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<!DOCTYPE html>
<html lang="zh-CN">
<head>
<meta charset="utf-8" />
<meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no">
<title>中概股回归概念 - 行业洞察报告</title>
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<style>
body {
font-family: 'Inter', sans-serif;
background-color: #f8fafc;
}
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background: linear-gradient(135deg, #667eea 0%, #764ba2 100%);
}
.card-shadow {
box-shadow: 0 10px 15px -3px rgba(0, 0, 0, 0.1), 0 4px 6px -2px rgba(0, 0, 0, 0.05);
}
.timeline-dot {
width: 12px;
height: 12px;
background-color: #667eea;
border-radius: 50%;
position: absolute;
left: -6px;
top: 6px;
}
.timeline-line {
position: absolute;
left: 0;
top: 0;
bottom: 0;
width: 2px;
background-color: #e2e8f0;
}
#particles-js {
position: absolute;
width: 100%;
height: 100%;
top: 0;
left: 0;
z-index: -1;
}
.highlight-box {
background: linear-gradient(120deg, #a8edea 0%, #fed6e3 100%);
}
</style>
</head>
<body class="bg-gray-50">
<div id="particles-js"></div>
<div class="container mx-auto px-4 py-8 max-w-7xl">
<!-- 标题部分 -->
<div class="text-center mb-12">
<h1 class="text-4xl font-bold text-gray-800 mb-4">中概股回归概念</h1>
<p class="text-xl text-gray-600 max-w-3xl mx-auto">从政策驱动的避险行为升级为市场化估值修复的主动选择</p>
</div>
<!-- 概念事件部分 -->
<div class="bg-white rounded-xl card-shadow p-6 mb-8">
<h2 class="text-2xl font-bold text-gray-800 mb-4 flex items-center">
<i class="fas fa-history text-purple-600 mr-3"></i>概念事件
</h2>
<div class="mb-6">
<h3 class="text-lg font-semibold text-gray-700 mb-2">背景</h3>
<p class="text-gray-600 leading-relaxed">
中概股回归指在美国上市的中国企业因监管压力如《外国公司问责法》HFCA、地缘风险或估值折价选择回流港股或A股上市。2018年至今<span class="font-semibold text-purple-600">33家中概股已回归港股</span>21家双重主要上市12家二次上市头部企业市值前25%)中<span class="font-semibold text-purple-600">73%已实现两地上市</span>45%双重上市26%二次上市)。
</p>
</div>
<div>
<h3 class="text-lg font-semibold text-gray-700 mb-4">催化事件时间轴</h3>
<div class="relative pl-8">
<div class="timeline-line"></div>
<div class="mb-6 relative">
<div class="timeline-dot"></div>
<div class="bg-purple-50 rounded-lg p-4">
<p class="font-semibold text-purple-700">2025-05-07</p>
<p class="text-gray-600">证监会主席吴清明确表态"支持优质中概股回归内地和香港市场"叠加港股通扩容和流动性支持工具LMM推出政策信号强化。</p>
</div>
</div>
<div class="mb-6 relative">
<div class="timeline-dot"></div>
<div class="bg-purple-50 rounded-lg p-4">
<p class="font-semibold text-purple-700">2025-06-06</p>
<p class="text-gray-600">证券时报指出港元汇率触及强方兑换保证,资金流入港股,中概股回归从"被动避险"转向"主动布局"。</p>
</div>
</div>
<div class="relative">
<div class="timeline-dot"></div>
<div class="bg-purple-50 rounded-lg p-4">
<p class="font-semibold text-purple-700">2025-06</p>
<p class="text-gray-600">港股通纳入阿里巴巴等中概股,南下资金单日净流入<span class="font-semibold text-purple-600">超400亿港元</span>占港股日均成交额1/3流动性压力测试通过。</p>
</div>
</div>
</div>
</div>
</div>
<!-- 核心观点摘要 -->
<div class="highlight-box rounded-xl p-6 mb-8">
