Core Viewpoint - The Shanghai Securities Regulatory Bureau has issued a notice to enhance the compliance and operational standards of private fund managers in the region, emphasizing the need for self-assessment and rectification amidst increasing regulatory scrutiny [1][2][3] Regulatory Requirements - Private fund managers in Shanghai are required to organize collective learning sessions on relevant laws and regulations, including the Securities Investment Fund Law and the Private Investment Fund Supervision Regulations [2] - Participation in compliance training is mandated, with the Shanghai Securities Regulatory Bureau providing guidance and resources for private fund managers to improve their operational compliance [2] - A self-assessment and rectification process must be conducted by private fund managers, focusing on their operational status, fund performance, and any unregistered partnerships [2][3] Self-Assessment Focus Areas - The notice outlines specific self-assessment requirements for different types of private funds, including checks on investment management practices, compliance with fund contracts, and the handling of fund assets [4][5] - For equity investment funds, managers must verify the use of professional custodians and assess potential conflicts of interest and fund pooling practices [4] - For quantitative strategy funds, self-assessment must include evaluations of risk management, model testing, and the adequacy of IT systems [5] Market Activity - Despite stricter regulations, the enthusiasm for new private fund products remains high, with a nearly 40% year-on-year increase in the number of private fund product registrations in 2024 [1][6] - In April, 638 private securities managers registered a total of 1,170 private securities products, marking a 12.18% increase from March and the highest monthly registration in nearly two years [6][7] - Equity strategy products accounted for over 64% of the total registrations in April, indicating a renewed investor interest in stock assets [6][7]

Group 1 - The number of private equity securities products registered in April continued to grow, with 638 private equity fund managers registering a total of 1,170 products, reflecting a month-on-month increase of 12.18%, marking a new high for single-month registrations in nearly two years and indicating a significant rebound in investor confidence [1] Group 2 - Among the registered products, stock strategy products dominated with 752 registrations, accounting for 64.27% of the total, indicating a clear recovery in investor enthusiasm for stock assets [2] - Multi-asset strategy products and futures and derivatives strategy products followed with 173 and 133 registrations, representing 14.79% and 11.37% respectively [2] - The CSI A500 Index Enhanced product emerged as a notable innovation, with 50 registrations in April, a month-on-month increase of 6.38%, bringing the total for the year to 165 [2] Group 3 - The increase in registrations for the CSI A500 Index Enhanced product is attributed to a rise in investor risk appetite and enhanced promotional efforts from distribution channels, alongside favorable policies and a general rebound in the A-share market [3] - The CSI A500 Index Enhanced strategy is characterized by a diverse range of factors contributing to excess returns, making it appealing for quantitative private equity institutions [3] Group 4 - As competition intensifies among private equity institutions, developing differentiated competitive strategies has become a core challenge [4] - Quantitative private equity institutions are advised to leverage their comprehensive strengths, particularly in research and investment capabilities, while increasing investments in technology, talent, and risk management [4] - A robust risk management system and a strong reputation are essential for long-term stability and success in the competitive landscape [4]

【导读】深圳证监局通报辖区部分私募六大典型问题 5月8日，深圳证监局发布深圳私募基金监管情况通报，对辖区部分私募基金管理人存在的违法违规情形 进行了通报，并提出了监管要求。根据通报，有股权类机构将募集资金挪用至个人及其关联账户，有证 券类私募产品嵌套层级高达十层。 近年来，深圳证监局在日常监管中发现，辖区部分私募基金管理人存在违反法律法规规定、违反基金合 同约定开展投资运作的情形，产品估值、申购赎回及关联交易等展业行为损害投资者权益的情形较为突 出，个别机构触犯挪用基金财产的底线要求。 深圳证监局表示，发生上述情形的核心原因在于，私募基金管理人在私募基金投资运作过程中未谨慎勤 勉履行投资管理义务。 深圳证监局通报了六大典型问题，包括挪用基金财产、投资运作违反监管要求、投资运作违反基金合同 约定、关联交易未履行合同约定的决策机制、净值失真期间允许开放申赎、未按合同约定支付赎回款。 在挪用基金财产方面，深圳证监局表示，某股权类私募机构在所管理的私募基金到期清算前，未征得所 有投资者同意，通过控制底层资产项目公司网银账户的方式，将部分基金财产从底层资产转回该机构自 有资金账户，供其关联方及其他基金产品使用。某股权类 ...

