本文首发于公众号"私募排排网"。 （点击↑↑ 上图 查看详情 ） 融升基金简介 山东融升私募基金 自2013年由资深基金经理侯茂林先生创立以来，始终坚守"诚信、专业、进取"的核心价值观。作为中国证券投资 基金业协会会员单位（管理人登记号：P1018279），公司以严谨的风控体系、卓越的投研能力，力求为投资者创造长期可持续的财 富增值。 融升基金 "全天候多资产对冲策略" ，融合西方经济周期理论、风险平价模型与中国市场特色，通过宏观政策解读、货币趋势研判及 资产估值分析，动态捕捉高性价比投资机会。历史业绩持续领跑大盘，旗下二十余只产品均以亮眼表现回报客户信任，屡获行业权威 赛事殊荣。（ 点击查看策略详情 ） 私募排排网数据显示，截至5月16日，连续5年分红的私募产品仅有14只， 「 融升稳健1号 」 以***%收益位列前5。 （ 点此查看收 益 ） 私募排排网数据显示，截至2024年底，5-20亿规模私募中，连续5年实现正收益的私募产品， 「 融升稳健1号 」 以***%收益位列 Top20 （ 点此查看收益 ） 融升基金始终以客户资本成长为己任。管理规模稳步提升的背后，是团队对每一份托付的极致专注。融升以科学 ...

Core Viewpoint - In the first half of 2025, A-shares, Hong Kong stocks, and US stocks experienced fluctuations but overall showed an upward trend, with significant performances from various indices and private equity funds [2][12]. Group 1: Private Fund Manager Popularity - The top three popular private fund managers are Dan Bin, Lin Yuan, and Li Bei, with Dan Bin's popularity significantly increasing [2][3]. - Dan Bin's managed products showed a substantial rebound in average returns over the past three months and one month, with a notable performance over the last three years [7][12]. - Wang Wen's popularity has also risen, with his 19 products achieving impressive average returns in the past six months [12][38]. Group 2: Private Fund Company Popularity - Ningbo Huansheng Quantitative topped the popularity list among private fund companies, with a notable increase in popularity for several firms compared to the end of 2024 [21][22]. - The top five private fund companies include Ningbo Huansheng Quantitative, Liangpai Investment, Honghu Private Equity, Yanfu Investment, and Gao Yi Asset [22][26]. Group 3: Private Fund Product Performance - Over half of the top 20 popular fund products are quantitative long products, with significant representation from firms like Hainan Shengfeng Private Equity and Longqi Technology [31][35]. - The top-ranked product, "Shengfeng Quantitative Stock Selection No. 1," managed by Lin Ziyang, achieved impressive returns in the past six months [38].

Core Viewpoint - The introduction of the CSI 2000 Index reflects the increasing representation of small and medium-sized companies in the A-share market, showcasing strong long-term performance with a cumulative return of 166.50% since its base date, outperforming major broad-based indices [2][3]. Group 1: Characteristics of the CSI 2000 Index - The CSI 2000 Index uniquely focuses on small and micro-cap stocks, comprising 2000 stocks with smaller market capitalizations and better liquidity, effectively complementing other indices like CSI 300 and CSI 500 [7]. - The index covers 30 primary industries, with high-growth sectors such as machinery, electronics, basic chemicals, and pharmaceuticals accounting for nearly 40% of its composition, indicating a diversified and growth-oriented portfolio [9]. - The index exhibits high elasticity and volatility, making it attractive to investors with a higher risk appetite, especially in a macro environment characterized by loose liquidity [11]. Group 2: Investment Strategies and Opportunities - The CSI 2000 Index is well-suited for quantitative strategies due to its lower analyst coverage, allowing for the identification of undervalued stocks and pricing inefficiencies, which can lead to excess returns [19]. - The high trading activity and turnover rates of the CSI 2000 Index enhance the effectiveness of quantitative trading strategies, enabling better monitoring of market dynamics and execution of trades [18]. - The index's broad selection of constituent stocks provides greater freedom in stock selection, allowing for the application of various alpha factors and reducing exposure risks associated with non-index stocks [17].

