Core Viewpoint - The article discusses the latest holdings of the "National Team" in A-shares as of the end of Q3 2025, highlighting their role in stabilizing the market and the significant increase in their investments in various sectors [2][9]. Group 1: National Team Holdings Overview - As of Q3 2025, the "National Team" is involved in 801 A-share companies, with a total holding value of approximately 44,747 billion yuan, an increase of about 385 billion yuan from Q2 2025 [2][3]. - The largest shareholder among the "National Team" members is Central Huijin, with a holding value of approximately 32,224 billion yuan [3][18]. - The Social Security Fund holds shares in the most companies, totaling 617 A-share companies [3]. Group 2: Sector Allocation - Approximately 84% of the "National Team's" holdings are concentrated in the financial sector, with bank holdings valued at 32,959 billion yuan, accounting for 73.66% of their total holdings [3][9]. - Other sectors with significant holdings include food and beverage, machinery, construction decoration, public utilities, and non-ferrous metals, each exceeding 500 billion yuan in holdings [3]. Group 3: Individual Stock Performance - Among the "National Team's" holdings, 8 stocks have doubled in price this quarter, and 32 stocks have increased by over 70% [6][11]. - Notable performers include Luxshare Precision, which saw its stock price rise over 87% in Q3, with a holding value exceeding 142 billion yuan [6][11]. Group 4: New Investments and Adjustments - In Q3 2025, the "National Team" initiated positions in 22 new companies and increased holdings in 30 companies [11][16]. - The article highlights that 6 of the newly invested companies saw stock price increases exceeding 80% [11]. Group 5: Major Shareholders and Their Strategies - Central Huijin's top three holdings are Agricultural Bank of China, Bank of China, and Industrial and Commercial Bank of China, with a combined holding value exceeding 2.84 trillion yuan [18][19]. - The Social Security Fund's top three holdings also include Agricultural Bank of China and Industrial and Commercial Bank of China, reflecting a strategic focus on major state-owned banks [19][20].

Core Viewpoint - The A-share market has shown strong performance this year, driven by the AI technology boom, with significant growth in various tech sectors, including optical modules, PCB, AI chips, liquid cooling, humanoid robots, and controllable nuclear fusion [2] Optical Modules - The optical module sector has seen a surge in demand due to increased investment in AI computing infrastructure, with expectations for strong demand for 800G and 1.6T optical modules by 2026 [2] - Eleven leading stocks in the optical module sector have doubled in value this year, with an average increase of 135.52% [2] - Key players like Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication reported significant revenue and profit growth in the first three quarters of 2025 [3][4] PCB (Printed Circuit Board) - The PCB market is experiencing a boom due to the explosive demand for AI servers and high-end switches, with global PCB market value projected to reach $73.6 billion in 2024 [5] - Twelve leading PCB stocks have seen an average increase of 199.26% this year [5] - Major companies such as Shenghong Technology and Shenyin Technology reported substantial revenue and profit growth in the first three quarters of 2025 [6] AI Chips - The AI chip market is accelerating domestic substitution due to export restrictions on high-end chips, with significant growth expected in the coming years [7][8] - The domestic AI chip market is projected to grow from ¥142.54 billion in 2024 to ¥1.34 trillion by 2029, with a compound annual growth rate of 53.7% [8] - Leading companies like Cambricon and Montage Technology have reported impressive revenue and profit growth in 2025 [8][9] Liquid Cooling - The liquid cooling market is gaining traction as a solution for efficient heat dissipation in AI computing facilities, with the global market expected to reach $2.84 billion in 2025 [10][11] - Six leading liquid cooling stocks have shown an average increase of 88.09% this year [11] - Companies like Yingweike and Yinlun reported strong revenue and profit growth in the first three quarters of 2025 [12] Humanoid Robots - The humanoid robot market is expanding rapidly, with significant advancements from both domestic and international companies [14] - The global humanoid robot market size forecast has been raised from $3 trillion to $5 trillion by 2035 [15] - Leading firms such as Wolong Electric and Zhejiang Rongtai have reported notable revenue and profit growth in 2025 [15][16] Controllable Nuclear Fusion - Controllable nuclear fusion is becoming a strategic focus for major countries, with significant growth expected in the sector [17] - The market for controllable nuclear fusion is projected to see an average increase of 80.17% among leading stocks this year [17] - Companies like Shanghai Electric and Jintian Co. reported strong performance in the first three quarters of 2025 [18]

