Group 1 - The core point of the news is that Tianmai Technology (300807) is undergoing a significant change in ownership, with Suzhou Qichen Equity Investment Partnership acquiring 26.10% of the company's shares, marking a notable case of a pure investment institution acquiring a listed company since the "9.24 New Policy" was introduced [1][2] - The acquisition is part of a broader trend where investment institutions are exploring new business models by actively acquiring listed platforms for industrial integration, especially in the context of the new regulatory environment [1][4] - Tianmai Technology has been struggling with continuous losses, reporting revenues of 2.2 billion yuan and 1.637 billion yuan for 2023 and 2024 respectively, with net profits of -548.7 million yuan and -608.3 million yuan [3] Group 2 - The acquiring entity, Suzhou Qichen, was established on January 23 this year with a capital contribution of 460 million yuan, and is managed by Suzhou Qihan, which is controlled by the actual controller of Qiming Venture Partners, Kuang Ziping [2] - Qiming Venture Partners manages a total of 9.5 billion USD in assets and has invested in over 580 high-growth innovative companies, indicating a strong background in the investment sector [2] - The involvement of various institutions in the LP list of Suzhou Qichen, including well-known funds and state-owned enterprises, highlights the collaborative nature of this acquisition [2][3]

Group 1: Tariff Impact - The tariffs may lead to a GDP decline of 0.6-1.4 percentage points in 2025[2] - Exports to the US are expected to shrink by 40-80%, resulting in a 6-12% drop in overall exports[10] - Employment is projected to decrease by approximately 4.5 million jobs due to reduced exports[16] Group 2: Domestic Demand Buffer - In an optimistic scenario, domestic demand could offset about 1 percentage point of the growth gap[3] - Manufacturing investment is expected to decline by 2.0-3.5 percentage points due to tariff impacts[31] - Government consumption is anticipated to increase GDP by approximately 1 percentage point, driven by counter-cyclical policies[42] Group 3: Policy Recommendations - It is suggested to increase fiscal reserves by 800 billion yuan to counteract the growth gap[4] - Strengthening the stock and real estate markets is recommended to leverage wealth effects for economic circulation[4] - Accelerating supply-side reforms in the service sector is crucial to unlock potential[4]

"不懂不投"是投资领域的一条黄金法则，尤其对新手投资者而言，这条原则如同筑起一道护城河，能够有效规避风险，为长期投资之路奠定稳健 基石。其核心价值体现在风险控制、知识积累、长期视角与心理建设四个维度。 一、风险控制：避开认知陷阱 新手投资者常因信息不对称或盲目跟风陷入投资陷阱。例如，2021年虚拟币市场火爆时，大量缺乏区块链基础的投资者涌入，最终因政策收紧与 市场泡沫破裂遭受重大损失。而"不懂不投"原则要求投资者仅在充分理解资产属性、风险特征后再行动。以基金投资为例，若投资者未弄清股票 型基金与债券型基金的差异，盲目追高热门赛道，很可能在市场回调时因恐慌割肉。 此外，金融市场中"庞氏骗局"层出不穷，其共同特征是通过高收益承诺掩盖底层资产的不透明性。坚持"不懂不投"，意味着投资者会主动追问"资 金流向何处？""收益来源是否可持续？"，从而避开此类陷阱。 二、知识积累：构建认知框架 "不懂不投"本质是倒逼投资者建立学习闭环。以股票投资为例，若想投资新能源行业，需先掌握产业链格局：上游锂矿资源、中游电池技术、下 游整车制造的竞争壁垒与政策风险。通过研读行业白皮书、企业财报，投资者能识别真正具备核心技术的企业，而非仅 ...

「解码 LP 」系投资界旗下专注 LP 报道公众号，关注各地基金政策，捕捉 LP 最新动态，欢迎关注！ 根据公开信息统计：截至周五下午，本周（5月19日-5月23日）LP动态共32起。 LP 曾毓群成立一家VC 投资界获悉，近日宁德时代、大族激光接连发布公告，共同参投一支规模约1 5亿美元的私 募股权投资基金。背后管理人正是宁德时代参股的一家VC——Lo c h p i n e Ca p it a l。 换言之，这次宁德时代亲身入局，不仅真金白银做LP，还下场做起VC。瞄准海外产业链， 是Lo c h p i n e Ca p it a l的使命，也是宁德时代的当下命题。 LP 凯德投资，成立5 0亿母基金 5月2 1日，凯德投资在中国设立其首只在岸母基金——凯德投资人民币母基金，总股本承诺 额为5 0亿元人民币，接下来将通过一系列子基金投向中国资产。 早在1 9 9 4年就进入中国市场，凯德投资在华身影活跃，自2 0 2 1年以来已在中国成功设立7 只人民币私募基金，累计募资5 4 0亿元，管理约3 0 0个项目，覆盖领域包括办公楼、购物中 心、旅宿、产业园区、物流园和数据中心等。 LP 1 3 0 0亿， ...

