《报告》：S市场活跃度迅速增长 金融机构中险资配置规模最高

Core Insights - The report indicates a significant increase in the trading activity of China's private equity secondary market starting from the second half of 2024, with a continuous growth trend expected over the next two years [1] - By the third quarter of 2025, the total trading volume in China's private equity secondary market is projected to reach approximately 92.3 billion RMB, marking a 182% year-on-year increase compared to 32.7 billion RMB in the same period of 2024 [1] - The number of total transactions in the first three quarters of 2025 is expected to be 867, which is a 234% increase from 259 transactions in the same period of 2024 [1] Market Dynamics - The report highlights that all types of sellers have achieved year-on-year growth in both trading volume and transaction numbers, indicating a robust market environment [1] - The participation of government funds and financial institutions as buyers has notably increased, attributed to a deeper understanding of S transactions by local governments, insurance funds, asset management companies (AMCs), trusts, and alternative subsidiaries of brokerages [1] Buyer Preferences - The funding sources for S buyers show a high proportion of state-owned assets, insurance, and high-net-worth family offices, with a noticeable increase in fiscal contributions compared to the previous year [2] - High-net-worth family offices and corporate venture capital (CVC) investors tend to prefer smaller-scale private enterprises, while among financial institutions, insurance funds remain the most significant players, favoring large-scale institutions with team equity participation [2]