借着同创wy事件，想聊聊回购的真实模样。本文比较长，上周整整写了一周，斟字酌句，改了多稿， 也在不断关注舆论动向，希望读者朋友们给一些耐心。 （一）回购 - 创始人头顶的大山 点进来本文的，应该对一级市场投资行业的几个参与主体比较熟悉了： lp 、 gp 、项目方。 gp 就是常 说的"投资机构"， lp 出钱给 gp ， gp 投项目。 现在一级市场的基金，存续期大概是 7 或 8 年比较常见，大家都能理解哈？ 7 年的意思是， 基金从成 立时点开始算， 7 年后 lp 必须把给到 gp 的钱再拿回来。 那么可能第 6 年的时候， gp 就会和项目方要钱了：从你的财务数据来看，明年你是上不了市的，那就 把我给你的投资款还给我吧。也就是：回购。 然后，上市需要周期的对吧？我 2025 年申报， 2026 年完成上市，就算极其顺利的了。 2026 年如果我上市， 2027 年我的股东能够在二级市场完全出清，也算极其顺利的了。 所以，如果我是 gp ，比如 2027 年我的基金到期，当我预感我投的项目没办法在 2025 年底前申报并受 理，那我可能 2025 年中就提出让项目方回购了。 为什么这么早就要提出回购？ ...

3月2 8日上午，国家主席习近平在北京人民大会堂会见国际工商界代表。 习近平强调，改革开放使中国快速进入世界市场、大踏步赶上时代，重要一条就是积极利用外 资。外资企业来华投资，带动了中国经济增长和就业，促进了中国技术和管理进步，助推了中 国改革开放。 习近平指出，对外开放是中国的基本国策，中国正在推进高水平对外开放，稳步扩大规则、规 制、管理、标准等制度型开放， 开放的大门只会越开越大，利用外资的政策没有变也不会变 。 中国过去是、现在是、将来也必然是外商理想、安全、有为的投资目的地，与中国同行就是 与机遇同行，相信中国就是相信明天， 投资中国就是投资未来 。 习近平强调，中共二十届三中全会已经对深化外商投资和对外投资管理体制改革制定路线图和 时间表。中国将以降低市场准入门槛为重点，进一步扩大开放；保障在华外资企业同等享受国 民待遇，维护市场公平竞争；加强同外商沟通交流，为其来华贸易投资尽可能提供便利，依法 保护外资企业合法权益。同时，中国将坚定不移走和平发展道路，努力为外资企业发展营造良 好外部环境。 母基金研究中心关注到， 3月2 3日至2 4日召开的中国发展高层论坛，作为每年全国两会后首个 举办的"国家 ...

Core Insights - Investment companies are becoming increasingly important as key drivers of resource allocation and economic development [1] - Chao Hong Group, established in 2018, has attracted the attention of China CITIC Group due to its market insights and investment strategies, with both parties entering deep discussions for a potential strategic partnership [1][8] Company Overview - Chao Hong Group has distinguished itself in the investment field with a unique business philosophy and clear strategic planning since its inception [2] - The founder, Jiang Chao, leads a professional team that conducts thorough market research across various industries, analyzing macroeconomic trends and micro-enterprise dynamics [2] - The company has successfully invested in high-growth enterprises across technology, healthcare, and consumer sectors, demonstrating exceptional investment operation capabilities [2][6] Strategic Collaborations - Chao Hong Group actively participates in domestic industrial upgrades and regional economic development by collaborating with local governments to establish investment funds [2] - An example includes the establishment of an intelligent manufacturing investment fund in a specific economic development zone, which has led to job creation and local economic growth [2] China CITIC Group's Role - China CITIC Group, founded in 1979, plays a crucial role in China's economic development and is a pillar in the domestic investment sector [3][4] - The group focuses on strategic investments aligned with national priorities, providing robust financial support through its subsidiaries like CITIC Bank and CITIC Securities [3] - CITIC Group's investments span advanced manufacturing, new materials, and new consumption sectors, contributing to the enhancement of China's global competitiveness [3][4] Investment Performance - CITIC Group has consistently achieved significant investment results, being listed in Fortune's "Global 500" for 16 consecutive years, ranking 71st in 2024 [4] - The group's investments have not only generated substantial returns but have also driven the development of numerous domestic industries, fostering collaborative growth across supply chains [4][6] Strategic Alignment - The strategic alignment between Chao Hong Group and China CITIC Group is evident, as both entities focus on national economic development and industrial upgrades [6][8] - Their collaboration is expected to stimulate fixed asset investment growth, enhance labor productivity, and create numerous job opportunities, thereby promoting a virtuous cycle of investment and consumption [8] Future Prospects - The anticipated strategic partnership between Chao Hong Group and China CITIC Group is expected to have a profound impact on domestic economic growth and contribute to enhancing national strength [8][9] - The collaboration represents a significant opportunity for both companies to leverage their strengths for mutual development and to support the broader economic landscape [8]

