Core Viewpoint - The A-share gaming sector has experienced significant growth, with a daily increase of 4.89% as of June 30, and a cumulative monthly increase of over 14%, while the year-to-date increase exceeds 30% [2] Group 1: Market Dynamics - The release of game licenses has been a major catalyst, with 147 domestic and 11 imported game licenses issued in June, marking a new monthly high since 2022 [3] - The total number of domestic game licenses reached 757 in the first half of 2025, reflecting a growth of over 20% compared to the same period in 2024, indicating a trend of regulatory easing [3] Group 2: Policy Support - Various regions, including Guangdong, Beijing, Zhejiang, and Shanghai, have introduced supportive policies for the gaming industry, enhancing investor confidence [5] - Beijing announced comprehensive support for the gaming and esports industry, planning subsidies for original game development and AIGC technology applications [5] Group 3: Industry Recovery - The domestic gaming market's sales revenue exceeded 1.4 trillion yuan from January to May 2025, with a year-on-year growth of 16.99%, and mobile game sales surpassing 1 trillion yuan [6] - Securities firms have a positive outlook on the gaming sector, citing stable license issuance and improved supply conditions as factors driving growth [6] Group 4: Stock Performance - The top 20 gaming stocks in A-shares have shown strong performance, with an average increase of 15.21% over the past month, and over six stocks rising more than 20% [9] - Giant Network led the list with a remarkable 60.10% increase in the past month, attributed to new game approvals [10] Group 5: Institutional Interest - Several gaming stocks have garnered significant institutional interest, with Perfect World and Shenzhou Taiyue having fund holdings exceeding 10% [11] - Key stocks like Kayi Network have a fund holding ratio of 15.62%, indicating high institutional attention [12] Group 6: Financial Performance - Among the top gaming stocks, four companies reported over 40% revenue growth in Q1, with an average revenue growth of 35.45% [13] - Perfect World achieved a staggering 713.18% increase in net profit year-on-year, showcasing strong business expansion capabilities [14]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 迈入7月，今年上半年的行情于昨日正式收官。受海内外多重因素交织影响，A股的表现较为震 荡，主要股指全线上涨，其中上证指数上半年累涨2.76%，北证50指数大涨39.45%一度创出历史 新高。行业和题材方面，结构性分化明显，并呈现科技和红利共振的局面。 在此背景下，今年上半年基金行业也发生了许多引发市场热议的大事件。1月末，DeepSeek的创 始人梁文锋、背后公司幻方量化迅速出圈。4月，在关税冲击下，多家知名私募巨头集体发声并 用真金白银支持中国市场。5月，公募市场系统性改革文件落地，行业开始从"重规模"向"重回 报"转变。 0 1 幻方旗下 DeepSeek 出圈！私募量化巨头掀起 AI 布局热潮 今年1月，千亿私募巨头幻方量化旗下新一代AI大模型 DeepSeek-R1横空出世。DeepSeek-R1在 实现复杂逻辑推理解题能力的同时，训练成本约为GPT-4的1/10， 打破 "高投入=高性能"行业规 则 ， 因此在 全球技术圈和资本市场均引起巨大轰动，"东升西降"的说法更是开始甚嚣尘上。 资料显示，DeepSeek的研发经费主要依赖背后的量 ...

