构建适应未来产业发展的金融体制是一项复杂的系统工程，要求我们以党的二十届四中全会精神为统 领，坚持有效市场和有为政府相结合，勇于打破路径依赖和制度壁垒，推动金融发展、金融创新与金融 监管在更高水平上实现动态平衡。 "十五五"时期是我国在全面建成小康社会基础上，乘势而上开启全面建设社会主义现代化国家新征程的 关键五年。党的二十届四中全会公报（以下简称《公报》）指出，要建设现代化产业体系，巩固壮大实 体经济根基，特别是要优化提升传统产业，培育壮大新兴产业和未来产业。以此审视并前瞻性地规划未 来产业发展，并构建与之相匹配的现代化金融体制，具有至关重要的战略意义。未来产业代表新科技革 命和产业变革的方向，是塑造国家竞争新优势、培育新质生产力的核心场域。它以其颠覆性创新、高风 险长周期、知识资本密集等特征，对传统以银行信贷为主导、偏好抵押担保和稳定现金流的金融体系提 出了挑战。因此，必须以《公报》和"十五五"规划建议为指引，深刻把握金融与实体经济，特别是与未 来产业之间的辩证关系，破除体制机制障碍，构建一个能够创新引领、有效支撑、精准灌溉、审慎监管 未来产业发展的现代化金融体制。这不仅是金融自身实现高质量发展的内在要求 ...

近日，由母基金研究中心承担的某国家级母基金重大研究课题顺利通过评审并圆满完成研究任 务。该课题自 2 0 2 5年初启动，历时半年，研究团队在系统调研与深入分析的基础上，形成了 高质量的研究成果，为相关管理机制和政策体系的完善提供了重要参考。 持续服务国家战略，深化母基金管理研究 第四届达沃斯全球母基金峰会即将盛大启幕 2025全球最佳投资机构榜单评选开启 母基金研究中心2025年度榜单评选正式开启 值此 "十四五"规划收官、"十五五"规划即将开启的关键时期，母基金研究中心持续响应国家战 略部署，围绕私募股权与母基金行业的发展需求，积极推进多项在研国家级重大课题。除本次 顺利结题的课题任务外，中心目前仍有多个同类型国家级母基金相关研究项目稳步开展，致力 于在制度设计、管理模式与绩效优化等方面提供高价值研究成果与智力支撑。 这些研究项目将进一步丰富我国母基金领域的理论体系与实践经验，推动行业在 "十四五"收官 与"十五五"起步的关键阶段，实现更加规范、高效和透明的高质量发展。未来，母基金研究中 心将继续发挥其在政策研究、行业洞察与资源整合方面的专业优势，积极参与国家和地方层面 基金体系的研究与建设工作，为我国私 ...

1、 外交部：G20期间中方没有会见日方领导人安排。 就中日两国领导人是否有可能在G20期间进行接触相关问题，外交部发言人毛 宁在例行记者会上表示，李强总理没有会见日方领导人的安排。请日方自重。毛宁指出，日本应该记住，台湾是中国的台湾。台湾是 否有事，根本不是日本的事。借台湾生事，只会给日本找事！商务部召开例行新闻发布会表示，中方敦促日方收回错误言行，切实履 行对华承诺，为两国经贸合作创造良好环境。如果日方一意孤行，继续在错误的道路上越走越远，中方将坚决采取必要措施，一切后 果由日方承担。 2、 广东省加快建设国家数字经济创新发展试验区。 广东省发文加快建设国家数字经济创新发展试验区，明确目标到2027年，数字经 济核心产业增加值占GDP比重超过16%，数据产业规模年均复合增长率超15%，人工智能核心产业规模超过4400亿元。此举将有力推 动区域数字经济发展，提升相关产业竞争力。 3、 磷酸铁锂行业推进反内卷。 中国化学与物理电源行业协会将发布通知，建议企业以11月18日披露的行业平均成本区间作为报价参 考，不突破成本红线低价倾销。协会还将每月定期披露行业平均成本区间，为企业报价提供权威监管依据，以促进行业健 ...

