Core Viewpoint - The article highlights the rapid rise of quantitative investment in the absence of strong beta market trends, emphasizing its ability to efficiently capture alpha returns through mathematical models and algorithms [2] Group 1: Company Overview - Maoyuan Quantitative was established in 2013 and has grown to manage over 20 billion yuan, focusing on quantitative trading across various asset classes including stocks, futures, and bonds [5] - The company has received multiple awards, including recognition as one of the "Top 50 Private Securities Institutions (Quantitative Strategy)" in China, showcasing its consistent performance over the years [5][9] Group 2: Leadership and Team - The founder and CEO, Guo Xuewen, has a strong academic background and entrepreneurial experience, which has influenced the company's management and operational strategies [7][13] - The team is characterized by a high proportion of IT and research personnel, with over 75% of the workforce coming from leading tech companies, enhancing the company's engineering capabilities [14][17] Group 3: Investment Strategies and Products - Maoyuan Quantitative offers a diverse product matrix tailored to different investor needs, including tool-type products for experienced investors and solution-type products for those seeking comprehensive investment strategies [20] - The company emphasizes the importance of risk-return characteristics in its product offerings, aiming to provide stable excess returns while exploring new product lines [18][20] Group 4: Risk Management - The company has established a comprehensive risk management framework that includes both broad and narrow risk assessments, ensuring systematic oversight of operational and investment risks [21] - Risk management processes are integrated into all stages of investment, from pre-trade analysis to post-trade evaluations, enhancing overall effectiveness [21] Group 5: Future Outlook - The article suggests that the quantitative investment industry in China is on a path to becoming globally competitive, with Maoyuan Quantitative aiming to enhance its management practices and research capabilities [22][23] - The company is focused on continuous improvement and innovation, with plans to expand its investment strategies beyond domestic markets [23]

私募基金指标多，读不懂？ 排排网AI 您的基金解读助手 助力 ("有效") 投资 Hello~我是小排 我能帮您搜集最新私募资讯、市场热点,提 供基金信息,快来和我对话吧 私募快讯 独家内容 AI解读 (s)在山湖政力 影音曲 = 文章 電話包 私募基金这么多，怎么挑选基金? 告诉排排网AI您的需求， 让AI一键为您挑选符合您 需求的基金 排排网AI一键测评基金！ 详细为您解读基金指标优 劣， 快速分辨基金优劣 怎么查询投资大佬持仓？ 想了解百亿私募、QFII、国家队or私募基金等持仓？ 排排网AI一键查询分析持仓 想快速了解私募热点、路演解说？ 私募快讯、市场热点、热门路演解说。 先人一步发现投资机会！ 以上信息仅为举例之用，不构成任何股票推荐或投资建议，持仓数据将根据实际管理情况动态变化。 有奖互动丨夸夸or吐槽都欢迎 即刻在评论区留言， 说说您最爱用的排排网AI功能， 或发表您的真诚建议。 点赞前三名， 排排网AI可快速查询 即可获赠精美知识地图一份！ l 看这一张图就够了 69个私募知识点 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 丹羿投资成立于2015年4月，荣获金牛奖、英华奖、金长江奖等业内各大重磅奖项，至今已经历十年牛熊转换，由曾经的公募"明星基金经理"朱 亮创立，目前公司员工19位。公司秉持 "长期视角，早期介入，寻找十年后的茅台 " 的投资理念，聚焦高端制造、消费、科技、医药等几大板 块，潜心耕耘。 私募排排网数据显示，截至8月底，丹羿投资旗下有业绩显示的5只产品，今年来收益均值为 ***% ，位居20-50亿私募第8位。值得关注的是， 基金经理王帅 管理的 "丹羿鹏程1号1期"今年来以 ***% 的翻倍式收益，在 20-50亿私募1-8月主观多头产品中位居第2。（ 点此查看收益 ） [应监管要求，私募产品不能公开展示业绩，文中涉及收益数据用***替代，合格投资者可扫码查看收益数据。] | 排名 | 产品简称 | 公司简称 | 章等经理 | 成立日期 | 产品规模(万元) | 今年来收益 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 歌汝奇点 | 上海歌汝私 블 | 石浩 | 2022/3/3 | | | ...