栏目介绍 「私募深观察」 聚焦于管理规模适中私募管理人，通过深度解析，致力于呈现其发展路径与投资内核，记录这些私募中坚力量在投研体系、风控 流程与团队建设上的特色与亮点，为读者提供多样的观察视角。 本期观察——平方和投资。 私募排排网数据显示，截至2025年9月底，在准百亿规模私募中， 平方和投资旗下产品平均收益达***% （ 点击查看收益 ） ，位列量化私募业 绩榜Top10。截至2025年10月底，平方和投资管理规模已突破100亿 。 | 排名 | 公司简称 | 核心 | 成立时间 | 实控人 | 符合排名规 产品规模合计 今年来收益 则的产品数 | (万元) | | 均值 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 超量子套金 | 股票 | 2015/6/16 张晓泉 | | 3 | | | | | | 大岩资本 | 股票 | 2013/6/14 | 黄铂 | 7 | | | | | | | | | | | | C | | | C | no no 20 - | DATES | | France | | | price 11/ ...

以下文章来源于公募排排网 ，作者小满 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 导语 今年以来，在政策支持、科技突破与市场情绪回暖的共同驱动下，A股市场表现强势，截至10月28日，创业板指以逾52%的涨幅领跑，深证成 指上涨近30%，上证指数也录得约18.95%的涨幅。板块方面，创新药、人形机器人、算力以及"反内卷"等主题轮番演绎，推动市场整体热度攀 升。 随着A股持续火热，主要投资于股票的公募基金（如偏股混合型、普通股票型等）整体表现亮眼，尤其那些"踩中"热门赛道的基金可谓"乘风而 起"。 公募排排网 数据显示，截至10月28日，剔除ETF、2025年成立的基金以及基金规模不足1000万元的产品，偏股混合型基金（只含主代 码）共2395只，今年来平均收益为34.57%，普通股票型基金（只含主代码）有539只，今年来收益均值为33.84%。 众所周知"选主动基金就是选基金经理"，那么在这波行情中，哪些 股票型基金经理 （旗下管理基金中股票投资市值占基金净值在 80%以上 ） 表现更为胜出？为此，笔者梳理了今年来收 ...

Core Viewpoint - The A-share market is experiencing a strong bullish trend, with significant foreign investment interest and optimistic forecasts from major financial institutions regarding future index performance [3][4][7]. Foreign Investment Trends - Goldman Sachs predicts a 30% increase in major Chinese stock indices by the end of 2027, driven by 12% trend-based profit growth and a 5%-10% valuation adjustment [4]. - Morgan Stanley holds a bullish outlook on the Chinese stock market, with a total investment of approximately 75.70 billion yuan across 154 companies [7]. - JPMorgan has doubled its A-share holdings to approximately 79.31 billion yuan, indicating strong confidence in the market [10]. Institutional Holdings - As of October 30, 2025, Goldman Sachs has increased its holdings in A-shares to approximately 93.42 billion yuan, with 14 stocks valued over 1 billion yuan [6]. - Morgan Stanley's top holdings include companies like Si Yuan Electric and Jinko Solar, with significant year-to-date price increases [9]. - Barclays Bank has invested around 29.04 billion yuan in A-shares, focusing on technology, healthcare, and mining sectors [13]. Performance of Key Stocks - Goldman Sachs' top holdings include Hao Wei Group, Hua Gong Technology, and Xie Chuang Data, with average stock price increases of 52.97% this year [5][6]. - Morgan Stanley's top-performing stocks include Bei Fang Long Chuang and Shi Kong Technology, with increases of 360.29% and 341.75% respectively [8][9]. - UBS has invested heavily in San Huan Group, with a holding value of approximately 85.30 billion yuan, reflecting a focus on electronic components [16][17]. Market Sentiment - The overall sentiment among foreign investors is positive, with many believing that the A-share market is still in the early stages of a bull market, supported by ongoing asset reallocation by Chinese households [21][22].