<h2 class="text-2xl font-bold text-gray-800 mb-4 flex items-center">
<i class="fas fa-lightbulb text-yellow-500 mr-3"></i>核心观点摘要
</h2>
<div class="bg-white bg-opacity-70 rounded-lg p-4">
<p class="text-gray-700 leading-relaxed">
中概股回归已从<span class="font-bold text-purple-600">政策驱动的避险行为</span>升级为<span class="font-bold text-purple-600">市场化估值修复的主动选择</span>。当前处于"<span class="font-bold text-purple-600">政策落地+流动性验证</span>"的关键阶段,<span class="font-bold text-purple-600">港股流动性改善</span>日均成交额1500亿港元<span class="font-bold text-purple-600">A股CDR通道预期</span>是核心驱动力。未来6个月<span class="font-bold text-purple-600">双重上市/二次上市企业</span>(如阿里、京东、美团)将优先受益,而<span class="font-bold text-purple-600">未上市中概股私有化</span>可能成为次要路径。
</p>
</div>
</div>
<!-- 核心逻辑与市场认知分析 -->
<div class="bg-white rounded-xl card-shadow p-6 mb-8">
<h2 class="text-2xl font-bold text-gray-800 mb-4 flex items-center">
<i class="fas fa-brain text-blue-600 mr-3"></i>核心逻辑与市场认知分析
</h2>
<div class="grid grid-cols-1 md:grid-cols-2 gap-6 mb-6">
<div class="bg-blue-50 rounded-lg p-4">
<h3 class="text-lg font-semibold text-blue-700 mb-3">核心驱动力</h3>
<ul class="space-y-2">
<li class="flex items-start">
<i class="fas fa-check-circle text-blue-500 mt-1 mr-2"></i>
<span class="text-gray-700"><span class="font-semibold">政策确定性</span>:吴清表态+港股通扩容2025-06纳入阿里形成"监管背书+资金通道"双保险。</span>
</li>
<li class="flex items-start">
<i class="fas fa-check-circle text-blue-500 mt-1 mr-2"></i>
<span class="text-gray-700"><span class="font-semibold">估值修复</span>恒生科技指数PE仅<span class="font-bold text-blue-600">20倍</span>纳指40倍中概股ETFKWEB资金净流入创<span class="font-bold text-blue-600">3年新高</span>2024-09单周流入<span class="font-bold text-blue-600">12亿美元</span>)。</span>
</li>
<li class="flex items-start">
<i class="fas fa-check-circle text-blue-500 mt-1 mr-2"></i>
<span class="text-gray-700"><span class="font-semibold">流动性验证</span>:港元强方兑换保证触发金管局干预,外资回流港股,<span class="font-bold text-blue-600">港交所0388.HK</span>日均成交额同比增<span class="font-bold text-blue-600">35%</span></span>
</li>
</ul>
</div>
<div class="bg-green-50 rounded-lg p-4">
<h3 class="text-lg font-semibold text-green-700 mb-3">市场热度与情绪</h3>
<ul class="space-y-2">
<li class="flex items-start">
<i class="fas fa-chart-line text-green-500 mt-1 mr-2"></i>
<span class="text-gray-700"><span class="font-semibold">新闻热度</span>2025-04至06期间"中概股回归"关键词搜索量环比增<span class="font-bold text-green-600">180%</span>(百度指数)。</span>
</li>
<li class="flex items-start">
<i class="fas fa-exclamation-triangle text-yellow-500 mt-1 mr-2"></i>
<span class="text-gray-700"><span class="font-semibold">分歧点</span>市场担忧港股容量不足需日均增400亿港元成交但路演测算显示<span class="font-bold text-green-600">短期冲击可控</span>天风策略退市风险贡献跌幅仅10%-20%)。</span>
</li>
</ul>
</div>
</div>
<div class="bg-yellow-50 rounded-lg p-4">
<h3 class="text-lg font-semibold text-yellow-700 mb-3">预期差</h3>
<ul class="space-y-2">
<li class="flex items-start">
<i class="fas fa-search text-yellow-500 mt-1 mr-2"></i>
