普华永道中天会计师事务所（特殊普通合伙）MoneyTreeTM中国TMT报告2019年一季度/二季度 ÷ b S ù î Ï MoneyTreeTMÏS TMTS / a  8 Y 2019 MB1 /=1ád 2019 M ö Ma 2018 Ma 2017 M# 2016 M/ö MÏS TMT< ² #7gg' Ðb目录1. À 22. TMT< ² #7gg's 3TMT<g'Ð98<g'1 3TMT<g'1 t 6TMT0<g'À 8TMT< n ЪÃg'1 12TMT<g'¨ s 14TMT<g' u×s 183. TMT< ² #7gg'|s 19TMT<g'|1s 19TMT<g'| Ë 20TMT0<g'|s 224. ùîZE#çl 245. ó“á Ì 25MoneyTreeTMÏS TMTá22019 M ö M¥ ² 7g gÆ8®ÊbÏSÜ6ÉÆÈ ÿ󧲿êûà 'Ä¥vß/ so'5?p tøa ' ¡ sKaÏ Å ¸ © =y ÍY gÆg' Á- (ví 7 Ø M ®b ³ ' ¥lÅ°¤Y/³g' ¥g'ö1GV Æ¥i ' ' g Æ 8 g ' ì t ¿ o bTMT< s98 gÆâ ïYg' Á-1 (ïC/t b 1Ì1 µíÑ¥ HÁ-B /Ù O ö MÜ (g'Á-7 Ø M ®b 2019 M ö Mv-¥ ü “A ÷ h V a g ' Ç µ 29 Ì 1 | B ö b TMT<¥n g' ÐÁ-/ÁÀ Ø MK®Ä n Ü (g'Á-9µ î/ÙbBZ 뮿Ñv-g' “¥ g' ¦ û4¬( ÿg'«=bÏ 6BZ ëÜ69 Î tÏaS5 tø9P''g' Q_Ϫ|÷Fÿ× “¥ æ TCÁ ¥ I b2019 M ö M'üà 7 ùg' K f ùg'9-KÚ¥ t b 7 ùg' Á-1/Ù7 f ù¥g'C <9É ?g'Á-?Ãÿ¹h1r TMT<98g'Á-¥ 63%b® N V n E B f Âzî/ f ù¨ ¥g' “÷ ïbüà 2018 M/ö M t 2019 M ö M TMT ¹v0<Ï S/<g' K7º ó©#Mîº ó©<g'Á-G × ü nb¤m¿SE¦¦û gÆ S/ <¥ ÉB' ÆÄs Û ¿9 ØЩ ½ a ¦ýÆ ?a IC ! 9 aÈ0#;È !av a 9 Ø©Á<bº ó©#Mîº ó©<%shn³ p 7 SÏ ¤ dbº ó©âaÈ0 a© ©MC¥g' 5× s'' £ ¶bÎ Á. 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TMT<g'9-üà 2018 M ¹1¥/ t õà ñ1ûÃÁ á 2019 M ö MÌ1/ 47% 1 / 59%bTMT行业投资与总体行业投资比较ô¿¥¡4Ä1 2018 M sÁ µ< ×Æao'5?p tøa 'Y¡ sE©ZFâ ³ ' 4Fv ¯¹ ï¨ b 2019 M ö Mg' Á-ûC ñ¥/Á' ¥ø -Ð''0¥C Pg'«=bÏg'Á- ñ1ûÃ/Ùb' Pg' gÆ8 ÿ ø - TMT<g' 1Ì1 7 Sí 6 1×ç»ûö ¹ÊïC 9Á-h¥ t b¿)''eëÏaa¥g' ªSEh ¥na v 7ba ã S/7©¦¥ûÃO­ S7𥠹íP 2019 M7g gÆ¥×h$/B 1 ÆÆG | %¿M1¦ ï# S7ð¥ªÃVCb3MoneyTreeTMÏS TMTáMoneyTreeTMÏS TMTá4a ÅíQ1n19 Q2n19194.88 184.90g'9-Q1n19vsQ4n18 Q2n19vsQ1n19-9% -5%Q1n19 Q2n191,816 1,776g'9 Q1n19vsQ4n18 Q2n19vsQ1n1933% -2%² #7g98<g' f 2019 MB198< ² #7gg'9 1,816 g ' 9 -194.88a Åí g'9 Ì1 2018 M ¹19F 33%g ' 9-Ì1h 9%b2019 