英国伯恩茅斯天气http://www.djced.com行业白皮书核心观点 重磅报告!歌斐资产发布《中国PE二级市场基金2019年度展望报告》http://www.djced.com/n/393行业白皮书核心观点2019-04-19<section class="" data-id="86005" data-tools="135编辑器" 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,歌斐资产、投?#34892;?#24687;在昨日举办的“看多中国”2019中国投资年会年度峰会上二次携手,联合发布了《中国PE二级市场基金(下称“PE S基金?#20445;?019年度展望报告》,对国内外PE S基金发展趋势及交易难点等进行详细解析。</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?#24515;?#20250;上,歌斐资产与投?#34892;?#24687;首次联合发布了《2018中国PE二级市场白皮书》<a href="https://mp.weixin.qq.com/s?__biz=MzA5NzM0OTAzNg==&mid=2651178127&idx=1&sn=c8c19f23c1bd65995e7f84faab996213&scene=21#wechat_redirect" 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;">(点击阅读)</a>,这本白皮书可谓是业内最具权威性的专注于中国PE二级市场的白皮书之一。其结合业内经典案例,针对中国PE二级市场(PE S基金的交?#36164;?#22330;)发展现状、优势、存在的问题及未来发展趋势均做出了深入阐述。</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;">以下为《中国PE二级市场基金2019年度展望报告》的要点解读。</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: 微软雅黑; 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编辑器" 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;">报告核心观点:</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;">国外PE二级市场:</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、 运行机制日趋成熟,创造价值愈被认可,将迎来长足发展;</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、 更复杂的交易类型逐渐出现并产生更高的溢价;</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?#20445;?#39318;次募集+二级市场+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;">国内PE二级市场:</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、 年轻(发展不足十年),但成长迅速;</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、 交易类型集中于基金份额转让,生态系统亟待完善;</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、 诸多因素使得其在发展过程中机遇与挑战并存。</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基金发展趋势分析</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、自金融危机以来,全球PE二级市场交易量近十年保持盘旋上升</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二级市场交易量呈现盘旋上升趋势,2017年创下580亿美元新高。2003-2017年间全球PE二级市场交易量复合增长率达14%,2008年、2014年与2017年均为PE二级市场交易?#30475;?#24133;度增长点。随着GP参与度的提升、即将到期基金的增加,<strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">PE二级市场所创造的价值越来越被认可,在可预见的未来势必迎来长足的发展。</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>各类S策略基金中(包括PE基金、实物资产类基金、VC基金、私募债基金、多元化策略基金等),PE S基金募资规模处于领先位置(如下图)。</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基金净回报倍数的中位数高于其他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;">如下图所示,2008-2016年全球市场PE S基金净回报倍数的中位数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为主导的交易占主要交易类型</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年以来,以GP为主导的交易增长速度远超整个PE二级市场,占到2017年整个市场交易额的24%。</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">伴随PE二级市场的成熟,GP相较于LP更积极主动地参与到PE二级市场交易中。</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: 微软雅黑; 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、国内S基金发展趋势分析</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、国内S基金参与者对市场关注度逐渐增加,头部参与者仍?#38405;?#22522;金为主</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;">国内母基金越来越重视PE二级市场,一些专业的PE二级市场基金?#37096;?#22987;布局亚洲市场。</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">各路新进入者奔赴PE二级战场的消息不绝于耳,硝烟弥漫。</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、国内不论GP还是LP参与PE二级市场意愿较往年稳步增强</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;">去年仅有11.34%GP参与PE二级市场交易,今年增长到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没有参与基金份额转让交易的意愿,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;">总体趋势向好,但因为国内市场发展不完善,GP和LP持观望态度的依然较多。</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、基金份额转让是国内PE二级市场交易主要类型</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;">调研发现,目前国内PE二级市场交易类型以基金份额转让为主,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)《资管新规》和资本市场波动带来的违约缴款增加;</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)减?#20013;?#25919;、特殊行业的并?#21644;?#20986;限制、IPO?#26085;?#31574;的影响,基金退出速度、资产变?#20013;?#29575;均有所减缓;</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)特定类型LP如政府引导基金等有结构性调?#20013;?#27714;。</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、国内S基金面临的机遇和挑战</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>资管新规不论是对于机构募资,还是对于政府引导基金出资,带来的影响很大,部分GP不得?#28895;?#25442;出资?#20132;?#32553;小募资规模来完成基金的募集;</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>科创板对S基金估值体系建立提供了很好的借鉴,推动了S基金的发展;</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>目前市场变?#20013;?#27714;较为急迫的LP有3类:</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)受资管新规影响,过往通过银行通道业务出资的LP需尽快转让;</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资的LP,需快速变现去补救?#21892;?#36136;押带来的影响;3)来自地产和实业的LP,由于银行收缩贷款去杠杆,也需尽快变现,回补现金流;</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>国内S基金发展之初主要是以LP份额转让为主的交易方式,随着歌斐资产、开元国创等母基金不断探索,加之国外专业的S基金参与者如科勒资本、新程投资等开始在亚洲市场布局,S基金交易类型不再单一,尾盘交易、定制化交易逐渐成为新的趋势,间接推动国内PE二级市场的发展。</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基金交易难点解析</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、国内S基金交易过程中的难点</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>信息不对称:国内PE二级市场发展面临严重的信息不对称,交易过程中产生的需求没有得到?#34892;?#35299;决,有?#34987;?#20250;阻碍交易的进行;</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>尽调难题:一方面GP不太希望将自身投资组合和投资策略让他人了解,另一方面,即便GP配合,S基金团队也很难在短时间内将GP花费大量时间尽调的项目重新审核一遍;</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?#30340;?#39064;:估值包含资产估值和LP权益估值,资产估?#30340;?#21069;有相对成熟的方法论,而LP权益估值比较难,不同机构有不同方法,存在较大差异;</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>整个生态系统发展完善度不高:国外PE二级市场的发展已经成熟完善了,交易过程中都会有相对应的服务商提供服务,促使交易顺利进行,然而国内目前发展仍处于早期,除了买家和卖家外,中间?#26041;?#34429;正在逐步形成一些少量的服务商,但还未有很好的系统去整合生态,?#26000;?#26381;务与实际业务的脱节。</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、对从业人员的综合能力要求颇高</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;">国内S基金发展面临着良好机遇的同时也面临着较多难题,且对S基金团队投资能力来讲挑战?#32454;擼?#24635;结归纳为以下四点:</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>具有较强的项目判断能力</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基金团?#26377;?#35201;在对portfolio中不同行业、不同阶段的各个项目,有一定深度的判断,并进行合理估值;</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>具有极好的资源网络</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基金团?