Core Viewpoint - Overseas investors have shown renewed interest in Japanese stocks, with significant net purchases observed in the third week of March, driven by positive market sentiment and notable investments from Berkshire Hathaway [1][2]. Group 1: Overseas Investor Activity - In the third week of March (17-21), overseas investors net purchased a total of 697.3 billion yen in Japanese stock spot and index futures, marking the highest level in approximately two months [1]. - The net purchases included 261.1 billion yen in stock spot and 436.2 billion yen in index futures, indicating a return to net buying after four weeks [2]. - The Nikkei average index rose by 623 points (2%) during this period, reflecting increased risk appetite among investors [2]. Group 2: Influencing Factors - The announcement of Berkshire Hathaway increasing its stake in five major Japanese trading companies has led to a surge in buying activity, particularly in undervalued stocks [2]. - There are indications of seasonal demand related to the fiscal year-end, with institutional investors engaging in "dividend reinvestment" ahead of expected future dividends [2]. - However, there are concerns that the buying momentum from foreign investors may not be sustained, especially following the announcement of a 25% tariff on imported cars by President Trump, which negatively impacted export-related stocks [2]. Group 3: Domestic Investor Behavior - Japanese corporations have continued to net purchase stock spots for 11 consecutive weeks, with a net purchase amount of 44.9 billion yen, reflecting ongoing stock buyback activities [3]. - Trust banks, which reflect the trading behavior of pension funds, have resumed net selling after two weeks, indicating a shift in institutional investor sentiment [3].

为更好地对母基金在中国资本市场里所发挥的重要作用进行系统研究，发挥政府出资产业投资 基金等的资源和战略优势，加强政府对社会资本的管理和引导，促进社会资本流向创新创业型 企业和实体经济，推动中国投资行业特别是母基金行业的健康发展，"中国国际科技促进会母 基金分会"（简称"科促会母基金分会"）成立。科促会母基金分会领导班子所在机构及参会机 构 共 7 8 家，科促会母基金分会于每周二更新相关机构的一周资讯。 【内容提要】 1 .存续期1 5年，深圳迎来一支种子基金 2 .财信金控与湖南高速集团签订战略合作协议 3 .江夏科投集团完成芯中达天使轮投资 4 .石家庄国投集团所属国经公司与同福集团开展业务合作洽谈 5 .豫资控股集团赴新疆哈密考察并与哈密市政府签署战略合作协议 6 .福建金投赴宁德开展小微企业融资协调工作机制专题服务调研 7 .恒健控股董事长带队赴南航集团海南公司进行专题调研 01 存续期15年，深圳迎来一支种子基金 近日，深圳市红土种子一号创业投资基金（以下简称"红土种子基金"）完成注册登记。该基金 由深创投联合深圳市天使母基金、宝安区引导基金共同发起设立，总规模为3亿元，整体存续 期限为1 5年。 ...

