编辑：林森 着眼于产业趋势，同时结合宏观经济、外部关税的可能演进，淡水泉投资继续聚焦在以下三个方面。其 一，高端制造领域具有全球化运营实力的头部公司，这类公司在面对外部关税挑战时，有能力将产能外 移，从中国制造走向全球制造，加大对非美市场的拓展，降低对美国市场的依赖，一定程度上也具备相 对的关税免疫能力。其二，看好AI创新升级带来的智能终端、消费电子、数据中心等产业链公司的投 资机会，这些企业作为产业链上的"卖水人"难以被替代，同时大客户的新产品也有望带动企业盈利的增 长。此外，布局了以半导体设备、国产算力为代表的自主可控领域，这类机会更加能够平衡关税的影 响。最后，在内需方向，一些具备业绩快速增长潜力的新消费头部公司也是关注方向。（资讯） 近期，A股市场在中美达成阶段性共识开启关税谈判后，情绪有所回升，市场普遍反弹。伴随着情绪修 复，A股市场回补了4月"对等关税"冲击带来的下跌缺口，不过市场整体风险偏好仍相对较低。头部私 募机构淡水泉投资发布的最新月报表示，越来越多近期赴港上市的"A+H"优质龙头走到了市场的聚光灯 前。港股IPO的火爆，AH溢价的趋势性收敛，这既得益于赚钱效应和增量资金的推动，也反映出优秀 ...

视频三：基金从业人员资格注册信息 视频四：私募基金信息披露备份系统 重要提示：本材料不构成淡水泉任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩 不预示未来表现。投资须谨慎。 近年来，私募证券投资基金行业保持成长，在服务居民投资理财需求方面发挥了积极作用。然而，市场 上频现不法分子假冒行业机构名义开展的不法活动，致使不少投资者蒙受损失。结合"2025年全国防范 非法证券期货基金宣传月"，围绕 " 警惕股市黑嘴，远离非法荐股 " 的活动主题， 淡水泉投资 分享中 国证券投资基金业协会制作的投资者教育短视频，向投资者展示查询私募机构资质、人员信息及信息披 露的官方渠道，助力投资者提升对非法从业主体的识别能力，更好维护自身的合法权益。 视频一：私募基金管理人登记信息 视频二：私募基金备案信息 ...

在全球经济格局深刻调整的当下，中国私募股权市场却逆风扬帆，国际资本正在加速涌入。 作为一名有着多年投资经验的资深创投圈人士，LongRiver江远投资创始人、CEO张江对此有着深刻的 体会与观察。他和团队近几个月可谓相当忙碌，已经连续接待了多批外资机构的调研，并且来访人士都 是CEO、CFO等级别的高管。还有外资LP已经多年未到中国，但近几个月也展开了对中国市场的密集 调研。 中国资产"高质价比"特质突显，外资LP掀起中国调研热 2025年以来，中国私募股权市场迎来了一波强势回暖。从中国证券投资基金业协会的数据来看，新成立 基金的数量呈现出快速增长态势，同时各地的引导基金和母基金也变得更加活跃，纷纷加大在创投领域 的布局力度。在项目层面，热点赛道也在不断涌现，生物医药、人工智能、机器人等领域成为投资的热 门方向，吸引着大量资本的涌入。 海外投资人的态度也在发生明显转变。作为亚洲近年最大规模的首期美元基金募资案例，江远投资去年 完成近4亿美元基金募集，其LP结构以欧洲和亚洲保险资金为主，其余皆为国际一线机构。这一案例被 视为外资对中国市场长期信心的缩影。 另一方面，张江介绍，今年以来外资机构高管频繁来到中国调研 ...

每经记者｜姚亚楠 每经编辑｜宋双 肖芮冬 随着优质科技项目份额持续紧俏，私募股权市场活跃度温和复苏。近来，科勒资本北京办公室总经理杨 战敏锐捕捉到国际资本对中国市场关注度的回升——尽管地缘政治因素仍影响市场情绪，但中国硬科技 企业展现的技术实力和市场潜力，正吸引外资重新评估其投资价值。 作为全球私募二级市场的头部机构，科勒资本早在五年前就开始布局中国市场，并完成了私募二级市场 第一期人民币基金（CCSRMB I）的关账。在杨战看来，中国私募股权市场已积累约15万亿元存量规 模，随着"资本活水""人才沃土""政策东风"三要素的持续完善，中国私募二级市场增长潜力有望加速释 放。 明星项目"一股难求"，一级市场"春水已暖" 近期在与国际资本的交流中，杨战明显感受到他们对中国科技资产兴趣的回升。"宇树科技的份额现 在'一股难求'，DeepSeek的突破也频繁出现在外资LP的讨论中。尽管地缘政治因素仍影响市场情绪，但 硬核技术企业的表现正在让部分外资重新审视中国市场的投资机会。" 事实上，外资兴趣的回升并非孤立现象。杨战观察到，中国私募股权市场整体活跃度已呈现温和复苏。 募资端虽仍承压，但政府引导基金、军民融合基金及银 ...