#26377;?#35201;同时覆盖足?#36824;?#27867;的GP资源、LP资源,建立良好的份额来源渠道;</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>具备较好的交易能力</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基金团?#26377;?#35201;具备复杂交易结构的设计能力、谈?#24515;?#21147;、交易执行能力;</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>具有良好的关系处理能力</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基金团?#26377;?#35201;平衡协调各方利益诉求的能力,包括买方、卖方、GP、标的资产方等。</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;">针对上述难点,歌斐资产作为母基金和S基金的先行者,已经构建了?#30475;?#30340;系统和优化了完整的打法。</span></strong></p></section></section></section></section></section></section></section></section></section><p><br/></p><p><br/></p> 《GP生存发展报告》歌斐资产&母基金周刊联合发布丨重磅行研http://www.djced.com/n/388行业白皮书核心观点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: 宋体, SimSun; font-size: 16px;">《GP生存发展报告》新鲜出炉啦~</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: 宋体, 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: 宋体, SimSun; font-size: 16px;">本报告由歌斐资产&amp;母基金周刊联合发布,旨在把GP看作资产管理行业的重要部分去研究,研究产业中从业主体的需求、特点,?#19994;?#20182;们的痛点,然后整合资源更好去服务、赋能。</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.djced.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: 宋体, SimSun; font-size: 16px;">本?#27597;?#25454;歌斐资产董事长殷哲在中国母基金峰会的演讲;</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: 宋体, 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.djced.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: 宋体, SimSun; font-size: 16px;">以及歌斐资产合伙人曾纯与母基金周刊创始合伙人兼CEO在中国母基金年会上的演讲?#25237;?#35805;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: 宋体, 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: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">拐点</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: 宋体, SimSun; font-size: 16px;">“我们看到多远的过去,就能看到多远的未来。转折也好,拐点也罢,希望看到长周期视野下我们在什?#27425;?#32622;。”</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: 宋体, SimSun; font-size: 16px;">目前,整个中国的金融行业在时间、形态和体量上基本都在对标美国。我们从数据上可以看到,美国VC市场2000年有一个非常明显的变化——整个互联网在冲顶之后,有一个强?#19994;?#22238;落。2003年之后,基本上进入相对平稳的阶段。政策引导及经?#27809;?#22659;的变动,是当时美国VC“拐点”的关键因素。</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: 宋体, 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;">图:1978年至2018年美国VC募资总规模</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.djced.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: 宋体, SimSun; max-width: 100%; color: rgb(136, 136, 136); font-size: 16px;">数据来源: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: 宋体, SimSun; font-size: 16px;">回来看中国的私募股权行业,以2004年为界,自此之后,中国的私募股权投资一路飙升,发展迅猛。而在之前,国内私募基金基本处于地下生长阶段。正是2004年,国内的私募股权基金才步入阳光化发展阶段。私募基金从地下运营到政策支持,从野蛮生长到规范发展,从鲜为人知的细分领域成长为金融行业的重要组成部分。</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: 宋体, SimSun; font-size: 16px;">把节点放到2018年,中国整个私募股权的发展和美国VC非常?#30422;?#30340;发展形态类似。如果对标美国,中国的私募股权行业需要三年左?#19994;?#26102;间才可以回归到相对平稳的状态,回归到一个更理性、更符合资产管理业态的合?#26102;?#20363;。</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.djced.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: 宋体, 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: 宋体, SimSun; font-size: 16px;">对标国际和美国,中国私募行业逐渐进入机构投资者主导的成熟发展阶段。但目前国内外差距依然存在。</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: 宋体, SimSun; font-size: 16px;">从统计数据来看,中国私募基?管理?及数量约为美国同?的8倍与2.5倍,整体管理规模只有七分之一,?美国私募基?规模平均管理基?数量是中国的3倍多,平均管理规模?达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: 宋体, 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;">图:中美私募股权管理人数量/规模对比</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: 宋体, 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.djced.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: 宋体, SimSun; font-size: 16px;">数据来源:中基协截至2018年6月底:《2017年?#21215;?#24230;私募基金行业统计报告》,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: 宋体, SimSun; font-size: 16px;">可见,从基?管理能力的角度来看,中美之间还有很?差距,也是中国同?的努??向,未来还有很长的路要走,任重道远。</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: 宋体, 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: 宋体, 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: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">“LP的专业化和机构化,有利于促进长期资本的形成”</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: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">1、资金的问题</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: 宋体, SimSun; font-size: 16px;">在当前国内金融大环境下,中国资金市场目前面临三个问题:</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: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">风险定价错配;</strong>国内的大部分金融资产的风险定价是错配的,即其风险并不体现在收益上。政府干涉和 ?#26696;?#24615;兑付”意味着债券、信?#23567;?#25151;地产、甚至股权类资产等的价格并不由市场主导,不满足资产配置的风险收益对等的基本条件。</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: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">时间预期错配;</strong>许多根据投资人的偏好生成的资产配置建议,导致国内投资市场有很多“短钱长用,长钱短用”的现象。国内出现的许多“爆雷”现象,主要是存在时间错配的问题。</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: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">市场限制错配;</strong>因为国内资产在全球配置上的限制,资产除了很难投出去以外,估值也是一个比较大的问题。</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: 宋体, 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: 宋体, SimSun; font-size: 16px;">把中国目前的资金面分成四类,我们对不同的钱对它的导向和特点做了一些简单的解读。</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: 宋体, 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;">图:中国LP&nbsp;4种类型和特点</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.djced.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: 宋体, SimSun; font-size: 16px;">来源: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: 宋体, SimSun; font-size: 16px;">第一类是“洪流?#20445;?#36825;一类LP以政府引导基金、央国企、国有金融机构为代表。非常受政策导向的钱,我们称之为是洪流。资金体?#30475;螅?#20687;洪水一样,谓之洪流如2008年的四万亿像洪水漫灌一样进入市场。其特点是背书强,受政策和领导变动影响大,决策周期长。</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: 宋体, SimSun; font-size: 16px;">第二类是“静流?#20445;?#27492;类LP以产业集团、上市公司为代表。