本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在资本市场风云变幻的2025年，百亿私募阵营出现大洗牌：有人借AI量化突围，有人因业绩回撤掉队，更有一批新面孔凭借押注热门赛道横空 出世。 就在市场行情强势的8月，百亿私募阵营扩大至91家！接下来，笔者将为大家盘点百亿私募全名单，以及今年以来、近1年、近3年、近5年业绩 居前的百亿私募。 0 1 百亿私募增至 91 家！ AI 量化私募念觉新晋百亿 私募排排网数据显示，截至 8月底，百亿私募共有91家，其中位居上海的念觉私募8月新晋百亿阵营。 至此，百亿量化私募共有45家，百亿主观 私募共有39家，百亿混合型（"主观+量化"）共有6家，另有1家未披露投资模式。 从办公城市来看，上海、北京地区私募合计占据70%，分别有40家、24家。此外，南京、珠海、澄迈、杭州、深圳均有至少2家私募在列。从员 工人数来看，乾象资产本月员工数增加17人至110人，百人以上的私募随之增至13家。另外，共有30家私募获得9号牌照。其中，致诚卓远、黑 翼资产为今年获得牌照的百亿私募。 （ 点此领取91家百亿私募全名单 ） 新晋百亿的念觉私募成立于2017年，与念空私募同属 ...

免责声明："以下内容来自证券日报网 《文化筑基与策略精进的共生之道——专访灵均投资蔡枚杰、马志 宇》(2025.08.19)。引用内容仅为研究之目的，如需删除请及时联系我司处理。"数 据来源系：财联社公开报 道以及国联民生公开数据。 在竞争激烈的量化私募基金行业，宁波灵均投资管理合伙企业（有限合伙）（以下简称"灵均投 资"）的发展经历了从陷入低谷到变革回升的过程。2024年初，这家老牌头部量化机构旗下产品 由于开盘短时间内集中下单，被证券交易所实施限制交易三天的自律监管措施，公司面临严峻考 验。面对危机，灵均投资选择在企业文化、治理结构与合规风控领域深度变革。一年后，该公司 旗下的纯多头领航、沪深300指增、中证500指增、中证1000指增等策略产品的业绩均位居行业前 列。 时间拨回2024年初，灵均投资因集中调仓操作引发市场波动，质疑声四起。"那段时间，客户的 质疑、团队的压力，都让我们直面问题的严峻性。"在交易风波后的首次联合专访中，灵均投资 董事长蔡枚杰与首席投资官马志宇向记者坦言。 这场风波犹如一面镜子，映照出灵均投资治理的深层隐忧。"事件反映出企业在投研、交易等核 心环节中，存在信息滞后、管理协同不 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看专栏 ） 编者语： 知名基金经理往往会受到更多关注，私募排排网特此成立了 #基金经理人物志 # 专栏。未来，我们还将以系列内容更新，同时也欢迎广大读者留言告知您所感 兴趣的基金大佬，我们将不定期为大家更新这些传奇大佬的从业经历、最新持仓、投资理念等内容。本期介绍嘉宾： 百亿 私募希瓦梁宏 。 目录导览 01、 前言 02、 从美股交易员到"实业亏光"的跨界玩家 在私募基金的江湖里，梁宏是一个无法被忽略的名字。他没有显赫的科班背景，也没有传统金融机构的镀金光环，却凭借对市场的敏锐嗅觉、敢 言敢做的鲜明风格，以及一条标志性的大金链子，硬生生在百亿级的私募战场上杀出了一条"野生"之路。 从美股交易员到实业试水失败，从雪球 大V到私募掌门人，他的成长轨迹充满了草根的韧性与江湖的彪悍。 这是一个关于梦想、逆袭、争议与坚持的故事，也是一个中国私募生态中的 独特样本。 从美股交易员到"实业亏光"的跨界玩家 梁宏毕业于上海交通大学，2001年迈出校园后，他从事过财务软件咨询工作。但很快，他就投身到美股交易员的行列中。那时的他，或许未曾料 到，这段美股交易经历，会为他开启一 ...

