Core Viewpoint - Coller Capital has achieved a record fundraising of $6.8 billion (approximately 48.8 billion RMB) for its Coller Credit Opportunities II fund, reflecting strong market demand for private credit assets and the firm's expertise in the sector [3]. Group 1: Fundraising and Investment Strategy - Coller Capital's Coller Credit Opportunities II fund focuses on high-quality asset investments in the private credit secondary market, primarily targeting senior direct lending and high-quality credit assets [3]. - The fundraising attracted a diverse range of institutional investors, including pension funds, insurance companies, sovereign wealth funds, family offices, and large asset management firms, surpassing initial targets [3]. - Since January 2024, Coller Capital has assessed credit secondary market investment opportunities totaling $53 billion, indicating high activity and investment potential in this sector [3]. Group 2: Company Background and Growth - Founded in 1990 and headquartered in London, Coller Capital is one of the earliest investment firms focused on the private asset secondary market [4]. - The firm has grown to manage over $27.5 billion in assets, with a team of over 100 professionals experienced in cross-border transactions [5]. - Coller Capital's credit investment business began in 2008 and has evolved into an independent platform, offering various investment vehicles including hybrid funds and evergreen funds [5]. Group 3: Notable Transactions and Market Position - Coller Capital has made cumulative investments of $10.1 billion in the private credit secondary market, completing several influential transactions [6]. - In 2024, the firm acquired a $1.6 billion senior direct lending portfolio from American National, marking one of the largest LP-led private credit secondary market transactions in history [7]. - The establishment of the largest credit continuation fund in the industry further solidifies Coller Capital's leading position in credit continuation transactions [9].

科勒资本是私募信贷二级市场的先行者，早于2008年便已开始参与相关投资。截至目前，公司在 该领域的总出资额已达到101亿美元。 此次成功募资延续了科勒资本在私募信贷二级市场的领先势头。此前，科勒资本以14亿美元成功 募集了旗下首支信贷基金"科勒资本信贷机遇第一期基金"（Coller Credit Opportunities I，简 称"CCO I"），成为当时规模最大的私募信贷二级市场基金，树立了行业标杆。科勒资本优秀的募 资表现，彰显了其全球化布局、创新投资理念以及在私募二级市场的深厚专业积累。 CCO II基金将积极把握LP主导型与GP主导型二级市场交易机会，专注投资于优先直接贷款和优质 信贷资产。该基金致力于为投资者提供分散多元的优质信贷资产配置，在不同的市场周期中实现良 好的风险调整回报与稳健的业绩表现。 随着投资者对流动性解决方案、资产多元化配置及成熟的投资组合管理工具需求增加，私募信贷二 级市场迎来了显著的增长。自2024年1月至今，科勒资本评估的信贷二级市场投资机会总额达到了 530亿美元。随着更多私募信贷基金进入成熟期，该市场的规模预计将持续扩大。 科勒资本合伙人兼私募信贷二级市场业务主管Mi ...

Group 1 - Coller Capital announced the successful closing of its "Coller Credit Opportunities II" fund, raising a record total of $680 million, continuing its leadership in the private credit secondary market [1][2] - The CCO II fund will focus on both LP-led and GP-led secondary market opportunities, investing in senior direct loans and high-quality credit assets, aiming to provide diversified credit asset allocation for investors [2][3] - The private credit secondary market has seen significant growth, with total investment opportunities assessed by Coller Capital reaching $53 billion since January 2024, and the market is expected to continue expanding as more private credit funds mature [2][3] Group 2 - Coller Capital has been a pioneer in the private credit secondary market since 2008, with total investments in this field reaching $10.1 billion [3] - Recent landmark transactions, including the acquisition of a $1.6 billion senior direct loan portfolio from American National, highlight Coller Capital's market leadership [3] - The successful fundraising of CCO II is seen as a milestone, reflecting the deep development and maturity of the private credit secondary market, with increasing recognition of its strategic value in asset allocation and liquidity enhancement [2][3]

