投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识 和洞见，在私募股权投资行业和创新商业领域拥有权威影响力。官网：www.chinaventure.com.cn 投中网 . 以下文章来源于投中网 ，作者刘燕秋 日本家具跨境电商"卡谷电商"近日宣布完成A轮融资，融资金额达6.5亿日元 （约合人民币3000万 元） 。论金额，算不上醒目，我关注到这则新闻，还是因为资方组合背景亮眼——领投方一边是大 家熟悉的朱啸虎，另一边是日本球星本田圭佑创立的X&KSK基金。要知道，本田圭佑在日本，可是 相当于姚明、刘翔这种级别的体育明星，与此同时，他又是一位深谙资本运作之道的风险投资人。 卡谷创始人刘三勇曾主导SHEIN在日本的开疆拓土，如今正试图用"中国供应链+日本品牌"的模式， 撬动日本家具市场。朱啸虎在日本的首笔投资就押注卡谷，显然是看中了中国供应链的出海潜力。本 田圭佑的X&KSK基金，则为项目注入了本土资源与明星效应。 总之，有朱总和本田圭佑出手，卡谷的关注度没准会被拉满了，不过这家公司会不会像SHEIN一 样，成为中国制造出海的新范本问题是高性价比的中国家具？产品能否打动挑剔 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近年来，红利、高股息相关资产成为市场香饽饽，叠加政策层面对分红和市值管理的鼓励，2024年A股合计分红金额超2.39万亿，再创历史新 高。分红逐渐成为许多价值投资者的关注重点，那么私募基金2024年产品分红情况如何？ 私募排排网数据显示，有业绩显示的3938只产品中，2024年私募分红产品有920只，占比为23.36%。单从私募旗下分红的产品数量来看， 位居 首位首位的是钧富投资，旗下 17只产品在2024年均有分红；此外衍复投资、深圳善择私募2024年分红产品分别为12只、11只，分别位居第二、 第三。 | 排序 | 公司简称 | 公司规模 | 量化标签 | 核心策略 | 成立时间 | 实控人 | 2024年旗下分级 产品数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 钧富投资 | 20-50亿 | 主观+量化 | 期货及衍生品, | 2018/9/13 | 叶志钧 | 17 | | | | | | 多资产 | | | | | 2 | 衍复投资 | 100亿以上 | 量化 ...

在投资理财的世界里，我们都怀揣着让财富增值的美好愿望，可有时候，这趟旅程却布满了意想不到的荆棘。尤其是当我们面对一些复杂的金融产品，一 个不留神，就可能陷入麻烦之中。今天，咱们就来唠唠一位老人在投资理财时遭遇的糟心事，从这个真实案例里，一起学习点实用的法律知识和投资避雷 技巧。 有这么一位八旬老者老李，辛苦了一辈子，攒下了一些养老钱。他一直都挺信任银行，平时有点闲钱就想着存进银行，或者在银行工作人员的推荐下，买 点理财产品，觉得这样既能让钱生钱，又安全可靠。在银行里，老李结识了客户经理老刁，一来二去，两人也算熟络了，老李也多次在老刁的推荐下，购 买了银行代销的理财产品，每次都还挺顺利，收益也都能按时到账，这让老李对老刁更加信任有加，觉得他就是自己投资理财路上的"贵人"。 时间来到2018年，老刁又找到了老李，神神秘秘地跟他说，最近有一款超棒的理财产品，利息比之前推荐的都高，而且稳得很，绝对保本。老李一听，心 里就犯起了嘀咕，毕竟自己年纪大了，投资就图个安稳，可这么高的利息，真有这么好的事儿？老刁像是看穿了老李的心思，拍着胸脯保证，说这款产品 有多靠谱，还说这可是他好不容易才拿到的"内部消息"，专门想着老李这位 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在投资领域盛传 "复利是世界第8大奇迹"，这句话表明了复利的威力。 复利代表的是持续赚钱的能力，而能否持续复利一方面需要看市场环 境，另一方面则是看投资人的能力 。 纵观市场，能够持续复利的人其实并不多，也就意味着持续赚钱并非易事。 特别是近年来，市场环境更加 复杂多变，让连续多年正收益也变成了一件比较困难的事情。 以A股为例，自2021年以来，A股经历了短暂冲高后的长时间调整，然后触底反弹的行情。具体而言， 代表A股核心资产的沪深300指数在2021- 2025年以来（截至4月30日）各年的涨跌幅分别为-5.20%、-21.63%、-11.38%、14.68%、-4.18%， 仅有 1年涨幅为正，其余4年均是下跌的， 2021年以来累计涨跌幅为-27.65%。 在这样的市场环境下，私募证券投资基金产品要想实现年年正收益，十分考验基金经理和管理人的能力。 根据私募排排网数据，截至2025年4月底，在私募排排网有2021年以来各年业绩展示的私募产品共有926只（剔除纯债策略和债券增强产品）， 其中 2021年以来实现年年正收益的私募产品仅238只， ...

