行业白皮书核心观点http://www.enarak.com行业白皮书核心观点 重磅报告!歌斐资产发布《中国PE二级市场基金2019年度展望报告》http://www.enarak.com/n/393行业白皮书核心观点2019-04-19<section class="" data-id="86005" data-tools="135编辑器" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(51, 51, 51); font-size: medium; letter-spacing: 0.544px; line-height: 25.6px; text-align: justify; white-space: normal; widows: 1; font-family: Helvetica, Arial, sans-serif; border: 0px none; background-color: rgb(255, 255, 255); word-wrap: break-word !important;"><section class="" style="margin: 0px 0px 16px; padding: 16px; max-width: 100%; box-sizing: border-box; word-wrap: normal; overflow: auto; font-size: 15px; line-height: 1.45; border-radius: 3px; background-color: rgb(247, 247, 247);"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;">2019年4月17日,歌斐资产助赢软件、投中信息在昨日举办的“看多中国”2019中国投资年会年度峰会上二次携手,联合发布了《中国PE二级市场基金(下称“PE S基金”)2019年度展望报告》,对国内外PE S基金发展趋势及交易难点等进行详细解析。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp;</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;">在2018年的投中年会上,歌斐资产与投中信息首次联合发布了《2018中国PE二级市场白皮书》<a target="_blank" data-linktype="2" style="margin: 0px; padding: 0px; color: rgb(87, 107, 149); text-decoration-line: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">(点击阅读)</a>,这本白皮书可谓是业内最具权威性的专注于中国PE二级市场的白皮书之一助赢软件。其结合业内经典案例助赢软件,针对中国PE二级市?。≒E S基金的交易市?。┓⒄瓜肿?、优势、存在的问题及未来发展趋势均做出了深入阐述。</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp;</p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;">以下为《中国PE二级市场基金2019年度展望报告》的要点解读助赢软件。</p></section></section><p><br/></p><section class="" data-role="paragraph" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(51, 51, 51); font-size: medium; letter-spacing: 0.544px; line-height: 25.6px; text-align: justify; white-space: normal; widows: 1; font-family: Helvetica, Arial, sans-serif; border: 0px none; background-color: rgb(255, 255, 255); word-wrap: break-word !important;"><section data-role="paragraph" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; letter-spacing: 0.544px; border: 0px none; word-wrap: break-word !important; overflow-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; font-family: 微软雅黑; color: rgb(165, 165, 165); font-size: 12.8px; text-align: center; line-height: 1.75em; 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color: rgb(51, 51, 51); font-size: medium; letter-spacing: 0.544px; line-height: 25.6px; text-align: justify; white-space: normal; widows: 1; font-family: Helvetica, Arial, sans-serif; border: 0px none; background-color: rgb(255, 255, 255); word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section data-role="outer" label="Powered by 135editor.com" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 16px;"><section data-role="outer" label="Powered by 135editor.com" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section class="" data-tools="135编辑器" data-id="94540" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section data-width="100%" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: 645px;"><section style="margin: 0px 0px -1.1em; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; display: inline-block; background: rgb(254, 254, 254);"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; display: flex; justify-content: center; align-items: center;"><section style="margin: 0px 2em 0px 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; width: 8px; height: 8px; border-radius: 100%; color: rgb(255, 255, 255); background: rgb(255, 218, 81);"></section><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: 33px;"></section><section class="" data-brushtype="text" style="margin: 0px; padding: 0px 15px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; color: rgb(255, 255, 255); font-weight: bold; letter-spacing: 1.5px; line-height: 32px; background-color: rgb(255, 218, 81);"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; color: rgb(81, 77, 77); box-sizing: border-box !important; word-wrap: break-word !important;">报告核心观点:</span></section><section style="margin: 0px 0px 0px 2em; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; width: 8px; height: 8px; border-radius: 100%; color: rgb(255, 255, 255); background: rgb(255, 218, 81);"></section></section></section></section><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 2px dashed rgb(229, 229, 229);"><section data-autoskip="1" class="" style="margin: 0px; padding: 2em 1em 1em; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; font-size: 14px; letter-spacing: 1.5px; line-height: 1.75em; color: rgb(255, 218, 81);"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; color: rgb(255, 255, 0); box-sizing: border-box !important; word-wrap: break-word !important;">?</span><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">国外PE二级市?。?lt;/span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">1、 运行机制日趋成熟,创造价值愈被认可助赢软件,将迎来长足发展助赢软件;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">2助赢软件、 更复杂的交易类型逐渐出现并产生更高的溢价;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">3、 通常采用“P+S+D”(首次募集+二级市场+直投)的交易策略助赢软件。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; color: rgb(255, 255, 0); box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">?</strong></span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77); font-size: 15px;">国内PE二级市?。?lt;/span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">1助赢软件、 年轻(发展不足十年)助赢软件,但成长迅速;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">2、 交易类型集中于基金份额转让,生态系统亟待完善;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(81, 77, 77); font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">3、 诸多因素使得其在发展过程中机遇与挑战并存。</span></p></section></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; text-align: center; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; text-align: center; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">一、全球S基金发展趋势分析</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">1、自金融?;岳?,全球PE二级市场交易量近十年保持盘旋上升</span></strong><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"></span></strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">全球PE二级市场交易量呈现盘旋上升趋势,2017年创下580亿美元新高。2003-2017年间全球PE二级市场交易量复合增长率达14%,2008年、2014年与2017年均为PE二级市场交易量大幅度增长点助赢软件。随着GP参与度的提升、即将到期基金的增加助赢软件,<strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">PE二级市场所创造的价值越来越被认可,在可预见的未来势必迎来长足的发展助赢软件。</strong></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">2、</span>各类S策略基金中(包括PE基金助赢软件、实物资产类基金、VC基金、私募债基金、多元化策略基金等),PE S基金募资规模处于领先位置(如下图)。</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"><img class="" data-ratio="0.4074074" data-src="https://mmbiz.qpic.cn/mmbiz_png/lJvqTbHicicYqdkNnjIabbjVOPFQqNAcBkMQhMDP2bJmNcA0bbdPMCskBFIQzxJXFEdgDUib5rXXD74fBNuNhRbFw/640?wx_fmt=png" data-type="png" data-w="1080" _width="677px" src="error!" crossorigin="anonymous" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; width: 677px !important; visibility: visible !important;"/></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">3、<strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">PE</strong>&nbsp;S基金净回报倍数的中位数高于其他PE基金</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">如下图所示,2008-2016年全球市场PE S基金净回报倍数的中位数普遍高于其他私募基金助赢软件。</span></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">4、GP为主导的交易占主要交易类型</strong><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"></strong><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"></span></p></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">自2012年以来助赢软件,以GP为主导的交易增长速度远超整个PE二级市场,占到2017年整个市场交易额的24%助赢软件。</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">伴随PE二级市场的成熟,GP相较于LP更积极主动地参与到PE二级市场交易中助赢软件。</span></p><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; text-align: center; box-sizing: border-box !important; word-wrap: break-word !important;"><img data-copyright="0" data-ratio="1" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/lJvqTbHicicYqdkNnjIabbjVOPFQqNAcBkyG29icC1hkXDOiaKibELNUyoyoPTqWluJ3icFa12bOmfw1t7QUKQTNeQrQ/640?wx_fmt=png" data-type="png" data-w="50" _width="50px" class="" src="error!" crossorigin="anonymous" data-fail="0" style="margin: 0px; padding: 0px; max-width: 100%; color: rgb(192, 0, 0); font-family: 微软雅黑; font-size: 14px; height: auto !important; box-sizing: border-box !important; word-wrap: break-word !important; width: 50px !important; visibility: visible !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; text-align: center; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">二、国内S基金发展趋势分析</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">1助赢软件、国内S基金参与者对市场关注度逐渐增加,头部参与者仍以母基金为主</strong></span></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">国内母基金越来越重视PE二级市场助赢软件,一些专业的PE二级市场基金也开始布局亚洲市场。</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">各路新进入者奔赴PE二级战场的消息不绝于耳助赢软件,硝烟弥漫。</span></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"><img class="" data-ratio="0.6591133" data-src="https://mmbiz.qpic.cn/mmbiz_png/lJvqTbHicicYqdkNnjIabbjVOPFQqNAcBkZjLG4aZBJnjaroXvVxyhrLlH5KdPttsApQfCCOQ47MctQ0mJr7nxXQ/640?wx_fmt=png" data-type="png" data-w="1015" _width="677px" src="error!" crossorigin="anonymous" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; width: 677px !important; visibility: visible !important;"/></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">2、国内不论GP还是LP参与PE二级市场意愿较往年稳步增强</strong></span></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"></span></p></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">去年仅有11.34%GP参与PE二级市场交易,今年增长到15.04%;</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">去年有18%LP没有参与基金份额转让交易的意愿,今年降低到13%。