乌克兰第一副总理斯维里登科表示，已签署关于美乌重建投资基金的协议。 ...

美国财政部通报关于美国与乌克兰投资基金的协议。 ...

乌克兰总理：未来的美国援助可以被视为美国对协议下投资基金的贡献。 ...

Core Viewpoint - The Guangdong provincial government has issued measures to enhance market vitality and accelerate the construction of a modern industrial system, focusing on building a robust industrial fund system with a total scale exceeding 1 trillion yuan [1] Group 1: Industrial Fund System - The province aims to integrate resources to establish industrial investment and venture capital funds with a total scale exceeding 1 trillion yuan, with provincial funds exceeding 100 billion yuan [1] - The initiative will leverage state-owned capital to attract social capital, creating an effective investment system that includes angel investment, venture capital, private equity investment, corporate mergers and acquisitions, and S funds [1] - The focus will be on early-stage, small-scale, future-oriented investments, particularly in hard technology [1] Group 2: Investment Cooperation and Project Introduction - The government plans to actively connect with overseas sovereign funds and internationally renowned investment institutions, aiming to facilitate over 100 investment cooperation projects annually [1] - The "Yue Investment, Yue Introduction" project roadshow initiative will introduce 1,000 high-growth projects each year [1] - Local cities are encouraged to establish specialized industry funds based on their specific circumstances [1]

安徽省《关于推动新兴产业"双招双引"和产业培育提质增效(2.0版)的意见》(以下简称《意见》)政策解 读新闻发布会4月30日召开。合肥市人民政府副秘书长张志表示，当前合肥市正在谋划设立一批战略性 投资基金，重点围绕未来产业新赛道，发展壮大长期资本、耐心资本、大胆资本。合肥正充分发挥政府 投资基金撬动作用，迭代升级"政府引导、企业参与、市场化运作"资本招商新模式。截至2024年末，合 肥市市属平台公司主导和参与基金总认缴规模近2600亿元，累计投资项目超1800个，投资金额超1300亿 元，87家投资企业成功上市或并购上市。(证券时报) ...

NO.1 申万宏源研究所人事调整：王胜将升任所长 每日经济新闻4月27日消息，又有券商研究所所长将发生变更，现任申万宏源研究所副所长、首席策略 分析师王胜，将被内部提拔为申万宏源研究所所长。另据了解，申万宏源研究所原所长、现任申万宏源 证券执委周海晨目前仍然是研究所的"一把手"。记者从多位知情人士处了解到，周海晨目前仍然是申万 宏源研究所党委书记、申万宏源证券执委会委员，并分管研究所。在公募降费引发的新一轮"洗牌"背景 下，今年前4个月已有多家券商研究所"换将"，折射出行业谋求变革的基本态势。 点评：申万宏源研究所人事调整，王胜升任所长，周海晨继续分管，显示券商研究所管理层稳定性。在 公募降费背景下，多家券商研究所"换将"，行业变革趋势明显。王胜升任或提升申万宏源研究实力，利 好券商板块，并可能带动相关个股表现。此调整反映券商业寻求突破，对股市整体影响中性偏积极。 NO.2 锦龙股份6030万股权二次拍卖结果出炉 4月27日，锦龙股份公告实际控制人杨志茂所持有的6030万股股份被第二次司法拍卖的进展。根据网络 竞价成功确认书，3名自然人宣建棋、汪小华、陈园园以相应的起拍价依次竞得1030万股、1000万股、 ...

Group 1 - The fund will establish a new Y-class share category specifically for personal pension investment, effective from April 30, 2025, alongside the existing A-class shares [2][17] - The minimum holding period for each fund share is set at three years, during which redemption requests cannot be made [1][16] - The fund has commenced daily subscription and regular investment services for A-class shares since December 7, 2023 [2] Group 2 - The minimum subscription amount for Y-class shares is set at 1.00 yuan per transaction, subject to the sales institution's rules if higher [4][19] - Subscription fees will be charged at the time of purchase and are used for marketing and administrative expenses [5][21] - The fund allows multiple subscriptions, with fees calculated separately for each transaction [6][22] Group 3 - Regular investment services allow investors to set up automatic deductions for fund subscriptions, with specific rules determined by the sales institutions [8][23] - The fund management will disclose the net asset value of the fund shares within three working days after the subscription or redemption begins [11][27] - The fund management can adjust subscription amounts and other limits as permitted by law, with prior notice given [28]

