彭博另类投资简报 2025年7月 彭博另类投资简报 摘取彭博终端实时数据及热点资讯，为您带来全球私募股权市场和对冲基金市场的 最新动态。彭博另类投资板块涵盖投融资事件、PE/VC基金募资情况、GP数据、对冲基金净值及指 数、机构投资者数据等。 私募股权市场回顾 行业亮点 新发行私募股权基金 交易亮点 对冲基金市场回顾 市场押注 落子布局，玩家动态 业绩概览 面对自特朗普总统任期开始以来不断加剧的贸易紧张局势， 香港赛马会正在撤回在黑石集团及 其他收购公司持有的高达10亿美元的资金，抛售美国资产 。作为香港这一金融中心的赛马业务 垄断经营者及最大的资产配置方之一，香港赛马会正在出售的资产主要为包括由TA Associates Management LP、华平投资以及Clayton Dubilier & Rice等公司管理的美国资产。此次出售之 际，其他亚洲基金和富有投资者也在减少对美国的投资，原因是担心贸易冲突已使美国市场变 得更加难以预测。 New Silk Road Investment Pte 是新加坡运营历史最悠久的对冲基金之一，在回报疲软以及美 国投资者从亚洲撤资导致资产大幅缩水后，该基金即将关闭。这 ...

全球贸易深水炸弹：美欧新框架协议背后的地缘政治博弈 2023年8月21日，一纸联合声明从白宫掷出，如同深水炸弹般引爆了全球贸易市场。这份由美国和欧盟达成的框架协议，远不止是简单的贸易协定，它预示 着全球地缘政治格局可能发生重大变革。协议内容涵盖农业、人工智能芯片、网络安全等19个关键领域，字里行间渗透着精心布局的博弈意味。 欧盟的慷慨让步与美国的谨慎回应 表面上看，这份协议充满了相互让步的"艺术"。欧盟承诺对美国工业品实行零关税，这相当于单方面拆除了欧洲市场的工业壁垒，对美国制造商而言无疑是 巨大的利好。同时，欧盟还为美国的坚果、乳制品和肉类等农产品敞开了大门，提供了更优惠的市场准入条件。 然而，美国的回应却显得小心翼翼，甚至有些"抠门"。美国并未对等地取消所有关税，而是对欧盟的大部分商品，包括汽车、药品和半导体，只承诺最高 15%的关税。这是一种有限度的开放，与欧盟的慷慨姿态形成了鲜明对比。 时间表的玄机：为未来谈判预留空间 更值得玩味的是协议中的时间表。自明年起，美国将给予欧盟航空产品和医药制品等关键商品最惠国待遇，但这份优待将在2025年9月后收缩，仅保留飞机 零部件、通用药品等少数领域。这无疑是为未来 ...

Group 1 - The Alaska talks between the US and Russia are seen as a significant event, marking a constructive dialogue but not reaching full consensus, indicating further discussions are needed [1][3] - The meeting is viewed as an important step in alleviating the Russia-Ukraine conflict, serving primarily to buy time for both leaders to address domestic and allied concerns [1][5] - The procedural significance of the talks is highlighted, as it reestablishes high-level direct dialogue, which is considered the most effective method for resolving geopolitical issues [1][3] Group 2 - The core objective of the meeting was to push towards a substantial ceasefire in the Russia-Ukraine conflict, but significant differences in positions among the parties were evident [5][6] - The US aims to leverage the ceasefire to enhance Trump's diplomatic influence and domestic support, while also signaling potential consequences for Russia if it refuses to cease hostilities [5][6] - Russia's demands include ensuring long-term geopolitical security and the withdrawal of Ukrainian forces from specific regions, alongside discussions on lifting sanctions [5][6] Group 3 - The European Union, although not directly participating, communicated its stance through five key points, emphasizing the necessity of a ceasefire and the involvement of Ukraine in negotiations [6][10] - The meeting is characterized as a starting point for peace rather than a conclusive agreement, with expectations set for ongoing negotiations [6][10] - Future negotiations are anticipated to involve not only the US and Russia but also Ukraine and potentially the EU, indicating a broader multilateral approach [7][10] Group 4 - The potential economic impacts of the negotiations are significant, particularly for European assets, which are expected to benefit from the easing of tensions and reconstruction efforts in Ukraine [10][11] - The reconstruction of Ukraine is projected to require at least $524 billion over the next decade, with housing being the highest demand sector [11][12] - The geopolitical dynamics may shift US focus towards the Indo-Pacific region, while also creating new diplomatic opportunities in Europe [10][12]