<span class="text-gray-700"><span class="font-semibold">忽略的关键</span>:未上市中概股(如部分中小市值公司)<span class="font-bold text-yellow-600">私有化概率更高</span>(因难达标二次上市),但市场聚焦已上市标的。</span>
</li>
<li class="flex items-start">
<i class="fas fa-rocket text-yellow-500 mt-1 mr-2"></i>
<span class="text-gray-700"><span class="font-semibold">政策超预期</span>CDR中国存托凭证细则或加速推出参考2025-05证监会"创造条件支持回归"表述)。</span>
</li>
</ul>
</div>
</div>
<!-- 关键催化剂与未来发展路径 -->
<div class="bg-white rounded-xl card-shadow p-6 mb-8">
<h2 class="text-2xl font-bold text-gray-800 mb-4 flex items-center">
<i class="fas fa-rocket text-red-600 mr-3"></i>关键催化剂与未来发展路径
</h2>
<div class="grid grid-cols-1 md:grid-cols-2 gap-6">
<div class="bg-red-50 rounded-lg p-4">
<h3 class="text-lg font-semibold text-red-700 mb-3">近期催化剂3-6个月</h3>
<ul class="space-y-3">
<li class="flex items-start">
<div class="bg-red-100 rounded-full p-2 mr-3">
<i class="fas fa-calendar-alt text-red-600"></i>
</div>
<div>
<p class="font-semibold text-gray-800">2025-Q3</p>
<p class="text-gray-600 text-sm">恒生科技指数成分股调整,<span class="font-bold text-red-600">二次上市中概股</span>权重或提升(阿里、京东纳入港股通后需调仓)。</p>
</div>
</li>
<li class="flex items-start">
<div class="bg-red-100 rounded-full p-2 mr-3">
<i class="fas fa-calendar-alt text-red-600"></i>
</div>
<div>
<p class="font-semibold text-gray-800">2025-09</p>
<p class="text-gray-600 text-sm">美联储降息预期升温,外资再平衡资金或增配港股中概(民生海外:对冲基金中国持仓已降至<span class="font-bold text-red-600">2%</span>历史低位)。</p>
</div>
</li>
</ul>
</div>
<div class="bg-indigo-50 rounded-lg p-4">
<h3 class="text-lg font-semibold text-indigo-700 mb-3">长期路径</h3>
<ul class="space-y-3">
<li class="flex items-start">
<div class="bg-indigo-100 rounded-full p-2 mr-3">
<i class="fas fa-flag text-indigo-600"></i>
</div>
<div>
<p class="font-semibold text-gray-800">阶段12025-2026</p>
<p class="text-gray-600 text-sm">双重上市/二次上市企业完成港股定价权转移(如腾讯、美团)。</p>
</div>
</li>
<li class="flex items-start">
<div class="bg-indigo-100 rounded-full p-2 mr-3">
<i class="fas fa-flag text-indigo-600"></i>
</div>
<div>
<p class="font-semibold text-gray-800">阶段22027后</p>
<p class="text-gray-600 text-sm">未上市中概股通过<span class="font-bold text-indigo-600">私有化+科创板IPO</span>回流需关注CDR细则落地</p>
</div>
</li>
</ul>
</div>
</div>
</div>
<!-- 产业链与核心公司深度剖析 -->
<div class="bg-white rounded-xl card-shadow p-6 mb-8">
<h2 class="text-2xl font-bold text-gray-800 mb-4 flex items-center">
<i class="fas fa-project-diagram text-teal-600 mr-3"></i>产业链与核心公司深度剖析
</h2>
<div class="mb-6">
<h3 class="text-lg font-semibold text-gray-700 mb-3">产业链图谱</h3>
<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
<div class="bg-teal-50 rounded-lg p-4 text-center">
<i class="fas fa-building text-teal-600 text-2xl mb-2"></i>
<h4 class="font-semibold text-teal-700">上游</h4>
<p class="text-gray-600 text-sm">投行中金、华泰、律所港股IPO服务</p>
</div>
<div class="bg-teal-50 rounded-lg p-4 text-center">
<i class="fas fa-exchange-alt text-teal-600 text-2xl mb-2"></i>
