Core Viewpoint - Northbound capital, representing foreign investment in the A-share market, has shown significant changes in its holdings as of the end of Q2 2025, with a total market value of approximately 22,830 billion yuan, an increase of about 921 billion yuan from the previous quarter [2][5]. Industry Analysis - The top three industries by market value held by northbound capital at the end of Q2 2025 are: 1. Power Equipment: 2,814 billion yuan 2. Banking: 2,541 billion yuan 3. Electronics: 2,261 billion yuan [3][4]. - Compared to Q1 2025, the market value of holdings in the banking sector increased by approximately 291 billion yuan, while the food and beverage sector saw a decrease of about 215 billion yuan [3][4]. Company Holdings - A total of 37 companies have a market value of over 10 billion yuan held by northbound capital, with 8 of these being banks [6]. - The largest holding is in Ningde Times, valued at approximately 1,531 billion yuan, with a net purchase of about 126 billion yuan in Q2 2025 [6][14]. - Guizhou Moutai follows with a holding of approximately 1,027 billion yuan, which decreased by over 200 billion yuan due to a drop in stock price and a reduction in holdings [6][14]. Stock Performance - Companies with holdings exceeding 100 billion yuan by northbound capital had a median stock price increase of 4.15% in Q2 2025, outperforming the Shanghai Composite Index's increase of 3.26% [6][10]. - The top-performing stock was Shanghai Pudong Development Bank, which saw a price increase of approximately 33.08% [6]. Changes in Holdings - Northbound capital increased its holdings in several sectors, with notable increases in the banking, non-bank financial, power equipment, and medical biology sectors, each seeing increases of over 100 billion yuan [3][4]. - Conversely, the food and beverage sector experienced the largest decrease in holdings, with a reduction of approximately 215 billion yuan [3][4]. Notable Increases - The most significant increase in holdings was observed in Ningde Times, with an increase of approximately 126 billion yuan [14]. - Other notable increases include the pharmaceutical company Hengrui Medicine, which saw an increase of over 73 billion yuan [14]. Emerging Sectors - The computing and photovoltaic sectors have shown strong performance, with 26 computing-related stocks held by northbound capital, achieving a median increase of about 10.51% in Q2 2025 [10][12]. - In the photovoltaic sector, 16 stocks were held with a market value exceeding 5 billion yuan, with Longi Green Energy leading at nearly 6.4 billion yuan [12][13].

Core Viewpoint - The rapid development of artificial intelligence (AI) is transforming the financial investment sector, particularly in FOF (Fund of Funds) investment, where AI demonstrates significant potential in asset allocation and risk management [1][2]. Group 1: Event Overview - The 9th AI&FOF Investment Innovation Development Forum will be held on July 18, 2025, at the Ritz-Carlton Hotel in Shanghai, focusing on the theme "Smart Calculation Future: Quantitative Leap" [1][2]. - The forum aims to gather professionals from various fields, including FOF investment, quantitative investment, and asset management, to share insights and promote the integration of technological innovation and practical application [2]. Group 2: Organizers and Support - The forum is co-hosted by 排排网 Group and Century Securities, a state-controlled full-license securities company established in 1990, which provides comprehensive financial services centered around capital markets [2]. - 公募排排网, a licensed public fund sales platform under 排排网 Group, supports the forum and has established partnerships with over 80 institutions, offering a wide range of products and services to 3.2 million investors [3]. Group 3: Key Participants and Discussions - Notable industry figures, including Wu Xianmin from Century Securities and Feng Ji from Beiyang Quantitative, will deliver keynote speeches sharing unique investment insights and industry perspectives [3]. - The forum will feature two roundtable discussions with various experts discussing hot topics in FOF and quantitative investment, fostering in-depth exploration and collaboration [4]. Group 4: Networking Opportunities - A special "Quality Private Fund Closed-Door Exchange Meeting" will be organized, facilitating one-on-one meetings between 15 institutional investors and 30 private fund institutions to explore cooperation opportunities [4][5].

