Hong Kong  ·  Independent  ·  Founder-led香港  ·  独立经营  ·  创始人主导

Pacific Crest Partners和宸资产管理

Long-biased public-equity investing in the US and APAC TMT companies
shaping the world economies.
以偏多头策略,投资于塑造世界经济格局的美国与亚太TMT上市企业。
Fundamental research  ·  Cross-border perspective  ·  Capturing tomorrow's trends基本面研究  ·  跨境视野  ·  把握未来趋势
Scroll下滑

Focused mandate聚焦的投资范围

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。

Research-led研究驱动

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。

Long-biased, risk-controlled偏多头,重风控

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。

Cross-border perspective跨境视野

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。

Investment Approach投资方法

One strategy, stated plainly.一个策略,清晰陈述。

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。

Semiconductors半导体 AI infrastructureAI 基础设施 Cloud & software云与软件 Internet platforms互联网平台 Fintech infrastructure金融科技基础设施 Hardware & supply chain硬件与供应链 Cybersecurity网络安全
1

Theme主题

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。

2

Sub-sector map细分图谱

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。

3

Company work公司研究

Unit economics, competitive moats, management execution.

单位经济效益、竞争壁垒、管理层执行力。

4

Variant perception差异化认知

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。

5

Valuation估值

Demanding return hurdles under conservative assumptions.

在保守假设下设定严格的回报门槛。

6

Sizing仓位配置

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。

7

Monitoring持续跟踪

Theses re-underwritten continuously; independent risk review.

投资论点持续重估,风险审视独立进行。

Portfolio construction组合构建

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。

Risk framework风险框架

  • Market beta市场贝塔net and gross exposure managed within defined ranges净敞口与总敞口在既定区间内管理
  • Factor & concentration因子与集中度single-name, theme and factor concentration monitored explicitly对个股、主题与因子集中度进行明确监控
  • Country & currency国别与汇率regional and FX exposure tracked across US and APAC books跟踪美国与亚太持仓的区域敞口与汇率影响
  • Liquidity流动性positions sized against traded volume, in normal and stressed conditions依据正常与压力情景下的成交量设定仓位规模
  • Event risk事件风险earnings, regulatory and geopolitical exposure reviewed ahead of known catalysts在已知催化剂之前审视财报、监管与地缘政治敞口
  • Drawdown governance回撤治理pre-agreed responses at defined drawdown thresholds在既定回撤阈值触发预先约定的应对机制
Where the strategy can struggle策略的逆风阶段

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。

Why US–APAC为何横跨美国与亚太

Technology is one value chain, priced in two regions.科技是同一条价值链,在两个区域定价。

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。

A mountain crest divides the waters — and commands the widest view. Few managers underwrite both sides of the Pacific with equal depth. We built Pacific Crest to do exactly that. 山脊分开水系,也拥有最开阔的视野。能以同等深度研究太平洋两岸的管理人屈指可数。创立和宸,正是为此。
Research & Insights研究与洞察

Pacific Crest Research: fewer pieces, each with a point of view.和宸研究:数量更少,观点更明确。

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。

Stack ↓层级 ↓
United States美国Asia-Pacific亚太
Infrastructure基础设施

AI computeAI 算力

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。

USAPAC

Semiconductors & foundry半导体与代工

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。

USAPAC
Software & security软件与安全

Cloud & enterprise software云与企业软件

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。

USAPAC

Cybersecurity网络安全

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。

USAPAC
Applications应用

Internet platforms互联网平台

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。

USAPAC

Fintech infrastructure金融科技基础设施

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。

USAPAC

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。

Quarterly technology landscape科技行业季度全景

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。

Thematic briefs主题简报

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。

Earnings-season & risk notes财报季点评与风险观察

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。

Firm & Team公司与团队

Independent. Founder-led. Built for the long term.独立经营,创始人主导,
为长期回报而建。

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。

Headquarters总部Hong Kong香港
Founded创立2021
Regulation监管Licensed by the Hong Kong SFC
(CE No. BSE058)
持香港证监会牌照
(中央编号 BSE058)
Mandate投资范围Long-biased public equities,
US & APAC technology
偏多头股票投资
聚焦美国与亚太科技
Style风格Concentrated, fundamental,
research-led
集中持仓、基本面驱动
研究主导
Alignment利益一致Founder and team invest
personal capital in the fund
创始人与团队以自有资金
投资于基金
Zhihui (JoJo) Hu
胡致蕙
Founder & Chief Investment Officer创始人 · 首席投资官
2021—Pacific Crest Partners, Founder & CIO和宸资管,创始人兼首席投资官
2018Greenwoods Asset Management, PM & Managing Director景林资产,基金经理兼董事总经理
2015DSM Capital Partners, PM & PartnerDSM Capital Partners,基金经理兼合伙人
2013BlackRock, Senior Equity Analyst贝莱德,高级股票分析师
2007Wellington Management, Equity Analyst威灵顿管理公司,股票分析师
MBAMIT Sloan School of Management麻省理工学院斯隆管理学院
MSComputer Science, University of Pennsylvania宾夕法尼亚大学计算机科学硕士
BSTsinghua University清华大学
CFACharterholder特许金融分析师

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 "U-A" Wu
吴钺
Chief Operating Officer首席运营官
2026—Pacific Crest Partners, Chief Operating OfficerPacific Crest Partners,首席运营官
2024GloCoach International, CFO & Head of Strategic Business DevelopmentGloCoach,首席财务官兼战略业务发展负责人
2021Rosefinch Fund Management HK, Chief Executive Officer朱雀基金管理(香港),首席执行官
2019Oswin Asset Management, Chief Executive OfficerOswin Asset Management,首席执行官
2014Credit Agricole CIB, Managing Director & Head of HK/China FI Sales法国农业信贷银行,董事总经理兼港中金融机构销售主管
2000Goldman Sachs, Merrill Lynch, Barclays, Credit Agricole — Senior FX Sales & Trading高盛、美林、巴克莱、法国农业信贷银行——高级外汇销售与交易职务
MAEconomics, University of Chicago芝加哥大学经济学硕士
BSMathematics, University of Chicago芝加哥大学数学学士

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。

Decision rights, stated explicitly清晰明确的决策权限

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。

Operating platform运营平台

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。

Investor Access投资者专区

A public site for orientation. A portal for diligence.公开网站用于了解我们,
投资者门户用于尽职调查。

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。

On this site本网站公开内容

Public公开层

  • Mandate and investment philosophy投资范围与投资理念
  • Research process and portfolio principles研究流程与组合构建原则
  • Team, governance and operating platform团队、治理与运营平台
  • Selected research insights精选研究洞察
  • Risk-management principles风险管理原则
In the investor portal投资者门户内容

Professional investors专业投资者层

  • Monthly and quarterly returns and attribution月度与季度业绩及归因
  • Exposure reports and portfolio risk statistics敞口报告与组合风险统计
  • Investor letters and factsheets投资者信函与基金月报
  • Due-diligence questionnaire and service providers尽职调查问卷与服务机构信息
  • Offering and subscription documentation发行与认购文件

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。

Investor Relations投资者关系

For fund information, materials and introductions:垂询基金信息、资料或安排会面:

ir@pacificcrestpartners.com

Office办公室

Hong 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)