产业的钱需要放在一个几十年甚至上百年的周期来配置,其受制于增长相对缓慢的特性,需要符合最基本的产业发育的规律。产业发展周期较长,则必然容?#36164;?#21040;很多产业政策、结构性调整的影响。</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: 宋体, SimSun; font-size: 16px;">第三类是“暗流?#20445;?#36825;一类主要以个人财富为主,以?#26131;?#21150;公室、私行等为代表,以资金增值和保值为导向。此类LP有着决策快,受个人关系信任度影响较大的特点,但有潜在的可?#20013;?#24615;、流动性危机。最近很多资金爆雷的部分也是在暗流。我们很多民间的钱,是在中国整个资金面市场上是非常重要的组成部分。当然,现在也是在整顿和调整。</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: 宋体, SimSun; font-size: 16px;">第四类是“急流?#20445;?#23427;以外资为代表,集中于产业转移基金和美元基金,以全球分工和资本配置为导向。这类LP通常是专业的长期资本,门槛高、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: 宋体, 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的分层</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: 宋体, SimSun; font-size: 16px;">由于中国资金市场的来源比较丰富,部分类型的LP参与市场早而?#19968;?#36291;,市场显著度比?#32454;擼?#36824;有部分LP参与迟,相对低调,市场?#29616;?#24230;低。但在成熟市场,后者将是更主流的机构投资人。因此中国整个资金面出现“分?#19978;?#35937;?#20445;?#20998;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: 宋体, 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;">图:中国LP的分层</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.djced.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: 宋体, SimSun; font-size: 16px;">数据来源?#21512;?#20426;咨询&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: 宋体, SimSun; font-size: 16px;">水上的钱大致包括政府引导基金、市场化母基金和产业头部的企业、银行类的金融机构以及政府国企、央企等。这是大部分机构都可以接触到,近几年在各大论坛和各大媒体比较活跃的主体。</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: 宋体, SimSun; font-size: 16px;">但相对而言,水下的钱的源头也是非常重要的机构出资人,现在市面上对他们关注比较少,比如高校基金,因为中国教育体制的原因,不可能像美国的高校捐赠基金高度市场化,目前很多高校基金业开始向美国对标,开始具备资产配置概念,慢慢向市场化运作。还有慈善基金,上个月国家出了一个?#27169;?#24904;善基金可以进入到一级市场,也是一个利好消息。</span><a href="http://mp.weixin.qq.com/s?__biz=MzUzNjY1NjM3OQ==&mid=2247487806&idx=1&sn=b4a7f630a75c17e9fa26965cfae3da6f&chksm=faf3b1aacd8438bc658b5cd23bcbbdf919d611b3414c3f4215b39227d7f53480016a923d9d03&scene=21#wechat_redirect" 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: 宋体, SimSun; font-size: 16px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">《慈善组织或成机构LP主力军,私募行业有望助力慈善资产保值增》</span></a><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, 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: 宋体, SimSun; font-size: 16px;">由于中国LP群体还在早期的发展阶?#21361;?#26377;着各种分流和分化,中国的LP还有大?#30475;?#27700;下还没有浮上来,所以还有非常大的配置空间,需要更多的专业GP和投资咨询的服务机构。</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: 宋体, SimSun; font-size: 16px;">另外,中国现在机构化的资金越来越多,从产业发展的角度来看,有利于长期资本的形成,对产业创新的支持也会更符合产业发展本身的规律和节奏。</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: 宋体, 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: 宋体, 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: 宋体, 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要生存发展,尽快?#26131;级?#20301;,构建核心能力”&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: 宋体, SimSun; font-size: 16px;">如果把2018年被看作行业拐点,未来GP会朝着不同的?#36739;?#20998;化形态。</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: 宋体, 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: 宋体, 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、视角1:发展策略和运营模式&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.djced.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: 宋体, SimSun; font-size: 16px;">第一个维度是两种发展策略:做大还是做精? 到?#36164;?#20570;大管理规模还是垂直领域细分的精品机构?#30475;用?#22269;经验来看,管理规模提升了以后,IRR就会受影响,二者很难兼得。</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: 宋体, SimSun; font-size: 16px;">“白马?#32972;?#21521;资管生态演变,规模至上追AUM,未来管理规模超?#36212;?#20159;的机构会越来越多,资金体量必然会导致管理的发展策略向资管生态演变。“黑马”则聚焦于垂直、专业化,会倾向于追求?#32454;逫RR。有GP聚焦在医疗里面的眼科细分领域,但是投得非常好,足够窄的时候就可以在全球市场上在这个细分市场做到最顶级。</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: 宋体, SimSun; font-size: 16px;">第二个纬度是两种运营模式:长期持有还是阶段性套利?越来越多的GP会向产业型基金转变,产业基金和CVC逐渐崛起,围绕产业做分拆整合和主动管理;此类基金需深耕产业,不断提升产业属性的资产管理能力。</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: 宋体, SimSun; font-size: 16px;">有一些基金则强化交易退出,被称之为投行型,这?#20013;?#24577;要求GP在资产一端有很强的交易能力,可以快速的缩短周期和提高频次。很多投行型的基金会出来,或者说强交易的GP也在逐渐投行化,进行资本运作和资产组合。所以他们的特点是我对资产处置?#25237;?#36164;产流动的处置的效率很高,交易?#26041;?#24456;强。一个机构的是交易能力还是产业管理能力,这对人员配置和能力素质要求区别很大。产业和投资的融合是很重要的趋势。现在新GP团队产生最核心的来源一部分是CVC的人脱落或者是产业链spin off和投资人融合,或者投资人不断的吸纳产业的人来优化它的团队。</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: 宋体, SimSun; font-size: 16px;">以产业资管生态的为例,体量又大,又很聚焦产业,CVC是典型代表,比如京东,百度在市场规模是投资?#30422;?#20159;,它的策略可以做直投可以做LP,可以从最创新的部分一直投到上市公司,所以他们在这市场里面会成为一个非常重要的参与角色。2017年中国的CVC交易创下新高。CVC对中国公司投资的交?#36164;?#37327;几乎翻了一番。从84笔到163笔,增加了94%。与此同?#20445;?#25237;资金额也随之翻了一倍,从31亿美元增至60亿美元,同样上升近94%。BAT,小米、京东等新经济的龙头企业中国投资领域?#26000;?#27963;?#23613;?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><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: 宋体, 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、视角2:参与深度和能力</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: 宋体, SimSun; font-size: 16px;">第二个GP的分化方式,用GP的能力和参与度的新纬度来去看GP,一个纬度是对整个GP的控制。还有很多是跟投型的,还有服务型,虽然在投资比例比较少,这种赋能型的投资也慢慢的?#20284;稹?lt;/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.djced.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: 宋体, SimSun; font-size: 16px;">以从国内外的基金为对标,一个是日本的软银,国内有高瓴资本和?#34892;?#36164;本,还有一个是很热的3G capital,在全球市场做控制运营型非常有名的标杆。&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.djced.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: 宋体, SimSun; font-size: 16px;">通过对GP市场的观察形成对GP细分和分化逻辑,中国GP市场还在一个裂变的状态,再过几年结构会趋于稳定,在之前的一二十年里,GP有子弹就出去打一下,或多或少?#21152;?#25910;获。但是现在就比较难了,细分赛道里已经站满了投资人。当资金变少,竞争激?#19994;?#26102;候每一个GP都要?#19994;?#33258;己位置,这个定位的过程是非常重要,定位会决定募投管退的策略,深耕自己的能力区域。否则你在未?#27425;?#21040;十年很难生存。</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: 宋体, SimSun; font-size: 16px;">因此,GP机构?#26131;?#36187;道,?#26131;级?#20301;,构建核心能力。等细分赛道逐渐饱和,机构的生存会变得很艰难,甚至会被淘汰。