Core Viewpoint - The article highlights the growth and performance of Mengxi Investment, a leading quantitative asset management firm in China, emphasizing its innovative strategies and strong market positioning [3][24]. Company Overview - Mengxi Investment, established in 2016, is recognized as a pioneer in the domestic quantitative industry, leveraging data mining, statistical analysis, and software development to create a comprehensive quantitative asset management platform [3]. - As of June 30, the average return for Mengxi Investment's products over the past year reached ***%, ranking in the top 10 among quantitative private equity funds [3]. - The company has achieved a significant asset management scale of over 110 billion yuan and employs more than 90 staff members [3][7]. Development History - The company was registered in Shanghai in 2016 and began developing asset management strategies in 2017 [6]. - By 2020, Mengxi Investment managed assets worth 10 billion yuan and had 40 employees, entering the whitelist of several institutions [6]. - The asset management scale grew to 40 billion yuan by 2022, with 60 employees, and reached over 110 billion yuan by 2025 [7]. Core Strategies - Mengxi Investment employs a multi-factor stock selection model, utilizing over 200 global data sources to build a diversified factor library [9]. - The current strategies focus on index enhancement and market-neutral stock strategies, with significant positions in major domestic indices [9]. - The company has developed a short-cycle strategy that has shown low historical excess drawdown and low correlation with peers, providing differentiated returns for investors [9]. Research and Development Team - The research team consists of over 60 members with strong educational backgrounds in mathematics, physics, and chemistry from globally recognized institutions [10]. - The team operates under a "large group" research model and a "small group" incentive model to enhance efficiency and achieve optimal results [10]. Core Advantages - Mengxi Investment maintains a leading position in the low-latency trading sector, with deep integration of AI technologies [12]. - The company emphasizes building a robust talent pipeline, ensuring that talent development precedes strategy and management scale [13]. - The firm has invested significantly in IT upgrades and new equipment, maintaining a competitive edge in technology [15]. Product Line - The company offers various quantitative products, including the Mengxi National Index 2000 Quantitative Fund and the Mengxi Wind Small Cap Index Fund, which focus on short-term trading strategies [16][17]. - The performance of these products has been strong, with returns and annualized returns reaching impressive levels since their inception [17]. Awards and Recognition - Mengxi Investment has received multiple awards, including recognition as a top private equity manager and for its innovative quantitative strategies [21][22][23]. Social Responsibility - The company actively engages in social responsibility initiatives, encouraging employees to participate in charitable activities and offering incentives for blood donation [24]. - Mengxi Investment aims to balance economic benefits with social value, striving to create sustainable long-term returns for investors [24].

本文首发于公众号"蒙玺投资"。 （点击↑↑ 上图查看详情 ） 根据私募排排网获悉，近日，蒙玺投资的管理规模由 50-100亿跃升至100亿以上，成为新晋百亿量化私募。 本周也有微观博易管理规模破百亿 大关，至 此， 百亿量化私募的数量历史上首次 超过 百亿主观私募！ 0 1 具备四大差异化优势！蒙玺近 1 年收益位居百亿量化第 6 资料显示，蒙玺投资成立于2016年，是国内量化行业先行者之一。依托强大的数据挖掘、统计分析和软件开发能力，公司构建了覆盖 多市场、 多品种、全频段 的量化资产管理平台。 公司自主研发的低延迟交易策略和系统 ，长期处于业内领先地位，近年来深度布局AI，全面赋能策略投研。目前， 公司资管规模为 110多亿 元，员工90余人。 未来，公司将继续以多资产、多元化为发展规划，以稳健均衡为发展目标，持续迭代， 力争打造具有国际视野的稳 健 型量 化私募机构 。 从业绩层面来看，私募排排网数据显示，截至6月30日，近1年至少有3只产品符合排名规则的百亿量化私募共有28家。 按近 1 年收益排名，蒙 玺投资位居第 6，旗下 5 只产品近 1 年平均收益为*** % ， 其中 今 年以来平均收益为* ...