Core Viewpoint - The recent trend of elite universities, led by Harvard and Yale, withdrawing from private equity funds raises concerns about potential liquidity issues in the private credit market, reminiscent of the pre-2007 subprime crisis [1][2][3] Group 1: Market Conditions - Jeffrey Gundlach warns that the current state of the private credit market shows signs of stress, with widening spreads between BB-rated and CCC-rated bonds indicating that many junk assets are under pressure [1][3] - Elite universities, despite having substantial endowments (e.g., Harvard's $53 billion), are facing cash shortages, leading them to tap into the bond market for operational funds [2][11] Group 2: Private Credit Concerns - Gundlach challenges the notion that private credit is less volatile than public credit, arguing that this belief is based on infrequent market valuations and a lack of transparency in asset valuations [1][5][6] - The inconsistency in asset valuations among different managers in private credit raises concerns about the reliability of these investments [6][7] Group 3: Historical Context and Future Outlook - Gundlach draws parallels between the current private credit situation and the subprime crisis, emphasizing that past performance does not guarantee future results, particularly in a market that has not been thoroughly tested [7][9] - The potential for private credit to be marketed to the general public, which was previously considered a complex investment for professionals, could lead to significant issues if liquidity is required [3][4]

Group 1 - The Financial Regulatory Administration has established 74 private equity investment funds to support investments in technology innovation enterprises [1] - The focus is on providing targeted financial services based on the characteristics of different industries, emphasizing a "one industry, one policy" approach [1] - The administration is enhancing the technology financial service model, particularly in high-tech and emerging industries, to promote the integration of investment and financing [1] Group 2 - The implementation of pilot projects for equity investment by financial asset investment companies is part of the strategy to support technology innovation [1] - In addition, technology enterprise merger loans have been launched in 18 pilot cities to facilitate capital circulation for technology companies [1]

一级市场新利好！ 值得关注的是，中国人民银行行长潘功胜在会议期间着重提及私募股权投资机构。 他表示：这次为了支持股权投资机构在"科技板"发行长期限债券融资，人民银行会同证监会借鉴2018年 设立民营企业债券融资支持工具的经验，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，可购买科技创新债券。同时与地方政府、市场化增信机构等一起，采取多样化的增信措施，共 同参与分担债券投资人的违约损失风险，这可以有效降低股权投资机构的发债融资成本，支持其发行更 长期限如8年期、10年期债券。 随后，中国人民银行、中国证监会发布"发行科技创新债券有关事宜"的公告。公告中指出：具有丰富投 资经验、出色管理业绩、优秀管理团队的股权投资机构，可发行科技创新债券，募集资金用于私募股权 投资基金的设立、扩募等。 事实上，中共中央政治局4月25日召开会议时强调，要多措并举帮扶困难企业。加强融资支持。加快推 动内外贸一体化。培育壮大新质生产力，打造一批新兴支柱产业。持续用力推进关键核心技术攻关，创 新推出债券市场的"科技板"，加快实施"人工智能+"行动。大力推进重点产业提质升级，坚持标准引 领，规范竞争秩序。 早在今年3月6 ...

私募股权交易者一向以直截了当、注重实效而自豪。因此，当埃及工业家兼亿万富翁投资者纳赛夫·萨 维里斯（Nassef Sawiris）本周发表一番犀利评论时，或许连那些"金融巨头"也不得不暗自佩服。 私募股权的"黄金时代"已过？ "私募股权已经走过了最好的日子……他们无法退出。退出实在太难了。" "投资者们非常沮丧，他们对私募公司说：'我还没看到任何回报，过去五六年你们一分钱都没返还给 我。'" 他甚至批评了一些私募常用的延续基金，即在基金到期后仍继续持有被投公司股权的机制，称其为"史 上最大骗局"。 "你卖不掉公司，就再次加杠杆，这算什么事？"他反问道。 全球私募市场遇冷 虽然萨维里斯的观点直白，但也反映出私募股权行业当前的困境。 根据贝恩公司（Bain & Co）数据，2024财年是过去三十年来全球私募股权行业规模首次萎缩的一年， 总规模下降2%，至4.7万亿美元（约合7.25万亿澳元）。 交易活动大幅放缓，导致回报减少。分配资本回报率（DPI）——即返还现金与投资资本的比例——近 年来急剧下降。 一些巨头如黑石（Blackstone）和KKR的股价自高点下跌超过30%。 萨维里斯在接受《金融时报》采访时直言 ...