&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: 宋体, 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: 宋体, 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;">抉择</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: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">“认清趋势,回归价值,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: 宋体, 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: 宋体, 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、从狩猎到农耕</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: 宋体, SimSun; font-size: 16px;">图:从狩猎时代到农耕时代的转变</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.djced.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: 宋体, SimSun; font-size: 16px;">来源: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: 宋体, SimSun; font-size: 16px;">中国已经开始在某一些原创的研究领域向国外输出我们的模式?#22270;际酢?#36825;个是创新环境里面非常大的变化。还有一块是从2C部分向2B转变,以及在整个竞争状态,我们的募资、投资情况,机会性的跑马圈地,粗放式的投资到现在越来越需要精耕细作,越来越需要像农耕时代的思维,我们需要更长期的布局,更早期的布局,包括我们在管理,大部分GP的管理都是比较粗放,因为我们现在还没有到这一部分,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: 宋体, 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、从套利到长期价值,赚能力的钱</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: 宋体, SimSun; font-size: 16px;">到底GP赚什么钱?如果我?#21069;?#25972;个GDP的增长,整个大水漫灌流动性的部分,这些部分带来的收益去除,GP的实际收益是什么多少?通过梳理GP怎么获利,发现与其他投资工具不同,私募股权投资的回报立足于经?#24357;?#26399;轮回和时代变迁,牺牲流动性,换取跨周期的超额回报,从长期看,最终超额收益来源于企业真实持久的价值创造。</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: 宋体, 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;">图: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.djced.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: 宋体, SimSun; font-size: 16px;">来源: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: 宋体, SimSun; font-size: 16px;">由于中国经济发展和转型、制度套利和流动性机会的存在,使得大量的GP基于不同策略获得生存空间。随着这些都消失后,必然回到最底层的逻辑,产业创新价值在哪里,如果抓不住,这个GP想获利挺难。</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: 宋体, SimSun; font-size: 16px;">根据美国30年来私募股权行业投资回报贡献比例的对比分析,GP 通过财务杠杆获得回报的比例逐渐降低?#36824;?#21496;业务价值创造所占的投资回报比越来越高;投后管理(尽职调查、危机应对、企业咨询等)成为推动 GP 投资回报增长的关键因素<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: 宋体, 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;">图?#26680;?#21215;股权行业投资回报贡献比例</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: 宋体, 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.djced.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: 宋体, SimSun; font-size: 16px; letter-spacing: 0.544px;">数据来源:BCG&nbsp;&nbsp;</span><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, 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: 宋体, 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: 宋体, SimSun;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">3、?#29992;?#20803;到人民币,双币策略成标配<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: 宋体, SimSun; font-size: 16px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">图:2009-2018年人民币基金与外币基金募资总额</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.djced.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: 宋体, 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;">来源: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: 宋体, SimSun; font-size: 16px;">受制于国内募资环境的影响,今年大量的人民币基金开始尝?#38405;?#38598;双币,一方面可以先更广泛地域的资金配置,另一方面也便于?#24230;?#21040;适合海外上市的创业企业当中。</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: 宋体, SimSun; font-size: 16px;">虽然国内募集双币基金的机构增多难免有避难就易的?#21491;桑?#20294;从长期来看,在人民币管制?#32454;?#30340;环境下,募集双币基金无论从募资还是投资的空间上都会是一个很大的提升。</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: 宋体, SimSun; font-size: 16px;">双币基金的空间会更大一些,未来可能成为主流基金标配。</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: 宋体, 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: 微软雅黑;">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: 宋体, 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: 微软雅黑;">【结语】</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: 宋体, SimSun; font-size: 16px;">2018年是激荡的一年。</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: 宋体, SimSun; font-size: 16px;">投资行业野蛮生长、跑马圈地的狩猎时代成为过去;精耕细作、重投研管理的农耕时代来临;</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: 宋体, SimSun; font-size: 16px;">有的机构在强监管、募资难、退出难中挣扎,乃至?#33391;?#28040;亡;有的机构开始追求更高责?#21361;?#33021;获得资本的在拐点抄底,凭借独特资源和能力优势迅速崛起和分化;</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: 宋体, SimSun; font-size: 16px;">剧变中蕴含良机,横流里?#36739;杂?#38596;。</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: 宋体, SimSun; font-size: 16px;">放宽视野和心态,求生存、谋发展。</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: 宋体, SimSun; font-size: 16px;">特别?#34892;唬?#32043;荆资本钱进、汪澍,达?#30475;?#25237;刘畅,复航资本廖一帆等对本报告的贡?#20303;?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><section class="_135editor" data-id="89224" data-tools="135编辑器" 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.djced.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.djced.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, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, 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生存发展报告》</span></strong><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77);">由歌斐资产与《母基金周刊》联合撰写发布。<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, 微软雅黑; 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, 微软雅黑; 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: 宋体, SimSun; font-size: 16px;">《GP生存发展报告》目录</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, 微软雅黑; 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, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, 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: 黑体, SimHei; color: rgb(81, 77, 77);">一.大势篇-宏观视野鸟瞰</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, 微软雅黑; 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: 宋体, SimSun; font-size: 16px;">1.全球视野---历史发展和关键拐点</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, 微软雅黑; 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: 宋体, SimSun; font-size: 16px;">2.行业规范---监管底线和社会责任</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, 微软雅黑; 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: 宋体, SimSun; font-size: 16px;">3.