Core Viewpoint - The article highlights the strong performance of small-cap stocks and the rising popularity of quantitative products, particularly the market-neutral strategy, which has shown promising returns in the first half of the year [2][4]. Summary by Sections Performance of Market-Neutral Strategy - As of June 30, the market-neutral strategy ranked fifth in median returns among 16 private equity secondary strategies, with a median return of 6% and an average return of 5.98% [2][3]. - The overall average return across all strategies was 10.07%, with a median return of 6.91% [3]. Factors Contributing to Performance - The article discusses the favorable market conditions for the market-neutral strategy, including active trading and the premium on small-cap stocks contributing to excess returns [15]. - The reduction in basis costs due to the convergence of stock index futures is also noted as a significant factor [15]. Definition and Mechanics of Market-Neutral Strategy - The market-neutral strategy involves maintaining low-risk positions, typically within ±10%, and focuses on price discrepancies between related securities rather than predicting market movements [6]. - The strategy's returns can be summarized by the formula: Total Return = Long Position Return - Short Position Return - Basis Cost, where basis cost is influenced by the futures premium or discount [11]. Recent Trends in Basis Costs - Recent data indicates a significant reduction in the basis of stock index futures, with annualized basis rates for major contracts showing improvement from deep discounts to more favorable levels [12]. - The convergence of basis is attributed to a recovery in the A-share market and a decrease in bearish sentiment in the futures market [12]. Future Outlook - Analysts suggest that the favorable environment for the market-neutral strategy may continue, especially if the basis remains narrow and market activity stays high [16]. - The article notes that the A-share market's trading volume has consistently exceeded previous months, indicating a robust trading environment [16]. Top Performers in Market-Neutral Strategy - The article lists the top-performing market-neutral strategy products for the first half of the year, with notable managers and their respective returns [18][19].

Core Viewpoint - The article discusses various investment opportunities in mutual funds, particularly focusing on low-cost options and the performance of different fund categories, including money market funds and bond funds [2][30]. Group 1: Investment Opportunities - The article highlights the availability of low-cost mutual funds with purchase fees as low as 0.001% [9][14]. - It emphasizes the performance of bond funds, noting that some have shown consistent positive returns over the past months, with one fund achieving a cumulative increase of 10.22% [11]. - Money market funds are presented as suitable for short-term cash management, offering good liquidity and low risk [12][14]. Group 2: Fund Performance - The article mentions specific funds, such as the "中欧货币 D" with a seven-day annualized yield of 1.3950% and "南方收益宝货币B" with a yield of 1.4820% [14][18]. - It also discusses the performance of mixed and stock funds, with some funds achieving returns of over 100% in the past year, indicating strong market performance [21][30]. - The article notes that the top-performing funds in the first half of 2025 have outperformed major global indices, showcasing the potential for high returns in the current market environment [30].

