Core Viewpoint - The global financial market has been volatile due to trade disputes and geopolitical tensions, leading to a weak performance in the A-share market, with major indices showing little to no gains over the past six months [2][3] Group 1: Recent Performance of Private Equity - The average return of private equity firms with over 500 million yuan in assets under management was 7.11% over the past six months, significantly outperforming the major indices [2] - The top 100 private equity firms achieved an average return of 16.76%, indicating strong investment performance [2] - More than 20 private equity firms with over 10 billion yuan in assets made it to the top 100 list, including Evolutionary Asset Management and Ningbo Huansquare Quantitative [3] Group 2: Investment Strategies and Firm Composition - The top 100 private equity firms are evenly split between subjective and quantitative strategies, with 45 firms using subjective strategies and 42 employing quantitative methods [3] - Among the top firms, 22 have over 10 billion yuan in assets, with Evolutionary Asset Management, Stable Investment, and Ningbo Huansquare Quantitative ranking highly [3] Group 3: Top Performers - The top 10 private equity firms by average return over the past six months include Nengjing Investment Holdings, Zhiyu Zhishan Investment, and Youbo Capital [7] - Nengjing Investment Holdings topped the list with a return of ***%, maintaining its position as a leading firm [6][7] - Evolutionary Asset Management achieved a return of ***%, ranking first among firms with over 10 billion yuan in assets [6] Group 4: Yearly and Three-Year Performance - Nengjing Investment Holdings also led the one-year performance rankings, with 17 firms achieving returns above ***% [6] - The average return for the top 100 private equity firms over the past three years reached ***%, with 7 firms exceeding ***% [11][12] - The top three firms over the three-year period include Guanshi Fund, Yidian Najin Asset Management, and Huijin Asset Management [12]

Core Viewpoint - The article emphasizes the long-term performance and risk management strategies of Nanjing Chiying Private Fund Management Co., which focuses on futures market investments and aims for sustainable wealth growth while ensuring capital safety [2][5]. Company Overview - Nanjing Chiying was established in 2007 and is one of the first private fund teams in China to collaborate with public funds [2]. - The company has a strong emphasis on rational investment and risk control, with a track record of positive returns on all completed products since the 2012 privatization of futures private equity [5][6]. Performance Highlights - The company has achieved a continuous performance curve with a stair-step growth pattern over 20 years [5]. - All completed products have yielded positive returns, with a total of 15 products managed and 12 completed successfully [7]. Core Team - The core team consists of five members with over 20 years of experience in the futures market, combining deep market understanding with practical trading experience [6][7]. - The team is led by Qian Jun, who has a background in investment management and has been with the company since its inception [6]. Competitive Advantages - The company employs a comprehensive risk control system, prioritizing capital safety over potential opportunities [5][7]. - It focuses on absolute returns and has a high compound annual growth rate, demonstrating significant compounding effects [7]. - The investment strategy includes a dynamic approach to profit locking and risk management, ensuring a balance between capturing trends and protecting investor capital [7]. Product Strategy - The main strategy involves a subjective CTA trend-following approach, which captures complete trends to maximize returns [7]. - The strategy includes low-risk trial positions, dynamic profit locking, and a focus on maximizing trend capture without preemptively predicting market tops or bottoms [7]. Recent Developments - The company rebranded to Nanjing Chiying Private Fund Management Co. in 2023 and has plans for new product launches in collaboration with private fund platforms [6][9].

