Core Viewpoint - The article discusses the impact of the US-China trade war on the import of chicken feet and pork by China, highlighting the challenges faced by importers and the shifting dynamics in the meat market due to tariffs and trade restrictions [3][4][7]. Group 1: Trade Dynamics - China is the largest importer and consumer of chicken feet and pork products globally, with the US being a significant supplier until recent tariff increases [3][7]. - The US imposed a 20% tariff on Chinese goods, followed by a 34% retaliatory tariff from China, leading to a cumulative tariff exceeding 140% on certain imports, severely affecting trade [6][7]. - In 2024, China imported nearly 450,000 tons of frozen chicken feet, with the US accounting for only 10% of this volume, indicating a shift towards other suppliers like Brazil [7][12]. Group 2: Importer Challenges - Importers like Yan Jun faced significant losses due to customs rejections and high tariffs, leading to decisions to redirect shipments to other markets like Vietnam and Singapore [5][6]. - The article highlights the emotional and financial toll on importers, with many feeling helpless as they navigate the complexities of the trade war [6][14]. - The reliance on US products is diminishing as Chinese importers seek alternatives from countries like Brazil, Argentina, and Spain, which are now entering the Chinese market [15][19]. Group 3: Market Trends - The price of pork by-products has risen significantly, with some products like pig trotters and intestines fetching high prices in the market, reflecting changing consumer preferences [13][14]. - The article notes that the demand for chicken feet in China has led to a global supply shortage, with various countries now exporting chicken feet to China [12][13]. - The competitive landscape is shifting, with US meat producers struggling to find alternative markets for their products, as the Chinese market was previously a major destination [12][18].

投向全球产业链。 作者 I 王露 报道 I 投资界PEdaily 投资界获悉，近日宁德时代、大族激光接连发布公告，共同参投一支规模约15亿美元的 私募股权投资基金。背后管理人正是宁德时代参股的一家VC——Lo c h p i n e Ca p it a l。 换言之，这次宁德时代亲身入局，不仅真金白银做LP，还下场做起VC。 瞄准海外产业链，是Lo c h p i ne Ca pit a l的使命，也是宁德时代的当下命题。 宁王系VC浮出水面 募资15亿美元 先来看Loc h p i n e Ca p it a l。 成立于202 3年8月，总部位于香港，由宁德时代子公司香港时代间接持有3 2%股权。最 初以CATL Ca p it a l的名称注册，于2024年5月更名。 市场上对宁德时代基金传闻已久。去年7月，就有消息称宁德时代正与海外主权财富基 金、全球超级家办、石油和天然气公司和汽车巨头等进行洽谈，拟募集1 5亿美元的产业 投资基金，用于投资全球供应链。 投资界获悉，Lo c h p i n e Ca pit a l背后站着一位女将——刘一帆（Ali c i a Li u）。 公开资料显示，20 0 ...

流量起伏的游戏。 作者 | 朱淑艳 编辑｜崔玉敏 来源 | 真实故事计划 以下文章来源于真实故事计划 ，作者朱淑艳 真实故事计划 . 每天一个打动人心的原创真实故事。 合作请联系xuanlingmuye。 （ID：zhenshigushi1） 2 0 24年8月开始，华东理工大学社会学博士生朱淑艳，在浙江义乌成为一名带货主播。 像许多中小主播一样，她昼夜颠倒地直播，拿过1 0元的每日补贴，当过销冠，也经历过 失业。 期间，朱淑艳访谈了50多位中小带货主播。义乌北下朱村被称为"直播带货"的梦工厂， 无数草根涌入此地和周边区域，希望复刻头部带货主播们的财富神话，其中多数是学历 不高的女性。这些年轻的女性必须超越自身生理极限，以博取流量的青睐，同时，她们 的工作又极度缺乏保障，许多人在高压下身心受损，却仍不愿离开。 以下是她的观察和自述： 主播培训，一天10元 2 0 24年8月，第一次上播时，我独自坐在十平米左右的直播间，紧张又兴奋。 离 我 脸 半 米 的 距 离 ， 有 一 个 硕 大 的 架 子 ， 上 面 夹 了 30 多 台 手 机 ， 连 满 各 种 样 式 的 充 电 线。这在业内被称作"直播矩阵" ...

