Core Viewpoint - The A-share market experienced a significant upward trend in August, with the Shanghai Composite Index surpassing 3800 points, reaching a nearly 10-year high, and daily trading volume exceeding 3 trillion yuan, indicating a robust trading environment [1] Group 1: Market Performance and Fund Analysis - As of August 29, 2025, among the 433 stock long private equity funds established in 2021, 404 funds achieved positive returns, representing 93.3% [1] - In contrast, only 526 out of 1644 equity public funds established in 2021 showed positive returns, resulting in a mere 32% positive return rate, highlighting the stronger performance of private equity funds [1] Group 2: Fund Performance by Size - For private equity funds with over 10 billion yuan in assets, 90 funds were established in 2021, with an average return of ***% [5] - Among the top-performing funds in this category, "Mingxuan Stock Selection Phase 1" managed by Mingxuan Investment achieved outstanding returns since its establishment [7] - In the 5-10 billion yuan category, "Xiangyuan Meihua No. 1 Industry Selection" from Hainan Xiangyuan Private Equity reported the highest returns since its inception [16] Group 3: Notable Fund Managers and Strategies - The top-performing funds are managed by notable firms such as Mingxuan Investment, Yanfeng Investment, and Jiukun Investment, which are recognized as leaders in quantitative private equity management [7][10] - Fund managers like Qiu Huiming and Liang Hong have extensive experience and have developed successful strategies that contributed to their funds' strong performance [7][9]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 自4月初以来，A股开启了长达五个月的"慢牛"行情，上证指数一度从最低3040点，涨到现在3800点，创出近十年新高。在牛市行情下， 踏空、 跑输大盘带来的痛苦程度往往比熊市里亏钱更甚， 毕竟熊市里大家都在亏，而牛市大家都在盈利自己却踏空，所带来的失败感与挫败感十分强 烈。 那么，在4月3日-8月底的近5个月的"慢牛"行情中，有哪些私募跑赢大盘，用实力拒绝踏空呢？ 私募排排网数据统计，股票策略私募旗下 2911 只产品，在这轮"慢牛"行情下实现20.35%的收益均值(同期大盘涨15.76%)。符合排名规则的产品在3只及以上的股票策略私募共366家，其中 227家的收益均值跑赢大盘，跑赢占比高达75.68%，其中有32家百亿私募跑赢大盘。 (本文"慢牛"行情统计区间为：4月3日-8月底，仅统计纯股票策略私募，本文大盘指的是沪深300指数，4月3日-8月底区间涨幅为15.76%，参与 排名的私募：需满足4月3日-8月底区间和近1年业绩区间，在私募排排网符合排名规则的产品数均在3只及以上。) 0 1 100 亿以上：超 8 成跑赢大盘！东方港湾、复胜资产 ...

Core Viewpoint - The A-share market has shown strong momentum in 2023, with the Shanghai Composite Index breaking through key levels, leading to increased optimism about reaching 4000 points by year-end [3][4]. Fund Performance Overview - As of August 27, 2025, the average return for equity funds established in 2021 is -6.89% since inception, with only 32% of these funds showing positive returns [4][6]. - Among the 1644 equity funds launched in 2021, 62 funds have achieved returns exceeding 50% since inception [4][6]. Specific Fund Highlights - Three funds have doubled their returns since inception, all focusing on companies listed on the Beijing Stock Exchange [6][9]. - The top-performing fund, 华夏北交所创新中小企业精选两年定开, has achieved a return of 166.03% since its establishment, significantly outperforming its benchmark [8][9]. - 汇添富北交所创新精选两年定开A has also performed well, with a return of 121.81% since inception [10]. Investment Strategies and Market Outlook - Fund managers are focusing on three main investment themes: technological innovation, high-end manufacturing upgrades, and emerging consumer trends [11]. - The funds are strategically increasing holdings in sectors like AI, advanced manufacturing, and new consumer markets, indicating a proactive approach to market volatility [12].

