本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看专栏 ） 编者语： 知名基金经理往往会受到更多关注，私募排排网特此成立了 #基金经理人物志 # 专栏。未来，我们还将以系列内容更新，同时也欢迎广大读者留言告知您所感 兴趣的基金大佬，我们将不定期为大家更新这些传奇大佬的从业经历、最新持仓、投资理念等内容。本期介绍嘉宾： 百亿 私募希瓦梁宏 。 目录导览 01、 前言 02、 从美股交易员到"实业亏光"的跨界玩家 在私募基金的江湖里，梁宏是一个无法被忽略的名字。他没有显赫的科班背景，也没有传统金融机构的镀金光环，却凭借对市场的敏锐嗅觉、敢 言敢做的鲜明风格，以及一条标志性的大金链子，硬生生在百亿级的私募战场上杀出了一条"野生"之路。 从美股交易员到实业试水失败，从雪球 大V到私募掌门人，他的成长轨迹充满了草根的韧性与江湖的彪悍。 这是一个关于梦想、逆袭、争议与坚持的故事，也是一个中国私募生态中的 独特样本。 从美股交易员到"实业亏光"的跨界玩家 梁宏毕业于上海交通大学，2001年迈出校园后，他从事过财务软件咨询工作。但很快，他就投身到美股交易员的行列中。那时的他，或许未曾料 到，这段美股交易经历，会为他开启一 ...

以下文章来源于公募排排网 ，作者日月辉 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 近日，随着2025年基金公司中报披露完毕，基金公司上半年的经营情况已经浮出水面。 公募排排网 整理的数据显示， 截至 9月4日，已有64家 基金公司披露2025年上半年利润数据，合计盈利超过176亿元；其中，57家公司同时公布营业收入，合计超过520亿元。 从净利润变动来看， 利润有所增长的公司有38家，其中扭亏为盈的公司共有2家；盈利有所减少的公司有23家，维持不变的公司有1家。 （ 点此查看2025上半年净 利润TOP10基金公司名单 ） 接下来，笔者将从营业收入、净利润以及这两个指标的同比变动幅度来给大家盘点2025年上半年公募基金公司的经营情况。(注：基金公司所 属派系筛选规则为：最新截止日期对应持仓第一大股东，判断其公司行业：银行系、保险系、券商系、信托系、互联网金融，判断其公司性 质：央企、民企、外资进行划分） （ 点此查看2025上半年营业收入TOP10基金公司名单 ） 营业收入TOP10：易方达营收接近60亿领 ...

Core Viewpoint - The article emphasizes the significance of small to medium-sized private equity firms, particularly highlighting Shanghai Gaoen Private Equity Fund Management Co., which focuses on deep value investment strategies and has shown strong performance in the healthcare sector [2][3]. Company Overview - Shanghai Gaoen Private Equity Fund Management Co. is located in Shanghai's Pudong New District and is registered as a private equity manager with a focus on deep value investment [2]. - The firm was founded by a team of experienced professionals with over 15 years of industry background, combining expertise from both the industrial and financial sectors [5]. Investment Strategy - The company has developed a proprietary deep value investment system based on unique insights into the Hong Kong stock market and the pharmaceutical sector, aiming to deliver sustainable long-term returns for investors [3]. - The flagship product has demonstrated consistent positive returns over eight years, with a compound annual growth rate of ***% [3]. Team Composition - The core team consists of members with diverse backgrounds and extensive experience, averaging over 20 years in the industry, which allows for a multi-dimensional understanding of market dynamics [5]. - Key member Gao Huiming has over 20 years of experience in the pharmaceutical industry, having worked with notable companies and led new drug development projects [6]. Competitive Advantages - The firm possesses a deep understanding of the pharmaceutical industry, leveraging both entrepreneurial and investment perspectives to build a robust resource network that supports investment decisions [7]. Investment Philosophy - The core investment philosophy is rooted in value investing, emphasizing rigorous fundamental research to uncover intrinsic value [8]. - The investment style includes a focus on business models and company fundamentals, a bottom-line thinking approach to risk assessment, and a global comparative analysis across markets [10]. Market Insights - The firm has been focused on the Hong Kong stock market since 2017, utilizing industry capital patience and insider perspectives to achieve excess returns [15]. - The current market valuation is deemed reasonable, but finding investment targets with sufficient safety margins is challenging, leading to a cautious cash reserve strategy [16].

