● 本报记者 王宇露 党的二十届四中全会系统谋划了以中国式现代化全面推进强国建设、民族复兴的宏伟蓝图，并对金融工 作提出了加快建设金融强国等战略要求。金融是国民经济的血脉，金融强国之"强"，不仅在规模与体 量，更在于其服务实体经济、促进科技创新、支撑产业升级的核心功能，关系中国式现代化建设全局。 作为广东省国有资本运营公司旗下的基金投资平台，广东恒健资产管理有限公司将学习贯彻全会精神作 为当前和今后一个时期的首要政治任务，自觉以"服务国家战略，赋能产业升级"为根本遵循，将公司发 展置于"十五五"的历史方位与战略全局中谋划，努力为助推广东省现代化产业体系高质量发展，为金融 强国建设和中国式现代化大局贡献专业力量。 全力服务现代化产业体系建设 二是深入研究驱动，推动投资转向战略引领。通过深入对接行业主管部门、产业联盟、高校及行业协 会，系统开展产业链研究，掌握企业现状和行业发展趋势，挖掘重点项目和典型应用场景，形成研究报 告、绘制产业图谱、建立项目储备库，精准把握技术趋势与投资方向，变"机会投资"为"战略布局"，为 支持技术攻关奠定坚实基础。 二是锚定链主企业，以高质量投资驱动产业升级。在产业体系从"大而全"迈向 ...

四是精准招引重大项目，服务地方产业布局。针对广东省各地市产业发展需求，恒健资产精准引入"大 项目"服务地市开展"大招商、招大商"，通过基金招引模式，精准引入对产业链强链延链补链具有关键 意义的重大项目。恒健资产联合头部银行AIC组建了两个百亿级的广东战略性产业促进发展基金，与省 内十余个地市建立常态化项目对接机制。截至目前，已通过基金完成帮助企业收购上市公司实控权、引 入央企资源投资广东省"百千万工程"等项目，落地项目约30亿元。 ● 本报记者 王宇露 党的二十届四中全会系统谋划了以中国式现代化全面推进强国建设、民族复兴的宏伟蓝图，并对金融工 作提出了加快建设金融强国等战略要求。金融是国民经济的血脉，金融强国之"强"，不仅在规模与体 量，更在于其服务实体经济、促进科技创新、支撑产业升级的核心功能，关系中国式现代化建设全局。 作为广东省国有资本运营公司旗下的基金投资平台，广东恒健资产管理有限公司将学习贯彻全会精神作 为当前和今后一个时期的首要政治任务，自觉以"服务国家战略，赋能产业升级"为根本遵循，将公司发 展置于"十五五"的历史方位与战略全局中谋划，努力为助推广东省现代化产业体系高质量发展，为金融 强国建设和 ...

Core Viewpoint - Suzhou Delong Laser Co., Ltd. plans to invest 10 million yuan in the Jiangsu Nantong Yuanhe Zhongyuan New Fund, acquiring 2.8986% of the initial fund shares, focusing on innovations in next-generation information technology and future communications [2][4][18]. Group 1: Investment Details - The company will use its own funds to subscribe to the Yuanhe Zhongyuan New Fund, which is currently in the fundraising stage, and the total subscription amount and shareholding ratio will depend on the final fundraising completion [2][4]. - The fund aims to invest in core innovations in next-generation information technology, including but not limited to future communications, semiconductors, cloud computing, artificial intelligence, and the Internet of Things [4][18]. - The investment is classified as a related party transaction but does not constitute a major asset restructuring as defined by the relevant regulations [2][6]. Group 2: Related Party Transaction - The transaction has been approved by the company's independent directors and the board of directors, and does not require shareholder approval [5][17]. - The fund management company, Suzhou Industrial Park Yuanhe Zhongyuan Equity Investment Fund Management Co., Ltd., has been registered since April 2014 and manages over 15 billion yuan across 12 funds, focusing on technology-driven industries [7]. Group 3: Impact on the Company - The investment is expected to enhance the company's ability to integrate cutting-edge technology into its laser processing solutions, aligning with its strategic focus on semiconductor, electronics, and new energy applications [18]. - By participating in the fund, the company aims to capture emerging industry opportunities and strengthen its competitive position through diversified investment channels [18][19]. - The investment will not affect the company's normal operations or financial performance significantly, and it will not be included in the company's consolidated financial statements [19].