Core Viewpoint - Quantitative investment has gained popularity among investors due to its rational, scientific, and emotionally stable characteristics. Jiukun Investment, as one of the earliest quantitative private equity firms in China, has maintained a leading scale and performance competitiveness over the years, winning over 150 industry awards [2]. Group 1: Performance and Products - As of the end of August, Jiukun Investment has 13 products with reported performance, achieving an average return of ***% this year. The "Jiukun Daily Enjoyment CSI 1000 Index Enhanced No. 1" product ranks first in returns this year, with a five-year excess return of ***% and a cumulative return of ***% since inception, showcasing Jiukun's long-term investment capability in the index enhancement sector [2]. - Jiukun Investment has a well-established and mature framework for index enhancement strategies, with a team experienced in various sub-strategies. The firm has 13 products that reached historical highs in August [22][23]. Group 2: AI Integration and Research - Jiukun Investment has positioned itself as a technology company from its inception, establishing an AI team early on and forming an internal laboratory in 2020. Over the past five years, over 90% of the recruited researchers have an AI research background, enabling comprehensive AI capability coverage in quantitative investment [5][19]. - The firm emphasizes the importance of scientific methods and a keen sense of cutting-edge technology, which are core advantages that allow Jiukun to navigate cycles and continuously iterate [7][14]. Group 3: Investment Principles and Talent - Jiukun Investment adheres to three main investment principles: rationality, long-term focus, and scientific approach, which empower every aspect of quantitative investment [6][10]. - Talent organization is considered a core asset in the quantitative field. Jiukun has a diverse team of experts in mathematics, physics, and computer science, and emphasizes nurturing talent through various programs and competitions [20].

Core Viewpoint - The A-share market has experienced strong growth this year, with the Shanghai Composite Index reaching a nearly ten-year high and the ChiNext Index increasing by approximately 45% year-to-date, driven primarily by the new technology sector focused on computing power [1] Group 1: Private Equity Companies - A total of 1,056 new private equity firms have been established in the past five years, with 60 firms having at least three products that meet ranking criteria this year [1] - Among the top 20 private equity firms, 12 are subjective private equity firms, while 4 are quantitative and 4 are mixed [1] - The average management scale of the top 20 private equity firms is less than 5 billion [1] Group 2: Top Private Equity Firms - Beijing Xiyue Private Equity has emerged as the champion, with an average return of ***% across its five products this year [2][4] - The only quantitative private equity firm in the top 10 is Juyuan Balanced Fund, which has an average return of ***% across its three products this year [4] - The top 20 private equity firms have a return threshold of ***% to qualify for the ranking [5] Group 3: Private Equity Products - There are 277 products from new private equity firms with management scales above 5 billion that have shown performance this year [5] - Among the top 20 products, 12 are subjective long products and 5 are quantitative products [5] - The average return threshold for the top 20 products is ***% [5] Group 4: Notable Private Equity Managers - Lu Wentao, chairman and fund manager of Luyuan Private Equity, has indicated a strategic shift towards increasing gold holdings while reducing positions in the military industry [7] - Wu Que, general manager of Pansong Asset, emphasizes the importance of long-term validation of market patterns and continuous model iteration to maintain alpha sustainability [8] - Xue Yuxin, founder of Huannian Private Equity, has extensive experience in quantitative strategies and has led the firm since its establishment in May 2023 [9]

Core Viewpoint - The article emphasizes the performance of private equity funds in China's capital market, highlighting the challenges of maintaining top rankings over different time frames amidst market volatility [1]. Group 1: Subjective Long/Short Strategies - A total of 23 private equity products have ranked in the top 20% for short-term (January to August), medium-term (three years), and long-term (five years) performance [1]. - As of August 2025, there are 1,974 subjective long/short private equity products reported for this year, 1,353 for the last three years, and 760 for the last five years [1]. Group 2: Quantitative Long/Short Strategies - 21 products from quantitative long/short strategies have also ranked in the top 50% across all three performance periods [5]. - Among these, 11 products belong to large-scale quantitative private equity firms, indicating a strong presence in the market [5]. Group 3: Futures and Derivatives Strategies - 19 private equity products have achieved top 30% performance across short, medium, and long-term periods in the futures and derivatives category [8]. - As of August 2025, there are 678 products reported for this year, 403 for the last three years, and 162 for the last five years in this strategy [8]. Group 4: Multi-Asset Strategies - 18 multi-asset strategy products have ranked in the top 30% for all three performance periods [12]. - The article notes that large-scale private equity firms like Blackwing Asset and Duration Investment have products listed among the top performers [12]. Group 5: Market Outlook - The market is expected to experience fluctuations, with technology, pharmaceuticals, and new consumption identified as key investment areas for the next decade [4]. - The article mentions that the A-share market is likely to remain in a bullish phase, with significant opportunities in sectors like technology and healthcare [4].