Core Viewpoint - In the first half of 2025, the private equity industry is experiencing a surge in interest in "quantitative" strategies, driven by advancements in AI technology and strong performance from small-cap stocks. The implementation of new regulations for quantitative trading is expected to lead to significant changes in the industry, including a shift towards fundamental factors, increased use of machine learning and alternative data, and enhanced risk control measures [2]. Group 1: Popular Quantitative Companies - The top 20 popular quantitative companies include 17 from leading private equity firms, with the top five being all billion-dollar firms. Shanghai is home to 12 of these firms, and three firms have over 100 employees [3]. - Ningbo Huansheng Quantitative ranks first in popularity, with its 11 products achieving a notable performance in the first half of the year. The firm has been utilizing machine learning for automated quantitative trading since 2008, accumulating over 10PB of data [7]. - Blackwing Asset ranks fourth in popularity, with 20 products and a significant number of registered products. The firm has integrated AI technology into its operations since 2017, enhancing model prediction accuracy [8]. - Hainan Shengfeng Private Equity, a newer firm established in 2022, has also made a mark with its strict programmatic strategies and impressive performance [9]. Group 2: Popular Quantitative Fund Managers - The top five popular quantitative fund managers include Xu Jin, Wang Yiping, Lin Ziyang, Zhu Xiaokang, and Sun Lin, with over half of the top 20 managers coming from billion-dollar firms [10]. - Wang Yiping from Evolutionary Asset leads with the highest performance among fund managers, emphasizing the importance of eliminating outdated capacities for economic growth [13]. - Li Xiang from Mengxi Investment, with extensive experience in low-latency trading strategies, ranks eighth among fund managers [13][14]. Group 3: Popular Quantitative Products - Among the top 20 quantitative products, 16 are long-only strategies, with Hainan Shengfeng Private Equity and Longqi Technology having multiple products listed [15]. - Longqi Technology's "Longqi Zhongzheng 2000 Index Growth No. 1" achieved high returns in the first half of the year, managed by Zhu Xiaokang, who has a strong background in international quantitative investment [19]. - Shenzhen Zeyuan's "Zeyuan Zhicheng Beta Quantitative No. 1 A-Class" also performed well, showcasing the firm's expertise in multi-asset trading strategies [19].

Core Viewpoint - The article discusses significant events impacting the capital market in the first half of 2025, highlighting the performance of various securities and the emergence of new private equity firms in China [2][5]. Market Performance - Major indices in China's A-share market showed volatility, with the Shanghai Composite Index increasing by 2.76%, the Shenzhen Component Index by approximately 0.48%, and the ChiNext Index by about 0.53% in the first half of 2025 [2][3]. - The maximum gains for these indices were 11.61% for the Shanghai Composite, 12.44% for the Shenzhen Component, and 19.13% for the ChiNext, while the maximum drawdowns were -9.71%, -14.98%, and -20.79% respectively [3]. Private Equity Landscape - The number of billion-yuan private equity firms in China has increased to 88, with the addition of one new firm, Micro博易 [5]. - Among these firms, 67 focus on stock strategies, 13 on multi-asset strategies, 5 on bond strategies, and 2 on futures and derivatives [5]. - Shanghai has the highest concentration of these firms, with 35 located there, followed by Beijing with 24 and Shenzhen with 7 [5]. Performance Rankings of Private Equity Firms - In the first half of 2025, the top-performing private equity firm was 稳博投资, with an average return of approximately ***% across its products [8][12]. - 进化论资产 ranked second, also achieving an average return of ***% [13]. - The rankings for the past year showed 天演资本 at the top, followed by 龙旗科技 [14][18]. - Over the past three years, 君之健投资 led the rankings, with 阿巴马投资 and 天演资本 following [20][22]. - For the past five years, 日斗投资 was the top performer, with 君之健投资 and 龙旗科技 also ranking highly [25][27]. Notable Insights - The article emphasizes the increasing importance of quantitative strategies in private equity, with many top firms employing such methods to achieve significant returns [8][12][20]. - The performance of private equity firms is closely tied to market conditions, with many managers expressing optimism about future growth in sectors like entertainment and finance [29].

Group 1: Cash Management Tool - The company launched a cash management tool called "排排现金宝" which allows seamless interaction between fund purchases and redemptions, facilitating asset management for investors [3][4]. - The cash management tool offers a 7-day annualized yield of 1.8550%, which is significantly higher than traditional savings accounts [4]. Group 2: AI Services - The company introduced "排排网AI," an intelligent service designed to efficiently provide private equity information, market trends, and address investor inquiries [8][11]. Group 3: Self-Built Net Value Database - A self-built net value database was created to allow users to import net value data for intuitive analysis and comparison of private equity fund performance, addressing the challenges of limited net value disclosure [13][14]. - The process to access this feature includes verifying as a qualified investor, binding an email for automatic updates, and applying for private equity net value data [14][16]. Group 4: Private Equity Research Reports - The company offers in-depth market analysis through private equity research reports, covering both subjective and quantitative strategies, along with performance and holding data [17][19]. Group 5: Investment Education - "排排学堂" provides investment education courses aimed at guiding users from beginner to advanced levels, covering topics such as fund classification, selection strategies, and portfolio management [19][20].

