Core Viewpoint - In November, the A-share market performed poorly with all three major indices declining, while private equity investors actively researched multiple listed companies to identify potential investment opportunities [2][6]. Group 1: Market Performance - The A-share market showed a lackluster performance in November, with a decrease in trading volume and poor profit-making effects [2]. - Private equity's subjective long positions yielded an average return of 23.72% year-to-date, outperforming the Shanghai Composite Index (14.41%) and the Shenzhen Component Index (20.39%) [2]. Group 2: Industry Research Focus - In November, a total of 707 A-share companies were researched by institutions, with 360 companies specifically targeted by private equity firms [2][3]. - The four industries most researched by private equity were electronics, machinery, electric power equipment, and biomedicine, each attracting hundreds of participating private equity firms [3][4]. Group 3: Company-Specific Research - The most researched company in November was Luxshare Precision, which was investigated by 472 institutions [6]. - Other notable companies included Huichuan Technology and Anji Technology, which were also heavily researched by private equity firms [6][10]. - Among the AI computing power concept stocks, 16 were researched by private equity, with 9 stocks doubling in value this year [12]. Group 4: Notable Private Equity Firms - Leading private equity firms such as Yuanxin Investment and Fusheng Asset conducted extensive research on multiple A-share companies in November [14][16]. - The top-performing non-quantitative private equity firms in terms of returns included Yuanxin Investment and Fusheng Asset, both of which actively researched A-share companies [16][19].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募指数增强策略是以跟踪某一特定指数（如沪深300、中证500、中证1000等）为目标，在严控误差的前提下，通过量化方式调整投资组合， 力求获取超越标的指数一种投资策略。 指数增强 策略的重点也就在于它的 "强"，强过对应指数，也就是跑出正超额收益。 然而在近五年的A股行情中，经历了地缘政治、疫情、关税冲击等一系列不确定性的冲击下，市场跌宕起伏。以沪深300指数为例，2021年-2023 年涨跌幅分别为-5.20%、-21.63%、-11.38%、2024年涨幅为14.68%，今年来延续涨势。 在这种行情下，私募指数增强策略想要跑出自己的 "强"实属不易，而在这近五年行情中，能够连续五年跑出超额收益更是凤毛麟角，为了给予 更有价值的信息，本文按不同指增策略，分别梳理出连续五年跑出正超额收益的产品，供投资者参考。 0 1 沪深300指增：幻方、龙旗、明汯领衔！白鹭资管上榜！ 沪深300指数在2021年-2024年的涨跌幅分别为-5.20%、-21.63%、-11.38%、14.68%，此外，截至11月21日，今年来的涨幅为14.75%；私募排 排网 ...

Core Viewpoint - The recent IPO of Moer Thread, dubbed the "first domestic GPU stock," has garnered significant market attention, achieving the fastest review record on the Sci-Tech Innovation Board in just 88 days and setting a new high for A-share IPO prices since 2025 at 114.28 yuan per share [2] Group 1: IPO Details - Moer Thread's IPO was met with enthusiastic participation from both retail and institutional investors, reflecting high expectations for the domestic GPU sector and recognition of the company's technological capabilities and growth potential [2] - The online subscription saw 4.8266 million retail investors participating, with a low winning rate of 0.03635054%, indicating that only about 4 out of every 10,000 participants would receive shares [2] - The offline subscription attracted 267 institutional investors, with a total subscription amount exceeding 700 billion shares, resulting in an impressive 1572 times oversubscription [2] Group 2: Institutional Participation - A total of 113 private equity firms participated in the offline subscription, collectively acquiring 50.17 million shares, amounting to approximately 57.34 million yuan, with 49 firms managing over 10 billion yuan [3] - Quantitative private equity firms dominated the participation, with 51 firms involved, while notable subjective firms like Lin Yuan Investment also took part, showcasing a diverse investment strategy [3][4] - The top three private equity firms by allocation were Ningbo Huafang Quantitative, Yanfeng Investment, and Jiukun Investment, with allocations of approximately 61,305 shares, 60,043 shares, and 39,696 shares respectively [3] Group 3: Public Fund Involvement - Public funds were the primary players in the subscription, with 94 public funds participating and acquiring a total of 22.74 million shares, amounting to approximately 2.599 billion yuan [14] - The top public funds included E Fund, Southern Fund, and ICBC Credit Suisse Fund, with allocations of 439.04 million yuan, 401.49 million yuan, and 347.68 million yuan respectively [14][15] - The most allocated single public fund product was the Dongfanghong Configuration Selection, managed by Kong Lingchao, which received 15,505 shares [14]

