本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近年来，全球经济形势复杂多变，股票市场波动加剧，如何在不确定性中寻求收益成为关键，投资者对资产配置的需求也日益迫切。 对于能够承担一定的指数风险，希望获得Beta+Alpha双重收益，但又想要降低指数周期性波动的投资者而言，中证红利优选策略或许是另一种 对抗投资周期性的选择。 【中证红利指数：高股息、高分红】 01 中证红利指数以沪深A股中现金股息率高、分红比较稳定、具有一定规模及流动性的100只股票为成分股，采用股息率作为权重分配依据，选取 过去三年平均现金股息率前100只股票作为指数样本， 以反映A股市场高红利股票的整体表现。 连续高分红的背后蕴含着公司业绩优、估值低、收益确定性相对较高等逻辑， 在震荡市具备一定的防御性和逆周期性。 当市场低迷时，资本利 得往往存在不确定性、不可预测，分红收益却是可靠的、相对确定的。与沪深300、中证500等主流宽基指数相比，中证红利指数股息率连续多 年小幅领先。经济增速"换挡"，长期利率进入下行通道。"较高分红+低估值"为红利策略赋予了部分天然防御属性，安全边际较高。此外，与其 他红利指数相比，中证红利指数 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 我国私募的分布与各地经济发展水平紧密相连，其中，长三角、环渤海、珠三角这三大传统经济 圈的代表城市，催生出 "全国五大私募重镇"，分别是上海、杭州、北京、深圳、广州 。 接下来，笔者将分别给大家在管理规模5亿以上的私募中，筛选出办公城市分别位居上海、杭 州、深圳、北京、广州以及其他地区，近1年收益位居10强的私募。 私募排排网数据显示，截至今年4月底，全国至少有3家产品符合排名规则的私募共有489家，覆 盖39个城市，它们近1年、今年来平均收益分别为20.81%、4.14%。其中，上海、杭州、北京、 深圳、广州的私募数量位列全国前5，合计364家，占比74.44%。 从业绩来看，上海、深圳、北京、杭州、广州的私募公司近 1年平均收益分别为17.77%、 22.25% 、 21.04% 、 23.62% 、 22.98% ， 今 年 来 平 均 收 益 分 别 为 3.64% 、 3.54% 、 4.22% 、 6.17%、5.92%。值得注意的是，杭州地区私募的近1年、今年来平均收益均高于四大一线城市。 | 办公城市 | 公司数量 | 旗下排名产 ...

Core Viewpoint - The recent performance surge of Dan Bin's private equity products is primarily attributed to the strong rebound of his major holdings in the stock market [5][6][12]. Group 1: Performance and Holdings - Dan Bin's private equity products have shown significant performance improvement, with 62 out of 64 products achieving over ***% returns in the past month [2]. - The Oriental Harbor Investment Fund, managed by Dan Bin, reported a total holding value of $868 million (approximately 6.2 billion RMB) at the end of Q1, slightly down from $995 million at the end of 2024 [7]. - Major adjustments in holdings included the complete liquidation of Palantir, SoundHound AI, and a leveraged small-cap ETF, while significantly increasing positions in tech giants like Apple, Microsoft, Amazon, and Google [7][8]. Group 2: Market Trends and Insights - Despite significant market volatility due to various factors, Dan Bin remains optimistic about the long-term potential of artificial intelligence, emphasizing that AI is becoming a fundamental driver of business and economic performance [12][14]. - The strong earnings reports from companies, particularly those driven by AI, have exceeded market expectations, countering fears of a downturn in capital expenditures related to AI [14]. - Dan Bin believes that the AI trend will not be short-lived, drawing parallels with previous technological revolutions that lasted over a decade [14][16].

