Core Viewpoint - The recent phenomenon of "beta rising while alpha falls" in the A-share market is attributed to structural market differentiation and the characteristics of quantitative investment strategies, where a few large-cap stocks drive index gains while most stocks lag behind [3][4][5]. Group 1: Market Environment and Performance - Since August, the A-share market has experienced accelerated gains, with trading volumes reaching historical highs, but there is significant differentiation between large-cap and small-cap stocks [2]. - The strong performance of large-cap stocks has raised concerns among investors regarding the allocation to small-cap index-enhanced products [2][9]. - The market's overall upward momentum is primarily driven by a small number of stocks, leading to a decrease in pricing efficiency for individual stocks and making it harder for quantitative models to capture alpha [3][4][5]. Group 2: Challenges for Quantitative Strategies - The concentration of funds into a few large-cap stocks has resulted in a weak performance for the majority of stocks, complicating the ability of quantitative strategies to generate excess returns [4][5][6]. - The recent market structure has led to a situation where the alpha capture becomes more challenging due to the high degree of style concentration [4][5][6]. - Historical experience suggests that extreme structural market conditions are typically unsustainable, and the market will eventually revert to a more balanced state, allowing quantitative strategies to recover their alpha [5][6]. Group 3: Investor Concerns and Strategy Adjustments - Investors are currently worried about the risks associated with style switching, particularly regarding small-cap index-enhanced products [9]. - To mitigate risks, companies suggest diversifying portfolios and focusing on high-quality small-cap stocks with strong earnings capabilities [10][11]. - The emphasis is placed on maintaining a balanced approach to investment, ensuring that strategies are adaptable to changing market conditions [12][13]. Group 4: AI Integration in Investment Strategies - Companies have increasingly integrated AI technologies into their investment processes, enhancing data processing capabilities and improving the efficiency of information extraction [22][24]. - AI is utilized for various functions, including data cleaning, feature extraction, and optimizing investment strategies, which helps in capturing potential signals more effectively [22][23][25]. - The application of AI in investment strategies is seen as a critical factor in enhancing predictive capabilities and optimizing decision-making processes [25][26]. Group 5: Long-term Investment Perspectives - The focus is on long-term investment strategies rather than short-term timing, with an emphasis on building resilient portfolios that can withstand market fluctuations [27][28][29]. - Companies advocate for a diversified approach to asset allocation, which can help mitigate the emotional impact of market volatility on investment decisions [35][36]. - The importance of identifying undervalued assets with high certainty for long-term gains is highlighted as a key strategy for investors [31][32].

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） 84位百亿主动权益基金经理名单曝光！ 84位百亿主动权益基金经理名单曝光！ 公募排排网 数据显示，管理规模超百亿的基金经理仅有84位。 从学历背景来看，百亿主动权益基金经理均拥有硕士及以上学历。其中， 硕士学历的有 73人，博士学历的为11人 。拥有博士学历的百亿主动 权益基金经理分别是 葛兰、刘格菘、朱少醒、崔宸龙、黄兴亮、周云、曲扬、秦毅、蓝小康、焦巍及王贵重 。 在基金经理年限方面， 截至2025年9月7日， 百亿主动权益基金经理的 平均基金经理年限为 9.41年 。资历较深的有刘彦春（16.37年）、周蔚 文（18.47年）、朱少醒（19.83年）、赵晓东（16.03年）、傅鹏博（15.64年）、冯波（15.70年）、张军（17.52年）、史博（17.33年）。 从所属基金公司角度看， 广发基金、易方达基金、中欧基金和汇添富基金 等公司拥有数量较多的百亿主动权益基金经理，分别为9位、7位、7 位、5位和5位。 （ 点此查看百亿 ...

