证券Ⅱ行业:一级市场边际回暖 投行资本化迎来转机

广发证券股份有...
11 Jun

核心观点:一级行业呈现周期性波动,中国私募股权投资市场高质量发展仍有较大空间。中国私募股权基金行业呈现明显的周期性波动特征。2019-2021 年:快速增长期,受益于中国新经济领域投资风口涌现,以及全球宽松货币政策,资金流动性充裕,市场高度活跃。2022-2024 年:收缩期,一二级融资再平衡,一二级市场估值倒挂抑制投资热情,股权基金募集金额大幅缩水。2024-2025 年:持续回调期,自2024...

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