本文 首发于公众号"私募排排网"。 （点击↑↑ 上图查看VIP路演详情 ） A股上半年正式收官， 沪指半年涨2.76%，北证50指数大涨近40%。从板块来看，年初Deepseek 引爆AI热潮，黄金、军工、创新药、新消费、数字货币等热点板块轮番活跃，多只银行股股价创 新高。整体上，中小盘股表现更佳，小市值指增超额十分亮眼。（ 点此查看最新量化超额收益排 名 ） 结构性行情下，不少私募管理人实现净值创新高，超八成百亿私募的仓位已接近满仓水平。此 外，私募排排网数据显示， 百亿私募旗下5月实现 正收益的产品占比91.78% ，相比上个月的 49.22%大幅上升。（ 点此查看最新收益排名 ） 查排名,买私募,就上私募排排网 黃 fil 始 人 如今站在年中这个关键时点，市场的不确定性与潜在机遇并存—— 管理人如何研判下半年的趋 势？超额收益又将孕育在哪些方向？投资者又该如何在复杂环境中优化配置，寻找真正的确定 性？ 7月1日起，私募排排网将重磅启动史上规模最大、关注度最高的年中私享会—— 「聚焦 V 来，价 值共生」 2025 年中 VIP 路演活动， 邀请超过百家优质私募管理人齐聚，包括 东方港湾、九坤投 资、龙 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 小米YU7点爆市场，大定量和锁单量超出市场预期，刷新市场纪录，随后港股小米股价涨超9%，市值一度超1.7万亿港元。值得关注的是，小米 的热度还吹向了私募，知名私募掌门人围绕小米及小米YU7展开辩论。 百亿主观私募海南希瓦梁宏已成为小米YU7大定的20万分之一，并且还想成为20万分之二，此外， 梁宏还将小米形象比喻为 "中国的苹果+特斯 拉" 。值得关注的是，4月份梁宏旗下私募产品出现回撤，其中或许有追涨港股小米的原因， 不过随着近期 YU7的发布，小米股价再创新高，近 1个月梁宏业绩迎来明显反弹。 图片来源：社交平台。 根据私募排排网数据，截至6月20日，梁宏旗下有业绩显示的23只产品，合计规模为40.85亿元，近1个月收益均值为 ***% ，近半年收益均值为 ***% ，其中梁宏管理的"希瓦小牛雪球"近半年收益为 ***% ，表现较为突出。（ 点此查看收益 ） [应监管要求，私募产品不能公开展示业绩，文中涉及收益数据用***替代，合格投资者可扫码查看收益数据。] | 2 | 希瓦小牛19号 | like l | 50-100亿 | 主观多头 | ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 野村将中国第二季度GDP同比增长预测从3.7%上调至4.8%，将全年GDP增长预测上调0.5个百分 点。野村中国研究 认为，日内瓦中美经贸会谈 取得实质性进展对中国经济而言是一大利好，尤其是对第二季度经济而言。 另外，6月23日，高盛中国股票策略分析师付思表示： 我们维持对 A股和港股的超配建议，预计沪深300目标点位为4600点，MSCI China目标 点位为84点，隐含约10%的上行空间。 那么，外资机构近1个月到底关注了哪些A股公司呢？又有哪些外资机构调研最为活跃呢？ （ 点此查看完整调研名单 ） 0 1 36 家公司被至少 3 家外资机构聚焦！ PCB 龙头涨近 40% 领衔 私募排排网根据Choice整理的数据显示，截至6月27日的近1个月，被外资机构调研的A股公司共有95家，其中 调研次数至少为3次的公司共有36 家 。 （ 点此查看完整名单 ） 近 1个月，高盛、摩根士丹利、 德意志银行等 多家外资机构集体发声，并调高了对 2025年中国经济的预期。 其中，6月5日发布报告，德意志银行将2025年中国GDP增长预测上调0.2个百分 ...

本文 首发于公众号"私募排排网"。 （点击↑↑ 上图查看VIP路演详情 ） 7月1日起，私募排排网将重磅启动史上规模最大、关注度最高的年中私享会—— 「聚焦 V 来，价 值共生」 2025 年中 VIP 路演活动， 邀请超过百家优质私募管理人齐聚，包括 东方港湾、九坤投 资、龙旗科技、明汯投资、聚宽投资、 因诺 资产等 众多百亿私募，共同分享下半年市场展望、 策略思路与投资机会。（ 点此免费领取最新百强私募名单 ） ii terin 总 经 HT VIP会员 量派投资 ← 7月1日 周二 15:30 扫码观看本期路演 *本次活动仅限私募排排网VIP会员参与,可前往APP免费认证 市场有风险,投资需谨慎 私 喜 排 排 网 查排名，买私募，就上私募排排网 #2025-年中交流会 吴树 创 始 人 左右滑动查看路演预告 2025年已悄然过半，全球经济在复杂多变的地缘局势下继续演绎着波动与不确定性。A股市场上 半年整体呈现震荡分化格局：年初Deepseek引爆AI热潮，军工、创新药、新消费、数字货币等热 点板块轮番活跃。结构性行情下，不少私募管理人实现净值创新高，超八成百亿私募的仓位已接 近满仓水平。此外，私募排排 ...

Company Overview - Xiangcheng Capital Management Co., Ltd. was established in 2016, focusing on secondary market stock investments, primarily in Hong Kong, A-shares, and U.S. stocks [2] - The founder, He Xiao, has nearly 20 years of experience in the industry and has received multiple awards, including the Golden Bull Award [2][8] - As of May 2025, Xiangcheng Capital ranks in the top 10 of the "Top 100 Private Equity" list for average returns over the past six months [2] Investment Philosophy - The company emphasizes the need to overcome path dependence from past successes and continuously iterate to keep pace with China's new economic development [2] - It aims to identify industries with long-term comparative advantages based on social development trends and China's economic restructuring [2] Development Milestones - 2016: Xiangcheng Capital was founded - 2018: Obtained private fund license and registered with the Asset Management Association of China - 2019: Launched the first fund, "Xiangcheng Capital Noah Ark No.1" - 2024: Management scale surpassed 1 billion yuan [8] Core Team - The core team consists of members from prestigious universities, providing a strong academic foundation for market trend analysis [15] - The team has extensive experience in industry research, data analysis, and strategy formulation [16] Competitive Advantages - **Flexible Position Management**: The company adjusts its positions based on market opportunities and risks, achieving absolute returns while controlling drawdowns [15] - **Strong Research Team**: The team has undergone rigorous training in top public funds, enhancing their ability to analyze market trends [16] - **Clear Goals and Stability**: The team has never used leverage tools, focusing on long-term equity investments to benefit from compounding effects [17] Investment Strategy - The investment strategy includes contrarian investing, value investing, and a focus on safety margins [18] - The company employs market timing and stock selection based on valuation indicators and behavioral finance [19] Product Performance - The flagship product, "Xiangcheng Capital Noah Ark No.1," has shown significant returns since its inception [19] - The fund has been recognized multiple times in various rankings for its performance [22]