<h4 class="font-semibold text-teal-700">中游</h4>
<p class="text-gray-600 text-sm">已回归中概股(阿里、京东、美团)</p>
</div>
<div class="bg-teal-50 rounded-lg p-4 text-center">
<i class="fas fa-coins text-teal-600 text-2xl mb-2"></i>
<h4 class="font-semibold text-teal-700">下游</h4>
<p class="text-gray-600 text-sm">港股流动性提供方港交所、A股CDR通道潜在</p>
</div>
</div>
</div>
<div>
<h3 class="text-lg font-semibold text-gray-700 mb-3">核心玩家对比</h3>
<div class="overflow-x-auto">
<table class="min-w-full bg-white">
<thead>
<tr class="bg-gray-100">
<th class="py-2 px-4 border-b text-left">公司</th>
<th class="py-2 px-4 border-b text-left">回归方式</th>
<th class="py-2 px-4 border-b text-left">优势</th>
<th class="py-2 px-4 border-b text-left">风险</th>
</tr>
</thead>
<tbody>
<tr>
<td class="py-2 px-4 border-b font-semibold text-teal-600">阿里巴巴</td>
<td class="py-2 px-4 border-b">双重上市</td>
<td class="py-2 px-4 border-b">港股通纳入+回购<span class="font-bold text-teal-600">250亿美元</span></td>
<td class="py-2 px-4 border-b">电商增速放缓Q2 GMV增17%</td>
</tr>
<tr class="bg-gray-50">
<td class="py-2 px-4 border-b font-semibold text-teal-600">美团-W</td>
<td class="py-2 px-4 border-b">二次上市</td>
<td class="py-2 px-4 border-b">本地生活垄断+到店业务利润增<span class="font-bold text-teal-600">50%</span></td>
<td class="py-2 px-4 border-b">抖音竞争加剧</td>
</tr>
<tr>
<td class="py-2 px-4 border-b font-semibold text-teal-600">港交所</td>
<td class="py-2 px-4 border-b">基础设施</td>
<td class="py-2 px-4 border-b">中概股回归直接受益(日均成交增<span class="font-bold text-teal-600">35%</span></td>
<td class="py-2 px-4 border-b">市场波动影响交易量</td>
</tr>
</tbody>
</table>
</div>
</div>
<div class="mt-6 grid grid-cols-1 md:grid-cols-2 gap-6">
<div class="bg-green-50 rounded-lg p-4">
<h3 class="text-lg font-semibold text-green-700 mb-3">验证与证伪</h3>
<ul class="space-y-2">
<li class="flex items-start">
<i class="fas fa-check-circle text-green-500 mt-1 mr-2"></i>
<span class="text-gray-700"><span class="font-semibold">数据印证</span>:阿里港股通纳入后,<span class="font-bold text-green-600">南下资金持仓占比升至8%</span>(天风海外)。</span>
</li>
<li class="flex items-start">
<i class="fas fa-times-circle text-red-500 mt-1 mr-2"></i>
<span class="text-gray-700"><span class="font-semibold">风险信号</span>:部分中小中概股(如斗鱼)选择<span class="font-bold text-red-600">特别分红</span>而非回归,反映私有化倾向。</span>
</li>
</ul>
</div>
</div>
</div>
<!-- 潜在风险与挑战 -->
<div class="bg-white rounded-xl card-shadow p-6 mb-8">
<h2 class="text-2xl font-bold text-gray-800 mb-4 flex items-center">
<i class="fas fa-exclamation-triangle text-yellow-600 mr-3"></i>潜在风险与挑战
</h2>
<div class="overflow-x-auto">
<table class="min-w-full bg-white">
<thead>
<tr class="bg-gray-100">
<th class="py-2 px-4 border-b text-left">风险类型</th>
<th class="py-2 px-4 border-b text-left">具体表现</th>
</tr>
</thead>
<tbody>
<tr>
<td class="py-2 px-4 border-b font-semibold text-yellow-600">技术风险</td>
<td class="py-2 px-4 border-b">港股交易系统承压需日均增400亿港元成交但测试显示<span class="font-bold text-yellow-600">短期可消化</span></td>