Core Viewpoint - The article discusses the performance of subjective, quantitative, and mixed private equity funds, highlighting that mixed funds have shown competitive returns despite the rising popularity of quantitative funds this year [1]. Summary by Sections Performance Overview - As of August 2025, quantitative private equity funds have 353 firms with 1,277 products, yielding an average return of 20.76% this year. In contrast, mixed private equity funds have 328 firms with 783 products, achieving an average return of 22.17%, outperforming quantitative funds [1][2]. Performance by Fund Size - For funds over 100 billion, quantitative funds have an average return of 28.07%, while mixed funds yield 18.08%. In the 50-100 billion category, quantitative funds return 24.92% compared to 13.83% for mixed funds. In the 20-50 billion range, quantitative funds yield 19.05% against 18.63% for mixed funds. For 10-20 billion, mixed funds return 20.44% while quantitative funds yield 23.50%. In the 5-10 billion category, mixed funds achieve 23.50% compared to 16.51% for quantitative funds. Lastly, in the 0-5 billion category, mixed funds yield 22.82% against 19.40% for quantitative funds [2]. Top Performing Mixed Funds - The article lists the top 10 mixed private equity funds by size, with specific firms highlighted for their performance. For funds over 50 billion, the top three are Xuan Yuan Investment, Shi Feng Asset, and Changdu Kaifeng Investment. For 20-50 billion, the leaders are Lu Xiu Investment, Qi Yuan Asset, and Tong Xiao Investment. In the 10-20 billion category, Shenzhen Zeyuan, Liang Li Private Equity, and Liu Miao Xing (Beijing) Private Equity lead. For 5-10 billion, the top three are Zhong Min Hui Jin, De Yuan Investment, and Hong Qiao Fund. Lastly, in the 0-5 billion category, Jin Ta Ke Asset, Jia Xin Rong Cheng, and Zhe Yun Private Equity are the top performers [3][4][7][11][15][19]. Notable Firms and Strategies - Xuan Yuan Investment, established in 2015, focuses on a dual strategy of subjective and quantitative investments, achieving significant returns through a balanced quantitative strategy that integrates fundamental analysis with quantitative factors [5][6]. Lu Xiu Investment, also established in 2015, specializes in technology growth stocks and quantitative selection strategies, achieving notable returns this year [9]. Shenzhen Zeyuan, founded in 2015, has a strong focus on the North Exchange, leveraging its growth potential for investment [11]. Jin Ta Ke Asset, established in 2017, employs AI technology in its investment strategies, covering various approaches including quantitative hedging and long positions in stocks [19].

Core Viewpoint - The A-share market is experiencing short-term volatility due to external disturbances, with major indices showing mixed performance and a decline in trading activity, influenced by multiple factors [4][5]. Short-term Volatility Reasons - Increased external disturbances, including fluctuations in the US dollar post-Fed rate cuts and geopolitical uncertainties, are putting pressure on risk appetite [4]. - The market is seeing a concentration of adjustments in traditional sectors such as metals, real estate, and finance, with a notable release of profit-taking pressure [4]. - The trading congestion level of the index is at a relatively high position compared to the past two years, indicating increased trading activity and profit-taking behavior, yet the core assets represented by the CSI 300 have not exceeded last year's pre-National Day highs, suggesting potential for upward movement [4][5]. Domestic Funds and Industry Trends - Despite a slight decline in trading volume on September 19, overall fund activity remains high, with margin financing balance at 2.54% of A-share market capitalization and 11.8% of trading volume, both at near-high levels [6]. - Retail investor participation is increasing, with net inflows into stock ETFs excluding broad-based ETFs, and a continued preference for growth sectors, although some funds are shifting towards cyclical and value sectors [6]. Mid-term Fundamental Trends - High-frequency data and macro indicators show signs of stabilization, with the M1-M2 spread continuing to rise, indicating a shift of household deposits towards the stock market [8]. - The Producer Price Index (PPI) showed year-on-year improvement in August, with upstream prices recovering, suggesting that the capacity cycle is stabilizing [8]. Market Outlook - The market is expected to maintain a volatile consolidation pattern in the short term, with trading volume stabilization being a key observation indicator [12]. - Investment strategies should focus on high-growth sectors while also considering low-valuation defensive sectors to balance risk [15].

