一级市场

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一级市场拐点
投资界· 2025-08-13 09:08
关关关关关注注注注注投投投投投资资资资资界界界界界视视视视视频频频频频号号号号号 做做做做做创创创创创投投投投投圈圈圈圈圈最最最最最靓靓靓靓靓的的的的的仔仔仔仔仔 ...
港股「救了」一级市场
投资界· 2025-08-08 03:23
Core Viewpoint - The article emphasizes the importance of staying updated with the latest trends and developments in the investment sector, particularly in the context of venture capital and startup ecosystems [1] Summary by Relevant Sections - The article highlights the dynamic nature of the investment landscape, noting that new opportunities frequently arise in various sectors, necessitating continuous research and analysis [1] - It discusses the significance of understanding market shifts and consumer behavior, which can lead to identifying potential investment opportunities [1] - The piece also points out the role of technology in transforming traditional investment practices, suggesting that companies must adapt to these changes to remain competitive [1]
产业基金摆脱困局,就往二级市场倒垃圾?
Hu Xiu· 2025-08-08 00:01
昨天看到一篇文章,大概就是在表达当下政府引导基金的困境吧。 他说:一级市场和二级市场的"活水"断了,钱投不出去,退不回来,政府基金自然成了"死水"。 就是退出困难,属于一级市场的普遍现象吧。持续好几年了。 然后他分析原因嘛,前面都没啥问题,最后他给了一条出路,我觉得很莫名其妙。 他说:解决这个问题只有一个办法,放开、放松IPO审核,退出通道通畅,一二级活水流动起来,当活 水干涸,万亿基金成了"死水" 。 确实没想到,他分析了半天,最后给出了这样一个解决办法,我估计是不是他太过于焦虑了,喝多了, 犯糊涂了。 这比那抵制对赌的还吓人呢。 "放开、放松IPO审核,退出通道通畅",这啥意思?就是让垃圾项目也能上市流通呗,降低审核标准。 咱们折腾这么多年,罚了没了好几个大所,抓了这么多人,好不容易股市有点起色,市场有点信心,要 让我们重蹈覆辙啊? 本末倒置啊,如果真这样搞了,结果就是一级市场,二级市场都成死水了。 哎,我也没有人身攻击的意思哈。你看他们的思路,永远是搞资金盘,找接盘侠,玩跑得快的游戏。 下意识解决问题的思路,就是希望放松监管,让二级市场接盘,让韭菜们买这个万亿的单,他们就从来 没想过问题的根源。 这就是 ...
140位投资人眼中的2025上半年
Tai Mei Ti A P P· 2025-07-18 11:57
Group 1 - The primary market is experiencing a "real but not dramatic" recovery in the first half of 2025, with investors showing a "calm confidence" in their investment decisions [2][4] - The frequency of investments has increased, with many institutions making more than five investments in the first half of the year, a significant rise compared to the previous year [4][18] - The valuation structure is stabilizing, with a reduction in valuation discrepancies between primary and secondary markets, which is crucial for investor confidence in exits [6][7] Group 2 - Hong Kong has surpassed A-shares as the primary exit channel for investments, with over half of the surveyed investors preferring IPOs in Hong Kong [8][15] - The main reasons for favoring Hong Kong IPOs include high process certainty, improved liquidity, and reasonable issuance valuations [13][15] - Nearly 50% of investors believe that the pace of Hong Kong IPOs will continue to rise, with many actively communicating with portfolio companies to expedite IPO preparations [15][17] Group 3 - The most active sectors in the primary market are embodied intelligence and AI applications, driven by significant financing events and the gradual industrialization of AI [20] - However, many projects in these sectors are still in the demo stage, leading to concerns about high valuations without clear revenue support [20][22] - Investors are shifting focus towards projects with proven revenue capabilities and those with technological barriers in hardware components [20][27] Group 4 - There is a notable decline in interest in sectors like aerospace and low-altitude economy, attributed to their reliance on policy support and unclear commercialization paths [24] - The investment sentiment in the medical sector has shifted from "cold observation" to "selective investment," focusing on profitable projects and AI applications in healthcare [25][27] - The focus on North America has decreased significantly, with Southeast Asia and Europe emerging as new focal points for investment [29][32] Group 5 - Companies are encouraged to reduce reliance on the U.S. market by diversifying supply chains and exploring alternative overseas markets to mitigate risks associated with tariffs [38] - The global strategy is evolving from "going out" to leveraging international capital markets for returns, highlighting the importance of diverse market opportunities [38][39] - Investors are now more focused on evaluating exit paths, technological barriers, and industry linkages rather than chasing high valuations [39]
一级市场最期待什么政策
投资界· 2025-07-04 12:05
关关关关关注注注注注投投投投投资资资资资界界界界界视视视视视频频频频频号号号号号 做做做做做创创创创创投投投投投圈圈圈圈圈最最最最最靓靓靓靓靓的的的的的仔仔仔仔仔 ...