</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; font-size: 15px;">总体趋势向好,但因为国内市场发展不完善,GP和LP持观望态度的依然较多。</span></p><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">3助赢软件、基金份额转让是国内PE二级市场交易主要类型</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">调研发现,目前国内PE二级市场交易类型以基金份额转让为主,原因在于</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">1)《资管新规》和资本市场波动带来的违约缴款增加;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">2)减持新政、特殊行业的并购退出限制、IPO等政策的影响,基金退出速度、资产变现效率均有所减缓;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">3)特定类型LP如政府引导基金等有结构性调仓需求。</span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; vertical-align: middle; display: inline-block; line-height: 0;"></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">3助赢软件、国内S基金面临的机遇和挑战</strong></span></p></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(1)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>资管新规不论是对于机构募资助赢软件,还是对于政府引导基金出资,带来的影响很大,部分GP不得已替换出资方或缩小募资规模来完成基金的募集;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(2)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>科创板对S基金估值体系建立提供了很好的借鉴,推动了S基金的发展;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(3)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>目前市场变现需求较为急迫的LP有3类:</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><em style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">1)受资管新规影响,过往通过银行通道业务出资的LP需尽快转让;</em></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><em style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">2)依靠上市公司及其高管出资的LP,需快速变现去补救股票质押带来的影响;3)来自地产和实业的LP,由于银行收缩贷款去杠杆助赢软件,也需尽快变现,回补现金流;</span></em></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></strong></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">(4)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>国内S基金发展之初主要是以LP份额转让为主的交易方式,随着歌斐资产、开元国创等母基金不断探索,加之国外专业的S基金参与者如科勒资本助赢软件、新程投资等开始在亚洲市场布局助赢软件,S基金交易类型不再单一助赢软件,尾盘交易、定制化交易逐渐成为新的趋势,间接推动国内PE二级市场的发展。</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; text-align: center; box-sizing: border-box !important; word-wrap: break-word !important;"></p></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; text-align: center;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">三助赢软件、S基金交易难点解析</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">1、国内S基金交易过程中的难点</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(1)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>信息不对称:国内PE二级市场发展面临严重的信息不对称,交易过程中产生的需求没有得到有效解决,有时还会阻碍交易的进行助赢软件;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(2)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>尽调难题:一方面GP不太希望将自身投资组合和投资策略让他人了解,另一方面,即便GP配合,S基金团队也很难在短时间内将GP花费大量时间尽调的项目重新审核一遍;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(3)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>估值难题:估值包含资产估值和LP权益估值,资产估值目前有相对成熟的方法论助赢软件,而LP权益估值比较难,不同机构有不同方法助赢软件,存在较大差异助赢软件;</span></p><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(4)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp; &nbsp;</span>整个生态系统发展完善度不高:国外PE二级市场的发展已经成熟完善了,交易过程中都会有相对应的服务商提供服务,促使交易顺利进行,然而国内目前发展仍处于早期助赢软件,除了买家和卖家外,中间环节虽正在逐步形成一些少量的服务商助赢软件,但还未有很好的系统去整合生态,造成服务与实际业务的脱节。</span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">2、对从业人员的综合能力要求颇高</strong></span></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p></section></section></section><section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">国内S基金发展面临着良好机遇的同时也面临着较多难题,且对S基金团队投资能力来讲挑战较高,总结归纳为以下四点:</span></p></section></section></section><section data-role="paragraph" class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; border: 0px none;"><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(1)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp;&nbsp;&nbsp;</span>具有较强的项目判断能力</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">S基金团队需要在对portfolio中不同行业、不同阶段的各个项目,有一定深度的判断助赢软件,并进行合理估值;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(2)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp;&nbsp;&nbsp;</span>具有极好的资源网络</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">S基金团队需要同时覆盖足够广泛的GP资源、LP资源助赢软件助赢软件,建立良好的份额来源渠道助赢软件;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(3)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp;&nbsp;&nbsp;</span>具备较好的交易能力</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">S基金团队需要具备复杂交易结构的设计能力助赢软件、谈判能力助赢软件、交易执行能力;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">(4)<span style="margin: 0px; padding: 0px; max-width: 100%; font-stretch: normal; line-height: normal; box-sizing: border-box !important; word-wrap: break-word !important;">&nbsp;&nbsp;&nbsp;</span>具有良好的关系处理能力</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">S基金团队需要平衡协调各方利益诉求的能力,包括买方助赢软件、卖方、GP助赢软件、标的资产方等。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; box-sizing: border-box !important; word-wrap: break-word !important;"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; font-size: 15px; box-sizing: border-box !important; word-wrap: break-word !important;">针对上述难点,歌斐资产作为母基金和S基金的先行者,已经构建了强大的系统和优化了完整的打法。</span></strong></p></section></section></section></section></section></section></section></section></section><p><br/></p><p><br/></p> 《GP生存发展报告》歌斐资产&母基金周刊联合发布丨重磅行研http://www.enarak.com/n/388行业白皮书核心观点2019-04-04<p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;">《GP生存发展报告》新鲜出炉啦~</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;">本报告由歌斐资产&amp;母基金周刊联合发布,旨在把GP看作资产管理行业的重要部分去研究助赢软件,研究产业中从业主体的需求、特点,找到他们的痛点助赢软件,然后整合资源更好去服务、赋能。</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; text-align: center;"><img src="Uploads/Gopher/UEditor/2019-02-11/95d75b24-f8c6-4dee-92ba-8101799b96f5.png" width="900" height="600" border="0" hspace="0" vspace="0" title="" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; font-size: 16px; white-space: normal; width: 900px; height: 600px;"/></p><p><br/></p><section data-role="outer" label="Powered by 135editor.com" style="padding: 0px; margin: 0px; box-sizing: border-box; font-size: 16px;"><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">本文根据歌斐资产董事长殷哲在中国母基金峰会的演讲;</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; text-align: center;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;"></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; text-align: center;"><img src="Uploads/Gopher/UEditor/2019-02-11/image4889667.png" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">以及歌斐资产合伙人曾纯与母基金周刊创始合伙人兼CEO在中国母基金年会上的演讲和对话整理。<br style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"/></span><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">01</strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">拐点</strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">“我们看到多远的过去,就能看到多远的未来。转折也好,拐点也罢,希望看到长周期视野下我们在什么位置助赢软件?!?lt;/span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">目前助赢软件助赢软件,整个中国的金融行业在时间、形态和体量上基本都在对标美国。我们从数据上可以看到,美国VC市场2000年有一个非常明显的变化——整个互联网在冲顶之后,有一个强烈的回落。2003年之后,基本上进入相对平稳的阶段助赢软件。政策引导及经济环境的变动助赢软件,是当时美国VC“拐点”的关键因素。</span></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" em="em" style="padding: 0px; margin: 20px 16px 25px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 14px;">图:1978年至2018年美国VC募资总规模</span></strong></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; text-align: center;"><img data-ratio="0.39886039886039887" data-type="jpeg" data-w="702" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDC69TpgMibHGmrczEhNUxNFP9IuZBxcibTmOFtdDEVKmz8ibTwHeNKJ2ttA/640?wx_fmt=png" data-backw="556" data-backh="222" data-copyright="0" data-oversubscription-url="http://mmbiz.qpic.cn/mmbiz_jpg/3lb4glknKyTX0W3CSQaXLTohRUwZOFDC6ZR1EjHyCGY8F1hEgsVQyvHib6Cwx1BG0vSUQwR9qxLYhLSC6VNveLQ/0?wx_fmt=jpeg" _width="645px" class="" src="Uploads/Gopher/UEditor/2019-02-11/image6336886.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; visibility: visible !important; width: 645px !important;"/></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; max-width: 100%; color: rgb(136, 136, 136); font-size: 16px;">数据来源:路透社,FOF weekly整理<br style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"/></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">回来看中国的私募股权行业助赢软件,以2004年为界,自此之后,中国的私募股权投资一路飙升,发展迅猛。而在之前,国内私募基金基本处于地下生长阶段。正是2004年,国内的私募股权基金才步入阳光化发展阶段。私募基金从地下运营到政策支持,从野蛮生长到规范发展,从鲜为人知的细分领域成长为金融行业的重要组成部分助赢软件。</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">把节点放到2018年,中国整个私募股权的发展和美国VC非常陡峭的发展形态类似。如果对标美国,中国的私募股权行业需要三年左右的时间才可以回归到相对平稳的状态,回归到一个更理性、更符合资产管理业态的合适比例。</span></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><img data-ratio="0.3777292576419214" data-type="png" data-w="458" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCzOe6597Fj0R72B5ru1Br8jnf15FlKvKTPtxgUvNDHG7d8YPyXicLLYg/640?wx_fmt=png" data-backw="514" data-backh="194" data-copyright="0" data-cropsely2="194" data-cropsely1="0" data-cropselx2="486" data-cropselx1="28" _width="458px" class="" src="Uploads/Gopher/UEditor/2019-02-11/1fde3e25-6fb8-4c4f-a414-9c353faada23.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; letter-spacing: 0.544px; text-align: center; white-space: normal; width: 735.333px; visibility: visible !important;"/><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); letter-spacing: 1px; font-family: 宋体, SimSun; font-size: 16px;">&nbsp;</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">对标国际和美国助赢软件,中国私募行业逐渐进入机构投资者主导的成熟发展阶段助赢软件。