Core Viewpoint - Honghu Investment, founded in March 2010 by Dr. Liang Wentao, is a pioneer in systematic macro strategies in China, focusing on medium to long-term absolute returns while strictly controlling risks [1][6]. Group 1: Company Overview - Honghu Investment has a total management scale exceeding 100 billion, having grown from 20-50 billion at the end of 2024 [1]. - The company has achieved historical highs in net asset values for four of its products that have been established for over a year [1]. - In the latest ranking of private equity firms based on half-year returns, Honghu Investment secured the top position, with an average return of approximately ***% over the past six months [1]. Group 2: Development History - The company evolved from a single asset focus to a multi-asset allocation strategy from 2010 to 2017 [6]. - Since 2018, Honghu Investment has entered its second phase, emphasizing systematic macro strategies [11]. Group 3: Core Team - The investment and research team consists of 20 professionals, with an average industry experience of 9 years, led by founder Dr. Liang Wentao [7]. Group 4: Investment Strategy - Honghu Investment employs a systematic macro strategy that combines macro research with quantitative trading, aiming for diversified asset allocation [12][13]. - The strategy focuses on selecting global high-quality assets and aims to achieve returns through a diversified portfolio across various asset classes [15][18]. - The investment philosophy emphasizes the importance of low correlation among assets to build a resilient investment portfolio [22]. Group 5: Product Lines - The representative product "Honghu Boyu" has achieved continuous positive returns for seven consecutive years from 2018 to November 2024 [12]. - The "Honghu Stable" fund, established on April 16, 2015, has also shown significant excess returns since its inception [28].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 4月份在关税冲击下全球资本市场迎来巨震，A股方面在国家队积极发声，以真金白银下场维稳市场，上证指数一度走出11连阳。虽然4月份整体 行情逐渐偏暖，但其中的巨幅波动给私募的投资决策带来一定难度。 根据私募排排网数据， 有业绩显示的 4453只产品4月份收益均值约为-0.42%，其中月内实现正收益产品共1988只，占比为44.63%。 分二级策 略来看，主观、量化CTA逆市表现，4月份收益均值分别为2.48%、2.65%；主观多头回撤较为明显，4月份收益均值为-1.89%，正收益产品占比 不足三成。 | 二级策略 | 有业绩显示的产品数 | 4月份收益均值(%) | 正收益产品数 | 正收益占比(%) | | --- | --- | --- | --- | --- | | 量化CTA | 380 | 2.65% | 288 | 75.79% | | 债券增强 | 73 | 2.49% | 57 | 78.08% | | 主观CTA | 168 | 2.48% | 114 | 67.86% | | 宏观策略 | 144 | 2.43% | 85 | 5 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 随着近年来大数据、云计算、人工智能等技术的飞速发展，量化投资机构在金融数据收集、处理 和分析方面变得更加高效和精准。再借助先进的算法和模型，深入挖掘数据背后的规律和趋势， 量化投资机构可以发现传统投资方法难以察觉的投资机会。同时，借助量化投资可以对投资组合 的风险进行精确的量化和管理。因此，量化投资越来越受到青睐。 在私募证券投资领域，采用量化投资的私募也日益壮大！ 根据私募排排网数据，截至2025年4月 底，我国百亿私募共有87家，其中量化私募就占到了38家，"主观+量化"类私募占7家，也就是 说， 采用了量化投资的百亿私募占比超 "半壁江山" 。那么，私募的量化投资"战果"如何呢？ 以近半年（2024年11月1日-2025年4月30日）维度来看，A股和美股主要指数均是收跌的，港股 表现相对亮眼。其中，A股三大指数中，创业板指波动最大，但近半年的最大涨幅也却不足 14%。 这样的市场背景下，要想取得不错的业绩表现并非易事 。 | 证券市场 | 指数名称 | 近半年涨跌幅 | 近半年最大涨幅 | 近半年最大回撤 | | --- | --- | - ...

Core Viewpoint - The article discusses the performance of macro strategy private equity funds, highlighting their ability to adapt to different economic environments and their superior returns compared to traditional investment strategies [2][3]. Summary by Sections Macro Strategy Overview - Macro strategy involves asset managers making investment decisions based on macroeconomic cycle predictions, allowing for flexibility across various asset classes such as stocks, bonds, currencies, and commodities [2]. - This strategy can capture asset rotation opportunities in different economic conditions, such as increasing investments in commodities like gold during inflation [2]. Performance Data - According to data from "Private Equity排排网," 144 macro strategy products have achieved an average return of 5% this year, surpassing the market average of 2.52% [2]. - Among these products, 135 have reported positive returns, resulting in a high positive return rate of 93.75% [2]. Comparative Performance of Strategies - The following table summarizes the performance of various secondary strategies for the year: - Quantitative Long: 652 products, 6.42% average return - Subjective CTA: 168 products, 5.96% average return - Macro Strategy: 144 products, 5.00% average return - Convertible Bond Trading: 101 products, 4.17% average return - Composite Strategy: 356 products, 4.16% average return [3]. Top Performing Macro Strategy Funds - The article lists the top 20 macro strategy funds based on their performance over the past six months, one year, and three years, showcasing both large and smaller private equity firms [4][7][12]. - Notable funds include "泓湖稳健宏观对冲A类份额" and "路远睿泽稳增," which have demonstrated strong returns and are recognized for their effective macro strategy research and quantitative models [11][16]. Conclusion - The macro strategy private equity funds have shown resilience and adaptability in the current economic landscape, with a significant number of funds outperforming traditional benchmarks [2][3].