山东一国资投资机构的募资人员赵瑞（化名）对此也深有同感："从今年年初到现在，周边确实没什么 大动作。我们合作的一些市区级投资机构的基金，虽然还在筹备设立阶段，但推进过程十分缓慢，最终 能否成功设立还充满了不确定性。" 从数据上看，据执中ZERONE统计，2025年第一季度，全国地方国资共出资成立298只基金，同比减少 2.5%；基金总规模3384.1亿元，同比减少19.04%。 今年年初国务院办公厅印发的《关于促进政府投资基金高质量发展的指导意见》（以下简称《指导意 见》）已落地3个月。证券时报记者多方调研了解到，近3个月来，多地政府纷纷发布相关的政府投资基 金管理办法，围绕新政指引，引导当地政府投资基金科学、规范发展。 在此背景下，地方政府投资基金的设立情况出现一定的分化态势，作为主流的基金重镇，广东、江浙沪 等地区设立政府引导基金的强劲势头依旧不减；而部分中西部地区及区县级政府引导基金的设立数量却 出现了下降。此外，设立直投基金开展直接投资的策略，也愈发受到地方政府的青睐和推崇。 政府投资母基金设立 呈现区域分化 今年以来，地方政府投资母基金设立步伐有所放缓，这是不少一线募资人士不约而同的感受。"明显感 ...

扫码进入基本功专栏 基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 债市的"收益率曲线" =1+4? 描述债券收益率与债券 期限之间关系的曲线。 曲线横轴是债券期限,纵轴是债券收益率。当把 c 中泰证券资产管理 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 ...

Group 1 - The article discusses the three organizational forms of PE and VC funds: corporate, contractual, and partnership types, with partnership funds being the most widely adopted due to their advantages in liability and tax management [2] - Partnership private equity funds consist of general partners (GP) and limited partners (LP), where GPs bear unlimited liability while LPs have limited liability based on their contributions [2][3] - The article emphasizes the tax transparency of partnership funds, which do not pay corporate income tax, making them more favorable compared to corporate funds [2] Group 2 - The article outlines various fund structure designs based on partnership private equity funds, including single GP structures where the manager acts as the GP [4][5] - In the single GP structure, the GP typically contributes a small percentage (1%-10%) of the fund, while receiving management fees and excess returns [5] - The single GP structure is favored for its simplicity, transparency, and compliance with regulatory requirements [6] Group 3 - The article describes a delegated management model where the fund manager does not act as the GP but manages the fund through a management agreement [7][10] - In this model, the GP must have a controlling relationship with the fund manager, ensuring compliance with regulatory requirements [10][11] - The article highlights the benefits of this model, including tax savings and risk isolation [13] Group 4 - The article introduces the dual GP structures, including "dual GP + single executive partner" and "dual GP + dual executive partner" models, which allow for more flexible management mechanisms [16][18] - In these structures, the fund manager can act as one of the GPs while the other GP does not need to have a controlling relationship with the fund manager [20] - The article notes that both GPs must fulfill suitability obligations and minimum contribution requirements during the registration process [17] Group 5 - The article discusses the importance of clearly defining the roles and responsibilities of GPs in dual GP structures to avoid compliance issues [21][24] - It emphasizes that management fees can only be collected by the fund manager, while non-manager GPs may receive reasonable compensation for their roles [24][26] - The investment decision-making committee's composition is also addressed, stating that non-manager GPs should not dominate the committee to avoid regulatory risks [27] Group 6 - The article mentions that fund managers may combine different structures to meet specific goals or investor requirements, ensuring compliance at every level [28] - It highlights the significance of operational and financial accounting in managing funds with various structures [28] - The article suggests that fund managers may engage external service providers to assist with fund operations and financial management [28]