Core Viewpoint - The article discusses the performance of major stock markets in July 2025, highlighting the upward trends in A-shares, Hong Kong stocks, and US stocks, along with the popularity of certain private equity fund managers and companies based on user searches on the platform [1][2]. Market Performance - In July, the A-share market saw the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increase by 3.74%, 5.2%, and 8.14% respectively, with the Shanghai Composite Index surpassing 3600 points for the first time since October 8, 2024 [1]. - The Hong Kong market's three major indices also rose over 2%, with the Hang Seng Index leading at 2.91% [1]. - All three major US stock indices recorded gains, with the Nasdaq Index achieving the highest increase of 3.7% [1]. Popular Fund Managers - The top three popular fund managers in July are Dan Bin, Lin Yuan, and Wu Yuefeng, with Dan Bin's popularity rising significantly [1][3]. - Dan Bin's average return for the year reached ***% as of July, with a near 3-month rebound of ***% [6]. - Wu Yuefeng's fund "Jia Yue Monthly Wind Investment Genesis" reported a return of ***% for the year, with a near 3-month return close to ***% [7]. Popular Private Equity Companies - The top three private equity companies are Longqi Technology, Shanghai Xiaoyong Private Equity, and Mengxi Investment, all showing significant increases in popularity [9][11]. - Longqi Technology's average return for its 16 products this year is ***%, with the "Longqi Technology Innovation Selected No. 1 C Class" achieving the highest return of ***% [14]. - Shanghai Xiaoyong Private Equity has seen its company scale increase from 20-50 billion to over 50 billion, marking its rise as a leading quantitative private equity firm [14]. Popular Private Equity Products - The top five popular private equity products include those managed by Hainan Shengfeng Private Equity, Longqi Technology, and Road Far Private Equity, with Longqi Technology having two products in the top five [16][18]. - The product "Longqi Stock Quantitative Multi-Head No. 1" managed by Zhu Xiaokang is among the top performers [18].

Core Viewpoint - Since the "9.24 market" last year, the A-share market has shown a structural slow bull trend, with private equity products focusing on stock strategies achieving strong performance in the first half of this year and over the past year. However, over a longer time frame of three to five years, futures and derivatives strategies have shown stronger performance, with significant increases in commodities like gold and lithium carbonate [2][3]. Summary by Category Private Equity Strategy Performance - As of June 30, 2025, there are 593 futures and derivatives strategy products that meet ranking criteria, with average returns of 39.11% over three years and 97.41% over five years, outperforming other strategies [2][3]. - The average returns for various strategies in the first half of the year and over different time frames are as follows: - Stock Strategy: 12.36% (H1), 36.36% (1 year), 35.48% (3 years), 74.97% (5 years) - Futures and Derivatives Strategy: 5.04% (H1), 18.12% (1 year), 39.43% (3 years), 98.23% (5 years) - Multi-Asset Strategy: 8.20% (H1), 25.76% (1 year), 37.34% (3 years), 95.98% (5 years) - Bond Strategy: 5.54% (H1), 13.01% (1 year), 35.14% (3 years), 82.64% (5 years) - Combination Fund: 6.72% (H1), 20.70% (1 year), 15.06% (3 years), 34.10% (5 years) - Overall Average: 10.08% (H1), 30.13% (1 year), 35.81% (3 years), 80.06% (5 years) [3]. Top Performing Private Equity Firms - Among firms with over 20 billion in assets, the top three in futures and derivatives strategy returns over three years are: 1. Junfu Investment 2. Junchen Asset 3. Loshu Investment - The average returns for these firms are not disclosed due to regulatory requirements [4][5]. - Junfu Investment focuses on a diverse range of asset classes, including commodity strategies and various index enhancements, with eight qualifying products showing returns above a certain threshold [6][9]. Mid-Sized Private Equity Firms - For firms with 5-20 billion in assets, the top three in futures and derivatives strategy returns over three years are: 1. Guanzhi Fund 2. Zhemeng Investment 3. Mingrui (Beijing) Private Equity - The average returns for these firms are also not disclosed [10][12]. Small Private Equity Firms - Among firms with 0-5 billion in assets, the top three in futures and derivatives strategy returns over three years are: 1. Fuying Investment 2. Qihe New Asset Management 3. Mufeng Investment - The average returns for these firms exceed a certain threshold, with Fuying Investment's top product showing significant returns [15][16].