| 排序 | 美股简称 | 美股代码 | | 持有机构 合计持仓股数 日力） | 持股环比 450 | 持仓市值 亿美元 | 机构持股比例 | 季度涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 英伟达 | NVDA | 4852 | 16724.78 | -4.13% | 23852.88 | 68.33% | 0.76% | | 2 | 英语 | AAPL | 5349 | 9504.29 | -2.59% | 20794.62 | 63.62% | -14.75% | | 3 | 微软 | MSFT | 5503 | 5372.44 | -2.58% | 20167.6 | 72.27% | -10.94% | | 4 | 亚马逊 | AMZN | 5226 | 6854.13 | -1.58% | 13040.66 | 64.58% | -13.28% | | 5 | 博通 | AVGO | 3598 | 3603.09 | -2.94% | 7972.55 | 76.63% | 30.99% | | 6 | | | ...

Group 1 - The core viewpoint of the article emphasizes the growth and achievements of Kaifeng Investment, highlighting its status as a leading macro-strategy asset management company in China with nearly 10 billion in assets under management [2][5] - Kaifeng Investment was established in 2012 and has offices in Shenzhen, Shanghai, and Hong Kong, focusing on multi-asset, multi-market, and multi-tool investment strategies to achieve sustainable long-term returns for clients [2][5] - The company has received over a hundred industry awards, including the Golden Bull Award and the Golden Sunshine Award, showcasing its recognition in the asset management industry [2][5] Group 2 - The development history of Kaifeng Investment includes significant milestones such as becoming a special member of the China Securities Investment Fund Industry Association in 2013 and entering the hundred billion private equity camp in 2018 [7][8] - The core team consists of nearly 40 research and investment professionals with an average of over 15 years of experience, emphasizing the importance of talent acquisition and team building [9][22] - The company has established a strong research advantage by integrating macroeconomic analysis, industry chain details, and quantitative methods to enhance its investment strategies [19][21] Group 3 - Kaifeng Investment's macro strategy focuses on identifying mispricing in financial assets based on macroeconomic principles, investing in various asset classes including foreign exchange, stocks, bonds, and futures [23][24] - The company employs a bond enhancement strategy that combines fixed-income assets with futures and derivatives, aiming to manage interest rate and credit risks effectively [25][26] - The quantitative CTA strategy utilizes statistical and mathematical methods to analyze market data, supporting overall macro research and investment strategy formulation [29][30] Group 4 - Kaifeng Investment has received numerous accolades, including the Golden Bull Award for Best Private Fund Management Company and recognition as one of the top 50 private fund companies in China [33][34] - The company continues to expand its product offerings and enhance its investment performance, with a focus on achieving high returns while managing risks effectively [35][37]

Core Viewpoint - The article introduces the functionalities and advantages of the public fund sales platform "Gongmu Paipai" and its app, emphasizing its user-friendly features and cost-saving benefits for investors. Group 1: Application Features - Users can access fund market dynamics and track their selected funds anytime through the mini-program [3][4]. - The app offers advanced features such as condition-based fund selection and multi-dimensional analysis to compare fund performance [12][13]. - Users can view the latest public fund roadshows and news updates directly within the app [15]. Group 2: Cost Advantages - The platform promotes a low subscription fee starting from 0.001% to encourage cost-effective investments [4][21]. - The company emphasizes its commitment to customer benefits by implementing a low-cost purchasing principle [21]. Group 3: Professional Support - The platform collaborates with 80 public fund partners, leveraging professional support and a diverse product range to assist investors in making informed decisions [21]. - It is recognized as an independent fund sales institution approved by the China Securities Regulatory Commission, ensuring safety and reliability in fund transactions [22].