visibility: visible !important;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(136, 136, 136); font-family: 宋體, SimSun; font-size: 16px;">來源:FOF Weekly</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">第一類是“洪流”,這一類LP以政府引導基金、央國企、國有金融機構為代表。非常受政策導向的錢,我們稱之為是洪流。資金體量大,像洪水一樣,謂之洪流如2008年的四萬億像洪水漫灌一樣進入市場。其特點是背書強,受政策和領導變動影響大,決策周期長。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">第二類是“靜流”,此類LP以產業集團、上市公司為代表。產業的錢需要放在一個幾十年甚至上百年的周期來配置,其受制于增長相對緩慢的特性,需要符合最基本的產業發育的規律。產業發展周期較長,則必然容易受到很多產業政策、結構性調整的影響。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">第三類是“暗流”,這一類主要以個人財富為主,以家族辦公室、私行等為代表,以資金增值和保值為導向。此類LP有著決策快,受個人關系信任度影響較大的特點,但有潛在的可持續性、流動性危機。最近很多資金爆雷的部分也是在暗流。我們很多民間的錢,是在中國整個資金面市場上是非常重要的組成部分。當然,現在也是在整頓和調整。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">第四類是“急流”,它以外資為代表,集中于產業轉移基金和美元基金,以全球分工和資本配置為導向。這類LP通常是專業的長期資本,門檻高、政策敏感度高。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">3、LP的分層</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">由于中國資金市場的來源比較豐富,部分類型的LP參與市場早而且活躍,市場顯著度比較高,還有部分LP參與遲,相對低調,市場認知度低。但在成熟市場,后者將是更主流的機構投資人。因此中國整個資金面出現“分成現象”,分成水上和水下。</span></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" em="em" style="padding: 0px; margin: 20px 16px 25px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">圖:中國LP的分層</span></strong></span></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><img data-ratio="0.33781763826606875" data-type="png" data-w="669" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCxYFHeJMVmNr4ibOATxmH4aOVk0TB7XTAXia67eu2cCR4Djp3JSWhhGxQ/640?wx_fmt=png" data-backw="556" data-backh="188" data-copyright="0" _width="645px" class="" src="http://www.destinopucon.com/Uploads/Gopher/UEditor/2019-02-11/image4137862.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; width: 698px; visibility: visible !important;"/></p><p style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; font-size: 17px; letter-spacing: 0.544px; caret-color: rgb(0, 0, 0); font-family: -webkit-standard; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(136, 136, 136); font-family: 宋體, SimSun; font-size: 16px;">數據來源:??∽稍?amp;nbsp;</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">水上的錢大致包括政府引導基金、市場化母基金和產業頭部的企業、銀行類的金融機構以及政府國企、央企等。這是大部分機構都可以接觸到,近幾年在各大論壇和各大媒體比較活躍的主體。</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">但相對而言,水下的錢的源頭也是非常重要的機構出資人,現在市面上對他們關注比較少,比如高?;?,因為中國教育體制的原因,不可能像美國的高校捐贈基金高度市場化,目前很多高?;饦I開始向美國對標,開始具備資產配置概念,慢慢向市場化運作。還有慈善基金,上個月國家出了一個文,慈善基金可以進入到一級市場,也是一個利好消息。</span><a target="_blank" data-linktype="2" style="padding: 0px; margin: 0px; box-sizing: border-box; color: rgb(87, 107, 149); outline: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">《慈善組織或成機構LP主力軍,私募行業有望助力慈善資產保值增》</span></a><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">??</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">由于中國LP群體還在早期的發展階段,有著各種分流和分化,中國的LP還有大量從水下還沒有浮上來,所以還有非常大的配置空間,需要更多的專業GP和投資咨詢的服務機構。</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">另外,中國現在機構化的資金越來越多,從產業發展的角度來看,有利于長期資本的形成,對產業創新的支持也會更符合產業發展本身的規律和節奏。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-size: 18px;">03</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-size: 18px;">分化</span></strong></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">“GP要生存發展,盡快找準定位,構建核心能力”&nbsp;</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">如果把2018年被看作行業拐點,未來GP會朝著不同的方向分化形態。</span></p><h3 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun;"><br style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"/></span></h3><h3 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">1、視角1:發展策略和運營模式&nbsp;</span></strong></span></h3><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><img data-ratio="0.7760869565217391" data-type="png" data-w="920" data-s="300,640" _width="677px" class="" src="http://www.destinopucon.com/Uploads/Gopher/UEditor/2019-02-11/image6961049.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; width: 698px; visibility: visible !important;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">第一個維度是兩種發展策略:做大還是做精? 到底是做大管理規模還是垂直領域細分的精品機構?從美國經驗來看,管理規模提升了以后,IRR就會受影響,二者很難兼得。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">“白馬”朝向資管生態演變,規模至上追AUM,未來管理規模超幾百億的機構會越來越多,資金體量必然會導致管理的發展策略向資管生態演變?!昂隈R”則聚焦于垂直、專業化,會傾向于追求較高IRR。有GP聚焦在醫療里面的眼科細分領域,但是投得非常好,足夠窄的時候就可以在全球市場上在這個細分市場做到最頂級。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">第二個緯度是兩種運營模式:長期持有還是階段性套利?越來越多的GP會向產業型基金轉變,產業基金和CVC逐漸崛起,圍繞產業做分拆整合和主動管理;此類基金需深耕產業,不斷提升產業屬性的資產管理能力。</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">有一些基金則強化交易退出,被稱之為投行型,這種形態要求GP在資產一端有很強的交易能力,可以快速的縮短周期和提高頻次。很多投行型的基金會出來,或者說強交易的GP也在逐漸投行化,進行資本運作和資產組合。所以他們的特點是我對資產處置和對資產流動的處置的效率很高,交易環節很強。一個機構的是交易能力還是產業管理能力,這對人員配置和能力素質要求區別很大。產業和投資的融合是很重要的趨勢?,F在新GP團隊產生最核心的來源一部分是CVC的人脫落或者是產業鏈spin off和投資人融合,或者投資人不斷的吸納產業的人來優化它的團隊。</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">以產業資管生態的為例,體量又大,又很聚焦產業,CVC是典型代表,比如京東,百度在市場規模是投資幾千億,它的策略可以做直投可以做LP,可以從最創新的部分一直投到上市公司,所以他們在這市場里面會成為一個非常重要的參與角色。2017年中國的CVC交易創下新高。CVC對中國公司投資的交易數量幾乎翻了一番。從84筆到163筆,增加了94%。與此同時,投資金額也隨之翻了一倍,從31億美元增至60億美元,同樣上升近94%。BAT,小米、京東等新經濟的龍頭企業中國投資領域異?;钴S。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><h3 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">2、視角2:參與深度和能力</span></strong></span></h3><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">第二個GP的分化方式,用GP的能力和參與度的新緯度來去看GP,一個緯度是對整個GP的控制。還有很多是跟投型的,還有服務型,雖然在投資比例比較少,這種賦能型的投資也慢慢的興起。</span></p><p style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; font-size: 17px; letter-spacing: 0.544px; text-align: justify; caret-color: rgb(0, 0, 0); font-family: -webkit-standard;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><img data-ratio="0.8955696202531646" data-type="png" data-w="316" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCVkTQ0yW27DQoe1warl8xWicaN7icKuEcib04ZnDibibe2cjlObF8WpnyAaA/640?wx_fmt=png" data-backw="316" data-backh="283" data-copyright="0" _width="645px" class="" src="http://www.destinopucon.com/Uploads/Gopher/UEditor/2019-02-11/image8369680.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; width: 698px; visibility: visible !important;"/></p><p style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; font-size: 17px; letter-spacing: 0.544px; text-align: justify; caret-color: rgb(0, 0, 0); font-family: -webkit-standard;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">以從國內外的基金為對標,一個是日本的軟銀,國內有高瓴資本和中信資本,還有一個是很熱的3G capital,在全球市場做控制運營型非常有名的標桿。