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从投资者结构变化看资本市场投资端改革——2024年投资者结构全景分析
Zheng Quan Ri Bao Wang· 2025-06-23 14:13
申万宏源研究资深高级研究员 袁宇泽 优化投资者结构、推动各类投资者协调发展是资本市场投资端改革的重要内容。申万宏源研究提出A股投资者结构"五分 法"并对不同类别的投资者持股比例及变化进行年度跟踪分析。通过对投资者结构的分析,我们可以更直观的判断各类投资主 体的行为、对市场投资风格的影响以及未来资本市场投资端改革的重点。近年来,我国持续加大引入中长期资金,以中央汇金 公司为代表的主体在关键时期积极入市投资,在稳定市场预期,增强资本市场内生稳定机制上发挥了重要作用。2024年末以产 业资本、政府持股、专业投资机构、个人大股东和一般个人投资者为代表的五大类投资者A股持股市值占比分别为34.4%、 7.6%、19.2%、6.4%和32.3%,与年初相比,产业资本、政府持股占比有一定的提升,专业投资机构和个人大股东持股占比略 微下降,一般个人投资者持股占比下滑。具体来看,2024年投资者结构呈现以下特征和变化: 一、产业资本和政府持股发挥市场"压舱石"作用 产业资本和政府持股近年来逆周期特征突出。与境外发达市场不同,我国股票市场除个人和机构持股之外,还有大量的产 业资本和政府类主体持股。由于产业资本和政府持股主体的持股 ...
「华尔街收购之王」瞄准中国隐形饮料巨头|36氪独家
36氪· 2025-06-23 12:44
文 | 钟艺璇 编辑 | 乔芊 杨轩 来源| 36氪未来消费(ID:lslb168) 封面来源 | 视觉中国 36氪独家获悉,美国私募股权机构KKR拟收购一家中国饮料公司85%股权,猜测是大窑饮品。"这笔交易谈了一年。"一位接近 交易的知情人士告诉36氪。 对此消息,大窑方面回应36氪称:不予置评。 另据36氪了解,2024年,大窑营收在数十亿元左右。 以下文章来源于36氪未来消费 ,作者钟艺璇 36氪未来消费 . 在这里看到消费的未来。36氪旗下官方账号。 此前有消息称,大窑饮品正筹备最快2025年下半年在香港的IPO。从目前的结果来看,与许多想趁着市场行情不错扎堆上市的 消费公司不同,大窑的创始团队选择了另外一条路。 至于这笔交易,本身也蕴含着"错位"的意味。在市场避险情绪浓厚之际,KKR却逆势抄底。2025年一季度,KKR募集到305.40 亿美元的新资本,其总资产管理规模进一步增至6640亿美元,同比增长15%。KKR联席CEO Scott Nuttall在财报会上称,"KKR 从1976年成立至今,经历了许多周期和混乱。根据我们的经验,正是这样的时期会产生一些非常有吸引力的投资机会。" 一位KKR投 ...
从事无关业务、利益输送……监管集中警示私募三类违规行为
Bei Ke Cai Jing· 2025-06-23 10:53
"近年来,深圳证监局在日常监管中发现,辖区少数私募基金管理人从事与私募基金管理相冲突或无关 的业务,有的私募基金管理人利用在管私募基金进行利益输送,损害投资者合法权益,还有的私募基金 管理人利用其资质实施或配合开展违法犯罪活动。"深圳证监局指出。 6月20日,深圳证监局发布最新一期《私募基金监管情况通报》,披露了当前私募基金管理人的典型问 题,涉及从事与私募基金管理无关的业务、利用在管私募基金进行利益输送、利用管理人资质从事违法 犯罪活动等三大类违规行为。 合规意识淡漠 三大类私募乱象频发 据了解,此次《私募基金监管情况通报》对当前私募基金管理人的典型问题进行了披露,主题为聚焦私 募基金管理人主责主业,提升专业化运作水平。 深圳证监局认为,从事与私募基金管理无关的业务是私募的主要乱象之一,包括销售伪金交所产品、对 外提供咨询服务、对外提供居间服务、销售投资标的公司股权、协助非公司员工获取基金从业资格、在 办公场地内开展无关活动等。 比如,在销售伪金交所产品方面,某股权类私募机构因增量业务不足,与某房地产企业签署《承销协 议》,向多名自然人投资者推介该房企在伪金交所发行的应收账款收益权转让计划,并收取150余万 ...
