9月3日 3 浙江省粮油食品进出口股份有限公司收购浙江舟山国际农产品 贸易中心有限公司股权案 4 济南财金投资控股集团有限公司收购山东科源制药股份有限公 司股权案 济南财金投资控股集团有限公司，高元坤 2025年 浙江省粮油食品进出口股份有限公司，舟山国家远洋渔业基地建设发展集团有 限公司 2025年 9月2日 转自：上海市市场监管局网站 2025年9月1日-9月7日 无条件批准经营者集中案件列表 序 号 案件名称 参与集中的经营者 审结时 间 1 天润工业技术股份有限公司收购山东阿尔泰汽车配件有限公司 股权案 天润工业技术股份有限公司，山东阿尔泰汽车配件有限公司 2025年 9月1日 2 一村尚臻圆（无锡）产业投资有限公司与上海一村私募基金管 理有限公司等经营者收购法雷奥公司部分业务案 一村尚臻圆（无锡）产业投资有限公司，上海一村私募基金管理有限公司，上 海华培数能科技（集团）股份有限公司，法雷奥公司部分业务 2025年 9月1日 ...

淡水泉投资表示，面对当前快速演变的市场环境，后续将持续关注经济基本面的边际变化与微观调研反 馈，以开放心态看待市场的多种可能性，保持交易灵活性，做好不同情形下的投资预案，力争实现组合 可持续的投资回报。 8月份，A股市场在科技股走高带动下，各板块普遍迎来上涨行情，同时上证指数创下近10年新高，科 创50指数创下成立以来的最大单月涨幅。淡水泉投资8月月报显示，就A股整体而言，市场仍呈现出显 著的结构性分化特征。在当前风险偏好提升、成长板块估值空间打开的环境下，接下来重点关注以下几 个方向：一是新兴成长领域具备业绩持续性的优质公司，包括AI科技、新消费、创新药等细分行业龙 头。二是周期领域中竞争力突出、受宏观环境影响较小的头部企业，以及低估值龙头公司在行情回暖过 程中的重估机会。此外，在美元走弱背景下，有望受益的周期类资产也是重点关注的方向。 本报讯 （记者王宁）9月2日，记者从淡水泉（北京）投资管理有限公司（以下简称"淡水泉投资"）处 获悉，基于对货币宽松与美元下行等因素预期，目前该公司增配了有色等板块估值合理且具备盈利潜力 的标的，同时还增配了估值仍然具备较好安全边际、未来业绩有望持续超预期的部分医药类资产。 ...

Group 1 - The article highlights the impact of U.S. tariff policies and geopolitical tensions on the global macroeconomic landscape, leading to increased market risk aversion [2] - China's economic recovery and high financing demand are attracting international hedge funds, creating opportunities for diversified asset allocation [2] - The rapid development of artificial intelligence (AI) is enhancing the performance of tech stocks and driving index growth, positioning AI as a key tool for private equity firms to navigate uncertainty [2] Group 2 - The upcoming Bloomberg Private Equity Investment Strategy Closed-Door Exchange Meeting in Hangzhou will feature industry leaders discussing market trends and challenges [2] - The theme of the Hangzhou event is "AI as a Lever to Unlock Opportunities in the International Derivatives Market," focusing on the dual drivers of quantitative analysis and AI in global derivatives services and research [2] - The event agenda includes discussions on new trends in the overseas equity derivatives market and a fireside chat on global market investments amid volatility [4]

Group 1 - The core point of the article is that Jiuding Investment (SH 600053) announced the convening of its 10th Board of Directors meeting on September 1, 2025, to discuss the proposal for acquiring a stake in Nanjing Shenyuan Intelligent Technology Co., Ltd. and increasing its capital [1] - Jiuding Investment's revenue composition for the year 2024 is as follows: Real estate accounts for 49.24%, private equity investment management for 47.32%, construction business for 2.1%, and other businesses for 1.35% [1] - As of the report date, Jiuding Investment has a market capitalization of 8 billion yuan [1]

机构简介： 公司成立于2017年1月，目前主要开展投资于二级市场的私募证券投资基金业务，公司的管理人登记编 码：P1062872，观察会员编码：GC190030259，具有"3+3"投顾资格。目前资产管理规模约100亿，基金 经理平均从业年限超过10年。 根据市场公开信息及8月21日披露的机构调研信息，知名私募睿扬投资近期对1家上市公司进行了调研， 相关名单如下： 1）若羽臣 （上海睿扬投资管理有限公司参与公司特定对象调研&电话会议） 调研纪要：本次机构调研内容涵盖若羽臣的产品和渠道规划、保健品牌人群画像及营销联动、保健品品 牌布局、红宝石油产品销售情况、港股上市原因、品牌出海计划、代运营业务展望及品牌收购计划。公 司将继续加大香氛洗衣液投入，拓展线上线下渠道，新增布局NuiBay和VitaOcean，红宝石油上线首月 登顶天猫鱼油新品榜TOP1。选择港股上市因政策环境友好、港股流动性增强、行业示范效应与资本需 求、契合公司未来业务发展需要。将以绽家为主，先考虑东南亚市场布局，自有品牌与品牌管理业务推 动营收结构优化，代运营依赖度降低。H股上市募资主要用于全球资源整合布局，挖掘大健康、个护及 家清行业的优质产 ...