但目前国内外差距依然存在。</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">从统计数据来看,中国私募基?管理?及数量约为美国同?的8倍与2.5倍,整体管理规模只有七分之一,?美国私募基?规模平均管理基?数量是中国的3倍多助赢软件,平均管理规模?达54倍多助赢软件。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 14px;">图:中美私募股权管理人数量/规模对比</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 14px;"><img src="Uploads/Gopher/UEditor/2019-02-11/image3665070.png" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle;"/></span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(136, 136, 136); font-family: 宋体, SimSun; font-size: 16px;">数据来源:中基协截至2018年6月底:《2017年四季度私募基金行业统计报告》,截至2017年底。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">可见,从基?管理能力的角度来看,中美之间还有很?差距,也是中国同?的努??向,未来还有很长的路要走,任重道远。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">02</strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">分流</strong></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">“LP的专业化和机构化,有利于促进长期资本的形成”</strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">1、资金的问题</strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">在当前国内金融大环境下,中国资金市场目前面临三个问题:</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">风险定价错配;</strong>国内的大部分金融资产的风险定价是错配的助赢软件,即其风险并不体现在收益上。政府干涉和 “刚性兑付”意味着债券、信托、房地产、甚至股权类资产等的价格并不由市场主导助赢软件,不满足资产配置的风险收益对等的基本条件。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">时间预期错配;</strong>许多根据投资人的偏好生成的资产配置建议,导致国内投资市场有很多“短钱长用,长钱短用”的现象。国内出现的许多“爆雷”现象,主要是存在时间错配的问题。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">市场限制错配;</strong>因为国内资产在全球配置上的限制助赢软件,资产除了很难投出去以外,估值也是一个比较大的问题。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">2、LP的分流</strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">把中国目前的资金面分成四类,我们对不同的钱对它的导向和特点做了一些简单的解读。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">图:中国LP&nbsp;4种类型和特点</span></strong></span></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><img data-ratio="0.41935483870967744" data-type="png" data-w="620" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDC4YlibIVrXucP8wqOicMRv8cPMbcdfibTRBYaUXwHzunf7CJxRkpmliaFtA/0?wx_fmt=png" data-backw="524" data-backh="220" data-copyright="0" data-cropsely2="222" data-cropsely1="0" data-cropselx2="524" data-cropselx1="0" _width="645px" class="" src="Uploads/Gopher/UEditor/2019-02-11/image7614009.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; width: 698px; visibility: visible !important;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(136, 136, 136); font-family: 宋体, SimSun; font-size: 16px;">来源:FOF Weekly</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">第一类是“洪流”,这一类LP以政府引导基金、央国企、国有金融机构为代表。非常受政策导向的钱,我们称之为是洪流。资金体量大,像洪水一样助赢软件,谓之洪流如2008年的四万亿像洪水漫灌一样进入市场。其特点是背书强,受政策和领导变动影响大助赢软件,决策周期长。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">第二类是“静流”,此类LP以产业集团、上市公司为代表。产业的钱需要放在一个几十年甚至上百年的周期来配置,其受制于增长相对缓慢的特性,需要符合最基本的产业发育的规律。产业发展周期较长,则必然容易受到很多产业政策、结构性调整的影响。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">第三类是“暗流”,这一类主要以个人财富为主,以家族办公室、私行等为代表,以资金增值和保值为导向。此类LP有着决策快,受个人关系信任度影响较大的特点,但有潜在的可持续性助赢软件、流动性?;?。最近很多资金爆雷的部分也是在暗流。我们很多民间的钱,是在中国整个资金面市场上是非常重要的组成部分。当然,现在也是在整顿和调整。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">第四类是“急流”,它以外资为代表,集中于产业转移基金和美元基金,以全球分工和资本配置为导向助赢软件。这类LP通常是专业的长期资本,门槛高、政策敏感度高。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">3助赢软件、LP的分层</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">由于中国资金市场的来源比较丰富,部分类型的LP参与市场早而且活跃助赢软件,市场显著度比较高,还有部分LP参与迟,相对低调,市场认知度低。但在成熟市场,后者将是更主流的机构投资人。因此中国整个资金面出现“分成现象”,分成水上和水下。</span></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" em="em" style="padding: 0px; margin: 20px 16px 25px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">图:中国LP的分层</span></strong></span></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><img data-ratio="0.33781763826606875" data-type="png" data-w="669" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCxYFHeJMVmNr4ibOATxmH4aOVk0TB7XTAXia67eu2cCR4Djp3JSWhhGxQ/640?wx_fmt=png" data-backw="556" data-backh="188" data-copyright="0" _width="645px" class="" src="Uploads/Gopher/UEditor/2019-02-11/image4137862.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; width: 698px; visibility: visible !important;"/></p><p style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; font-size: 17px; letter-spacing: 0.544px; caret-color: rgb(0, 0, 0); font-family: -webkit-standard; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(136, 136, 136); font-family: 宋体, SimSun; font-size: 16px;">数据来源:??∽裳?amp;nbsp;</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">水上的钱大致包括政府引导基金、市场化母基金和产业头部的企业助赢软件助赢软件、银行类的金融机构以及政府国企、央企等。这是大部分机构都可以接触到,近几年在各大论坛和各大媒体比较活跃的主体。</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">但相对而言助赢软件,水下的钱的源头也是非常重要的机构出资人,现在市面上对他们关注比较少,比如高?;?,因为中国教育体制的原因,不可能像美国的高校捐赠基金高度市场化,目前很多高?助赢软件;鹨悼枷蛎拦员?,开始具备资产配置概念,慢慢向市场化运作助赢软件?;褂写壬苹?,上个月国家出了一个文,慈善基金可以进入到一级市场助赢软件,也是一个利好消息。</span><a target="_blank" data-linktype="2" style="padding: 0px; margin: 0px; box-sizing: border-box; color: rgb(87, 107, 149); outline: none; -webkit-tap-highlight-color: rgba(0, 0, 0, 0); max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">《慈善组织或成机构LP主力军助赢软件,私募行业有望助力慈善资产保值增》</span></a><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">??</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">由于中国LP群体还在早期的发展阶段,有着各种分流和分化助赢软件,中国的LP还有大量从水下还没有浮上来,所以还有非常大的配置空间,需要更多的专业GP和投资咨询的服务机构。</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">另外助赢软件,中国现在机构化的资金越来越多,从产业发展的角度来看,有利于长期资本的形成,对产业创新的支持也会更符合产业发展本身的规律和节奏助赢软件。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-size: 18px;">03</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-size: 18px;">分化</span></strong></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">“GP要生存发展助赢软件,尽快找准定位,构建核心能力”&nbsp;</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">如果把2018年被看作行业拐点,未来GP会朝着不同的方向分化形态助赢软件。</span></p><h3 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun;"><br style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"/></span></h3><h3 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">1助赢软件、视角1:发展策略和运营模式&nbsp;</span></strong></span></h3><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><img data-ratio="0.7760869565217391" data-type="png" data-w="920" data-s="300,640" _width="677px" class="" src="Uploads/Gopher/UEditor/2019-02-11/image6961049.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; width: 698px; visibility: visible !important;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">第一个维度是两种发展策略:做大还是做精? 到底是做大管理规?;故谴怪绷煊蛳阜值木坊??从美国经验来看,管理规模提升了以后,IRR就会受影响,二者很难兼得。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">“白马”朝向资管生态演变,规模至上追AUM,未来管理规模超几百亿的机构会越来越多,资金体量必然会导致管理的发展策略向资管生态演变?助赢软件!昂诼怼痹蚓劢褂诖怪敝砑?、专业化,会倾向于追求较高IRR。有GP聚焦在医疗里面的眼科细分领域,但是投得非常好,足够窄的时候就可以在全球市场上在这个细分市场做到最顶级助赢软件。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">第二个纬度是两种运营模式:长期持有还是阶段性套利?越来越多的GP会向产业型基金转变,产业基金和CVC逐渐崛起助赢软件,围绕产业做分拆整合和主动管理;此类基金需深耕产业,不断提升产业属性的资产管理能力。</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">有一些基金则强化交易退出,被称之为投行型,这种形态要求GP在资产一端有很强的交易能力助赢软件,可以快速的缩短周期和提高频次。很多投行型的基金会出来,或者说强交易的GP也在逐渐投行化助赢软件,进行资本运作和资产组合。所以他们的特点是我对资产处置和对资产流动的处置的效率很高,交易环节很强。一个机构的是交易能力还是产业管理能力,这对人员配置和能力素质要求区别很大。产业和投资的融合是很重要的趋势。现在新GP团队产生最核心的来源一部分是CVC的人脱落或者是产业链spin off和投资人融合,或者投资人不断的吸纳产业的人来优化它的团队。</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">以产业资管生态的为例助赢软件,体量又大,又很聚焦产业,CVC是典型代表,比如京东助赢软件,百度在市场规模是投资几千亿,它的策略可以做直投可以做LP,可以从最创新的部分一直投到上市公司,所以他们在这市场里面会成为一个非常重要的参与角色助赢软件。2017年中国的CVC交易创下新高。CVC对中国公司投资的交易数量几乎翻了一番。从84笔到163笔,增加了94%助赢软件。与此同时,投资金额也随之翻了一倍,从31亿美元增至60亿美元,同样上升近94%。BAT,小米、京东等新经济的龙头企业中国投资领域异?;钤?。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><h3 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">2、视角2:参与深度和能力</span></strong></span></h3><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">第二个GP的分化方式,用GP的能力和参与度的新纬度来去看GP,一个纬度是对整个GP的控制?;褂泻芏嗍歉缎偷?,还有服务型,虽然在投资比例比较少,这种赋能型的投资也慢慢的兴起。</span></p><p style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; font-size: 17px; letter-spacing: 0.544px; text-align: justify; caret-color: rgb(0, 0, 0); font-family: -webkit-standard;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><img data-ratio="0.8955696202531646" data-type="png" data-w="316" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCVkTQ0yW27DQoe1warl8xWicaN7icKuEcib04ZnDibibe2cjlObF8WpnyAaA/640?wx_fmt=png" data-backw="316" data-backh="283" data-copyright="0" _width="645px" class="" src="Uploads/Gopher/UEditor/2019-02-11/image8369680.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; width: 698px; visibility: visible !important;"/></p><p style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; font-size: 17px; letter-spacing: 0.544px; text-align: justify; caret-color: rgb(0, 0, 0); font-family: -webkit-standard;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">以从国内外的基金为对标助赢软件,一个是日本的软银,国内有高瓴资本和中信资本,还有一个是很热的3G capital,在全球市场做控制运营型非常有名的标杆。&nbsp;</span></p><p yahei="yahei" sans="sans" helvetica="helvetica" px="px" normal="normal" ui="ui" gb="gb" sc="sc" neue="neue" none="none" rgb="rgb" sans-serif="sans-serif" arial="arial" microsoft="microsoft" hiragino="hiragino" pingfang="pingfang" center="center" initial="initial" style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><img data-ratio="0.4238095238095238" data-type="png" data-w="630" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCav03sGfwCY08I8icPOrQZFsKv1UdZ6mzNXpyHiaWxV8KF8Cg1UUY57NA/640?wx_fmt=png" data-backw="556" data-backh="236" data-copyright="0" _width="645px" class="" src="Uploads/Gopher/UEditor/2019-02-11/image7377721.