Core Insights - The A-share market has shown a continuous upward trend following the tariff incident on April 7, with the Shanghai Composite Index reaching above 3600 points, driven by various market hotspots including AI, new consumption, and innovative pharmaceuticals [1] - As of July 25, 2023, the North Securities 50 and the China Securities 2000 indices have led in year-to-date gains, although their latest P/E and P/B ratios have reached historical highs [2] - The private equity market has seen a resurgence, with subjective private equity funds showing significant performance improvements in the past month, with 25 leading firms managing over 5 billion yuan all reporting positive returns for the year [3] Market Performance - The following table summarizes the P/E and P/B ratios along with year-to-date performance of various indices as of July 25, 2023: - CSI 300: P/E 13.51, P/B 1.41, YTD change 4.89% - Shanghai Composite: P/E 15.59, P/B 1.40, YTD change 7.22% - Shenzhen Component: P/E 28.39, P/B 2.44, YTD change 7.24% - ChiNext Index: P/E 35.06, P/B 4.32, YTD change 9.27% - STAR Market Composite: P/E 236.22, P/B 4.31, YTD change 17.80% - North Securities 50: P/E 68.42, P/B 4.94, YTD change 40.58% - China Securities 500: P/E 30.83, P/B 2.01, YTD change 10.02% - China Securities 1000: P/E 41.43, P/B 2.25, YTD change 12.57% - China Securities 2000: P/E 140.53, P/B 2.61, YTD change 21.00% - Eastmoney All A: P/E 20.64, P/B 1.68, YTD change 10.31% [2] Private Equity Insights - The subjective private equity sector has seen a remarkable recovery, with an average return of 5.74% over the past month, compared to 4.74% for quantitative private equity products [3] - Notable private equity firms such as Hainan Xiwa and Rido Investment have reported significant performance improvements, with many products reaching historical highs [6][12] - Wang Wen of Rido Investment has expressed confidence in the upcoming bull market, predicting a potential rise to 8000 points based on historical patterns [18][19] Notable Fund Performance - As of July 25, 2023, Liang Hong's Hainan Xiwa has seen its flagship product "Xiwa Xiaoniu No. 1" reach a historical high, with significant returns reported [7][9] - Dongfang Hongwan's products have also rebounded, with most achieving positive returns after a challenging start to the year [12][13] - Wang Wen's Rido Investment has been recognized for its high dividend payouts, with substantial distributions made to investors in the first half of the year [18]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近一年以来，A股市场经历"9.24"行情的转折后，市场活跃度大幅提升。今年7月，沪指更是接连突破3500点、3600点两大平台，再度强化了市 场赚钱效应。 在此期间，不少主观私募抓住新题材的机会，业绩实现大幅跃升，主观私募的排名迎来大洗牌 。私募排排网数据显示，近1年至少有3只产品符 合排名规则的主观私募共有269家，占私募总数的51.63%，比量化私募（156家）和混合型私募（96家）数量更多。从业绩 来看， 269家主观私 募近1年收益均值、中位数分别为31.43%、22.9%，正收益占比95.54%。 按照办公城市所在地区划分，在广东地区、上海地区、浙江地区、北京地区以及其他地区的私募中， 广东地区的主观私募数量最多，共有 81 家，近1年平均收益为36.12%，位居第2，仅次于浙江地区（36.75%）。 | 属地区 | 办公城市所 至少有3只产品符合 排名规则的公司数 | 近1年平均收益 | 近1年收益中位数 | 正收益占比 | | --- | --- | --- | --- | --- | | 广东 | 81 | 36.12% | 28 ...

Core Viewpoint - The article emphasizes the importance of excess returns (Alpha) as a key performance metric for private equity funds, particularly for quantitative long and market-neutral products, as it reflects the manager's investment research capabilities beyond absolute returns [2][3]. Summary by Sections Excess Returns Overview - Excess returns exclude market fluctuations (Beta) and directly reflect the additional returns generated by the manager through stock selection, timing, and hedging strategies [2]. - As of June 30, 2025, the average excess returns for private equity products over the first half of the year, the past year, and the past three years were 12.45%, 20.15%, and 58.49%, respectively, indicating a cumulative increase over time [2]. Strategy Performance - Among different strategies, quantitative stock selection and other index enhancements (like the CSI 2000 index) showed leading average excess returns over the first half, past year, and past three years, while market-neutral and CSI 300 index enhancements lagged behind [3]. Top Performing Private Equity Funds - In the first half of 2025, 91 private equity funds met the criteria for excess return statistics, with the top 20 funds having a minimum excess return threshold of ***% [5]. - The top 10 funds for excess returns in the first half included Shenzhen Zeyuan, Yunqi Quantitative, and Shanghai Zijie Private Equity, among others [5]. Detailed Fund Performance - Shenzhen Zeyuan led with an average excess return exceeding ***% and an absolute return average of approximately ***% [5][7]. - The second-ranked fund, Shengguanda, had an average excess return close to ***% and an absolute return average of approximately ***% [13]. - The top 20 funds for the past three years included notable names like Jiluo Asset and Guangzhou Shouzheng Yongqi, with 11 funds being over 100 billion in size [14][18]. Consistent Performers - Seven private equity funds consistently ranked in the top 20 for excess returns across the first half, past year, and past three years, including Guangzhou Shouzheng Yongqi and Black Wing Asset [18].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图订阅专栏 ） 编者按 在财富管理的大航海时代，私募基金以其灵活的策略、专业的团队和追求绝对收益的目标，吸引了越来越多高净值投资者的目光。然而，这个行 业也因其信息较少、不对称等特性，蒙上了一层神秘的面纱。策略如何运作？团队水平如何？短、中、长期业绩表现如何？风险控制究竟如 何......这些问题，往往是投资者在做出决策时，最难穿透的"迷雾"。正是基于此，私募排排网隆重推出 " 深度揭秘100家私募 " 栏目。为投资者拨 开云雾，提供真正有价值的深度洞察。 第二期我们将揭秘 2025上半年百亿私募收益冠军稳博投资 ，上半年收益均值约为***% （ 点此查看收益 ） 。 同时，其在近一年收益约为 ***%，位列百亿私募第3名；近三年收益均值约为***%，也上榜了百亿私募TOP10。（可参考文章： 百亿私募2025上半年业绩出炉，稳博夺 冠！ ） 下面，就让我们一起深入探寻稳博投资的制胜之道。 文章目录 0 1 公司概况 ： 公司简介、公司发展历程、核心投资理念、公司股权结构 0 2 核心投研团队： 核心投研人员、团队主要负责人、团队优势 0 3 投资策略与产品线（ ...