Core Viewpoint - The stock markets, including A-shares, Hong Kong stocks, and US stocks, experienced significant fluctuations due to tariff issues but ultimately recorded varying degrees of increases in the first seven months of the year, with the CSI 2000 leading A-shares with over 20% growth [2] Market Performance Summary - A-shares: - Shanghai Composite Index increased by 6.61%, with a maximum increase of 16.76% and a maximum drawdown of -9.71% [3] - Shenzhen Component Index rose by 5.71%, with a maximum increase of 20.56% and a maximum drawdown of -14.98% [3] - ChiNext Index grew by 8.72%, with a maximum increase of 33.17% and a maximum drawdown of -20.79% [3] - CSI 300 increased by 3.58%, with a maximum increase of 15.67% and a maximum drawdown of -10.49% [3] - CSI 500 rose by 8.74%, with a maximum increase of 20.22% and a maximum drawdown of -13.80% [3] - CSI 1000 increased by 11.81%, with a maximum increase of 23.24% and a maximum drawdown of -16.87% [3] - CSI 2000 led with a 20.44% increase, a maximum increase of 31.56%, and a maximum drawdown of -19.65% [3] - Hong Kong stocks: - Hang Seng Index increased by 23.50%, with a maximum increase of 35.99% and a maximum drawdown of -19.95% [3] - Hang Seng Tech Index rose by 22.05%, with a maximum increase of 44.61% and a maximum drawdown of -27.91% [3] - US stocks: - Dow Jones Industrial Average increased by 3.73%, with a maximum increase of 19.56% and a maximum drawdown of -16.12% [3] - S&P 500 rose by 7.78%, with a maximum increase of 28.24% and a maximum drawdown of -18.90% [3] - Nasdaq increased by 9.38%, with a maximum increase of 38.71% and a maximum drawdown of -23.87% [3] Private Equity Performance Summary - The overall performance of private equity products under billion-yuan private equity firms was impressive in the first seven months of the year, with an average return of approximately 16.80% [2][3] - Among the 557 billion-yuan private equity products, stock strategy products accounted for over 82%, with an average return of about 18.63%, significantly outperforming the three major A-share indices [4] - Quantitative long strategy products within stock strategies achieved an average return of over 26% [4] Top Performing Products - The top 10 quantitative long products were dominated by quantitative stock selection products, with 8 out of 10 being from this category [8] - Notable top-performing products included those from Longqi Technology, Stable Investment, and Abama Investment [8][12][15] Multi-Asset and Other Strategies - Multi-asset strategy products totaled 54, with an average return of approximately 11% [4] - The top 10 multi-asset products included those from Duration Investment, Black Wing Asset, and others [20][23]

Core Points - CICC Capital, established in 2017, has become one of China's leading private equity investment management institutions [2][5] - Recent reports indicate that former chairman Ding Wei has gone missing, allegedly taken by disciplinary inspection authorities for review [2][5] - Ding Wei's resignation from Chang'an Automobile was announced on August 12, citing "personal reasons" [2] Group 1 - Ding Wei, aged 65, joined CICC in 2002 and led the investment banking division, earning a reputation as a "noble investment bank" [5] - Ding Wei had a brief departure from CICC between 2011 and 2016, returning in May 2016 [5] - He served as general manager at the inception of CICC Capital and became chairman two years later, officially retiring in August 2020 [5] Group 2 - Despite retirement, Ding Wei acquired Xiamen Borun Capital through equity transfer in October 2020 and remains the legal representative [5] - In April 2022, the Beijing Securities Regulatory Bureau issued a warning letter to Ding Wei for management failures related to subsidiary business and investment behaviors [5]