Core Insights - The S Fund (Secondary Market Private Equity Fund) has gained significant attention as a tool to activate existing assets in the primary market and enhance market liquidity, with trading volume increasing substantially [1][2] Group 1: Market Overview - In 2024, China's secondary private equity market recorded a total trading scale of 107.8 billion yuan, marking a 46% year-on-year increase and reaching a historical high [2] - The number of transactions reached 395, covering 374 funds, with a notable surge in trading volume observed in the fourth quarter of 2024 [2] - Financial institutions and government funds emerged as the largest sellers, driven by their substantial existing holdings and urgent exit needs [2] Group 2: Buyer and Seller Dynamics - Corporate investors, government funds, and investment institutions were the primary buyers, with corporate investors showing significant activity, albeit mostly in small transactions [2] - Investment institutions saw a notable increase in trading scale compared to 2023, with several general partners (GPs) acquiring limited partner (LP) fund shares, particularly from funds nearing their exit periods [2] Group 3: Fund Types and Performance - Among the traded fund types, 54.5% were venture funds, followed by growth funds at 29.7% and early-stage funds at 7.2%, indicating a strong focus on equity funds [3] - Equity funds accounted for 948 billion yuan in trading volume, representing 88% of the total trading scale, while infrastructure funds contributed 8% [3] Group 4: Investment Trends - The underlying assets of the funds are increasingly concentrated in "hard technology," with the top sectors being electronic information, biomedicine, manufacturing, and enterprise services, aligning with recent financing trends [4] Group 5: Regional Market Activity - By the end of 2024, the Beijing Equity Exchange had facilitated 112 fund share transfers, totaling 14.866 billion shares and 4.846 billion yuan in transaction value, with a diverse range of participants including state-owned enterprises and private institutions [5][6] - The Shanghai private equity and venture capital share transfer platform maintained the highest transaction volume in the country, with 22.555 billion shares traded and a total transaction value of approximately 24.923 billion yuan [6] Group 6: Transaction Characteristics - The S Fund transactions exhibited five key characteristics in 2024, including a focus on late-stage secondary transactions, a leading position in equity fund trading volume and transaction count, and increased complexity in transaction structures [7]

Group 1 - The global private equity market has shown signs of structural recovery in 2024, with an increase in investment and exit activities, but fundraising continues to face pressure [1][2] - In 2024, the global private equity M&A transaction volume reached $602 billion, a 37% year-on-year increase, while total exits amounted to $468 billion, up 34% [1] - Fundraising in the industry declined for the third consecutive year, totaling $1.1 trillion in 2024, a 24% decrease compared to the previous year and a 40% drop from the historical peak in 2021 [1] Group 2 - The secondary market for private equity has become a crucial liquidity solution, driven by renewed investment and exit activities in the primary market, creating diverse exit demands [1][2] - The tightening fundraising environment has led to discount opportunities in transactions, further stimulating secondary transactions (S transactions) [1][2] Group 3 - The secondary market transaction volume from 2016 to 2024 has shown a trajectory of "volatile growth - pandemic pullback - structural recovery," with 2024 marking a record high of $162 billion, a 45% increase year-on-year [5][6] - The recovery is influenced by liquidity pressures on sellers and new capital influx for buyers, leading to a more mature secondary market ecosystem [6][30] Group 4 - In 2024, LP-led transactions accounted for $87 billion (54% market share), while GP-led transactions reached $75 billion (46% market share), reflecting balanced market development [9][10] - The concentration of top investors in LP-led transactions has increased, with the top eight investors holding 50% of the transaction share [9] Group 5 - GP-led transactions primarily involve mergers and acquisitions, with 82% of the total GP-led market transaction volume [10][14] - The use of continuation funds has become prevalent, capturing 79% of the GP-led market share, indicating a preference for long-term management of core assets [14][21] Group 6 - The pricing of GP-led transactions has improved, with 87% of single-asset continuation fund transactions having a discount rate of over 90% in 2024 [21][23] - LP-led market pricing has also seen a general improvement, with average pricing rising to around 90% of net asset value [23][26] Group 7 - The trading behavior in the secondary market has matured, characterized by the rise of co-investment models, concentration of quality assets, and innovation in deferred payment tools [24][30] - The trend of co-investment has increased, with the proportion of small institutions participating as co-leads rising from 8% in 2023 to 15% in 2024 [27][28] Group 8 - The market is witnessing a shift towards high-quality assets, with a decrease in small transactions and an increase in larger deals [28] - The use of deferred payment tools has tripled, with flexible terms and risk mitigation measures becoming more popular among market participants [29][30]

