Core Viewpoint - Youmeili Investment, established in April 2014, positions itself as a multi-asset, multi-strategy private fund manager, emphasizing research-driven and technology-enabled investment strategies [2][5]. Group 1: Company Overview - Youmeili Investment has developed a data-driven investment ecosystem and has grown into a private fund manager based in China with a global outlook [2]. - The company utilizes a three-dimensional decision-making model based on valuation, momentum, and risk parity to capture excess return opportunities in asset price fluctuations and derivative hedging [2]. - As of June 2025, Youmeili Investment's products have an average return of ***% within the 10-100 billion scale private equity sector, ranking in the top 10 of quantitative private equity returns over the past three years [2]. Group 2: Development History - Youmeili Investment was founded in 2014 and registered as a private securities investment fund manager in 2017 [6]. - The company reached a self-operated and shareholder personal investment scale of 200 million in 2016 and surpassed 10 billion in management scale by 2020 [6]. - By 2023, the management scale exceeded 40 billion, focusing on medium and low volatility investment strategies [6]. Group 3: Core Team and Advantages - The core investment research team has over 10 years of experience in multi-asset strategies, employing a competitive and collaborative mechanism to ensure effective strategy development [11]. - The company has consistently pursued absolute returns, with representative products achieving positive returns for eight consecutive years and annualized returns exceeding 10% [13][14]. - Youmeili Investment emphasizes digital transformation, leveraging advanced IT technologies to enhance investment management and has obtained multiple software copyrights and patents [15]. Group 4: Investment Strategies - The low-volatility series aims to construct defensive investment portfolios that balance safety and returns through diversified asset allocation, including low-volatility convertible bonds and local government credit bonds [17]. - The composite hedging series utilizes a combination of stocks, ETFs, and convertible bonds to hedge market risks and reduce overall portfolio volatility while enhancing risk-adjusted returns [21].

Core Viewpoint - The public fund industry in China has shown significant growth in management scale, with a total of approximately 34.05 trillion yuan as of June 30, 2025, marking an increase of 1.64 trillion yuan from the end of 2024 [3][4]. Group 1: Management Scale and Growth - As of June 30, 2025, the total management scale of 162 licensed public fund institutions is about 34.05 trillion yuan, with non-monetary fund management scale at approximately 20.11 trillion yuan, reflecting a growth of 1.03 trillion yuan from the end of 2024 [3][4]. - The top 30 public fund institutions account for 72.75% of the total non-monetary fund management scale, with a minimum threshold of 169.9 billion yuan to be included in this group [4]. - Among the top 30 institutions, 26 have seen an increase in non-monetary fund management scale compared to the end of 2024, with seven institutions experiencing growth rates of 10% or more [4][9]. Group 2: Leading Institutions - The top three public fund institutions by non-monetary management scale are E Fund, Huaxia Fund, and GF Fund, maintaining their positions consistently over the past three quarters [4][10]. - E Fund has a management scale of 2.16 trillion yuan, while Huaxia Fund follows closely with 2.10 trillion yuan, both exceeding 1 trillion yuan in non-monetary management scale [4][10]. - The average growth rate for the 162 public fund institutions in the first half of 2025 is 7.58%, with 92 institutions achieving net growth in non-monetary scale [10][11]. Group 3: Fund Types and Performance - The total management scale of stock, mixed, and bond funds is approximately 18.82 trillion yuan, accounting for 93.58% of the total non-monetary management scale [13]. - Stock funds have shown a quarterly growth of 6.09% and a half-year growth of 7.7%, while bond funds have increased by 8.71% quarterly [13][14]. - Alternative investment funds have seen significant growth, with a quarterly increase of 45.6% and a half-year increase of 97.62%, indicating a rising demand for diversified investment options [13][14]. Group 4: Notable Growth Institutions - The top three institutions by net growth in non-monetary management scale are Fuguo Fund (847.48 billion yuan), GF Fund (720.25 billion yuan), and Huitianfu Fund (631.6 billion yuan) [10][11]. - Dongcai Fund has the highest growth rate at 48.18%, followed by Haifutong Fund at 39.41% and Huatai Bosheng Fund at 39.14% [10][11]. - Yongying Fund has achieved the highest growth in stock fund management scale, with increases of 111.37% and 60.75% for half-year and quarterly periods, respectively [17].