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; width: 698px; visibility: visible !important;"/></p><p style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; font-size: 17px; letter-spacing: 0.544px; text-align: justify; caret-color: rgb(0, 0, 0); font-family: -webkit-standard;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">通过对GP市场的观察形成对GP细分和分化逻辑,中国GP市场还在一个裂变的状态,再过几年结构会趋于稳定,在之前的一二十年里,GP有子弹就出去打一下,或多或少都有收获。但是现在就比较难了助赢软件,细分赛道里已经站满了投资人。当资金变少助赢软件,竞争激烈的时候每一个GP都要找到自己位置,这个定位的过程是非常重要助赢软件,定位会决定募投管退的策略,深耕自己的能力区域。否则你在未来五到十年很难生存。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">因此,GP机构找准赛道,找准定位助赢软件,构建核心能力。等细分赛道逐渐饱和,机构的生存会变得很艰难助赢软件,甚至会被淘汰。&nbsp;</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><h2 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-family: 宋体, SimSun;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 18px;">04</span></strong></span></h2><h2 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); font-family: 宋体, SimSun;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 18px;">抉择</span></strong></span></h2><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">“认清趋势助赢软件助赢软件,回归价值助赢软件,放眼全球”</strong></span></p><h3 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun;"><br style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"/></span></h3><h3 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">1、从狩猎到农耕</span></strong></span></h3><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">图:从狩猎时代到农耕时代的转变</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><img data-ratio="0.49920760697305866" data-type="jpeg" data-w="631" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCSkUtaSDaS6LOtfYBckqXzKaKLxbZ4CicDwvJjXYaCTwjoOVQxHbFelA/640?wx_fmt=png" data-backw="556" data-backh="278" data-copyright="0" data-oversubscription-url="http://mmbiz.qpic.cn/mmbiz_jpg/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCOI7GHl6qHAK20nodK42h0kt3kWKA6a4dzeFfbgOwztcicXEugVAqvIA/0?wx_fmt=jpeg" _width="631px" class="" src="Uploads/Gopher/UEditor/2019-02-11/image8701218.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; width: 631px !important; visibility: visible !important;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(136, 136, 136); font-family: 宋体, SimSun; font-size: 16px;">来源:FOF weekly</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">中国已经开始在某一些原创的研究领域向国外输出我们的模式和技术。这个是创新环境里面非常大的变化助赢软件?;褂幸豢槭谴?C部分向2B转变,以及在整个竞争状态助赢软件,我们的募资、投资情况,机会性的跑马圈地助赢软件,粗放式的投资到现在越来越需要精耕细作,越来越需要像农耕时代的思维助赢软件,我们需要更长期的布局,更早期的布局,包括我们在管理,大部分GP的管理都是比较粗放,因为我们现在还没有到这一部分,包括退出。&nbsp;</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">2、从套利到长期价值,赚能力的钱</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">到底GP赚什么钱?如果我们把整个GDP的增长助赢软件,整个大水漫灌流动性的部分,这些部分带来的收益去除,GP的实际收益是什么多少?通过梳理GP怎么获利,发现与其他投资工具不同,私募股权投资的回报立足于经济周期轮回和时代变迁,牺牲流动性助赢软件,换取跨周期的超额回报,从长期看,最终超额收益来源于企业真实持久的价值创造。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">图:GP能力迭代模型</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><img data-ratio="0.5430861723446894" data-type="png" data-w="499" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCLG6w5BUdhlTZtc4ibLw7QyXe6ibXwqpx4uEGv5Db7xDrjF5jBsHcSJzQ/640?wx_fmt=png" data-backw="499" data-backh="271" data-copyright="0" _width="645px" class="" src="Uploads/Gopher/UEditor/2019-02-11/image3624956.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; caret-color: red; font-family: -apple-system-font, system-ui, Arial, sans-serif; width: 698px; visibility: visible !important;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(136, 136, 136); font-family: 宋体, SimSun; font-size: 16px;">来源:FOF weekly</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">由于中国经济发展和转型、制度套利和流动性机会的存在,使得大量的GP基于不同策略获得生存空间。随着这些都消失后助赢软件,必然回到最底层的逻辑,产业创新价值在哪里助赢软件,如果抓不住助赢软件,这个GP想获利挺难助赢软件。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">根据美国30年来私募股权行业投资回报贡献比例的对比分析,GP 通过财务杠杆获得回报的比例逐渐降低;公司业务价值创造所占的投资回报比越来越高;投后管理(尽职调查、?;Χ?助赢软件、企业咨询等)成为推动 GP 投资回报增长的关键因素<span style="padding: 0px; margin: 0px; box-sizing: border-box; font-size: 15px; max-width: 100%; letter-spacing: 1px;">。</span></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">图:私募股权行业投资回报贡献比例</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;"></span></strong></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; text-align: center;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><img data-ratio="0.3978328173374613" data-type="png" data-w="646" data-s="300,640" data-before-oversubscription-url="https://mmbiz.qpic.cn/mmbiz_png/3lb4glknKyTX0W3CSQaXLTohRUwZOFDCKx1GIfzOj1F9Uk6M2REvOdzFWMtPnC3G7DAV2TEg15leU5U3OPWvSg/640?wx_fmt=png" data-backw="556" data-backh="221" data-copyright="0" _width="645px" class="" src="Uploads/Gopher/UEditor/2019-02-11/image9401970.png" data-fail="0" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; font-family: -apple-system-font, system-ui, Arial, sans-serif; visibility: visible !important; width: 645px !important;"/></strong></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; color: rgb(136, 136, 136); font-family: 宋体, SimSun; font-size: 16px; letter-spacing: 0.544px;">数据来源:BCG&nbsp;&nbsp;</span><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"></span></p><h3 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><br style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"/></strong></span></h3><h3 style="padding: 0px; margin: 0px 16px; box-sizing: border-box; font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-weight: 500; line-height: 1.6em; color: rgb(51, 51, 51); font-size: 16px; max-width: 100%; letter-spacing: 0.544px; text-align: justify; white-space: normal;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;">3、从美元到人民币,双币策略成标配<br style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"/></strong></span></h3><p style="padding: 0px; margin: 20px 16px 0px; box-sizing: border-box; max-width: 100%; min-height: 1em; font-size: 17px; letter-spacing: 0.544px; text-align: justify; caret-color: rgb(0, 0, 0); font-family: -webkit-standard;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-size: 15px;">图:2009-2018年人民币基金与外币基金募资总额</span></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><img src="Uploads/Gopher/UEditor/2019-02-11/image9050126.png" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: center;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(136, 136, 136); font-size: 15px;">来源:清科私募通助赢软件,FOF Weekly整理</span></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">受制于国内募资环境的影响助赢软件,今年大量的人民币基金开始尝试募集双币,一方面可以先更广泛地域的资金配置,另一方面也便于投入到适合海外上市的创业企业当中。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">虽然国内募集双币基金的机构增多难免有避难就易的嫌疑,但从长期来看助赢软件,在人民币管制严格的环境下,募集双币基金无论从募资还是投资的空间上都会是一个很大的提升。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">双币基金的空间会更大一些,未来可能成为主流基金标配助赢软件。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); letter-spacing: 1px; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-size: 18px; max-width: 100%; font-family: 微软雅黑;">05</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(123, 12, 0); letter-spacing: 1px; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-size: 18px; max-width: 100%; font-family: 微软雅黑;">【结语】</span></strong></span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">2018年是激荡的一年。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">投资行业野蛮生长、跑马圈地的狩猎时代成为过去;精耕细作、重投研管理的农耕时代来临;</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">有的机构在强监管、募资难助赢软件、退出难中挣扎,乃至沉寂消亡;有的机构开始追求更高责任,能获得资本的在拐点抄底,凭借独特资源和能力优势迅速崛起和分化;</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">剧变中蕴含良机,横流里方显英雄助赢软件。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">放宽视野和心态助赢软件,求生存、谋发展。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 宋体, SimSun; font-size: 16px;">特别感谢:紫荆资本钱进、汪澍助赢软件,达晨创投刘畅,复航资本廖一帆等对本报告的贡献助赢软件助赢软件。</span></p><p style="padding: 0px; margin: 0px 16px; box-sizing: border-box; max-width: 100%; min-height: 1em; color: rgb(51, 51, 51); font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 17px; letter-spacing: 0.544px; text-align: justify;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><section class="_135editor" data-id="89224" data-tools="135编辑器" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; border: 0px none;"><section class="" style="padding: 0px; margin: 10px auto; box-sizing: border-box; max-width: 100%;"><section data-width="100%" style="padding: 0px; margin: 0px 0px -30px; box-sizing: border-box; max-width: 100%; width: 730px; text-align: center;"><section style="padding: 0px; margin: 0px auto; box-sizing: border-box; max-width: 100%; width: 64px; height: 64px; background: rgb(254, 254, 254); border-radius: 50%; display: inline-block;"><section data-role="width" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; display: inline-block; width: 32px;"><img width="2" height="" title="" class="" border="0" data-ratio="0.8571428571428571" data-type="png" data-w="35" _width="32px" src="n/error!" data-fail="0" style="padding: 0px; margin: 18px 0px 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle; width: 32px !important; visibility: visible !important;"/><img src="Uploads/Gopher/UEditor/2019-02-11/image3689784.png" style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; vertical-align: middle;"/></section></section></section><section class="" style="padding: 30px; margin: -16px 0px 0px; box-sizing: border-box; max-width: 100%; font-size: 14px; color: rgb(176, 176, 177); background-color: rgb(242, 244, 245); border-radius: 10px;"><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77);">2018《GP生存发展报告》</span></strong><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77);">由歌斐资产与《母基金周刊》联合撰写发布助赢软件。