证券代码：600053 证券简称：九鼎投资 编号：临 2025-027 昆吾九鼎投资控股股份有限公司 Kunwu Jiuding Investment Holdings CO., Ltd 关于 2024 年度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 昆吾九鼎投资控股股份有限公司（以下简称"九鼎投资"、"公司"）根据上 海证券交易所有关规定，于 2025 年 5 月 23 日下午 15:00-16:00，通过上海证券 交易所上证路演中心（网址：http://roadshow.sseinfo.com/）召开了 2024 年度业绩 说明会，现将活动情况公告如下： 一、说明会召开情况 公司于 2025 年 4 月 25 日在《上海证券报》、 《中国证券报》和上海证券交易 所网站（网址为：http://www.sse.com.cn）上披露了《九鼎投资 2024 年年度报告》， 并于 2025 年 4 月 25 日披露了《九鼎投资关于召开 2024 年度业绩说明会的公告》 （临 2025-020）。 理王欣 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看路演详情 如愿基金简介 如 愿 基 金 是 深 圳 2024 年 新 增 注 册 登 记 的 第 三 家 证 券 私 募 。 公 司 成 立 于 2024 年 3 月 20 日 ， 8 月 16 日 在 基 金 业 协 会 完 成 登 记 ， 登 记 编 号 为 P1074843。公司投资围绕固收打底、多资产配置的策略，以风险相对较低、流动性相对较好的固定收益类产品为底仓，并在严格控制风险的情 况下，充分捕捉震荡市场行情下转债、商品、金融衍生品等大类资产的结构性机会，增强组合收益。 （点此查看 如愿基金旗下产品收益、核心 团队及最新路演 ） ） 40% 深圳如图坤泽企亚是瑶令仪 15% 公司 企业 (有限合伙) 15% 股权 上海羽帅管理咨询有限公司 10% 25% 朱阳默 | 张立伟 10% 25% 15% 深圳如愿坤泽企业管理合仪 C 企业(有限合伙) 数据来源：协会公示信息 发展历程 2024年3月 · 成立如愿基金 2024年8月 完成在中国证券投资基金业协会 的登记备案 2024年10月 首次发行备案基金产品, 全面启 动资管业务 :2 核心团队 ...

量化基金+大模型=？ 在半年前，面对这道算术题，大部分人都会回答DeepSeek，但随着一篇研究论文的发表，一个新的答案出现了，那就是念空科技。 量化行业再现AI之光，念空携大模型底层研究首闯国际顶会。 5月15日，量化私募念空科技向国际顶会NIPS投递了与上海交大计算机学院合作的大模型研究论文，探讨" 自适应混合训练方法论 "。 这次的故事，不是量化私募砸钱投大模型获得了如何丰厚的回报，而是念空科技"以身入局"，做出了大模型底层理论的研究成果，成为首家闯入NIPS的中 国量化机构。 在念空之前，DeepSeek是唯一一家量化私募孵化进行大模型底层理论研究且发表研究成果的公司。相较于"前辈"，念空更进了一步。 在DeepSeek基础上，念空提出了一种全新的更优的训练方法，帮助大模型提升训练效率，是量化行业少有的真正的大模型创新性研究。 从技术层面来看，DeepSeek提出了强化学习的重要性，而念空科技董事长王啸及其团队发现，相比于DeepSeek先进行一段时间的集中SFT（监督微调）， 再进行集中RL（强化学习）的做法， 将SFT与RL交替进行的方式，能够得到更好的训练效果 。 一个动作侧面证明了念空还有更大 ...

Group 1 - The core viewpoint of the report is the exploration of taxable income distribution methods for partnership private equity funds in China, emphasizing the need for improved tax compliance and regulatory clarity [1][9][17] - The development of private equity funds in China began in 1985, and as of June 2022, the market size reached 19.97 trillion yuan, indicating significant growth and increasing concentration of capital among leading institutions [1][22] - The partnership structure, primarily limited partnerships, is favored due to its flexibility in establishment and tax benefits, avoiding double taxation [1][25] Group 2 - Tax policies for partnership funds follow the "distribute first, tax later" principle, where the fund itself does not pay taxes, and partners are taxed based on their individual or corporate income tax rates [2][38] - Practical challenges include discrepancies between tax and accounting profits, cash flow mismatches, and disputes over distribution ratios, which can lead to unfair tax burdens on partners [3][4][39] - A proposed method for taxable income distribution is the "cash flow restoration method," which simulates cash flow distribution to partners while considering costs and adjusting for different cash flow stages [5][9] Group 3 - Recommendations for policy improvements include clarifying tax rules for partnership funds, enhancing information reporting mechanisms, and optimizing tax administration practices to reduce operational ambiguities [6][7][8] - The report concludes that the current tax distribution practices are outdated and need to align with market practices to ensure fair tax burdens among partners [9][17]