尽管香港恒生指数今年已反弹近18%，但投资者仍在寻找更多证据，以证明这轮涨势并非虚晃一枪。 大型养老基金和纯多头基金仍在观望。帮助机构投资者进行资金配置的剑桥咨询公司（Cambridge Associates）亚洲区负责人亚伦·科斯特洛（Aaron Costello）在一个小组讨论中支持，当前流入香港的资 金大多来自中国内地，而且大多数主动型基金经理对中国股票的配置偏低。这也意味着中国股市仍有上 行空间。 穆巴达拉投资公司（Mubadala Investment Co.）副首席战略与风险官马克·安塔基（Marc Antaki）表示， 他的基金仍在继续投资中国。他说，阿布扎比主权财富基金穆巴达拉一直在加快在泛亚洲地区的资金配 置，包括印度、日本和韩国。 与此同时，基汇资本（Gaw Capital Partners）董事长吴继炜（Goodwin Gaw）表示，香港最终将受益于 粤港澳大湾区的融合，该区域包括邻近的中国特大城市深圳和广州。 国际投资者唱多中国：绝对还有上涨空间！ 周一聚集在香港参加米尔肯研究所全球投资者研讨会的许多投资者得出的结论是，他们看到了市场对中 国资产的信心有所改善的迹象。 蓝池资本（Blu ...

聚集源头工厂的 1688 因低价吸引消费者。2023 年 11 月，阿里将 1688 列为四大 "战略级创新业务" 之一，并称其将以 3 - 5 年为周期持续投入。2024 年，1688 活跃买家数同比增长 55%。截至 2025 年 2 月，1688 年度活跃买家数（AAC）超过 1 亿。 巴菲特增持 5 家日本商社股票，4 家持股比例超过 9%。 巴菲特的公司伯克希尔·哈撒韦 3 月 17 日的财务文件显示，公司已增持 5 家日本商社（三井物产、 三菱商事、住友商事、伊藤忠商事和丸红）股票，在其中四家持股比例超过 9%。公司曾说，自己 持有的日本股票总价值 "远超伯克希尔持有的美国以外任何其他国家的股票总价值"，并计划 "长 期" 持有，比例可能高达 9.9%，但需要董事会特别批准。巴菲特今年 2 月在致股东信中说到，五 大商社同意对伯克希尔 "适度放宽" 持股比例 10% 以下的限制。 松绑 "仅退款" 的平台又多一家。阿里旗下 B2B 电商平台 1688 将于 3 月下旬取消仅退款政策。 此前，买家因质量问题发起仅退款申请后，平台会介入，进行退款，无需商家同意。仅退款政策取 消后，再发生类似情况，平台 ...

Core Viewpoint - The company emphasizes a people-centric business model, believing that engaging with the best individuals can lead to significant value creation and satisfaction in work [1] Group 1: Business Model - The business model is driven by the principle of finding and building relationships with outstanding individuals, which is seen as the key to success [1] - The company avoids chasing trends and instead focuses on providing a platform for exceptional individuals to share their insights and content [1] Group 2: Recruitment Challenges - The company faces challenges in recruiting top talent, including identifying, attracting, and creating value for already accomplished individuals [1] - A strong platform and effective mechanisms have been established to facilitate the recruitment process [1] Group 3: Desired Qualities in Candidates - Candidates should have a genuine passion for the industry and enjoy engaging with talented individuals, as passion is considered the foundation of excellence [2] - Social skills are essential, with an emphasis on offline interactions to expand opportunities through casual conversations [2] - Deep thinking abilities are necessary to avoid superficial socializing and to gain recognition from outstanding individuals [2] - A genuine interest in people is crucial, as understanding others can reveal valuable insights [2] - Operational thinking and capabilities are important for effective resource utilization and achieving goals [2] - Candidates should possess maturity and self-awareness regarding their own and others' needs [2] - Strong communication skills are vital for effective expression and engagement with diverse audiences [2] - A drive for self-improvement, whether motivated by financial, social, or personal factors, is also sought after [3] Group 4: Opportunities - The company currently offers leading AI podcasts and communities, and has provided services to numerous top AI founders through various means [3] - The company invites interested individuals to explore opportunities in media, community, financial advisory, or investment-related roles, with competitive compensation promised [3]