Core Viewpoint - The A-share market maintained a narrow fluctuation in May, with all three major indices showing slight gains, leading to a significant number of private equity products reaching historical highs in net value [2][20]. Group 1: Market Performance - In May, the Shanghai Composite Index rose by 2.09%, the Shenzhen Component Index by 1.42%, and the ChiNext Index by 2.32% [2]. - A total of 1,411 private equity products reached historical highs in net value, accounting for approximately 32.88% of the products with performance data available for nearly a year [2]. Group 2: Product Types and Strategies - Among the high-performing products, 654 were quantitative and 757 were non-quantitative [2]. - The majority of products employed stock strategies (717), followed by futures and derivatives strategies (256), bond strategies (207), multi-asset strategies (171), and combination fund products (60) [2]. Group 3: High-Performing Private Equity Products - The top 20 private equity products by strategy were identified, focusing on stock strategies, futures and derivatives strategies, multi-asset strategies, and bond strategies [3][12][16]. - In the stock strategy category, 377 products reached historical highs, with the top five products all being subjective long products, each yielding over ***% in the past year [4][5]. Group 4: Notable Fund Managers and Products - Chen Long from Youbo Capital managed a subjective long product that achieved nearly ***% in the past year, ranking second among stock strategy products [7]. - He Guojian from Guanjin Fund managed a subjective CTA product that also achieved nearly ***% in the past year, ranking second in the futures and derivatives strategy category [11]. Group 5: Billion-Level Private Equity Products - In May, 156 billion-level private equity products reached historical highs, with quantitative products making up 140 of these, representing nearly 90% [20]. - Among these, stock strategy products accounted for over 70%, with 115 products in this category [20]. Group 6: Performance Rankings - The top 10 products by one-year returns among billion-level private equity products had a threshold return of nearly ***%, with the top five products coming from Longqi Technology, Ming Stone Fund, and others [21][22]. - The top three products by three-year returns also had a threshold of over ***%, with leading products from Abama Investment and Ming Stone Fund [23][24].

Core Viewpoint - The escalation of conflict between Iran and Israel has significant implications for global financial markets, particularly in the oil and defense sectors, creating potential investment opportunities amid rising tensions [2][3]. Group 1: Oil and Gas Sector - Iran is a crucial oil producer, accounting for approximately 3.5%-4% of global oil output, and is the third-largest producer in OPEC, with exports primarily directed towards Asian markets, especially China, which receives 60% of its exports [2]. - The recent military actions by Israel targeting Iranian energy facilities have resulted in a daily loss of 12 million cubic meters of natural gas production, raising concerns about supply shortages [3]. - Following the outbreak of conflict, international oil prices surged, with Brent crude surpassing $82 per barrel, positively impacting A-share oil and gas service stocks [3]. Group 2: Nuclear Pollution Prevention Sector - The military strikes by Israel are closely linked to nuclear concerns, as Iran has reportedly stored 400 kilograms of 60% enriched uranium, nearing weapons-grade levels [6]. - The nuclear pollution prevention sector in A-shares has seen significant gains, with a 5.05% increase on June 13 and continued upward movement in stocks like Jieqiang Equipment and Beihua Shares, which have seen over 10% gains [7]. - Several companies in the nuclear pollution prevention sector have high institutional ownership, with some exceeding 50% [7]. Group 3: Defense Sector - The conflict has highlighted vulnerabilities in traditional defense systems, leading to increased demand for advanced military technologies, including new air defense systems and drones [8]. - Chinese military products are expected to gain market share due to their cost-effectiveness and technological advancements, particularly in the context of rising global tensions [8]. - The defense sector has seen strong performance, with companies like Guorui Technology and Chengfei Integration reporting over 10% gains in the past month, and many firms having high institutional ownership [9][10].