Core Viewpoint - The innovative drug sector in A-shares has experienced significant value reassessment in 2023, with the innovative drug index rising over 70% year-to-date, driven by favorable policies and major transactions in the industry [3][4]. Group 1: Market Performance - On July 28, 2023, Heng Rui Medicine announced a potential deal worth $12 billion (approximately 86 billion RMB) with GlaxoSmithKline, leading to a surge in its stock price, which hit a four-year high with a market cap of 411.8 billion RMB [3]. - The innovative drug sector saw a collective increase of over 3% on the same day, reflecting strong investor sentiment [3]. Group 2: Policy Support - The National Healthcare Security Administration and the National Health Commission released measures on July 1, 2023, to support the high-quality development of innovative drugs, including the establishment of a diversified payment system and improving accessibility [3]. - A press conference on July 24, 2023, indicated a shift in drug procurement policies, moving away from a simple lowest price reference to promote healthier industry development [3]. Group 3: Fund Performance - All 265 innovative drug-themed funds reported positive returns in 2023, with 152 funds achieving returns over 30%, and the highest return exceeding 80% [4]. - The top-performing fund in the 1 million to 10 million RMB category is the Hua Bao Health Mixed A fund, with a return of 82.55% year-to-date [5][6]. - In the 1 billion to 5 billion RMB category, the Chang Cheng Health Mixed A fund led with a return of 74.64% [7]. - The Peng Hua Medical Technology Stock A fund topped the 5 billion to 20 billion RMB category with a return of 81.85% [8][9]. - The top fund in the 20 billion RMB and above category is the Zhong Ou Medical Innovation Stock A fund, achieving a return of 58.65% [10][11].

Core Viewpoint - The article highlights the investment philosophy and performance of DeYuan Investment, emphasizing its data-driven approach and diverse product offerings aimed at achieving long-term returns with risk-adjusted strategies [2][3]. Company Overview - DeYuan Investment, established in June 2014, is a registered private fund manager in China with a management scale of approximately 900 million [2]. - The company employs a strategy framework that integrates quantitative timing, deep value assessment, and systematic risk control to seek long-term compound growth [2]. Performance Metrics - As of June 30, 2025, DeYuan Investment's products in the 500-1,000 million scale category achieved an average return of ***%, ranking in the top 10 for semi-annual stock strategy returns [3]. - The "DeYuan Yangfan No. 1" product managed by DeYuan Investment recorded a return of ***% in the first half of 2025, placing it fourth in the semi-annual subjective long position returns [3]. Development History - DeYuan Investment was registered in Shenzhen in June 2014 with a paid-in capital of 10 million [7]. - The company received its private fund management registration certificate in July 2015 [7]. Core Team - The core investment committee consists of nine members, most with over ten years of experience, providing a stable and reliable decision-making framework [9]. Core Advantages - The company boasts a stable and professional team with no management changes in the past three years, enhancing product development and investor experience [18]. - DeYuan Investment has developed its own quantitative trading system that is fully automated and designed for low latency [18]. - Strict risk management practices are in place, focusing on preemptive risk identification and real-time monitoring [18]. - The company offers a diverse range of products, including quantitative strategies and alternative investment strategies [19]. Product Lines - The quantitative long position strategy operates fully programmatically, adjusting stock positions dynamically based on mathematical models and algorithms [20]. - The "DeYuan Haichai Quantitative No. 1" product has been established since June 23, 2022, with returns of ***% since inception [21]. - The "DeYuan Mingxuan Quantitative No. 2" product focuses on value investment principles, targeting undervalued stocks with potential for recovery [22]. Alternative Investment Strategy - DeYuan Investment identifies companies in financial distress that are undergoing bankruptcy restructuring but still possess core asset value and growth potential [27]. - The company participates in these restructurings through compliant capital increases, aiming to benefit from value recovery post-restructuring [27].

