Core Viewpoint - The article highlights the performance of equity funds in the A-share market, noting significant gains in August 2025, with the Shanghai Composite Index reaching a nearly 10-year high and a substantial number of funds achieving record net asset values [3][4]. Summary by Sections Recent Performance of Equity Funds - In August 2025, the Shanghai Composite Index rose by 7.97%, the Shenzhen Component Index by 15.32%, and the ChiNext Index by 24.13%, indicating a robust market rally [3]. - As of the end of August 2025, there were 9,037 equity funds, with 3,668 funds (approximately 40.59%) reaching historical net asset value highs [3][4]. Top Performing Funds in the Last Year - Among the 1,569 equity funds with performance data, 7 funds achieved over 200% returns in the past year, with a threshold of 150% for the top 20 funds [4][5]. - The top 5 funds based on one-year performance include: 1. CITIC Construction Investment North Exchange Selected Two-Year Open Mixed A (Code: 016303) - 261% return 2. Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open Mixed Initiated (Code: 014283) - 236.45% return 3. China Europe Digital Economy Mixed Initiated A (Code: 018993) - 232% return 4. Debon Xin Xing Value Flexible Allocation Mixed A (Code: 001412) - 222.43% return 5. Xin Ao Performance Driven Mixed C (Code: 016371) - 216.06% return [5][8]. Performance Over Three Years - For the three-year performance, the top 5 funds include: 1. Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open Mixed Initiated (Code: 014283) - 245.80% return 2. Huitianfu North Exchange Innovative Selected Two-Year Open Mixed A (Code: 014279) - 187.03% return 3. CITIC Construction Investment North Exchange Selected Two-Year Open Mixed A (Code: 016303) - 181.13% return [10][11]. Performance Over Five Years - In the five-year performance category, the top 5 funds are: 1. Dongwu Mobile Internet Mixed A (Code: 001323) - 285.32% return 2. Dongwu New Trend Value Line Mixed (Code: 001322) - 276.38% return 3. Jinyuan Shun'an Yuanqi Flexible Allocation Mixed (Code: 004685) - 236.16% return 4. Huashang Yuanheng Mixed A (Code: 004206) - 200.52% return 5. Huashang Runfeng Mixed A (Code: 003598) - 193.05% return [15][19].

Market Overview - In August, A-shares continued to rise strongly, with the Shanghai Composite Index increasing by 7.97%, the Shenzhen Component Index by 15.32%, and the ChiNext Index by 24.13% [1] - The trading volume reached historical highs, indicating active market participation [1] Private Fund Performance - A total of 3,321 private fund products reached historical net asset value highs in August, representing approximately 71.19% of private funds established for over one year [1] - Among these, quantitative products accounted for 1,303, while non-quantitative products made up 2,018 [1] Product Strategy Breakdown - The majority of products employed stock strategies, with 2,135 products (about 64%), followed by multi-asset strategies (471), futures and derivatives strategies (305), bond strategies (302), and combination fund products (108) [1] Company Size Analysis - The largest share of products came from private funds with assets under management (AUM) below 500 million, totaling 1,347 products, which is over 40% of the total [2] - There were 456 products from private funds with AUM exceeding 10 billion [2] Top Performing Private Funds - A list of top-performing private funds was compiled, focusing on those with stock strategies, multi-asset strategies, futures and derivatives strategies, and bond strategies [2] - Notably, 20 private fund companies had all their products reach historical highs in August, with 13 being quantitative and 7 being subjective [2] Long-Term Performance - Among the private funds that reached historical highs, 33 products have been established for over 10 years, with 25 of them achieving annualized returns exceeding 10% [6] - Five products achieved annualized returns over 20%, with four of them being from large private funds [6] Quantitative Strategy Highlights - In the category of quantitative long-only stock strategies, there were 512 products that reached historical highs, with the top performers having a return threshold close to ***% [10] - The leading products in this category were from Hanrong Investment, Liangying Investment, and others [10] Subjective Strategy Highlights - For subjective long-only stock strategies, there were 650 products that reached historical highs, with the top five performers coming from Beijing Xiyue Private Fund, Shanghai Ge Ru Private Fund, and others [15] Multi-Asset Strategy Insights - In the multi-asset strategy category, 286 products reached historical highs, with the top five performers including Tianhui (Shanghai) Private Fund and others [18] Futures and Derivatives Strategy Performance - There were 137 products in the futures and derivatives strategy category that reached historical highs, with the top five coming from Shenyuan Asset and others [23] Bond Strategy Dominance - In the bond strategy category, 204 products reached historical highs, with the top five performers including Jinshi (Xiamen) Asset and others [28]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 编 者按 私募排排网数据显示，截至2025年8月底，管理规模在20亿以下的私募管理人有7200余家，占比超90%，是私募行业数量庞大的中坚力量。私募排 排网推出 「打卡100家小而美私募」 栏目，聚焦管理规模适中、策略特色鲜明的优质私募基金管理人。通过深度解析其投资方法论、风控体系及能力 圈建设，为投资者提供差异化的视角与洞察。本期打卡—— 广州天钲瀚 。 私募排排网数据显示，截至2025年8月底，广州天钲瀚旗下产品1-8月平均收益达***%， 位列广东地区量化私募榜Top10 ； （ 点击查看收益 ） 在0-5亿规模私募中，广州天钲瀚旗下产品1-8月平均收益达***%， 位列量化私募榜Top10。 （ 点击查看收益 ） Part.1 公司概况 广州天钲瀚私募基金管理有限公司成立于2017年3月，坐标广州市天河区。公司深耕于量化投资领域，专注量化标的择时策略，通过模型预测标 的的未来走势，追求通过标的低买高卖产生绝对收益为投资目标。核心团队成员具有多年实操经验，专业覆盖计算机、数学、金融等。 Part.2 核心团队 投资模式 成立时间 管理规模 ...