Core Viewpoint - The article highlights the performance and investment strategies of Hangzhou Oak Asset Management Co., Ltd., emphasizing its strong returns and focus on quantitative stock investment strategies [3][6]. Company Overview - Hangzhou Oak Asset Management was established in March 2018 and is registered with the Asset Management Association of China [3]. - As of the end of July, Oak Asset's products achieved an average return of ***%, ranking second among quantitative private equity funds with a scale of 20-50 billion in the first seven months [3]. - The "Oak Wangjiang No. 2" fund ranked first in excess returns among the CSI 1000 index in the same period, while "Oak Yongfu" ranked second in the CSI 500 index [3]. Investment Philosophy & Strategies - The company focuses on high-frequency quantitative investment, utilizing a dual-driven approach of "mathematical insight × engineering implementation" to build price-volume models that identify short-term price fluctuations and mispricing opportunities [11]. - The investment strategy is based on in-depth analysis of historical price-volume data to uncover factors with financial logic or explainability [11]. Core Team - The core team consists of 13 members, with a research team of 8 professionals, including PhDs from top universities and experienced IT experts, averaging 8.5 years of industry experience [8][19]. - The team has maintained a "zero core loss" stability, ensuring continuity and consistency in investment strategies [19]. Competitive Advantages - Oak Asset has a long-term focus on high-frequency price-volume stock selection, with an annualized turnover of approximately 120 times, demonstrating strong adaptability and long-term return potential [17]. - The quantitative models emphasize logical factors and explainability, showing excellent historical predictive capabilities [18]. Future Outlook - The company plans to continue refining its high-frequency price-volume strategies while maintaining the core framework, focusing on model detail enhancement and trading execution optimization to improve investment efficiency [21].

Core Viewpoint - The A-share market showed strong performance in August, with the Shanghai Composite Index reaching a nearly 10-year high, and trading volumes maintaining historical highs. However, there are concerns about potential market fluctuations in September due to the anticipated interest rate cuts by the Federal Reserve [1][2]. Market Outlook - The key driving force for the market's upward movement is the accumulation of profit effects leading to continuous inflows of incremental capital. There is still significant potential for retail investors to enter the market, suggesting further upward space for the index [1][2]. - The market is expected to continue focusing on low penetration sectors, with AI computing, solid-state batteries, commercial aerospace, controllable nuclear fusion, and innovative pharmaceuticals being the main battlegrounds [1][2]. Sector Analysis - The electronics sector remains the most favored, with 52 companies included in the September stock recommendations from various brokerages, marking a continuous increase over the past three months [5][6]. - Other sectors such as pharmaceuticals, machinery, computers, automobiles, communications, and power equipment also have over 20 companies included in the recommendations [6][7]. - Notably, the communication sector saw a significant increase in attention, with 23 stocks recommended, up by 11 from the previous month [6][7]. Stock Recommendations - A total of 366 stocks were included in the September recommendations from 40 brokerages, with many stocks being jointly recommended by multiple brokerages [2][3]. - The most recommended stocks include ZTE Corporation and Kaiying Network, each endorsed by five brokerages. ZTE Corporation has seen a price increase of over 30% in August due to domestic computing logic drivers [9][11]. - There are 22 stocks that have been jointly favored by three or more brokerages, indicating strong market confidence in these selections [9][10]. Institutional Holdings - There are 34 stocks in the September recommendations that have a market value held by public funds and northbound funds exceeding 2 billion yuan, with the electronics sector leading this group [14][15]. - New Yi Sheng, a light module manufacturer, has seen a remarkable increase of over 330% this year, with significant holdings from both public and northbound funds [14][15]. Shareholder Concentration - There are 17 stocks in the September recommendations that have seen a reduction in shareholder accounts by over 20%, indicating increased concentration of shares, which is favorable for price increases [16][18]. - Among these, Zhongji Xuchuang has been highlighted by two brokerages, with a year-to-date increase of nearly 190% [16][18].