产业环境---大处着眼和明确定位</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, 微软雅黑; 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, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, 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: 黑体, SimHei; color: rgb(81, 77, 77);">二.行业篇:内外交织的变局</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, 微软雅黑; 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: 宋体, SimSun; font-size: 16px;">1.发展模式:新常态下的生存与竞争</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, 微软雅黑; 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: 宋体, SimSun; font-size: 16px;">2.资金结构:专业机构和长期资本</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, 微软雅黑; 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: 宋体, SimSun; font-size: 16px;">3.投资行为:头部效应和节奏加速</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, 微软雅黑; 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: 宋体, SimSun; font-size: 16px;">4.管理能力:投后管理和增值服务</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, 微软雅黑; 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: 宋体, SimSun; font-size: 16px;">5.退出路径:多方突破和结构失衡</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, 微软雅黑; 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, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, 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: 黑体, SimHei; color: rgb(81, 77, 77);">三:未来篇:方兴未艾的趋势</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, 微软雅黑; 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: 宋体, SimSun; font-size: 16px;">趋势1:从狩猎时代“淘金”到农耕时代的“炼金”</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, 微软雅黑; 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: 宋体, SimSun; font-size: 16px;">趋势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, 微软雅黑; 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: 宋体, SimSun; font-size: 16px;">趋势3:中美是主要资金出入大国,投资“环球同此凉热”</span></p><div><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋体, SimSun; font-size: 16px;"><br/></span></div></section></section></section></section><p><br/></p><p><br/></p> 一?#27597;?#35272;2017年中国PE/VC行业发展全貌 | 歌斐PE白皮书解读一http://www.djced.com/n/361行业白皮书核心观点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;"> 歌斐资产、投?#34892;?#24687;在4月23日举办的“价值的力量”2018中国投资年会年度峰会上,连续第五年联合发布《2017中国PE/VC行业白皮书》(以下简称歌斐PE白皮书)。这份权威的PE/VC行业白皮书系统梳理了过去一年全行业发展状况,洞察了GP、LP发展特征及展望行业发展趋势,既帮助GP更深入了解LP的分布?#25237;?#24577;,也为LP提供了解PE/VC行业的一个窗口。 </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整体市场依然火热,私募市场的创业投资环境热潮让众多新经济和新商业模式不断涌现。虽然早期创业公司的失败率很高,但这些失败会转化成为全社会的集体经验和?#29616;?#20026;进一步创新发展提供养分;同?#20445;?#20063;正是一级市场的这股创业热?#20445;?#38543;着时间的推移,将会源源不?#31995;?#20026;?#21892;?#24066;场提供优质的上市主体,进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年中国PE/VC行业发展全貌究竟如?#21361;?#35831;看小斐为您带来的第一篇歌斐PE白皮书解读系列稿件吧! </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;进入常态化,并购回升明显</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股市场表现强劲,蓝筹行情贯穿全年。在经济基本面复苏和企业盈利面回暖的双重带动下,2017年的A股市场体现出由盈利驱动的上涨。主板在此环境下呈现出</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);">估值修复</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?#34892;?#20225;业板和创业板则</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);">继续调整</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);">,板块内企业表现</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);">分化显著</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);">随着金融监管的不?#31995;?#25972;和?#27597;?#36827;步,IPO发行日益市场化、常态化,尤其近期中央层面明确出台政策,</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);">支持四大行业独角兽企业上市。</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);">这对于私募股权投资行业来说无疑是一项利好的消息。受到政策利好等因素的共同影响,2017年IPO退出数量较2016年有大幅提升,但由于独角兽类型的新兴或细分行业龙头较少,因此退出规模较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);">。而受益于监管的调整与放松,并?#21644;?#20986;在数量和规模两方面都较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);">显著提升</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);">投资回报倍数:2011-2017年间并?#21644;?#20986;的回报水平经常高于IPO退出,尤其是近些年并?#21644;?#20986;的回报更是连续高于IPO退出的回报,这其中一定程度受到了2013和2015年IPO停发的影响,也有IPO发行估值水?#36739;?#21046;,以及市场行情波动的因素。</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?#21644;?#20986;的回报倍数虽然较2016年8.61的高值有所回落,但是仍然录得了7.29的高回报水平。</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);">随着政策扶持优?#21183;?#19994;上市,未来并?#21644;?#20986;是否会重新超越IPO退出值得后续密切关注。</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);">投资回报:受到二级市场市场波动和金融监管的影响,以及市场逐步规范导致信息不对称所获得的投资收益减少,</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);">平均内含报酬?#26159;?#20123;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);">。但是随着二级市场回暖,以及金融监管的逐步常态化,</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);">平均内含报酬率?#37096;?#22987;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年开始,PE投资退出期限正逐步上升。这主要是由于2013年IPO重启后,监管力度加大,退出时间上升。但随着IPO发行的逐步常态化,以及并购监管的放松,2017年的退出期限已经较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:数量下降规模上升</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只私募股权基金完成募集,募集规模达2660.42亿美元,虽然基金数量较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);">募集规模?#21019;?#24133;上升,募资完成基金平均规模达到新高</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;">投资:早期转移趋势有所回落,扩展期增长明显</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);">投资?#26041;冢?017年的投资数量和投资规模均创新高,连续五年增长。</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);">歌斐从数量和规模两个角度出发,将全市场基金投资项目按照</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、发展期、扩展期和获利期”</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);">四个阶段进行了划分,可以发现早期的投资数量在2017年有所下降,投资早期化的趋势有所减弱,而扩展期增长明显,发展期则保持相对稳定,投资活跃度依然最高。从投资规模上来看,发展期投资依然是投资的集中区。<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投资方面,从投资数量和投资规模来看,</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和制造业</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);">依然是投资最为聚焦的两大领域。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);">医?#24179;?#24247;</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);">则成为了2017年投资增长最为显著的行业,成为又一个投资?