Core Viewpoint - The article discusses the performance of subjective private equity funds in the A-share market, highlighting the advantages of subjective investment strategies over quantitative approaches in capturing structural opportunities and achieving superior returns [2][4]. Group 1: Performance of Subjective Private Equity Funds - As of July 25, 2023, the average return of subjective private equity funds was 5.74%, compared to 4.74% for quantitative funds [2]. - The average return for subjective long-only products in the top tier (over 5 billion) was 11.91%, with 96.30% of products showing positive returns [2][3]. - The top three fund managers in the over 50 billion category were Tong Xun from Tongben Investment, Lu Hang from Fusheng Asset, and Wang Yiping from Evolutionary Asset [2][3]. Group 2: Fund Manager Rankings by Size - In the 20-50 billion category, the average return was 15.32%, with 91.16% of products showing positive returns. The top managers were Xu Hongbing from Shenzhen Dream Factory Investment, Chen Yu from Shennong Investment, and He Xiao from Orange Capital [5][6]. - In the 10-20 billion category, the average return was 27.08%, with all products achieving positive returns. The leading managers were Sun Jie from Nengjing Investment, Zhai Jingyong from Rongshu Investment, and Ding Yushuang from Chenyao Private Fund [8][9]. - In the 5-10 billion category, the average return was 22.88%, with 91.99% of products showing positive returns. The top managers were Liu Xianglong from Fuyuan Capital, Chen Long from Youbo Capital, and Han Yongfeng from Jiu Private Fund [11][12]. - In the 0-5 billion category, the average return was 18.36%, with 90.24% of products showing positive returns. The top managers were Yao Yong from Qinxing Fund, Xian Lisheng from Weifang Fund, and Li Linkai from Xinjing Investment [15][16]. Group 3: Investment Strategies and Market Trends - Tong Xun and Lu Hang successfully captured the "new consumption" trend, leading to their top performance in the market [4]. - Chen Yu from Shennong Investment focused on innovative pharmaceuticals, benefiting from the sector's strong performance this year [7][8]. - Liu Xianglong from Fuyuan Capital emphasized high-growth new consumption companies, indicating a strategic focus on sectors poised for recovery [12][13].

