近日，晨壹投资管理合伙人刘晓丹在上海证券交易所国际投资者大会上表示，受中国经济格局重塑、产 业竞争态势演进、企业家代际传承推进及公司治理体系优化等多重因素交织影响，中国并购市场的战略 重要性正持续提升。 资讯数据显示，今年以来，截至目前，A股市场累计新增147单重大资产重组项目，较去年同期大幅增 长45.54%，直观反映出A股并购重组市场热潮迭起的发展态势。在此背景下，并购基金作为专业资本运 作力量，其在资源整合、资金支持、交易架构设计等领域的核心价值愈发凸显，正迎来行业发展的黄金 时期。 专业角色凸显产业价值 并购基金是专注于对目标企业进行并购投资的私募股权基金，核心运作逻辑为通过募集资金收购目标企 业股权，随后通过重组整合、运营优化等方式提升企业价值，最终通过股权转让、IPO等渠道实现退出 并获取收益。在行业快速发展进程中，并购基金的专业角色与独特价值正被市场广泛认知。 刘晓丹表示，并购基金与投行虽有部分从业者背景相通，但是以不同的角色参与并购市场：投行核心聚 焦撮合交易、把控监管合规，交易完成后即转向下一项目；并购基金在收购企业后需长期参与运营管 理，通过治理优化、运营提升等举措提升企业价值，这一点和企 ...

Core Viewpoint - Population is the underlying logic driving economic, real estate, investment, and infrastructure trends, with significant impacts expected over the next 10 to 15 years due to changes in asset values, consumption patterns, and wealth distribution [2][3]. Group 1: Long-term Impact of Population Changes - Long-term attribute: Population changes are fundamental drivers over decades, with effects becoming more apparent post-2015 due to declining birth rates [2]. - Comprehensive penetration: Population directly influences real estate demand, fiscal sustainability, infrastructure direction, and capital market asset preferences, serving as the "underlying code" for understanding macro trends [3]. - Key role of generational differences: Distinct differences in consumption attitudes and wealth perspectives among generations are crucial pathways for population impacts on the economy [4]. Group 2: Reshaping Key Areas 1. **Consumer Market: Generational Values Drive Demand** - Older generation (born in the 50s/60s): Adopts a "frugal savings" mindset, limiting consumption willingness and challenging traditional expectations of a "silver economy" [5]. - Middle generation (born in the 80s/90s): Expected to become the main force in the silver economy, shifting focus to quality and service consumption [6]. - New generation (born in the 00s): Values "self-experience," driving the rise of new consumption areas like trendy toys, anime, and beauty economy, becoming a new market engine [7]. 2. **Real Estate: Value Logic Returns to Housing Essentials** - Three-phase evolution: Transitioning from "housing solutions" to "housing + investment," now entering an era focused on "pure residential demand," leading to a decline in speculative assets like vacation properties [8]. - Core value redefinition: Real estate value is determined by "genuine residential demand," with prime locations being more resilient; remote areas and older properties face challenges, widening the price gap between new and old homes [9]. 3. **Investment Market: Generational Risk Preference Divergence** - Older demographic: Highly risk-averse, favoring fixed income and dividend products, lowering overall societal risk appetite [10]. - Younger demographic: Pursues high returns and accepts high-risk investments, creating new investment avenues in consumption and trendy assets [11]. - Asset value reconstruction: Traditional assets favored by older generations, such as rosewood and collectibles, are expected to depreciate significantly due to lack of recognition from younger generations [12]. 4. **Infrastructure and Finance: Labor Force Size Defines Investment Boundaries** - Labor force threshold effect: When the proportion of the main working-age population (ages 24-45) falls below 25%, fixed asset investment scale will drop to half its peak [13]. - Infrastructure logic shift: The "infrastructure first" logic during population growth periods becomes ineffective, with investments concentrating in core areas and inefficient infrastructure (like remote roads and non-essential subways) shrinking [14]. Group 3: Wealth Distribution and Intergenerational Conflicts - Intergenerational pressure: Close population peaks between the 60s and 80s generations create a "time lag" in wealth transfer, leading to the 80s generation acquiring assets at high points, with some groups excluded from wealth distribution [15]. - Delayed wealth transfer: Influenced by East Asian culture, older individuals tend to hold wealth for retirement security, resulting in limited pre-death transfers and exacerbating intergenerational wealth flow stagnation and inequality [16]. Summary Population, as a long-term variable, steadily reshapes the underlying logic of the economy and life. From the consumption patterns of the young to the savings of the elderly, and from core real estate to remote infrastructure, all changes are deeply rooted in demographic shifts. Understanding generational transitions, age structures, and spatial movements is key to grasping new rules of wealth distribution and asset value coordinates, emphasizing the importance of recognizing this slow variable for informed decision-making during major cyclical shifts [17].

Core Viewpoint - The central urban work conference in July emphasized the need for a new model in real estate development, shifting focus from expansion to improving existing stock, which raises higher demands for space revitalization and resource integration [1] Group 1: Industry Trends - The revitalization of existing spaces such as office buildings and industrial parks requires higher operational capabilities, with a focus on balancing asset value and rental returns [1] - The current environment presents an opportunity for operators like BEEPLUS to expand, as asset owners are increasingly seeking professional management to optimize space utilization amid oversupply [1][2] - The asset value reconstruction in recent years is seen as a positive development for operators, as lower asset values can directly improve rental yields [1] Group 2: Company Developments - BEEPLUS has completed a Series C financing round, with a valuation exceeding 1.5 billion yuan, and has recently launched new asset management projects in Nanjing and Shenzhen [2] - The Nanjing BEEPLUS Innovation and Entrepreneurship Center offers flexible office spaces that cater to various business sizes, integrating work, life, and social spaces [2] - BEEPLUS employs a "state-owned enterprise + private enterprise" cooperation model to revitalize state-owned assets and provide support services for incubating and settling enterprises [2] Group 3: Operational Strategies - The industry is shifting from a single enterprise introduction model to a comprehensive ecosystem construction approach, enhancing resilience through systematic strategies [3] - BEEPLUS's operational model includes leveraging local resources, such as universities, to foster industry clusters, as demonstrated in the Nanjing Meteorological Valley project, which has achieved nearly 50% occupancy [4] - Future directions for BEEPLUS include focusing on asset securitization through enhanced operations, aiming to maintain capital return rates between 4% and 5% despite challenges in high asset values [4]

Group 1 - The REITs market is transitioning from a "standardized path" to a "diversified approach," encompassing traditional infrastructure and emerging asset types like data centers and green energy [1][2] - Shoucheng Holdings (0697.HK) promotes the concept of "everything can be REITs," exploring new asset types that are "operable, priceable, and securitizable" [1][2] - The company has been active in the market since the REITs pilot program began, and is now advancing financialization attempts for new infrastructure as the regulatory framework improves [1] Group 2 - In June 2025, Shoucheng Holdings participated as a strategic investor in the Southern Wanguo Data Center REIT and Southern Runze Technology REIT, marking a breakthrough in the securitization of data centers [1] - The company is leveraging the flexibility of the REITs system and its operational capabilities to expand the boundaries of "securitizable" assets [2] - Shoucheng Holdings' approach to asset value reconstruction involves identifying original assets, reshaping operational models, and designing financial products, which is expected to broaden asset boundaries in the REITs market [2]