Core Viewpoint - The article highlights the strong performance of small-cap stocks and the rising popularity of quantitative products, particularly the market-neutral strategy, which has shown promising returns in the first half of the year [2][4]. Summary by Sections Performance of Market-Neutral Strategy - As of June 30, the market-neutral strategy ranked fifth in median returns among 16 private equity secondary strategies, with a median return of 6% and an average return of 5.98% [2][3]. - The overall average return across all strategies was 10.07%, with a median return of 6.91% [3]. Factors Contributing to Performance - The article discusses the favorable market conditions for the market-neutral strategy, including active trading and the premium on small-cap stocks contributing to excess returns [15]. - The reduction in basis costs due to the convergence of stock index futures is also noted as a significant factor [15]. Definition and Mechanics of Market-Neutral Strategy - The market-neutral strategy involves maintaining low-risk positions, typically within ±10%, and focuses on price discrepancies between related securities rather than predicting market movements [6]. - The strategy's returns can be summarized by the formula: Total Return = Long Position Return - Short Position Return - Basis Cost, where basis cost is influenced by the futures premium or discount [11]. Recent Trends in Basis Costs - Recent data indicates a significant reduction in the basis of stock index futures, with annualized basis rates for major contracts showing improvement from deep discounts to more favorable levels [12]. - The convergence of basis is attributed to a recovery in the A-share market and a decrease in bearish sentiment in the futures market [12]. Future Outlook - Analysts suggest that the favorable environment for the market-neutral strategy may continue, especially if the basis remains narrow and market activity stays high [16]. - The article notes that the A-share market's trading volume has consistently exceeded previous months, indicating a robust trading environment [16]. Top Performers in Market-Neutral Strategy - The article lists the top-performing market-neutral strategy products for the first half of the year, with notable managers and their respective returns [18][19].

Core Viewpoint - The article discusses various investment opportunities in mutual funds, particularly focusing on low-cost options and the performance of different fund categories, including money market funds and bond funds [2][30]. Group 1: Investment Opportunities - The article highlights the availability of low-cost mutual funds with purchase fees as low as 0.001% [9][14]. - It emphasizes the performance of bond funds, noting that some have shown consistent positive returns over the past months, with one fund achieving a cumulative increase of 10.22% [11]. - Money market funds are presented as suitable for short-term cash management, offering good liquidity and low risk [12][14]. Group 2: Fund Performance - The article mentions specific funds, such as the "中欧货币 D" with a seven-day annualized yield of 1.3950% and "南方收益宝货币B" with a yield of 1.4820% [14][18]. - It also discusses the performance of mixed and stock funds, with some funds achieving returns of over 100% in the past year, indicating strong market performance [21][30]. - The article notes that the top-performing funds in the first half of 2025 have outperformed major global indices, showcasing the potential for high returns in the current market environment [30].