</tr>
<tr class="bg-gray-50">
<td class="py-2 px-4 border-b font-semibold text-yellow-600">商业化风险</td>
<td class="py-2 px-4 border-b">未上市中概股<span class="font-bold text-yellow-600">难达标二次上市</span>(如收入、市值门槛),私有化成本高昂。</td>
</tr>
<tr>
<td class="py-2 px-4 border-b font-semibold text-yellow-600">政策风险</td>
<td class="py-2 px-4 border-b">中美审计监管反复HFCA退市条款最早2026年执行但SEC有缓冲空间</td>
</tr>
<tr class="bg-gray-50">
<td class="py-2 px-4 border-b font-semibold text-yellow-600">信息矛盾</td>
<td class="py-2 px-4 border-b">路演认为退市风险影响有限跌幅贡献10%-20%),但新闻强调"<span class="font-bold text-yellow-600">化被动为主动</span>"布局。</td>
</tr>
</tbody>
</table>
</div>
</div>
<!-- 综合结论与投资启示 -->
<div class="gradient-bg rounded-xl p-6 mb-8 text-white">
<h2 class="text-2xl font-bold mb-4 flex items-center">
<i class="fas fa-chart-line text-yellow-300 mr-3"></i>综合结论与投资启示
</h2>
<div class="mb-6">
<h3 class="text-xl font-semibold mb-2">阶段判断</h3>
<p class="text-white text-opacity-90 leading-relaxed">
中概股回归已从<span class="font-bold text-yellow-300">主题炒作</span>2020-2022年政策恐慌进入<span class="font-bold text-yellow-300">基本面驱动</span>2025年流动性+估值修复)阶段。
</p>
</div>
<div class="mb-6">
<h3 class="text-xl font-semibold mb-3">投资方向</h3>
<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
<div class="bg-white bg-opacity-20 rounded-lg p-4">
<h4 class="font-semibold text-yellow-300 mb-2">高确定性</h4>
<p class="text-sm text-white text-opacity-90"><span class="font-bold">港交所0388.HK</span>——中概股回归的"卖水人"估值20倍PE历史低位</p>
</div>
<div class="bg-white bg-opacity-20 rounded-lg p-4">
<h4 class="font-semibold text-yellow-300 mb-2">弹性标的</h4>
<p class="text-sm text-white text-opacity-90"><span class="font-bold">美团-W03690.HK</span>——到店业务利润高增50%,港股通资金持续流入。</p>
</div>
<div class="bg-white bg-opacity-20 rounded-lg p-4">
<h4 class="font-semibold text-yellow-300 mb-2">潜在黑马</h4>
<p class="text-sm text-white text-opacity-90"><span class="font-bold">未上市中概股私有化受益方</span>(如创投公司九鼎投资、四川双马)。</p>
</div>
</div>
</div>
<div>
<h3 class="text-xl font-semibold mb-3">跟踪指标</h3>
<ul class="space-y-2">
<li class="flex items-start">
<i class="fas fa-chart-bar text-yellow-300 mt-1 mr-2"></i>
<span class="text-white text-opacity-90"><span class="font-semibold">港股日均成交额</span>:需持续>1500亿港元以验证流动性。</span>
</li>
<li class="flex items-start">
<i class="fas fa-arrow-down text-yellow-300 mt-1 mr-2"></i>
<span class="text-white text-opacity-90"><span class="font-semibold">南下资金流入</span>:阿里、美团港股通持仓占比变化。</span>
</li>
<li class="flex items-start">
<i class="fas fa-file-alt text-yellow-300 mt-1 mr-2"></i>
<span class="text-white text-opacity-90"><span class="font-semibold">CDR政策</span>证监会细则落地时间预计2025-Q4</span>
</li>
</ul>
</div>
</div>
<!-- 关联股票数据表格 -->
<div class="bg-white rounded-xl card-shadow p-6">
<h2 class="text-2xl font-bold text-gray-800 mb-4 flex items-center">
<i class="fas fa-table text-indigo-600 mr-3"></i>关联股票数据
</h2>
<div class="overflow-x-auto">
<table class="min-w-full bg-white">