<br style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"/></span></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(149, 55, 52); font-family: 宋体, SimSun; font-size: 16px;">《GP生存发展报告》目录</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 黑体, SimHei; color: rgb(81, 77, 77);">一.大势篇-宏观视野鸟瞰</span></strong></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋体, SimSun; font-size: 16px;">1.全球视野---历史发展和关键拐点</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋体, SimSun; font-size: 16px;">2.行业规范---监管底线和社会责任</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋体, SimSun; font-size: 16px;">3.产业环境---大处着眼和明确定位</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 黑体, SimHei; color: rgb(81, 77, 77);">二.行业篇:内外交织的变局</span></strong></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋体, SimSun; font-size: 16px;">1.发展模式:新常态下的生存与竞争</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋体, SimSun; font-size: 16px;">2.资金结构:专业机构和长期资本</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋体, SimSun; font-size: 16px;">3.投资行为:头部效应和节奏加速</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋体, SimSun; font-size: 16px;">4.管理能力:投后管理和增值服务</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋体, SimSun; font-size: 16px;">5.退出路径:多方突破和结构失衡</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><br style="padding: 0px; margin: 0px; box-sizing: border-box;"/></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; font-family: 宋体, SimSun; font-size: 16px;"><strong style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; font-family: 黑体, SimHei; color: rgb(81, 77, 77);">三:未来篇:方兴未艾的趋势</span></strong></span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋体, SimSun; font-size: 16px;">趋势1:从狩猎时代“淘金”到农耕时代的“炼金”</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋体, SimSun; font-size: 16px;">趋势2:GP分化——大而全vs小而美</span></p><p style="padding: 0px; margin-top: 0px; margin-bottom: 0px; box-sizing: border-box; font-family: &quot;Microsoft Yahei&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, 微软雅黑; white-space: normal; max-width: 100%; min-height: 1em;"><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋体, SimSun; font-size: 16px;">趋势3:中美是主要资金出入大国助赢软件,投资“环球同此凉热”</span></p><div><span style="padding: 0px; margin: 0px; box-sizing: border-box; max-width: 100%; color: rgb(81, 77, 77); font-family: 宋体, SimSun; font-size: 16px;"><br/></span></div></section></section></section></section><p><br/></p><p><br/></p> 一文概览2017年中国PE/VC行业发展全貌 | 歌斐PE白皮书解读一http://www.enarak.com/n/361行业白皮书核心观点2018-04-26<p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(166, 109, 53); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 15px; text-align: justify; white-space: normal; widows: 1; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> 歌斐资产助赢软件、投中信息在4月23日举办的“价值的力量”2018中国投资年会年度峰会上,连续第五年联合发布《2017中国PE/VC行业白皮书》(以下简称歌斐PE白皮书)。这份权威的PE/VC行业白皮书系统梳理了过去一年全行业发展状况助赢软件,洞察了GP、LP发展特征及展望行业发展趋势,既帮助GP更深入了解LP的分布和动态,也为LP提供了解PE/VC行业的一个窗口助赢软件。 </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(166, 109, 53); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 15px; text-align: justify; white-space: normal; widows: 1; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> &nbsp; </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(166, 109, 53); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 15px; text-align: justify; white-space: normal; widows: 1; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> 2017年PE/VC整体市场依然火热,私募市场的创业投资环境热潮让众多新经济和新商业模式不断涌现。虽然早期创业公司的失败率很高助赢软件,但这些失败会转化成为全社会的集体经验和认知,为进一步创新发展提供养分;同时助赢软件,也正是一级市场的这股创业热潮助赢软件,随着时间的推移,将会源源不断地为股票市场提供优质的上市主体,进而改善股市的基本面。 </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(166, 109, 53); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 15px; text-align: justify; white-space: normal; widows: 1; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> &nbsp; </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(166, 109, 53); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 15px; text-align: justify; white-space: normal; widows: 1; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> 那么助赢软件,2017年中国PE/VC行业发展全貌究竟如何?请看小斐为您带来的第一篇歌斐PE白皮书解读系列稿件吧! </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(166, 109, 53); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 15px; text-align: justify; white-space: normal; widows: 1; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <br/> </p> <section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; widows: 1; background-color: rgb(255, 255, 255); word-wrap: break-word !important;"> <section class="" powered-by="xiumi.us" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px 0px 0px 10px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; display: inline-block; width: 670px; border-width: 0px 0px 0px 6px; border-style: solid; border-left-color: rgb(77, 6, 0); border-right-color: rgb(77, 6, 0);"> <section class="" powered-by="xiumi.us" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; color: rgb(77, 6, 0);"> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; word-wrap: break-word !important;"> <strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;">退出:IPO&nbsp;进入常态化助赢软件,并购回升明显</strong> </p> </section> </section> </section> </section> </section> </section> </section> <p></p> <section class="" powered-by="xiumi.us" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; widows: 1; background-color: rgb(255, 255, 255); word-wrap: break-word !important;"> <br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/> </section> <p></p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">2017年的A股市场表现强劲助赢软件,蓝筹行情贯穿全年。在经济基本面复苏和企业盈利面回暖的双重带动下,2017年的A股市场体现出由盈利驱动的上涨。主板在此环境下呈现出</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">估值修复</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">助赢软件,而中小企业板和创业板则</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">继续调整</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">助赢软件,板块内企业表现</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">分化显著</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">助赢软件。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="text-align:center"> <img class="" data-ratio="0.781305114638448" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnose6s8GEcBYuJIOMeYxXhaywgM7AhTpx6rsq3vicvJ79YhaBicSSFrq9TA/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob7094849.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">随着金融监管的不断调整和改革进步,IPO发行日益市场化、常态化,尤其近期中央层面明确出台政策助赢软件,</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">支持四大行业独角兽企业上市助赢软件。</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">这对于私募股权投资行业来说无疑是一项利好的消息。受到政策利好等因素的共同影响,2017年IPO退出数量较2016年有大幅提升助赢软件助赢软件,但由于独角兽类型的新兴或细分行业龙头较少,因此退出规模较2016年有</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">小幅回落</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">。而受益于监管的调整与放松,并购退出在数量和规模两方面都较2016年有</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">显著提升</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <br/> </p> <p style="text-align:center"> <img class="" data-ratio="0.8218694885361552" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnos55mKebzFenaruunjk8ChHkklxqtWOKhEoMhNxMcZjwNJhdLncyvMtQ/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob3867510.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">投资回报倍数:2011-2017年间并购退出的回报水平经常高于IPO退出,尤其是近些年并购退出的回报更是连续高于IPO退出的回报,这其中一定程度受到了2013和2015年IPO停发的影响,也有IPO发行估值水平限制,以及市场行情波动的因素。</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">2017年并购退出的回报倍数虽然较2016年8.61的高值有所回落,但是仍然录得了7.29的高回报水平。</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">随着政策扶持优质企业上市,未来并购退出是否会重新超越IPO退出值得后续密切关注助赢软件。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="text-align:center"> <img class="" data-ratio="0.7619047619047619" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnos7lnqc0D9owVE4eHHLvuhlL8eicufoKt9GBnkQGeX3O9fc0xGYqTU14g/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob2054022.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">投资回报:受到二级市场市场波动和金融监管的影响助赢软件,以及市场逐步规范导致信息不对称所获得的投资收益减少,</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">平均内含报酬率前些年有所回落</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">助赢软件。但是随着二级市场回暖,以及金融监管的逐步常态化,</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">平均内含报酬率也开始回升</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; widows: 1; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/> </p> <p style="text-align:center"> <img class="" data-ratio="0.7566137566137566" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnosUN1PofFvXQDCgvibBGnTDf9vBSWKhAHIDknYtQIVibE7iarPG5HMP6SDA/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob5903402.png" data-fail="0" style="text-align: justify; margin: 0px; padding: 0px; max-width: 100%; height: auto !important; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">退出期限:自2013年开始,PE投资退出期限正逐步上升。这主要是由于2013年IPO重启后,监管力度加大,退出时间上升。但随着IPO发行的逐步常态化,以及并购监管的放松,2017年的退出期限已经较2016年4.3的高值有所回落。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="text-align:center"> <img class="" data-backh="366" data-backw="488" data-ratio="0.75" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnoseCtOgkWf2a4lLoJvUmyGbbWQeLZcH931K1B1ZVzpaC9c8Bh9Qdziaeg/640?wx_fmt=png" data-type="png" data-w="488" _width="100%" src="/Uploads/Gopher/UEditor/2018-04-26/blob3440767.