In Q2’21 as many countries were unlocked with the vaccine promotion, global financial markets began to have high liquidity, the interest rates in various countries remained stable, and the global stock markets rose. World economies have seen diverged trends depending on their recovery from the pandemic. China's economy in Q2’21 continued its strong recovery in the previous quarter, with a real GDP growth rate of 7.9%. In terms of trade, China's trade surplus in goods was 882.8 billion yuan, down 17.4% YoY. In addition, the yield of 10-year U.S. Treasury bonds was 1.5%, down 20bp from the end of last quarter. The International Monetary Fund (IMF) predicts that the economic growth of the U.S. will be as high as 7.0% in 2021, the highest in decades. At the exchange rate level, the US dollar continued to fluctuate within a narrow range, the Japanese yen continued to depreciate, and the RMB exchange rate was relatively stable. The exchange rates of emerging economies with high financial fragility, such as Argentina and Turkey, continued to depreciate, while those of BRICS countries generally appreciated. After the Federal Reserve's meeting on interest rates in June 2021, the yield of long-term U.S. treasury bonds showed a downward trend. If monetary policy easing began to tighten marginally, it would exert great pressure on the stock market's rebound. On the whole, the variants of Covid-19 pose a challenge to the global economic recovery.

Broadly speaking, enterprise services in horizontal refer to the industry where products and services related to operations and management are provided for corporate customers. Enterprise services in this overview mainly focus on new type of enterprise services, namely commercial activities where IT, Internet and other technologies are utilized to help enterprises achieve industrial upgrading or improve efficiency, not including traditional consulting, logistics and forwarding, advertisement, finance (stock brokerage, banking agency, etc.) and other enterprise services in traditional model.

2021年第二季度，疫苗推广带来多国解封，全球金融市场流动性充裕，各国货币市场利率保持稳定，全球股市普遍上涨，各国随着疫情修复的形势而出现了分化的趋势。2021年第二季度，中国经济延续了上一季度强劲恢复的态势，实际GDP增速为7.9%。贸易方面，中国货物贸易顺差额为人民币8,828亿元，同比下降17.4%。此外，十年期美国国债收益率为1.45%，较上一季度末下降20bp。国际货币基金组织(IMF)预测2021年美国经济增长将高达7.0%，为数十年来最高值。汇率层面，美元持续窄幅波动，日元持续贬值，人民币汇率相对稳定；新兴经济体货币方面，金融脆弱性高的新兴经济体如阿根廷、土耳其汇率持续贬值，金砖国家普遍升值。2021年6月美联储议息会议后，美国长期国债收益率呈下行趋势，若货币政策宽松力度开始边际收紧，将会对股市回调产生较大压力。整体而言，变异病毒株对全球经济复苏形成挑战。

2021年第二季度，疫苗推广带来多国解封，全球金融市场流动性充裕，各国货币市场利率保持稳定，全球股市普遍上涨，各国随着疫情修复的形势而出现了分化的趋势。2021年第二季度，中国经济延续了上一季度强劲恢复的态势，实际GDP增速为7.9%。贸易方面，中国货物贸易顺差额为人民币8,828亿元，同比下降17.4%。此外，十年期美国国债收益率为1.45%，较上一季度末下降20bp。国际货币基金组织(IMF)预测2021年美国经济增长将高达7.0%，为数十年来最高值。汇率层面，美元持续窄幅波动，日元持续贬值，人民币汇率相对稳定；新兴经济体货币方面，金融脆弱性高的新兴经济体如阿根廷、土耳其汇率持续贬值，金砖国家普遍升值。2021年6月美联储议息会议后，美国长期国债收益率呈下行趋势，若货币政策宽松力度开始边际收紧，将会对股市回调产生较大压力。整体而言，变异病毒株对全球经济复苏形成挑战。

2021年第二季度，疫苗推广带来多国解封，全球金融市场流动性充裕，各国货币市场利率保持稳定，全球股市普遍上涨，各国随着疫情修复的形势而出现了分化的趋势。2021年第二季度，中国经济延续了上一季度强劲恢复的态势，实际GDP增速为7.9%。贸易方面，中国货物贸易顺差额为人民币8,828亿元，同比下降17.4%。此外，十年期美国国债收益率为1.45%，较上一季度末下降20bp。国际货币基金组织(IMF)预测2021年美国经济增长将高达7.0%，为数十年来最高值。汇率层面，美元持续窄幅波动，日元持续贬值，人民币汇率相对稳定；新兴经济体货币方面，金融脆弱性高的新兴经济体如阿根廷、土耳其汇率持续贬值，金砖国家普遍升值。2021年6月美联储议息会议后，美国长期国债收益率呈下行趋势，若货币政策宽松力度开始边际收紧，将会对股市回调产生较大压力。整体而言，变异病毒株对全球经济复苏形成挑战。