Core Viewpoint - The recent market downturn in September does not signify the end of the upward trend, as the underlying logic supporting the market's rise remains intact [3][4][8]. Group 1: August Market Performance - The market's rise in August was supported by coordinated fiscal and monetary policies, with M2 growth at 8.8% year-on-year, indicating a high level of liquidity [5][6]. - Government bond issuance reached 8.9 trillion yuan from January to July, accounting for 75% of the annual target, which is significantly higher than the five-year average of 47% [6]. - The central government's budget expenditure increased by 3.4% year-on-year, providing direct financial support to infrastructure and related industries [6][7]. Group 2: Continued Market Support - Despite the September adjustment, the core logic supporting the bull market remains unchanged, with ongoing policy support and expectations of a 25 basis point rate cut by the Federal Reserve [9][10]. - A total of 5424 A-share companies reported a slight revenue increase of 0.02% year-on-year, with net profits rising by 2.45%, indicating a gradual economic recovery [9][10]. - The average daily trading volume in August reached approximately 2.3 trillion yuan, marking a historical high, and remained robust at 2.67 trillion yuan in the first four trading days of September [10]. Group 3: Market Adjustment as an Opportunity - As of September 4, the Shanghai Composite Index had retraced 3.03% from its recent peak, but this remains within a reasonable range compared to the overall gains for the year [12]. - Historical data suggests that market pullbacks often present new investment opportunities, particularly for previously sidelined funds [12][14]. - The current equity-to-bond yield ratio stands at 4.02, indicating that the stock market remains attractive relative to the bond market, historically suggesting positive performance ahead [12][14].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看专栏 ） 编者语： 知名基金经理往往会受到更多关注，私募排排网特此成立了 #基金经理人物志 # 专栏。未来，我们还将以系列内容更新，同时也欢迎广大读者留言告知您所感 兴趣的基金大佬，我们将不定期为大家更新这些传奇大佬的从业经历、最新持仓、投资理念等内容。本期介绍嘉宾： 百亿 私募希瓦梁宏 。 目录导览 01、 前言 02、 从美股交易员到"实业亏光"的跨界玩家 在私募基金的江湖里，梁宏是一个无法被忽略的名字。他没有显赫的科班背景，也没有传统金融机构的镀金光环，却凭借对市场的敏锐嗅觉、敢 言敢做的鲜明风格，以及一条标志性的大金链子，硬生生在百亿级的私募战场上杀出了一条"野生"之路。 从美股交易员到实业试水失败，从雪球 大V到私募掌门人，他的成长轨迹充满了草根的韧性与江湖的彪悍。 这是一个关于梦想、逆袭、争议与坚持的故事，也是一个中国私募生态中的 独特样本。 从美股交易员到"实业亏光"的跨界玩家 梁宏毕业于上海交通大学，2001年迈出校园后，他从事过财务软件咨询工作。但很快，他就投身到美股交易员的行列中。那时的他，或许未曾料 到，这段美股交易经历，会为他开启一 ...

Core Viewpoint - The article emphasizes that broad-based indices remain a fundamental investment choice, while index-enhanced funds add value by combining the stability of broad indices with additional returns through quantitative stock selection, factor models, and risk control [3][15]. Market Overview - The A-share market experienced some fluctuations last week, but broad indices like the CSI 300, CSI 500, and CSI 1000 performed well, with high trading activity. The Shanghai Composite Index has maintained a stable position above the 10-day moving average for 19 consecutive trading days, indicating strong market momentum driven by policy expectations and capital inflows [5]. - As of September 3, 2025, the overall valuation levels of major broad indices are relatively high, suggesting that the current market logic is not driven by "undervalued opportunities" [5][6]. Industry Rotation - The speed of industry rotation remains high, with the constructed "industry rotation speed indicator" showing that the A-share market's sector switching rate has accelerated significantly over the past three years, reaching a peak at the end of 2023. Although there was a slight decline in 2024, the current indicator remains above the historical average, indicating that investors often miss out on profits due to rapid changes in market trends [8][9]. - Historical data suggests that when the size rotation speed indicator rises, large-cap stocks tend to outperform, while a decline favors small-cap stocks. The current indicator is above the average, indicating market style instability, making it challenging to rely solely on timing and sector betting [9]. Investment Strategy - In the current environment, focusing on broad indices rather than chasing rapidly changing sector trends is deemed a more rational choice. Relying solely on broad-based ETFs may yield returns equivalent to the index itself, making it difficult to achieve better performance in a high-valuation context. Index-enhanced funds stand out by providing both diversification and market exposure while striving for excess returns [12][15]. - The article highlights three index-enhanced funds with high excess Sharpe ratios: 1. Anxin Quantitative Selected CSI 300 Index Enhanced A, with a one-year excess Sharpe ratio of 1.13, utilizing big data and AI algorithms for stock selection [13]. 2. China Europe CSI 500 Index Enhanced A, with a one-year excess Sharpe ratio of 2.03, maintaining a balanced style and dynamic risk factor exposure [14]. 3. Guotai Junan CSI 1000 Index Enhanced A, with a one-year excess Sharpe ratio of 2.66, focusing on alpha factors and risk control through machine learning [14]. Conclusion - Broad indices continue to be a foundational investment choice, while index-enhanced funds provide an opportunity for excess returns without the need for frequent timing. In a market characterized by volatility and structural trends, index-enhanced funds may serve as a tool for balancing long-term allocation and excess returns [15].