每经记者｜李蕾 每经编辑｜李凯 叶峰 2025年以来，中国私募股权市场正经历着一场阔别已久的"热力回归"。 来自清科研究中心的数据显示，一季度投资案例数止跌回升，共发生2329起投资案例，同比上升 12.2%；其中科技赛道占比突出，硬科技领域仍为市场热点，半导体及电子设备、IT、医疗健康、机械 制造等多个领域投资活跃度明显上升。 尤其是受到DeepSeek、宇树科技等科技企业爆火的影响，不少外币基金管理人对《每日经济新闻》记 者感叹，市场确实在往上走，无论是募资成功案例的频现，还是明星项目的争夺战，都让人感受到久违 的热度。 蒋红权在博世集团全球CVC任职并担任投委会成员，常年穿梭于国内和欧洲等全球主要市场，这位深 耕跨国投资二十余年的老兵对外资温度的变化有着最直接的观察与切身体会。他的另一重身份则是博原 资本管理合伙人及董事长，作为博世集团全球唯一对外募资的投资平台，博原资本紧扣中国新兴产业战 略，重点关注绿色智能出行上下游、本土企业出海及AI工业应用等成长期企业，是博世集团在中国市 场战略重仓的体现之一。 在蒋红权看来，年后国内私募股权市场活跃度回暖，明星项目涌现、港股IPO增加，海外投资人也因为 中国科 ...

Group 1 - The core viewpoint of the articles highlights a significant rebound in the Chinese VC/PE market, driven by a renewed interest from international capital, particularly in the technology and AI sectors [1][2][4] - Bain & Company's report indicates a 7% increase in total investment transactions in the Chinese private equity market for 2024, reaching $47 billion, following two years of decline [2][5] - The shift in international capital's attitude is marked by increased inquiries and due diligence from foreign investors, reflecting a growing confidence in the Chinese market [2][3] Group 2 - The valuation of Chinese assets has returned to a more rational range after a period of excessive premiums, which previously deterred foreign investors [5][6] - The Chinese government's recent policies aimed at expanding domestic demand and promoting consumption are injecting new vitality into the market, making it more attractive for international investors [6][7] - The investment paradigm is shifting from viewing China primarily as a "world factory" to recognizing it as a source of technological innovation, particularly in AI and renewable energy sectors [6][7] Group 3 - The active mergers and acquisitions in China's retail sector indicate ongoing optimism from foreign investors regarding the Chinese consumer market [6][7] - Domestic investment firms are well-positioned to identify quality targets early due to their deep understanding of local policies and industry trends, which can complement the influx of foreign capital [7]

当前，我国创业投资行业面临 "募、投、管、退"全链条发展瓶颈，资金供给不足与退出机制不 畅等问题尤为突出，严重制约行业服务实体经济和科技创新的效能。 在募资端方面，债券市场的 "科技板"的创新推出，将支持投资经验丰富的头部私募股权投资机 构、创业投资机构等发行长期限科技创新债券，带动更多资金投早、投小、投长期、投硬科 技。 在 5月2 2日下午的国新办新闻发布会上，中国人民银行副行长、国家外汇局局长朱鹤新表 示，"股权投资机构本身是轻资产的，长投资周期的，靠自身发债融资期限比较短，而且融资 成本也比较高。所以，通过这样一个科技板，要解决期限短、融资成本高的问题，因此债券市 场科技板将创设科技创新债券风险分担工具，由人民银行提供低成本再贷款资金，通过担保增 信、直接投资等方式，同时也加强与地方政府、市场增信机构合作，共同分担债券投资人的违 约损失风险，支持股权投资机构发行低成本、长期限的科创债券。为激励创投行业提升服务能 力，工具将重点支持排名靠前、投资经验丰富的头部股权投资机构发行债券。" 对 VC/PE来说，科创债的资金低成本、长周期，不仅拓宽了股权投资机构的融资渠道，还降 低了其对传统股权融资的依赖。科创 ...