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: 670px; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"></span> </p> <p></p> <section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; widows: 1; background-color: rgb(255, 255, 255); word-wrap: break-word !important;"> <section class="" powered-by="xiumi.us" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px 0px 0px 10px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; display: inline-block; width: 670px; border-width: 0px 0px 0px 6px; border-style: solid; border-left-color: rgb(77, 6, 0); border-right-color: rgb(77, 6, 0);"> <section class="" powered-by="xiumi.us" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; color: rgb(77, 6, 0);"> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; word-wrap: break-word !important;"> <strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;">募集:数量下降规模上升</strong> </p> </section> </section> </section> </section> </section> </section> </section> <p></p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">&nbsp;</span><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">2017年共有1049只私募股权基金完成募集,募集规模达2660.42亿美元,虽然基金数量较2016年有所下降助赢软件助赢软件,但是</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">募集规模却大幅上升,募资完成基金平均规模达到新高</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; widows: 1; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/> </p> <p style="text-align:center"> <img class="" data-ratio="0.7231040564373897" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnos0YJM6yL18YyM9Sf3WNtDgjUAIMmOrtGn8dgicXqNJeVSkM6E1eb25vw/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob1616503.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"></span> </p> <p></p> <section style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; widows: 1; background-color: rgb(255, 255, 255); word-wrap: break-word !important;"> <section class="" powered-by="xiumi.us" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 10px 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px 0px 0px 10px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; display: inline-block; width: 670px; border-width: 0px 0px 0px 6px; border-style: solid; border-left-color: rgb(77, 6, 0); border-right-color: rgb(77, 6, 0);"> <section class="" powered-by="xiumi.us" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;"> <section class="" style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important; color: rgb(77, 6, 0);"> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; clear: both; min-height: 1em; word-wrap: break-word !important;"> <strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box; word-wrap: break-word !important;">投资:早期转移趋势有所回落,扩展期增长明显</strong> </p> </section> </section> </section> </section> </section> </section> </section> <p></p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">&nbsp;</span><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">投资环节,2017年的投资数量和投资规模均创新高,连续五年增长。</span> </p> <p style="text-align:center"> <img class="" data-ratio="0.7954144620811288" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnosck696hpr3l3Gt6UL5qfCcT4iaousLLQiciczjib02KicE3fm7oejwPcDyDw/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob1382284.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">歌斐从数量和规模两个角度出发,将全市场基金投资项目按照</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">“早期、发展期、扩展期和获利期”</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">四个阶段进行了划分,可以发现早期的投资数量在2017年有所下降,投资早期化的趋势有所减弱助赢软件,而扩展期增长明显,发展期则保持相对稳定,投资活跃度依然最高。从投资规模上来看,发展期投资依然是投资的集中区。<br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <br/> </p> <p style="text-align:center"> <img class="" data-ratio="0.8359788359788359" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnosWI5nExH8YeeW5MxS7NH6k9CIOiajtw3XOu02jgibvD2MJJ8ibHFmcAH8g/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob8175419.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="text-align:center"> <img class="" data-ratio="0.7777777777777778" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnosQqTGoxH1wWDhibfsypvGGlFzktuzMScfyvbvqGG5apib4uMOTHlkqSkQ/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob9481881.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">PE投资方面,从投资数量和投资规模来看,</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">TMT和制造业</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">依然是投资最为聚焦的两大领域。而</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">医疗健康</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">则成为了2017年投资增长最为显著的行业,成为又一个投资热门领域。而在投资规模方面,TMT依然独占鳌头,制造业紧随其后助赢软件,</span><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);">能源行业</span></strong><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">也依然保有较大的投资规模,位列第三,医疗健康虽然投资数量增长最为显著,但是总体规模增长有限助赢软件。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="text-align:center"> <img class="" data-ratio="0.7601410934744268" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnosXQAf2v8Nx1PUewtTsh4EciaYmMAichgEShtYEBFUkoEVtgSKjdEMe6iag/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob6803263.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="text-align: center;"> <img src="/Uploads/Gopher/UEditor/2018-04-26/blob6797003.png"/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; widows: 1; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <br/> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">VC投资方面助赢软件,无论是从投资数量还是投资规模上看助赢软件,</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">TMT</strong></span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">依然独领风骚。</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">能源及矿业</strong></span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">投资仍然逐步走低,</span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(166, 123, 58);"><strong style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;">文化传媒、制造业和医疗健康行业</strong></span><span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);">投资稳步提升。</span> </p> <p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; white-space: normal; widows: 1; text-align: justify; line-height: 1.75em; background-color: rgb(255, 255, 255); box-sizing: border-box !important; word-wrap: break-word !important;"> <span style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; color: rgb(81, 77, 77);"><br style="margin: 0px; padding: 0px; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important;"/></span> </p> <p style="text-align:center"> <img class="" data-ratio="0.8306878306878307" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnosOYibv3K65ibOpouZcVL2fDrO3df7HUJTvKpY6uYhauJp3eia33Vruaggw/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob8824730.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> <p style="text-align:center"> <img class="" data-ratio="0.8059964726631393" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/PQoU9o7fwZHdkLh2DGFTRPTE0aQkSnos2aubPSVjFN4mSZ5bCy6jKXkwribXjNBeceerEMqT2FibRYcfhN4aHZng/640?wx_fmt=png" data-type="png" data-w="567" src="/Uploads/Gopher/UEditor/2018-04-26/blob8491286.png" data-fail="0" style="margin: 0px; padding: 0px; height: auto !important; max-width: 100%; box-sizing: border-box !important; word-wrap: break-word !important; width: auto !important; visibility: visible !important;"/> </p> 公募基金:布局良机已开启,适当降低收益预期http://www.enarak.com/n/195行业白皮书核心观点2016-05-19<p><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">近日助赢软件,诺亚财富集团研究与发展中心与歌斐资产公开市场团队发布《2016中国股票基金市场白皮书》,报告分股票市场、私募股票基金投资和公募股票基金投资三大板块助赢软件,在给出2016年投资策略的基础上,用专门的章节梳理总结私募股票基金、公募股票基金的市场表现以及投资策略建议。诺亚财富分析指出,公募基金市场当前正是布局良机,不过总体上,股债双牛已成历史助赢软件,建议投资人在2016年的公募基金投资上,适当降低收益预期。</span></p><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">结构性投资机会仍存&nbsp; 适当降低收益预期</span></strong></p><p><br/></p><p><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">基金作为一种不宜经常调整的偏长期投资,当前的市场正是布局良机。权益类产品中,建议关注选股能力突出、能抓住市场结构性机会的基金助赢软件。固定收益类产品中,建议关注能获够尽量规避个券信用风险的基金。而在美元进入加息周期以及全球流动性相对宽松的环境中,QDII产品也有投资的机会。<br/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">“随着人口红利消失,中国的传统经济增长动能在逐渐削弱,经济增长将处于下行区间,预计股市的底部波动将会更加漫长,但结构性投资机会仍然存在,债券收益率将呈现震荡走势。总体上,股债双牛已成历史助赢软件,建议投资人在2016年的公募基金投资上,适当降低收益预期?!?lt;/span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">从基金行业角度来看,公募母基金产品会在公募基金可以投资的各大类资产中分散配置,并挖掘拥有相对比较优势的资产类别进行重点配置,比如:在一季度,在国内债券市场收益率相对较低的情况下增加对中国企业海外高息美元资产的配置,一方面享受中国企业海外发债时相对较高的信用息差,另一方面也通过美元资产的配置分散风险。</span></p><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">规模同比猛增85.15%&nbsp;发行量创历史新高</span></strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></p><p><br/></p><p><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">在2015年股市如坐过山车般上下起伏的过程中,公募基金经历了爆发式的增长。数据显示,截至2015年底,各类型公募基金总规模达8.40万亿,与2014年底相比涨幅达85.15%。其中,货币型基金规模4.44万亿,占公募基金的52.93%。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">从规模增长原因来看助赢软件助赢软件,公募基金规模大幅增长主要源于基金净值上涨,同时,也与公募基金发行通道的多元化,发行热情大幅上升有关。2015年全市场共发行基金861支,份额1.66万亿,创历史新高助赢软件。其中助赢软件,有18支基金的募集规模超过100亿。与此同时,因市场火爆,很多基金的募集期也大幅缩短助赢软件,发行效率有所上升。</span></p><p><br/><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">货币基金收益或进一步压缩</span></strong></p><p><br/></p><p><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">纵观公募基金2015年业绩,除QDII收益为负外,其余类别的公募基金表现均较为理想。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">诺亚财富研究显示助赢软件,权益类产品中,股票型和混合型基金在经历股灾的情况下仍获得近25%的收益,成长风格基金普遍业绩靠前;类固定收益产品中,二级债基、可转债基的收益整体优于一级债及纯债基。