Investment Rating - The report assigns a "Neutral" rating for the industry, indicating a projected performance within a range of -10% to 10% relative to the CSI 300 index over the next 12 months [53]. Core Insights - The macroeconomic environment shows signs of resilience in the U.S. with a combination of inflation rebound and strong employment, leading the Federal Reserve to maintain a cautious stance on interest rate cuts [3][15]. - In Europe, economic fundamentals are improving, but the European Central Bank is likely to continue a gradual rate cut approach due to ongoing uncertainties [4][25]. - Domestic consumption is expected to continue its recovery trend, with significant growth in retail and service sectors during the Spring Festival period [28]. - The export sector is showing resilience, supported by increased container throughput at ports and a recovery in the semiconductor supply chain [29]. - Inflation is anticipated to be influenced by seasonal factors, with CPI expected to decline post-Spring Festival due to the normalization of prices [41]. Summary by Sections 1. Overseas Economic and Policy Environment - U.S. GDP growth for Q4 2024 was revised to 2.3%, with consumer spending remaining strong despite some downward pressures from non-residential investment [13]. - The Eurozone's GDP growth for Q4 2024 was adjusted to 0.1%, with improvements in service and manufacturing PMIs, although disparities among major economies persist [24]. 2. Domestic Economy - Consumption during the Spring Festival saw a 10.8% increase in daily sales compared to the previous year, with significant growth in both goods and services [28]. - Investment in real estate remains under pressure, with construction activity not yet returning to pre-holiday levels [29]. - Export growth is expected to maintain resilience, aided by a recovery in global manufacturing and proactive export strategies [29]. 3. Domestic Policy Environment - The central bank is expected to maintain a cautious approach to interest rate cuts, with potential adjustments post the National People's Congress [6]. - Fiscal policy discussions during the upcoming meetings are likely to focus on stimulating domestic demand and supporting new productivity initiatives [45].

Core Viewpoint - Jeremy Grantham, a renowned value investor and co-founder of GMO, warns that the current U.S. stock market has entered a "super bubble," characterized by extremely high valuations and potential for significant market corrections [2][6][9]. Group 1: Market Conditions and Valuations - Grantham identifies the current market as a "super bubble," ranking it third in history, just behind Japan's 1989 bubble and the 1929 stock market crash [8][9]. - As of October 2023, traditional valuation metrics, including the Shiller PE ratio, have reached historical highs, indicating overvaluation [10][14]. - The total market capitalization to economic value added ratio, known as the "Buffett Indicator," is at an all-time high, suggesting extreme market overvaluation [10][11]. Group 2: Technological Impact and Market Dynamics - The emergence of AI technologies, particularly ChatGPT, has significantly influenced market dynamics, leading to a resurgence in stock prices and investor interest [3][4]. - Grantham emphasizes that major technological advancements often lead to market bubbles, as seen in historical examples like the railroad and internet booms [17][21]. - Despite the potential of AI to transform the economy, Grantham cautions that it may not necessarily lead to increased consumer demand, raising concerns about economic balance [25][40]. Group 3: Economic and Social Implications - Grantham highlights the importance of addressing income inequality and the potential social unrest stemming from economic disparities, particularly as wealth becomes concentrated among the top earners [28][30]. - He notes that the decline in birth rates and labor force participation in developed countries poses significant long-term economic challenges [67][68]. - The current economic environment is more complex than in the past, with increased volatility and the need for investors to manage risk carefully [34][36]. Group 4: Investment Strategies and Recommendations - Grantham suggests that investors should consider sectors like green technology, which may experience significant growth as the world shifts towards sustainable practices [32][33]. - He advises against excessive leverage in investment strategies, emphasizing the importance of maintaining financial resilience in uncertain market conditions [36][38]. - Grantham believes that international markets may outperform the U.S. market in the next 5 to 10 years, as they have historically shown lower risk and more reasonable valuations [44][45][47].