数据显示，截至5月28日，全市场已发行134只科技创新债券，发行规模达3013.06亿元，其中，银行间 市场发行金额达2512亿元，交易所市场发行金额为501.06亿元。此外，还有37只正在发行或已公告拟发 行的科技创新债券，将于6月初正式发行，拟发行规模约283亿元。 从发行主体类型看，科技型企业、券商和银行等金融机构、私募股权投资机构和创业投资机构（以下简 称"股权投资机构"）等均踊跃参与。"此次推出科技创新债券由中国人民银行和中国证监会联合发文， 政策支持力度更大，并实现了规则统一。发行人在发行方式、融资期限、债券条款以及募集资金使用方 式方面也更为灵活丰富。同时，降低了科创债相关费用，增设了风险分担工具，均有利于降低融资成 本。"业内人士普遍认为。 "作为高科技企业，科大讯飞（002230）在债券市场融资参与度相对偏低，期待通过这次发行能开一个 好头，为企业更好利用债券市场支持企业发展打下扎实基础。"科大讯飞高级副总裁兼CFO段大为在接 受《金融时报》记者采访时表示。5月12日，25科大讯飞MTN001（科创债）在银行间市场顺利完成发 行，募资规模8亿元，期限3年，票面利率1.83%。 距离债券市场" ...

Group 1 - The core viewpoint of the news is that Da Yan Capital has conducted research on a listed company, Yayi Technology, which has shown strong online sales performance and a significant presence in the outdoor metal furniture sector [1] - Yayi Technology's main products include fire pits, low-smoke stoves, and tool sheds, with an online gross margin projected to be around 30% in 2024 and cross-border e-commerce accounting for 43.34% of its business [1] - The company has completed a production line project with an annual output of 860,000 fire pits and has no immediate plans for overseas acquisitions or collaborations in the robotics industry, focusing instead on improving cash flow through cost reduction and efficiency [1] Group 2 - Da Yan Capital, established in June 2013 in Shenzhen, has built a global business network and provides professional asset management services to domestic and international investors [2] - The management team at Da Yan Capital has over 20 years of experience in global financial markets and has received more than 30 industry awards, including four Golden Bull Awards, in the private equity investment sector [2] - The company emphasizes quantitative investment techniques and innovation in product and business models, aiming to enhance the value of the real economy while maintaining a sustainable financial ecosystem [2]

大中华私募股权市场显现回暖迹象。5月28日，在香港会议展览中心举行的大中华私募股权峰会(GPES) 上，记者观察到种种积极信号：资金募集规模回升、港股IPO市场活跃度提升、机构投资动作明显增 加。这场由香港创业及私募投资协会主办的行业盛会，吸引了逾600位创投及私募股权投资专业人士、 政府官员和企业高管参与。与会人士围绕私募信贷、退出策略等议题展开深入讨论，普遍对市场持续复 苏持乐观态度。市场数据也显示，2024年大中华区私募市场正逐步走出低谷。根据贝恩公司《2025年中 国私募股权市场报告》，在经历连续两年下滑后，中国私募股权投资总额2024年实现7%的小幅增长， 达到470亿美元。这一回升主要得益于超大额交易(单笔超10亿美元)数量的增加。(人民财讯) ...

Core Viewpoint - The Shenzhen private equity and venture capital industry is experiencing a comprehensive recovery in fundraising, investment, and exit activities, driven by a favorable policy environment and a focus on early-stage, small, and hard technology investments [2][3]. Fundraising - In 2024, there has been a notable increase in medium- and long-term capital entering Shenzhen's private equity and venture capital funds, with the number of institutional investors rising to 17,110 and total contributions reaching 835.86 billion yuan, reflecting year-on-year growth of 0.76% and 0.41% respectively [3]. - The participation of medium- and long-term funds has increased, with contributions from government funds, pension and social security funds, insurance funds, and bank funds totaling 238.11 billion yuan, a 16.74% increase from 2023 [3]. - Resources are increasingly concentrating among large institutions, with the top 10% of institutions managing approximately 74% of the total private equity and venture capital fund size in Shenzhen [3][4]. Investment - The industry has focused on "investing early, investing small, and investing in hard technology," with investments in seed and startup enterprises reaching 9,462 projects, a year-on-year increase of 4.28% [5]. - Investments in small and medium-sized enterprises have also increased, with 13,732 projects funded, reflecting a growth of 3.87% [5]. - Investment in high-tech enterprises has continued to lead, with 10,899 projects funded, a year-on-year increase of 5.71%, and an average annual growth rate of 11.14% over the past three years [5][6]. Exit - The exit channels for the Shenzhen private equity and venture capital industry have become increasingly accessible, with 1,954 exit projects in 2024, marking a three-year high, and actual exit amounts reaching 58.83 billion yuan, a significant year-on-year increase of 70.28% [7]. - The primary exit methods remain agreement transfers and corporate buybacks, with 1,369 projects exited through these means, totaling 33.84 billion yuan, reflecting year-on-year increases of 107.11% and 81.25% respectively [7]. - The number of exits via public markets has also surged, with 331 projects exiting through IPOs and other means, amounting to 22.24 billion yuan, representing year-on-year growth of 89.14% and 104.50% [7][8].