智通财经APP获悉，美国总统唐纳德·特朗普在前往阿拉斯加与俄罗斯总统普京举行峰会的空军一号专 机上向记者透露，他计划在未来两周内对半导体产品加征关税，这成为其大幅扩展关税政策体系的最新 动向。特朗普表示："下周和下下周，我将宣布对钢铁、芯片和半导体加征关税。"在周五的最新表态 中，特朗普暗示对进口半导体征收的实际关税税率可能远超此前提到的100%。他反问记者："我的税率 会定在200%还是300%?" 值得注意的是，特朗普在6月已将钢铁和铝的进口关税提升至50%，但此次是否涉及钢铁关税的进一步 调整尚不明确。尽管这位总统多次承诺将在数周内对芯片和医药行业加征关税，但目前仍未发布正式公 告。 上周，特朗普在与苹果公司(AAPL.US)首席执行官蒂姆·库克的公开活动中曾表示，计划对进口半导体 征收100%的关税，但承诺对将生产线转移至美国的企业给予豁免。白宫尚未就豁免机制出台细则，但 特朗普暗示苹果公司可能符合条件——该公司此前已承诺投入6000亿美元推进本土制造计划。 此外，这位总统还表示，将在与普京的会晤中讨论关税议题，并注意到俄方拟邀请商界领袖参会："我 注意到他带了很多俄罗斯商人，这很好，我喜欢他们做生意 ...

Core Viewpoint - The ongoing scrutiny of Benchmark's investment in Manus by the U.S. Treasury Department highlights the complexities of the Reverse CFIUS regulations and their implications for U.S.-China investment dynamics, particularly in the AI sector [2][24][28]. Group 1: Manus and Benchmark's Situation - The U.S. Treasury's investigation into Benchmark's investment in Manus stems from the Reverse CFIUS ban, which restricts U.S. capital from investing in Chinese AI, semiconductor, and quantum information technology sectors [2][4]. - Manus has taken significant steps to mitigate scrutiny, including relocating its headquarters to Singapore and reducing its domestic workforce, signaling a shift towards embracing overseas markets [7][8][22]. - The potential forced divestment of Benchmark could lead to a chain reaction, prompting other investors to reconsider their positions in Manus, thereby impacting its funding and operational capabilities [15][24][28]. Group 2: Implications for the AI Industry - Manus's case may set a precedent for how the U.S. Treasury interprets and enforces Reverse CFIUS regulations, leading to stricter scrutiny of other Chinese AI startups seeking U.S. investment [24][26]. - The politicalization of U.S. capital could create a more challenging financing environment for Chinese AI companies, pushing them to seek alternative funding sources outside the U.S. [26][28]. - The importance of compliance in offshore structures is becoming increasingly critical for Chinese AI startups, as they must navigate complex regulatory landscapes to avoid scrutiny [26][28].

Core Points - The ongoing economic and geopolitical rivalry between the US and China has created significant uncertainty in the global economy, affecting ordinary citizens with high prices and economic instability [1] - The trade conflict is rooted in long-standing tensions that escalated after the Trump administration adopted a comprehensive strategy to pressure China, starting from January 2025 [2] - The US has implemented a series of tariffs and trade restrictions on Chinese goods, significantly increasing the total tariff level and impacting Chinese exports [2] - In response to US actions, China has enacted strong countermeasures, including export bans on critical materials and increased tariffs on US goods, which have disrupted US supply chains [6][10] - The trade war has led to a rise in effective tariff rates in the US, reaching the highest level since 1934, and has resulted in market volatility and negative employment data [12] Trade Policies - The US imposed a 10% tariff on all Chinese imports in March 2025, which escalated to a total tariff level of 54% by April 2025, affecting various sectors from agriculture to electronics [2] - The US further increased tariffs on Chinese goods to 104% and initiated investigations into Chinese maritime logistics and shipbuilding, targeting key industries [2] - China's countermeasures included banning exports of gallium, germanium, and other critical materials to the US, which are essential for various advanced technologies [6] Geopolitical Dynamics - The US has sought to strengthen alliances in the Indo-Pacific region to counter China's influence, criticizing China's actions in the Taiwan Strait and South China Sea [5] - Despite tensions, there remains potential for cooperation between the US and China in areas such as climate change and technology exchange, depending on the US's approach [14] Economic Impact - The trade war has resulted in an additional tax burden of approximately $1,300 per American household due to the tariffs imposed by the Trump administration [2] - The escalation of tariffs has led to increased costs for US consumers and businesses, contributing to economic instability and market downturns [12]

