一级市场

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一些财经金融垂类公主号
叫小宋 别叫总· 2025-05-23 12:31
Group 1 - The article presents a list of frequently followed public accounts related to investment and finance, categorized into different themes such as secondary market, money-making, business, life, and primary market [4][5] - The accounts mentioned for the secondary market include popular platforms like Xueqiu, Topview, and others, indicating a diverse range of sources for market insights [4] - The categorization of accounts is subjective and does not claim to cover all available public accounts on the internet [5] Group 2 - The article emphasizes that the ranking of accounts is not in any particular order and is purely a personal summary without any commercial promotion [4][5]
国泰海通|固收:双降之后,长债交易降温
国泰海通证券研究· 2025-05-13 13:11
Key Points - The overall funding market has warmed up, with a slight decrease in leverage ratios in the interbank bond market [1] - There is a divergence in the issuance heat of new bonds, with an increase in the issuance of national development bonds and a decrease in other policy financial bonds [1][2] - In the secondary market, funds and rural commercial banks have significantly increased their positions in short-term bonds, while trading activity in ultra-long bonds continues to weaken [2] - The scale of wealth management products has seen a low growth rate in May, with a total increase of 16 billion yuan, primarily in cash management and fixed-income products [3] - The scale of funds has increased by 61.8 billion yuan in May, with notable increases in equity and bond funds [3]
上市公司业绩说明会 治好了我的内耗
叫小宋 别叫总· 2025-05-12 09:26
Core Viewpoint - The article highlights the challenges and dynamics of investor relations during earnings calls, emphasizing the need for effective communication between companies and retail investors, while also reflecting on the early stage of China's investment industry [1][15]. Group 1: Earnings Call Dynamics - Earnings calls are mandatory for listed companies post-annual report disclosure, providing a platform for retail investors to ask questions [1][3]. - Retail investors often ask questions that have already been addressed in annual reports, indicating a lack of understanding or engagement with the provided information [4]. - Questions about undisclosed matters, such as the identities of major clients, are frequently raised, showcasing the curiosity and frustration of investors [5][6]. Group 2: Investor Sentiment - Many retail investors express dissatisfaction during earnings calls, often using the platform to vent frustrations about stock performance and company management [7][8]. - Common questions include concerns about stock price declines, dividend distributions, and comparisons with competitors, reflecting a deep-seated anxiety among investors [8][10]. - The emotional aspect of these calls is significant, as investors seek reassurance and accountability from company management [9][10]. Group 3: Company Communication Challenges - The role of the company secretary (董秘) is described as physically demanding, with numerous questions to address from a large audience of investors [11][12]. - The format of text-based Q&A sessions can lead to information being missed, resulting in dissatisfaction among investors who feel their concerns are not adequately addressed [9][12]. - There is a suggestion that companies may prepare standard responses, which could lead to a perception of insincerity or lack of engagement from management [12][13]. Group 4: Market Sentiment and Future Outlook - The article reflects on the early stage of the investment industry in China, with both retail and institutional investors expressing dissatisfaction [15][16]. - Despite the challenges, there is a sense of optimism about the future of the market, with hopes for improved investor relations and market performance [15][16]. - The enthusiasm of retail investors, even in a challenging market environment, is noted as a positive sign for the future of the investment landscape [15][16].
一级市场的割裂
母基金研究中心· 2025-04-03 09:10
"一边是各个地区接二连三的各种基金群,感觉市场很热闹,各地的国资LP在新设基金方面很 活跃。但同时,另一边,作为IR,我们和同行交流时大家的感受又普遍很冷,找不到钱。虽然 新设母基金的新闻很多,但实际上接触下来会发现,其中有相当一部分母基金新设后资金要一 段时间后才到位,实际上还在活跃出资的母基金很少。用'僧多粥少'来形容毫不夸张。"北京某 VC机构IR总监张南(化名)告诉母基金研究中心。 从数据来看,张南所言非虚。据母基金研究中心数据统计,一方面, 2 0 2 4年,新发起成立的 母基金共1 2 5支,新发起母基金总规模共7 9 6 8亿, 按照地域分布来看, 2 0 2 4年,2 5个省级行 政区均有新设立的母基金,这也意味着超过一半的省级行政区均有新增母基金,中国新设母基 金呈现遍地开花之势。并且,新设母基金所在的地域范围分布较以往更广,如新疆、甘肃、海 南等地区均有新设的母基金成立。 现在的一级市场,有一种 "割裂感"。 新设母基金确实很热闹,但 GP募资却很沉默 ——根据中国基金业协会数据统计,2 0 2 4年全年 私募股权及创业投资基金新设数量合计4 1 4 3只, 较 2 0 2 3年同期下降4 ...