卖课、算命、利益输送……深圳证监局通报私募乱象
证券时报· 2025-06-23 07:48
监管通报私募行业乱象。 6月20日,深圳证监局发布最新一期《深圳私募基金监管情况通报》,指出近年来在日常监管中发现,辖区少数私募基金管理人从事与私募基金管理相冲突或无关 的业务,比如销售伪金交所产品、卖课、算命、为券商引流开户获取返佣;债券私募利益输送;在管基金与高管自有资金进行"高买低卖"交易…… 深圳证监局认为,发生上述情形的核心原因在于,相关人员合规意识淡薄,将私募基金管理人视同为一般企业,为追求经济利益主动偏离或者放弃主责主业,个别 机构甚至沦为犯罪工具。 有机构销售伪金交所产品 深圳证监局发现,辖区内有部分私募机构偏离主责主业,从事与私募基金管理无关业务。如销售伪金交所产品、提供咨询服务、居间服务,销售投资标的公司股 权,甚至协助非员工获取从业资格、在办公场地开展易经算命等无关业务。 具体来看,比如有股权类私募机构销售伪金交所产品。据悉该机构因增量业务不足,与某房地产企业签署《承销协议》,向多名自然人投资者推介该房企在伪金交 所发行的应收账款收益权转让计划,并收取150余万元咨询顾问费。 也有的私募机构对外提供咨询服务。比如某证券类私募机构为多家债券发行人提供咨询服务,对接金融机构资金,协助促成债券 ...
安永私募沙龙——二级美元基金出海实操研讨在上海成功举办
Sou Hu Cai Jing· 2025-06-23 06:52
Core Insights - The event hosted by Ernst & Young focused on the practical issues related to private equity funds going abroad, emphasizing the importance of professional sharing and industry observation in this area [1] - The internationalization of the asset management industry is accelerating, presenting historic development opportunities for cross-border investments, making "funds going abroad" a hot topic among private equity managers [3] Group 1: Fund Structure and Compliance - Lawyer Hong Kan from Jingtian & Gongcheng discussed the planning of fund structures and licenses for private equity managers going abroad, suggesting that offshore models can be efficient and cost-effective for starting operations [5] - Chen Anqi from CITIC Securities highlighted key considerations for establishing and operating overseas funds, showcasing how fintech can reduce operational risks and improve attribution efficiency [7] - The importance of tax considerations in the establishment and operation of dollar funds was emphasized by Cheng Jing from Ernst & Young, who advised managers to consider tax impacts across multiple countries [10] Group 2: Tax Incentives and Regulations - Lin Junming from Ernst & Young discussed major tax incentives related to wealth and asset management in Hong Kong, including the unified fund tax exemption system and recent developments in these tax regimes [12] - The discussion included the optimization of tax incentive systems by the Hong Kong government and industry perspectives on these changes [12] Group 3: Accounting and Auditing Practices - Shan Feng from Ernst & Young addressed common accounting issues and auditing processes for Cayman dollar funds, recommending that managers choose appropriate accounting standards based on investor reporting needs [14] - The importance of considering the legal form and structure of the fund, as well as operational costs, was highlighted in the context of initial fund establishment [14] Group 4: Future Directions - Ernst & Young's wealth and asset management team aims to provide comprehensive support for private equity funds' cross-border development, addressing operational, compliance, and technological challenges [15] - The "Ernst & Young Private Equity Salon Series" will continue to focus on empowering private equity fund managers by sharing industry insights, market trends, and practical hotspots [19]
卖课、算命、利益输送……深圳证监局通报私募乱象
券商中国· 2025-06-23 05:04
监管通报私募行业乱象。 此外,还有私募机构协助非公司员工获取基金从业资格,严重扰乱行业秩序。或者在办公场地内开展无关活 动,据悉,有证券类私募机构与4家关联公司混同办公,办公场所未悬挂该管理人招牌或者明显标识,现场存 在多名人员从事易经算命、知识付费、修订家谱等与私募基金管理无关的业务。 6月20日,深圳证监局发布最新一期《深圳私募基金监管情况通报》,指出近年来在日常监管中发现,辖区少 数私募基金管理人从事与私募基金管理相冲突或无关的业务,比如销售伪金交所产品、卖课、算命、为券商引 流开户获取返佣;债券私募利益输送;在管基金与高管自有资金进行"高买低卖"交易…… 深圳证监局认为,发生上述情形的核心原因在于,相关人员合规意识淡薄,将私募基金管理人视同为一般企 业,为追求经济利益主动偏离或者放弃主责主业,个别机构甚至沦为犯罪工具。 有机构销售伪金交所产品 据深圳证监局发现,辖区内有部分私募机构偏离主责主业,从事与私募基金管理无关业务。如销售伪金交所产 品、提供咨询服务、居间服务,销售投资标的公司股权,甚至协助非员工获取从业资格、在办公场地开展易经 算命等无关业务。 具体来看,比如有股权类私募机构销售伪金交所产品。 ...
另类投资简报 | 对冲基金减持七巨头而增持中概股,谁最受青睐?4月抄底的对冲基金如今怎样了?
