Core Viewpoint - The "2025 Jin Changjiang Private Equity Fund Development Forum" marks a significant milestone in the development of China's capital market, celebrating ten years of progress in the private equity industry, which has shifted focus from quantity growth to quality enhancement [1][2] Group 1: Industry Transformation - The private equity industry has undergone a transformation driven by regulatory guidance, market innovation, and proactive changes, emphasizing high-quality development [1] - Investment strategies have diversified, with quantitative and subjective strategies coexisting, and new production capabilities in digital economy and artificial intelligence becoming focal points [1] - The private equity sector plays a crucial role as a "stabilizer" and "accelerator" in the capital market, aiding capital formation, serving the real economy, meeting wealth management needs, and improving market pricing efficiency [1] Group 2: Longjiang Securities' Role - Longjiang Securities has empowered the growth of private equity institutions by leveraging its full-license professional advantages and integrating resources across the entire business chain [2] - The company has established a "research and investment community" to enhance investment tools and trading strategies, allowing for precise market and industry insights [2] - Longjiang Securities has created a multi-layered, full-cycle funding service system in collaboration with strategic partners, utilizing a data-driven approach to optimize private equity operations and risk control [2]

Core Viewpoint - The private equity industry in China has evolved significantly over the past decade, becoming an essential institutional investor in the capital market, characterized by a large number of small funds and diverse strategies, and is now entering a phase of high-quality development [2][3][5]. Group 1: Industry Overview - As of April 2025, there are 19,891 private fund managers in China, managing 141,600 products with a total scale of 20.22 trillion yuan [3]. - The number of private securities investment fund managers is 7,827, with 84,700 existing funds and a total scale of 5.51 trillion yuan [3]. - The private equity sector has a significant number of small funds, with 46.7% of products below 0.1 billion yuan and only 0.14% above 2 billion yuan [4]. Group 2: Development Characteristics - The private equity industry has undergone rapid growth since the implementation of the Securities Investment Fund Law in June 2013, leading to the introduction of the first administrative regulations in 2023 [5]. - The industry is marked by a high concentration of management scale, with the top 400 private securities institutions accounting for nearly 80% of the total management scale [4]. Group 3: Research and Collaboration - The collaboration between brokerages and private equity firms has evolved from simple transaction commissions to comprehensive financial services, including research support, which is now a core demand for private equity [7][8]. - Brokerages are increasingly providing tailored research services to meet the specific needs of private equity firms, which vary significantly based on their development stage [9][10]. - The demand for personalized and customized services is strong, as private equity firms require in-depth understanding of their investment strategies and preferences [9][10]. Group 4: Future Trends - The cooperation between brokerages and private equity firms is expected to deepen, with brokerages enhancing their service offerings to include more personalized and comprehensive solutions [10]. - The evolution of the private equity industry and the improvement of brokerage service chains will further enhance the collaboration between the two sectors, driving growth in the private equity market [10].

2 0 2 3年以来，针对私募行业出台的一系列新规通过强化信息披露和合规要求，大幅提升了行业的 透明度和规范性，促进私募行业专业化和标准化发展。2 0 2 3年5月后，部分不满足新要求的管理 人登记和产品备案受到影响，私募证券基金净发行数量持续下降，而单只产品平均募集规模得到 切实提升。 文 ｜ 王亦琛 郭佳昕 唐栋国 赵文荣 何旺岚 张子辰 闻天 银行代销新规针对产品准入的各环节提出了多项细化要求，明星公募基金经理"奔私"受到较大冲 击，私募准入标准趋严利好优秀头部管理人。我们认为新规的落地施行将有效提升银行作为代销机 构的专业化程度，切实保护投资者利益。叠加政策推动私募行业高质量发展、公募权益基金指数化 带来挑战、理财跨行代销业务迅速推进等最新动态，产品代销业务或迎洗牌。 ▍ 商业银行代销新规推出：提升准入门槛，细化流程要求。 2 0 2 5年3月2 1日国家金融监督管理总局印发了《商业银行代理销售业务管理办法》（以下简 称"《办法》"或"代销新规"），仍规定商业银行仅可以代销持牌金融机构依法发行的金融产品， 并要求商业银行总行应当对代销业务实行集中统一管理。相对银行代销业务的旧规在以下几个方 面变动较大 ...