Market Overview - The bond market experienced fluctuations and an upward trend during the week of June 30 to July 4, 2025, with the China Bond Composite Wealth Index (CBA00201) rising by 0.17% and the China Bond Composite Full Price Index (CBA00203) increasing by 0.14% [2][12] - Short-term interest rates showed strong performance, with key yield spreads widening, while credit bond yields generally declined, leading to a narrowing of credit spreads [2][12] - The liquidity in the market improved post-quarter, supporting the bond market's strength, and the demand for coupon assets returned to stability [2][12][13] US Market Dynamics - Strong US non-farm payroll data reduced expectations for interest rate cuts, leading to an upward trend in US Treasury yields [14] - The Federal Reserve's cautious stance and the unexpected strength in employment data contributed to a shift in market sentiment regarding future monetary policy [14] REITs Market Activity - The REITs secondary market saw fluctuations but ultimately rose, with the CSI REITs Total Return Index increasing by 0.66% [15] - Despite some adjustments in the market, the overall trading activity remained robust, indicating a healthy development trend [15] Public Fund Market Developments - The first batch of 10 Sci-Tech Innovation Bond ETFs received approval from the China Securities Regulatory Commission on July 2, 2025, which is expected to provide new credit base options for investors amid a low-interest-rate environment [16][17] Fund Performance Tracking - Short-term bond funds rose by 0.08% last week, with a cumulative return of 4.02% since inception [3] - Medium to long-term bond funds increased by 0.19%, achieving a cumulative return of 6.69% since inception [4] - Low-volatility fixed income plus funds rose by 0.31%, with a cumulative return of 2.79% since inception [5] - Medium-volatility fixed income plus funds increased by 0.54%, with a cumulative return of 2.33% since inception [6] - High-volatility fixed income plus funds rose by 0.40%, achieving a cumulative return of 3.40% since inception [7] - Convertible bond funds increased by 0.74%, with a cumulative return of 10.79% since inception [8] - QDII bond funds decreased by 0.08%, with a cumulative return of 7.87% since inception [9] - REITs funds rose by 1.00%, achieving a cumulative return of 40.41% since inception [10]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 根据上交所及深交所项目动态披露，截至2025年6月30日，共有28只REITs处于待上市状态，其中16只为首发 REITs，另外12只为待扩募REITs。 2、二级市场表现 价格走势：2025年6月1日-2025年6月30日（以下简称"本月"），我国已上市公募REITs的二级市场价格先涨后 跌，但在本月仍获得一定正收益：加权REITs指数收于142.71，本月回报率为1.95%。与其他主流大类资产相 比，回报率由高至低排序分别为：原油>美股>可转债>A股>REITs>黄金>纯债。 从项目属性来看，产权类REITs和特许经营权类REITs的二级市场价格于本月均呈现先涨后跌的趋势。其中， 产权类REITs本月涨幅更大。从底层资产类型来看，本 ...

Group 1 - The core viewpoint is that Sors Technology, a leading player in the global optical communication module industry, has established a strong competitive edge through its vertically integrated product line and IDM model [1] - Sors Technology's business encompasses the entire process of optical chip design and manufacturing, optical device production, and optical module assembly, showcasing robust R&D capabilities and vertical integration [1] - The company has achieved mass production of high-speed optical modules for data centers, specifically 400G and 800G applications, and has a stable order reserve [1] Group 2 - The company aims to complete the acquisition by the third quarter of this year, with all parties actively promoting the necessary approvals [1] - Financial data for the first half of the year indicates a significant improvement in operational performance, with detailed results expected post-acquisition [1] - Key profit-contributing businesses for the year include flexible circuit board, rigid circuit board, touch display, and precision manufacturing, while the LED business is currently operating at a loss [1] Group 3 - The Thai factory is primarily focused on module board production, with expected production commencement in the fourth quarter of this year [1]

债券研究 /[Table_Date] 2025.07.01 市 场 策 略 周 报 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 债 券 研 究 [Table_Summary] 资金市场：资金市场融出扩张需求降温、杠杆率分化。过去一周资 金市场融出扩张需求降温。主要融入方净融入金额下降，主要融出 方净融入金额上升。银行间总融入融出回购余额上升，银行间债市 杠杆率略降。分机构看，商业银行/政策性银行、证券公司、保险公 司、非法人产品杠杆率均上升。隔夜回购占比下降。 一级市场：全场倍数分化，一二级价差走阔。过去一周有 1 只 10Y 国开债和 1 只 10Y 农发债发行，10 年期国债全场倍数上升，国开债 和农发债全场倍数均下降。国开债和农发债一二级价差均走阔。一 致性预期方面，国开债和农发债边际倍数均上升。 二级市场：超长债交易活跃，债基久期上升。30 年国债换手率上升， 中长期纯债型基金久期平均数上升。债券借贷总借入量下降，活跃 券占比下降。主要买方利率债净买入上升，主要卖方利率债净卖出 下降。主要买方利率债超长债净买入上升，短债、中期债、长债净 买入下降；主要卖方利率债中期债、长债净卖出上升，短 ...

点击注册小程序 从项目属性来看，本周产权类和特许经营权类REITs的二级市场价格走势均呈现下跌趋势，产权类REITs的 跌幅更小。 从底层资产类型来看，本周交通基础设施类REITs跌幅最大。本周回报率排名前三的底层资产类型分别为 保障房类、能源类和生态环保类。 从单只REIT层面来看，本周公募REITs涨跌互现，除去本周上市的中金亦庄产业园REIT和中金中国绿发商 业REIT后，有6只REITs上涨，有60只REITs下跌。除去本周上市的两只新REITs后，涨跌幅方面，涨幅排 名前三的分别是中航京能光伏REIT、华夏华润商业REIT和中金山东高速REIT。 成交规模及换手率：本周公募REITs成交规模为29.0亿元，市政设施类REITs区间日均换手率领先其他。截 至本周，已上市的68只REITs周内总成交额为29.0亿元，周内区间日均换手率均值为0.93%。 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若 ...

