Group 1 - The courses offered include topics such as corporate financing strategies, international business products, credit financing, internet finance, private equity fund investment, and writing bank credit reports and business plans [1] - The lecturer, Xu Jiang, has extensive experience in finance and investment, having held senior positions in various financial institutions, including HSBC and other banks [1] - Xu Jiang's qualifications include a bachelor's degree in English and American literature, a master's degree in finance, and an MBA, along with certifications from the State Administration of Foreign Exchange and the Gree Group [2][3] Group 2 - Xu Jiang has over 20 years of experience in banking, investment, and financial services, specializing in areas such as international settlement, credit, mergers and acquisitions, debt and equity financing, private equity operations, IPOs, and internet finance [1] - The current roles held by Xu Jiang include Executive President of a private equity fund management company and Vice President of a fintech service company, indicating a strong leadership presence in the industry [1]

二、战略合作协议终止的原因 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、战略合作协议概述 科力尔电机集团股份有限公司（以下简称"公司"）的全资孙公司深圳市鹏睿投资发展有限公司（以下简 称"孙公司"）与深圳市瑞业数金私募股权基金管理有限公司（曾用名：深圳市瑞业数金资产管理有限公 司）（以下简称"瑞业数金"）签订了《战略合作协议》。双方拟通过多元的渠道和资源整合，共同组建 围绕电机相关产业的私募股权基金平台。具体内容详见公司于2023 年 12 月 26 日披露在《证券时报》 《上海证券报》《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）上的《关于公司全资孙公司 与专业投资机构签订战略合作协议的公告》（公告编号：2023-089）。 由于客观原因导致合伙企业基金设立条件发生变化，为维护公司及全体股东利益，各方已积极开展多轮 磋商，共同探索解决方案。然而，受市场环境变化、合作双方及相关意向方实际情况调整等多种因素影 响，基于审慎使用资金、降低投资风险的原则，双方经协商一致，决定终 ...

一、战略合作协议概述 科力尔电机集团股份有限公司（以下简称"公司"）的全资孙公司深圳市鹏睿投资发展有限公司（以下简 称"孙公司"）与深圳市瑞业数金私募股权基金管理有限公司（曾用名：深圳市瑞业数金资产管理有限公 司）（以下简称"瑞业数金"）签订了《战略合作协议》。双方拟通过多元的渠道和资源整合，共同组建 围绕电机相关产业的私募股权基金平台。具体内容详见公司于2023 年 12 月 26 日披露在《证券时报》 《上海证券报》《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）上的《关于公司全资孙公司 与专业投资机构签订战略合作协议的公告》（公告编号：2023-089）。 二、战略合作协议终止的原因 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002892证券简称：科力尔 公告编号：2025-117 科力尔电机集团股份有限公司 关于公司全资孙公司与专业投资机构战略合作协议终止的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 截至本公告披露日，公司孙公司尚未就上述战略协议与瑞业数金签署任何正式合作协议或其他具备实质 约束 ...

科力尔公告称，其全资孙公司深圳市鹏睿投资发展有限公司曾与深圳市瑞业数金私募股权基金管理有限 公司签订《战略合作协议》，拟共同组建围绕电机相关产业的私募股权基金平台。因客观原因致合伙企 业基金设立条件变化，受市场环境、合作双方及意向方情况调整等因素影响，双方协商一致决定终止协 议。截至公告披露日，孙公司未签正式合作文件、未出资，拟设基金未成立、无实质进展，终止协议不 影响公司日常经营及财务状况。 ...

