在股权投资市场上，投资机构也加大对人工智能等硬科技领域的投资，带动一批优质企业快速发展。另外，在注册制及科创板等一系列资本市场改革助力下，人工智能企业上市环境也得到明显改善，上市进程不断加快。在此背景下，清科创业（01945.HK）旗下清科研究中心发布《2021年中国人工智能领域投融资研究报告》，探讨人工智能产业的发展脉络和未来投资机遇。

保险机构是金融市场重要参与者，也是股权投资市场重要的机构投资者。随着保险资金运用余额规模不断扩大，险资未来投向受到各方关注。保险机构资金运用具有哪些特点，作为LP参与股权投资又有怎样的策略？

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.

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.

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。

我国商业银行理财业务始于2004年，以光大银行发行的第一支人民币理财产品“阳光理财计划”为开端。之后，随着我国经济的高速发展与人均收入的提高，居民理财意识也逐渐增强，资产管理业务蓬勃发展，理财产品数量与日俱增。据中国银行业理财登记托管中心披露数据，截至2020年底，350家金融机构存续理财产品3.9万支，产品规模达25.86万亿元，同比增长6.9%。在15逾年的发展中，我国银行理财业经历了起步期、探索期、快速发展期、规范转型期四个阶段。

根据清科研究中心统计，近十年AMAC备案股权投资基金的LP中，金融机构、政府机构&政府引导金、企业资金（含非上市企业&上市企业）成为前三大金主，合计出资额占比近70%；但随着资管新规的落地，金融机构出资比例近几年有所下滑，而已引导金、国企&央企为代表的国资LP出资步伐显著加快。

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.

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.

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.