大中华私募股权市场显现回暖迹象。5月28日，在香港会议展览中心举行的大中华私募股权峰会(GPES) 上，证券时报记者观察到种种积极信号：资金募集规模回升、港股IPO市场活跃度提升、机构投资动作 明显增加。这场由香港创业及私募投资协会主办的行业盛会，吸引了逾600位创投及私募股权投资专业 人士、政府官员和企业高管参与。与会人士围绕私募信贷、退出策略等议题展开深入讨论，普遍对市场 持续复苏持乐观态度。 市场数据也显示，2024年大中华区私募市场正逐步走出低谷。根据贝恩公司《2025年中国私募股权市场 报告》，在经历连续两年下滑后，中国私募股权投资总额2024年实现7%的小幅增长，达到470亿美元。 这一回升主要得益于超大额交易(单笔超10亿美元)数量的增加。 港交所陈翊庭： 超150家企业正排队等候上市 香港IPO市场的强劲表现成为峰会讨论焦点。港交所CEO陈翊庭在峰会上表示，今年全球最大新股宁德 时代（300750）上市后，香港新股市场将继续受惠A+H股上市，以及美国预托证券(ADR)回流。她还表 示，目前有超过150家企业正排队等候上市，当中有不少属于集资规模超过10亿美元的超大型企业。 针对市场高度关注的中 ...

Core Viewpoint - The financial statements of Jiaxing Jingyao Enterprise Management Partnership (Limited Partnership) reflect the company's adherence to the accounting standards set by the Ministry of Finance of the People's Republic of China, ensuring a true and complete representation of its financial position and performance as of December 31, 2024, and December 31, 2023 [1][4]. Financial Reporting Basis - The company prepares its financial statements based on the going concern assumption, with no significant doubts regarding its ability to continue operations for the next 12 months from December 31, 2024 [1]. - The accounting records are maintained on an accrual basis, with historical cost as the primary measurement basis, except for certain financial instruments measured at fair value [1][4]. Fair Value Measurement - Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date [2]. - Fair value inputs are categorized into three levels based on their observability: Level 1 (quoted prices in active markets), Level 2 (observable inputs other than quoted prices), and Level 3 (unobservable inputs) [3]. Important Accounting Policies - The company recognizes financial assets and liabilities at fair value upon initial recognition, with subsequent measurement based on their classification [5][6]. - Financial assets are classified as either measured at amortized cost or at fair value through profit or loss, depending on the business model and contractual cash flow characteristics [6][8]. Financial Performance - As of December 31, 2024, the company reported a total capital of RMB 602,739,820, an increase from RMB 589,941,000 as of December 31, 2023, indicating a growth in partner equity [22][26]. - The company incurred a net loss of RMB 5,903,978.18 for the year, leading to an accumulated loss of RMB 23,799,852.87 by the end of 2024 [26][27]. Management Fees and Expenses - The annual management fee is calculated at 0.2% of the total capital contributed by limited partners, while the advisory fee is set at 0.8% [20]. - Total management and advisory fees for the reporting period amounted to RMB 5,899,410 [22][26]. Taxation - The company is classified as a small-scale taxpayer, subject to a 3% VAT rate, along with other applicable local taxes [21].

Core Insights - The rise of AI in the quantitative private equity sector is highlighted by the recent achievements of domestic firms like NianKong Technology, which has made significant strides in AI applications for finance [1][2] - As of May 23, 2023, there are 39 domestic quantitative private equity firms managing over 10 billion yuan, with 15 of them actively engaging in AI-related investments [1] Group 1: Company Developments - NianKong Technology has collaborated with Shanghai Jiao Tong University to submit a research paper on large model training methodologies to the international NIPS conference [1] - The establishment of Shanghai QuanPin Siwei Artificial Intelligence Technology Co., Ltd. by NianKong Technology focuses on cutting-edge AI research [1] - NianKong Technology, founded in 2015, operates two quantitative private equity firms, NianJue Assets and NianKong Data Technology, and is recognized as an early adopter of AI in the financial sector [1] Group 2: Performance Metrics - NianKong Technology's quantitative products have shown impressive performance, with an average return of 21.50% over the past year across four products [1] - Specific products managed by NianKong's founder, Wang Xiao, achieved returns of 33.96% and 23.24% over the past year [1] - Among the 15 billion-yuan AI quantitative private equity firms, 13 have reported products with more than three performance records, yielding an average return of 29.91% over the past year [2] Group 3: Industry Trends - The integration of AI in quantitative investment has become increasingly significant, with a noticeable divergence in returns between subjective long and quantitative long strategies since 2020 [2] - The technological advancements in AI are paving the way for quantitative investment, making "AI + Quantitative" a crucial consideration for investors in the future [2] - DeepSeek, backed by Liang Wenfeng's firms, has set a benchmark in the industry, with its affiliated firm, Huanfang Quantitative, leading in average returns over the past six months and year [2]

