本报讯 （记者朱宝琛）为深入贯彻中国证监会及北京市相关工作部署，做好科技金融大文章，提升金 融支持科技创新质效，服务北京国际科技创新中心建设，8月15日，北京证监局、中国人民银行北京市 分行、北京市科学技术委员会、中关村科技园区管理委员会与北京基金小镇共同举办"中关村科技·金融 汇"第6期投贷联动融资对接活动。 北京证监局私募处处长在主持发言中介绍了北京辖区股权创业投资机构、科技型企业和银行投融资方面 的现实需求和结合点，推动投贷联动融资对接的原则和意义，表示将与各委办局合力搭建具有北京特色 创新性的供需对接平台，围绕首都高精尖产业结构、科创型企业成长周期提供更优质、高效的服务；人 民银行北京市分行负责人介绍了投贷联动平台建设和支持私募基金、科创企业发展方面的情况，以及前 期投贷联动融资对接取得的积极成效；北京基金小镇相关负责人介绍了小镇私募机构发展情况，服务实 体经济情况，以及小镇在服务和引导管理人合规展业方面开展的风险防控、合规培训等方面的做法和成 效。 本次活动聚焦"投贷联动"，为科技型企业搭建股权融资与债权融资高效对接的"桥梁"，臻知医学、星川 新能源、平方和、东方空间、华龛生物、泰科天润、大橡科技等 ...

Key Points Summary Group 1: Norwegian GPFG's Investment Actions - Norwegian Government Pension Fund Global (GPFG) has decided to divest from 11 Israeli companies that are not included in the Ministry of Finance's stock benchmark index, following a review by Norges Bank Investment Management (NBIM) [1][5][6] - As of mid-2025, GPFG held shares in 61 Israeli companies, with the divestment aimed at adhering to ethical investment guidelines due to concerns over business activities in the West Bank [1][5][6] - GPFG's total assets decreased from 19.74 trillion Norwegian Krone to 19.59 trillion Norwegian Krone, approximately 1.94 trillion USD, primarily due to significant foreign exchange losses [9][10] Group 2: U.S. Labor Department's Policy Changes - The U.S. Department of Labor (DOL) has officially rescinded the Biden administration's restrictions on alternative investments in 401(k) plans, allowing for greater inclusion of private equity [2][6][7] - This policy shift marks a significant change from previous guidance that questioned the suitability of private investments for retirement plans, reflecting a more favorable stance towards alternative investments [2][6][7] Group 3: GPFG's Performance Metrics - GPFG reported a 5.7% return for the first half of 2025, slightly underperforming its benchmark by 0.05 percentage points [3][11] - The fund's asset allocation as of June 30, 2025, was 70.6% in equities and 27.1% in fixed income, with a slight underweight in equities compared to the benchmark [10][11] - The fund experienced significant foreign exchange losses amounting to 1.01 trillion Norwegian Krone, primarily due to the appreciation of the Norwegian Krone against the U.S. dollar [9][11] Group 4: Global Pension Fund Trends - The UK Local Government Pension Scheme (LGPS) is undergoing significant consolidation, with seven funds initiating exclusive negotiations with Border to Coast for a new partnership [15] - British Columbia Investment Management Corporation (BCI) is considering selling 2 billion USD in private equity assets to rebalance its investment portfolio [16] - Saudi Arabia's Public Investment Fund (PIF) reported an 80 billion USD impairment on large projects, reflecting challenges in diversifying its economy amid low oil prices [17][19] Group 5: Domestic Pension Fund Activities - Domestic pension funds have appeared in the top ten shareholders of 15 stocks, indicating a continued interest in the secondary market with a total holding value of approximately 3.9 billion CNY [22][23] - The largest holdings include companies in the machinery and basic chemical sectors, showcasing a preference for stable growth and relatively certain companies [22][23]

Group 1 - The private equity giant Carlyle Group is nearing a significant deal to sell its Dutch tech services company HSO to Bain Capital, with an estimated valuation of approximately $1 billion [1][2] - HSO's management plans to reinvest in the business through this transaction, indicating a commitment to the company's future development [1] - The deal reflects a resurgence in the private equity market after a prolonged period of inactivity, driven by investor demands for accelerated capital deployment and cash flow [1] Group 2 - HSO specializes in designing, implementing, and operating business application systems based on Microsoft cloud technologies, serving around 1,200 clients globally with approximately 2,800 employees [2] - Carlyle Group made a strategic investment in HSO in 2019 and has since expanded its business through multiple acquisitions, including the purchase of cloud transformation service provider Motion10 in 2022 [2] - If the transaction proceeds, it will mark another landmark deal in the private equity sector, enhancing Bain Capital's influence in the cloud computing and enterprise services space [2]