机构行为周度跟踪20250701:机构做多但不“定价”多的背后-20250701
GUOTAI HAITONG SECURITIES· 2025-07-01 03:39
Group 1 - The report indicates a slight decrease in leverage in the interbank bond market, with a mixed performance in the primary market and overall positive sentiment in the secondary market, leading to an increase in bond duration and active trading of ultra-long bonds [2][4][7] - In the funding market, the demand for expansion has cooled, with a decrease in net inflow for major borrowing parties and an increase in net inflow for major lending parties. The total balance of repos in the interbank market has risen, while the leverage ratio has slightly decreased [4][7][8] - The primary market saw a divergence in bidding multiples, with a rise in the bidding multiple for 10-year government bonds, while the multiples for policy bonds decreased. The spread between primary and secondary prices has widened [17][19] Group 2 - The secondary market has shown active trading in ultra-long bonds, with an increase in turnover rates for 30-year government bonds and a rise in the average duration of medium- and long-term pure bond funds. The total borrowing volume for bonds has decreased, and the proportion of active bonds has also declined [26][30] - Major buyers have increased net purchases of ultra-long bonds, while net purchases of short, medium, and long-term bonds have decreased. Major sellers have increased net sales of medium and long-term bonds, while the selling pressure on short and ultra-long bonds has weakened [26][30][33] - The report highlights that large commercial banks have continued to net buy short-term bonds within 3 years, while maintaining significant net selling pressure on ultra-long bonds of 10 years and above [34][36] Group 3 - In June, the data on wealth management did not show a significant seasonal decline, with a slight increase in wealth management scale during the week of June 22. The total wealth management scale decreased by 204.2 billion yuan, primarily due to a reduction in fixed-income products [34][36] - The fund scale increased by 299.9 billion yuan in June, with both equity and bond funds seeing significant increases. However, the issuance of new bond funds saw a slight decline compared to the previous week [36][37]
花旗:近期的首次公开募股主要来自科技公司,这些公司未受到关税的影响。目前一级和二级市场的交易量保持健康。
news flash· 2025-06-10 11:54
花旗:近期的首次公开募股主要来自科技公司,这些公司未受到关税的影响。目前一级和二级市场的交 易量保持健康。 ...
招引项目在一级市场的真实模样
母基金研究中心· 2025-06-08 09:11
Core Viewpoint - The article narrates the journey of a grassroots entrepreneur, Lao Song, who, after facing challenges and refusing external financing, eventually agrees to accept investment to accelerate his company's growth, highlighting the dynamics between local government support and private investment in the hard technology sector. Group 1: Entrepreneurial Journey - In 2005, a state-owned enterprise went bankrupt, leading to Lao Song's unemployment and subsequent forced entrepreneurship at the age of 35 [2] - By 2010, Lao Song's company began to take shape, but he struggled to find government support for expansion, ultimately relocating to a less regulated area [4] - By 2015, after years of hard work without seeking loans or government policies, Lao Song's company became profitable and started attracting interest from investment institutions [5][6] Group 2: Investment Dynamics - In 2020, with the launch of the Sci-Tech Innovation Board, local governments established substantial mother funds to support local enterprises, increasing interest from investors in Lao Song's company [6][10] - Despite being recognized as a high-quality enterprise with investment potential, Lao Song remained hesitant to accept financing, leading to concerns from local authorities [9][10] - After a visit from the city mayor, who emphasized the importance of Lao Song's company for local development, Lao Song eventually agreed to accept investment [11][12] Group 3: Financing Announcement - After several months, Lao Song's company officially announced its financing, with investment partners highlighting the alignment of industry vision and the need to address gaps in the supply chain [14] - The city leadership reiterated their long-term support for Lao Song's enterprise, emphasizing the strategic focus on hard technology and the role of the mother fund in facilitating growth [15]
一些财经金融垂类公主号
叫小宋 别叫总· 2025-05-23 12:31
今天发布的两篇当中,这一篇是我的原创,老朋友应该都懂的。 讲人生的: 梁狗蛋,大力如山 讲搞钱的: 群响,生财有术,亦无所知,搬砖小组,毯叔盘钱,越女事务所,请辩,香帅的金融江湖 讲商业的: 思想钢印,宁南山,饭统戴老板,远川矩阵号,晚点,包邮区,兽楼处,秦小明,半佛仙人,仙人 jump,衣公子的剑 既然发了广,那就配一篇原创,表达一下个人态度。 今天总结一些我经常关注的公众号。 讲二级市场的: 雪球,topview,德林社,重阳投资,格隆汇,红与绿,ipo早知道,ipo上市号,妙投,市值风云,水母 研究,所长林超,投资作业本,文艺馥欣,肖磊看市,yy港股圈,中金点睛,锦缎,溯元育新,集思 录,落英财局,作手杰尼,价值事务所 应莹(徐翔妻子),半夏投资,缠中说禅,聪明投资者,仓都加满,很帅的投资客,咩咩说,猫笔道, 发财老博士,招财大师姐,数据宝,三年一倍,刘备教授,闫小旺,拾个点,达叔天眼论,我是腾腾 爸/腾腾爸,老钱日日谈,价值成长,调研心得,政信三公子,南半球聊财经,星辰大海的边界 九边,诞视,孤独大脑,艾菲的理想,扯氮集,奴隶社会,人神共奋,维港三公子,远行者与碎冰匠 讲一级市场的: 数星星的星哥,佩 ...
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]