Core Viewpoint - The investment logic of Chinese VC in Japan is fundamentally an investment in China, leveraging the potential of Chinese supply chains to penetrate the Japanese market [12]. Group 1: Investment Highlights - The recent A-round financing of Japanese furniture cross-border e-commerce platform "CAGUUU" (卡谷电商) raised 650 million yen (approximately 30 million RMB), with notable investors including Zhu Xiaohu and Japanese football star Keisuke Honda [2][7]. - CAGUUU aims to integrate Chinese supply chain resources with Japanese branding to tap into the Japanese furniture market, a strategy led by founder Liu Sanyong, who previously expanded SHEIN in Japan [2][6]. Group 2: Market Challenges - The furniture industry presents higher barriers compared to the fashion sector, including logistics, after-sales service, and brand trust, necessitating a strategic adjustment for CAGUUU [3][7]. - Established competitors like NITORI and IKEA dominate the Japanese market, requiring CAGUUU to find a precise market positioning to succeed [3][7]. Group 3: Operational Strategy - CAGUUU's business model focuses on selling high-cost performance furniture products through cross-border e-commerce, with over 2,500 products listed and nearly 30,000 SKUs covering various furniture categories [8]. - The company plans to utilize the recent funding for service upgrades, recognizing the importance of establishing an efficient local warehousing and after-sales network in Japan [8]. Group 4: Celebrity Influence - Keisuke Honda's involvement as a brand ambassador for CAGUUU is expected to enhance brand visibility, although the effectiveness of celebrity endorsements in the Japanese market remains uncertain [12]. - Honda's X&KSK fund, which raised approximately 15.5 billion yen, aims to support Japanese startups, indicating a growing interest in fostering local entrepreneurial ventures [11].

以下文章来源于LP波谱 ，作者杨博宇 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史 诗的执念，认同商业的日常之美。 将投中网设为"星标⭐"，第一时间收获最新推送 聚焦LP出资、新基金、GP招募，捕捉LP圈一周商业情报。 作者丨 杨博宇 来源丨 LP波谱 本周，国家队重量级玩家中国国新又有了新动作。工商信息显示，中国国新与中广核在深圳成立新合伙企业，出资额 250.01 亿。 中国国新成立于 2010 年 12 月 22 日，是国务院国资委监管的中央企业之一。目前已经形成涵盖基金投资、金融服务、资产管 理、股权运作、境外投资、直接投资、证券业务的全面业务板块。 而中广核是中国最大、世界第三大核电企业。旗下中广核资本是国务院批准的第二批五家试点国有产业投资基金之一，主要投 资于岭澳核电站二期、红沿河核电站、宁德核电站和阳江核电站项目。随着业务发展发展，也在向股权投资延伸。去年还在绵 阳设立了 3 亿元的核技术产业投资基金。 这次两家央企的合作，将对我国核电建设、核技术研发等领域提供更多资本助力。 此外，从中国国新的出资历史 ...

