我工作的上一家机构，出资人主要是地方政府，有比较苛刻的返投要求。 有一段时间，机构内部的返投遇到了一些麻烦，经常开会，讨论如何促使企业落地，如何完成返投。 在某一次会上，有一位工作年限不太长的投资经理，问：既然返投这么不好搞，我们为什么不募集一些不需要返投的资金呢？ 而后没多久，他以能力无法胜任为理由，被开除了。 大概两三年前，某知名机构某员工，在未提前通知企业的情况下，邀请竟对企业创始人参与该企业线上路演。 竞对创始人的腾讯会议的头像被该创始人识别到，然后事件曝光。再然后，该投资人被开除。 当时，线上路演的录音在网络上流传过。被开除的那个投资经理，声音听起来，年龄并不大。 那是一家知名机构，理论上来说，有着正规的内控管理。出现这样的事，有两个可能： 如果机构明确要求过，项目接触过程中，要注意保密，但是投资经理仍然做了这样的事，说明，内部有其他投资人也做过类似的事？ 如果机构没有要求过，投资经理不知道这样做是不合规的。那就说明，是机构管理不到位？ 后来 .. 丽水市公安局责令遂昌县公安局依法撤销对仇子明刑事拘留的决定，并要求遂昌县公安局向仇子明本人道歉。 "德林社"创始人李德林在 2010 年的时候，在《证券 ...

Market Characteristics - The secondary market is characterized by a high proportion of retail investors [1] - Investors tend to favor chasing hot stocks rather than relying on rational analysis, leading to price movements that defy conventional investment logic [2] - There is a tendency for investors to inflate stock prices based on future expectations, sometimes projecting valuations three, five, or even ten years ahead [3] Institutional Investment Strategy - There is a lack of primary institutions that adjust their investment strategies based on the characteristics of the secondary market [4] - The experience of investing in multiple companies shows that only a few make it to the secondary market, making it impractical to consider secondary market characteristics for primary market strategies [5] Slow Bull Market Discussion - The concept of a slow bull market raises questions about its duration and implications for primary institutions, particularly regarding the timing of exits for invested companies [6] - There is skepticism about whether primary institutions analyze past bull markets to inform their investment strategies in the primary market [6] Role of Institutional Shareholders - Institutional shareholders are expected to play a significant role in optimizing corporate governance and enhancing the capital market [7] - However, the reality is that institutional investors often celebrate a single successful exit among many investments, indicating limited engagement in governance [8] - There is a perception that institutional investors lack the capacity to significantly influence corporate governance or market improvement [9] Investment Focus and Market Dynamics - The focus of primary market investments may be shifting towards hard technology and AI, with a desire to keep investment funds within the domestic market rather than seeking overseas opportunities [14][17] - The discussion hints at a broader context of market dynamics, suggesting that the positioning of primary market institutions may be influenced by higher-level strategic considerations [17] Reflection on the Investment Industry - The narrative reflects a critical view of the investment industry, suggesting that some professionals may overestimate their status and influence within the broader social hierarchy [21] - The insights presented are based on seven years of experience in the primary market, indicating a level of introspection and acknowledgment of potential limitations in understanding [22]

Group 1 - The financial industry is facing significant challenges, including salary cuts and layoffs, leading many professionals to consider career transitions [1] - The "14th Five-Year Plan" has directed financial resources towards technology innovation and green low-carbon sectors, indicating a shift in traditional financial models [1] - ESG (Environmental, Social, and Governance) has become a critical focus for financial institutions and companies, creating new job opportunities with competitive salaries [1][2] Group 2 - The Hong Kong Stock Exchange has mandated ESG training for company directors, increasing the demand for ESG talent in corporate governance and investor relations [2] - Regulatory bodies in China are implementing policies to enhance ESG information disclosure among listed companies, indicating a growing need for ESG professionals [3][14] Group 3 - The market for ESG talent is expanding rapidly, with a reported 60% increase in new ESG job postings over the past year, highlighting a significant demand for skilled professionals [24] - Companies are increasingly recognizing the importance of ESG factors in enhancing long-term performance and attracting investors [12] Group 4 - Training programs and certifications for ESG professionals are gaining traction, with a focus on building a comprehensive knowledge base and practical experience [35][39] - The CFA Institute's Sustainable Investment Certificate and the Registered ESG Analyst certification are recognized as valuable credentials in the industry [36][39] Group 5 - Practical training projects are being offered to enhance the employability of ESG professionals, providing real-world experience in ESG reporting and analysis [41][42] - Companies are diversifying their ESG training programs to cater to different types of enterprises, including listed companies and startups [42]