Core Viewpoint - The A-share market is experiencing a bullish atmosphere, with the Shanghai Composite Index breaking through key psychological levels, but the index may not fully reflect the market's overall performance due to its heavy reliance on financial stocks [3][4][5]. Group 1: Market Index Analysis - The Shanghai Composite Index includes only 2,184 A-share stocks, representing less than 50% of the total 5,245 A-shares, leading to a distorted view of the market [4][5]. - Financial stocks dominate the index, with banks and non-bank financials accounting for 31.6% of the index's total market capitalization, compared to 21.9% for all A-shares [5]. - The growth style index has a weight of 20.9% in the Shanghai Composite Index, while it is 30.8% in the total A-share market, indicating a weaker response of the index to growth stocks [4][5]. Group 2: Market Opportunities - Despite the strong performance of financial stocks in the first half of the year, their relative performance has weakened as the market transitions, suggesting structural investment opportunities within the market [7]. - Nearly half of the stocks in the market have a price-to-book ratio below the median, indicating ongoing valuation differentiation and potential investment opportunities [9]. - Historical trends show that bull markets often transition from a few leading sectors to broader participation, suggesting that previously underperforming sectors may emerge as new leaders [13][15]. Group 3: Liquidity and Investment Trends - The current market liquidity is relatively abundant, with a notable increase in new A-share accounts, reaching a high not seen since 2016, and a total of 12.6 million new accounts opened in the first half of the year [16]. - The decline in bank deposit rates and the rising attractiveness of equity assets are driving a shift in resident savings towards the stock market [20][24]. - The ratio of stock market capitalization to resident savings is at a historical low, indicating potential for significant capital inflow into the stock market as the economic environment improves [24][27]. Conclusion - The market is expected to maintain abundant liquidity, with macroeconomic policies likely to support a recovery in corporate earnings, providing a sustainable driving force for the stock market [29].

Core Insights - The article highlights the performance and growth of quantitative private equity firms in Beijing, noting that there are 620 products with a total scale of 43.43 billion yuan, achieving an average return of 9.80% in the first half of the year [2] - The article emphasizes the emergence of three new billion-yuan quantitative private equity firms in Beijing, bringing the total to ten [2][3] Group 1: Market Overview - As of June 2025, there are 147 quantitative private equity firms in Beijing, a decrease of 2 from the end of 2024 [2] - The average return for quantitative products in Beijing was 10.75%, with 253 products outperforming the average [2] - The top three quantitative private equity firms by employee count are Lingjun Investment (157 employees), Jiukun Investment (155 employees), and Inno Asset (110 employees) [3] Group 2: Performance Rankings - The top-performing quantitative private equity firms in Beijing for the first half of the year include Xinhong Tianhe, Tiansuan Quantitative, and Pingfanghe Investment [6] - Xinhong Tianhe achieved a significant return with its products, leading the rankings [8] - The average return for quantitative multi-strategy products was 16.20%, with the top five products coming from firms like Luxiu Investment and Baolite Asset Management [10] Group 3: Product Insights - The article lists the top quantitative multi-strategy products, with Luxiu Investment's "Luxiu All-Market Enhanced No. 1" leading the way [11] - The average return for quantitative CTA products was 5.25%, with the top product from Ruixin Tiansuan [14] - Xinhong Tianhe's "Xinhong CTA No. 1 Quantitative A Class" also ranked highly in the CTA category [16]