今年来市场风格呈现出明显的大小盘分化，随着市场情绪的修复和市场活跃度的提升，大盘股表现相对较弱，而小盘股则受益于风险偏好提升、 流动性充沛等，表现尤为突出，量化策略的超额收益显著累积。 私募排排网数据显示，截至2025年5月底，有业绩显示的574只量化指增产品，近1年超额收益均值高达24.48%，其中正超额产品539只，正超额 占比高达93.91%。分三级策略来看，47只其他指增产品表现较为领先，近1年超额均值高达34.74%。（可参考： 最新量化多头超额榜揭晓！今 通、量创投资等领衔！进化论、龙旗、幻方等上榜！ ） 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 半鞅私募基金 ： 今年指数增强产品整体超额收益表现尤为突出，表观上来看，这得益于市场成交活跃度高、股票间的分化程度增加，这种市场 环境为量化管理人提供了丰富的交易机会，从而更容易获取超额收益。 从深层原因来看，则是在 固收类资产收益整体下行的背景下，权益市场因其相对较高的潜在回报和一定的"托底"效应，吸引了更多投资者的目 光，新增资金持续流入。 与此同时，特朗普上任后带来的市场不确定性增加，进一步激发了市场的波动性和交易活跃度。 最 ...

Core Viewpoint - The article reviews the performance of the A-share market in the first half of 2025, highlighting significant events such as the rise of DeepSeek, the impact of Trump's tariffs, and the resurgence of innovative pharmaceuticals and high-end manufacturing sectors [2]. Group 1: Market Overview - The A-share market experienced a "roller coaster" journey in the first half of 2025, with DeepSeek's launch igniting a surge in related stocks [2]. - The market faced volatility due to unexpected tariffs from Trump, but state-backed funds provided support, creating a buying opportunity in innovative pharmaceuticals [2]. - By June, sectors like semiconductor equipment, solid-state batteries, and national defense attracted significant investment [2]. Group 2: Popular Articles and Presentations - The article lists the top 5 most read articles and top 5 most viewed presentations on the platform for the first half of 2025, suggesting that these pieces contain valuable insights for investors [2]. - The top article discusses the DeepSeek team, revealing key members and their educational backgrounds, emphasizing the team's youth and local talent [3][6][7]. - The second article highlights the performance of quantitative funds, noting that the average return for 1480 quantitative products was 21.51% over the past six months, outperforming the 17.12% increase in the CSI 300 index [10][11]. Group 3: Key Figures in Quantitative Investment - The article features prominent figures in the quantitative investment space, such as Liang Wenfeng, who has a notable career trajectory and leads two major quantitative private equity firms [7]. - It also provides a ranking of top quantitative private equity firms, with Ningbo Huanshan Quantitative ranked third, showcasing the competitive landscape in this sector [10][17]. Group 4: Notable Presentations - The top presentation discusses the potential rise of a "DeepSeek" moment in the Chinese stock market, reflecting on key trends in AI and investment opportunities [21]. - Another presentation focuses on long-term value investment strategies, emphasizing the importance of understanding future profitability [24]. - The third presentation addresses the configuration of quantitative products in the current market environment, providing insights into investment strategies [27].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 小米YU7预定爆了！前日，小米举办发布会，正式发布首款SUV汽车小米YU7。据最新报道，作 为小米首款豪华高性能SUV，YU7开放预定仅3分钟，大定就突破20万台，1一小时大定更是突破 28.9万台。甚至雷军本人，都公开表示 "YU7的表现创造了中国工业史上的奇迹" ！ 小米YU7的超预期表现，很快就在资本市场上有所体现。发布会当晚，小米集团ADR（在美发行 股票存托凭证）盘中一度涨近12%。次日港股开盘，小米集团-W一度突破60港元，市值已经突破 1.5万亿大关。 那么，关于小米汽车的发展前景，机构有怎样的观点？小米在海外市场的强劲表现，是否会对A 股小米汽车概念股带来催化？具体的概念股名单又有哪些？为方便投资者进行参考，本文将为投 资者带来关于小米汽车的最新机构观点，同时对小米汽车A股概念股名单进行整理。 （ 点此查看 概念股名单 ） 0 1 YU7 销量爆发式增长！海内外多家大行机构齐发声：看多！ YU7大定取得的超预期数据，引发海内外大行机构的一致看多，多家券商机构均认为小米新车型 将推动行业竞争格局重塑！ 海外机构观点方面，摩根士丹利表 ...