Group 1 - The upcoming National Two Sessions are expected to discuss the implementation of a stock issuance registration system, which will significantly support technological innovation in the capital market [1] - Experts believe that the registration system will expand direct financing and enhance the capital market's efficiency in serving the innovative economy, providing more financial resources for technology companies [1][2] - As of mid-February, the number of companies in the new generation information technology sector on the Sci-Tech Innovation Board reached 142, with initial financing of 244.3 billion yuan [2] Group 2 - The capital market's role in promoting the formation of technology innovation capital and optimizing resource allocation has been increasingly recognized, with over 10 trillion yuan raised through stock and bond financing in 2021 [2][3] - The proportion of new listings on the Sci-Tech Innovation Board and the Growth Enterprise Market accounted for over 70% of the total market increment, indicating a shift of resources towards technology innovation [3] - The introduction of green bonds and other innovative financial tools has led to the issuance of over 410 billion yuan in green bonds, supporting low-carbon development [3] Group 3 - There is a need for further enhancement of the capital market's support for technology innovation, particularly in terms of depth and breadth [4] - The registration system is expected to improve market inclusivity, especially for technology and innovation-driven enterprises, by refining listing criteria [4] - Strengthening the connection between multi-level capital markets and enhancing the support for the entire lifecycle of technology companies is essential for fostering innovation [4] Group 4 - The investment evaluation for technology companies should focus on the feasibility of technological paths and reassess the value of data and innovation elements based on new investment philosophies [5] - A new framework for the efficient circulation of technology and capital is being proposed, emphasizing the need for a robust support system for technology innovation [7] - Recommendations include improving market mechanisms for private equity investment and enhancing the professional management of funds to support the growth of technology companies [8]

路透社10日的报道称，一份来自美国总统特朗普的最新行政令指示监管机构允许私募股权、房地产、加 密货币和其他"替代资产"加入美国人的 401(k)退休储蓄计划，为这些行业打开约12.5万亿美元退休账户 的大门。这意味着美国人的养老金投资将向更多高风险资产敞开大门，此举立刻受到了华尔街投资巨头 的欢迎。同时很多批评者认为，高风险资产的进入可能会使美国人失去大量退休储蓄。 401(k)退休储蓄计划是指一项主要面对美国工薪阶层的养老金计划，是美国养老金体系的重要支柱，该 计划允许工作者将部分工资以免税的形式投资于资本市场。英国《金融时报》10日报道称，长期以来， 该退休储蓄计划主要对接股票和债券等风险较低的资产。特朗普向私募股权和加密货币行业开放美国退 休储蓄计划的巨额资金，这可能重塑9000万美国人的金融未来。 报道称，白宫这一决策的背后是阿波罗全球管理公司和贝莱德等私人资本集团的长期大力游说。阿波罗 全球管理公司首席执行官马克·罗文声称，当前美国的退休金投资过度集中于英伟达等科技股，如果接 入私募，相关资产可以得到"更加优化的配置"。 《金融时报》援引的投资行业数据显示，2007年以来，401(k)退休储蓄计划掌 ...

Group 1 - The darkest hour for private equity giants has passed, with firms like Apollo Global Management, Blackstone, Carlyle, and KKR emerging stronger from a high-interest rate environment, solidifying their differentiated growth strategies [1] - In Q2, these four alternative asset management giants collectively recorded $4.2 billion in management fee income, with Blackstone leading at approximately $1.9 billion, a 4% quarter-over-quarter increase, marking the best quarterly growth since 2022 [1] - Blackstone achieved nearly $100 billion in asset monetization over the past 12 months, a growth of over 40% year-on-year, while Carlyle announced a return of $15 billion to fund investors, three times the industry average [1] Group 2 - Despite liquidity challenges with trillions of dollars in existing investments, private equity firms are actively launching innovative products, including ETFs and perpetual fund structures, to attract new retail investors [2] - Apollo and Blackstone view themselves as unique players capable of providing safe, high-yield loans, with their investment-grade bonds earning a benchmark spread of 190 basis points more than easily tradable loan products [2] - Maintaining excess returns is becoming increasingly challenging as credit spreads are narrowing, with July's A-rated collateralized loan obligations (CLOs) yielding only 1.6 percentage points above the benchmark, down from 2.2 percentage points in 2021 [2] Group 3 - To maintain a competitive edge, Apollo, Blackstone, Carlyle, and KKR are focusing on loan sectors that other institutions are unwilling or unable to enter, such as aviation loans and financing for AI-related companies [3] - As the pool of investable capital continues to grow, creating excess returns will become an increasingly severe challenge for these firms [3]