Core Viewpoint - The article highlights the significant changes in the holdings of brokerage firms in the second quarter, indicating potential investment opportunities and trends in the A-share market, with a total holding value of 64.712 billion yuan, an increase of 8.243 billion yuan from the previous quarter [1]. Group 1: Brokerage Holdings Overview - As of the end of Q2, 44 brokerage firms had significant holdings in 307 A-share companies, with a total holding value of 64.712 billion yuan, reflecting an increase of 8.243 billion yuan compared to the end of Q1 [1]. - The number of companies newly added to brokerage holdings reached 97, while 98 companies saw increased holdings, and 93 companies experienced reductions in holdings [2]. - A total of 105 companies had holdings of 10 million yuan or more, with 61 companies exceeding 20 million yuan, and 34 companies surpassing 30 million yuan in holdings [3]. Group 2: Performance of Key Stocks - Among the 34 companies with holdings exceeding 30 million yuan, their combined holding value reached 44.442 billion yuan, accounting for 68.67% of the total holdings, with 14 companies experiencing reductions in holdings [3]. - From April onwards, only 2 companies saw a decline of less than 10% in stock price, while the rest experienced increases, with 10 companies showing a rise of over 40% [3]. - Jiangsu Bank, CITIC Construction Investment, and Yong'an Futures were the top three heavily held stocks, each with over 10% increase since April, with holding values of 11.026 billion yuan, 9.208 billion yuan, and 6.507 billion yuan respectively [4]. Group 3: Sector Analysis - The article notes that the financial sector, particularly Jiangsu Bank, CITIC Construction Investment, and Yong'an Futures, has been heavily favored by brokerage firms, with significant stock price increases [4]. - In the small metal sector, 20 companies saw stock price increases of over 40%, with 5 new additions to brokerage holdings [6]. - The article emphasizes the strong performance of the energy metal sector, with companies like Zhongkuang Resources showing a holding value of approximately 627 million yuan and a stock price increase of 40.36% since April [8]. Group 4: Institutional Holdings - A total of 29 companies were held by at least 2 brokerage firms, with 4 companies, including Chuanheng Co., being held by 3 firms [10]. - Among these, 21 companies saw increased holdings, while 7 experienced reductions, with 27 companies showing stock price increases, 16 of which exceeded 30% [10]. - Chuanheng Co. reported a holding value of approximately 496 million yuan, with a stock price increase of 24.8% since April [12].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 自今年4月8日以来，A股市场持续上涨，进入8月更是呈现加速上行态势，其中上证指数站上3800点创10年新高，月度上涨近8%，深成指涨约 15.32%，创业板指涨超24%，科创50涨超28%。 在这样强烈市场情绪下，算力、AI芯片等板块标的纷纷创下历史新高。同时，市场也开始出现明显分歧；如近日，私募大佬荒原投资的凌鹏发 布文章公开质疑中际旭创2027年净利润超250亿元的预测，随即却遭到某券商分析师的怒怼，火药味十足。 这场争议其实也引起了市场高度关注，站在当下沪指创10年新高的节点，哪些板块值得继续关注，不少投资者也深感迷茫，私募大佬们的动向也 将成为市场焦点之一。为了给予投资者一些参考，本文将梳理今年8月沪指加速上行以来（截至2025年9月7日，下同） 但斌、林园、葛卫东这些 私募大佬们的调研动向及调研对象的市场表现（附旗下私募符合排名规则的产品业绩）。 0 1 但斌旗下东方港湾：用 10-30 年眼光看待 AI ！调研英伟达供应链公司，年内股价翻超 6 倍！ Choice数据显示，截至2025年9月7日，年内东方港湾已参与11家上市公司的调研 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来，A股市场交投相对活跃，成交额基本维持在万亿以上水平，8月份A股市场单日成交额一度突破3万亿大关。与此同时，A股三大指数 也表现亮眼，上证指数创下近10年新高。 百亿量化私募作为量化私募中的头部公司，备受市场关注。据私募排排网数据，截至2025年8月底， 百亿量化私募共有 45家。 这样的市场环境，为量化投资提供了较好的"施展拳脚"的机会。因此，今年来，量化私募整体业绩表现亮眼。 截至 2025年8月底，在私募排排 网有3只以上产品有今年来业绩展示的量化私募共有173家，今年来收益均值约为22.36% ， 跑赢了同期的上证指数、深证成指 （涨幅分别为 15.10%、21.91%）。 又有哪些私募在今年脱颖而出呢？为了给读者提供一些参考，笔者按照公司规模分类（100亿元以上、50-100亿元、20-50亿元、10-20亿元、5- 10亿元、5亿元以下），分别梳理出了各规模组中今年1-8月收益居前10的量化私募 （旗下有3只以上私募产品在排排网有今年1-8月业绩展示） 。 0 1 百亿量化：稳博、阿巴马、天演居前 3 ，诚奇、金戈量锐排名上升 ...