点击↑↑上面卡片参考更多 2025年是中国资本市场直面外部冲击与内部转型的关键之年。在中美贸易摩擦升级、科技产业变革深化、政策托底信号强化的三重交织下，A 股市场经历了从指数下跌到修复再到快牛的剧烈波动。 在此环境中，主观多头策略管理人通过灵活调整仓位与主线布局，展现出对市场节奏的 敏锐把握。 年初国债利率在宽松货币政策表态下达到历史新低，A股核心指数价格震荡向下。在此背景下，主观多头私募管理人仍以中高仓位运作为主， 股票仓位分布于六成至满仓范围，多数基金维持八至九成仓位，现金仓位较低，大多低于5%，强调进攻性策略。其中A股仓位占股票总仓位的 50-90%，多数管理人超配，港股仓位占比为10-40%，聚焦互联网和消费板块，美股仅少数全球化基金配置。 行业配置高度集中于科技（AI、 半导体）、消费、周期品及高端制造等，其中科技占比整体约为20-40%，管理人普遍增持AI应用端和国产算力链，不同管理人持有子行业有所 不同， 例如信息技术、电子、计算机；消费（含互联网）占比15-30%，主要分为持电力设备、汽车为主和持医药生物为主的管理人，主要布局 内需复苏预期；周期板块（有色/能源）占比约10-20%，出于防御性 ...

Core Viewpoint - The A-share market experienced a significant upward trend in August, with major indices showing substantial gains, particularly in the technology growth sector, leading to a divergence in the performance of private equity firms [2][6]. Group 1: Market Performance - In August, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rose approximately 8%, 15%, and 24% respectively [2]. - The private equity industry showed mixed performance, with firms heavily invested in technology sectors, particularly those focused on computing power, achieving explosive growth [2][6]. Group 2: Popular Private Equity Firms - Longqi Technology maintained its position as the most popular private equity firm, followed by Rido Investment and Shanghai Xiaoyong Private Equity [2][6]. - Notable increases in popularity among private equity firms included Rido Investment, Mingcong Investment, Century Frontier, and Honghu Private Equity [2][6]. Group 3: Popular Fund Managers - The top four private equity fund managers remained consistent, with Dan Bin, Lin Yuan, Wu Yuefeng, and Li Bei leading the rankings [7][12]. - Significant rises in popularity were noted for fund managers such as Wu Zhou from Deyuan Investment and Han Guangbin from New Thinking Investment [7][12]. Group 4: Popular Private Equity Products - The top two popular products were both quantitative long products managed by Mingcong Investment and Dayan Capital [14][22]. - In terms of performance this year, subjective long products dominated the top three positions among the twenty listed products [14][22].

Core Viewpoint - The article highlights the rapid advancements and commercialization of humanoid robots, driven by significant policy support and technological breakthroughs, indicating a promising investment landscape in the robotics industry [3][4][5]. Group 1: Industry Developments - The 2025 World Humanoid Robot Games showcased advancements in robot technology, with China's "Tiangong" winning the 100m autonomous running event in 21.50 seconds, reflecting significant progress in environmental recognition and motion control [3]. - Countries are engaged in a competitive race to develop robot technology, with companies like Tesla, UBTECH, and Xiaomi accelerating their commercialization efforts in various sectors including automotive and logistics [3][4]. - The robotics industry has seen a cumulative increase of 22.13% as of August 15, 2023, driven by favorable policies and market conditions [3]. Group 2: Policy Support - A series of supportive policies, including the establishment of a national artificial intelligence fund exceeding 100 billion yuan, aim to double the density of manufacturing robots in major cities within two years, with subsidies of up to 500,000 yuan per unit [4]. - China is leading the development of international standards for elder care robots, while the EU's AI Act opens up overseas opportunities for compliant companies, providing both financial support and market access for domestic enterprises [4]. Group 3: Technological Advancements - The domestic production rate of key components like harmonic reducers and six-dimensional force sensors is rapidly increasing, with costs dropping by 30-40% compared to imported products [5]. - The success rate of embodied intelligence systems has surpassed 95%, indicating a significant leap in software capabilities [5][6]. - Successful commercial applications, such as welding robots in BYD factories achieving a three-year return on investment, demonstrate the industry's transition from experimental phases to tangible financial returns [6]. Group 4: Market Expansion - The impending mass production of Tesla's Optimus is expected to drive down the price of humanoid robots to around 200,000 yuan, enhancing market accessibility [7]. - Chinese companies are expanding into international markets through technology exports and production partnerships, particularly in Southeast Asia, capitalizing on global trends like aging populations and infrastructure upgrades [7]. Group 5: Investment Opportunities - The growing certainty of industry growth is attracting increased attention in the secondary market for related themes [8]. - The Zhonghang Trend Leading Mixed A Fund has shown a net value growth rate of 157.39% over the past year, significantly outperforming its benchmark [9]. - The fund maintains a high allocation to manufacturing sectors, focusing on key areas such as precision transmission and industrial control, which are directly benefiting from advancements in robotics and smart manufacturing [9][10].