Core Points - The Trump administration announced a significant tariff increase on Indian goods, raising the total tariff rate to 50%, which is seen as a response to India's continued cooperation with Russia in energy and arms procurement [1][3][5] - This tariff decision has created uncertainty in defense procurement contracts between India and the U.S., affecting planned military purchases and potentially impacting bilateral defense cooperation [3][11][20] Group 1: Tariff Impact - The tariff increase is expected to raise procurement costs for Indian goods and may affect export orders and investment confidence [3][20] - The U.S. tariffs are perceived as a political maneuver aimed at testing India's diplomatic independence and its defense procurement choices [5][6][22] Group 2: Defense Cooperation - The planned military purchases, including $3.6 billion worth of equipment such as Striker armored vehicles and P-8I anti-submarine aircraft, have been put on hold due to the tariff announcement [11][13] - Despite initial reports of a cancellation of the defense minister's visit to the U.S. and the military purchases, the Indian defense ministry later denied these claims, indicating ongoing negotiations [15][18] Group 3: Strategic Implications - The situation highlights the complex relationship between tariffs and defense cooperation, suggesting that trade policies are deeply intertwined with geopolitical strategies [22][23] - The uncertainty surrounding military contracts emphasizes that the execution of defense agreements is often influenced by broader political and economic factors, rather than just contractual obligations [23]

Group 1 - The core agreement of the Alaska summit involves Ukraine making concessions in exchange for benefits between the US and Russia, with the cost of this transaction far exceeding mere ceasefire promises [1] - Trump's strategy is characterized by a "four-pronged" approach, including time pressure, ally sanctions, emissary roles, and military deterrence to compel Putin [1][3] - The US imposed a 25% tariff on India, raising total tariffs to 50%, as part of Trump's "secondary sanctions" strategy targeting countries closely trading with Russia [3] Group 2 - Putin's counter-strategy involves leveraging battlefield progress and legal frameworks to resist US pressure, including ongoing military offensives in Donetsk [4][6] - The summit's location was strategically chosen, with Putin initially preferring the UAE to highlight Russia's influence in the Middle East, but ultimately agreeing to Alaska to facilitate bilateral talks with Trump [6] - The agreement reached at the summit includes Ukraine's military withdrawal from Donetsk and a vague stance on territorial claims, effectively resulting in territorial losses for Ukraine [7]

Group 1 - The core event involves Brazil and India leaders' urgent communication to unite against the U.S. unilateral tariff policies, marking a significant strategic action in response to the Trump administration's tariffs [1][4] - The U.S. government has raised tariffs on Brazilian and Indian goods to 50%, the highest level since World War II, severely impacting key exports such as meat, orange juice, and textiles [6][12] - Brazil and India aim to enhance bilateral cooperation by expanding trade agreements and reducing reliance on the U.S. dollar through local currency transactions [5][7] Group 2 - The leaders reaffirmed their commitment to defending multilateralism and expressed the necessity of joint action to mitigate risks posed by U.S. trade policies [4][9] - Brazil's economic stability has been partially supported by strong trade ties with China, while India maintains its strategic partnership with Russia despite U.S. pressures [9][10] - The collaboration between Brazil and India is seen as a response to the geopolitical isolation and the need for diversified alliances to counter U.S. unilateralism [10][11] Group 3 - The potential establishment of a "Southern Common Market - India Trade Zone" could challenge the effectiveness of U.S. tariff policies and contribute to the reconfiguration of global economic order [12][13] - The cooperation may lead to the emergence of a new geopolitical alliance that balances against traditional Western powers, especially with the inclusion of new BRICS members [13][14] - Brazil and India's actions could catalyze reforms in multilateral governance mechanisms, such as the WTO, and strengthen their commitments to a multipolar international order [14]

新华社巴库8月9日电热点问答｜阿塞拜疆和亚美尼亚草签协议三问 新华社记者钟忠 阿塞拜疆总统阿利耶夫和亚美尼亚总理帕什尼扬8日在美国首都华盛顿会晤，随后发表联合声明，宣布 结束围绕纳戈尔诺－卡拉巴赫（纳卡）地区持续数十年的冲突。会晤有哪些新进展？两国冲突因何而 起？美国总统特朗普力邀两国领导人赴美签协议又有何考量？ 有哪些新进展 根据会晤后发表的联合声明，阿塞拜疆和亚美尼亚领导人以及美国总统特朗普共同见证了阿亚外长草签 《阿塞拜疆和亚美尼亚关于建立和平与国家间关系的协议》文本。 按阿利耶夫会后接受媒体采访的说法，鉴于两国已经草签了和平协议，"正式签署不会太久"。 有关上述协议，两国于今年3月已就草案文本达成一致。草案核心内容包括：双方承认彼此领土完整和 现有边界不可侵犯，并在此基础上正式划定两国边界；承诺建立双边外交关系，开启全面正常化进程； 明确不在边界沿线部署第三国军队，相互从国际法院撤回索赔要求，且不就协议签署前存在的争端提起 诉讼。此外，草案还涵盖战俘交换、排雷合作等内容。 不过，这份协议草案由于一些悬而未决的问题迟迟未能签署，如阿塞拜疆要求亚美尼亚修改宪法、删除 其中涉及阿塞拜疆领土的表述，以及亚美尼 ...