<thead>
<tr class="bg-gray-100">
<th class="py-3 px-4 border-b text-left text-sm font-semibold text-gray-700">股票</th>
<th class="py-3 px-4 border-b text-left text-sm font-semibold text-gray-700">分类</th>
<th class="py-3 px-4 border-b text-left text-sm font-semibold text-gray-700">业务相关</th>
<th class="py-3 px-4 border-b text-left text-sm font-semibold text-gray-700">原因</th>
</tr>
</thead>
<tbody>
<tr>
<td class="py-3 px-4 border-b font-semibold text-indigo-600">中金公司</td>
<td class="py-3 px-4 border-b">券商</td>
<td class="py-3 px-4 border-b">美股IPO业务主要通过中金国际开展为拼多多美股IPO主承销商之一</td>
<td class="py-3 px-4 border-b">中金公司是拼多多美股IPO的主承销商之一</td>
</tr>
<tr class="bg-gray-50">
<td class="py-3 px-4 border-b font-semibold text-indigo-600">招商证券</td>
<td class="py-3 px-4 border-b">券商</td>
<td class="py-3 px-4 border-b">招商证券(香港)为拼多多联席承销商之一</td>
<td class="py-3 px-4 border-b">招商证券(香港)是拼多多联席承销商之一</td>
</tr>
<tr>
<td class="py-3 px-4 border-b font-semibold text-indigo-600">日出东方</td>
<td class="py-3 px-4 border-b">券商</td>
<td class="py-3 px-4 border-b">华兴资本为拼多多联席承销商之一日出东方3200万认购华兴资本</td>
<td class="py-3 px-4 border-b">日出东方投资华兴资本,而华兴资本是拼多多联席承销商之一</td>
</tr>
<tr class="bg-gray-50">
<td class="py-3 px-4 border-b font-semibold text-indigo-600">中信证券</td>
<td class="py-3 px-4 border-b">券商</td>
<td class="py-3 px-4 border-b">参与数量最多5+家)</td>
<td class="py-3 px-4 border-b">中信证券参与了5家以上拼多多相关项目</td>
</tr>
<tr>
<td class="py-3 px-4 border-b font-semibold text-indigo-600">华泰证券</td>
<td class="py-3 px-4 border-b">券商</td>
<td class="py-3 px-4 border-b">3-4家</td>
<td class="py-3 px-4 border-b">华泰证券参与了3-4家拼多多相关项目</td>
</tr>
<tr class="bg-gray-50">
<td class="py-3 px-4 border-b font-semibold text-indigo-600">中金公司</td>
<td class="py-3 px-4 border-b">近2年IPO保荐数量头部券商</td>
<td class="py-3 px-4 border-b">39家第一</td>
<td class="py-3 px-4 border-b">中金公司在近2年IPO保荐数量中排名第一</td>
</tr>
<tr>
<td class="py-3 px-4 border-b font-semibold text-indigo-600">华泰证券</td>
<td class="py-3 px-4 border-b">近2年IPO保荐数量头部券商</td>
<td class="py-3 px-4 border-b">19家第二</td>
<td class="py-3 px-4 border-b">华泰证券在近2年IPO保荐数量中排名第二</td>
</tr>
<tr class="bg-gray-50">
<td class="py-3 px-4 border-b font-semibold text-indigo-600">中信证券</td>
<td class="py-3 px-4 border-b">近2年IPO保荐数量头部券商</td>
<td class="py-3 px-4 border-b">17家第三</td>
<td class="py-3 px-4 border-b">中信证券在近2年IPO保荐数量中排名第三</td>
</tr>
<tr>
<td class="py-3 px-4 border-b font-semibold text-indigo-600">广发证券</td>
<td class="py-3 px-4 border-b">具备香港子公司</td>
<td class="py-3 px-4 border-b">广发控股香港</td>
<td class="py-3 px-4 border-b">广发证券拥有香港子公司广发控股香港</td>
</tr>
<tr class="bg-gray-50">
<td class="py-3 px-4 border-b font-semibold text-indigo-600">招商证券</td>
<td class="py-3 px-4 border-b">具备香港子公司</td>
<td class="py-3 px-4 border-b">招商证券国际</td>
<td class="py-3 px-4 border-b">招商证券拥有香港子公司招商证券国际</td>
</tr>
<tr>
<td class="py-3 px-4 border-b font-semibold text-indigo-600">光大证券</td>