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">货基和短期理财类基金年收益集中在0-6%之间,预计随着《货币市场基金监督管理办法》的出台,未来货基的收益空间将进一步压缩,更加深入生活,为投资者提供支付水电费、车贷房贷、还信用卡助赢软件、医疗等消费金融服务助赢软件。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">海外成熟市场2015年总体表现不如新兴市场助赢软件,QDII基金全年表现也远不如国内,投资能源助赢软件、港股等题材的基金几乎均以亏损收场,仅投资美股等部分基金获利。</span></p><p><br/></p> A股市?。赫鸬囱有?建议关注中长期权益类投资http://www.enarak.com/n/194行业白皮书核心观点2016-05-18<p><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">近日助赢软件,诺亚财富集团研究与发展中心与歌斐资产公开市场团队发布《2016中国股票基金市场白皮书》,报告分股票市场、私募股票基金投资和公募股票基金投资三大板块,在给出2016年投资策略的基础上,用专门的章节梳理总结私募股票基金、公募股票基金的市场表现以及投资策略建议。</span></p><p><br/></p><p><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">诺亚财富分析指出,股票市场在2016年一季度经历了包括熔断机制期的反复震荡,近期从监管层及更高层面透露的信息又造成了短期二级市场情绪大幅波动。诺亚财富认为,2016年A股市场主要将呈现一个存量博弈中的震荡行情,全年A股大盘指数将在强大的支撑力和阻力下保持基本平稳,中长期来看,权益类市场仍然是投资者资产配置中不错的选择。 </span></p><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">去散户之路仍然漫长</span></strong></p><p><br/></p><p><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">随着无风险利率的下行,以及信托产品刚性兑付的终结,信托、银行理财不再是投资者的首选,投资者资产配置转向股市助赢软件。中国投资者结构仍以散户为主,与美国20世纪80年代水平相当,去散户化之路仍然漫长助赢软件助赢软件。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">此外,A股投资人风险偏好的持续提升。诺亚财富认为风险偏好是心理因素的外在表现助赢软件,在经济下行期,企业盈利改善有限,因此主要的行情都是由利率和风险偏好驱动,其中利率是主线≈砑?!?015年起助赢软件,无风险利率不断降低,风险偏好不断提升,权益类资产走强。大类资产轮动首先要关注无风险利率,若无风险利率已经开始下降之后,下一个驱动信号将是风险溢价,当风险偏好逐步企稳提升后,股市将会逐步复苏?!迸笛遣聘皇紫芯抗俳鸷D瓯硎局砑?。</span></p><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">经济环境仍宽松,股权类投资趋涨</span></strong><br/></p><p><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">诺亚财富认为,经济周期从供给端和需求端两方面影响市场助赢软件。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">一方面,经济周期在供给端影响企业融资。在经济高速发展的时期,企业更多通过债权融资进行扩张;而当经济面临动荡的时候助赢软件,企业可能血本无归,故而企业更多希望通过股权融资获取未来发展资金。中国M2/GDP(广义货币与国内生产总值的比值)的高企也说明了金融市场尚不够发达,经济发展仍然依赖于间接融资渠道。在当前中国经济由高速增长进入中高速增长阶段,同时面临结构性调整的时候助赢软件,对于股权融资的需求大幅上升。</span></p><p><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">另一方面,经济周期在需求端影响投资者助赢软件。相比银行的间接融资,股市的直接融资使得投资者面临更大的风险助赢软件,所以投资者要求更高的投资收益。然而,中国股市是一个以散户为主的市场,投资者存在很强的投机情绪,恰逢大量资金的投放,使得资本市场发展不受控制,先后出现股市过热与股市踩踏的现象助赢软件,可以说是与政府的初衷相背离的。中国希望推行注册制,也是希望能够改变当前的投资者结构助赢软件。然而在当下,经济发展对于投资者的影响主要还是通过货币供给、政策导向来影响投资者的助赢软件。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">对A股市场来说助赢软件,尽管存量博弈行情下中小创的投资机会和空间具备想象力,但只要权重板块上涨缺乏持续性,行情就很难向全面牛市切换。虽然权重板块不一定是市场情绪的主导助赢软件,但却是整体指数最有力的推进器。</span></p><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">存量博弈中前行 提高权益类投资比例</span></strong></p><p><br/></p><p><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">诺亚财富认为,2016年A股市场主要将呈现一个存量博弈中的震荡行情,中期重要影响变量主要为人民币汇率的稳定性、海外市场及供给侧改革带动的经济增长的情况等。市场的“经济预期”在逐步改善,然而持续力度仍需继续观测,“经济预期”的短期无法证伪使得对市场的提振力度就较为有限。<br/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">“今年虽然有汇率等负面因素的暂时解除,但这对风险偏好的影响是修复性而非趋势性,从趋势操作角度来讲,全年A股仍然难寻机会。从行业配置策略来看,中国式供给侧结构性改革将是2016年宏观政策的主基调助赢软件。在二季度的窗口期,我们仍然看好供给侧主题的配置机会助赢软件?!苯鸷D晁?。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; max-width: 100%; clear: both; min-height: 1em; white-space: pre-wrap; color: rgb(62, 62, 62); font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; box-sizing: border-box !important; word-wrap: break-word !important; background-color: rgb(255, 255, 255);"><br/></p><p><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">展望2016年,尽管A股市场可能不会一帆风顺助赢软件,但A股市场容量够大,权益类市场仍然是投资者在中长期资产配置中好的选择助赢软件。与改革相关的行业投资机会显现,需要通过专业机构,控制贪婪和恐惧,专业化的衡量风险、挖掘机会。</span><br/></p> 一图带您读懂《2016中国股票基金市场白皮书》http://www.enarak.com/n/193行业白皮书核心观点2016-05-16<p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153526701841145221863.jpg" title="一图白皮书头图.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153530258044557137104.jpg" style="float:none;" title="一图白皮书001.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153530320648138669123.jpg" style="float:none;" title="一图白皮书002.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153530390552139513405.jpg" style="float:none;" title="一图白皮书003.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153530480857297061049.jpg" style="float:none;" title="一图白皮书004.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153531807833199594808.jpg" style="float:none;" title="一图白皮书005.jpg"/></p><p><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153532740286523243003.jpg" style="float:none;" title="一图白皮书006.jpg"/></p><p><br/></p> 2015年LP发展趋势回顾http://www.enarak.com/n/192行业白皮书核心观点2016-04-19<section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><br/><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><span style="font-size: 18px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年LP发展趋势回顾</span></strong><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"></span></strong></span></p><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p><p style="margin: 0px; padding: 0px; box-sizing: border-box; text-align: left;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">社?;鹬鸩讲斡胨侥脊扇ㄊ谐?lt;/span></span></strong></p><p style="margin: 0px; padding: 0px; box-sizing: border-box; text-align: left;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></span></strong></p></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">截至 2014 年助赢软件,社?;鸸扇ㄍ蹲驶鹗找嫖?13.34亿元助赢软件,年均复合增长率为 248% ; 同期社?;鸬淖苁杖肽昃春显龀ぢ饰?145%</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><strong><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397697462523210990.jpg"/></strong></p><p><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong style="line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; background-color: rgb(255, 255, 255);">保险资金:政策驱动下参与度提升</span></strong><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong style="line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; background-color: rgb(255, 255, 255);"><br/></span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2012年以来,监管部门持续推动保险资金运用的市场化改革,不仅放宽了保险资金的投资范围助赢软件助赢软件,同时赋予保险公司更多的投资自主权。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">在此契机下,保险公司加快了对创新产品和新渠道的投资力度助赢软件,集合资金信托计划、基础设施债权投资计划助赢软件、股权投资计划等非标产品在保险资金的配置比例快速提升。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><strong><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397708463153711757.jpg"/></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">政府引导基金强势参与</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">政府引导基金参与的四大形式:阶段参与助赢软件、投资保障助赢软件、跟进投资、风险补助,其中阶段参股是主要运作模式。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397716863632739941.jpg"/></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><span style="font-size: 18px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2016年私募股权的发展机遇</span></strong></span></p><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><span style="font-size: 18px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></span></p><p style="margin: 0px; padding: 0px; box-sizing: border-box; text-align: left;"><span style="font-size: 18px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">全球经济环境与资本市场</span></span></strong></span></p><p style="margin: 0px; padding: 0px; box-sizing: border-box; text-align: left;"><span style="font-size: 18px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></span></strong></span></p></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">标普500 指数2015年全年下跌0.7%助赢软件。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">H 股指数的市盈率约6.7倍(2015年9月末),与过去5年(约9.1倍)和过去10年(约12.8倍)的平均相比处于低位助赢软件,甚至低于2008年金融?;钡乃?,反映了市场对中国经济前景的担忧助赢软件,其中还包括人民币进一步贬值的可能性助赢软件。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397727664243240708.jpg"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">美国资本市场助赢软件,IPO融资大幅减少,高科技、医疗助赢软件、能源IPO金额占比高助赢软件。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">香港资本市场助赢软件,股票发行融资创新高,IPO融资额再拔世界头筹。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397736764766970720.jpg"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">政策变化</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br/></p><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap;">资本市场加速改革助赢软件,退出渠道变得宽广</span></section><p></p><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><br style="margin: 0px; padding: 0px; box-sizing: border-box;"/></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap;">注册制加速落地;</span></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap;">多层次股权融资市?。盒氯逯砑?、战略新兴板等助赢软件;</span></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap;">并购重组更加市场化助赢软件。</span></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><br style="margin: 0px; padding: 0px; box-sizing: border-box;"/></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap;">同时助赢软件,对私募股权投资机构监管趋严:</span></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><br style="margin: 0px; padding: 0px; box-sizing: border-box;"/></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap;">2015年11月底助赢软件,私募基金行业自律政策密集发布;</span></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap;">叫停PE机构挂牌新三板,北京工商总局暂停PE注册、证监会对27家私募基金管理人采取行政监管措施助赢软件。</span></section><section style="font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; margin: 0px; padding: 0px; box-sizing: border-box; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap;"><br/></span></section><p></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397750165534242241.jpg"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">市场热点和机会:产业并购</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">并购数量和规模逐年上升,传统行业仍占主流地位,IT行业异军突起助赢软件。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><strong><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397760766144743008.jpg"/></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">市场热点和机会:中概股回归潮</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">通过市盈率对比可知助赢软件,大部分行业在A股都是存在溢价的,参与中概股回归存在估值套利。