Core Viewpoint - The article highlights the emergence of small and specialized private equity firms, focusing on "Quan Cheng Fund" as a representative example of a successful small private equity manager in the market [3][4]. Company Overview - Quan Cheng Fund Management (Hainan) Co., Ltd. was established in June 2021, focusing on secondary market investments with a management scale of over 300 million [5][6]. - The firm operates in Shanghai and Hangzhou, leveraging a banking background for systematic management and effective inter-departmental collaboration [4][5]. Performance Metrics - As of July 2025, Quan Cheng Fund's products achieved an average return of ***%, ranking first among quantitative private equity firms with a scale of 0-500 million [4]. - The "Quan Cheng Yang Tao Quantitative" product recorded a return of ***% and a Sharpe ratio of ***%, placing it in the top three for Sharpe ratio among similar-sized funds [4]. Investment Philosophy - The company specializes in quantitative strategies, having developed various products since its inception, including index enhancement and market-neutral strategies [12][17]. - The investment approach combines technical and fundamental multi-factor stock selection models, focusing on macroeconomic indicators and liquidity metrics to adapt to market conditions [16][20]. Team Expertise - The core team comprises graduates from prestigious universities such as Zhejiang University and Imperial College London, with extensive experience in the private equity sector [8][19]. - The investment research team has a collective experience of over ten years in the industry, enhancing the firm's analytical capabilities [19]. Strategic Advantages - The firm aims for long-term sustainable returns by integrating quantitative stock selection with a macro strategy framework, adapting to market changes [17]. - Quan Cheng Fund is committed to becoming a "century-old store" in the private equity space, focusing on value creation for investors [18]. Future Development Plans - The company plans to increase investments in high-frequency trading strategies and enhance its technological infrastructure, including the acquisition of level 2 data and server upgrades [20].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近期，A股走出"慢牛"行情，沪指一度站上3800点，创下近10年新高。回顾过往十年行情，大幅波动是A股的主基调，市场总是充满变数。因 此，具备时刻应对挑战的能力，才能够在起伏不定的市场中最终胜出。 对于那些成立十年以上的私募 "元老" ，他们身经百战，经历了市场多轮牛熊，积累了丰富的经验和方法，同时也斩获了亮眼业绩。 私募排排网 数据显示，成立十年以上的私募 "元老"，旗下有近5年业绩显示的产品共844只，近5年收益均值高达74.85%，远超同期大盘涨幅，其中201只产 品实现翻倍收益。 分规模来看，10-20亿私募近五年平均收益最高，为87.04%，实现翻倍的产品占比也是所有规模组中最高的；反而百亿规模私募近五年平均收益 相对落后，为59.01%。 | 公司规模 | 有业绩显示的 产品数 | 近5年收益均值 | 实现翻倍的产品数 | 翻倍产品占比 | | --- | --- | --- | --- | --- | | 100亿以上 | 159 | 59.01% | 18 | 11.32% | | 50-100亿 | વેર | 70.62% | ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 博普科技成立于2012年7月，是国内最早一批量化管理人之一。博普资产为博普科技全资子公司，成立于2015年 （以下博普科技与博普资产合并 简称"博普"） 。多年来获得过包括金牛奖、英华奖、金阳光、新财富等多项大奖和行业肯定。 私募排排网数据显示，截至8月29日，博普旗下私募共有22只产品，其中主观选股产品共有7只。 在这7只产品中，"博普价值远卓1号A类份 额"近1年、 近3年业绩均位居第1，收益分别为 *** %、 *** %，其中今年来收益位居第2，达到 *** %。（ 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 | 基金经理 | 产品规模近1年 今年来 近3年 一元同 收益 收益 收益 | | --- | --- | --- | --- | --- | | ገ " | 博普价值远卓1号A类份额 | 甘孜都曾资产 | 袁豪,马迪 | | | 2 | 博普绝对价值1号A类份额 | : 博普科技 | 袁豪,何瑞琳 | | | | 3 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来，ETF基金（交易型开放式指数基金）规模增长迅速。8月25日，全市场ETF规模站上5万亿大关。 截至 9月5日收盘，全市场ETF规模 约为5.13万亿元。其中，股票型ETF总规模高达约3.45万亿元，占比超67% 。 | 序号 | 基金类型 | 基金只数 | 份额合计 (亿份) | 总规模 (亿元) | 规模占比 | | --- | --- | --- | --- | --- | --- | | 1 | 股票型ETF | 1021 | 19976 | 34487.07 | 67.23% | | | 其中: 规模指数ETF | 344 | 9295 | 24047.13 | 46.88% | | | 主题指数ETF | 450 | 6820 | 6624.82 | 12.92% | | | 行业指数ETF | 131 | 3002 | 2830.56 | 5.52% | | | 策略指数ETF | 29 | 303 | 348.17 | 0.68% | | | 风格指数ETF | 13 | 81 | 73.14 | 0.14% | | 2 ...

新版大佬持仓现已隆重上线！这次升级，从数据维度到功能体验都有所焕新，不仅带来了全新的功能和体验，更为您的投资决策提供了 强有力的支持。 1.全覆盖：私募+公募， 一个 种类 都不少 这次我们玩真的！不仅覆盖知名私募大佬，还 新增公募基金经理持仓数据 ，力求做到全方位、无死角。 3.增信号：独家"退出"提示， 告别接盘侠 升级版最重磅功能——新增 "退出"信号 ！不仅知道大佬买了什么，更要了解他们卖了什么。 【大佬持仓经理页】 想查冯柳、邓晓峰的仓位？有！ 想看张坤、刘彦春的调仓？也有！ 输入姓名，一键查询，持仓明细尽在掌握 2. 扩范围：国家队+外资， 聪明钱走向一目了然 想跟着"聪明钱"走？现在我们连国家队和外资的持仓都帮你挖出来了！ 【大佬持仓机构页】 社保基金 偏爱哪些资产？ 外资巨头 如何配置A股市场？ 一键查询，看懂大资金布局逻辑 新进、增持、减持、退出数据全面覆盖 新增退出提示，减少接盘风险 调仓动向一目了然，投资决策更有底气 大佬持仓是什么？ 大佬持仓能帮你做什么？ 随时查持仓明细 大佬持仓是私募排排网小程序推出的一个帮助投资者了解基金产品、基金经理、机构等持仓情况和操作动向的功能。 查询公私募 ...