Core Insights - The article discusses the investment notes of Zhou Yahui, founder of Kunlun Wanwei, highlighting his experiences and insights in the primary market investment space [2][5][6]. Group 1: Zhou Yahui's Background - Zhou Yahui, born in 1977, is a graduate of Tsinghua University with a master's degree in precision instruments. He founded Kunlun Wanwei in 2008, which went public in 2015 [5]. - Before establishing Kunlun Wanwei, Zhou Yahui dropped out of graduate school to start Huoshen Animation Network and later returned to complete his studies [5]. Group 2: Investment Journey - Zhou Yahui began investing in the primary market around 2014, achieving notable success with projects like Qudian, Inke, Opera Browser, and Dada [5][6]. - The investment notes detail Zhou's personal investment philosophy, emphasizing a preference for projects that can compete with industry giants, which he finds stimulating and rewarding [13]. Group 3: Notable Events - The article recounts an event where Zhou Yahui attended a "code meeting" hosted by Source Code Capital, where he encountered prominent figures like Zhang Yiming, Wang Xing, and Cao Yi [6][8]. - During the meeting, Wang Xing expressed skepticism about investing in Dada, believing that Meituan would outcompete it, leading Cao Yi to decide against the investment [11][12]. - In contrast, Zhou Yahui saw potential in Dada despite Wang Xing's comments, showcasing his contrarian investment approach [13]. Group 4: Investment Notes Content - The investment notes consist of nearly 30,000 words, primarily documenting investments in four projects: Qudian, Yimutian, Dada, and Inke, with detailed insights into each [13][15].

Group 1 - The core point of the article is the successful approval of Muxi Integrated Circuit's general-purpose GPU chip, indicating a positive development for the company [2] - Three months prior, there was an invitation to publish an article about Muxi's significant losses, which was suggested to be a competitive tactic by rivals [4][6] - The author underwent internal training on media management, highlighting that companies may spend hundreds of thousands on media during the IPO process [15][14] Group 2 - The training included specific case studies that revealed missed investment opportunities in the field of self-media related to investment [16] - The article concludes with congratulations to Muxi for passing the review process, indicating a shift in sentiment towards the company [18][19] - The author clarifies that they have no financial ties or social relationships with Muxi's management, ensuring objectivity in the analysis [20]

Core Viewpoint - The article discusses the dynamics between General Partners (GPs) and Limited Partners (LPs) in investment projects, highlighting the complexities of communication and decision-making in investment scenarios. Group 1: Investment Process - The primary operation model in the primary market involves GPs raising funds from multiple LPs and subsequently investing in various projects [1] - After several years, projects may go public, be repurchased, or undergo subsequent financing rounds, allowing GPs to return funds to LPs [2] - The company acts as a GP in this investment structure [3] Group 2: Communication Dynamics - LPs do not simply hand over funds to GPs; there is significant communication regarding project evaluations [4] - In some cases, LPs seek positive feedback from GPs to validate their investment decisions [5] - There are instances where LPs wish to invest directly or through blind pool funds, but GPs may have reservations based on project quality [6][20] Group 3: Project Case Studies - **Project A**: An LP expressed interest in a project but was uncertain about its quality, prompting the company to provide a cautious assessment [10][11][12] - **Project B**: An LP was keen on a project and wanted the company to invest using blind pool funds, but the company preferred to allocate those funds to projects it deemed more promising [18][19][20] - **Project C**: The company informed LPs about a new project, and the LPs requested investment allocations, but the company was reluctant to share limited investment capacity [26][27][29]