2021年第二季度，疫苗推广带来多国解封，全球金融市场流动性充裕，各国货币市场利率保持稳定，全球股市普遍上涨，各国随着疫情修复的形势而出现了分化的趋势。2021年第二季度，中国经济延续了上一季度强劲恢复的态势，实际GDP增速为7.9%。贸易方面，中国货物贸易顺差额为人民币8,828亿元，同比下降17.4%。此外，十年期美国国债收益率为1.45%，较上一季度末下降20bp。国际货币基金组织(IMF)预测2021年美国经济增长将高达7.0%，为数十年来最高值。汇率层面，美元持续窄幅波动，日元持续贬值，人民币汇率相对稳定；新兴经济体货币方面，金融脆弱性高的新兴经济体如阿根廷、土耳其汇率持续贬值，金砖国家普遍升值。2021年6月美联储议息会议后，美国长期国债收益率呈下行趋势，若货币政策宽松力度开始边际收紧，将会对股市回调产生较大压力。整体而言，变异病毒株对全球经济复苏形成挑战。

2021年第二季度，疫苗推广带来多国解封，全球金融市场流动性充裕，各国货币市场利率保持稳定，全球股市普遍上涨，各国随着疫情修复的形势而出现了分化的趋势。2021年第二季度，中国经济延续了上一季度强劲恢复的态势，实际GDP增速为7.9%。贸易方面，中国货物贸易顺差额为人民币8,828亿元，同比下降17.4%。此外，十年期美国国债收益率为1.45%，较上一季度末下降20bp。国际货币基金组织(IMF)预测2021年美国经济增长将高达7.0%，为数十年来最高值。汇率层面，美元持续窄幅波动，日元持续贬值，人民币汇率相对稳定；新兴经济体货币方面，金融脆弱性高的新兴经济体如阿根廷、土耳其汇率持续贬值，金砖国家普遍升值。2021年6月美联储议息会议后，美国长期国债收益率呈下行趋势，若货币政策宽松力度开始边际收紧，将会对股市回调产生较大压力。整体而言，变异病毒株对全球经济复苏形成挑战。

Statistics from the Asset Management Association of China (AMAC) reveal that as of the end of February 2021, there were more than 15,000 registered investment entities in the equity investment market in China with funds under management exceeding 11 trillion yuan. As a huge market with highly concentrated talents and funds, the equity investment market requires a long-term effective operation mechanism and a scientific and reasonable compensation incentive system. A reasonable income model, a complete organizational structure and a stable team lay a solid foundation for the development of investment institutions.

In Q1’21, with a variety of vaccines available on the market, the global economy has rebounded on an accelerated track after registering positive growth in the fourth quarter of 2020, but performance of different countries varies greatly. 2021 marks the start of China's 14th Five-Year Plan period and China's economy is enjoying a sustained and stable recovery. In Q1’20, China's GDP experienced negative growth, down by 6.8% YoY. In Q1’21, China's GDP increased significantly YoY and the trade surplus expanded. The 10-year U.S. Treasury bond yield increased by an average of 47bp compared with the previous quarter. The U.S. dollar depreciated first and then rose; the British pound was relatively stable, the Australian dollar depreciated slightly, and the euro and the yen depreciated by a large margin. The currency exchange rates of most emerging economies rose first and then fell, with little fluctuation over Q4’20. Capital flew back to the United States, and emerging economies were facing the challenge of capital outflow. U.S. stocks began to diverge with the Dow Jones Industrial Index continuing to rise and the Nasdaq Index beginning to go downward. In the latest issue of the World Economic Outlook Report, IMF’s projections for the global economic growth for 2021 and 2022 grew, which may cause widening gap in living standards among countries. China's GDP has returned to the pre-Covid level and the United States is expected to return to the level before the outbreak this year, but many emerging markets will not return to the pre-pandemic level until 2023. Overall, the global economy is projected to grow 6% in 2021 and 4.4% in 2022. While the global economy became stabilized, the recovery process is divided and uncertain.

QFLP（Qualified Foreign Limited Partner，合格境外有限合伙人，即股权基金的出资人）是指境外机构投资者在通过资格审批和其外汇资金的监管程序后，将境外资本兑换为人民币资金，投资于国内的PE（私募股权投资）以及VC（风险投资）市场。