#35753;?#39046;域。而在投资规模方面,TMT依然独占鳌头,制造业紧随其后,</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);">能源行业</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);">也依然保有较大的投资规模,位列第三,医?#24179;?#24247;虽然投资数量增长最为显著,但是总体规模增长有限。</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投资方面,无论是从投资数量还是投资规模上看,</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);">依然独领风骚。</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;">能源及矿业</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);">投资仍然逐步走低,</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;">文化传媒、制造业和医?#24179;?#24247;行业</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);">投资稳步提升。</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:布局良机已开启,?#23454;?#38477;低收益预期http://www.djced.com/n/195行业白皮书核心观点2016-05-19<p><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">近日,诺亚财富集团研究与发展?#34892;?#19982;歌斐资产公开市场团队发布《2016中国?#21892;?#22522;金市场白皮书》,报告分?#21892;?#24066;场、私募?#21892;?#22522;金投资和公募?#21892;?#22522;金投资三大板块,在给出2016年投资策略的基础上,用专门的章节梳理总结私募?#21892;?#22522;金、公募?#21892;?#22522;金的市场表现以及投资策略建议。诺亚财富分析指出,公募基金市场当前正是布局良机,不过总体上,股债双牛已成历史,建议投资人在2016年的公募基金投资上,?#23454;?#38477;低收益预期。</span></p><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">结构性投资机会仍存&nbsp; ?#23454;?#38477;低收益预期</span></strong></p><p><br/></p><p><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">基金作为一种不宜经常调整的偏长期投资,当前的市场正是布局良机。权益类产品中,建议关注选股能力突出、能抓住市场结构性机会的基金。固定收益类产品中,建议关注能获够尽量规避个券信用风险的基金。而在美元进入加息周期以及全球流动性相对宽松的环境中,QDII产品也有投资的机会。<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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">“随着人口红利消失,中国的传统经济增长动能在逐渐削弱,经济增长将处于下行区间,预计股市的底部波动将会更加漫长,但结构性投资机会仍然存在,债券收益率将呈现震荡走势。总体上,股债双牛已成历史,建议投资人在2016年的公募基金投资上,?#23454;?#38477;低收益预期。”</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">从基金行业角度来看,公募母基金产品会在公募基金可以投资的各大类资产中分散配置,并挖掘拥有相对比较优势的资产类别进行重点配置,比如:在一季度,在国内债券市场收益率相对?#31995;?#30340;情况下增加对中国企业海外高息美元资产的配置,一方面享受中国企业海外发债时相对?#32454;?#30340;信用息差,另一方面也通过美元资产的配置分散风险。</span></p><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">规模同?#35753;?#22686;85.15%&nbsp;发行?#30475;?#21382;史新高</span></strong><span style="color: rgb(148, 97, 52); font-family: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">在2015年股市如坐过山车般上下起伏的过程中,公募基金经历了爆发式的增长。数据显示,截至2015年底,各类型公募基金总规模达8.40万亿,与2014年底相?#26085;?#24133;达85.15%。其中,货币型基金规模4.44万亿,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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">从规模增长原因来看,公募基金规模大幅增长主要源于基金净值上涨,同?#20445;?#20063;与公募基金发行通道的多元化,发行热情大幅上升有关。2015年全市场共发行基金861支,份额1.66万亿,创历史新高。其中,有18支基金的募集规模超过100亿。与此同?#20445;?#22240;市场火爆,很多基金的募集期也大幅缩短,发行效率有所上升。</span></p><p><br/><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">货币基金收益或进一步压缩</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">纵观公募基金2015年业绩,除QDII收益为负外,其余类别的公募基金表现均较为理想。</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">诺亚财富研究显示,权益类产品中,?#21892;?#22411;和混合型基金在经历股灾的情况下仍获得近25%的收益,成长风格基金普遍业绩靠前;类固定收益产品中,二级债基、可转债基的收益整体优于一级债及纯债基。</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">货基?#25237;?#26399;理财类基金年收益集中在0-6%之间,预计随着《货币市场基金监督管理办法》的出台,未来货基的收益空间将进一步压缩,更加深入生活,为投资者提供支付水电费、车贷?#30475;?#36824;信用卡、医疗等消费金融服务。</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">海外成熟市场2015年总体表现不如新兴市场,QDII基金全年表现也远不如国内,投资能源、港股等题材的基金几乎均以亏损收场,仅投资美股等部分基金获利。</span></p><p><br/></p> A股市场:震荡?#26377;?建议关注中长期权益类投资http://www.djced.com/n/194行业白皮书核心观点2016-05-18<p><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">近日,诺亚财富集团研究与发展?#34892;?#19982;歌斐资产公开市场团队发布《2016中国?#21892;?#22522;金市场白皮书》,报告分?#21892;?#24066;场、私募?#21892;?#22522;金投资和公募?#21892;?#22522;金投资三大板块,在给出2016年投资策略的基础上,用专门的章节梳理总结私募?#21892;?#22522;金、公募?#21892;?#22522;金的市场表现以及投资策略建议。</span></p><p><br/></p><p><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">诺亚财富分析指出,?#21892;?#24066;场在2016年一季度经历了包括熔断机制期的反复震荡,近期从监管层及更高层面透露的信息又?#26000;?#20102;短期二级市场情绪大幅波动。诺亚财富认为,2016年A股市场主要将呈现一个存量博弈中的震荡行情,全年A股大盘指数将在?#30475;?#30340;支撑力和阻力下保持基本平稳,中长期来看,权益类市场仍然是投资者资产配置中不错的选择。 </span></p><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">去散户之路仍然漫长</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">随着无风险利率的下行,以及信托产品刚性兑付的终结,信?#23567;?#38134;行理财不再是投资者的首选,投资者资产配置转向股市。中国投资者结构仍以散户为主,与美国20世纪80年代水平相?#20445;?#21435;散户化之路仍然漫长。</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">此外,A股投资人风险偏好的?#20013;?#25552;升。诺亚财富认为风险偏好是心理因素的外在表现,在经济下行期,企业盈利改善有限,因此主要的行情都是由利率?#22836;?#38505;偏好驱动,其中利率是主线。“2015年起,无风险利率不断降低,风险偏好不断提升,权益类资产走强。大类资产轮动首先要关注无风险利率,若无风险利率已经开始下降之后,下一个驱动信号将是风险溢价,当风险偏好逐步企稳提升后,股市将会逐步复苏。”诺亚财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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">经?#27809;?#22659;仍宽松,股权类投资趋涨</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">诺亚财富认为,经?#24357;?#26399;从供给端和需求端两方面影响市场。</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">一方面,经?#24357;?#26399;在供给端影响企业融资。在经济高速发展的时期,企业更多通过债权融资进行扩?#29275;?#32780;?#26412;?#27982;面临动荡的时候,企业可能血本无归,故而企业更多希望通过股权融资获取未来发展资金。中国M2/GDP(广义货币与国内生产总值的比值)的高企也?#24471;?#20102;金融市场尚不够发达,经济发展仍然依赖于间接融资渠道。在当前中国经济由高速增长进入中高速增长阶?#21361;?#21516;时面临结构性调整的时候,对于股权融资的需求大幅上升。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">另一方面,经?#24357;?#26399;在需求端影响投资者。相比银行的间接融资,股市的直接融资使得投资者面临更大的风险,所以投资者要求更高的投资收益。然而,中国股市是一个以散户为主的市场,投资者存在很强的投机情绪,恰逢大量资金的投放,使得资本市场发展不受控制,先后出现股市过热与股市踩踏的现象,可以说是与政府的初衷相背离的。中国希望推行注册制,也是希望能够改变当前的投资者结构。然而在当下,经济发展对于投资者的影响主要还是通过货币供给、政策导向来影响投资者的。</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">对A股市场来说,尽管存量博弈行情下?#34892;?#21019;的投资机会和空间具备想象力,但只要权重板块上涨缺乏?#20013;?#24615;,行情就很难向全面牛市切换。虽然权重板块不一定是市场情绪的主导,但却是整体指数最有力的推进器。</span></p><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, 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 提高权益类投资比例</span></strong></p><p><br/></p><p><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">诺亚财富认为,2016年A股市场主要将呈现一个存量博弈中的震荡行情,中期重要影响变量主要为人民?#19968;?#29575;的稳定性、海外市场及供给侧?#27597;?#24102;动的经济增长的情况等。市场的“经济预期”在逐步改善,然而?#20013;?#21147;度仍需继续观测,“经济预期”的短期无法证伪使得对市场的提振力度就较为有限。