Group 1 - The company held its 41st meeting of the 9th Board of Directors on January 28, 2026, via communication, with all 8 directors participating in the vote [2][4] - The board approved the proposal for the company's wholly-owned subsidiary to participate in establishing a private equity fund focused on energy storage assets [3][8] - The fund, named Shenzhen Yuan Zhi Jian Xin New Quality Productivity Energy Storage Asset Private Equity Fund Partnership (tentative), will have a total scale of RMB 500 million, with the company contributing RMB 200 million [7][16] Group 2 - The fund will primarily invest in new energy storage projects, including electrochemical storage stations and related industry chain equity projects [17] - The investment decision-making will be managed by an investment decision committee composed of representatives from the involved parties [23][24] - The fund's management fee is set at 1.5% per year during the investment period and 1.2% during the exit period [28] Group 3 - The establishment of the fund aligns with the national "dual carbon" strategy and aims to strategically position the company in the new energy infrastructure sector [35] - The company has previously engaged in related transactions with the capital operation group and its subsidiaries, totaling RMB 200 million in the last 12 months, which is 1.37% of the company's latest audited net assets [37][38]

Core Viewpoint - Blackstone is strategically expanding its workforce in Asia to capitalize on the growing private wealth market, with a focus on key regions such as Japan, Australia, and South Korea [2][5]. Group 1: Blackstone's Growth and Strategy - Blackstone has over $1.2 trillion in assets under management and has seen a 15% year-over-year growth in its private wealth management segment, which has tripled in size over the past five years to reach $290 billion [3][4]. - In Q3 2025, Blackstone raised over $11 billion through its private wealth platform, more than double the amount raised in the same period last year, marking the highest level in over three years [4]. - The company plans to focus on multi-asset investment opportunities in 2026, expanding distribution channels in major global markets [4][6]. Group 2: Investment Performance and Market Outlook - Blackstone reported a record inflow of $540 billion in Q3 2025, with a total of $2.25 trillion in inflows over the past 12 months, pushing its assets under management to a new high of $1.24 trillion [6]. - The firm achieved $306 billion in investment exits in a single quarter, the highest in five years, and is poised for a potentially record-breaking year in IPOs [6][7]. - Blackstone is focusing on key investment themes such as digitalization, artificial intelligence, and energy transition, indicating a proactive approach to market opportunities [7][8].

Core Insights - The report indicates that 90% of respondents believe AI models should not have voting rights in GP investment committees, emphasizing the importance of human judgment in investment decisions [1] - There is a notable divide among LPs regarding AI's impact on the career development of junior professionals, with 44% believing it will enhance growth, while 36% are concerned it may hinder it [1] Group 1: Market Trends - The global IPO market is expected to become active again by 2026, with 77% of LPs indicating their GPs are preparing for portfolio company listings [3] - In the Asia-Pacific region, 87% of LPs report that GPs are preparing for IPOs, highlighting a renewed focus on this area [4] Group 2: Investment Strategies - The report shows that 62% of LPs have seen or expect to see assets transferred to successor fund structures, indicating a shift towards "second-generation" funds [4][5] - Approximately 75% of LPs express confidence in GPs' ability to manage successor funds, with 94% of Asia-Pacific LPs believing GPs have sufficient resources for this [5] Group 3: Co-Investment Importance - Over 43% of LPs consider co-investment increasingly important in their selection of fund managers, with 76% of Asia-Pacific LPs showing a positive attitude towards this trend [8] - Despite the rising importance of co-investment, 19% of respondents report limited opportunities to participate, with cost efficiency and access to quality projects being key motivators for involvement [9] Group 4: Late-Stage Investment - Nearly 24% of LPs plan to increase investments in late-stage primary markets, with 57% citing the ability to evaluate investments based on early fund performance as a primary reason [9]

Core Insights - The report from Coller Capital indicates that 90% of respondents believe AI models should not have voting rights in GP investment committees, emphasizing the preference for human-led investment decisions [1] - The survey reveals a significant divide among LPs regarding AI's impact on the career development of analysts, with 44% believing it will enhance growth, while 36% express concerns it may hinder it [1] Group 1: IPO Market Trends - The global IPO market is expected to become active again by 2026, with 77% of LPs indicating that their GPs are preparing for portfolio company listings [3] - Approximately one-third (32%) of LPs report that multiple GPs have already proposed listing plans for 2026, while 45% have received similar signals from at least some managers [3] - Only 9% of LPs have not engaged in any IPO-related discussions, indicating a shift from the previous years' market stagnation [3] Group 2: Focus on Asia-Pacific - The trend of preparing for IPOs is particularly pronounced in the Asia-Pacific region, where 87% of LPs report that GPs are gearing up for 2026 listings [4] - Asia-focused funds remain the primary tool for LPs investing in the region, with 71% targeting Southeast Asia, 64% China, and 63% Australia [4] - The report highlights a renewed confidence among global investors in the Asia-Pacific private market, driven by strong IPO exit momentum and increasing interest in co-investment [4] Group 3: Emergence of Second-Generation Funds - The report indicates that nearly two-thirds (62%) of LPs have seen or expect to see assets transferred to subsequent continuation fund structures [5] - Despite the complexity of transaction structures, 75% of LPs maintain high confidence in GPs' ability to manage continuation funds [5] - In the Asia-Pacific region, 80% of LPs report seeing or expecting asset transfers to continuation funds, surpassing Europe (67%) and North America (53%) [5] Group 4: Importance of Co-Investment - Over 43% of LPs globally indicate that co-investment is becoming increasingly important in their selection of fund managers, with 76% of Asia-Pacific LPs acknowledging its rising significance [6] - Despite the growing importance of co-investment, 19% of respondents report a lack of sufficient participation opportunities [6] - Key drivers for LP participation in co-investment include improved fee efficiency (78%) and access to high-quality investment opportunities (71%) [6] Group 5: Increased Focus on Later-Stage Investments - Nearly 24% of LPs plan to increase their investments in later-stage primary markets, with 57% citing the ability to evaluate investments based on initial fund performance as the main motivation [6]