Group 1 - The market is currently experiencing fluctuations, with the ChiNext board showing weakness due to weight adjustments and recent external news, making operations in Q4 more challenging [1] - There is a suggestion to reduce positions in high-tech sectors that are at high levels, while focusing on low-level stocks with solid fundamentals for potential rebounds [1] - A recommendation is made to follow a specific public account for insights on timing and wave operations, which has previously provided successful investment tips [1] Group 2 - Various investment firms are engaging in discussions about potential investments, indicating a competitive landscape for funding [2] - There are mentions of different investment strategies, such as controlling stakes and full-spectrum layouts, highlighting the diversity in investment approaches among firms [2] - WeWork is referenced as a notable case, indicating challenges in securing investments even for high-profile projects [3]

Core Viewpoint - Shenzhen Metro Group has significantly invested in Vanke, becoming its largest shareholder through multiple acquisitions and loans, indicating a strong commitment to the real estate sector [3][4][8]. Group 1: Share Acquisitions - In 2017, Shenzhen Metro Group acquired 15.31% of Vanke's shares from China Resources for approximately 372 billion [1]. - The same year, it purchased an additional 14.07% from Evergrande for about 292 billion, bringing the total investment in share acquisitions to 664 billion, solidifying its position as Vanke's largest shareholder [2][3]. Group 2: Additional Investments - In 2021, Shenzhen Metro Group increased its stake in Vanke by investing an additional 10 billion [4]. - The group also participated in Vanke's REITs products, contributing around 10 billion [4]. Group 3: Loans Provided - Since 2025, Shenzhen Metro Group has provided multiple loans to Vanke, totaling nearly 1,000 billion [5][8]. - Specific loan amounts include 28 billion on February 11, 42 billion on February 22, 33 billion on April 30, 15.52 billion on May 15, up to 30 billion on June 6, 16.81 billion on August 5, and 20.64 billion on September 16 [6]. - The interest rate on these loans is 2.34%, which is lower than the one-year Loan Prime Rate (LPR) published by the National Interbank Funding Center [7]. Group 4: Broader Context of Support - Other Shenzhen-based entities have also provided financial support to various real estate companies, including significant investments by Shenzhen Talent Housing Group and Shenzhen International [10][11][12]. - The "Risk Sharing" plan initiated in 2018 saw approximately 150 billion allocated to rescue over 20 local listed companies, some of which are involved in real estate [15].

Core Viewpoint - The article emphasizes the art of flattery, suggesting that effective compliments should focus on aspects that are not commonly recognized or acknowledged by others, rather than obvious achievements [1][25]. Group 1: Types of Flattery - Flattery should be directed towards aspects that the individual takes pride in but are not widely recognized, referred to as "knowing the person" flattery [3]. - Another type of flattery involves highlighting achievements that others may overlook, termed "lower position" flattery [4]. - The third type focuses on recognizing strengths that others may not appreciate, known as "talent scout" flattery [5]. Group 2: Specific Flattery Examples - Complimenting a professor should avoid obvious strengths like academic prowess and instead focus on personal attributes, such as appearance or hobbies [7]. - When discussing a competitor, it is more effective to highlight their failures rather than directly praising the subject [8]. - For a semiconductor-focused institution, it is better to acknowledge their global perspective and historical contributions rather than just their investment success [9]. Group 3: Indirect Compliments - Complimenting a company's confidentiality in their investment activities is more impactful than praising their investment success directly [10]. - Compliments about personal skills, such as card games or drinking abilities, can be more effective than discussing professional capabilities [11][12]. - Engaging in conversations about personal interests, like hobbies or pastimes, can serve as a more subtle form of flattery [18][19][20][21]. Group 4: Observational Flattery - Observing personal traits, such as physical attributes or interests, can provide opportunities for meaningful compliments that resonate with the individual [22][23][24].

Group 1 - The article expresses gratitude towards the author's wife for her support during challenging times, particularly regarding family health issues and the decision to have a child [14][15] - The author emphasizes the importance of independent thinking and self-discovery for the child, encouraging them to explore their own identity rather than conforming to parental expectations [10][11][20] - The author highlights the significance of education that promotes exploration and understanding of diverse perspectives, rather than rote learning [19][20] Group 2 - The author reflects on the value of life experiences over theoretical knowledge, wishing to share insights gained from personal journeys in the future [22] - The article conveys a commitment to being a supportive and understanding parent, aiming to foster a nurturing environment for the child's growth [25]