&nbsp;</span></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><img data-ratio="0.4238095238095238" data-type="png" data-w="630" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCav03sGfwCY08I8icPOrQZFsKv1UdZ6mzNXpyHiaWxV8KF8Cg1UUY57NA/640?wx_fmt=png" data-backw="556" data-backh="236" data-copyright="0" _width="645px" class="" src="http://www.destinopucon.com/Uploads/Gopher/UEditor/2019-02-11/image7377721.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; width: 698px; visibility: visible !important;"/></p><p style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; font-size: 17px; letter-spacing: 0.544px; text-align: justify; caret-color: rgb(0, 0, 0); font-family: -webkit-standard;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">通過對GP市場的觀察形成對GP細分和分化邏輯,中國GP市場還在一個裂變的狀態,再過幾年結構會趨于穩定,在之前的一二十年里,GP有子彈就出去打一下,或多或少都有收獲。但是現在就比較難了,細分賽道里已經站滿了投資人。當資金變少,競爭激烈的時候每一個GP都要找到自己位置,這個定位的過程是非常重要,定位會決定募投管退的策略,深耕自己的能力區域。否則你在未來五到十年很難生存。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">因此,GP機構找準賽道,找準定位,構建核心能力。等細分賽道逐漸飽和,機構的生存會變得很艱難,甚至會被淘汰。&nbsp;</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><h2 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-family: 宋體, SimSun;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 18px;">04</span></strong></span></h2><h2 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-family: 宋體, SimSun;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 18px;">抉擇</span></strong></span></h2><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">“認清趨勢,回歸價值,放眼全球”</strong></span></p><h3 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun;"><br style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"/></span></h3><h3 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">1、從狩獵到農耕</span></strong></span></h3><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">圖:從狩獵時代到農耕時代的轉變</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><img data-ratio="0.49920760697305866" data-type="jpeg" data-w="631" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCSkUtaSDaS6LOtfYBckqXzKaKLxbZ4CicDwvJjXYaCTwjoOVQxHbFelA/640?wx_fmt=png" data-backw="556" data-backh="278" data-copyright="0" data-oversubscription-url="http://mmbiz.qpic.cn/mmbiz_jpg/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCOI7GHl6qHAK20nodK42h0kt3kWKA6a4dzeFfbgOwztcicXEugVAqvIA/0?wx_fmt=jpeg" _width="631px" class="" src="http://www.destinopucon.com/Uploads/Gopher/UEditor/2019-02-11/image8701218.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; width: 631px !important; visibility: visible !important;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(136, 136, 136); font-family: 宋體, SimSun; font-size: 16px;">來源:FOF weekly</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">中國已經開始在某一些原創的研究領域向國外輸出我們的模式和技術。這個是創新環境里面非常大的變化。還有一塊是從2C部分向2B轉變,以及在整個競爭狀態,我們的募資、投資情況,機會性的跑馬圈地,粗放式的投資到現在越來越需要精耕細作,越來越需要像農耕時代的思維,我們需要更長期的布局,更早期的布局,包括我們在管理,大部分GP的管理都是比較粗放,因為我們現在還沒有到這一部分,包括退出。&nbsp;</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">2、從套利到長期價值,賺能力的錢</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">到底GP賺什么錢?如果我們把整個GDP的增長,整個大水漫灌流動性的部分,這些部分帶來的收益去除,GP的實際收益是什么多少?通過梳理GP怎么獲利,發現與其他投資工具不同,私募股權投資的回報立足于經濟周期輪回和時代變遷,犧牲流動性,換取跨周期的超額回報,從長期看,最終超額收益來源于企業真實持久的價值創造。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">圖:GP能力迭代模型</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><img data-ratio="0.5430861723446894" data-type="png" data-w="499" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCLG6w5BUdhlTZtc4ibLw7QyXe6ibXwqpx4uEGv5Db7xDrjF5jBsHcSJzQ/640?wx_fmt=png" data-backw="499" data-backh="271" data-copyright="0" _width="645px" class="" src="http://www.destinopucon.com/Uploads/Gopher/UEditor/2019-02-11/image3624956.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; caret-color: red; font-family: -apple-system-font, system-ui, Arial, sans-serif; width: 698px; visibility: visible !important;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(136, 136, 136); font-family: 宋體, SimSun; font-size: 16px;">來源:FOF weekly</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">由于中國經濟發展和轉型、制度套利和流動性機會的存在,使得大量的GP基于不同策略獲得生存空間。隨著這些都消失后,必然回到最底層的邏輯,產業創新價值在哪里,如果抓不住,這個GP想獲利挺難。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">根據美國30年來私募股權行業投資回報貢獻比例的對比分析,GP 通過財務杠桿獲得回報的比例逐漸降低;公司業務價值創造所占的投資回報比越來越高;投后管理(盡職調查、危機應對、企業咨詢等)成為推動 GP 投資回報增長的關鍵因素<span style="padding: 0px; margin: 0px; box-sizing: border-box; font-size: 15px; max-width: 100%; letter-spacing: 1px;">。</span></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">圖:私募股權行業投資回報貢獻比例</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;"></span></strong></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; text-align: center;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><img data-ratio="0.3978328173374613" data-type="png" data-w="646" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCKx1GIfzOj1F9Uk6M2REvOdzFWMtPnC3G7DAV2TEg15leU5U3OPWvSg/640?wx_fmt=png" data-backw="556" data-backh="221" data-copyright="0" _width="645px" class="" src="http://www.destinopucon.com/Uploads/Gopher/UEditor/2019-02-11/image9401970.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; font-family: -apple-system-font, system-ui, Arial, sans-serif; visibility: visible !important; width: 645px !important;"/></strong></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; color: rgb(136, 136, 136); font-family: 宋體, SimSun; font-size: 16px; letter-spacing: 0.544px;">數據來源:BCG&nbsp;&nbsp;</span><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"></span></p><h3 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><br style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"/></strong></span></h3><h3 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">3、從美元到人民幣,雙幣策略成標配<br style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"/></strong></span></h3><p style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; font-size: 17px; letter-spacing: 0.544px; text-align: justify; caret-color: rgb(0, 0, 0); font-family: -webkit-standard;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">圖:2009-2018年人民幣基金與外幣基金募資總額</span></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><img src="http://www.destinopucon.com/Uploads/Gopher/UEditor/2019-02-11/image9050126.png" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(136, 136, 136); font-size: 15px;">來源:清科私募通,FOF Weekly整理</span></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">受制于國內募資環境的影響,今年大量的人民幣基金開始嘗試募集雙幣,一方面可以先更廣泛地域的資金配置,另一方面也便于投入到適合海外上市的創業企業當中。