Core Insights - The A-share market has shown a continuous upward trend following the tariff incident on April 7, with the Shanghai Composite Index reaching above 3600 points, driven by various market hotspots including AI, new consumption, and innovative pharmaceuticals [1] - As of July 25, 2023, the North Securities 50 and the China Securities 2000 indices have led in year-to-date gains, although their latest P/E and P/B ratios have reached historical highs [2] - The private equity market has seen a resurgence, with subjective private equity funds showing significant performance improvements in the past month, with 25 leading firms managing over 5 billion yuan all reporting positive returns for the year [3] Market Performance - The following table summarizes the P/E and P/B ratios along with year-to-date performance of various indices as of July 25, 2023: - CSI 300: P/E 13.51, P/B 1.41, YTD change 4.89% - Shanghai Composite: P/E 15.59, P/B 1.40, YTD change 7.22% - Shenzhen Component: P/E 28.39, P/B 2.44, YTD change 7.24% - ChiNext Index: P/E 35.06, P/B 4.32, YTD change 9.27% - STAR Market Composite: P/E 236.22, P/B 4.31, YTD change 17.80% - North Securities 50: P/E 68.42, P/B 4.94, YTD change 40.58% - China Securities 500: P/E 30.83, P/B 2.01, YTD change 10.02% - China Securities 1000: P/E 41.43, P/B 2.25, YTD change 12.57% - China Securities 2000: P/E 140.53, P/B 2.61, YTD change 21.00% - Eastmoney All A: P/E 20.64, P/B 1.68, YTD change 10.31% [2] Private Equity Insights - The subjective private equity sector has seen a remarkable recovery, with an average return of 5.74% over the past month, compared to 4.74% for quantitative private equity products [3] - Notable private equity firms such as Hainan Xiwa and Rido Investment have reported significant performance improvements, with many products reaching historical highs [6][12] - Wang Wen of Rido Investment has expressed confidence in the upcoming bull market, predicting a potential rise to 8000 points based on historical patterns [18][19] Notable Fund Performance - As of July 25, 2023, Liang Hong's Hainan Xiwa has seen its flagship product "Xiwa Xiaoniu No. 1" reach a historical high, with significant returns reported [7][9] - Dongfang Hongwan's products have also rebounded, with most achieving positive returns after a challenging start to the year [12][13] - Wang Wen's Rido Investment has been recognized for its high dividend payouts, with substantial distributions made to investors in the first half of the year [18]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近一年以来，A股市场经历"9.24"行情的转折后，市场活跃度大幅提升。今年7月，沪指更是接连突破3500点、3600点两大平台，再度强化了市 场赚钱效应。 在此期间，不少主观私募抓住新题材的机会，业绩实现大幅跃升，主观私募的排名迎来大洗牌 。私募排排网数据显示，近1年至少有3只产品符 合排名规则的主观私募共有269家，占私募总数的51.63%，比量化私募（156家）和混合型私募（96家）数量更多。从业绩 来看， 269家主观私 募近1年收益均值、中位数分别为31.43%、22.9%，正收益占比95.54%。 按照办公城市所在地区划分，在广东地区、上海地区、浙江地区、北京地区以及其他地区的私募中， 广东地区的主观私募数量最多，共有 81 家，近1年平均收益为36.12%，位居第2，仅次于浙江地区（36.75%）。 | 属地区 | 办公城市所 至少有3只产品符合 排名规则的公司数 | 近1年平均收益 | 近1年收益中位数 | 正收益占比 | | --- | --- | --- | --- | --- | | 广东 | 81 | 36.12% | 28 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在私募基金业绩评价体系中，超额收益（Alpha）是与绝对收益同样重要的业绩评价指标。 对于 以获取超额收益为目标的量化多头、股票市场中性产品而言，超额收益相比绝对收益，更能体验 管理人的投研水平 。 超额收益剔除了市场整体涨跌（Beta）的干扰，直接反映管理人通过选股、择时、对冲等策略创 造的"额外收益"。当市场狂热时，大量私募产品可能因市场普涨而同获高收益；但潮水退去后， 唯有持续跑赢基准的超额收益，才是管理人真正实力的试金石。 稳定的超额意味着策略有效性经 得起市场周期考验，而超额的衰减往往预示着策略失效风险。 为了给读者提供一些参考，笔者统计了在私募排排网有业绩展示的 量化多头、股票市场中性 产 品今年上半年、近一年、近三年的超额收益情况。 根据私募排排网数据，截至2025年6月底， 符合统计的私募产品上半年、近一年、近三年的超额 收益均值分别是 12.45%、20.15%、58.49%。可见，随着时间拉长，私募产品的超额收益呈现 逐年累积态势 。 细分策略来看，量化选股和其他指增（如中证2000指增）在上半年、近一年、近三年的平均超额 收 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图订阅专栏 ） 编者按 在财富管理的大航海时代，私募基金以其灵活的策略、专业的团队和追求绝对收益的目标，吸引了越来越多高净值投资者的目光。然而，这个行 业也因其信息较少、不对称等特性，蒙上了一层神秘的面纱。策略如何运作？团队水平如何？短、中、长期业绩表现如何？风险控制究竟如 何......这些问题，往往是投资者在做出决策时，最难穿透的"迷雾"。正是基于此，私募排排网隆重推出 " 深度揭秘100家私募 " 栏目。为投资者拨 开云雾，提供真正有价值的深度洞察。 第二期我们将揭秘 2025上半年百亿私募收益冠军稳博投资 ，上半年收益均值约为***% （ 点此查看收益 ） 。 同时，其在近一年收益约为 ***%，位列百亿私募第3名；近三年收益均值约为***%，也上榜了百亿私募TOP10。（可参考文章： 百亿私募2025上半年业绩出炉，稳博夺 冠！ ） 下面，就让我们一起深入探寻稳博投资的制胜之道。 文章目录 0 1 公司概况 ： 公司简介、公司发展历程、核心投资理念、公司股权结构 0 2 核心投研团队： 核心投研人员、团队主要负责人、团队优势 0 3 投资策略与产品线（ ...