Group 1 - The core viewpoint of the article highlights that while the technology sector is experiencing a strong rally, CTA (Commodity Trading Advisor) strategies are quietly achieving a "slow bull" market, maintaining low to moderate positive returns year-to-date [2][4] - The article presents data on various private equity strategies, indicating that subjective long positions have the highest number of products and total scale, while quantitative CTA strategies show a notable average return of 1.77% over the past month [3] - The CTA strategies have shown a steady upward trend in net value, continuously reaching new highs, which suggests they may hold greater allocation value in the current high-volatility market environment [4] Group 2 - The article identifies several underlying reasons for the stable performance of CTA strategies, including increased global macro volatility and clearer trend signals due to uncertain Federal Reserve policies and imbalances in commodity supply and demand [9] - CTA strategies are characterized by multi-asset diversification, providing a natural ability to withstand market shocks, and the evolution of quantitative models that adapt to reversal markets, significantly reducing drawdowns [10][11] - The article emphasizes the configuration value of CTA strategies, which utilize futures and derivatives for both long and short positions, allowing them to capture opportunities in both rising and falling markets [12] Group 3 - The article discusses the importance of focusing on private equity managers with strong long-term performance and stability, suggesting a personalized allocation based on different strategy characteristics [18] - Specific managers are highlighted, such as Manager A (Fuying Investment), whose CTA strategy has low correlation with stock assets, and Manager B (Guanli Fund), whose products have outperformed stock strategy indices this year [19][20] - The article concludes that in the current macroeconomic uncertainty and ongoing fluctuations in the A-share market, CTA strategies are positioned as a key allocation opportunity, with their independent return curves and low correlation making them attractive for both institutional and individual investors [22]

Core Viewpoint - The article emphasizes the importance of selecting legitimate fund sales platforms for investors, highlighting the necessity of verifying the qualifications of these platforms to avoid potential financial losses due to fraudulent entities [2][7]. Group 1: Understanding Fund Sales License - Fund sales refer to activities such as opening fund trading accounts, promoting funds, and handling transactions, which require a "Fund Sales License" similar to a "Drug Operating License" for pharmacies [2]. - According to the regulations established by the China Securities Regulatory Commission (CSRC) in August 2020, various financial institutions must apply for a fund sales business qualification and obtain a "Securities and Futures Business License" to engage in fund sales [3][4]. Group 2: Methods to Verify Fund Sales Institutions - Investors can use two primary methods to verify the legitimacy of fund sales institutions: 1. **Method One**: Check the official website of the China Securities Investment Fund Industry Association, which provides a public directory for fund sales institutions [8][9]. 2. **Method Two**: Access the CSRC's official website to find the list of licensed fund sales institutions by navigating through the relevant sections [11][14]. Group 3: Case Study of a Fund Sales Institution - Shenzhen Qianhai Paipai Fund Sales Co., Ltd. was established in September 2015 and obtained its fund sales qualification in 2016. It focuses on public and private fund sales and has built stable partnerships with over 300,000 high-end investors [17].