Core Viewpoint - The article analyzes the latest A-share holdings of major private equity firms in China, highlighting their investment preferences and market performance as of the end of Q3 2025. Group 1: Overview of Holdings - As of October 31, 2025, 35 private equity firms held a total market value of approximately 718.57 billion yuan in A-shares, with notable firms like Gao Yi and Guo Feng Xing Hua each holding around 230 billion yuan [2][3]. - Among these firms, 18 increased their positions, while 34 reduced their holdings, indicating a preference for long-term investments [2][3]. Group 2: Performance of Major Private Equity Firms - Gao Yi Asset and Guo Feng Xing Hua are the only firms with holdings exceeding 230 billion yuan, while firms like Xuan Yuan Investment and A Ba Ma Investment also showed significant holdings [3][4]. - The average increase in the stock prices of the top holdings by these private equity firms was 26.68%, outperforming the Shanghai Composite Index during the same period [3][4]. Group 3: Notable Stock Performances - A total of 44 stocks held by these private equity firms saw price increases exceeding 50%, with significant contributions from the machinery and electronics sectors [5]. - ST Zhen Tong, heavily invested by A Ba Ma Investment and Xuan Yuan Investment, experienced a remarkable price increase of over 139% in the first three quarters [5]. Group 4: Specific Holdings and Changes - Gao Yi Asset's top holdings include Hikvision and Zijin Mining, with the latter seeing a price increase of over 99% in the first three quarters of 2025 [10][12]. - Xuan Yuan Investment's largest holding is Dongfang Shenghong, with a market value nearing 1.4 billion yuan and a price increase of approximately 16% [14]. Group 5: Investment Strategies - The investment strategies of these private equity firms vary, with 18 firms employing subjective strategies, 11 using quantitative methods, and 4 adopting a combination of both [3][4]. - A Ba Ma Investment, known for its quantitative approach, has shown strong performance, with its holdings primarily in the machinery and electronics sectors [18][19].

以下文章来源于公募排排网 ，作者小满 公募排排网 . 看财经、查排名、买基金，就上公募排排网，申购费低至0.001折。 本文首发于公众号"公募排排网"。（点击↑↑上图查看详情） 导语 随着公募基金行业驶入高质量发展的"深水区"， 公募基金的非货币市场规模，已成为衡量一家基金公司主动管理能力与市场影响力的核心标 尺 。北京、上海、深圳，作为中国金融资源的三大高地，其汇聚的头部基金公司更是这场"实力竞赛"的领跑者。 公募排排网 整理数据显示，截至2025年三季度末， 纳入统计的 162家基金公司（含有公募资格的券商及券商资管，下同） 非货规模（剔除 ETF联接基金份额/净值）达21.13万亿元，在整体规模35.53万亿元中占比近六成。从办公城市看， 主要分布在北上深，其中坐落在上海的基 金公司最多，达 78家，北京、深圳各38家、33家 。 为此，笔者聚焦北上深及其他城市，揭晓各地区非货规模的基金群像，供投资者参考。 （ 点此查看上海、北京、深圳基金公司非货规模排名 ） 上海基金公司：富国基金非货规模领先！华泰柏瑞基金最赚钱！ 公募排排网 整理数据显示，截至三季度末，上海78家公募基金公司非货规模合计约为8.52 ...

Core Viewpoint - Shenzhen has become a significant hub for quantitative private equity, with a total of 125 firms and an average return of 24.43% in the first three quarters of the year [2]. Group 1: Overview of Quantitative Private Equity in Shenzhen - Shenzhen is one of China's four first-tier cities and a frontier for opening up, attracting world-class financial, professional services, and technology companies [2]. - The city has a solid policy and industrial foundation for the development of quantitative private equity [2]. Group 2: Distribution of Quantitative Private Equity Firms - The majority of quantitative private equity firms are located in Futian District (59 firms) and Nanshan District (53 firms), accounting for nearly 90% of the total [4]. - Futian District is identified as the traditional financial center, while Nanshan is recognized as the technology center of Shenzhen [4]. Group 3: Top Firms in Futian District - The leading firms in Futian District include Chao Quantum Fund and Chengqi Asset, both managing over 10 billion [7]. - The top firms in terms of employee count include Youmeili Investment, Chao Quantum Fund, and Qianhai Guoen Capital, each with over 30 employees [7]. Group 4: Performance of Top Firms - Chengqi Asset achieved the highest average return among its products, with a management scale of over 100 billion [9]. - Chao Quantum Fund, established in 2015, focuses on stock quantitative strategies and has also reached a management scale of over 100 billion [10]. Group 5: Overview of Nanshan District - In Nanshan District, the top firms include Hanrong Investment and Dadao Investment, with the latter being a newly established firm managing over 100 billion [11][14]. - The firms in Nanshan are also characterized by a strong focus on quantitative strategies and advanced technology [11]. Group 6: Performance of Top Firms in Nanshan - Hanrong Investment leads in performance with an average return from its products, while Dadao Investment has also shown strong results since its establishment [13][14]. - The firms in Nanshan are noted for their innovative approaches, including the use of machine learning and advanced statistical methods [13]. Group 7: Other Districts - Other districts such as Longgang, Luohu, Baoan, and Yantian collectively host 13 small-scale quantitative private equity firms, all managing between 0-5 billion [15]. - These firms primarily focus on niche strategies and have smaller employee counts compared to those in Futian and Nanshan [15].