<td class="py-3 px-4 border-b">具备香港子公司</td>
<td class="py-3 px-4 border-b">光大证券国际</td>
<td class="py-3 px-4 border-b">光大证券拥有香港子公司光大证券国际</td>
</tr>
<tr class="bg-gray-50">
<td class="py-3 px-4 border-b font-semibold text-indigo-600">天晟新材</td>
<td class="py-3 px-4 border-b">其他具备香港牌照公司</td>
<td class="py-3 px-4 border-b">全资子公司天晟证券2003年在香港成立主营业务包括证券交易及发行债券等</td>
<td class="py-3 px-4 border-b">天晟新材的子公司天晟证券持有香港牌照</td>
</tr>
<tr>
<td class="py-3 px-4 border-b font-semibold text-indigo-600">爱建集团</td>
<td class="py-3 px-4 border-b">其他具备香港牌照公司</td>
<td class="py-3 px-4 border-b">爱建国际资产管理公司拥有香港证监会颁发的第1、4、9号牌照开展基金销售、证券承销、投资顾问、资产管理等业务</td>
<td class="py-3 px-4 border-b">爱建集团的子公司持有香港1、4、9号牌照</td>
</tr>
<tr class="bg-gray-50">
<td class="py-3 px-4 border-b font-semibold text-indigo-600">九鼎投资</td>
<td class="py-3 px-4 border-b">私募/创投</td>
<td class="py-3 px-4 border-b">股权投资营收占比第一</td>
<td class="py-3 px-4 border-b">九鼎投资的股权投资营收占比排名第一</td>
</tr>
<tr>
<td class="py-3 px-4 border-b font-semibold text-indigo-600">华金资本</td>
<td class="py-3 px-4 border-b">私募/创投</td>
<td class="py-3 px-4 border-b">股权投资营收占比第二</td>
<td class="py-3 px-4 border-b">华金资本的股权投资营收占比排名第二</td>
</tr>
<tr class="bg-gray-50">
<td class="py-3 px-4 border-b font-semibold text-indigo-600">四川双马</td>
<td class="py-3 px-4 border-b">私募/创投</td>
<td class="py-3 px-4 border-b">股权投资营收占比第三</td>
<td class="py-3 px-4 border-b">四川双马的股权投资营收占比排名第三</td>
</tr>
<tr>
<td class="py-3 px-4 border-b font-semibold text-indigo-600">浙江永强</td>
<td class="py-3 px-4 border-b">参与中概股运作</td>
<td class="py-3 px-4 border-b">据网络资料公司通过认缴宁波博睿维森股权投资合伙企业的份额间接参与了奇虎360的私有化</td>
<td class="py-3 px-4 border-b">浙江永强通过投资宁波博睿维森参与奇虎360私有化</td>
</tr>
<tr class="bg-gray-50">
<td class="py-3 px-4 border-b font-semibold text-indigo-600">益民集团</td>
<td class="py-3 px-4 border-b">参与中概股运作</td>
<td class="py-3 px-4 border-b">参股德同益民消费产业股权投资基金,该基金涉及中概股回归项目</td>
<td class="py-3 px-4 border-b">益民集团参股的基金涉及中概股回归</td>
</tr>
<tr>
<td class="py-3 px-4 border-b font-semibold text-indigo-600">华西股份</td>
<td class="py-3 px-4 border-b">参与中概股运作</td>
<td class="py-3 px-4 border-b">据网络资料,公司并购业务包含中概股回归</td>
<td class="py-3 px-4 border-b">华西股份的并购业务涉及中概股回归</td>
</tr>
<tr class="bg-gray-50">
<td class="py-3 px-4 border-b font-semibold text-indigo-600">微创光电</td>
<td class="py-3 px-4 border-b">北交所创投</td>
<td class="py-3 px-4 border-b"></td>
<td class="py-3 px-4 border-b">微创光电属于北交所创投项目</td>
</tr>
<tr>
<td class="py-3 px-4 border-b font-semibold text-indigo-600">天纺标</td>
<td class="py-3 px-4 border-b">北交所创投</td>
<td class="py-3 px-4 border-b"></td>
<td class="py-3 px-4 border-b">天纺标属于北交所创投项目</td>
</tr>
<tr class="bg-gray-50">
<td class="py-3 px-4 border-b font-semibold text-indigo-600">田野股份</td>
<td class="py-3 px-4 border-b">北交所创投</td>
<td class="py-3 px-4 border-b"></td>
<td class="py-3 px-4 border-b">田野股份属于北交所创投项目</td>
</tr>
</tbody>
</table>
</div>
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