<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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">“今年虽然有汇率等?#22909;?#22240;素的暂时解除,但这对风险偏好的影响是修复性而非趋势性,从趋势操作角度来讲,全年A股仍然难寻机会。从行业配置策略来看,中国式供给侧结构性?#27597;?#23558;是2016年宏观政策的主基调。在二季度的窗口期,我们仍然看好供给侧主题的配置机会。”金海年说。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">展望2016年,尽管A股市场可能不会一帆风?#24120;?#20294;A股市场容量够大,权益类市场仍然是投资者在中长期资产配置中好的选择。与?#27597;?#30456;关的行业投资机会显现,需要通过专业机构,控制贪婪和恐惧,专业化的衡量风险、挖掘机会。</span><br/></p> 一?#21363;?#24744;读懂《2016中国?#21892;?#22522;金市场白皮书》http://www.djced.com/n/193行业白皮书核心观点2016-05-16<p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153526701841145221863.jpg" title="一图白皮书头图.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153530258044557137104.jpg" style="float:none;" title="一图白皮书001.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153530320648138669123.jpg" style="float:none;" title="一图白皮书002.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153530390552139513405.jpg" style="float:none;" title="一图白皮书003.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153530480857297061049.jpg" style="float:none;" title="一图白皮书004.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153531807833199594808.jpg" style="float:none;" title="一图白皮书005.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153532740286523243003.jpg" style="float:none;" title="一图白皮书006.jpg"/></p><p><br/></p> 2015年LP发展趋势回顾http://www.djced.com/n/192行业白皮书核心观点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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年LP发展趋势回顾</span></strong><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, 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: 宋体, 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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">社保基金逐步参与私募股权市场</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: 宋体, 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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">截至 2014 年,社保基金股权投资基金收益为 13.34亿元,年均复合增长率为 248% ; 同期社保基金的总收入年均复合增长率为 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: 宋体, SimSun; line-height: 25.6px; background-color: rgb(255, 255, 255);">保险资金:政策驱动下参与度提升</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2012年以来,监管部门?#20013;?#25512;动保险资金运用的市场化?#27597;錚?#19981;仅放宽了保险资金的投资?#27573;В?#21516;时赋予保?#23637;?#21496;更多的投资自主权。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">在此契机下,保?#23637;?#21496;加快了对创新产品和新渠道的投资力度,集合资金信托计划、基础设施债权投资计划、股权投资计划等非标产品在保险资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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">政府引导基金强势参与</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">政府引导基金参与的四大?#38382;劍?#38454;段参与、投资保障、跟进投资、风险补助,其中阶段参股是主要运作模式。</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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2016年私募股权的发展机遇</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: 宋体, 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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">全球经?#27809;?#22659;与资本市场</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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">标普500 指数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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">H 股指数的市盈率约6.7倍(2015年9月末),与过去5年(约9.1倍)和过去10年(约12.8倍)的平均相比处于低位,甚至低于2008年金融危机时的水平,?#20174;?#20102;市场对中国经济前景的担忧,其中还包括人民币进一步贬值的可能性。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">美国资本市场,IPO融资大幅减少,高科技、医疗、能源IPO金额占比高。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">香港资本市场,?#21892;?#21457;行融资创新高,IPO融资额再?#38382;?#30028;头筹。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">政策变化</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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap;">资本市场加速?#27597;錚?#36864;出渠道变得宽广</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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap;">注册制加速落地;</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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap;">多层次股权融资市场:新三板、战略新兴板等;</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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap;">并购重组更加市场化。</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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap;">同?#20445;?#23545;私募股权投资机构监管趋严:</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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap;">2015年11月底,私募基金行业?#26376;?#25919;策密集发布;</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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap;">?#22411;E机构挂牌新三板,?#26412;?#24037;商总局暂停PE注册、证监会对27家私募基金管理人采取行政监管措施。</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">市场热点和机会:产业并购</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">并购数量和规模逐年上升,传统行业仍占主流地位,IT行业异军突起。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">市场热点和机会:中概股回归潮</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">通过市盈率对比可知,大部分行业在A股都是存在溢价的,参与中概股回归存在估值套利。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">截至2015年11月,宣布收到私有化要约的中概股共33家,超过了过往5年的总和。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">母基金加速发展</span></strong></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">随着国内PE基金的蓬勃发展,PE-FOF因分散风险、灵活配置等特征,也逐渐受到投资机构的关注。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2003年第一只外资PE-FOF成立以来,PE-FOF的募集数量平稳发展,年复合增速38.1%。而2015年,迎来了PE-FOF募集的大爆发,2015年完成募集的PE-FOF同比增长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> 人民币基金为?#32428;中?#28779;热?http://www.djced.com/n/191行业白皮书核心观点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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">GP存续期+募集规模双降</span></strong></p><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, 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: 宋体, 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、复合基金实现了跨越式的发展,并购基金及创投基金也较2014年数量水平有了显著提升,创投基金成为2015年GP市场中占比最大的投资基金类型。