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">截至2015年11月,宣布收到私有化要约的中概股共33家助赢软件,超过了过往5年的总和。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397772466819541947.jpg"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">母基金加速发展</span></strong></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">随着国内PE基金的蓬勃发展助赢软件助赢软件,PE-FOF因分散风险、灵活配置等特征助赢软件,也逐渐受到投资机构的关注。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2003年第一只外资PE-FOF成立以来,PE-FOF的募集数量平稳发展,年复合增速38.1%。而2015年,迎来了PE-FOF募集的大爆发,2015年完成募集的PE-FOF同比增长300%。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153397784067472515296.jpg"/></p> 人民币基金为何持续火热?http://www.enarak.com/n/191行业白皮书核心观点2016-04-18<section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><section style="margin: 0px; padding: 0px; box-sizing: border-box;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap;">&nbsp;</span></section><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">GP存续期+募集规模双降</span></strong></p><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年定增基金、母基金助赢软件、复合基金实现了跨越式的发展,并购基金及创投基金也较2014年数量水平有了显著提升,创投基金成为2015年GP市场中占比最大的投资基金类型。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年中国PE/VC管理人在基金募集端更加倾向采用“多轮快融”、“少募快投”的提速策略。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319768305221215184.jpg"/></p><p></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><p style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap;">人民币基金持续火热</span></strong></p><p style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; box-sizing: border-box;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap;"><br/></span></p></section></section><p></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">金融?;笾砑?,美元基金募资遇到了巨大的困难与挑战。此外 “中概股”估值低估以及VIE架构的合法性问题也成为海外上市创业者的挑战。<br style="margin: 0px; padding: 0px;"/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">“人民币基金”募集火热的背后,存在以下几个因素 :</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">1)“募退两头”场内化助赢软件,美元出海辅导角色弱化。随着国内三板日益活跃、注册制计划推出,未来的5-10 年,越来越多的项目将会呈现出“募退回流”的现象,在中国市场实现退出。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2)&nbsp;中概股回归,人民币基金成为主要接盘侠。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">3)史上最严外汇管制令,中国换汇渠道收紧。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319759904747957755.png"/></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">退出预期:机会与挑战并存</span></strong></p><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p></section></section></section><p></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">1)GP在早期及天使阶段投资上的持续加码助赢软件。2015年以来中国股权投资领域的一大特征表现为项目投资阶段的前移助赢软件,机构投资者越发倾向在更早阶段参与进入项目生命周期中,从而分享企业高速成长带来的价值溢价成果。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2)国内股市与并购领域助赢软件,TMT主题项目的估值呈现出维持高水平估值的态势。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319751204254227743.jpg"/></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap;">O2O 潮退 +大数据引领行业主题</span></strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></section></section></section><p></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">大数据成为GP最为重视的领域,移动医疗其次助赢软件助赢软件,互联网金融、在线教育助赢软件、智能硬件与机器学习等板块也成为关注的重点方向助赢软件。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年内的两大事件降低了GP对O2O领域的投资热情:一是2015年中O2O领域的最大合并交易美团、点评合并产生“新美大”,O2O平台的竞争格局基本成型助赢软件,后续进入投资获利窗口收窄助赢软件;其二,年中资本市场的震荡与暴跌助赢软件,使得需要大量资金的O2O项目面临更大的生存挑战,降低了投资者对于O2O项目的热情。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319742403745199559.png"/></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><section style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">投资的三要素:团队、市场、创新</span></strong></section><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></section></section></section><p></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">GP正在从传统的“制度套利投资思维”向“基本面主导的价值投资思维”过渡≈砑?!捌笠低顺霭才趴悸恰保ㄐ氯?、IPO并购预期)逐步让位“企业基本面”(人、市场规模及核心竞争力)因素助赢软件,早期项目投资回归商业价值本质助赢软件助赢软件。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><strong><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319731503124698792.png"/></strong></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><section style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">产业基金</span></strong></section><p><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></p><p style="text-align: left;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">加速扩张</span></span></strong></p></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年产业基金总体数量较2014年成直线上扬趋势,年末基金总数接近2014 年产业基金总数的3 倍,基金披露总规模则达到2014 年披露募集总规模的3.06 倍。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">无论是何种模式,产业基金的核心价值在于通过设立运营独立基金的方式,聚焦特定产业范围,深度挖掘产业链的内在价值,服务企业总体生态战略需要。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319723702672441362.png"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">深度挖掘产业生态布局</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">以百度、腾讯及阿里近3 年的战略投资布局来反映中国互联网企业深挖产业布局策略的窗口:三家公司的投资主要分布在互联网、电信及增值、IT 等行业?;チ急戎囟嘣诎胧陨?,文化传媒、金融等行业也都有所涉及,传统行业如制造业助赢软件、交通运输、能源及矿产所占比重较低。这与社会产业基金的投资方向有所不同助赢软件,反映了较强的互联网企业特色。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><strong><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319714702169183933.jpg"/></strong></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><section style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">投后管理有待系统化提升</span></strong></section><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span></section></section></section><p></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">投后管理的本质是对风险的判断、对投资结果的验证,回归这一本质助赢软件,GP需要针对企业所处的不同阶段,实行更为精细化的管理监控:针对产品的等运营指标进行监督初判;掌控企业现金流量及财务情况、评估并把握花钱的速度与业绩增长速度之间的关系;及时将项目的最新状况与投资时的判断进行对比验证,从而更好地预警风险。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153319707801766926504.png"/></p><p><br/></p> 那些发生在2015年PE/VC行业你所不知道的事儿http://www.enarak.com/n/190行业白皮书核心观点2016-04-17<section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><p><br/></p><p><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">募集</span></strong></p></section></section></section><p><span style="font-size: 16px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">数量、规模均再创新高</span></strong></span></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><section style="margin: 0px; padding: 0px; box-sizing: border-box;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153094085896934591471.png" title="17110116608697914.png"/></section><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">&nbsp;</span><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">投资</span></strong></p><p style="margin: 0px; padding: 0px; box-sizing: border-box;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></p></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">估值高企助赢软件,投资阶段移向早期。P/E(市盈率倍数)可能受之前牛市的影响,持续走高</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153098039023039337442.png" title="754560323196108939.png"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">TMT行业延续火爆行情</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">总体而言,PE 投资的行业分布较VC 相对均衡一些。VC在金融行业的投资数量占比有所上升,主要是集中在一些互联网金融的企业,制造业的投资持续降温。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153103663344733242240.jpg" title="419460750991702813.jpg"/></p><section style="margin: 0px; padding: 0px; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; white-space: normal; box-sizing: border-box; background-color: rgb(255, 255, 255);"><section class="Powered-by-XIUMI V5" style="margin: 0px; padding: 0px; box-sizing: border-box;"><section class="" style="margin: 0.5em 0px; padding: 0px; font-size: 19.2px; text-align: center; box-sizing: border-box;"><section style="margin: 0px; padding: 0px; box-sizing: border-box;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">退出</span></strong></section></section></section></section><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">IPO和并购退出有所降温</span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015 股市惊心动魄,在杠杆的支撑下上演了疯狂牛市行情,之后随着证监会严查又一路下跌,股灾之后A 股市场IPO 暂停,12 月恢复审批助赢软件。A股2015 年上半年涨幅30%,下半年跌幅16.6%,整年上涨8.6%,市盈率在股市暴跌之后处于历史低位。</span></p><p><br/></p><p style="text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153110469234004734803.jpg" style="float:none;" title="372557385949754642.jpg"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><strong><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; font-size: 16px; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">投资回报回归理性</span></span></strong></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);"><br/></span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">从回报倍数趋势来看,我们预计并购在未来的一段时间内或将接替IPO成为GP最主要的退出方式。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">2015年,中国PE/VC市场中通过并购完成退出交易的项目和总规模分别为IPO退出项目数量及总规模的1.374倍和1.17倍。</span></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br style="margin: 0px; padding: 0px;"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px; text-align: center;"><img src="/Uploads/Gopher/UEditor/2016-06-14/6360153110461333552477374.jpg"/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><br/></p><p style="margin-top: 0px; margin-bottom: 0px; padding: 0px; clear: both; white-space: pre-wrap; font-family: &quot;Helvetica Neue&quot;, Helvetica, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif; font-size: 16px; line-height: 25.6px;"><span style="color: rgb(148, 97, 52); font-family: 宋体, SimSun; line-height: 25.6px; white-space: pre-wrap; background-color: rgb(255, 255, 255);">明天我们将从GP(基金管理人)/LP(有限合伙人)端,读懂PE/VC 基金的“左岸”和“右岸”,都在发生什么样的变化。更多精彩,未完待读。</span></p><p><br/></p>助赢软件