M=198< ² #7gg'9 1,776 g ' 9 -184.90a Åí g'9 Ì1 2019 MB1h 2%g ' 9 -Ì1h 5%b² #7g98<g' f 图 1：2016Q3-2019Q2总体行业投资与TMT行业投资金额比较 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219百万美元10,000020,00030,00040,00050,00060,000所有行业投资总额 TMT行业投资总额20,36627,74246,26530,10133,08032,50531,90955,67444,17721,44419,48818,49017,1097,91315,73223,07213,48020,47815,72420,53016,55411,4548,0036,893MoneyTreeTMÏS TMTá 5Q1n19 Q2n19796 853g'9 Q1n19vsQ4n18 Q2n19vsQ1n1934% 7% îµ< g'9 a ÅíQ1n19 Q2n1980.03 68.93g'9-Q1n19vsQ4n18 Q2n19vsQ1n19-30% -14% îµ< g'9-TMT< ² #7gg' f 2019 MB1 TMT<g'Á- 80.03a Å í Ì 1 h 30%98< ² #7g1g'9- 41%b 2019 M=1g'Á-68.93a Å í Ì 1 2019 MB1h 14% 9 8 < 1 g '9-¥ 37%b2019 MB1 TMT<g' ¹ 796 Ì 1 9 F 34% 98< ² #7g1g'9 44% 2019 M=1 TMT<g' 853 Ì 1 2019 MB19F 7% 9 8 < 1 g '9 ¥ 48%b² #7g98<g' f Q1n1941%Q2n1937%Q1n1944%Q2n1948%图 2：2016Q3-2019Q2总体行业投资与TMT行业投资数量比较Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q2191,9273,7213,1743,1363,2993,0302,3982,6262,7571,3691,8161,7769275511,2271,3851,3351,1931,1509461,2905937968535001,0001,5002,0002,5003,0003,5004,000所有行业投资总量 TMT行业投资总量0MoneyTreeTMÏS TMTá6B1g' 9Fg'Á-h B1 TMT<g'9- 2018 M ¹1/ 30%g ' 9 59F 34% ¼ g'Á-¥g' YqÏ Ü (3g'Á-¹1,790£ ÅíÐ B1M1h 48%bB 1 3 V a g ' 11 Ì 1 h 45% îµ3Vag'¥g'9-¹39.29a Å í 1 TMT<g'9-¥ 49%K Ú 3 g'Á-¹ 15a Å í 1 TMT<9g'- 19%g _ B EC2CÈ0 ³b=1g' g'Á-Ì1Mî»ûB1t Ì1Mîhl=1 TMT<g'Á- B1Ì1h 14%g ' 9 9F 7% ¼ g'Á-¥g' YqÏ Ü (3g'Á-¹ 1,599£ ÅíÌ1h 11%b= 1 3 V a g ' µ 18 Ì 1 9 F64% îµ3Vag'¥g'9-¹ 36.49a Å í = 1 TMT<g'9-r 53%bKÚ3g'Á-¹ 5.7a Å í g_BEº ó© IT ³bTMT行业投资季度趋势17,10915,73223,07213,48020,47815,72420,53016,5548,0036,89305,00010,00015,00020,00025,000图 3：2016Q3-2019Q2TMT 行业投资季度趋势Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219百万美元 数量TMT投资金额 