The official definition of venture capital can be traced back to 2005, when the VC firms were defined as the enterprises incorporated in China and mainly engaged in startup investment in accordance with the Interim Measures for the Administration of Venture capital firms (NDRC Decree No. 39) issued by the State Council. Venture capital refers to an investment method by which equity investment is made in growing startups in expectation of capital gains mainly by way of trade sale after the invested startups get mature or relatively mature. Startups are defined as growth enterprises registered in the People's Republic of China that are in the process of establishment or re-establishment, excluding those that have been listed on the open market.

Endowment refers to the act of donating money or property to non-profit organizations. Endowment funds refer to funds that are donated to and held by registered organizations for specific non-profit purposes. They are usually managed by educational, cultural and charitable institutions that are established for special purposes, and financed by donations from one or multiple sponsors; Most of the principal of assets managed by funds is used for investment, and returns on investment are used to pay for normal expenditure of management institutions. Generally speaking, the investment goal of endowment funds is to maintain asset value and generate stable cash flow, thus paying for expenditure of funds to achieve special goals; To achieve this goal, most endowment funds are only willing to take small risks.

捐赠是指将金钱或财产捐赠予非营利组织的行为，捐赠基金是指由已注册的组织接受捐赠并持有、用于某些特定的非营利目的的基金。

2020年开年伊始，突如其来的新冠病毒疫情给全体中国人的生活蒙上一层阴霾，也给国内的经济活动按下了“暂停”键。经历一个多月严格的防控管制措施后，国内疫情终于见到拐点，但此时新冠疫情已经在全球范围内开始蔓延。截至2020年4月底，全球新冠病毒（COVID-19）疫情确诊病例超过300万例，死亡人数超过20万人。新冠肺炎疫情全球蔓延已严重冲击北美、欧盟和东亚三大经济圈，深刻影响着全球经济、金融和国际政治。

According to JP Morgan’s 2020 Global M&A Outlook, the global M&A market has seen a slight drop in 2019, with the disclosed value of M&A transactions involving a total of US$4.09 trillion. Among them, there were 2,135 deals with transactions exceeding US$250 million, down 8.6% from 2018. Regionally,North America maintained a growth, with the M&A value reaching US$2.08 trillion in 2019, up 10% YoY. EMEA (Europe, Middle East and Africa) and the Asia-Pacific region both saw a decline in transaction size, with declines of 13% and 6% respectively.

在此，我们放眼于产业与资本的交汇之处——企业风险投资（CVC），聚焦于科技变革和产业重塑相互叠加的焦点——汽车产业。我们尝试以泛汽车与大出行领域CVC投资数据来描绘，站在山巅的产业“前浪”期待一个怎样的未来，“后浪”又已经取得了怎样的精彩；透过CVC的瞭望塔，在潮起潮落中，远眺遥远的海天相接处，看看是否有一个新的浪潮已经在蛰伏、翻滚、酝酿……

近年来，相关部门连续发布多项政策，提出通过市场倒逼和产业政策引导，推动医疗器械企业提高创新和研发能力，促进做优做强，提高产业集中度，共同驱动行业现代化和标准化发展。报告从医疗器械审评审批制度改革、注册人制度、高值耗材治理、集中采购+两票制等方面，展开行业热点政策梳理、总结。

医药行业是对政策依赖较高的行业，热点政策密集发布将对行业产业深远影响，报告从医保目录调整、药品谈判、集中采购、药审优化改革、鼓励优质药品进口、仿制药一致性评价、两票制、中医药、抗肿瘤药物、两病专项等方面，顺理、分析了医药政策要点及落实执行情况。

KKR成立于1976年，是一家全球性的另类资产投资公司，截至2019年底在管资产总规模超过2000亿美元。

In spite of the downward pressure on China's economy brought by the China-US trade friction and supply-side structural reforms in 2019, the overall national economy ran smoothly toward quality growth. According to the National Bureau of Statistics, after preliminary accounting, the annual GDP has reached RMB 99,086.5 billion, up 6.1% YoY. Although the growth rate dropped by 0.5% from the previous year, the main expected targets have been achieved, laying a solid foundation for the overall well-off society.