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">雖然國內募集雙幣基金的機構增多難免有避難就易的嫌疑,但從長期來看,在人民幣管制嚴格的環境下,募集雙幣基金無論從募資還是投資的空間上都會是一個很大的提升。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">雙幣基金的空間會更大一些,未來可能成為主流基金標配。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); letter-spacing: 1px; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-size: 18px; max-width: 100%; font-family: 微軟雅黑;">05</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); letter-spacing: 1px; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-size: 18px; max-width: 100%; font-family: 微軟雅黑;">【結語】</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">2018年是激蕩的一年。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">投資行業野蠻生長、跑馬圈地的狩獵時代成為過去;精耕細作、重投研管理的農耕時代來臨;</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">有的機構在強監管、募資難、退出難中掙扎,乃至沉寂消亡;有的機構開始追求更高責任,能獲得資本的在拐點抄底,憑借獨特資源和能力優勢迅速崛起和分化;</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">劇變中蘊含良機,橫流里方顯英雄。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">放寬視野和心態,求生存、謀發展。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋體, SimSun; font-size: 16px;">特別感謝:紫荊資本錢進、汪澍,達晨創投劉暢,復航資本廖一帆等對本報告的貢獻。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><section class="_135editor" data-id="89224" data-tools="135編輯器" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; border: 0px none;"><section class="" style="padding: 0px; margin: 10px auto; box-sizing: border-box; max-width: 100%;"><section data-width="100%" style="padding: 0px; margin: 0px 0px -30px; box-sizing: border-box; max-width: 100%; width: 730px; text-align: center;"><section style="padding: 0px; margin: 0px auto; box-sizing: border-box; max-width: 100%; width: 64px; height: 64px; background: rgb(254, 254, 254); border-radius: 50%; display: inline-block;"><section data-role="width" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; display: inline-block; width: 32px;"><img width="2" height="" title="" class="" border="0" data-ratio="0.8571428571428571" data-type="png" data-w="35" _width="32px" src="http://www.destinopucon.com/n/error!" data-fail="0" style="padding: 0px; margin: 18px 0px 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; width: 32px !important; visibility: visible !important;"/><img src="http://www.destinopucon.com/Uploads/Gopher/UEditor/2019-02-11/image3689784.png" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle;"/></section></section></section><section class="" style="padding: 30px; margin: -16px 0px 0px; box-sizing: border-box; max-width: 100%; font-size: 14px; color: rgb(176, 176, 177); background-color: rgb(242, 244, 245); border-radius: 10px;"><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77);">2018《GP生存發展報告》</span></strong><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77);">由歌斐資產與《母基金周刊》聯合撰寫發布。<br style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"/></span></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(149, 55, 52); font-family: 宋體, SimSun; font-size: 16px;">《GP生存發展報告》目錄</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 黑體, SimHei; color: rgb(81, 77, 77);">一.大勢篇-宏觀視野鳥瞰</span></strong></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋體, SimSun; font-size: 16px;">1.全球視野---歷史發展和關鍵拐點</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋體, SimSun; font-size: 16px;">2.行業規范---監管底線和社會責任</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋體, SimSun; font-size: 16px;">3.產業環境---大處著眼和明確定位</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 黑體, SimHei; color: rgb(81, 77, 77);">二.行業篇:內外交織的變局</span></strong></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋體, SimSun; font-size: 16px;">1.發展模式:新常態下的生存與競爭</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋體, SimSun; font-size: 16px;">2.資金結構:專業機構和長期資本</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋體, SimSun; font-size: 16px;">3.投資行為:頭部效應和節奏加速</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋體, SimSun; font-size: 16px;">4.管理能力:投后管理和增值服務</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋體, SimSun; font-size: 16px;">5.退出路徑:多方突破和結構失衡</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋體, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 黑體, SimHei; color: rgb(81, 77, 77);">三:未來篇:方興未艾的趨勢</span></strong></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋體, SimSun; font-size: 16px;">趨勢1:從狩獵時代“淘金”到農耕時代的“煉金”</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋體, SimSun; font-size: 16px;">趨勢2:GP分化——大而全vs小而美</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微軟雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋體, SimSun; font-size: 16px;">趨勢3:中美是主要資金出入大國,投資“環球同此涼熱”</span></p><div><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋體, SimSun; font-size: 16px;"><br/></span></div></section></section></section></section><p><br/></p><p><br/></p> 一文概覽2017年中國PE/VC行業發展全貌 | 歌斐PE白皮書解讀一http://www.destinopucon.com/n/361行業白皮書核心觀點2018-04-26<p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(166, 109, 53); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 15px; text-align: justify; white-space: normal; widows: 1; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> 歌斐資產、投中信息在4月23日舉辦的“價值的力量”2018中國投資年會年度峰會上,連續第五年聯合發布《2017中國PE/VC行業白皮書》(以下簡稱歌斐PE白皮書)。這份權威的PE/VC行業白皮書系統梳理了過去一年全行業發展狀況,洞察了GP、LP發展特征及展望行業發展趨勢,既幫助GP更深入了解LP的分布和動態,也為LP提供了解PE/VC行業的一個窗口。 </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(166, 109, 53); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 15px; text-align: justify; white-space: normal; widows: 1; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> &nbsp; </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(166, 109, 53); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 15px; text-align: justify; white-space: normal; widows: 1; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> 2017年PE/VC整體市場依然火熱,私募市場的創業投資環境熱潮讓眾多新經濟和新商業模式不斷涌現。