TMT投资数量9275511,2271,3851,3351,1931,1509461,29059379685303006009001,2001,5007,91311,454ô¿¥¡4Äõà 2018 M/ö M¥7g<9Ø 2019 M ö M gÆGøÂ È TMT<¥8g'Á-g' t ÖïCg'Á-lg' 6¥ ëb ö M Ü (g'Á-7 Ø M ¥ ® 1 Ì 1 ( Ñ V 30%bö M TMT<3Va¥g' Ìh3Va¥g'Á- TMT<g'9Á-1×/À 50%b 2019 M ö Mó v-ªÉ “¥ C Ág'Á-/¥ö1y Íb2018 M3ÑV Ea Åí ¥Ñv ² “ 5“'' gÆ¥ t î º ó©#Mîº ó©<©<¥g' £Ö bÉ Æ 2019 M Ü û £ æh| gÃî­=v-g' “¥ |ûø Çb7Lâ5ÚØ7 M F o º ó © +âpBÀ Q M ö¥©ýTáÏ$ nQ4#Bv »''F yÉ ÆLâ 5×b H®¿hn4 Q 6)¥ûÃYº ó©È0 ­ = mÈ B2BÈ ©'ö Mg'à è9 ¹nbà ù =¤m¿ 2018 M û¥7g ¥ lªòal± < ôò ¥ lh ça S7ð© æz¦ dà ¹ TMT<¥g' µ¬?Ãí 6ÉBîg'Á-¥í pb图 4：2016Q3-2019Q2 TMT 行业单笔过亿投资数量Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q21905101520253035403319363528292531342011187MoneyTreeTMÏS TMTáMoneyTreeTMÏS TMTá8TMT0< · S/aº ó©#Mîº ó©aYÎ Á. Â<bS/<2019 M ö Mg' Ì1/ 4% 9 866 ¹0<ÏKÚ g'9- 65.11a Å í Ì 1 h 12%G ® ¿g'9-KÚ¥º ó©#Mîº ó©<b Ü (3g'Á-¤Í 800£ ÅíÌ1/ 8%¹V Ø M K®Äb3Vag' µ 133 Á - TMT<3Vag'9-r 42% ÏBE ¦ýÆ ?q <g'Á-r 5.8a Å í ¹ 2019 M öM S/<3g'Á-KÚbº ó©#Mîº ó©<2019 M ö Mg' 651 Ì1/ 15%g ' 9 - ¹ 77.37a Å í Ì 1 h 55%b Ü ( 3g'Á-Í 1,189£ ÅíÌ1/ 46%b 3 V a g ' µ153 Á - TMT<3Vag'9-r 57% Ï B E È 0 C2C <g'Á-r 15a Å í ¹ 2019 M ö M3g'Á-KÚbTMT子行业投资概况Y<2019 M ö M<g'ûî Ùg' 9 17 Ì 1 6 6% g ' 9 - ¹ 1.03a Åí¹V Ø M K®Äb Ü (3g'Á-ÿ 608£ ÅíÌ1/ 13%b 2019 M ö MY<í3Vag'à èbÎ Á. Â<2019 M ö Mg' 115 Ì 1 h 40%1 2017 M ö MrÚʪ õà Øñö MûÃ/Ág'9-¹ 5.44a Å í Ì 1 Ì h 84%b Ü (3g'Á-¤Í 500£ ÅíÌ1/ 73%b 3 V a g ' º µ 1 g ' Á - ¹ 2.33a Å í ¹ B E < á 7 i / Ø ³b2019 MB1 1133Va Åí¥g'Ϻ ó©#Mîº ó©< 55% S / 45%b2019 M=1 1833Va Åí¥g'Ϻ ó©#Mîº ó©< 50% S / 44%Î Á .  6%b互联网科技 通信 娱乐及传媒图 5：2016Q3-2019Q2 TMT子行业投资金额比较Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Q219百万美元05,00010,00015,00020,00025,00017,1097,91315,73223,07213,48020,47815,72420,53016,55411,4548,0036,893