Core Insights - Invalda INVL's equity reached EUR 222 million at the end of September, reflecting a year-over-year increase of 17.1% [1] - The company reported a net profit of EUR 13.9 million for the first nine months of 2025, down from EUR 25.8 million in the same period last year, attributed to lower investment returns [2] - The total value of client assets under management increased to EUR 2.08 billion, marking a 25.5% rise year-over-year [4] Financial Performance - Revenue from asset management for the first three quarters of 2025 was EUR 13.7 million, a 51.6% increase compared to the same period in 2024 [5] - The strategic business segment generated a profit of EUR 2.2 million, down from EUR 13.9 million in the previous year [5] Capital Raising and Investments - Invalda INVL successfully raised EUR 410 million for the INVL Private Equity Fund II, making it the largest private equity fund in the Baltics and one of the largest in Central and Eastern Europe [6] - The fund has completed two major acquisitions, including the largest waste management group in Estonia and a leading private healthcare services group in Poland [6] Equity Investments - The company earned EUR 13 million from equity investments in the first nine months of the year [7] - The performance of the equity investment portfolio was primarily driven by the banking sector and agricultural business, with significant contributions from Artea bank, Maib, and Litagra [8]

Core Viewpoint - Liaoning Province has launched 22 specific measures to promote the high-quality development of private equity investment funds, aiming to enhance the financial support for technological innovation and establish a robust investment ecosystem by 2027 and 2030 [1][2]. Group 1: Development Goals - By the end of 2027, the province aims to form a multi-level, diversified, and full-cycle private equity investment fund system, with a target of exceeding 180 billion yuan in subscribed capital [1]. - By the end of 2030, the subscribed capital for various funds is expected to surpass 250 billion yuan, significantly contributing to the province's high-quality development [1]. Group 2: Investment Focus - The new policy emphasizes not only attracting more capital but also directing it towards the right industries, particularly original and leading technological innovation enterprises in Liaoning [2]. - The initiative encourages the participation of research institutions and innovation platforms in venture capital, promoting corporate venture capital (CVC) development to accelerate core technology breakthroughs and industrial transformation [2]. Group 3: Regional Development - Shenyang and Dalian are designated to leverage their economic and financial advantages to create a nationally influential regional private equity investment institution cluster, aiming for double-digit annual growth in fund subscriptions [3]. - The policy highlights the importance of developing patient capital, supporting insurance institutions to invest in venture capital funds, and optimizing risk factors for eligible insurance companies [3]. Group 4: Industry Alignment - The policy stresses enhancing the connection between private equity investment institutions and key industry clusters, facilitating collaboration between upstream and downstream enterprises [4]. - It aims to utilize educational and research resources to improve the interaction between innovation resources and private equity investment institutions [4]. Group 5: Risk Management - To foster a "willing to invest" environment, the policy reinforces risk tolerance and error-correction mechanisms, optimizing the evaluation system for government investment funds [5]. - It establishes a differentiated management mechanism for venture capital and industrial investment funds, allowing for higher government contribution ratios for venture capital funds [6]. Group 6: Exit Strategies - The policy outlines measures to streamline exit channels for funds, promoting domestic and international listing and acquisition opportunities for invested enterprises [6]. - It encourages the establishment of acquisition funds by government and state-owned funds to broaden market exit channels for private equity investment institutions [6]. Group 7: Market Liquidity - The initiative promotes the development of secondary market funds (S funds), supporting government investment funds in initiating S funds and encouraging various financial institutions to invest [7]. - Overall, the policy aims to create a comprehensive ecosystem for private equity investment funds, ensuring directed investments and clear exit strategies [7].

Group 1 - Equity investment refers to acquiring shares of a company, aiming for significant economic benefits through investments in both listed and unlisted companies [1] - Equity investment can occur at various stages of a company's lifecycle, including startup, growth, and expansion phases, with different investor focuses at each stage [1] - Private equity funds primarily invest in unlisted companies, aiming to recover investment returns through future public offerings or acquisitions [2] Group 2 - The profit points of private equity mainly arise from the price differences between the primary and secondary markets, with a strong influence from the IPO market [3] - Angel investments typically target very early-stage companies, often with minimal funding requirements, and investors usually acquire 10% to 30% equity [4] - Venture capital is suited for companies in early stages of development, where initial funding is insufficient for significant growth [5] Group 3 - Investment banks assist companies with public offerings, restructuring, mergers, and acquisitions, earning fees from successful financing [6] - M&A encompasses both mergers and acquisitions, with subtle differences in their definitions and implications [7][10] - M&A funds are more common in mature markets and focus on established companies, contrasting with angel and venture capital funds that target startups [11] Group 4 - Fund of Funds (FOF) is a type of investment strategy that invests in other funds rather than direct assets, distinguishing it from traditional funds [12] - The investment threshold for private equity funds varies, with common minimums of 3 million to 10 million depending on the fund size [22] - Private equity funds typically have a long duration of 5 to 8 years, divided into investment, exit, and extension periods [22] Group 5 - The valuation of a company is crucial in private equity transactions, determining the financing amount and investor equity stake [25] - Valuation methods include the price-to-earnings ratio and comparative analysis with similar companies in the industry [26] - Investment protection mechanisms, such as board veto rights, are essential for safeguarding private equity investors' interests [27]