雖然早期創業公司的失敗率很高,但這些失敗會轉化成為全社會的集體經驗和認知,為進一步創新發展提供養分;同時,也正是一級市場的這股創業熱潮,隨著時間的推移,將會源源不斷地為股票市場提供優質的上市主體,進而改善股市的基本面。 </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(166, 109, 53); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 15px; text-align: justify; white-space: normal; widows: 1; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> &nbsp; </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(166, 109, 53); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 15px; text-align: justify; white-space: normal; widows: 1; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> 那么,2017年中國PE/VC行業發展全貌究竟如何?請看小斐為您帶來的第一篇歌斐PE白皮書解讀系列稿件吧! </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(166, 109, 53); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 15px; text-align: justify; white-space: normal; widows: 1; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <br/> </p> <section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; widows: 1; background-color: rgb(255, 255, 255); word-wrap: break-word !important;"> <section class="" powered-by="xiumi.us" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px 0px 0px 10px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; display: inline-block; width: 670px; border-width: 0px 0px 0px 6px; border-style: solid; border-left-color: rgb(77, 6, 0); border-right-color: rgb(77, 6, 0);"> <section class="" powered-by="xiumi.us" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; color: rgb(77, 6, 0);"> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; word-wrap: break-word !important;"> <strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;">退出:IPO&nbsp;進入常態化,并購回升明顯</strong> </p> </section> </section> </section> </section> </section> </section> </section> <p></p> <section class="" powered-by="xiumi.us" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; widows: 1; background-color: rgb(255, 255, 255); word-wrap: break-word !important;"> <br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/> </section> <p></p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">2017年的A股市場表現強勁,藍籌行情貫穿全年。在經濟基本面復蘇和企業盈利面回暖的雙重帶動下,2017年的A股市場體現出由盈利驅動的上漲。主板在此環境下呈現出</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">估值修復</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">,而中小企業板和創業板則</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">繼續調整</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">,板塊內企業表現</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">分化顯著</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="text-align:center"> <img class="" data-ratio="0.781305114638448" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnose6s8GEcBYuJIOMeYxXhaywgM7AhTpx6rsq3vicvJ79YhaBicSSFrq9TA/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob7094849.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">隨著金融監管的不斷調整和改革進步,IPO發行日益市場化、常態化,尤其近期中央層面明確出臺政策,</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">支持四大行業獨角獸企業上市。</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">這對于私募股權投資行業來說無疑是一項利好的消息。受到政策利好等因素的共同影響,2017年IPO退出數量較2016年有大幅提升,但由于獨角獸類型的新興或細分行業龍頭較少,因此退出規模較2016年有</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">小幅回落</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">。而受益于監管的調整與放松,并購退出在數量和規模兩方面都較2016年有</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">顯著提升</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <br/> </p> <p style="text-align:center"> <img class="" data-ratio="0.8218694885361552" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnos55mKebzFenaruunjk8ChHkklxqtWOKhEoMhNxMcZjwNJhdLncyvMtQ/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob3867510.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">投資回報倍數:2011-2017年間并購退出的回報水平經常高于IPO退出,尤其是近些年并購退出的回報更是連續高于IPO退出的回報,這其中一定程度受到了2013和2015年IPO停發的影響,也有IPO發行估值水平限制,以及市場行情波動的因素。</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">2017年并購退出的回報倍數雖然較2016年8.61的高值有所回落,但是仍然錄得了7.29的高回報水平。</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">隨著政策扶持優質企業上市,未來并購退出是否會重新超越IPO退出值得后續密切關注。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="text-align:center"> <img class="" data-ratio="0.7619047619047619" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnos7lnqc0D9owVE4eHHLvuhlL8eicufoKt9GBnkQGeX3O9fc0xGYqTU14g/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob2054022.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">投資回報:受到二級市場市場波動和金融監管的影響,以及市場逐步規范導致信息不對稱所獲得的投資收益減少,</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">平均內含報酬率前些年有所回落</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">。但是隨著二級市場回暖,以及金融監管的逐步常態化,</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">平均內含報酬率也開始回升</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; widows: 1; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/> </p> <p style="text-align:center"> <img class="" data-ratio="0.7566137566137566" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnosUN1PofFvXQDCgvibBGnTDf9vBSWKhAHIDknYtQIVibE7iarPG5HMP6SDA/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob5903402.png" data-fail="0" style="text-align: justify; margin: 0px; padding: 0px; max-width: 100%; height: auto !important; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">退出期限:自2013年開始,PE投資退出期限正逐步上升。這主要是由于2013年IPO重啟后,監管力度加大,退出時間上升。但隨著IPO發行的逐步常態化,以及并購監管的放松,2017年的退出期限已經較2016年4.3的高值有所回落。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="text-align:center"> <img class="" data-backh="366" data-backw="488" data-ratio="0.75" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnoseCtOgkWf2a4lLoJvUmyGbbWQeLZcH931K1B1ZVzpaC9c8Bh9Qdziaeg/640?wx_fmt=png" data-type="png" data-w="488" _width="100%" src="/Uploads/Gopher/UEditor/2018-04-26/blob3440767.