中国私募股权二级市场（S市场）正在以前所未有的速度爆发。数据显示，仅在2025年上半年，人民币 基金的S市场交易额就飙升至创纪录的773亿元，同比增长近九成。然而，在这片繁荣的景象之下，一 种被业内称为"左手倒右手"的奇特交易模式，正成为最主要的核心驱动力。 "退出长城"与"大退潮" 中国私募股权市场正矗立着一道几乎难以逾越的"退出长城"。 2024年，A股IPO市场迎来至暗时刻。全年仅有100家企业成功上市，数量创十年新低；募资总额仅 673.53亿元，同比暴跌81%，首次跌破千亿大关。更令人震惊的是，当年IPO终止企业高达426家，是过 会企业的八倍。随着新"国九条"发布，沪深主板上市净利润门槛从6000万元提升至1亿元，创业板新增 最近一年净利润不低于6000万元的要求，退出通道被进一步收窄。 传统退出渠道似乎正在全面堵塞，并购市场同样不容乐观——尽管全年交易规模达2万亿元，但真正能 够承接PE项目退出的战略并购寥寥无几。2018-2020年投资高峰期进入的项目，原本计划3-5年退出，如 今普遍延期两到三次，陷入"退出无门"的窘境。 全球私募市场同样面临严峻考验。超过3万亿美元的未退出资产积压在系统中， ...

Core Viewpoint - The Indian stock market, represented by the SENSEX index, is approaching historical highs, showing resilience against global market trends, particularly in the context of recent tariff increases and a weakening dollar [1][3]. Group 1: Market Performance - The SENSEX index has risen by 5.4% since the tariff increase on April 2, contrasting with the underperformance of U.S. markets [1]. - Emerging markets, including Indonesia, Thailand, and Malaysia, have also experienced gains, outperforming both the CSI 300 and the NASDAQ Composite Index [1]. - The Emerging Asia ETF (SH520580) has surged over 13% since April 8, indicating increasing investor interest and liquidity [1]. Group 2: Dollar Weakness and Emerging Markets - The weakening of the dollar is creating a favorable environment for emerging markets, which are seen as "valuation vacuums" attracting global capital [3]. - Historical trends suggest that a declining dollar often leads to recovery in emerging market currencies and stock valuations [3]. Group 3: Core Asset Pool - The Emerging Asia ETF tracks a selection of 50 leading companies across India (53%), Indonesia (19%), Malaysia (15%), and Thailand (13%), focusing on high market capitalization and liquidity [4]. - The sector allocation within the ETF includes financials (38.5%), technology (15.6%), and energy (10.2%), benefiting from economic expansion and global supply chain trends [4]. Group 4: Liquidity and Trading Flexibility - The Emerging Asia ETF supports margin trading, allowing for diverse investment strategies and flexibility in response to market volatility [6]. - The ETF's T+0 trading mechanism enables quick reactions to market changes, making it suitable for both short-term and long-term investors [6].