以下文章来源于风云君的研究笔记 ，作者专注私募研究的 风云君的研究笔记 . 专注私募研究，洞察私募行业热点，私募策略、单品全面分析解析。更有高端专业的私募圈子-厚雪长 坡俱乐部(严格筛选，永久免费，知己同行) 错把时代的贝塔当成自己的阿尔法 民间派的一大特点就是" 策略灵活，敢于重仓 "。他们出身草根，对散户情绪、游资手法、政策 博弈有切身体验，往往能"快准狠"地捕捉机会，在二级市场纵横捭阖。也正是因为这样的特点， 他们的传奇往往与某一只股票或某一类题材深深绑定，而当市场风向发生改变时，就很快跌落凡 尘。 比如凭借押中光伏，在2019-2021三年间翻了十倍的廖茂林，在22年之后，市场风格从成长切 换到价值，他"满仓加杠杆"的坚守，换来的是净值一路下跌，至今未修复。 比如在2007-2015年通过招商银行一战成名，赚到首个1000万的云蒙，在2019年市场重拳出 击、银行利润每况日下的行情下，仍单吊4年银行股，疯狂加了3倍杠杆，最终净值只剩0.19，巨 额亏损81%。 比如2013年，以125.55%的收益率夺冠的创世翔产品，其管理人黄平成功押注乐视网、掌趣科 技等冷门成长股，通过高集中度持仓实现短期爆发，但 ...

Group 1: Regulatory Response to Private Markets - The Australian Securities and Investments Commission (ASIC) is expected to clarify its approach to the rapid growth of private market assets, particularly private credit, and the declining IPO market [1][3] - ASIC Commissioner Simone Constant will address these issues at an investor symposium, highlighting the importance of the health of Australia's economic and financial systems [3][4] - ASIC is balancing the need for increased transparency and disclosure obligations with the necessity of not overburdening the industry with compliance costs [3][5] Group 2: Initial Reform Measures - ASIC is anticipated to announce an early reform initiative as a "quick win" and will continue to explore other rapid reform suggestions [3][5] - A discussion paper released by ASIC in February analyzed structural issues in private and public markets, receiving around 90 feedback submissions, with over half to be disclosed this week [5] Group 3: Global Context and Systemic Risks - The International Monetary Fund (IMF) has identified the rising role of non-bank financial institutions (NBFI) in the financial system, with banks' exposure to private credit exceeding $500 billion (approximately 777 billion AUD) [5] - The IMF emphasizes the need for improved regulation of NBFIs due to their increasing influence on systemic financial stability [5] Group 4: Industry Perspectives on Regulation - Industry opinions on ASIC's regulatory approach vary, with some advocating for caution in new regulations to avoid disadvantaging private asset managers compared to banks [6] - Others argue for stronger governance and transparency standards in private credit [6] Group 5: IPO Market Reform - There is significant interest in how ASIC will revitalize the IPO process, as the number of new listings on the Australian Securities Exchange (ASX) has been low in recent years [7][8] - ASIC does not view the decline in IPO numbers as a structural issue but acknowledges that streamlining the process could attract more companies to list [8] Group 6: Ongoing Initiatives and Market Dynamics - Virgin Australia and GemLife are planning IPOs, and their pricing and market performance will influence the IPO window [9] - Investment banks, including JPMorgan, are pushing for reforms to optimize the IPO process, recognizing the need for a competitive capital market in Australia [10] - The ASX has also acknowledged the necessity for reform and has proposed several optimization suggestions for the IPO process [10]

Core Viewpoint - The case illustrates the risks associated with investing in private equity funds, emphasizing the importance of thorough due diligence by fund managers to ensure investment safety and profitability [1][2][5]. Group 1: Investment Opportunity and Issues - The protagonist, referred to as "Lao Diao," invested in a private equity fund launched by Company E, which promised high returns from a southern expansion project [1]. - Upon maturity, Company E failed to repay the principal and returns, leading Lao Diao to discover significant issues in Company E's due diligence process [1]. - Company E only conducted superficial investigations into the investment targets, neglecting to verify the fulfillment of cooperation agreements between the target company and its downstream partners [1]. Group 2: Legal Recourse and Responsibilities - Lao Diao sought legal advice from Lawyer Yang, who explained that Company E had not fulfilled its duty of care in managing the fund, which is a legal obligation to conduct comprehensive and in-depth investigations [2][5]. - The court determined that Company E had significant lapses in due diligence and ruled that they were liable for 40% of Lao Diao's losses, which included partial principal and interest losses [5]. - Lawyer Yang outlined a "six-step review method" used by courts to assess whether fund managers met their due diligence obligations, which includes evaluating the investigation methods, depth, and whether the results were timely presented to investors [5]. Group 3: Lessons Learned - The case serves as a cautionary tale for investors in private equity funds, highlighting the necessity of selecting reliable fund managers and the potential for legal recourse in case of mismanagement [6]. - It emphasizes the importance of seeking professional legal assistance when facing investment issues, as demonstrated by Lao Diao's eventual recovery of some losses through legal action [6].