Core Viewpoint - The article discusses the recent market volatility influenced by external liquidity pressures, rising US dollar index, and mixed signals from the AI sector, leading to cautious investor sentiment in the A-share market [2]. Market Performance - The US dollar index strengthened above the 100 mark, causing significant pullbacks in the technology sector and related ETFs, with the Nasdaq experiencing its largest intraday reversal since April [2]. - A-share investors showed a cautious risk appetite, with the ChiNext Index declining by 6.15% over the week, and only about 200 stocks achieving positive returns on Friday [2]. - All 31 first-level industries in the Shenwan classification experienced declines, although the banking sector supported the Shanghai Composite Index, with state-owned large banks rising for three consecutive weeks [2]. Investment Strategies - Despite significant net value drawdowns in several index-enhanced products, the excess return performance remained relatively resilient [2]. - The average return and excess return for CSI 300 index-enhanced products were -3.75% and 0.02%, respectively, with about half of the products showing negative excess returns [5]. - The average return and excess return for CSI 500 index-enhanced products were -5.97% and -0.20%, while for CSI 1000 index-enhanced products, they were -6.08% and -0.30% [5]. Market Style Shifts - A-shares experienced a style shift post-National Day, with a notable focus on high-quality stocks amid concerns over AI sector capital expenditures and revenue performance [9]. - The market saw a preference for lower valuation stocks with strong earnings visibility and low debt ratios, as evidenced by the significant reversal in the scale factor [9]. - The overall drawdown for managers was manageable, indicating a balanced holding style rather than a concentration in micro-cap stocks [11]. Future Market Outlook - The global stock market, including China's, is increasingly correlated due to historical tariff threats and the AI narrative, with technology stocks being a major theme [13]. - Investors are advised to increase allocations to defensive sectors, particularly banking and other low-volatility, reasonably valued high-quality companies [13]. - The potential for US market support policies could positively influence A-share sentiment, making index-enhanced products, especially those focused on innovation and small-cap stocks, attractive in the future [13].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在全球资本市场联动日益紧密的当下，香港作为国际金融枢纽，其监管牌照成为内地私募"出海"的通行证。 香港9号牌照由香港证券及期货事务监察委员会（SFC）颁发，是从事资产管理业务的法定准入许可。持牌机构可以全权委托形式为客户管理证 券或期货合约投资组合，包括设立和管理基金、提供投资组合管理、财富规划、投资顾问等服务。 私募排排网数据显示，截至 2025年11月26日，年内已有10家私募获得香港9号牌照，持有该牌照的私募数量增加至107家。 其中，主观私募、量 化私募和混合型（"主观+量化"）私募分别有69家、28家和10家。 ( 点此领取持有香港9号牌照的107家私募全名单 ） 那么，年内斩获9号牌照的10家私募都有谁？持有香港9号牌照的私募最新业绩又如何？ 0 1 5家头部量化私募今年获批牌照！盛麒、幻方业绩领跑！ 在头部私募（规模50亿以上）中，持有香港9号牌照的私募共有54家，其中年内获得9号牌照的私募共有5家，且均为量化私募，分别为 优美利投 资、平方和投资、致诚卓远、前海博普资产、黑翼资产 。 在这54家私募中，百亿私募数量较多，共有35家 ...

Core Viewpoint - The article discusses the performance of various fund managers in the context of a complex global economic environment, highlighting those who have achieved consistent positive returns over multiple years despite market fluctuations [2][4]. Market Performance Summary - As of November 21, 2025, major stock indices in A-shares, Hong Kong, and the US have shown growth in 2024 and 2025, while all three markets experienced declines in 2022. The performance in 2023 and 2021 was more varied [2][3]. - Specific performance metrics include: - Shanghai Composite Index: 14.41% increase in 2025, 12.67% in 2024, -3.70% in 2022 [3]. - ChiNext Index: 36.35% increase in 2025, 13.23% in 2024, -19.41% in 2022 [3]. - Hang Seng Index: 25.72% increase in 2025, 17.67% in 2024, -13.82% in 2022 [3]. - Dow Jones Industrial Average: 8.70% increase in 2025, 12.88% in 2024, -8.78% in 2022 [3]. - Nasdaq: 15.34% increase in 2025, 28.64% in 2024, -33.10% in 2022 [3]. - S&P 500: 12.26% increase in 2025, 23.31% in 2024, -19.44% in 2022 [3]. Fund Manager Performance Summary - In 2023, 190 fund managers achieved consecutive positive returns, with 21 among them ranking in the top for the year [5][6]. - The top-performing fund managers include: - Chu Fan from Moku Asset Management, ranked 1st [7]. - Wu Tianzeng from Zhongying Investment, ranked 2nd [9]. - He Yuqing from Yidian Najin (Quanzhou) Private Fund, ranked 3rd [5]. - The majority of top fund managers are from subjective private equity firms, with 12 out of 21 [5]. Long-term Performance Summary - From 2021 to 2024, 30 fund managers achieved consecutive positive returns, with 9 from top private equity firms (over 50 billion) [11][12]. - The top fund managers in this category include: - Guan Xin from Xishirun Investment, ranked 1st [11]. - Li Jing from Hangjingxinghe Asset, ranked 2nd [15]. - Shen Longji from Xinchili Asset, ranked 3rd [11]. Historical Performance Summary - From 2019 to 2024, only 6 fund managers achieved consecutive positive returns, with an equal split between top private equity firms and those below 50 billion [16]. - Guan Xin from Xishirun Investment leads this group with significant average returns [18].