以下文章来源于公募排排网 ，作者日月辉 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） 导语 近日，随着2025年基金公司中报披露完毕，基金公司上半年的经营情况已经浮出水面。 公募排排网 整理的数据显示， 截至 9月4日，已有64家 基金公司披露2025年上半年利润数据，合计盈利超过176亿元；其中，57家公司同时公布营业收入，合计超过520亿元。 从净利润变动来看， 利润有所增长的公司有38家，其中扭亏为盈的公司共有2家；盈利有所减少的公司有23家，维持不变的公司有1家。 （ 点此查看2025上半年净 利润TOP10基金公司名单 ） 接下来，笔者将从营业收入、净利润以及这两个指标的同比变动幅度来给大家盘点2025年上半年公募基金公司的经营情况。(注：基金公司所 属派系筛选规则为：最新截止日期对应持仓第一大股东，判断其公司行业：银行系、保险系、券商系、信托系、互联网金融，判断其公司性 质：央企、民企、外资进行划分） （ 点此查看2025上半年营业收入TOP10基金公司名单 ） 营业收入TOP10：易方达营收接近60亿领 ...

Core Viewpoint - The article emphasizes the significance of small to medium-sized private equity firms, particularly highlighting Shanghai Gaoen Private Equity Fund Management Co., which focuses on deep value investment strategies and has shown strong performance in the healthcare sector [2][3]. Company Overview - Shanghai Gaoen Private Equity Fund Management Co. is located in Shanghai's Pudong New District and is registered as a private equity manager with a focus on deep value investment [2]. - The firm was founded by a team of experienced professionals with over 15 years of industry background, combining expertise from both the industrial and financial sectors [5]. Investment Strategy - The company has developed a proprietary deep value investment system based on unique insights into the Hong Kong stock market and the pharmaceutical sector, aiming to deliver sustainable long-term returns for investors [3]. - The flagship product has demonstrated consistent positive returns over eight years, with a compound annual growth rate of ***% [3]. Team Composition - The core team consists of members with diverse backgrounds and extensive experience, averaging over 20 years in the industry, which allows for a multi-dimensional understanding of market dynamics [5]. - Key member Gao Huiming has over 20 years of experience in the pharmaceutical industry, having worked with notable companies and led new drug development projects [6]. Competitive Advantages - The firm possesses a deep understanding of the pharmaceutical industry, leveraging both entrepreneurial and investment perspectives to build a robust resource network that supports investment decisions [7]. Investment Philosophy - The core investment philosophy is rooted in value investing, emphasizing rigorous fundamental research to uncover intrinsic value [8]. - The investment style includes a focus on business models and company fundamentals, a bottom-line thinking approach to risk assessment, and a global comparative analysis across markets [10]. Market Insights - The firm has been focused on the Hong Kong stock market since 2017, utilizing industry capital patience and insider perspectives to achieve excess returns [15]. - The current market valuation is deemed reasonable, but finding investment targets with sufficient safety margins is challenging, leading to a cautious cash reserve strategy [16].