Group 1: Company Developments - HERE Technologies has partnered with over 70 OEMs globally, with more than 222 million vehicles utilizing its technology, including 54 million vehicles using its data and driver assistance solutions [1] - International Paper plans to close five packaging plants in the UK due to challenging industry conditions, affecting approximately 300 workers, with implementation expected by the end of 2025 [2] - Haikong Group signed a share transfer agreement to transfer 100% equity of its wholly-owned subsidiary, Hainan Haikong Equipment Co., Ltd., which is expected to increase the company's total profit by approximately 5 million yuan [3] - Guoxuan High-tech collaborates with Windpark Westfrisia to develop a 20MWh energy storage project in the Netherlands, aimed at supporting local wind power development, with completion expected in 2025 [4] - Zhejiang Jian Investment and others have established a new technology development company focusing on AI software development, with a registered capital of 10 million yuan [5] Group 2: Investment and Financing - Kolyuan plans to increase its investment in a storage industry fund from 402 million yuan to 1.402 billion yuan, with the company's contribution rising from 200 million yuan to 700 million yuan [6][7] Group 3: Project Wins and New Products - Roman Co.'s subsidiary Holovis won a project in Saudi Arabia worth approximately 200 million yuan for the AI Nahda Entertainment Complex [8] - Aerospace Electronics' subsidiary plans to invest 420 million yuan in the second phase of a drone equipment industrial base project in Beijing, with a construction period of 36 months [9] - Amazon Web Services launched the latest models from Anthropic, Claude Opus 4 and Claude Sonnet 4, which can switch between rapid response and deep thinking modes [10] - QQ Browser introduced an AI tool for college entrance examination preparation, providing comprehensive information and personalized plan generation for students [11] Group 4: Regulatory and Market Developments - The People's Bank of China and the State Administration of Foreign Exchange proposed that funds raised from overseas listings should generally be returned to the domestic market [12][13] - China Bank received approval from the China Securities Regulatory Commission for a stock issuance to specific investors, valid for 12 months [14] - The State Administration for Market Regulation held a compliance guidance meeting on antitrust in public utilities, emphasizing the importance of fair competition [15]

·中共中央政治局委员、国务院副总理何立峰5月23日上午在人民大会堂分别会见美国花旗集团董事长杜 颂安、凯雷投资集团首席执行官施瓦茨。何立峰表示，当前中国经济运行延续回升向好态势，一、二、 三产业的发展潜力都在持续释放，高质量发展扎实推进，展现出强大韧性和活力。中国正着力构建全国 统一大市场，坚定不移扩大高水平对外开放，持续对标国际高标准经贸规则，不断优化营商环境，大力 鼓励外商投资，为跨国公司在华长期稳定发展提供广阔空间。欢迎包括花旗、凯雷在内的外资金融机构 来华投资兴业，共同参与中国资本市场建设，深化对华合作，共享发展机遇。 ·商务部等部门发布《手机、平板、智能手表（手环）购新补贴实施方案》以来，补贴政策快速落地， 总体实施顺利，成效明显。政策实施4个月，手机等数码产品补贴突破5000万件。商务部全国家电以旧 换新及手机等购新信息系统数据显示，截至5月22日，已有4884.8万名消费者购买手机等数码产品5148.3 万件，带动销售1432.6亿元。 ·工业和信息化部等四部门开展2025年"百场万企"大中小企业融通对接活动。建立完善大中小企业融通 对接渠道，集聚知识产权服务机构、高等院校、科研院所、金融机构等 ...

金十数据5月22日讯，5月20日，廖岷副部长分别会见美前财长、华平投资集团主席盖特纳，国际金融协 会总裁安德慕，高盛集团首席经济学家兼全球投资研究部主管哈祖斯，就中美和全球经济形势、两国宏 观经济政策及中美经贸关系等议题交换意见。廖岷副部长重点介绍了中国经济的增长前景和促进高质量 发展的政策措施，强调中国经济的稳定发展，将为世界经济增长注入更多确定性。 廖岷会见美商界和国际金融机构代表 ...

陈家齐进一步表示，香港作为"超级联系人"及"超级增值人"，具备独特优势。香港作为国际高端人才集 聚高地、国际创科中心及国际金融中心，可高效汇聚人才、创科机遇及金融三大要素，这些优势能够支 持全球耐心资本社群实现发展目标。 香港财政司司长陈茂波在论坛上表示，地缘经济分裂将为全球增长及投资流向蒙上阴影，但当中亦有机 遇，随着供应链重整、各地推动关键工业本地化，在此过程中，耐心资本可为替代方案提供资金。耐心 资本既经得起经济周期起伏波动，同时也不会只着眼于利润，而是更着重于项目的目的及影响。 5月22日，香港投资公司行政总裁陈家齐在国际耐心资本论坛上表示，目前香港投资公司已经投资了超 过100个项目，其中人工智能及具身智能等是主要的增长点。在这些项目中，有5-10家公司有意向或正 在进行IPO，预计今年将会递交上市申请。 陈茂波表示，传统投资者对投资在项目早期阶段态度犹疑，因为这时期投资潜力最大但确定性最低。他 认为，为弥补这个融资链缺口，政府需要发挥主导作用，相信港投公司可以引导市场资本进入高潜力、 新兴产业。 陈家齐表示，耐心资本拥有前瞻性的愿景和能够经受时间考验的投资策略。而长期性趋势和结构性机 遇，特别是与 ...