Core Viewpoint - The Hong Kong stock market has shown impressive performance this year, driven by sectors such as the internet and new consumption, with major indices like the Hang Seng Technology Index rising nearly 20% year-to-date [3]. Group 1: Market Performance - As of June 12, 2023, the Hang Seng Technology Index has increased by approximately 43% over the past year, while the Hang Seng Index and the Hang Seng China Enterprises Index have risen by about 32% and 35%, respectively [3]. - The net inflow of southbound funds has exceeded 630 billion yuan this year, marking a year-on-year growth of over 100% and approaching the historical high of 85% in 2024 [4]. Group 2: Investment Trends - Tencent Holdings has emerged as the top holding stock for public funds in the first quarter of 2025, reflecting a shift in investment focus [4]. - A total of 550 Hong Kong stocks have been purchased by southbound funds this year, with 50 stocks seeing net purchases exceeding 2.5 billion yuan [5]. Group 3: Sector Analysis - The leading stocks in terms of net purchases include Alibaba-W, Tencent Holdings, and Meituan-W, with net purchases of approximately 87.7 billion yuan, 39.7 billion yuan, and 35.2 billion yuan, respectively [7]. - Among the 50 stocks with significant net purchases, sectors such as state-owned banks and biopharmaceuticals are well represented, with 6 and 4 stocks, respectively [6]. Group 4: Stock Performance - 44 out of 50 Hong Kong stocks have achieved price increases this year, with 5 stocks doubling in price, including Innovent Biologics, which has surged by approximately 285% [8]. - Pop Mart, known for its blind box economy, has seen its stock price reach new highs, with a total market capitalization exceeding 360 billion HKD as of June 14 [9][10]. Group 5: Fund Performance - Among the top 20 public funds, all have outperformed the Hang Seng Technology Index over the past year, with the threshold for inclusion being a return of 44.19% [13]. - The South China New Economy Fund, managed by Xinyao Xiong, has achieved a net asset value growth rate of 82.78% over the past year, focusing on new consumption and internet leaders [17].

Core Insights - The average return of private equity fund managers in the past year reached 21.84%, significantly outperforming the market [2] - Stock fund managers showed the highest average return of 25.52%, benefiting from the recovery of the A-share market since "924" [2][4] - Fund managers with assets under management between 0-5 billion yuan had the best performance, with average returns of 23.38% [2][4] By Strategy - Stock Strategy: 1471 managers, 2853 products, total AUM of 2330.34 billion yuan, average return of 25.52% [4] - Futures and Derivatives: 393 managers, 652 products, total AUM of 393.50 billion yuan, average return of 17.27% [4] - Multi-Asset: 297 managers, 531 products, total AUM of 476.29 billion yuan, average return of 19.32% [4] - Bond: 179 managers, 409 products, total AUM of 445.17 billion yuan, average return of 9.70% [4] - Combination Funds: 63 managers, 94 products, total AUM of 42.59 billion yuan, average return of 24.17% [4] By Company Size - Managers with over 10 billion yuan AUM: 114 managers, 586 products, total AUM of 998.51 billion yuan, average return of 20.66% [4] - Managers with 5-10 billion yuan AUM: 400 managers, 707 products, total AUM of 468.51 billion yuan, average return of 23.38% [4] - Managers with 0-5 billion yuan AUM: 1442 managers, 2104 products, total AUM of 750.51 billion yuan, average return of 22.52% [4] Top Performers - Wang Chen from Jiukun Investment topped the list among managers with over 10 billion yuan AUM [5][9] - Wu Xing from Shenzhen Kaifeng Investment led the 50-100 billion yuan category [10][11] - Chen Yu from Shennong Investment ranked first among 20-50 billion yuan managers, focusing on innovative drugs [15][19] - Sun Jie from Nengjing Investment led the 10-20 billion yuan category [22][23] - Hu Shiyuan from Wantao Private Equity topped the 5-10 billion yuan category [29][30] - Tan Guanhua from Hainan Xiangyuan Private Equity led the 0-5 billion yuan category [30][32]