Core Viewpoint - In August, A-shares experienced a significant rally, with the Shanghai Composite Index reaching a nearly 10-year high and the ChiNext Index rising over 24% in a single month. The total market turnover and financing balance remained at historical highs, indicating active trading in the market [1][2]. Group 1: Market Performance - The total number of private equity products under billion-yuan private equity firms that reached historical net value highs in August is 456, accounting for 91.57% of the total products with performance displayed on the private equity platform [1]. - Among these products, quantitative products accounted for 297, while non-quantitative products accounted for 159. The majority of products employed stock strategies, with 399 products (222 quantitative long and 141 subjective long), representing approximately 87.5% [1][2]. Group 2: Top Performing Private Equity Firms - A total of 22 billion-yuan private equity firms had all their products reach historical highs in August, with 16 being quantitative and 5 subjective, while 1 was a mixed strategy [2][3]. - The firms with the most products reaching historical highs include JQ Investment (44 products), Junzhijian Investment, and others, with 10 firms having over 10 products achieving this milestone [3][7]. Group 3: Performance Rankings - The average returns of the top 5 private equity firms over the past year are led by Stable Investment, Chengqi Asset, Tianyan Capital, Ningbo Huafang Quantitative, and Minghuo Investment, all of which are quantitative stock strategy firms [4][6]. - The top 5 products in terms of one-year returns are from firms such as Borun Yintai Investment and Heiyi Asset, with a significant number of quantitative long products dominating the rankings [8][11]. Group 4: Long-Term Performance - Over the past three years, the top products are from Abama Investment, Hehehuiyi Asset, and Borun Yintai Investment, with a similar trend of quantitative products leading the rankings [11][17]. - The five-year performance champions include Fusheng Asset and Rido Investment, with both firms having multiple products in the top rankings [17][21].

Core Viewpoint - The stock market experienced a broad rally in August, but there was significant divergence among individual stocks, leading to a general decline in excess returns for quantitative strategies. Only 20.83% of the 696 quantitative long products achieved positive excess returns in August [2][3]. Summary by Sections Market Performance - In August, the quantitative long strategies saw a decline in excess returns, particularly after the second week, when technology stocks like Yizhongtian, Hanwujing, and Industrial Fulian became the main drivers of market gains, while other sectors lagged [2][3]. - The average excess return for quantitative long products was -2.28% for the month, with only 145 out of 696 products achieving positive excess returns [3]. Weekly Performance Breakdown - **Week 1**: Average excess return of 0.81%, with 84.20% of products achieving positive excess [3]. - **Week 2**: Average excess return of -1.06%, with only 21.98% of products achieving positive excess [3]. - **Week 3**: Average excess return of -0.61%, with 23.85% of products achieving positive excess [3]. - **Week 4**: Average excess return of -1.99%, with only 12.21% of products achieving positive excess [3]. Notable Products - Despite the overall decline, 20 products managed to achieve positive excess returns for all four weeks in August, including "Mingyue Songjian Zhaozhao 1" managed by Huang Chen and "Nianjue Lianzhen Quantitative Selected Excellent 1" managed by Wang Xiao [3][4]. - The top-performing product in August was "Nianjue Lianzhen Quantitative Selected Excellent 1," which achieved a significant excess return, outperforming other quantitative long products [9]. Performance by Fund Size - **Over 100 Billion**: 51 products achieved positive excess returns, with a total excess return of -1.69% [5][10]. - **50-100 Billion**: 20 products achieved positive excess returns, with a total excess return of -1.35% [10][11]. - **20-50 Billion**: 9 products achieved positive excess returns, with a total excess return of -2.53% [13]. - **10-20 Billion**: 14 products achieved positive excess returns, with a total excess return of -2.57% [16]. - **5-10 Billion**: 19 products achieved positive excess returns, with a total excess return of -2.55% [18]. - **0-5 Billion**: 32 products achieved positive excess returns, with a total excess return of -3.02% [20]. Key Players - Mingyue Songjian Zhaozhao 1 and Nianjue Lianzhen Quantitative Selected Excellent 1 were highlighted for their strong performance in August [4][9]. - Mingyue Investment and Mengxi Investment were noted for their significant number of products achieving positive excess returns [8][9].