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年中国PE/VC管理人在基金募集端更加倾向采用“多轮快融”、“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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap;">人民币基金?#20013;?#28779;热</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">金融危机后,美元基金募资遇到了巨大的困难与挑战。此外 “中概股”估值低估以及VIE架构的合法性问题也成为海外上市创业者的挑战。<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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">“人民币基金”募集火热的背后,存在以下几个因素 :</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">1)“募退两头”场内化,美元出海辅导角色弱化。随着国内三板日益活?#23613;?#27880;册制计划推出,未来的5-10 年,越来越多的项目将会呈现出“募退回流”的现象,在中国市场实现退出。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2)&nbsp;中概股回归,人民币基金成为主要?#20248;?#20384;。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">3)史上最严外汇管制令,中国换汇渠道?#25112;簟?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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">退出预期:机会与挑战并存</span></strong></p><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">1)GP在早期及天使阶段投资上的?#20013;?#21152;码。2015年以来中国股权投资领域的一大特征表现为项目投资阶段的前移,机构投资者越发倾向在更早阶段参与进入项?#21487;?#21629;周期中,从而分享企业高速成长带来的价值溢价成果。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2)国内股市与并购领域,TMT主题项目的估值呈现出维持高水平估值的态势。</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap;">O2O 潮退 +大数据引领行业主题</span></strong><span style="color: rgb(148, 97, 52); font-family: 宋体, 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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">大数据成为GP最为重视的领域,移动医疗其次,互联网金融、在线教育、智能?#24067;?#19982;机器学习等板块也成为关注的重点?#36739;頡?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;"><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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年内的两大事件降低了GP对O2O领域的投资热情:一是2015年中O2O领域的最大合并交易美团、点评合并产生“新?#26469;蟆保琌2O平台的竞争格局基本成型,后续进入投资获利窗口收窄;其二,年中资本市场的震荡与暴跌,使得需要大量资金的O2O项目面临更大的生存挑战,降低了投资者对于O2O项目的热情。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">投资的三要素?#21644;?#38431;、市场、创新</span></strong></section><span style="color: rgb(148, 97, 52); font-family: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">GP正在从传统的“制度套利投资思维”向“基本面主导的价值投资思维”过渡。“企业退出?#25165;?#32771;?#24688;保?#26032;三板、IPO并购预期)逐步让位“企业基本面?#20445;?#20154;、市场规模及核心竞争力)因素,早期项目投资回归商业价值本质。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">产业基金</span></strong></section><p><span style="color: rgb(148, 97, 52); font-family: 宋体, 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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">加速扩张</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年产业基金总体数量较2014年成直线上扬趋势,年末基金总数接近2014 年产业基金总数的3 倍,基金披露总规模则达到2014 年披露募集总规模的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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">无论是何种模式,产业基金的核心价值在于通过设立运营独立基金的方式,聚焦特定产业?#27573;В?#28145;度挖掘产业链的内在价值,服务企业总体生态战略需要。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">深度挖掘产业生态布局</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">以百度、腾讯及阿里近3 年的战略投资布局来?#20174;?#20013;国互联网企业深挖产业布局策略的窗口:三家公司的投资主要分布在互联网、电信及增值、IT 等行业。互联网所占比重多在半数以上,文化传媒、金融等行业也?#21152;?#25152;涉及,传统行业如制造业、交通运输、能源及矿产所占比重?#31995;汀?#36825;与社会产业基金的投资?#36739;?#26377;所不同,?#20174;?#20102;较强的互联网企业特色。</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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">投后管理有待系统化提升</span></strong></section><span style="color: rgb(148, 97, 52); font-family: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">投后管理的本质是对风险的判断、对投资结果的验证,回归这一本质,GP需要针对企业所处的不同阶?#21361;?#23454;行更为精细化的管理监控:针对产品的等运营指标进行监督初判;掌控企业现金流量及财务情况、评估并把握花钱的速度与业绩增长速度之间的关系;及时将项目的最新状况与投资时的判断进行对比验证,从而更好地预警风险。</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> 那些发生在2015年PE/VC行业你所不知道的事儿http://www.djced.com/n/190行业白皮书核心观点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: 宋体, 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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">数量、规模均再创新高</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: 宋体, 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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">投资</span></strong></p><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><span style="color: rgb(148, 97, 52); font-family: 宋体, 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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">估值高企,投资阶段移向早期。P/E(市盈率倍数)可能受之前牛市的影响,?#20013;?#36208;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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">TMT行业?#26377;?#28779;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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">总体而言,PE 投资的行业分布较VC 相对均衡一些。VC在金融行业的投资数量占比有所上升,主要是集中在一些互联网金融的企业,制造业的投资?#20013;?#38477;温。</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: 宋体, 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: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">IPO和并?#21644;?#20986;有所降温</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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015 股市惊心动魄,在杠杆的支撑下上演了疯狂牛?#34892;?#24773;,之后随着证监会严查又一路下跌,股灾之后A 股市场IPO 暂停,12 月恢复审批。A股2015 年上半年涨幅30%,下半年跌幅16.6%,整年上涨8.6%,市盈率在股市暴跌之后处于历史低位。</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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">投资回报回归理性</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: 宋体, 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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">从回报倍数趋势来看,我们预计并购在未来的一?#38382;?#38388;内或将接替IPO成为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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年,中国PE/VC市场中通过并购完成退出交易的项目和总规模?#30452;?#20026;IPO退出项目数量?#30333;?#35268;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: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">明天我们将从GP(基金管理人)/LP(有限合伙人)端,读懂PE/VC 基金的?#30333;?#23736;”和“?#37326;丁保?#37117;在发生什么样的变化。更多精彩,未完待读。</span></p><p><br/></p> 伯恩茅斯曼联
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