Core Viewpoint - The recent market downturn in September does not signify the end of the upward trend, as the underlying logic supporting the market's rise remains intact [3][4][8]. Group 1: August Market Performance - The market's rise in August was supported by coordinated fiscal and monetary policies, with M2 growth at 8.8% year-on-year, indicating a high level of liquidity [5][6]. - Government bond issuance reached 8.9 trillion yuan from January to July, accounting for 75% of the annual target, which is significantly higher than the five-year average of 47% [6]. - The central government's budget expenditure increased by 3.4% year-on-year, providing direct financial support to infrastructure and related industries [6][7]. Group 2: Continued Market Support - Despite the September adjustment, the core logic supporting the bull market remains unchanged, with ongoing policy support and expectations of a 25 basis point rate cut by the Federal Reserve [9][10]. - A total of 5424 A-share companies reported a slight revenue increase of 0.02% year-on-year, with net profits rising by 2.45%, indicating a gradual economic recovery [9][10]. - The average daily trading volume in August reached approximately 2.3 trillion yuan, marking a historical high, and remained robust at 2.67 trillion yuan in the first four trading days of September [10]. Group 3: Market Adjustment as an Opportunity - As of September 4, the Shanghai Composite Index had retraced 3.03% from its recent peak, but this remains within a reasonable range compared to the overall gains for the year [12]. - Historical data suggests that market pullbacks often present new investment opportunities, particularly for previously sidelined funds [12][14]. - The current equity-to-bond yield ratio stands at 4.02, indicating that the stock market remains attractive relative to the bond market, historically suggesting positive performance ahead [12][14].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看专栏 ） 编者语： 知名基金经理往往会受到更多关注，私募排排网特此成立了 #基金经理人物志 # 专栏。未来，我们还将以系列内容更新，同时也欢迎广大读者留言告知您所感 兴趣的基金大佬，我们将不定期为大家更新这些传奇大佬的从业经历、最新持仓、投资理念等内容。本期介绍嘉宾： 百亿 私募希瓦梁宏 。 目录导览 01、 前言 02、 从美股交易员到"实业亏光"的跨界玩家 在私募基金的江湖里，梁宏是一个无法被忽略的名字。他没有显赫的科班背景，也没有传统金融机构的镀金光环，却凭借对市场的敏锐嗅觉、敢 言敢做的鲜明风格，以及一条标志性的大金链子，硬生生在百亿级的私募战场上杀出了一条"野生"之路。 从美股交易员到实业试水失败，从雪球 大V到私募掌门人，他的成长轨迹充满了草根的韧性与江湖的彪悍。 这是一个关于梦想、逆袭、争议与坚持的故事，也是一个中国私募生态中的 独特样本。 从美股交易员到"实业亏光"的跨界玩家 梁宏毕业于上海交通大学，2001年迈出校园后，他从事过财务软件咨询工作。但很快，他就投身到美股交易员的行列中。那时的他，或许未曾料 到，这段美股交易经历，会为他开启一 ...

Core Viewpoint - The article emphasizes that broad-based indices remain a fundamental investment choice, while index-enhanced funds add value by combining the stability of broad indices with additional returns through quantitative stock selection, factor models, and risk control [3][15]. Market Overview - The A-share market experienced some fluctuations last week, but broad indices like the CSI 300, CSI 500, and CSI 1000 performed well, with high trading activity. The Shanghai Composite Index has maintained a stable position above the 10-day moving average for 19 consecutive trading days, indicating strong market momentum driven by policy expectations and capital inflows [5]. - As of September 3, 2025, the overall valuation levels of major broad indices are relatively high, suggesting that the current market logic is not driven by "undervalued opportunities" [5][6]. Industry Rotation - The speed of industry rotation remains high, with the constructed "industry rotation speed indicator" showing that the A-share market's sector switching rate has accelerated significantly over the past three years, reaching a peak at the end of 2023. Although there was a slight decline in 2024, the current indicator remains above the historical average, indicating that investors often miss out on profits due to rapid changes in market trends [8][9]. - Historical data suggests that when the size rotation speed indicator rises, large-cap stocks tend to outperform, while a decline favors small-cap stocks. The current indicator is above the average, indicating market style instability, making it challenging to rely solely on timing and sector betting [9]. Investment Strategy - In the current environment, focusing on broad indices rather than chasing rapidly changing sector trends is deemed a more rational choice. Relying solely on broad-based ETFs may yield returns equivalent to the index itself, making it difficult to achieve better performance in a high-valuation context. Index-enhanced funds stand out by providing both diversification and market exposure while striving for excess returns [12][15]. - The article highlights three index-enhanced funds with high excess Sharpe ratios: 1. Anxin Quantitative Selected CSI 300 Index Enhanced A, with a one-year excess Sharpe ratio of 1.13, utilizing big data and AI algorithms for stock selection [13]. 2. China Europe CSI 500 Index Enhanced A, with a one-year excess Sharpe ratio of 2.03, maintaining a balanced style and dynamic risk factor exposure [14]. 3. Guotai Junan CSI 1000 Index Enhanced A, with a one-year excess Sharpe ratio of 2.66, focusing on alpha factors and risk control through machine learning [14]. Conclusion - Broad indices continue to be a foundational investment choice, while index-enhanced funds provide an opportunity for excess returns without the need for frequent timing. In a market characterized by volatility and structural trends, index-enhanced funds may serve as a tool for balancing long-term allocation and excess returns [15].