Core Insights - The A-share market showed a trend of fluctuating growth in the first half of 2025, with quantitative private equity becoming a prominent investment force, achieving an average return of 8.32% across all private equity securities products, and 10% for stock strategy private equity [1] - Among 1,243 quantitative long strategy products, 93.32% achieved positive returns, with an average return rate of 15.42%, significantly outperforming other sub-strategies [1] - A wave of dividends emerged in the industry, with 558 private equity products distributing dividends, accounting for 14.09% of the total, amounting to 5.655 billion yuan [1] - High income for private equity managers leads to increased tax burdens, prompting them to seek legal and compliant tax optimization strategies [1] Group 1: Investment Performance - The average return for private equity securities products in the first half of 2025 was 8.32% [1] - Stock strategy private equity led with an average return of 10% [1] - Quantitative long strategy products had a remarkable average return of 15.42%, with 93.32% achieving positive returns [1] Group 2: Dividend Distribution - By the end of June 2025, 558 private equity products had distributed dividends, representing 14.09% of the total products with performance data [1] - The total amount of dividends distributed reached 5.655 billion yuan [1] Group 3: Tax Optimization Strategies - High income levels for private equity managers result in significant tax liabilities, including corporate income tax and value-added tax [1] - The need for tax optimization strategies is emphasized due to the high tax burden faced by managers in the quantitative private equity sector [1] Group 4: Risk Management and Insurance - Private equity managers face core risks including compliance, investment, operational, liquidity, reputation, and ethical risks throughout the fundraising, investment, management, and exit processes [3] - Professional liability insurance is deemed essential for private equity managers to mitigate risks associated with investment decisions and internal management [3][4] - The selection of professional liability insurance should focus on coverage that matches core business risks, including management and professional liability [4] Group 5: Employee Benefits and Insurance - The importance of a comprehensive employee benefits and insurance system is highlighted for attracting and retaining top talent in private equity firms [5] - Group accident insurance and employer liability insurance are included in the core benefits to provide comprehensive protection for employees [5] Group 6: Tax-Advantaged Insurance - The organization considers tax-advantaged insurance options, such as supplementary medical insurance, which can be deducted from total wages within 5% to reduce tax burdens [6] - The focus is on balancing tax compliance, employee needs, and cost-effectiveness when selecting insurance products [6] Group 7: Insurance Configuration Recommendations - Recommendations for insurance configurations for different roles within private equity firms include high-end medical insurance, critical illness insurance, and professional liability insurance [10][12][13][15] - Specific insurance products are suggested based on the unique risks associated with investment research, marketing, and operational roles [10][12][13][15]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网数据显示， 2024年有过离职的证券类私募从业人员共409位，相比2023年的761位大 幅减少，从近十年私募从业人员变动情况看，私募人员变动创下新低。 整体来看，随着私募行业 发展的逐渐成熟，人才流动频次明显减少，更加趋于稳定。 从2024年 有过离职的409位证券类私募基金经理来看，现仍任职于证券类私募公司的有244位。 适当的人才流动有利于打破信息壁垒，推动行业创新，有利于保持行业活力和竞争力。 为了给予更有价值的信息，本文将按不同规模证券类私募，分别梳理出2024年证券类私募行业人 才流动图谱，供投资者参考 (统计范围：2024年有私募离职记录，最新任职依旧在证券类私募行 业的从业人员) （ 点此领取完整人才流动图谱 ） 0 1 50 亿以上：多位创业成立私募，梁力、葛陈亮等开启新征程！ 私募排排网数据显示，2024年从50亿以上证券类私募离职的人员共13位，并且这13位均依然任职 于证券类私募公司，其中现任职于百亿私募有两位，6位任职于0-5亿私募(其中多位选择创业成立 私募)。 （ 点此查看完整人才流动图谱 ） | 排序 | ...

以下文章来源于公募排排网 ，作者康波 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） 债市为什么跌？ 最近债市波动较大，7月24日债市大幅回调，不少投资者关心当下债市调整结束了没有？现在持有的债基应该怎么办？接下来笔者将从引发债 市回调的原因入手，深入剖析，为大家解答这些问题。综合近期市场发酵的观点来看，主要有以下几个方面的因素对债市回调产生影响： 一是育儿补贴政策的出台。 国家针对有3岁以下儿童的家庭，推出每人每年3600元的补贴政策。这一政策虽符合预期，却引发了债券市场投资者的担忧。部分投资者担 心，未来生育补贴力度可能加大，政府财政支出会增加，甚至需要更多举债，进而影响债券市场利率。 然而， 从政策本身来看，补贴力度并未超出预期 ，且国家在制定政策时会充分考虑财政可持续性。其实无需过度恐慌，被短期情绪左右。从 长期来看，债券市场走势仍将受宏观经济、货币政策等多因素综合影响。 （ 点此查看2022-2024年各月份出生婴幼儿申领育儿补贴对照表 ） 就拿光伏行业来说，市场传闻，国家将整治光伏行业低价竞争、盲目投资和产 ...