Core Insights - The resurgence of USD funds in China is attributed to policy benefits and continuous technological innovations, particularly in the AI sector, which is seen as a significant opportunity for global capital [1][6]. Fundraising Activity - November has seen a surge in USD fund fundraising, with notable announcements including Monolith's dual-currency fund totaling $488 million (approximately 3.5 billion RMB) [2] - Source Code Capital announced a new growth fund of $600 million, also in dual currency [2] - Blue Pool Capital is reportedly raising $750 million (approximately 5.3 billion RMB) for its first direct private equity fund, focusing on global consumption, finance, and technology [2] - Kangqiao Capital completed fundraising for its second USD fund, totaling $500 million, aimed at supporting healthcare innovation globally [2][3]. Focus on AI Sector - Both Monolith and Source Code Capital have identified AI as a core investment focus, with Source Code Capital targeting "AI+" related fields and Monolith covering the entire AI industry chain [4]. - Monolith's new funds received subscription interest exceeding 160% of their initial target, totaling around $630 million, but they opted to reduce the final fundraising amount to $488 million to maintain investment discipline [4]. - Source Code Capital's new fund features an unconventional 25-year lifespan, reflecting LPs' long-term confidence in the Chinese market [5]. Investor Landscape - The LP structure for Monolith includes long-term funds from Europe, the Middle East, and Southeast Asia, providing a stable funding source [5]. - Successful fundraising for USD funds is largely attributed to the strong past performance of these institutions, which has built global capital trust [6]. Global Capital Dynamics - The current fundraising wave coincides with the explosive growth of China's AI industry, which is perceived as undervalued compared to similar assets in the U.S. [6][7]. - The competition in the AI sector is primarily between China and the U.S., with China having unique advantages in application fields, particularly in B2B scenarios [7]. - As global capital increasingly recognizes the value of Chinese tech assets, the trend of USD fundraising in China's private equity market is expected to continue [7].

本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据IPO早知道消息，11月18日，高盛资产管理发布题为"于复杂环境中捕捉新契机" （Seeking Catalysts Amid Complexity）的2026年投资展望报告。报告突出了以下主题： S基金和延续基金将继续是GP和LP的关键流动性来源。 公开市场领域 ，各股票市场差异或将扩大，倾向全球股票多元化配置、基本面与量化策略结合。固 定收益强调久期和战略性曲线仓位的多元配置，以应对复杂的宏观信号。证券化、高收益及新兴市场 信用产品可能出现良机。 私募市场方面 ，新交易和退出活动整体环境利好，私募股权基金管理人业绩表现的分散性扩大。私 募信贷违约率历史上低于银团贷款，收益仍将高于公开市场收益。严谨的承销发挥关键作用，并且在 AI和能源转型驱动下，基础设施领域正在出现新的机会。 公开市场：股票市场由AI、地缘政治和货币政策驱动，基本面与量化策略 结 合 美国："七巨头"凭借强大的核心业务和战略再投资继续扩大市场份额，这些公司强劲的盈利能力可 能为进一步的增长奠定基础。超大规模企业（包括亚马逊、谷歌、Meta、微软和甲骨文）的人工智 ...

Core Insights - Italy's economic recovery has made it an attractive destination for investors, with private markets expected to drive much of the growth [1] - Despite the stock market reaching a 20-year high, most companies remain hesitant to pursue IPOs in Italy due to the public market's limited scale relative to economic potential [1] - Private capital is playing a crucial role in Italy's financial landscape, with firms like Ares establishing a presence to capitalize on the growing private equity scene [1] Industry Summary - The Italian stock market is currently experiencing heightened interest, as noted by Claudia Parzani, the chair of the Italian Stock Exchange [1] - Direct lending investments in Italy are growing at the fastest rate in Europe, indicating a vibrant private equity environment that has developed over the past three to four years [1] - Ares has opened an office in Milan, reflecting the increasing activity in private credit as Italy catches up with other European markets [1]

Core Insights - The project company, established in 2018 in Beijing, focuses on capital market services and is undergoing a 51% equity transfer with a base price of 6.260046 million yuan [1][3]. Company Overview - The project company is a state-controlled enterprise with a registered capital of 50 million yuan and paid-in capital of 12.5 million yuan [3]. - The company specializes in private equity fund management and venture capital fund management, requiring registration with the China Securities Investment Fund Industry Association to operate [3]. Financial Performance - **2024 Audited Report:** - Revenue: 4.28422319 million yuan - Operating Profit: -0.07914879 million yuan - Net Profit: -1.22841066 million yuan - Total Assets: 23.76883114 million yuan - Total Liabilities: 11.95629778 million yuan - Owner's Equity: 11.81253336 million yuan [3]. - **2025 Financial Report (as of September 30):** - Revenue: 2.39150943 million yuan - Operating Profit: -0.09069818 million yuan - Net Profit: -0.08306237 million yuan - Total Assets: 23.43761596 million yuan - Total Liabilities: 11.70814497 million yuan - Owner's Equity: 11.72947099 million yuan [3]. Investment Advantages - **Extensive Resources and Collaboration:** - The company benefits from a wide network of connections across government, financial institutions, and the business sector, enhancing its operational support [4][5]. - **Compliance and Risk Management:** - The company emphasizes compliance in its operations, effectively reducing legal and operational risks, which helps in asset preservation and value appreciation for investors [6].