Core Insights - The article emphasizes that "buying a fund means buying the fund manager," highlighting the critical role of fund managers in determining fund performance [2] - As of the end of August, there are 2,831 fund managers with performance data, managing a total of 5,276 private fund products, with a combined management scale of approximately 465.47 billion yuan and an average return of 22.64% this year, significantly outperforming the market [2][3] Summary by Categories Fund Manager Education and Experience - Nearly 50% of the fund managers hold a master's degree, while 221 have a doctoral degree and 8 are postdoctoral [2] - 244 fund managers have over 20 years of experience, accounting for 38.1%, and only 62 have over 30 years of experience, representing 9.7% [2] Fund Size and Performance - Fund managers from private funds with a scale of 10-20 billion yuan have an average return of 24.99%, leading the performance [3] - Fund managers from private funds with over 100 billion yuan have an average return of 24.78%, while those managing between 50-100 billion yuan have an average return of 20.16% [3] Top Performing Fund Managers - The top three fund managers in the over 100 billion yuan category are Lu Hang from Fusheng Asset, Jiang Yunfei from Duration Investment, and Yin Tao from Stable Investment [6][10] - Lu Hang has 20 years of experience and focuses on growth stocks, with significant returns from new consumer stocks [10] - Yin Tao, with 12 years of experience, utilizes a self-created high-frequency trading method and artificial intelligence in his investment strategy [10] Performance Rankings by Fund Size - In the 50-100 billion yuan category, the top three fund managers are Tong Xun from Tongben Investment, Ni Fei from Kaishi Private Equity, and Zhang Xiangfang from Mingxi Capital [12] - In the 20-50 billion yuan category, Li Jiajia from Haokun Shengfa Asset leads, followed by Shi En from Yunqi Quantitative and Xu Shuang from Zige Investment [17] - In the 10-20 billion yuan category, He Zhenquan from Liangli Private Equity ranks first, with a focus on emerging industry trends [22] - In the 5-10 billion yuan category, Liu Xianglong from Fuyuan Capital tops the list, emphasizing value investment [27]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近1年来，"9·24"行情显著改善了超额收益环境，AI引爆的全球科技革命更为量化投资打开新赛道，量化私募由此掀起新一轮发展浪潮。从区域 分布看，沿海经济发达地区凭借人才、资本、信息与基础设施的复合优势，继续孕育并汇聚全国知名的量化私募机构。 私募排排网数据显示，截至今年 8月底，旗下至少3只产品符合排名规则的量化私募共有164家，近1年、今年来平均收益分别为48.7%、 22.62%。 按照地区划分，在 上海、广东、北京、浙江以及其他地区中， 上海地区的私募数量较多，达 65家，并汇聚了20余家头部私募。从业绩来看，浙 江地区的私募近1年、今年来平均收益均居首位，分别为59.62%、25.3%。 | 办公城市 | | | 至少有3只产品符合排名 近1年平均 今年来平均 规模在50亿以上 规模为0-50亿 | | | | --- | --- | --- | --- | --- | --- | | 所属地区 | 规则的公司数(近1年) | 收益 | 收益 | 的公司数 | 的公司数 | | 上海 | ୧୮ | 47.53% | 21.75% | 21 ...