Company Overview - Ming Stone Fund was established in 2010 and is a leading player in the quantitative investment industry, utilizing a "five-ring multi-core" research and investment model that includes five core research processes: factor, AI, optimization, trading, and risk control [5][9] - The fund has a comprehensive product system covering index enhancement, quantitative stock selection, quantitative hedging, CTA strategies, ETF innovation strategies, and multi-strategy products, catering to various risk preferences of investors [5][9] Core Research Team - The research team is composed of highly qualified professionals, with over 80% holding master's or doctoral degrees from prestigious universities, including Ivy League schools and renowned domestic institutions [11] Investment Strategies and Product Lines - The fund employs a full-market quantitative stock selection strategy that does not benchmark against any specific index, aiming for broad stock coverage and strong timing discipline to achieve excess returns [17] - The index enhancement strategy involves long positions in stocks selected through quantitative methods, aiming to track and exceed the performance of indices like CSI 300, CSI 500, and CSI 1000 [22] - The quantitative hedging strategy combines long positions in selected stocks with short positions in corresponding index futures to achieve excess returns [25] - The CTA strategy utilizes models to time stock index futures, adjusting hedge ratios based on predicted index movements [28] Risk Control - Ming Stone Fund emphasizes risk control over high-risk, high-return pursuits, implementing a dual-layer risk management system that monitors parameters at the product level and signal effectiveness at the signal level [32] - The fund has developed its own Barra multi-factor risk control model, enhancing the predictive capability for volatility in high-frequency trading strategies [32] Core Advantages - The fund's leading quantitative research and investment system is characterized by its "five-ring multi-core" model, which supports multiple core research teams [33] - The integration of AI in the entire quantitative investment process enhances efficiency and market adaptability [34] - The fund's factor team, grounded in financial academic backgrounds, effectively identifies and utilizes factors with strong explanatory power and long validity [35] Awards and Social Responsibility - Ming Stone Fund has received multiple awards, including the "Outstanding Risk Control Private Fund Product" from Securities Times and the "Five-Year Outstanding Private Company" from Shanghai Securities Journal [36] - The fund is involved in social responsibility initiatives, supporting educational funds for disabled children and other charitable projects [38]

Core Viewpoint - The private equity industry has matured, with many firms achieving significant brand recognition and operational success, transitioning from initial establishment to notable growth stages [1][2]. Group 1: Industry Overview - The private equity sector requires talent, technology, and capital, along with investor recognition and performance metrics to thrive [1]. - As of August 2023, there are 77 individuals controlling multiple private equity firms, indicating a trend towards consolidation and diversification within the industry [1]. - The Asset Management Association of China has clarified that multiple private equity firms can be registered under a single controlling entity, subject to certain conditions [1]. Group 2: Notable Private Equity Controllers - Among the 15 individuals controlling firms with assets over 5 billion, three have over 100 billion in assets: Liang Wenfeng, Qiu Guogen, and Qiu Huiming [2][5]. - Liang Wenfeng controls two major quantitative private equity firms, Ningbo Huansheng and Jiu Zhang Asset, focusing on differentiated strategies to meet diverse investor needs [5]. - Qiu Huiming oversees Mingcun Investment and Qianyi Investment, with a strong background in quantitative trading and investment banking [5]. Group 3: Performance Metrics - Wang Yiping manages 15 products with a total scale of approximately 2.1 billion, achieving impressive average returns this year [6]. - Chen Long, controlling three firms, has a combined asset scale of 5.29 billion and has also reported strong performance metrics [14][13]. - The data indicates that many controllers of multiple private equity firms are also actively involved as fund managers, enhancing their firms' performance [6][14]. Group 4: Emerging Trends - The trend of controlling multiple private equity firms is prevalent, with 22 individuals managing firms with assets between 5-50 billion [8]. - Notably, Mao Keji controls four private equity firms, all based in Shanghai, indicating a concentration of management and operational capabilities in specific regions [12][10]. - The industry is witnessing a shift towards quantitative strategies, with firms like Liang Wenfeng's leading the charge in technological advancements [5][22].