Core Viewpoint - The article highlights the growing significance of quantitative strategies in the investment landscape, particularly within private equity funds, showcasing their ability to generate excess returns compared to benchmark indices [2][3]. Group 1: Quantitative Strategies Overview - Quantitative strategies, especially quantitative long strategies, have become essential in the market, focusing on stock selection and optimization through models and algorithms to achieve excess returns [2]. - In May, 574 quantitative long products reported an average return of 3.77%, with an average excess return of 2.45%, indicating strong performance [2][3]. - The average excess returns for specific indices were as follows: CSI 300 at 0.97%, CSI 500 at 3.03%, and CSI 1000 at 2.84% [3]. Group 2: Performance of Specific Strategies - The top-performing products in the CSI 300 index over the past six months included those from Hainan Pengpai Private Equity and Ningbo Huansheng Quantitative, with excess returns of 6.81% and 5.67% respectively [4][5]. - For the CSI 500 index, the leading product was from Jintong Investment, achieving an excess return of 11.91% [8][10]. - In the CSI 1000 index, the top product was managed by Xiaoxiongmao Asset, with an excess return of 13.26% [10][12]. Group 3: Other Index Strategies - Other index products reported an average excess return of 14.41%, with the top performers coming from Liangchuang Investment and Longqi Technology [13][15]. - The strategy shift of certain products, such as the change from CSI 500 to other indices, has led to significant performance improvements [15]. Group 4: Quantitative Stock Selection - The average return for quantitative stock selection products was 9.83%, with an average excess return of 12.34% [17]. - The leading product in this category was managed by Zhuhai Zhengfeng Private Equity, achieving an excess return of ***% [19].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看路演详情 ） 随着全球化进程不断推进、中国资本市场不断发展，参与海外投资的市场基础显著拓宽， 可投资 的海外市场日益多元，可选投资标的也不断丰富，这让全球资产配置不再遥不可及，成为应对市 场不确定性、优化资产布局的重要途径之一。 在这此背景下，了解并遵循国际税务规则，成为每一位考虑或已经进行海外资产布局的投资者的 必修课。特别是近年来， 共同申报准则（CRS） 在全球范围深入实施，各国之间的税务信息透 明度显著提升。面对这一变化，投资者需要提前了解、充分准备，才能在全球化的投资道路上走 得更稳、更远。 6月16日（周一），私募排排网特邀 RSM中国税务合伙人、注册税务师罗大威 先生带来关于海 外税务合规的专业、深度分享。 路演主题 《CRS信息交换下的 个人海外资产收入申报与税务合规》 亮点前瞻 详解CRS信息交换机制 全面解读境外收入纳税范围与申报要求 路演时间 6月16日（周一）20:00 观看地址 扫码 观看路演（或 点击小程序观看 ） 嘉宾介绍 罗大威 | 税务合伙人 | RSM中国 中国注册税务师 罗大威先生在税务领域拥有超过20年的专业服务经验 ...

Core Viewpoint - The article emphasizes the importance of understanding international tax regulations for investors considering or already engaging in overseas asset allocation, particularly in light of the implementation of the Common Reporting Standard (CRS) which enhances tax information transparency among countries [2]. Group 1: Overview of CRS and Its Implications - The article discusses the CRS information exchange mechanism and its impact on personal overseas asset income declaration and tax compliance [3][4]. - It highlights the necessity for investors to be well-prepared and informed about tax compliance to navigate the complexities of global investment [2]. Group 2: Expert Insights - The article features insights from Mr. Luo Dawei, a tax partner at RSM China, who has over 20 years of experience in tax services and has worked with numerous multinational and high-growth domestic companies [8][10]. - Mr. Luo's expertise includes tax services related to mergers and acquisitions, IPOs, cross-border investment structuring, and private equity fund consulting [9].

以下文章来源于红刊财经 ，作者证券市场周刊 红刊财经 . 《证券市场周刊》创刊于1992年，我们的读者主要为职业投资人和机构投资人，内容以专业的分析和深度报道见长。 公众号 「设为星标」 ，及时获取更新内容！ 从产业角度看，在今年已经召开的两次国际学术大会上，多家内地的创新药企成为主角，展示了在研成果，从而让世界看到了中国创新药企的雄厚实 力。特别是在涉及多个细分领域的头对头临床研究中，中国内地的创新药企已经不止一次击败了该领域的全球药王，充分提振了产业人的信心。此外， 内地药企的在研管线也成为国际知名药企争抢的对象，近期三生制药和石药集团都签定了管线大单，卖出天价的同时增厚了公司业绩。 受此影响， A股和港股中的多家创新药公司二级市场表现亮眼，这边有连续十日收阳的舒泰神和股价突破300元的百利天恒，那边则有签了大单赚到真 金白银的石药集团和三生制药。 至于近期热议的创新药行情会不会昙花一现？从多数机构卖方的观点来看，答案都是否定的。毕竟从产业投资规律看，创新药赛道长期流传"双十"规 律，即从新药研发开始到最终获批上市需要平均耗时十年，投入成本约十亿美元，而目前基本到了一批企业的集中收获期了，在成为新质生产力 ...