Core Viewpoint - The article highlights the significant growth in the quantitative private equity sector, with an increase in the number of top-tier firms and their management scale, driven by the popularity of quantitative investment strategies and market trends [1]. Group 1: Growth of Quantitative Private Equity - As of the end of August 2025, the number of top quantitative private equity firms with management scales exceeding 5 billion yuan has risen to 78, marking an approximate 28% increase from January 2025 [1]. - Among these firms, 45 manage over 10 billion yuan, while 33 have management scales between 5 billion and 10 billion yuan [1]. Group 2: Performance of Top Firms - The top quantitative private equity founders, who are also fund managers, have an average return of 28.81% this year, with an average excess return of 11.12% [1]. - The total number of products managed by these founders that meet ranking criteria is 202, with a combined scale of approximately 28.064 billion yuan [1]. Group 3: Notable Founders and Their Strategies - Xie Xiaoyang, founder of Tianyan Capital, has 12 products with a total scale of approximately 2.174 billion yuan, achieving outstanding excess returns [4]. - Liu Xibin, founder of Hongxi Fund, manages 13 products with a total scale of approximately 1.280 billion yuan, focusing on quantitative trend strategies [7]. - The founders of Heiyi Asset, Zhou Yitian and Chen Zehao, have 21 products with a total scale of approximately 2.419 billion yuan, emphasizing risk control and stable returns [10]. Group 4: Emerging Trends and Innovations - Wu Di, founder of Century Frontier, is focusing on AI developments in quantitative strategies, indicating a shift towards building intelligent systems for strategy development [17].

Core Viewpoint - The A-share market has shown strong performance in 2025, with significant increases in major indices, leading to impressive returns for equity-focused public funds [3][4]. Group 1: Market Performance - As of September 10, 2025, the Shanghai Composite Index has risen approximately 13.74% year-to-date, while the Shenzhen Component Index and the ChiNext Index have increased by about 20.58% and 35.61%, respectively [3]. - The average return for equity mixed funds is 27.49%, and for ordinary stock funds, it is 27.43% as of September 9, 2025 [3]. Group 2: Fund Manager Rankings - There are 1,630 fund managers whose managed funds have over 80% of their net asset value in stock investments, with a total management scale exceeding 8.07 trillion yuan [4]. - The top five fund managers based on performance this year are Ren Jie from Yongying Fund, Leng Wenpeng from CITIC Construction Investment Fund, Liang Furui from Changcheng Fund, Han Hao from AVIC Fund, and Tang Chen from Nuoan Fund, with returns ranging from 104.96% to 170.58% [4][5]. Group 3: Notable Fund Managers - Ren Jie leads the rankings with a return of 170.58% for the year, managing two funds with a total scale of approximately 1.166 billion yuan [11]. - Zhang Wei from Huatai-PB Fund is among the three fund managers managing over 10 billion yuan, achieving a return of 75.34% this year [15]. Group 4: Investment Insights - Ren Jie emphasizes the growth of AI applications and the potential for companies in optical communication and PCB sectors to benefit from global AI development [12]. - Zhang Wei highlights the ongoing recovery in the pharmaceutical sector, with a focus on innovative drugs and the expected growth in the Chinese pharmaceutical market [16].

Core Viewpoint - The financing balance of the two markets has surpassed 2.3 trillion yuan, marking a historical high since 2015, indicating a significant increase in liquidity and investor risk appetite during the current bull market [2][3]. Group 1: Exposure of Micro-Cap Stocks - There is a noticeable differentiation in the exposure of quantitative long products to micro-cap stocks this year, with micro-cap indices significantly outperforming mid and large-cap stocks [4][5]. - The weighted discount rate of IC/IM stock index futures has remained high, suggesting an increased exposure of quantitative managers to micro-cap stocks [7]. - In the first quarter, the proportion of holdings in stocks below the 2000 index was about 20-40%, which may rise to over 50% in the third quarter [8]. Group 2: Reasons and Risks of Exposure to Micro-Cap Stocks - Historically, small-cap stocks have shown higher average annualized beta returns compared to large-cap stocks, attracting speculative interest from retail investors [9]. - The lower coverage of small micro-cap stocks by large institutional investors leads to higher mispricing probabilities, providing opportunities for quantitative models to identify undervalued targets [9]. - The current market liquidity favors micro-cap stocks, pushing their prices higher, especially during periods of weak economic data [9]. Group 3: Investor Strategies to Mitigate Risks - As long as micro-cap stocks maintain a strong market position, the likelihood of high exposure in quantitative long products remains significant [10]. - New investors may have concerns, but the current bull market is relatively rare, and any adjustments are expected to manifest as fluctuations rather than sharp declines [10]. - Quantitative long strategies differ from simple micro-cap strategies, focusing on identifying strong stocks and increasing exposure based on market conditions [10].