Core Insights - The article highlights the strong performance of Google-related stocks in the A-share market, particularly those linked to Google's TPU chip supply chain and AI applications, with several stocks reaching historical highs [2] - Google's parent company, Alphabet, recently launched its new AI models, Gemini3 and NanoBananaPro, which are expected to significantly impact various industries [6][9] - Berkshire Hathaway, led by Warren Buffett, has acquired approximately 17.85 million shares of Alphabet, indicating confidence in the company's future [3] Group 1: Google AI Models and Market Impact - Google officially released the Gemini3 model, which includes advanced capabilities across multiple data types and significantly outperforms competitors in benchmark tests [6][7] - The Gemini3 model can handle long contexts of up to one million tokens, enhancing its ability to process complex information [6] - The NanoBananaPro model, built on Gemini3, is set to elevate AI image generation and editing, pushing applications into professional design fields [9] Group 2: TPU Chip Developments - Google has introduced its seventh-generation TPU chip, Ironwood, which boasts a performance increase of approximately four times compared to its predecessor [14] - The integration of Optical Circuit Switching (OCS) technology in TPU architecture is expected to alleviate data bottlenecks during AI model training and inference [17] - The market for OCS technology is projected to grow at a compound annual growth rate (CAGR) of 28% from 2024 to 2029, driven by demand from major tech companies [18] Group 3: Financial Performance and Projections - Alphabet's revenue surpassed $100 billion in Q3 2025, marking a 16% year-over-year increase, with AI contributing significantly to this growth [23] - The company is expected to double its AI computing power every six months, aiming for a thousandfold increase in the next four to five years to meet rising demand [22] - The total shipment of AISC chips is projected to reach approximately 5.7 million units by 2026, with Google expected to account for over half of the market share [21] Group 4: Beneficiaries of Google's AI Ecosystem - Companies within Google's hardware and software supply chain are likely to benefit from the growth of its AI ecosystem, including those providing servers, OCS, and other related technologies [24] - The article lists several companies that have seen significant stock price increases due to their association with Google's AI initiatives, highlighting the potential for continued growth in this sector [24][25]

根据私募排排网数据，截至2025年11月21日， 在私募排排网有近 1年业绩展示的女性私募基金经理共有195位 。其中， 来自主观私募的居多， 占 116位 ；来自量化私募、"主观+量化"混合型私募的分别有40位、38位；另有1位所属私募未公布投资模式。 从公司规模看，来自5亿以下规模私募的女性基金经理最多，占94位； 来自 20亿以上规模私募的女性基金经理有39位，其中有11位来自头部私 募 （公司规模在50亿以上，下同），分别是： 半夏投资李蓓、恒基浦业钱博文、广东德汇投资刘晓芳、念空私募王丽、子午投资谢兰、前海博 普资产何瑞琳、玖鹏资产林雪、半鞅私募基金王芹、悦海盈和基金王江宁、千惠资产丁怡、承壹私募贾一鸣 。 其中， 半夏投资李蓓是为数不多的准百亿私募女性掌舵人，也是国内知名的宏观对冲私募基金经理 ，在今年10月下旬的一次采访中，李蓓表 示：没有对科技、细分医药和消费进行研究并主动放弃，错过了结构性牛市，并不会影响个人长期投资收益率。在她看来， 守住自己的能力圈 更为重要，一个人如果在自己能力圈之外进行投资，短期内或许能追逐到一些动量和收益，但长期来看很难赚到超出认知范围的钱。 另外，来自5-10亿规 ...