Core Viewpoint - The article discusses the upcoming IPO of FWD Group, led by Richard Li, the son of Li Ka-shing, highlighting its growth and expansion in the insurance sector across Asia-Pacific, particularly its significant customer base from mainland China [3][4][6]. Group 1: Company Overview - FWD Group has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with Richard Li as its leader, who has established the company through strategic acquisitions since 2013 [3][5]. - The company has approximately 60,000 policyholders from mainland China, indicating a strong market presence [4][6]. - FWD Group's business model focuses on customer-centric and digital empowerment strategies, leading to rapid growth in the insurance market [5][6]. Group 2: Financial Performance - From 2014 to 2024, FWD Group's annualized new premiums are projected to grow 5.2 times, from $309 million to $1.916 billion [6]. - The company reported net insurance and investment performance of $493 million, $470 million, and $911 million for the years 2022 to 2024, respectively, with a turnaround to profitability expected in 2024 [7]. - The annualized new premium from mainland Chinese visitors has seen a growth of 6.3 times from 2022 to 2024, showcasing the potential for further expansion in this market [7]. Group 3: Market Context - The Hong Kong IPO market is experiencing a resurgence, with significant listings such as CATL and Heng Rui Pharmaceutical, indicating a robust environment for new public offerings [13][14]. - The total fundraising amount from new IPOs in Hong Kong has exceeded HKD 60 billion, marking a more than sixfold increase compared to the previous year [13][15]. - The sentiment among investors has shifted positively, with a growing interest in Hong Kong listings, contrasting with previous perceptions of low liquidity and valuation issues [15].

以下文章来源于解码LP ，作者周佳丽 解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 引入险资。 欢迎加入投资界读者群 作者 I 周佳丽 报道 I 投资界-解码LP 总部位于新加坡，凯德投资是亚洲老牌的大型多元化不动产集团，业务聚焦上市基金管 理、私募基金管理、旅宿管理、商业管理以及不动产投资，踪迹已遍及45个国家的2 7 0个 城市。 截至20 2 5年一季度末，凯德投资的基金资产管理规模为1170亿新元（超650 0亿元人民 币），通过7只上市不动产投资信托基金（REITs）和商业信托以及一系列投资于人口趋 势、格局颠覆重构，以及数字化主题的不动产私募投资工具持有。 官网显示，旗下多元化不动产资产类别涵盖购物中心、办公楼、旅宿、工业地产、物流 园、产业园区、健康、自助仓储、数据中心、私募信贷和特殊机会。 深耕中国3 0年，凯德投资于2021年在中国注册成为私募股权基金管理人，开始发展人民 币基金业务，多年来已经推出了7只在岸人民币募资产品，募集的境内资本总额累计540 亿元人民币，投向具备稳定现金流和长期增值潜力的中国优质资产。 凯德投资曾表示，发展人民币基金业务，让凯德能够更好地服务中国 ...

Core Viewpoint - The article discusses a dramatic turnaround in the shipping orders from China to the U.S. following the recent tariff adjustments, highlighting a surge in demand and operational challenges faced by ports and logistics companies [3][4][5]. Group 1: Shipping and Logistics - After the announcement of tariff reductions, shipping orders from China to the U.S. skyrocketed, with container bookings increasing by nearly 300% [6]. - Ports like Shenzhen's Yantian and Ningbo experienced a significant influx of orders, leading to a situation where shipping capacity was stretched thin, with a 30% shortfall in available space [6][5]. - The rapid increase in orders forced many companies to work overtime to meet the demand, with some factories operating at full capacity to fulfill U.S. orders [5][6]. Group 2: Market Dynamics - The article emphasizes that despite previous expectations, U.S. companies are struggling to shift their supply chains away from China due to high costs and inefficiencies in alternative locations [13][14]. - Many U.S. businesses have found that relocating production to Southeast Asia or other regions is not feasible, leading them to return to Chinese suppliers [14]. - Chinese manufacturers have diversified their markets, reducing reliance on the U.S. and expanding into Europe and other regions, which has provided them with more stability [15]. Group 3: Historical Context - The article draws parallels between current tariff policies and historical events, specifically referencing the Smoot-Hawley Tariff Act of 1930, which led to economic downturns rather than the intended protection of domestic industries [15]. - It suggests that the current administration should learn from history to avoid repeating past mistakes related to high tariffs [15].