Core Viewpoint - The A-share market showed strong performance in July, with the Shanghai Composite Index rising by 3.74%, the Shenzhen Component Index by 5.20%, and the ChiNext Index by 8.14%, indicating a favorable market sentiment for institutional investors, including private equity funds [1] Group 1: Market Overview - In July, the market maintained high trading volumes, with margin financing balances reaching a new high for the year, reflecting a positive atmosphere for bullish investments [1] - Private equity funds have performed well this year, with an average return of 14.86%, significantly outperforming the market's return of 6.61% during the same period [1] Group 2: Institutional Research Activities - A total of 651 A-share companies were researched by institutions, with 11,554 participating institutions, and private equity funds specifically researched 306 companies with 1,142 participating private equity firms [2][4] - The most researched sectors by institutions were electronics, biomedicine, computers, and machinery, while private equity funds focused on computers, biomedicine, electronics, and power equipment [2][3] Group 3: Notable Companies and Performance - The top 20 A-share companies researched by institutions in July had a median price change of 11.93%, outperforming the broader market [5] - Notable companies such as NewEase and Zhongji Xuchuang were heavily researched, with 179 and 145 institutions respectively, and both saw price increases exceeding 40% in July [6][7] Group 4: Focus on AI and Innovative Drugs - The AI computing and innovative drug sectors were highlighted as strong performers in July, with several companies in these areas experiencing price increases of over 40% [9] - Private equity funds, including prominent firms like Fusheng Asset and Juming Investment, conducted research on companies in the AI supply chain, leading to significant stock price increases [9][15] Group 5: Prominent Private Equity Firms - Leading private equity firms such as Gao Yi Asset and Fusheng Asset conducted extensive research on multiple A-share companies, with Gao Yi researching 19 companies, primarily in the biomedicine and machinery sectors [12] - The median price change for companies researched by Gao Yi in July was 11.08%, indicating strong performance relative to the market [12] Group 6: Summary of Research Findings - A total of 27 A-share companies were researched by more than 10 private equity firms, with a median price change of 10.81% in July, again outperforming the market [7] - The research activities of top private equity firms were associated with significant stock price increases, with many companies seeing gains of over 40% [15]

Core Viewpoint - The article discusses the performance of various private equity strategies in the A-share market amid geopolitical tensions and economic downturns, highlighting the recovery of stock strategies since the "9.24" market event and the strong performance of quantitative long strategies in the first half of 2025 [1][2][4]. Group 1: Private Equity Strategy Performance - As of June 30, 2025, all private equity secondary strategies achieved positive returns in the first half of the year, with quantitative long strategies leading at an average return of 16.31%, followed by subjective long strategies at 10.55% and macro strategies at 9.19% [2][4]. - The total trading volume of the A-share market exceeded 160 trillion yuan in the first half of the year, significantly higher than over 100 trillion yuan in the same period last year, indicating a notable increase in market activity [4]. - The strong performance of quantitative long strategies is attributed to their focus on small-cap stocks, which have performed well, with the CSI 2000 index rising over 15% and the micro-cap stock sector increasing over 40% [4]. Group 2: Top Performing Private Equity Products - As of June 30, 2025, there were 345 quantitative long private equity products with performance data, with the top three products being "Fengshou No. 2," "Liangying Risheng Exclusive No. 1 A Class," and "Baolit Quantitative No. 1," achieving significant excess returns [5][6]. - The top ten quantitative long strategies included products from major firms such as Longqi Technology and Wenbo Investment, with their excess returns also being noteworthy [6][11]. Group 3: Recent Trends in Private Equity Strategies - Over the past year, the top three performing private equity secondary strategies were quantitative long, subjective long, and other derivative strategies, with average returns of 48.32%, 32.00%, and 31.52% respectively [8][10]. - In the last three years, the top three strategies shifted to subjective CTA, other derivative strategies, and bond enhancement, with average returns of 69.36%, 69.29%, and 45.18% respectively, indicating a significant change in market dynamics [12][14].

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].