这段合作史，发轫于营业部的点状探索，进而演进至券商总部的统筹规划与资源整合，服务体系日趋专业 化、系统化。合作模式也从简单的佣金关系，深化为私募产品的发行设计、代销、资金服务、对冲工具支 持、品牌赋能、资源共享的深度绑定与共同成长。 伴随私募行业在"扶优限劣"监管下加速出清、步入存量博弈新阶段，券商如何深化服务，挖掘跨境、金融 科技、股权私募及养老金融等领域，成为未来发展的重要命题。这段始于交易、兴于代销、臻于生态共建 的二十年"牵手"之路，不仅映射了私募行业发展进程，更彰显券商服务财富管理的深度进化。 机构交易进阶 编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业 为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾情推 出"金长江十年之共建私募生态圈"，盘点十年来证券公司、信托公司等机构在共建中国私募基金生态圈过 程中的不凡力量。此间星霜，既见群峰竞秀，亦显大江奔流。 作为资本市场的重要参与力量，私募基金在过去十余年里经历了从"野蛮生长"到规范发展的蜕变。在此过 程中，证券公司投身私募生态圈建设，发挥了关键作用。 ...

Core Viewpoint - Multiple local securities regulatory authorities in China are initiating self-inspection and rectification activities for private equity management firms to ensure compliance with regulations and improve operational standards [1][6][10]. Group 1: Regulatory Actions - The Guangdong Securities Regulatory Bureau issued a notice requiring private equity firms registered in the province (excluding Shenzhen) to conduct self-inspections by May 31, focusing on compliance in promotional activities, fundraising, and investment operations [1]. - The Shanghai Securities Regulatory Bureau mandated private equity managers to evaluate their operations and submit self-assessment reports by June 15 [2]. - The Henan Securities Regulatory Bureau launched a special action from April 30 to November 30, 2025, encompassing self-inspection, analysis, on-site checks, and promotional guidance [6]. Group 2: Compliance and Training - Private equity firms are required to organize training sessions for their controlling shareholders and employees to enhance understanding of current laws and self-regulatory rules, aiming to strengthen compliance culture [2]. - Firms must review typical cases of violations published by the regulatory authorities to identify and rectify their own issues [2]. Group 3: Enforcement and Penalties - As of May 9, 2023, various regulatory authorities have issued penalties to nearly 100 private equity managers across 21 regions, with approximately 60% of the penalized firms managing assets between 0-5 billion yuan [8][11]. - Notable firms, including three billion-yuan private equity managers, have also faced penalties for various violations, such as improper fund management and failure to disclose information to investors [8]. Group 4: Industry Trends - The private equity industry is experiencing a wave of exits, with 455 firms deregistering as of May 9, 2023, indicating a tightening regulatory environment [11].