Core Viewpoint - In August, A-shares experienced a significant rally, with the Shanghai Composite Index reaching a nearly 10-year high and the ChiNext Index rising over 24% in a single month. The total market turnover and financing balance remained at historical highs, indicating active trading in the market [1][2]. Group 1: Market Performance - The total number of private equity products under billion-yuan private equity firms that reached historical net value highs in August is 456, accounting for 91.57% of the total products with performance displayed on the private equity platform [1]. - Among these products, quantitative products accounted for 297, while non-quantitative products accounted for 159. The majority of products employed stock strategies, with 399 products (222 quantitative long and 141 subjective long), representing approximately 87.5% [1][2]. Group 2: Top Performing Private Equity Firms - A total of 22 billion-yuan private equity firms had all their products reach historical highs in August, with 16 being quantitative and 5 subjective, while 1 was a mixed strategy [2][3]. - The firms with the most products reaching historical highs include JQ Investment (44 products), Junzhijian Investment, and others, with 10 firms having over 10 products achieving this milestone [3][7]. Group 3: Performance Rankings - The average returns of the top 5 private equity firms over the past year are led by Stable Investment, Chengqi Asset, Tianyan Capital, Ningbo Huafang Quantitative, and Minghuo Investment, all of which are quantitative stock strategy firms [4][6]. - The top 5 products in terms of one-year returns are from firms such as Borun Yintai Investment and Heiyi Asset, with a significant number of quantitative long products dominating the rankings [8][11]. Group 4: Long-Term Performance - Over the past three years, the top products are from Abama Investment, Hehehuiyi Asset, and Borun Yintai Investment, with a similar trend of quantitative products leading the rankings [11][17]. - The five-year performance champions include Fusheng Asset and Rido Investment, with both firms having multiple products in the top rankings [17][21].

Core Viewpoint - The stock market experienced a broad rally in August, but there was significant divergence among individual stocks, leading to a general decline in excess returns for quantitative strategies. Only 20.83% of the 696 quantitative long products achieved positive excess returns in August [2][3]. Summary by Sections Market Performance - In August, the quantitative long strategies saw a decline in excess returns, particularly after the second week, when technology stocks like Yizhongtian, Hanwujing, and Industrial Fulian became the main drivers of market gains, while other sectors lagged [2][3]. - The average excess return for quantitative long products was -2.28% for the month, with only 145 out of 696 products achieving positive excess returns [3]. Weekly Performance Breakdown - **Week 1**: Average excess return of 0.81%, with 84.20% of products achieving positive excess [3]. - **Week 2**: Average excess return of -1.06%, with only 21.98% of products achieving positive excess [3]. - **Week 3**: Average excess return of -0.61%, with 23.85% of products achieving positive excess [3]. - **Week 4**: Average excess return of -1.99%, with only 12.21% of products achieving positive excess [3]. Notable Products - Despite the overall decline, 20 products managed to achieve positive excess returns for all four weeks in August, including "Mingyue Songjian Zhaozhao 1" managed by Huang Chen and "Nianjue Lianzhen Quantitative Selected Excellent 1" managed by Wang Xiao [3][4]. - The top-performing product in August was "Nianjue Lianzhen Quantitative Selected Excellent 1," which achieved a significant excess return, outperforming other quantitative long products [9]. Performance by Fund Size - **Over 100 Billion**: 51 products achieved positive excess returns, with a total excess return of -1.69% [5][10]. - **50-100 Billion**: 20 products achieved positive excess returns, with a total excess return of -1.35% [10][11]. - **20-50 Billion**: 9 products achieved positive excess returns, with a total excess return of -2.53% [13]. - **10-20 Billion**: 14 products achieved positive excess returns, with a total excess return of -2.57% [16]. - **5-10 Billion**: 19 products achieved positive excess returns, with a total excess return of -2.55% [18]. - **0-5 Billion**: 32 products achieved positive excess returns, with a total excess return of -3.02% [20]. Key Players - Mingyue Songjian Zhaozhao 1 and Nianjue Lianzhen Quantitative Selected Excellent 1 were highlighted for their strong performance in August [4][9]. - Mingyue Investment and Mengxi Investment were noted for their significant number of products achieving positive excess returns [8][9].