｜2025年5月29日星期四｜ NO.1国际机器人技能大赛将于5月29日举行 国际机器人技能大赛媒体通气会5月28日在上海张江举行。国际机器人技能大赛以"劳动最光荣"为主 题。随着机器人技术的不断成熟，机器人何时能进入工业场景、如何进入家庭、如何在创新场景应用成 为关注焦点。此次大赛是在往年张江机器人赛事的基础上继续推进，旨在进一步激活上海机器人产业高 质量发展新动力，以赛促产，汇聚顶尖专家及企业，聚焦技术落地与生态构建，推进场景落地应用。 NO.5泰康稳行完成私募基金管理人备案登记，首期规模预计120亿元 5月28日，第二批险资长期股票投资试点传来消息。基金业协会披露了最新一批完成备案登记的私募基 金管理人名单，泰康稳行(武汉)私募基金管理有限公司引发关注，其由泰康资产管理有限责任公司全资 持股。据了解，泰康稳行将作为基金管理人向泰康人寿保险有限责任公司定向发行契约型私募证券投资 基金，泰康人寿作为单一持有人，首期投资规模预计为120亿元。该基金以基本面分析为出发点，精选 境内市场和港股市场的优质上市公司。 NO.6重庆：推广"跨境电商+产业带"模式，支持外贸转型升级 5月28日，重庆市人民政府办公厅发布《 ...

● 本报记者王辉 近两周，A股市场内部结构分化，高股息板块、权重股等韧性凸显。中国证券报记者了解到，一些私募 机构当前较为关注部分资金可能向宽基指数成分股"靠拢"的迹象，以及未来潜在的市场联动效应。与此 同时，不少私募业内人士表示，私募管理人必须以长期绝对收益为目标，在投研上积极求新求变。 更加注重中长期收益 上海一家成立逾十年的中型私募创始人在接受中国证券报记者采访时表示："相比小盘股而言，大盘股 基本面更好，业绩兑现度更高，同时估值更低。我认为，公募基金在投资组合搭建上会更加注重指数基 准，基金经理会减少押注赛道或者对小微盘股的交易，更加聚焦于商业模式有壁垒、竞争力突出、成长 性较强、业绩兑现高的标的去投资，更加回归价值投资的本质。"明泽投资创始人马科伟表示，在强化 业绩比较基准约束的导向下，主动权益类基金的行业配置偏离度预计将持续收敛。 第三方机构格上基金研究员托合江认为，要求基金公司建立以中长期收益情况为核心的考核体系。这种 考核机制减少了基金经理追求短期业绩的动力，从而降低了频繁交易和"押赛道搏个股"的行为。在投资 策略上，公募基金经理可能会减少对单一赛道或个股的过度依赖，增加对市场核心资产的配置， ...

记者：伍秀 2013 年，杨旭毕业于剑桥大学，进入摩根大通从事投资与财务分析工作。2019 年，她加入纽约证券交 易所，出任中国区负责人。在任期间，凭借敏锐的市场判断力与战略执行力，她将纽交所在中国的市场 份额从 22% 提升至 90%，成功协助 30 余家亚太地区的领先企业登陆资本市场，累计融资金额超过 170 亿美元，显著提升了纽交所在全球市场的影响力。 转型进入私募股权投资领域后，杨旭在华平投资主导消费科技板块，参与多个标志性项目；随后在 Hedosophia 深耕金融科技与 SaaS 领域，带领团队发掘出一系列高成长潜力的优质公司。 2024 年，杨旭开启职业生涯新篇章，创立 Buttonwood Capital 并成功完成 8000 万美元的首期基金募 集，随即主导了对物理仿真平台 Flexcompute 的 5300 万美元投资。与此同时，她也成为 Flexcompute 的 联合创始人兼总裁，与 Cadence、NVIDIA 等行业巨头建立深度合作关系，正式迈入"投资人 + 创业 者"并行的新阶段。 从剑桥学子、华尔街分析师，到全球资本市场的操盘手，再到深度参与技术创业的创始人，杨旭每一次 职业 ...