In 2019, global market liquidity kept loosing and major central banks led by the Federal Reserve cut interest rates. Meanwhile, against the backdrop of slowed down global economic growth, reshaped trade pattern, good performance of emerging market currencies, all major stock indexes rose and stock markets scaled up worldwide. However, global IPOs slowed down, decreasing 21% YoY in number and climbing 1% in financing amount. In 2019, the HKEx, the NASDAQ, the SSE were the top 3 in IPO number and IPO financing amount.

总体看来，目前我国科技金融环境不断提升，但科技与金融仍需进一步融合发展。

In 2020, the total retail sales of consumer goods reached RMB39.20 trillion, down 3.9% YoY. In terms of retail business locations, the urban retail sales of consumer goods registered RMB33.91 trillion, dropping 4.0% YoY and the rural counterpart totaled RMB5.29 trillion, lowering 3.2% YoY. From the perspective of consumption types, the retail sales of commodities reached RMB35.25 trillion, sinking 2.3% YoY and catering services RMB3.95 trillion, declining 16.6% YoY. According to retail channels, in retail businesses above designated size, the retail sales of supermarkets experienced an increase rate of 3.1% YoY while that of department stores, specialized shops and exclusive shops saw a decrease rate of 9.8%, 5.4% and 1.4% YoY respectively. The sales of consumption upgrading goods grew faster with the retail sales of communication equipment, cosmetics and gold-silver jewelry sold by businesses above designated size in the last quarter climbed 26.0%, 21.2% and 17.3% YoY separately 16.0, 7.1 and 5.0 percentage points respectively higher than the rates in the previous quarter. This year, online retail sales were RMB11.76 trillion, up 10.9% YoY. Among the sales, physical commodities registered RMB9.76 trillion increasing 14.8%, accounting for 24.9% of the total retail sales of consumer goods, among which goods people eat, wear and use grew 30.6%, 5.8% and 16.2% separately.

——《2021年度中国股权投资基金出资人白皮书》正式发布

2021Q1指数有所回升，为《资管新规》市场调整以来最高的Q1指数

Risk refers to the impact of uncertainty on objectives which can include various aspects, such as financial and strategic, and the impact can be classified as positive or negative. For equity investment institutions, the management of negative risks including policy, market, compliance and operational risks is more emphasized.

According to data from Zero2IPO Research, by the end of 2020, China’s PE market has RMB2.69 trillion of available capital, up 10.8% compared to the figure in the end of 2019 with a slight bounce. In 2020, China's private equity firms raised a total of RMB940.43 billion , down 7.4% YoY. In terms of investment, this year, 3,328 investment deals occurred in the market, falling 2.6% YoY with a smaller drop compared to the previous year. These deals involved RMB679.57 billion climbing 14.4% YoY. When it comes to exits, 2020 witnessed 2,019 exits of PE firms, going up 21.5% YoY. The surging IPO of invested enterprises were driven by the reform of the registration system on the ChiNext and the secondary listing of overseas listed companies on the HKEx. In general, in 2020, the PE market had the following features:

深入剖析企业服务行业的发展脉络和未来投资机遇

我国企业服务行业的投资活跃度较高，且随着数字化、信息化进程加快，投资案例数和规模逐年增加，震坤行、明略数据、PingCAP等多家企服企业均在2020年完成大额融资。

清科研究中心重磅发布《2021年中国企业服务行业投资机遇研究报告》，深入剖析企业服务行业的发展脉络和未来投资机遇。