Group 1 - The core viewpoint of the article is the announcement of the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" aimed at enhancing the quality of listed companies and fostering a robust M&A ecosystem in Shenzhen [1][2]. Group 2 - By the end of 2027, the total market capitalization of listed companies in Shenzhen is expected to exceed 20 trillion yuan, with the goal of nurturing 20 companies with a market value of over 100 billion yuan [2]. - The plan aims to complete over 200 M&A projects with a total transaction value exceeding 100 billion yuan, while establishing a number of industry demonstration cases [2]. - The initiative includes the creation of a matrix of M&A funds, encouraging the aggregation of excellent fund managers, and promoting the formation of a trillion-level "20+8" industrial fund group to facilitate collaborative M&A in key industrial chains [2]. Group 3 - The plan encourages social capital participation in M&A activities, supporting corporate venture capital (CVC) to focus on key segments of the industrial chain and enhance technological advantages through M&A [2]. - Private equity funds are encouraged to engage in M&A integration through direct investments, M&A funds, and asset securitization, with mechanisms in place to link investment periods with share lock-up periods [2]. - The initiative supports the trial of private equity venture capital fund share transfers and encourages secondary market funds (S funds) to provide financing resources for M&A projects, promoting a virtuous cycle of "exit-reinvestment" through M&A [2]. - Various patient capital and foreign investors are supported to participate in M&A through strategic investments and qualified foreign institutional investors (QFII) [2].

Group 1 - The core viewpoint emphasizes the importance of nurturing and expanding long-term and patient capital, particularly in the context of private equity funds and their alignment with the development characteristics of technology innovation enterprises [1] - The China Securities Regulatory Commission (CSRC) is advocating for the optimization of long-cycle assessment mechanisms for private equity funds to better support technology innovation [1] - There is a push to support the development of secondary market funds (S funds) and to promote the regularization of fund share transfer business, which aims to enhance the virtuous cycle of fundraising, investment, management, and exit [1] Group 2 - The initiative includes encouraging long-term capital to enter the market and continuously improving the "long money long investment" system [1] - The CSRC aims to establish a fair and reasonable legal relationship between private equity investment funds and technology innovation enterprises, as well as their founding shareholders [1] - The Mother Fund Research Center has officially launched the 2025 special list evaluation to recognize outstanding institutions and talents in the private equity fund industry, promoting healthy development in the sector [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to promote the regularization of fund share transfer business and expand the pilot program for physical stock distribution to investors, focusing on nurturing long-term capital and optimizing private equity fund mechanisms [1] Group 1 - The CSRC emphasizes the importance of cultivating and expanding long-term and patient capital [1] - There is a push to guide private equity funds in optimizing long-cycle assessment mechanisms to better align with the development characteristics of technology innovation enterprises [1] - The development of secondary market funds (S Funds) is supported, along with the transition of fund share transfer from pilot to regular practice [1] Group 2 - The initiative includes expanding the pilot program for physical stock distribution to investors, promoting a healthy cycle of fundraising, investment, management, and exit [1] - Continuous guidance for medium- and long-term capital to enter the market is highlighted, along with the improvement of the "long money, long investment" system [1] - The CSRC aims to adhere to the basic legal principles of equity investment, fostering a fair and reasonable legal relationship between private equity investment funds and technology innovation enterprises and their founding shareholders [1]