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图13：中国S市场交易类型分析

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所属报告：

孚腾资本&执中：中国私募股权二级市场白皮书2025（41页）.pdf

打包全文图表

一、S交易类型分析分析，接续交易中再按交易标的底层资产数量分为单项目接续交易和多项目接续交易进行分析。根据执中ZERONE统计，2024年基金份额交易总规模为1,033.06亿元，接续交易总规模为45.02亿元，其中接续交易均为多项目接续交易。2025年上半年基金份额交易总规模为752.59 亿元，接续交易总规模为31.12亿元，其中多项目接续交易19.10亿元，单项目接续交易9.90亿元。从交易笔数来看，2024年全年S 交易笔数为395笔，其中基金份额交易共374笔，占全年比重的95%， 2025年上半年S交易共542笔，其中基金份额交易仍为主要交易类型，共年全年接续交易共21笔，而2025年上半年接续交易共23笔，上半年便超越 2024年全年水平。基金份额交易目前仍是市场中的主流类型，占比超过九成。然而，自2024年以来，接续交易在市场上日益活跃，参与机构除市场化GP外，也逐步涌现出具有国资背景的投资机构。从数据具体细节来看接续交易，2024年的接续交易均为多项目交易，而2025年出现了单项目接续根据执中市场调研结果显示，2024-2025年上半年，S市场突破“单一份额转让”的传统模式，创新模式占比逐步提升，核心是“解决多方诉求、提升交易效率”。首先，GP主导的接续交易成为目前S市场的重要补充。目前接续交易多数以"基金重组、资产剥离”为主一一例如某GP为优化基金组合，将5个非核心项目（消费赛道）剥离，由S基金以“资产包”形式承接， GP保留核心硬科技项目，既提升基金IRR，又满足LP流动性需求。

行业数据原图定位