Group 1 - The core viewpoint of the article emphasizes the investment philosophy and performance of Shenzhen Zhong'an Huifu Private Securities Fund Management Co., Ltd, highlighting its macro perspective and focus on beta opportunities driven by asset fundamentals [3][10][11] - Zhong'an Huifu was established in October 2015 and has been operational for nearly 8 years, with its first public product, Lianhua Mountain Macro Hedge No. 3, launched in April 2018, achieving an annualized return of approximately ***% [3][9] - The company aims to optimize resource allocation by ensuring that suitable assets are priced appropriately, which is central to its investment strategy [3][10] Group 2 - The core team consists of 7 members, primarily self-trained post-90s individuals, with Dai Chunping as the key figure, who has 25 years of investment management experience [9][10] - The investment research methodology is characterized by a stable core that continuously iterates, focusing on economic and industrial trends, and ensuring that asset selection aligns with different fundamental conditions [11][12] - The company has received several awards, including the Best Private Fund Product Award and the Most Trusted Private Fund Manager Award, reflecting its recognition in the industry [16][17] Group 3 - The main product, Lianhua Mountain Macro Hedge No. 3, has shown a relatively controlled drawdown while pursuing sharp net value curves, with its performance metrics indicating significant returns since inception [10][13] - The company’s investment strategy is designed to be adaptable to various market conditions, with a focus on minimizing reliance on single market trends [10][11] - The firm emphasizes a strong correlation with diverse asset classes, which contributes to its ability to manage risks effectively [10][11]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 截至 8月31日，A股公司的2025年半年报已经落下帷幕。半年报中披露了上市公司前十大流通股东数据，不少私募旗下产品现身十大流通股东名 单之中。因此，私募的重仓股也随之浮出水面。 高毅资产 作为国内少有的千亿级私募，是 A股市场的持仓大户，持股数量和持仓市值长期位居私募前列，其持仓一直备受市场关注。 （ 点此领 取高毅持仓全名单 ） 公司资料显示，高毅资产成立于2013年，公司聚焦基本面研究和产业研究，努力践行长期投资、价值投资和责任投资。 公司汇聚了多位投资研 究经验丰富、长期业绩出色的基金经理及投研人才。由邱国鹭担任董事长，邓晓峰担任首席投资官，卓利伟担任首席研究官，孙庆瑞、冯柳、吴 任昊担任合伙人、资深基金经理，韩海峰担任合伙人、研究总监。 高毅资产展业以来多次获得行业评选的重要奖项。 公司及 6位资深基金经理在职业生涯中合计获得30座金牛奖，在公司展业10年中合计获得17 座金牛奖 。 资料来源：公司官网 0 1 高毅 A 股持仓超 260 亿，邓晓峰第一大重仓股涨幅接近 7 倍！ 根据A股公司的前十大流通股东数据统计， 截至 2025年 ...