彭博Bloomberg· 2025-06-23 02:58
Core Insights - The hedge fund market experienced a significant increase in May 2024, with a 2.3% rise, marking the largest gain since March 2024, driven by the Bloomberg Stock Hedge Fund Index [5] - Hedge funds have shown a year-to-date increase of 1.7%, with equity funds leading the gains at 3.3%, while macro funds recorded a maximum decline of 1.2% [5] Private Equity Market Review - The report highlights the ongoing trends in private equity fundraising and investment activities, emphasizing the dynamics of the market [3][8] Hedge Fund Market Overview - In the first quarter of 2024, hedge funds reduced their holdings in the "seven major tech giants" while increasing exposure to Chinese companies listed in the U.S. [8] - Despite escalating U.S.-China trade tensions, hedge funds have favored Chinese stocks, particularly Alibaba, Pinduoduo, and Baidu [8] - A Chinese hedge fund capitalized on a significant drop in the Chinese stock market in April due to new U.S. tariffs, achieving a 20% return since then and a cumulative return of 1,485% since its inception ten years ago [8] Market Dynamics - The report notes that Hong Kong is intensifying tax scrutiny on private equity and venture capital funds, indicating a shift in regulatory focus [9] - PAG is leading the acquisition of 48 shopping centers owned by Dalian Wanda, showcasing active investment strategies in the private equity space [9] - Stonepeak has agreed to acquire the container leasing company Seaco, reflecting ongoing consolidation in the industry [9]
【私募调研记录】星石投资调研皖仪科技、涛涛车业
Zheng Quan Zhi Xing· 2025-06-23 00:10
Group 1: Company Research - Wan Yi Technology - Wan Yi Technology's main business includes industrial testing instruments, online monitoring instruments, laboratory analysis instruments, and medical instruments [1] - The company provides high-precision vacuum leak detection solutions in the nuclear fusion field, with its helium mass spectrometer reaching an internationally advanced level [1] - The development of blood dialysis equipment is progressing smoothly, with plans to submit registration applications to the National Medical Products Administration by the end of 2025 [1] - The company is enhancing profitability through improved cost and expense management [1] Group 2: Company Research - Tao Tao Vehicle - Tao Tao Vehicle's production capacity in Vietnam is expected to significantly increase, with electric golf cart production reaching new highs in June and continuing to rise in July [2] - The expansion of overseas production capacity in Southeast Asia and the U.S. is a strategic response to international trade friction, enhancing competitiveness in the U.S. market [2] - The company is well-prepared to address market shifts, benefiting from the loss of some domestic manufacturers in the U.S. market [2] Group 3: Company Overview - Xing Shi Investment - Xing Shi Investment, established in 2007, is one of China's top private equity investment management firms and a pioneer in the industry [3] - The firm has received numerous awards, including the "Morningstar China Hedge Fund Award" and the "China Private Equity Golden Bull Award," showcasing its strong investment capabilities [3] - The investment team, led by Jiang Hui, has extensive experience and has consistently delivered stable performance through various market cycles [3] - Xing Shi Investment employs a multi-layered driving factor investment approach, focusing on comprehensive research across categories, industries, and companies to identify strong investment opportunities [3]
一位成长投资老将的主动求变——访相聚资本总经理梁辉
Core Viewpoint - The investment strategy of the company has evolved from a singular focus on growth stocks to a diversified approach that adapts to market changes, emphasizing the importance of both sustainable growth and risk management in investment decisions [1][5][9]. Group 1: Investment Strategy Evolution - The company has recognized the limitations of a single investment strategy, especially in the current challenging market for growth stocks, prompting a shift towards diversification [1][4]. - The investment philosophy now incorporates a combination of growth, value, and dividend stocks, with a focus on macroeconomic trends and style timing to enhance portfolio resilience [5][9]. - The company aims to balance investment opportunities with safety, particularly in sectors benefiting from AI advancements and those with reasonable valuations [1][9]. Group 2: Market Outlook and Focus Areas - The company believes that the most uncertain phase of the market has passed, with expectations for better investment opportunities in the fourth quarter, particularly in growth stocks [9]. - Key sectors of interest include the internet sector benefiting from AI development, domestic consumption-related industries, technology with a focus on self-sufficiency, and sectors supported by growth policies like engineering machinery [9][10]. - The semiconductor industry is highlighted for its significant growth potential, driven by increasing domestic production and technological advancements [10].
做大变局中的长期主义者——访止于至善总经理何理
Core Viewpoint - The company emphasizes the importance of long-term adaptability and global investment strategies in the face of significant market changes, leveraging technology and expanding into international markets [1][2]. Group 1: Investment Strategy - The company has restructured its investment system using artificial intelligence technology, named "AI Cybertron," and has expanded its investment scope to include markets in South Korea, India, and Singapore [1]. - The investment portfolio currently includes high-quality companies from A-shares, Hong Kong stocks, U.S. stocks, and other international markets, reflecting a global investment approach [2]. - The core research team consists of seven members, with five being overseas returnees, enhancing the team's global research capabilities [2]. Group 2: Focus Areas - The company is particularly optimistic about the technology sector, especially artificial intelligence, and plans to build a global investment portfolio centered around AI [4]. - Investment in the technology sector is categorized into scientific technology and business innovation, with a focus on areas such as AI computing, autonomous driving, and quantum computing [4]. - In business innovation, the company is looking at investment opportunities in SaaS, fintech, and platform economy sectors driven by AI technology [5]. Group 3: Investment Philosophy - The company adheres to value investing principles but recognizes the need for flexibility in adjusting positions based on market sentiment and using derivative tools to enhance portfolio stability [3]. - The selection criteria for investment targets include strong competitiveness, high growth potential, and significant value creation [3]. - The company aims to create absolute returns for investors by exploring derivative tools to improve position adjustment flexibility and enhance portfolio resilience [3].