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: 670px; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"></span> </p> <p></p> <section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; widows: 1; background-color: rgb(255, 255, 255); word-wrap: break-word !important;"> <section class="" powered-by="xiumi.us" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px 0px 0px 10px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; display: inline-block; width: 670px; border-width: 0px 0px 0px 6px; border-style: solid; border-left-color: rgb(77, 6, 0); border-right-color: rgb(77, 6, 0);"> <section class="" powered-by="xiumi.us" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; color: rgb(77, 6, 0);"> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; word-wrap: break-word !important;"> <strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;">募集:數量下降規模上升</strong> </p> </section> </section> </section> </section> </section> </section> </section> <p></p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">&nbsp;</span><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">2017年共有1049只私募股權基金完成募集,募集規模達2660.42億美元,雖然基金數量較2016年有所下降,但是</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">募集規模卻大幅上升,募資完成基金平均規模達到新高</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; widows: 1; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/> </p> <p style="text-align:center"> <img class="" data-ratio="0.7231040564373897" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnos0YJM6yL18YyM9Sf3WNtDgjUAIMmOrtGn8dgicXqNJeVSkM6E1eb25vw/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob1616503.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"></span> </p> <p></p> <section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; widows: 1; background-color: rgb(255, 255, 255); word-wrap: break-word !important;"> <section class="" powered-by="xiumi.us" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px 0px 0px 10px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; display: inline-block; width: 670px; border-width: 0px 0px 0px 6px; border-style: solid; border-left-color: rgb(77, 6, 0); border-right-color: rgb(77, 6, 0);"> <section class="" powered-by="xiumi.us" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; color: rgb(77, 6, 0);"> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; word-wrap: break-word !important;"> <strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;">投資:早期轉移趨勢有所回落,擴展期增長明顯</strong> </p> </section> </section> </section> </section> </section> </section> </section> <p></p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">&nbsp;</span><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">投資環節,2017年的投資數量和投資規模均創新高,連續五年增長。</span> </p> <p style="text-align:center"> <img class="" data-ratio="0.7954144620811288" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnosck696hpr3l3Gt6UL5qfCcT4iaousLLQiciczjib02KicE3fm7oejwPcDyDw/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob1382284.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">歌斐從數量和規模兩個角度出發,將全市場基金投資項目按照</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">“早期、發展期、擴展期和獲利期”</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">四個階段進行了劃分,可以發現早期的投資數量在2017年有所下降,投資早期化的趨勢有所減弱,而擴展期增長明顯,發展期則保持相對穩定,投資活躍度依然最高。從投資規模上來看,發展期投資依然是投資的集中區。<br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <br/> </p> <p style="text-align:center"> <img class="" data-ratio="0.8359788359788359" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnosWI5nExH8YeeW5MxS7NH6k9CIOiajtw3XOu02jgibvD2MJJ8ibHFmcAH8g/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob8175419.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="text-align:center"> <img class="" data-ratio="0.7777777777777778" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnosQqTGoxH1wWDhibfsypvGGlFzktuzMScfyvbvqGG5apib4uMOTHlkqSkQ/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob9481881.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">PE投資方面,從投資數量和投資規模來看,</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">TMT和制造業</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">依然是投資最為聚焦的兩大領域。而</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">醫療健康</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">則成為了2017年投資增長最為顯著的行業,成為又一個投資熱門領域。而在投資規模方面,TMT依然獨占鰲頭,制造業緊隨其后,</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">能源行業</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">也依然保有較大的投資規模,位列第三,醫療健康雖然投資數量增長最為顯著,但是總體規模增長有限。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="text-align:center"> <img class="" data-ratio="0.7601410934744268" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnosXQAf2v8Nx1PUewtTsh4EciaYmMAichgEShtYEBFUkoEVtgSKjdEMe6iag/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob6803263.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="text-align: center;"> <img src="/Uploads/Gopher/UEditor/2018-04-26/blob6797003.png"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; widows: 1; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <br/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">VC投資方面,無論是從投資數量還是投資規模上看,</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">TMT</strong></span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">依然獨領風騷。</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">能源及礦業</strong></span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">投資仍然逐步走低,</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">文化傳媒、制造業和醫療健康行業</strong></span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">投資穩步提升。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="text-align:center"> <img class="" data-ratio="0.8306878306878307" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnosOYibv3K65ibOpouZcVL2fDrO3df7HUJTvKpY6uYhauJp3eia33Vruaggw/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob8824730.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="text-align:center"> <img class="" data-ratio="0.8059964726631393" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnos2aubPSVjFN4mSZ5bCy6jKXkwribXjNBeceerEMqT2FibRYcfhN4aHZng/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob8491286.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> 公募基金:布局良機已開啟,適當降低收益預期http://www.destinopucon.com/n/195行業白皮書核心觀點2016-05-19<p><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">近日,諾亞財富集團研究與發展中心與歌斐資產公開市場團隊發布《2016中國股票基金市場白皮書》,報告分股票市場、私募股票基金投資和公募股票基金投資三大板塊,在給出2016年投資策略的基礎上,用專門的章節梳理總結私募股票基金、公募股票基金的市場表現以及投資策略建議。諾亞財富分析指出,公募基金市場當前正是布局良機,不過總體上,股債雙牛已成歷史,建議投資人在2016年的公募基金投資上,適當降低收益預期。