越来越多一级市场的机构，正在加大对二级市场的关注度。 "我们去年开始试着配置二级市场团队，用一些自有资金投二级市场， 今年一季度赚了 60% 。 "某 VC机构合伙人张路（化名）告诉母基金研究中心。 其实，一级市场的投资人与二级市场有着天然的 "近亲"关系，此前许多头部GP也采用"一二级通 吃"的打法，在二级市场布局投资。但近两年，涉足二级市场投资，不仅只是头部GP，也出现了更多 GP的身影。 "我们也和其他有类似布局的机构交流过，大家的原因很一致也很简单：为了赚钱，为了生存。二级 市场流动性强，并且某些时候可以提供更高的短期收益率。我们在一级市场的基金现在募资很难，退 出更难，一级市场团队基本上重心放在投后和退出上。所以，做二级也是无奈之举。"张路表示。 " 参与二级市场定增是我们今年非常重要的一个策略 ，希望能够谋求转型的更多机遇。 "产业投资人 王方（化名）告诉母基金研究中心。 退出环境倒逼投资谨慎， 2024一整年，一级市场上有大量"零出手"的机构。不是不想投，是没有什 么可投的——一方面，项目竞争激烈，硬科技、新能源新材料等战略新兴产业项目估值水涨船高；另 一方面，投资机构更加看重DPI，对退出前景 ...

Core Insights - The article discusses the evolution of the secondary market for overseas private equity, highlighting the significant recovery in 2024 with S transactions exceeding $162 billion, driven by a dual-track trading pattern led by LPs and GPs [1] - The emergence of continuation funds as a mainstream model for GP-led transactions, achieving a historical peak of $70 billion in transaction volume, is reshaping the exit ecosystem [1][2] - The article emphasizes the structural advantages of continuation funds, which cater to existing LPs' exit and reinvestment needs while attracting new LPs with high transparency and short recovery periods [2] Development and Characteristics of Continuation Funds - Continuation funds are increasingly prevalent in overseas markets, providing GPs with extended management periods and enhancing excess returns [2] - In the past five years, continuation funds have gained market share as a supplement to traditional exit methods, with 2024's total continuation transactions surpassing $70 billion, a 17% increase from 2021 [2] - The share of private equity exits via continuation funds rose from 10% in 2022 to 14% in 2024, indicating significant growth compared to previous years [2] Management Perspective - In 2024, 65% of continuation exit transactions were the first attempts by fund managers to establish continuation funds [3] - North America dominates continuation transactions with a 61% market share, while Europe follows with a 36% share, reflecting a 50% year-on-year growth in Europe [3] - The top five industries for continuation fund deployment in 2024 include technology, healthcare, business services, industrials, and consumer goods [3] Operational Mechanisms of Continuation Funds - Continuation funds face challenges in due diligence, pricing, negotiation, and funding pressures, which can complicate domestic practices [6] - The article suggests that lessons from overseas markets can help address these challenges through improved terms and LP protection measures [6] Terms Arrangement of Continuation Funds - Overseas markets have established certain transaction practices for continuation funds, including GP commitment ratios exceeding 5% in over 90% of cases [7] - Multi-asset continuation funds tend to have higher average management fees to cover complex management needs, incentivizing GPs to perform diligently [7] - A tiered profit distribution structure is prevalent, with over 80% of transactions adopting a three-tier structure, enhancing transaction efficiency [7] LP-Friendly Trends - LP-friendly transaction schemes are being implemented to reduce friction in continuation transactions and protect stakeholder interests [8] - The operational process of LP-friendly continuation funds includes enhancing LPAC approval rights, ensuring transparency, and providing multiple exit options [10][11] Performance of Continuation Funds - Continuation funds have shown positive performance in enhancing returns and reducing portfolio risks, with single-asset continuation funds performing comparably to buyout funds [12] - The study indicates that single-asset funds have a slightly higher total value multiple (TVPI), while multi-asset funds exhibit higher distributed paid-in (DPI) ratios, reflecting faster cash flow [12] Implications for Domestic Market - The expansion of overseas continuation funds highlights their anti-cyclical value and the need for domestic practices to overcome key bottlenecks [17] - The article suggests that domestic markets can learn from overseas mechanisms, such as tiered profit distribution and dynamic pricing mechanisms, to enhance liquidity and management incentives [18] - Institutionalizing LP rights protection through transparent processes and collaborative due diligence can help shift perceptions of continuation funds [19] Conclusion - The historical peak of over $70 billion in continuation fund transactions in 2024 underscores their value as a core vehicle for GP-led transactions [21] - The article advocates for the domestic market to leverage continuation funds not only as an exit channel but also as a key hub for reshaping the investment cycle [21]