编者按：在中国私募股权市场上，有一个经典之问：中国能否出现自己的黑石？黑石是全球规模最大的私募股权 公司之一，资产管理规模达1.2万亿美元。21世纪第一个十年，中国资本市场掀起私募热，巴曙松教授有感于"不 断涌入私募市场的人们，他们最需要什么样的阅读"，于是带领团队翻译了《黑石传：全球资本之王的成长史》一 书。这本书在2011年和2017年两次在内地出版，影响了众多业内人士和普通投资者。本书出版以来，黑石在国内 的知名度越来越高。因为2015年在清华大学发起成立苏世民书院而为国人所熟知，黑石集团创始人兼CEO史蒂夫· 施瓦茨曼在新版中已变成了苏世民。 2026年1月，本书中文版再版，此时全球经济又进入了新的周期。两位作者戴维·凯里、约翰· 莫里斯专门写了新的 《中文版序》，简要阐述了黑石给中国投资者的启示，特别是"当一个类别不受欢迎时进行投资可能会得到回 报"，以及"从趋势中获利的最佳方式之一往往是间接投资相关服务或资产"。前者突出表现在房地产市场，比如 2024年黑石以5.8亿英镑收购1750套英国住宅，押注英国租赁市场短缺和租金上涨趋势，预期获得年化净租金收益 率达5.2%~6.5%，体现了对低迷的房地产 ...

根据公告，基金拟以人工智能引导 "科技创新、产业升级"为主线，与上海市和浦东新区市区两级 开展合作，以参股型私募股权投资方式，重点投向人工智能技术和相关应用，以及包括集成电路、 生物医药等其他各类科技创新产业，符合保险资金配置需求。 来源：中国人寿保险股份有限公司 近日，中国人寿保险 股份有限公司发布公告，称公司与多方联合设立 汇智长三角（上海）私募基 金合伙企业（有限合伙）（最终名称以工商登记信息为准）（"合伙企业"）。合伙企业全体合伙 人认缴出资总额为人民币50.515亿元，其中，中国人寿认缴出资额为人民币40亿元。国寿资本投 资有限公司（"国寿资本"）将作为合伙企业的管理人。 该合伙企业的共同成立方包含 上海浦东引领区投资中心（有限合伙） （"浦东创投"）、上海国投 先导人工智能私募投资基金合伙企业（有限合伙）（"国投先导"）及国寿基础设施投资管理有限 公司（"国寿基础"）（各方均作为有限合伙人），创智和瑞（上海）企业管理有限公司（"创智和 瑞"）（作为普通合伙人）及领智盈（上海）企业管理合伙企业（有限合伙）（"领智盈上海"） （作为特殊有限合伙人）。 热文： 谁押中了沐曦股份？ 荐读： 2025募资市 ...

| 序号 | 基金项目 | 中选机构 | 机构 品牌 | | --- | --- | --- | --- | | 1 | 上海澜起先导产业发展及并购基金(拟) | 上海木澜投资管理有限公司 | 木澜投资 | | 2 | 上海芯联启辰私募投资基金合伙企业(有限合伙) | 芯联私募基金管理(杭州) 들 伙企业(有限合伙) | 芯联资本 | | 3 | 上海自贸试验区四期股权投资基金合伙企业(有限 合伙)(拟) | 上海自贸区股权投资基金管理 有限公司 | 上海自贸区其 | | | | | 金 | | प | 上海石溪兆易智芯创业投资合伙企业(有限合伙) | 北京石溪清流私募基金管理有 | 石溪资本 | | | (拟) | 限公司 | | | 序号 | 星金项目 | 中选机构 | 机 廖 | | --- | --- | --- | --- | | 1 | 上海生物医药产业股权投资基金二期合伙企业 (有 限合伙)(拟) | 上海上实资本管理有限公司 | 上实资本 | | 2 | 德福上海创新股权投资基金合伙企业(有限合伙) | 广州德福投资咨询合伙企业 | 德福资本 | | | (拟) | (有限合伙) | | | ...