</span></p><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">結構性投資機會仍存&nbsp; 適當降低收益預期</span></strong></p><p><br/></p><p><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">基金作為一種不宜經常調整的偏長期投資,當前的市場正是布局良機。權益類產品中,建議關注選股能力突出、能抓住市場結構性機會的基金。固定收益類產品中,建議關注能獲夠盡量規避個券信用風險的基金。而在美元進入加息周期以及全球流動性相對寬松的環境中,QDII產品也有投資的機會。<br/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">“隨著人口紅利消失,中國的傳統經濟增長動能在逐漸削弱,經濟增長將處于下行區間,預計股市的底部波動將會更加漫長,但結構性投資機會仍然存在,債券收益率將呈現震蕩走勢??傮w上,股債雙牛已成歷史,建議投資人在2016年的公募基金投資上,適當降低收益預期?!?lt;/span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">從基金行業角度來看,公募母基金產品會在公募基金可以投資的各大類資產中分散配置,并挖掘擁有相對比較優勢的資產類別進行重點配置,比如:在一季度,在國內債券市場收益率相對較低的情況下增加對中國企業海外高息美元資產的配置,一方面享受中國企業海外發債時相對較高的信用息差,另一方面也通過美元資產的配置分散風險。</span></p><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">規模同比猛增85.15%&nbsp;發行量創歷史新高</span></strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></p><p><br/></p><p><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">在2015年股市如坐過山車般上下起伏的過程中,公募基金經歷了爆發式的增長。數據顯示,截至2015年底,各類型公募基金總規模達8.40萬億,與2014年底相比漲幅達85.15%。其中,貨幣型基金規模4.44萬億,占公募基金的52.93%。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">從規模增長原因來看,公募基金規模大幅增長主要源于基金凈值上漲,同時,也與公募基金發行通道的多元化,發行熱情大幅上升有關。2015年全市場共發行基金861支,份額1.66萬億,創歷史新高。其中,有18支基金的募集規模超過100億。與此同時,因市場火爆,很多基金的募集期也大幅縮短,發行效率有所上升。</span></p><p><br/><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">貨幣基金收益或進一步壓縮</span></strong></p><p><br/></p><p><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">縱觀公募基金2015年業績,除QDII收益為負外,其余類別的公募基金表現均較為理想。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">諾亞財富研究顯示,權益類產品中,股票型和混合型基金在經歷股災的情況下仍獲得近25%的收益,成長風格基金普遍業績靠前;類固定收益產品中,二級債基、可轉債基的收益整體優于一級債及純債基。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">貨基和短期理財類基金年收益集中在0-6%之間,預計隨著《貨幣市場基金監督管理辦法》的出臺,未來貨基的收益空間將進一步壓縮,更加深入生活,為投資者提供支付水電費、車貸房貸、還信用卡、醫療等消費金融服務。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">海外成熟市場2015年總體表現不如新興市場,QDII基金全年表現也遠不如國內,投資能源、港股等題材的基金幾乎均以虧損收場,僅投資美股等部分基金獲利。</span></p><p><br/></p> A股市場:震蕩延續 建議關注中長期權益類投資http://www.destinopucon.com/n/194行業白皮書核心觀點2016-05-18<p><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">近日,諾亞財富集團研究與發展中心與歌斐資產公開市場團隊發布《2016中國股票基金市場白皮書》,報告分股票市場、私募股票基金投資和公募股票基金投資三大板塊,在給出2016年投資策略的基礎上,用專門的章節梳理總結私募股票基金、公募股票基金的市場表現以及投資策略建議。</span></p><p><br/></p><p><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">諾亞財富分析指出,股票市場在2016年一季度經歷了包括熔斷機制期的反復震蕩,近期從監管層及更高層面透露的信息又造成了短期二級市場情緒大幅波動。諾亞財富認為,2016年A股市場主要將呈現一個存量博弈中的震蕩行情,全年A股大盤指數將在強大的支撐力和阻力下保持基本平穩,中長期來看,權益類市場仍然是投資者資產配置中不錯的選擇。 </span></p><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">去散戶之路仍然漫長</span></strong></p><p><br/></p><p><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">隨著無風險利率的下行,以及信托產品剛性兌付的終結,信托、銀行理財不再是投資者的首選,投資者資產配置轉向股市。中國投資者結構仍以散戶為主,與美國20世紀80年代水平相當,去散戶化之路仍然漫長。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">此外,A股投資人風險偏好的持續提升。諾亞財富認為風險偏好是心理因素的外在表現,在經濟下行期,企業盈利改善有限,因此主要的行情都是由利率和風險偏好驅動,其中利率是主線?!?015年起,無風險利率不斷降低,風險偏好不斷提升,權益類資產走強。大類資產輪動首先要關注無風險利率,若無風險利率已經開始下降之后,下一個驅動信號將是風險溢價,當風險偏好逐步企穩提升后,股市將會逐步復蘇?!敝Z亞財富首席研究官金海年表示。</span></p><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">經濟環境仍寬松,股權類投資趨漲</span></strong><br/></p><p><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">諾亞財富認為,經濟周期從供給端和需求端兩方面影響市場。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">一方面,經濟周期在供給端影響企業融資。在經濟高速發展的時期,企業更多通過債權融資進行擴張;而當經濟面臨動蕩的時候,企業可能血本無歸,故而企業更多希望通過股權融資獲取未來發展資金。中國M2/GDP(廣義貨幣與國內生產總值的比值)的高企也說明了金融市場尚不夠發達,經濟發展仍然依賴于間接融資渠道。在當前中國經濟由高速增長進入中高速增長階段,同時面臨結構性調整的時候,對于股權融資的需求大幅上升。</span></p><p><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">另一方面,經濟周期在需求端影響投資者。相比銀行的間接融資,股市的直接融資使得投資者面臨更大的風險,所以投資者要求更高的投資收益。然而,中國股市是一個以散戶為主的市場,投資者存在很強的投機情緒,恰逢大量資金的投放,使得資本市場發展不受控制,先后出現股市過熱與股市踩踏的現象,可以說是與政府的初衷相背離的。中國希望推行注冊制,也是希望能夠改變當前的投資者結構。然而在當下,經濟發展對于投資者的影響主要還是通過貨幣供給、政策導向來影響投資者的。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">對A股市場來說,盡管存量博弈行情下中小創的投資機會和空間具備想象力,但只要權重板塊上漲缺乏持續性,行情就很難向全面牛市切換。雖然權重板塊不一定是市場情緒的主導,但卻是整體指數最有力的推進器。</span></p><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">存量博弈中前行 提高權益類投資比例</span></strong></p><p><br/></p><p><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">諾亞財富認為,2016年A股市場主要將呈現一個存量博弈中的震蕩行情,中期重要影響變量主要為人民幣匯率的穩定性、海外市場及供給側改革帶動的經濟增長的情況等。市場的“經濟預期”在逐步改善,然而持續力度仍需繼續觀測,“經濟預期”的短期無法證偽使得對市場的提振力度就較為有限。<br/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">“今年雖然有匯率等負面因素的暫時解除,但這對風險偏好的影響是修復性而非趨勢性,從趨勢操作角度來講,全年A股仍然難尋機會。從行業配置策略來看,中國式供給側結構性改革將是2016年宏觀政策的主基調。在二季度的窗口期,我們仍然看好供給側主題的配置機會?!苯鸷D暾f。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><br/></p><p><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">展望2016年,盡管A股市場可能不會一帆風順,但A股市場容量夠大,權益類市場仍然是投資者在中長期資產配置中好的選擇。與改革相關的行業投資機會顯現,需要通過專業機構,控制貪婪和恐懼,專業化的衡量風險、挖掘機會。</span><br/></p> 一圖帶您讀懂《2016中國股票基金市場白皮書》http://www.destinopucon.com/n/193行業白皮書核心觀點2016-05-16<p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153526701841145221863.jpg" title="一圖白皮書頭圖.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153530258044557137104.jpg" style="float:none;" title="一圖白皮書001.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153530320648138669123.jpg" style="float:none;" title="一圖白皮書002.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153530390552139513405.jpg" style="float:none;" title="一圖白皮書003.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153530480857297061049.jpg" style="float:none;" title="一圖白皮書004.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153531807833199594808.jpg" style="float:none;" title="一圖白皮書005.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153532740286523243003.jpg" style="float:none;" title="一圖白皮書006.jpg"/></p><p><br/></p> 2015年LP發展趨勢回顧http://www.destinopucon.com/n/192行業白皮書核心觀點2016-04-19<section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><br/><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><span style="font-size: 18px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年LP發展趨勢回顧</span></strong><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"></span></strong></span></p><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p><p style="margin: 0px; padding: 0px; box-sizing: border-box; text-align: left;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">社?;鹬鸩絽⑴c私募股權市場</span></span></strong></p><p style="margin: 0px; padding: 0px; box-sizing: border-box; text-align: left;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></span></strong></p></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">截至 2014 年,社?;鸸蓹嗤顿Y基金收益為 13.34億元,年均復合增長率為 248% ; 同期社?;鸬目偸杖肽昃鶑秃显鲩L率為 145%</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><strong><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397697462523210990.jpg"/></strong></p><p><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong style="line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; background-color: rgb(255, 255, 255);">保險資金:政策驅動下參與度提升</span></strong><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong style="line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; background-color: rgb(255, 255, 255);"><br/></span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2012年以來,監管部門持續推動保險資金運用的市場化改革,不僅放寬了保險資金的投資范圍,同時賦予保險公司更多的投資自主權。