The information on this website is provided by Pacific Crest Partners for general informational purposes only. It does not constitute an offer to sell, or a solicitation of an offer to buy, any security or investment product in any jurisdiction, and does not constitute investment advice.
本网站信息由 Pacific Crest Partners 提供,仅作一般参考之用,不构成在任何司法管辖区出售任何证券或投资产品的要约,亦不构成购买要约的招揽或投资建议。
Any fund managed by Pacific Crest Partners is available only to persons qualifying as Professional Investors within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong, or to qualified investors under equivalent rules of other jurisdictions. Past performance is not indicative of future results.
Pacific Crest Partners 管理的任何基金仅面向符合香港《证券及期货条例》(第 571 章)所定义的“专业投资者”,或其他司法管辖区同等规则下的合格投资者。过往业绩并不代表未来表现。
By entering this website, you confirm that you have read and understood this notice.
进入本网站,即表示您已阅读并理解上述提示。
US and Asia-Pacific technology equities — one mandate, underwritten with depth rather than breadth.
美国与亚太科技股票——一个清晰的投资范围,以深度而非广度取胜。
Fundamental, bottom-up company work, supported by thematic and supply-chain analysis.
自下而上的基本面公司研究,辅以主题研究与供应链分析。
Net-long orientation with explicit hedging and exposure discipline, governed by a defined risk framework.
净多头配置,辅以明确的对冲与敞口纪律,并受既定风险框架约束。
Research across North American and Asia-Pacific technology ecosystems — both sides of one value chain.
研究覆盖北美与亚太两大科技生态——同一条价值链的两端。
Pacific Crest Partners invests long-biased in public equities of technology-related companies across the United States and Asia-Pacific. The portfolio is concentrated, fundamentally researched, and managed within an explicit risk framework.
Pacific Crest Partners 以偏多头策略投资于美国与亚太科技相关上市公司的股票。组合集中持仓、以基本面研究为根基,并在明确的风险框架内管理。
Durable technology themes with multi-year earnings consequences.
识别具有多年盈利影响的持久科技主题。
Each theme mapped along its value chain across the US and APAC.
沿价值链在美国与亚太绘制主题图谱。
Unit economics, competitive moats, management execution.
单位经济效益、竞争壁垒、管理层执行力。
Capital committed only where our view differs measurably from consensus.
仅在判断与市场共识存在可衡量差异时投入资本。
Demanding return hurdles under conservative assumptions.
在保守假设下设定严格的回报门槛。
Size reflects conviction, within concentration and liquidity limits.
仓位反映信念强弱,受集中度与流动性限制约束。
Theses re-underwritten continuously; independent risk review.
投资论点持续重估,风险审视独立进行。
A concentrated book of core positions held with a multi-quarter to multi-year horizon. Net exposure stays long-biased; hedges and cash are used deliberately to manage drawdowns, not to time markets. Liquidity standards are set so the portfolio can be resized without disturbing the strategy.
组合由集中持有的核心仓位构成,持有周期以数季度至数年计。净敞口保持偏多头;对冲与现金的运用是审慎而有意的,目的在于管理回撤,而非择时。流动性标准的设定,确保组合可在不影响策略的前提下调整规模。
The strategy is built for markets that reward differentiated fundamental work in technology. It may lag during sharp factor reversals, prolonged low-dispersion markets, or periods when defensive, non-technology sectors lead.
本策略立足于科技板块中差异化基本面研究能获得回报的市场环境。在因子急剧反转、市场分化度长期偏低、或防御性非科技板块领涨的阶段,策略表现可能阶段性落后。
Earnings power may sit in Seattle while capacity sits in Hsinchu and demand signals surface in Shenzhen. Competitive dynamics, regulation, capital expenditure and supply-chain signals emerge across both regions — often earlier on one side of the Pacific than the other. Underwriting both sides with equal depth is the firm's structural edge.
盈利能力可能在西雅图,产能在新竹,而需求信号最早出现在深圳。竞争格局、监管、资本开支与供应链信号在两个区域交替显现——往往在太平洋一侧先于另一侧。以同等深度研究两岸市场,正是公司的结构性优势。
We publish selectively, on the themes where our US–APAC coverage gives us something distinct to say. Every item carries a publication date, methodology and the appropriate risk language; nothing we publish is a recommendation to buy or sell any security.