Core Viewpoint - The innovative drug sector in A-shares has experienced significant value reassessment in 2023, with the innovative drug index rising over 70% year-to-date, driven by favorable policies and major transactions in the industry [3][4]. Group 1: Market Performance - On July 28, 2023, Heng Rui Medicine announced a potential deal worth $12 billion (approximately 86 billion RMB) with GlaxoSmithKline, leading to a surge in its stock price, which hit a four-year high with a market cap of 411.8 billion RMB [3]. - The innovative drug sector saw a collective increase of over 3% on the same day, reflecting strong investor sentiment [3]. Group 2: Policy Support - The National Healthcare Security Administration and the National Health Commission released measures on July 1, 2023, to support the high-quality development of innovative drugs, including the establishment of a diversified payment system and improving accessibility [3]. - A press conference on July 24, 2023, indicated a shift in drug procurement policies, moving away from a simple lowest price reference to promote healthier industry development [3]. Group 3: Fund Performance - All 265 innovative drug-themed funds reported positive returns in 2023, with 152 funds achieving returns over 30%, and the highest return exceeding 80% [4]. - The top-performing fund in the 1 million to 10 million RMB category is the Hua Bao Health Mixed A fund, with a return of 82.55% year-to-date [5][6]. - In the 1 billion to 5 billion RMB category, the Chang Cheng Health Mixed A fund led with a return of 74.64% [7]. - The Peng Hua Medical Technology Stock A fund topped the 5 billion to 20 billion RMB category with a return of 81.85% [8][9]. - The top fund in the 20 billion RMB and above category is the Zhong Ou Medical Innovation Stock A fund, achieving a return of 58.65% [10][11].

Core Viewpoint - The article highlights the investment philosophy and performance of DeYuan Investment, emphasizing its data-driven approach and diverse product offerings aimed at achieving long-term returns with risk-adjusted strategies [2][3]. Company Overview - DeYuan Investment, established in June 2014, is a registered private fund manager in China with a management scale of approximately 900 million [2]. - The company employs a strategy framework that integrates quantitative timing, deep value assessment, and systematic risk control to seek long-term compound growth [2]. Performance Metrics - As of June 30, 2025, DeYuan Investment's products in the 500-1,000 million scale category achieved an average return of ***%, ranking in the top 10 for semi-annual stock strategy returns [3]. - The "DeYuan Yangfan No. 1" product managed by DeYuan Investment recorded a return of ***% in the first half of 2025, placing it fourth in the semi-annual subjective long position returns [3]. Development History - DeYuan Investment was registered in Shenzhen in June 2014 with a paid-in capital of 10 million [7]. - The company received its private fund management registration certificate in July 2015 [7]. Core Team - The core investment committee consists of nine members, most with over ten years of experience, providing a stable and reliable decision-making framework [9]. Core Advantages - The company boasts a stable and professional team with no management changes in the past three years, enhancing product development and investor experience [18]. - DeYuan Investment has developed its own quantitative trading system that is fully automated and designed for low latency [18]. - Strict risk management practices are in place, focusing on preemptive risk identification and real-time monitoring [18]. - The company offers a diverse range of products, including quantitative strategies and alternative investment strategies [19]. Product Lines - The quantitative long position strategy operates fully programmatically, adjusting stock positions dynamically based on mathematical models and algorithms [20]. - The "DeYuan Haichai Quantitative No. 1" product has been established since June 23, 2022, with returns of ***% since inception [21]. - The "DeYuan Mingxuan Quantitative No. 2" product focuses on value investment principles, targeting undervalued stocks with potential for recovery [22]. Alternative Investment Strategy - DeYuan Investment identifies companies in financial distress that are undergoing bankruptcy restructuring but still possess core asset value and growth potential [27]. - The company participates in these restructurings through compliant capital increases, aiming to benefit from value recovery post-restructuring [27].