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">在此契機下,保險公司加快了對創新產品和新渠道的投資力度,集合資金信托計劃、基礎設施債權投資計劃、股權投資計劃等非標產品在保險資金的配置比例快速提升。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><strong><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397708463153711757.jpg"/></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">政府引導基金強勢參與</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">政府引導基金參與的四大形式:階段參與、投資保障、跟進投資、風險補助,其中階段參股是主要運作模式。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397716863632739941.jpg"/></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><span style="font-size: 18px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2016年私募股權的發展機遇</span></strong></span></p><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><span style="font-size: 18px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></span></p><p style="margin: 0px; padding: 0px; box-sizing: border-box; text-align: left;"><span style="font-size: 18px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">全球經濟環境與資本市場</span></span></strong></span></p><p style="margin: 0px; padding: 0px; box-sizing: border-box; text-align: left;"><span style="font-size: 18px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></span></strong></span></p></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">標普500 指數2015年全年下跌0.7%。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">H 股指數的市盈率約6.7倍(2015年9月末),與過去5年(約9.1倍)和過去10年(約12.8倍)的平均相比處于低位,甚至低于2008年金融危機時的水平,反映了市場對中國經濟前景的擔憂,其中還包括人民幣進一步貶值的可能性。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397727664243240708.jpg"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">美國資本市場,IPO融資大幅減少,高科技、醫療、能源IPO金額占比高。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">香港資本市場,股票發行融資創新高,IPO融資額再拔世界頭籌。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397736764766970720.jpg"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">政策變化</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br/></p><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap;">資本市場加速改革,退出渠道變得寬廣</span></section><p></p><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><br style="margin: 0px; padding: 0px; box-sizing: border-box;"/></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap;">注冊制加速落地;</span></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap;">多層次股權融資市場:新三板、戰略新興板等;</span></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap;">并購重組更加市場化。</span></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><br style="margin: 0px; padding: 0px; box-sizing: border-box;"/></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap;">同時,對私募股權投資機構監管趨嚴:</span></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><br style="margin: 0px; padding: 0px; box-sizing: border-box;"/></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap;">2015年11月底,私募基金行業自律政策密集發布;</span></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap;">叫停PE機構掛牌新三板,北京工商總局暫停PE注冊、證監會對27家私募基金管理人采取行政監管措施。</span></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap;"><br/></span></section><p></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397750165534242241.jpg"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">市場熱點和機會:產業并購</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">并購數量和規模逐年上升,傳統行業仍占主流地位,IT行業異軍突起。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><strong><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397760766144743008.jpg"/></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">市場熱點和機會:中概股回歸潮</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">通過市盈率對比可知,大部分行業在A股都是存在溢價的,參與中概股回歸存在估值套利。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">截至2015年11月,宣布收到私有化要約的中概股共33家,超過了過往5年的總和。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397772466819541947.jpg"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">母基金加速發展</span></strong></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">隨著國內PE基金的蓬勃發展,PE-FOF因分散風險、靈活配置等特征,也逐漸受到投資機構的關注。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2003年第一只外資PE-FOF成立以來,PE-FOF的募集數量平穩發展,年復合增速38.1%。而2015年,迎來了PE-FOF募集的大爆發,2015年完成募集的PE-FOF同比增長300%。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397784067472515296.jpg"/></p> 人民幣基金為何持續火熱?http://www.destinopucon.com/n/191行業白皮書核心觀點2016-04-18<section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><section style="margin: 0px; padding: 0px; box-sizing: border-box;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap;">&nbsp;</span></section><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">GP存續期+募集規模雙降</span></strong></p><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年定增基金、母基金、復合基金實現了跨越式的發展,并購基金及創投基金也較2014年數量水平有了顯著提升,創投基金成為2015年GP市場中占比最大的投資基金類型。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年中國PE/VC管理人在基金募集端更加傾向采用“多輪快融”、“少募快投”的提速策略。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319768305221215184.jpg"/></p><p></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><p style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap;">人民幣基金持續火熱</span></strong></p><p style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; box-sizing: border-box;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap;"><br/></span></p></section></section><p></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">金融危機后,美元基金募資遇到了巨大的困難與挑戰。此外 “中概股”估值低估以及VIE架構的合法性問題也成為海外上市創業者的挑戰。<br style="margin: 0px; padding: 0px;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">“人民幣基金”募集火熱的背后,存在以下幾個因素 :</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">1)“募退兩頭”場內化,美元出海輔導角色弱化。