Core Viewpoint - The article analyzes the performance of various private equity funds in the first half of 2025, highlighting the average win rates and returns across different fund sizes and strategies, with a notable emphasis on the superiority of quantitative strategies over subjective ones [2][10]. Group 1: Overall Performance - In the first half of 2025, 2,592 stock strategy products had an average win rate of 56.34%, with 979 products achieving a win rate above 60%, accounting for approximately 37.78% [2][4]. - The average win rates by fund size are as follows: over 100 billion (58.22%), 50-100 billion (57.63%), 20-50 billion (57.29%), 10-20 billion (57.08%), 5-10 billion (55.61%), and 0-5 billion (55.40%) [2][4]. Group 2: Performance by Strategy - Among 1,752 subjective long products, the average win rate was 54.76% with an average return of 11.51%, while 592 quantitative long products had an average win rate of 59.38% and an average return of 17.54%, indicating that quantitative products outperformed subjective ones in both metrics [2][10]. Group 3: Top Performing Funds - The top-performing products in the over 100 billion category included "微观博易-宝途二号B类份额" managed by 微观博易, achieving a win rate of ***% and a return of ***% [5][7]. - In the 50-100 billion category, "同犇22期" managed by 同犇投资 had the highest return of ***% and a win rate of ***% [11][13]. - The leading product in the 20-50 billion category was "盛冠达股票量化2号C类份额" managed by 盛冠达, with a win rate of ***% and a return of ***% [16][19]. - For the 10-20 billion category, "上海晨鸣精选A类份额" managed by 晨耀私募 had a win rate of ***% and a return of ***% [20][21]. - In the 5-10 billion category, "量盈日升专享1号A类份额" managed by 量盈投资 achieved a win rate of ***% and a return of ***% [23][25]. - The top product in the 0-5 billion category was "九招股票量化多头一号B类份额" managed by 九招基金, with a win rate of ***% and a return of ***% [27][29].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2024年"924行情"至今，A股市场行情经历了不小的波动。虽然沪深300、上证指数等主流指数表 现相对平稳，但其间贸易争端、地缘冲突等事件扰动，又给行情带来较大的起伏！当市场走势良 好时，投资者们往往将收益当作衡量私募能力最重要的标尺。然而， 当市场阴云密布、风暴来临 时，回撤控制表现或许才是真正的 "试金石"。 另一方面，从行业发展的长远视角观察，回撤管理能力的提升将是私募基金行业走向成熟的重要 标志。随着监管环境的不断完善和投资者教育的持续深入，那些能够将回撤控制置于与收益追求 同等重要地位的私募机构，不仅能 大幅提升投资者的投资体验 ，也将在市场竞争中赢得更加持 久的优势。 基于此，本文将根据策略类别，对上半年私募产品的回撤数据进行整理，筛选出一批兼具亮眼收 益及回撤控制的私募产品 （入选产品上半年收益均超过10%，所属私募公司规模在5亿以上，且 符合私募排排网排名规则，下同） 。 0 1 绩优低回撤股票策略榜：晨耀私募、博弈资产、平方和投资等入围！ 2025年上半年，在采取股票策略的私募产品中，有多只产品在取得超过10%收益的同时，将回 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 编者按 在财富管理的大航海时代，私募基金以其灵活的策略、专业的团队和追求绝对收益的目标，吸引了越来越多高净值投资者的目光。然而，这个 行业也因其信息较少、不对称等特性，蒙上了一层神秘的面纱。策略如何运作？团队水平如何？短、中、长期业绩表现如何？风险控制究竟如 何......这些问题，往往是投资者在做出决策时，最难穿透的"迷雾"。正是基于此，私募排排网隆重推出 " 深度揭秘100家私募 " 栏目。为投资者 拨开云雾，提供真正有价值的深度洞察。 首期我们将揭秘 量化巨头幻方量化 ，该公司管理业绩和规模均位居国内前列。 下面，就让我们一起深入了解幻方量化。（ 点此看幻方量化旗 下基金业绩、核心团队、路演 ） （下期，你最想了解哪家私募？欢迎留言提名，呼声热度高的会优先推出！） | 幻方中证1000量化多策略2号 | 中证1000指增 | | --- | --- | | 九章幻方中证500量化多策略1号 | 中证500指增 | | 九章幻方中证500量化进取1号 | 中证500指增 | | 幻方量化信淮500指数专享19号7期 | 中证500指增 | | ...