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2014年,各家券商直投公司对设立直投基金态度较为积极,对股权投资市场信心十足。但由于A股IPO暂停导致持有待退出的投资项目大量积压,券商直投的进入壁垒也逐渐形成,竞争日趋激烈。已经过去的2014年是中国各证券公司直投业务的转型之年。各券商的直投业务处于从Pre-IPO类型的直投项目向多元化投资模式和投资策略的转型摸索阶段,产品逐渐趋于多元化,收入比例也更加均衡。各大券商继续通过并购重组、新三板、中小企业私募债等业务积极寻求业务的转型。
In 2014, the direct investment companies of various brokerage firms were more positive about setting up direct investment funds and were confident about the equity investment market. However, due to the A-share IPO suspension led to a large backlog of investment projects to be backed up, brokerage firms direct access barriers have gradually formed, the competition is fierce. The year that has passed is the year of transition for the direct investment business of various securities companies in China. Each brokerage’s direct investment business is in the stage of transition from direct investment projects of Pre-IPO types to diversified investment strategies and investment strategies. Products gradually diversify and their income proportion is more balanced. Major brokerages continued to seek business transformation through mergers and acquisitions, the new three-board and small and medium-sized private placement businesses.