专题：2025上海证券交易所国际投资者大会 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月12日-13日，上交所国际投资者大会举行。淡马锡中国区主席吴亦兵在主题演讲中表示，过去二十年，中国经济以惊人的速度完成了从高速增长到高质 量发展，淡马锡中国的投资方向始终和中国经济的潮流方向相契合。 吴亦兵表示，淡马锡将继续投入长期资本、耐心资本和价值资本，构建富有韧性和前瞻性的在华投资组合，"作为一个基本面驱动的长期投资者，我们持续 关注符合投资趋势的机会。" 责任编辑：常福强 "作为长期投资者，我们始终关注中国经济结构性转型进程。"吴亦兵认为，中国正在以更加平衡、可持续的方式来追求增长，以创新驱动未来，在短期波动 中，政策的确定性和产业升级方向都在为中长期投资提供坚实的基础。越来越多的国际投资者，尤其是今年以来，也感受到中国经济迸发的活力。 具体而言，在中国市场，淡马锡重点关注创新飞轮与并购整合的双轮驱动。 一方面，随着部分行业逐步进入成熟期，越来越多拥有稳健基本面、现金流的成熟企业进入了适合并购的环境，通过并购整合行业力量。国际投资者通过整 合全球资源，推动被并购企业的运营提效，为 ...

Core Viewpoint - The article emphasizes the significant opportunities for private equity funds in the Greater Bay Area of China, driven by policy benefits, capital accumulation, and cross-border innovation, amidst a backdrop of global economic uncertainty and evolving macroeconomic conditions [3][4][6]. Group 1: Global Macro Market Outlook - The U.S. tariff policies have been a major disruptor in the global macroeconomic landscape, impacting growth momentum [4]. - The recent "truce" in U.S.-China tariffs provides a temporary positive sentiment for the market and supply chains, but the sustainability of this impact depends on future agreements and China's economic rebalancing progress [6]. Group 2: Equity Market Dynamics - China's equity market is currently attracting international investors due to its appealing valuations, strengthened market confidence from policy expectations, structural upgrades, and global capital allocation needs [8]. - The MSCI China Index has returned to its five-year average valuation, and future performance will heavily rely on the recovery of earnings momentum [10]. - The "Eight Giants" of China still show significant valuation discounts compared to the "Seven Sisters" of U.S. stocks, indicating potential for capital inflow as trade tensions clarify and China's economic resilience is demonstrated [10]. Group 3: Fixed Income Market Outlook - In the first half of 2025, high-yield bonds performed strongly while investment-grade bonds met expectations [11]. - As the U.S.-China interest rate differential narrows, Chinese dollar bonds may face pressure from widening credit spreads, potentially redirecting some "southbound funds" towards more attractive municipal bonds [13]. Group 4: Quantitative Research and Data Solutions - Alternative data is crucial for quantitative research, providing investors and analysts with forward-looking insights to navigate market fluctuations [14][16]. - Bloomberg's enterprise data solutions offer high-quality, globally covered data to assist private equity clients in making informed investment decisions [19]. Group 5: Insights from Industry Leaders - The integration of cutting-edge technology with solid industry research is essential for identifying value in the current market environment, particularly in the rapidly growing Greater Bay Area [22]. - Sustainable free cash flow is prioritized over short-term profit fluctuations, with current market conditions presenting opportunities for value investors to capitalize on undervalued companies [24].