Core Viewpoint - The article highlights the significant recovery in the stock market since the "924" rally last year, with an average increase of 83.81% across 5429 stocks, and a notable reduction in the number of stocks trading below their net asset value (from 836 to 293) [2][3]. Group 1: Performance of Underperforming Stocks - Among the 293 underperforming stocks, only 13 have shown positive revenue growth and a net profit increase of over 50% in the first half of the year, indicating that performance-supported underperforming stocks are favored by the market [3][4]. - The average increase for the 293 underperforming stocks this year is 3.52%, while the 13 performance-supported underperforming stocks have an average increase of 16.32% [3][4]. Group 2: Stock Buybacks - A total of 58 underperforming stocks have actively engaged in buyback programs, suggesting that management believes their stock prices are undervalued [5][6]. - The top three companies by buyback amount this year are China State Construction, Baosteel, and Ji'an Medical, with buyback amounts of 0.887 billion, 0.543 billion, and 0.500 billion respectively [5][6]. Group 3: High Dividend Yield Stocks - There are 21 underperforming stocks with a dividend yield of over 5%, enhancing their investment appeal due to potential capital appreciation and stable dividend income [7][8]. - Bailong Oriental has a net asset ratio of 0.87 and a dividend yield of 7.48%, with a net profit increase of 67.53% in the first half of the year [7][8]. Group 4: National Team Holdings - The "national team" holds 71 underperforming stocks, with significant holdings in major banks such as China Construction Bank, Bank of China, and Agricultural Bank of China, indicating a focus on stabilizing these sectors [9][10]. - The national team increased its holdings in only three underperforming stocks in the second quarter, with the highest increase in Runtong Co., Ltd. [9][10]. Group 5: Low-Priced Underperforming Stocks - There are 28 underperforming stocks priced below 3 yuan, many of which have poor performance, suggesting that their real net asset values may not be as high as reported [10][12]. - Huachao City A has a net asset ratio of 0.41 and reported a significant revenue decline of 50.82% in the first half of the year [10][12].

Core Viewpoint - The article highlights the increasing prominence of female fund managers in the public fund industry, showcasing their performance and contributions to the sector as their representation grows [3][4]. Summary by Sections Female Fund Managers Overview - As of September 9, 2025, there are 3,868 active public fund managers, with 2,831 males (73.19%) and 1,037 females (26.81%) [3]. Performance of Female Fund Managers - The threshold for the top 10 female fund managers with over 10 years of experience this year is a return of 29.65% [4]. - Among these top performers, two managers from Ping An Fund achieved the highest returns [4]. Top Performing Female Fund Managers - The top female fund manager is Zhou Encong from Ping An Fund, with a return of 90.02% and a management scale exceeding 30 billion yuan [5][6]. - Other notable managers include Ge Lan from China Europe Fund, with a return of 38.66% and a management scale close to 400 billion yuan [6][7]. Fund Management Scale Insights - Among female fund managers, 304 manage over 10 billion yuan, and 72 manage over 50 billion yuan [9]. - The top female fund manager by scale is Cai Kaer from Fu Guo Fund, with a return of 40.99% and a management scale of approximately 588 billion yuan [10][11]. Performance in Active Equity Funds - There are 346 female active equity fund managers, with the top 20 this year having a return threshold of 53.49% [13]. - Zhou Shanshan from交银施罗德基金 leads with a return of 93.45% [14][15]. Investment Focus - Zhou Encong focuses on innovative drugs and believes 2025 will be a pivotal year for the industry [6]. - Ge Lan's top holdings are in the biopharmaceutical sector, indicating a strategic focus on healthcare [7][8]. Conclusion - The article emphasizes the growing influence and success of female fund managers in the public fund industry, reflecting a shift in the investment landscape towards greater gender diversity and performance excellence [3][4].