Group 1: 401K Retirement Savings Plan Changes - The U.S. President Trump is set to sign an executive order allowing alternative assets such as private equity, real estate, and cryptocurrencies to be included in 401K retirement savings plans, potentially opening up approximately $12.5 trillion in retirement account funds to these sectors [3][4] - The executive order will instruct the Department of Labor to reassess guidelines regarding alternative asset investments in retirement plans and clarify the government's fiduciary responsibilities when offering funds that include alternative investments [3][4] Group 2: Eli Lilly's Weight Loss Drug Performance - Eli Lilly reported second-quarter earnings that exceeded market expectations, with revenue of $15.557 billion, a 38% year-over-year increase, and net income of $5.661 billion, a 91% increase [8] - Despite strong earnings, the company's stock plummeted by 13% due to disappointing results from its experimental weight loss drug orforglipron, which helped patients lose about 11% of their weight, falling short of market expectations [8] Group 3: Unemployment Claims and Federal Reserve - The U.S. Department of Labor reported an increase of 38,000 in continuing unemployment claims, reaching 1.97 million, indicating growing difficulty for unemployed individuals to find new jobs [6] - Following a significant downward revision of employment data, there are heightened concerns among investors and economists regarding further deterioration in the labor market, which may influence expectations for a potential interest rate cut by the Federal Reserve in September [6] Group 4: Intel CEO Controversy - President Trump called for Intel CEO Pat Gelsinger to resign, citing serious conflicts of interest, which led to a more than 2% drop in Intel's stock price following the announcement [10] - Intel stated that it values national security and the integrity of its role in the U.S. defense ecosystem, indicating ongoing communication regarding the issues raised by Trump [10]

格隆汇8月6日｜有媒体援引知情人士称，黑石集团已同意收购能源数据平台Enverus，对该平台的估值 可能超过60亿美元。知情人士表示，这家私募股权公司在击败竞争对手后，最早可能于周三宣布这笔交 易。他们称，若能满足特定的业绩分成条款，收购价格可能达到65亿美元。Enverus官网显示，其数据 来自95%以上的美国能源生产商以及超过4万家供应商。该公司称，其数据分析和软件被50个国家的约 8000名客户使用。今年5月，黑石基础设施公司同意以约57亿美元收购新墨西哥州公用事业公司TXNM Energy Inc.。 ...

智通财经APP获悉，全球并购交易规模已攀升至2.6万亿美元，创下自2021年疫情时期峰值以来的同期 (前7个月)最高水平。企业对增长的迫切追求以及人工智能领域的爆发式活动，已逐步抵消美国关税政 策带来的不确定性影响。 根据Dealogic的数据，截至8月1日，今年的交易数量较去年同期下降16%，但交易总值增长28%，这一 增长主要由美国多笔价值超100亿美元的巨型交易推动。其中包括联合太平洋公司拟以850亿美元收购规 模较小的竞争对手Norfolk Southern，以及软银集团牵头对OpenAI进行的400亿美元融资。 对于投行而言，这一波并购热潮无疑是一剂强心针。今年年初，他们曾预计美国总统特朗普政府的政策 将引发一波整合浪潮，但关税政策与地缘政治不确定性却让企业一度搁置交易计划。直到企业董事会重 拾信心，且美国政府的反垄断议程释放积极信号，市场情绪才得以扭转。 安永全球金融服务战略与交易主管安德烈·魏西德表示："当前交易的核心逻辑高度聚焦增长，且这一趋 势正在强化。无论是人工智能领域的竞争，还是监管环境的变化，客户都不愿在这场竞赛中落后，这正 是推动交易活跃的关键动力。" 与2021年8月相比(当时投资 ...

总体趋势：亚太地区私募股权市场可能正处于转折点，投资水平虽有所降温，但未来有望迎来新一波活动、创新和价值创造浪潮。投资者策略将更谨慎、注 重价值，关注运营卓越、数字化进步和长期增长。 关键因素评估 投资活动与交易机会：呈现乐观态势，投资和募资趋势积极，交易市场丰富多样，有望反弹。 定价与估值：市场更加理性，交易价值在较低水平趋于正常化。 价值创造机会：受数字化转型、运营变革和生成式人工智能等因素推动，热度持续上升。 退出环境：尽管主要公共市场IPO窗口仍关闭，但替代退出途径的条件正在改善。 投资活动与交易机会 投资趋势稳定：亚太地区私募股权投资活动开始稳定，交易量趋于平稳，虽交易价值降至较低水平，但投资者谨慎选择可能为未来可持续增长奠定基础。 募资与资产管理规模增长：募资达到五年新高，显示投资者信心回升；资产管理规模上升，使私募股权公司有更多资金和灵活性进行投资。 交易机会丰富：亚太地区提供独特机会，融合新兴市场活力与成熟经济体稳定性，各市场交易潜力大，行业多样性强，投资者可涉足传统和前沿领域。 定价与估值 估值调整：市场估值格局转变，投资者风险偏好调整，交易价值回归至疫情前水平，平均交易规模下降，反映市场战 ...