我们坚持有选择地发表研究,聚焦于美国—亚太双边覆盖能带来独特视角的主题。每篇研究均注明发布日期、方法说明及相应的风险提示;我们发布的任何内容均不构成对任何证券的买卖建议。
US hyperscaler capital expenditure flows through an Asia-built supply chain — one cycle, priced in two markets.
美国超大规模云厂商的资本开支,流经一条在亚洲构建的供应链——同一个周期,在两个市场定价。
Leading-edge capacity remains concentrated in APAC, while demand signals originate in US data centers.
尖端产能仍集中于亚太,而需求信号源自美国的数据中心。
AI monetization is diverging across software business models — adoption is universal, pricing power is not.
各类软件商业模式的 AI 变现路径正在分化——技术渗透是普遍的,定价权却不是。
Security budgets behave more defensively than the broader technology spending complex.
安全预算的行为特征,比整体科技开支更具防御性。
US and APAC platforms are converging on similar advertising and commerce economics from different starting points.
美国与亚太的平台企业正从不同起点,趋向相似的广告与电商经济模型。
Payments and market infrastructure monetize digital activity on both sides of the Pacific.
支付与市场基础设施在太平洋两岸将数字活动转化为收入。
Pacific Crest Tech Map — an illustrative research lens. Observations as of August 2026; positions on the US–APAC axis are qualitative. Not investment advice and not a recommendation of any security.和宸科技图谱——示意性研究视角。观察截至 2026 年 8 月;美国—亚太轴上的位置为定性判断。不构成投资建议,亦非对任何证券的推荐。
US–APAC earnings, valuation, capital expenditure, regulation and supply-chain developments, in one considered read.
美国与亚太的盈利、估值、资本开支、监管与供应链动态,一次系统梳理。
AI compute, memory cycles, cloud monetization, foundry capacity, enterprise software, cybersecurity, fintech infrastructure.
AI 算力、存储周期、云变现、代工产能、企业软件、网络安全、金融科技基础设施。
Short, sector-level implications — never buy or sell recommendations — and the variables we monitor in cycles such as semiconductors.
简明的行业层面解读——绝不构成买卖建议——以及我们在半导体等周期中跟踪的关键变量。
Selected insights appear on this page as they are published. The full research library is available to professional investors through Investor Access.精选研究将在发布后陆续呈现于本页。完整研究库通过“投资者专区”向专业投资者开放。
Pacific Crest Partners is an independent investment manager based in Hong Kong. We manage capital on behalf of long-term partners — family offices, endowments and private investors — and we hold ourselves to the standard their trust demands.
Pacific Crest Partners(和宸资管)是一家总部位于香港的独立投资管理公司。我们为家族办公室、捐赠基金及私人投资者等长期伙伴管理资本,并以不辜负这份信任的标准要求自己。
JoJo began her career writing software on Wall Street — an engineer's grounding that still anchors the firm's edge in technology.
JoJo 的职业生涯始于华尔街的软件开发——工程师的底色,至今仍是公司科技研究优势的根基。
Trained at Tsinghua University and the University of Pennsylvania, she spent her first years building systems at global financial institutions before crossing to the investment side through the MIT Sloan School of Management.
她先后就读于清华大学与宾夕法尼亚大学,早年在全球金融机构从事系统开发,其后经由麻省理工学院斯隆管理学院转向投资领域。
Over the following two decades she covered global growth companies at Wellington Management in Boston and BlackRock in New York, then managed concentrated growth portfolios as a Partner at DSM Capital Partners and as a Managing Director at Greenwoods Asset Management in Hong Kong — spanning the American and Asian markets that define the firm's mandate today.
此后二十年,她先后在波士顿的威灵顿管理公司与纽约的贝莱德研究全球成长型企业,继而以合伙人身份在 DSM Capital Partners、以董事总经理身份在香港景林资产管理集中成长型投资组合——横跨美亚两大市场的经历,奠定了公司今日的投资版图。
She founded Pacific Crest Partners in 2021 to practice one craft without compromise: long-term, concentrated technology investing across both sides of the Pacific.
2021 年,她创立和宸资管,专注于一件事并将其做到极致:横跨太平洋两岸的长期集中科技投资。
Yue brings three decades of financial-markets, business-development, and operating-leadership experience to his role as Chief Operating Officer, where he oversees the firm's operating infrastructure and its institutional capital-raising engine.