Core Insights - Small-cap stocks, represented by the Russell 2000 index, are experiencing a resurgence in 2025, but they are unlikely to catch up with the S&P 500 index, which has historically outperformed them [1][2] - The Russell 2000 index has risen approximately 10% year-to-date, while the S&P 500 has increased over 13% during the same period [1] - Despite a recent rally, small-cap stocks have not outperformed large-cap stocks in a calendar year since 2020, when the Russell 2000 rose 18.4% compared to the S&P 500's 16.3% [1] Performance Analysis - The current bull market has significantly favored large-cap stocks, with the S&P 500 continuously setting new records since early 2024 [2] - Small-cap stocks are benefiting from a favorable economic environment characterized by lower interest rates and robust economic growth, but their recent performance is driven more by optimism than by solid earnings [2][5] Earnings and Valuation - A significant portion of the Russell 2000 consists of companies with poor or no earnings records, with 43% of its constituents not reporting positive earnings [3] - Stocks without reliable earnings in the Russell 2000 have surged by 55% year-to-date, while profitable stocks have only increased by 8% [3] - Analysts expect small-cap stocks to achieve stronger earnings growth in 2025, with an estimated EPS growth of 26.5% for the Russell 2000 compared to 10.3% for the Russell 1000 [5] Market Dynamics - The rebound in small-cap stocks is largely attributed to expectations of improved earnings driven by lower interest rates, which allow these companies to refinance more easily [5][6] - The trend of private equity and venture capital keeping high-growth potential companies private has contributed to the underperformance of small-cap stocks over the past decade [6] - Recent regulatory changes allowing ordinary investors to invest in private equity may further impact the availability and performance of small-cap stocks [6] Investor Sentiment - Despite challenges, long-term investors focused on small-cap stocks remain optimistic, viewing them as a sustainable asset class [7] - There is a trend of financially sound small-cap companies acquiring their portfolios from private equity, providing liquidity to these firms [7]

Group 1 - The article highlights the shift in the global economic landscape, emphasizing the increasing strategic positioning of foreign capital in China, with many international institutions raising their growth forecasts for the Chinese economy [1] - There has been a significant rebound in private equity merger and acquisition activities in the Asia-Pacific region since 2024, indicating a potential surge in transaction activity in 2025, driven by corporate investors [1] - Long-term capital from sovereign wealth funds in the Middle East and family offices in Southeast Asia is increasingly investing in key sectors in China, such as technology manufacturing, energy transition, and consumption upgrades [1] Group 2 - The Asia Pacific Fortune Forum 2025 (APFOF 2025) will be held in Sydney, Australia, from November 12 to 14, focusing on enhancing economic cooperation in the Asia-Pacific region and promoting efficient global capital flow [2] - The forum will gather over 500 foreign LPs, global business and political leaders, and quality innovative projects from various regions, including Australia, the US, Europe, and Asia [2] Group 3 - The confirmed attendees include prominent figures such as the Australian Federal Minister for Justice, the head of the Australian Trade Commission, and investment directors from major financial institutions, indicating a high-profile gathering [9][10][12] - The forum will cover various sectors, including healthcare, technology, clean energy, and agriculture, showcasing innovative companies and investment opportunities [41][49][59] Group 4 - The event is organized by APFOF and co-organized by FOFWEEKLY and Shiny Fund, which focus on private equity and fund management, aiming to create a bridge for global capital markets [67][68] - The forum will feature a limited number of VIP attendees, with specific pricing for participation, indicating an exclusive networking opportunity [70][72]

Core Viewpoint - Guotai Chuangling (Shanghai) Private Fund Management Co., Ltd. has officially completed its private fund manager registration as of September 30, 2025, with Dong Xiaoliang, a veteran with nearly 30 years of financial experience, serving as the legal representative [1][3]. Company Overview - Guotai Chuangling Private Fund was established on July 25, 2023, with a registered capital of 20 million yuan, located in Jiading, Shanghai, and currently employs 8 full-time staff [1][2]. - The company is controlled by Xiamen Guotai Capital Group Co., Ltd., which holds a 51% stake, while Guotai Chuangling (Shanghai) Investment Co., Ltd. holds 49% [2]. Management Team - Dong Xiaoliang, the legal representative, has extensive experience across various financial sectors, including futures, securities, and funds, and has held multiple managerial positions in financial institutions [3][5]. - The core team combines "state-owned enterprise genes" with "market experience," including General Manager Gong Jiaxin, who has 15 years of experience and has held significant roles within Xiamen Guotai Group [5].