隨著國內三板日益活躍、注冊制計劃推出,未來的5-10 年,越來越多的項目將會呈現出“募退回流”的現象,在中國市場實現退出。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2)&nbsp;中概股回歸,人民幣基金成為主要接盤俠。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">3)史上最嚴外匯管制令,中國換匯渠道收緊。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319759904747957755.png"/></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">退出預期:機會與挑戰并存</span></strong></p><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p></section></section></section><p></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">1)GP在早期及天使階段投資上的持續加碼。2015年以來中國股權投資領域的一大特征表現為項目投資階段的前移,機構投資者越發傾向在更早階段參與進入項目生命周期中,從而分享企業高速成長帶來的價值溢價成果。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2)國內股市與并購領域,TMT主題項目的估值呈現出維持高水平估值的態勢。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319751204254227743.jpg"/></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap;">O2O 潮退 +大數據引領行業主題</span></strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></section></section></section><p></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">大數據成為GP最為重視的領域,移動醫療其次,互聯網金融、在線教育、智能硬件與機器學習等板塊也成為關注的重點方向。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年內的兩大事件降低了GP對O2O領域的投資熱情:一是2015年中O2O領域的最大合并交易美團、點評合并產生“新美大”,O2O平臺的競爭格局基本成型,后續進入投資獲利窗口收窄;其二,年中資本市場的震蕩與暴跌,使得需要大量資金的O2O項目面臨更大的生存挑戰,降低了投資者對于O2O項目的熱情。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319742403745199559.png"/></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><section style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">投資的三要素:團隊、市場、創新</span></strong></section><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></section></section></section><p></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">GP正在從傳統的“制度套利投資思維”向“基本面主導的價值投資思維”過渡?!捌髽I退出安排考慮”(新三板、IPO并購預期)逐步讓位“企業基本面”(人、市場規模及核心競爭力)因素,早期項目投資回歸商業價值本質。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><strong><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319731503124698792.png"/></strong></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><section style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">產業基金</span></strong></section><p><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="text-align: left;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">加速擴張</span></span></strong></p></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年產業基金總體數量較2014年成直線上揚趨勢,年末基金總數接近2014 年產業基金總數的3 倍,基金披露總規模則達到2014 年披露募集總規模的3.06 倍。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">無論是何種模式,產業基金的核心價值在于通過設立運營獨立基金的方式,聚焦特定產業范圍,深度挖掘產業鏈的內在價值,服務企業總體生態戰略需要。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319723702672441362.png"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">深度挖掘產業生態布局</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">以百度、騰訊及阿里近3 年的戰略投資布局來反映中國互聯網企業深挖產業布局策略的窗口:三家公司的投資主要分布在互聯網、電信及增值、IT 等行業?;ヂ摼W所占比重多在半數以上,文化傳媒、金融等行業也都有所涉及,傳統行業如制造業、交通運輸、能源及礦產所占比重較低。這與社會產業基金的投資方向有所不同,反映了較強的互聯網企業特色。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><strong><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319714702169183933.jpg"/></strong></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><section style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">投后管理有待系統化提升</span></strong></section><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></section></section></section><p></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">投后管理的本質是對風險的判斷、對投資結果的驗證,回歸這一本質,GP需要針對企業所處的不同階段,實行更為精細化的管理監控:針對產品的等運營指標進行監督初判;掌控企業現金流量及財務情況、評估并把握花錢的速度與業績增長速度之間的關系;及時將項目的最新狀況與投資時的判斷進行對比驗證,從而更好地預警風險。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319707801766926504.png"/></p><p><br/></p> 那些發生在2015年PE/VC行業你所不知道的事兒http://www.destinopucon.com/n/190行業白皮書核心觀點2016-04-17<section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">募集</span></strong></p></section></section></section><p><span style="font-size: 16px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">數量、規模均再創新高</span></strong></span></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><section style="margin: 0px; padding: 0px; box-sizing: border-box;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153094085896934591471.png" title="17110116608697914.png"/></section><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">投資</span></strong></p><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></p></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">估值高企,投資階段移向早期。P/E(市盈率倍數)可能受之前牛市的影響,持續走高</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153098039023039337442.png" title="754560323196108939.png"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">TMT行業延續火爆行情</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">總體而言,PE 投資的行業分布較VC 相對均衡一些。VC在金融行業的投資數量占比有所上升,主要是集中在一些互聯網金融的企業,制造業的投資持續降溫。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153103663344733242240.jpg" title="419460750991702813.jpg"/></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><section style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">退出</span></strong></section></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">IPO和并購退出有所降溫</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015 股市驚心動魄,在杠桿的支撐下上演了瘋狂牛市行情,之后隨著證監會嚴查又一路下跌,股災之后A 股市場IPO 暫停,12 月恢復審批。A股2015 年上半年漲幅30%,下半年跌幅16.6%,整年上漲8.6%,市盈率在股市暴跌之后處于歷史低位。</span></p><p><br/></p><p style="text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153110469234004734803.jpg" style="float:none;" title="372557385949754642.jpg"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">投資回報回歸理性</span></span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">從回報倍數趨勢來看,我們預計并購在未來的一段時間內或將接替IPO成為GP最主要的退出方式。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年,中國PE/VC市場中通過并購完成退出交易的項目和總規模分別為IPO退出項目數量及總規模的1.374倍和1.17倍。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153110461333552477374.jpg"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋體, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">明天我們將從GP(基金管理人)/LP(有限合伙人)端,讀懂PE/VC 基金的“左岸”和“右岸”,都在發生什么樣的變化。更多精彩,未完待讀。</span></p><p><br/></p>欧美另类videossexo_青青在线精品2019国产_a片免费_日本伦理电影2018伦理片_国内精品视频更新在线观看,欧美av国产av亚洲av综合,特色特色的欧美大片,国产亚洲曝欧美精品,亚洲国产在线精品国偷产拍
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