吴钺先生拥有三十年金融市场、业务拓展与经营管理经验,现任首席运营官,全面负责公司的运营架构与机构募资体系的搭建。
He spent more than twenty years in global investment banking and asset management, holding senior sales, trading, and management roles at Goldman Sachs, Merrill Lynch, Barclays, Credit Agricole, and NatWest across Hong Kong, Tokyo, Singapore, Chicago, London, and New York. At Credit Agricole he was Managing Director and Head of Financial Institution Sales for Hong Kong and China, and served as Acting China Head of Global Markets, overseeing sales, trading, and treasury operations across the country.
他在全球投资银行与资产管理领域深耕逾二十年,先后在高盛、美林、巴克莱、法国农业信贷银行及国民威斯敏斯特银行担任高级销售、交易及管理职务,工作足迹遍及香港、东京、新加坡、芝加哥、伦敦与纽约。任职法国农业信贷银行期间,他担任董事总经理兼港中金融机构销售主管,并兼任中国区全球市场代理负责人,统筹中国境内的销售、交易及资金业务。
Yue was Chief Executive Officer at Oswin Asset Management and Rosefinch Fund Management Hong Kong — with end-to-end responsibility for licensing, operations, risk, and the investor relationship from first meeting through onboarding. He personally engaged more than 100 institutional investors, including pension and endowment funds, funds of funds, and family offices.
吴先生曾两度以首席执行官身份执掌受监管的投资平台——分别是 Oswin Asset Management 及朱雀基金管理(香港)——全面负责牌照申请、运营、风险管理,以及从初次会面到完成开户的完整投资者关系。他亲自接洽逾 100 位机构投资者,包括退休基金、捐赠基金、基金中的基金及家族办公室。
Most recently, as Chief Financial Officer and Head of Strategic Business Development at GloCoach International, Yue built the company's global partner distribution network across ten-plus markets and led fundraising preparation — financial model, investor materials, data room, and investor meetings. He holds a Master of Arts in Economics and a Bachelor of Science in Mathematics, both from the University of Chicago, and is based in Hong Kong, traveling frequently across Asia, Europe, and North America.
最近,吴先生担任 GloCoach 首席财务官兼战略业务发展负责人,搭建了公司横跨十余个市场的全球合作伙伴分销网络,并主导融资筹备工作——包括财务模型、投资者材料、数据室及投资者会议。他持有美国芝加哥大学经济学硕士学位与数学学士学位,常驻香港,并经常往返于亚洲、欧洲及北美地区。
Final investment authority rests with the Chief Investment Officer. Risk review is continuous and independent of idea generation, and every position is subject to it. A deliberately small senior team keeps nothing diluted between insight and decision.
投资的最终决定权由首席投资官行使。风险审视持续进行,且独立于投资研究之外,每个仓位都在其覆盖范围内。刻意精简的资深团队,确保从洞察到决策之间没有任何稀释。
The team spans research, trading, operations and investor relations. Fund administration, audit, custody and prime brokerage are provided by established external institutions; legal and compliance are supported by external counsel. Named service providers are disclosed to professional investors in the data room.
团队覆盖研究、交易、运营与投资者关系。基金行政、审计、托管与主经纪服务均由成熟的外部机构提供;法律与合规事务由外部律师支持。具体服务机构名单在资料室中向专业投资者披露。
This site explains who we are and how we invest. Fund performance, portfolio data and offering documents are shared only with qualified professional investors, through a secure portal.
本网站介绍我们是谁、如何投资。基金业绩、组合数据及发行文件仅通过安全的投资者门户,与合格的专业投资者共享。
Portal access is limited to Professional Investors within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong, or qualified investors under equivalent rules of other jurisdictions, and is granted individually after verification.门户访问权限仅限香港《证券及期货条例》(第 571 章)所定义的“专业投资者”,或其他司法管辖区同等规则下的合格投资者,并在核实身份后逐一授予。
For fund information, materials and introductions:垂询基金信息、资料或安排会面:
ir@pacificcrestpartners.comHong Kong香港
Licensed by the Securities and Futures Commission of Hong Kong (CE No. BSE058)持香港证券及期货事务监察委员会牌照(中央编号 BSE058)