Core Viewpoint - Fujian Province is entering a new era of venture capital with the establishment of a government-guided fund matrix exceeding 130 billion yuan, aimed at supporting high-quality development of technology-based enterprises [2][4]. Fund Matrix Overview - The government plans to create a fund matrix with a total scale of over 130 billion yuan, including a 100 billion yuan merger fund and a 100 billion yuan S fund [3][4]. - The provincial government investment fund was initiated in 2021, with a current participation in six funds totaling over 46.5 billion yuan [4]. Key Measures - The recent measures include three major fund deployments, focusing on supporting technology-based enterprises and enhancing the investment environment [4][5]. - The government will select 100 enterprises annually for targeted cultivation, particularly those meeting national strategic needs [6]. Industry Focus - The fund matrix will concentrate on five key industries: new energy, petrochemicals, new materials, biomedicine, and strategic emerging industries [5]. - The province aims to attract overseas capital and enhance collaboration with leading manufacturing enterprises [4][5]. Historical Context - Fujian's venture capital presence has been relatively low until recent years, with cities like Fuzhou, Xiamen, Quanzhou, and Zhangzhou becoming more active [8]. - The province has set ambitious goals for fund development, including a 300 billion yuan functional fund group and a 1,000 billion yuan industrial fund group by 2029 [8]. Recent Developments - The establishment of the KKR China headquarters in Quanzhou marks a significant milestone in attracting top private equity firms to Fujian [9]. - New funds targeting specialized small and medium-sized enterprises have been approved, with a focus on innovation [10]. Strategic Importance - Fujian's geographical advantages and rich industrial base position it well for fostering new industries and enhancing its competitive edge in the national market [10].

以下文章来源于格隆 ，作者城北徐公 格隆 . 一个游走于资本市场与佛祖之间的浪子。我可以生，可以死，我大笑，由天决定！ 新旧时代交替。 作者 | 城北徐公 来源 | 格隆 （ID：guru-lama） 5月11日，黄仁勋在米尔肯研究所会议上谈及当下的劳动力市场： 你失去工作不是因为AI，而是因为那些使用AI的人。 这句话乍听起来非常有道理，但稍微琢磨一下……这味儿怎么那么熟悉？ 是不是很像那句过期的毒鸡汤：你之所以穷，是因为你不够努力！ 万众瞩目的大人物，在点评芸芸众生时，总带着那么一些"何不食肉糜"的味道。 勤劳与富裕并不存在因果关系；同样，会不会使用AI工具，也与你是否被取代没有必然 联系。 …… 最近，微软刚刚交出亮眼的财报：上季度净利润258亿美元，同比增长1 8%。 但是，即便赚再多钱，那也是属于这家企业的辉煌。 当 营 销 团 队 利 用 AI 广 告 节 省 了 70% 的 时 间 ， GitHubCopil o 已 经 接 管 了 30% 的 代 码 编 写 时…… 作为螺丝钉的员工，不仅没有资格分享荣耀，还得面临被踢出局的风险：微软宣布裁员 6 0 00人，占全球员工的3%。 裁员理由写得无 ...

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Core Viewpoint - The liquidity crisis in private equity is highlighted by Yale University's significant sale of $60 billion in private equity assets, which has seen little interest from buyers despite being offered at a discount [1][2][3] Group 1: Yale University's Asset Sale - Yale University announced the sale of its private equity assets, marking a historic move as it is the largest LP-initiated sale globally [2] - The expected price for the assets was around 90% of face value, but reports indicate that the actual offers are significantly lower, with discounts reaching up to 15% [2][3] - The urgency to complete the sale before the fiscal year-end has led to a lack of competitive bids, reflecting a broader trend of liquidity challenges in the market [2][3] Group 2: Broader Market Trends - The trend of LPs selling assets at steep discounts is becoming more common, with recent reports indicating discounts of 10% to 20% on LP-led sales [3] - Harvard University and Texas Tech University are also looking to sell private equity assets, but face similar challenges with low offers [3] - The overall market for private equity exits is under pressure, with a significant number of funds entering extended periods without returns [5][6] Group 3: Impact on LPs and GPs - Many LPs are expressing frustration over the lack of returns, with reports indicating that a majority of funds established since 2015 have not returned more than half of the invested capital [5][6] - The liquidity crisis is prompting LPs to reassess their investment strategies, leading to a tightening of capital and increased scrutiny on fund performance [6][7] - The emergence of "zombie funds," which have not exited or raised new funds, is indicative of the challenges facing the industry [7][8] Group 4: Industry Adaptation - Some GPs are reducing fund sizes and returning capital to LPs as a strategy to navigate the current market conditions [9] - The shift away from traditional VC models is evident, with firms exploring alternative investment avenues to attract capital [8][9] - The industry is undergoing a significant transformation, with a focus on survival and profitability becoming paramount for both GPs and LPs [9]