Core Viewpoint - Quantitative investment is transitioning from a marginal role to a mainstream strategy in the volatile A-share market, with Shenzhen Liangdao Investment leveraging its strong quantitative technology foundation and systematic strategy framework to advance in the competitive asset management industry [2]. Company Overview - Shenzhen Liangdao Investment was established in April 2015, with a founding team that has been dedicated to quantitative investment and algorithmic trading since 2010. The company has research centers in Xiamen, Beijing, and Shanghai, and its core personnel have over 10 years of experience in quantitative strategy research and risk control [2]. - The name "Liangdao" signifies the "path of quantitative investment," reflecting a deep understanding of the essence of investment—finding the optimal solution between returns and risks [2]. Performance Highlights - Liangdao Investment's quantitative stock and CTA (Commodity Trading Advisor) products have shown outstanding performance this year. As of September 30, 2025, its "Liangdao Shunfeng No. 1 A-class share" and "Liangdao Chengfeng No. 1 A-class share" ranked in the top 10 for excess returns among similar-sized institutions in their respective strategies [3]. - The "Liangdao CTA Selected No. 17 A-class" product achieved a return of ***%, ranking 4th among private equity firms with over 5 billion in assets [3]. Differentiation Strategies - The company attributes its performance to four key differentiating features: 1. Low correlation with the market, achieved through an independent research system and various machine learning models, resulting in an average correlation of 0.40 with excess returns [8]. 2. Utilization of GNN (Graph Neural Network) technology to uncover hidden style rotation opportunities through dynamic relationships between stocks [8]. 3. A unique alternative database that enhances the robustness and stability of price-volume factors in event-driven markets [8]. 4. A specialized risk control system that combines the Barra system with A-share characteristics, such as additional controls for dividends and micro-cap stocks [8]. AI Model Optimization - Liangdao Investment has made significant improvements to its AI models, focusing on input layer optimization and dynamic graph structure construction, which sets it apart from traditional models [10]. - The company employs AI and machine learning algorithms to explore non-linear relationships between factors and returns, enhancing the ability to capture hidden signals from unstructured data [10]. Risk Control Mechanisms - The company's risk control strategy encompasses pre-trade, in-trade, and post-trade measures, ensuring comprehensive oversight throughout the investment process [12]. - Pre-trade controls involve constraints on major style factors and market characteristics, while in-trade controls utilize third-party systems to monitor trading activities [13][14]. - Post-trade controls are implemented through a self-built system that analyzes account holdings and ensures consistency with investment strategies [15]. Market Adaptation Strategies - To adapt to the rapidly changing styles and themes in the A-share market, Liangdao Investment has developed a "multi-dimensional, multi-model" investment system that allows for quick responses to market changes [16]. - The company regularly updates its factor versions and model training to incorporate the latest market characteristics, ensuring its strategies remain relevant [16]. Future AI Strategy - Liangdao Investment's future AI strategy focuses on four main areas: enhancing AI applications in strategy development, strengthening data mining and analysis capabilities, optimizing risk control systems, and cultivating AI talent [21].

Core Insights - The article provides an overview of the A-share holdings of seven prominent private equity fund managers as of the end of Q3 2025, highlighting their investment strategies and stock performance [2][3]. Group 1: Fund Managers' Holdings - As of the end of Q3 2025, the seven fund managers collectively held shares in 43 A-share companies, with a total market value of approximately 270.87 billion yuan, and an average increase of 30.85% in stock prices for the year [3]. - Among the fund managers, only Feng Liu had a holding value exceeding 100 billion yuan, with a total of 140.2 billion yuan across 12 companies [3]. - The fund managers with more than five holdings include Deng Xiaofeng, Feng Liu, Xia Junjie, and Dong Chengfei [3]. Group 2: Individual Fund Manager Insights - Deng Xiaofeng, managing approximately 94.08 billion yuan across five companies, reduced his stake in Zijin Mining, which saw a significant price increase this year [7][8]. - Feng Liu, with a total holding of 140.2 billion yuan, reduced his position in Hikvision for four consecutive quarters, currently holding 288 million shares valued at 88.26 billion yuan [10]. - Zhuo Liwei increased his stake in Chao Hong Ji, benefiting from a nearly 150% price increase this year, with a total holding value of 1.46 billion yuan [11]. - Xia Junjie managed 11.9 billion yuan across 14 companies, with new investments in four companies, including Huayu Automotive [12]. - Dong Chengfei focused on semiconductor companies, holding 20.63 billion yuan across seven companies, with an average price increase of 65.16% this year [14]. - Jiang Tong reduced her stake in a computer company, with a current holding value of approximately 1.39 billion yuan, reflecting a nearly 50% price increase this year [16]. - Wu Weizhi managed 1.21 billion yuan across three basic chemical companies, with a new investment in Hunan Haili [16][17].