Group 1: Xiangsheng Medical - The company emphasizes shareholder returns, with a 2024 dividend plan of 10 CNY per 10 shares, totaling 112 million CNY, which accounts for 79.62% of net profit [1] - In 2024, the company plans to invest nearly 80 million CNY in R&D, with 48 new patent authorizations and 5 domestic and 35 international market access licenses [1] - The breast artificial intelligence ultrasound robot is designed for breast cancer screening, integrating ultrasound, robotics, and AI technology for large-scale patient screening [1] - The company is mitigating risks from US tariffs through global market expansion and ODM models, aiming to build a global supply chain and explore emerging markets [1] Group 2: Boteng Co., Ltd. - Despite external uncertainties, the company remains a key supply chain partner for clients, with limited impact from current tariff policies as products fall within the exemption range [2] - The company's gross margin fluctuations are mainly influenced by domestic market conditions and new business losses, while overseas markets and core business margins remain stable [2] - The company has increased production and R&D capabilities through acquisitions and self-construction, with a growing order backlog expected to convert into revenue in 2024 and 2025 [2] - New molecular business is growing rapidly, but the timeline for reaching breakeven is uncertain, with 2025 capital expenditures focused on overseas expansion and upgrading existing capacities [2] Group 3: ST Huatuo - The company focuses on evergreen game categories like SLG and match-3 games, emphasizing innovation and scalability [3] - The company believes that the trend for SLG games is favorable due to ease of operation and strong user retention, although successful teams are limited [3] - The company plans to leverage cost reduction and efficiency improvements to return to traditional advantages and explore overseas markets [3] - The company is optimistic about AI game development, hosting innovation competitions while maintaining a cautious short-term outlook [3]

以下文章来源于远川投资评论 ，作者沈晖 远川投资评论 . 看更好的资管内容 本文来自微信公众号： 远川投资评论 ，作者：沈晖，头图来自：电影《大空头》 5月4日，现已94岁高龄的巴菲特宣布年末交棒，迎来经久不息的掌声。地球的另一边，正值壮年的"中国巴菲特"但斌却稍显落寞。 东方港湾于2004年成立，2020年6月首次突破百亿，无论是经历业绩回撤、产品清盘、同行质疑、网友嘲讽，到头来但斌依旧是那个活在热搜顶端的百 亿但斌，与那些在"私募只有一条命"的诅咒里活得小心翼翼的私募老板们形成强烈的反差。 所以，主观私募流星般划过那么多顶流和网红，为什么但斌却有九条命? 一、时代投资法 汇添富与正心谷创始人林利军曾形容，和但斌交往的过程，正是一个逐渐感受到"时间的玫瑰"之美的过程。 林利军在汇添富时与同事们讨论，时时援引《时间的玫瑰》中的文字，"我们也是但斌所推崇的当时那几颗中国经济'皇冠上的明珠'——茅台、招商银 行、万科等企业的长期投资人。我们非常感恩《时间的玫瑰》一书对团队理念的有效帮助 [2] 。" 在举行这届股东会的前一个交易日，伯克希尔市值创下历史新高。在会上，巴菲特对库克不吝赞美，表示"库克为伯克希尔赚的钱 ...

其中，突破关键核心技术的科技型企业可以参照适用知名成熟发行人优化审核安排，提升科创债审核注 册效率，对不存在需重点关注的负面情形的，交易所审核时限原则上不超过10个工作日。另外，鼓励发 行人对发行方式、期限结构、利率确定和计算方式等方面进行创新。支持发行人设置预期收益质押担 保、知识产权质押担保、可转换为股权、票面利率与科创企业成长或募投项目收益挂钩、以募投项目收 益现金流为主要偿债来源等创新条款。 自2021年全市场率先推出科创债以来，上交所持续推动科创债提质扩面，累计支持近300家产业企业发 行科创债，发行规模过万亿元。截至目前，深市科技创新固收产品发行规模超2200亿元，有效激发创新 发展的活力与动力。 据悉，目前多家证券公司和相关企业积极响应，正在筹备科创债的申报和发行。与此同时，证券公司科 创债的相关配套支持措施也在研究中，近期将渐次落地。 为加快多层次债券市场发展，积极支持发行科技创新债券，服务新质生产力，更好发挥债券市场功能， 沪深北交易所昨日分别发布《关于进一步支持发行科技创新债券服务新质生产力的通知》，自发布之日 起施行。《通知》优化了相关规则，包括进一步拓宽发行主体和募集资金使用范围，简化 ...