Market Overview - The A-share market is showing strong momentum with increasing transaction volumes and financing balances returning to historical highs, indicating a significant influx of capital [1][2] - Major stock indices, including the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, have reached new highs since 2025, reflecting a robust market trend [1] Investment Logic Shift - The market is transitioning from liquidity-driven growth to a fundamental-driven approach, suggesting a more stable and sustainable phase ahead [1] - Private equity firms are optimistic about the market's mid-term prospects, citing the accumulation of positive factors and the potential for further upward movement in market levels [1][2] Factors Supporting Market Trends - Four key dimensions are identified as supporting the market's medium to long-term positive performance: easing external disturbances, potential resonance between U.S. Federal Reserve rate cuts and domestic policies, China's competitive edge in AI and high-end manufacturing, and continued inflow of resident funds into the stock market through institutional products [2] - The current market trend is characterized by a slow upward movement, distinguishing it from previous impulsive market behaviors [2] Positioning and Strategy - High allocation strategies are prevalent among private equity firms, with many maintaining a high level of investment positions and viewing potential short-term corrections as buying opportunities [3] - A consensus among private equity firms emphasizes maintaining stability in portfolios while optimizing structure, with varying tactical approaches based on risk tolerance [3][4] Sector Focus - Private equity firms are focusing on three main structural opportunities: high-growth technology sectors, consumer and pharmaceutical industries, and undervalued recovery stocks [4][5] - The technology sector, particularly AI, is receiving heightened attention, with firms believing that the market is still underestimating the impact of the AI technology revolution [4] Value Recovery - There is a growing interest in low-valued recovery stocks, with firms suggesting that traditional industries with solid fundamentals and reasonable valuations may experience value reassessment as the economy recovers [5] - The market is experiencing structural differentiation, and finding a balance between the technological revolution and the value reassessment of traditional sectors is becoming crucial for private equity firms [5]

Group 1 - The A-share market is experiencing a strong performance, leading to an acceleration in the registration of foreign private equity funds in China [1] - Maideri Investment Management (Zhuhai Hengqin) Co., Ltd. has completed its registration as the 28th foreign-owned private securities investment fund manager in China, and the 5th this year [1] - Maideri Investment was established on March 26, 2019, with a registered capital of 3 million USD, and is fully owned by Metori Capital Management [1] Group 2 - The legal representative of Maideri Investment, Xie Wenjie, has over 20 years of experience in the financial industry, having worked for HSBC and Societe Generale in Hong Kong before joining Maideri [2] - This year, five foreign private equity firms have entered the Chinese market, bringing the total to 28 registered foreign-owned private securities investment fund managers [2] - As of now, 23 out of 28 foreign private equity firms have launched private fund products, totaling 83 products, with 18 new products registered this year [2] Group 3 - UBS Asset Management has been particularly active this year, registering 16 products, the highest among foreign private equity firms [3] - The investment outlook remains positive for risk assets and A-shares, driven by improved corporate earnings and stable economic activity [3] - The technology sector, particularly in 5G and consumer electronics, is viewed favorably for investment due to expected strong spending in these areas [3]

Core Viewpoint - The article highlights the performance of private equity funds focusing on stock strategies, indicating a significant number of funds and products achieving notable returns in the first half of 2025 despite market volatility [2][3]. Summary by Sections Private Equity Fund Overview - As of July 2025, there are 5,376 private equity firms with stock strategies, accounting for approximately 69.79% of the total [2]. - Among the private equity products with performance data, 3,019 stock strategy products are displayed, representing about 61.55% of the total [2]. Market Performance - In the first seven months of 2025, major stock markets including A-shares, Hong Kong stocks, and US stocks experienced significant fluctuations due to tariff issues but ultimately recorded varying degrees of increases [2]. - The CSI 2000 index led the A-share market with a rise of over 20%, while the Hang Seng Index and Hang Seng Technology Index both exceeded 20% in gains [3]. - The Nasdaq index in the US showed a relative increase of over 9% [3]. Private Equity Performance - By the end of July 2025, 312 private equity firms reported stock strategy returns, with an average return of 20.08%, significantly outperforming the three major A-share indices [3]. Top Performing Private Equity Firms - For firms managing over 100 billion, the top 10 stock strategy firms include: 1. Fusheng Asset 2. Wenbo Investment 3. Abama Investment 4. Xinhong Tianhe 5. Tianyan Capital 6. Heiyi Asset 7. Evolutionary Asset 8. Rido Investment 9. Longqi Technology 10. Qianyan Private Equity - Among these, 8 are quantitative funds and 2 are subjective funds [5]. Performance by Fund Size - For firms managing between 50-100 billion, the top three are: 1. Tongxun Investment 2. Yuanxin Investment 3. Kaishi Private Equity - All top three are subjective funds [8]. Additional Fund Categories - In the 20-50 billion category, the top three are: 1. Haokun Shengfa Asset 2. Shenzhen Dream Factory Investment 3. Danyi Investment - The top 10 in this category includes 6 subjective funds and 3 quantitative funds [11]. Notable Investment Strategies - Fusheng Asset focuses on bottom-up stock selection, emphasizing business barriers and performance growth points [7]. - Yuanxin Investment adheres to a long-term value investment philosophy based on deep fundamental research [10]. - Shenzhen Dream Factory Investment emphasizes long-term value over short-term price fluctuations [13]. - Longhang Asset aims to discover and invest in undervalued growth companies through rigorous analysis [16].