Core Viewpoint - The article highlights the rise of female fund managers in the traditionally male-dominated private equity sector, showcasing their unique resilience, insights, and rigorous risk control, which have led to impressive returns in the investment landscape [1]. Group 1: Overview of Female Fund Managers - As of August 29, 2025, there are 185 female private equity fund managers with performance records on the platform, with the majority (110) from subjective private equity, 38 from quantitative private equity, and 37 from mixed strategies [2]. - The geographical distribution shows that 34.05% of female fund managers are based in Shanghai, followed by Shenzhen (26), Beijing (24), Hangzhou (15), and Guangzhou (9) [2]. - In terms of core strategy, over 50% (95) of female fund managers employ stock strategies, while 23 use multi-asset strategies, 22 focus on futures and derivatives, and 19 on bonds [2]. Group 2: Experience and Company Size - Among the female fund managers, 99 have over 10 years of experience, and 18 have over 20 years [3]. - More than 50% (97) of female fund managers are from private equity firms with assets under 500 million, while 30 are from firms with over 2 billion, with only 4 from top-tier firms (over 5 billion) [3]. Group 3: Notable Female Fund Managers - The top female fund managers include Li Bei from Banxia Investment, He Ruilin from Qianhai Bopu Asset, Lin Xue from Jiupeng Asset, and Jia Yiming from Chengyi Private Equity, all managing funds between 5 billion to 10 billion [4][5]. - Li Bei, known as the "private equity witch," has over 10 years of experience and manages two products with a total scale of approximately 304 million, achieving significant returns [6][11]. - He Ruilin, with a master's degree from Xiamen University, has a focus on sectors like new energy and technology, managing three products totaling approximately 322 million [7][12]. Group 4: Performance Rankings - The article lists the top 20 female fund managers based on their performance this year, with Li Jiajia from Haokun Shengfa Asset leading with an average return of ***% across four products [11][13]. - The average return for the top 32 female fund managers this year is ***%, with a total product scale of approximately 11.55 billion [7][13]. - In the past year, Li Jiajia also ranks first among female fund managers, with her products achieving an average return of ***% [12][15].

Core Viewpoint - The private equity market has seen a significant increase in the number of registered products, with a year-on-year growth of over 82% in 2025 compared to 2024, indicating a strong recovery and investor interest in private equity securities products [2]. Group 1: Growth in Private Equity Products - A total of 7,907 private equity securities products have been registered in 2025, compared to 4,340 in the same period of 2024, marking an increase of 82.19% [2]. - Monthly registration data shows a notable recovery since March 2025, with monthly registrations exceeding 1,100 products for three consecutive months from June to August [2]. - Factors contributing to this growth include a steady recovery in the A-share market, the rise of strategic emerging industries like artificial intelligence, improved regulatory frameworks, and the strong performance of private equity products [2]. Group 2: Dominance of Stock Strategies - Stock strategy products have become the mainstay of the registered private equity market, with 5,173 products accounting for 65.42% of the total, reflecting a 91.31% increase from 2,704 products in 2024 [3]. Group 3: Diverse Strategy Growth - The demand for diversified asset allocation has led to stable growth in multi-asset strategies and futures and derivatives strategies, with 1,116 and 841 products registered respectively, representing increases of 76.58% and 66.87% compared to 2024 [6]. Group 4: Rise of Quantitative Products - Quantitative products have seen a significant rise, with 3,584 products registered, making up 45.33% of the total, and a year-on-year growth of 100.34% from 1,789 products in 2024 [8]. - Within quantitative strategies, stock strategies dominate, with 2,601 products registered, accounting for 72.57% of quantitative products [8]. Group 5: Leading Private Equity Managers - A total of 2,154 private equity managers have registered products this year, with 1,436 managers (66.7%) registering 2,690 products, while 76 billion-level managers accounted for 1,936 products [10]. - The top three billion-level quantitative private equity managers by registered products are KuanDe with 118 products, HeiYi with 112 products, and MingHeng with 101 products [12][14].