Core Viewpoint - The A-share market is expected to show upward momentum in July, with a focus on technology and non-bank sectors as potential outperformers due to improved earnings prospects and the upcoming half-year report disclosure period [2][3]. Group 1: Market Outlook - The market is likely to experience a bullish trend, with the Shanghai Composite Index potentially breaking through last year's high, although it may face short-term fluctuations within the 3440-3500 range [3]. - Financial stocks are seen as a driving force for the index's upward movement, paving the way for growth sectors to perform well [3]. - Analysts expect that the upcoming earnings season will favor sectors with strong performance, particularly steel, computer, electric equipment, and defense industries, which have relatively high growth expectations [3]. Group 2: Stock Recommendations - A total of 40 brokerages have released their July stock picks, encompassing 260 stocks, with several stocks being recommended by multiple brokerages [3]. - The electronics sector remains the most recommended, with 45 companies included in the July stock picks, marking an increase of 11 from the previous month [7]. - Other sectors with significant representation include machinery, pharmaceuticals, electric equipment, and basic chemicals, each with over 20 companies recommended [7]. Group 3: Notable Stocks - The most recommended stocks include Kayi Network, Muyuan Foods, and Zijin Mining, each endorsed by five brokerages [10]. - Notably, Zijin Mining is a long-term holding of prominent investor Deng Xiaofeng, with a market value close to 6.5 billion yuan as of the first quarter of 2025 [10]. - Stocks with a significant reduction in shareholder accounts, indicating increased concentration of ownership, include Dongshan Precision, which saw a 42% decrease in shareholder accounts since the beginning of the year [15]. Group 4: Sector Focus - The power equipment sector has gained attention, with 16 stocks from this sector being highlighted, particularly in the areas of photovoltaic, wind power, and solid-state batteries [21][22]. - The wind power sector, benefiting from recent "marine economy" news, has shown strong performance, with stocks like Dajin Heavy Industry rising over 60% in the first half of the year [22].

Core Insights - The article highlights the strong performance of quantitative products in the private equity sector, with an average return of 8.45% in the first half of 2025, significantly outperforming the Shanghai and Shenzhen 300 Index, which only saw a 0.03% increase [2][5]. Group 1: Performance Overview - As of June 30, 2025, there were 1,417 quantitative products with a total scale of approximately 101.33 billion yuan, achieving an average return of 8.45% [2]. - Among private equity firms with over 10 billion yuan in assets, the average return for quantitative products was 11.99%, with only one product showing negative returns [5][8]. Group 2: Leading Fund Managers - The top-performing fund manager in the over 10 billion yuan category was Yin Tao from Stable Investment, with an average return of ***% across 7 products totaling approximately 297.08 million yuan [8][9]. - Wang Yiping from Evolutionary Asset Management ranked second, managing 8 products with a total scale of about 748.20 million yuan and an average return of ***% [8][9]. Group 3: Mid-Size Private Equity Performance - For private equity firms with 50-100 billion yuan, the average return was 8.15%, with 93.85% of products showing positive returns [9][10]. - The top fund manager in this category was Guo Qitian from Qianyan Private Equity, managing 3 products with a total scale of approximately 399.43 million yuan and an average return of ***% [10][11]. Group 4: Smaller Private Equity Performance - In the 20-50 billion yuan category, the average return was 8.01%, with 87.43% of products achieving positive returns [13]. - The leading fund manager was Shi En from Yunqi Quantitative, managing 3 products with a total scale of about 287 million yuan and an average return of ***% [13][14]. Group 5: Emerging Trends - The article notes the increasing impact of artificial intelligence on quantitative investment strategies, contributing to the strong performance of these funds [5][8]. - Fund managers are increasingly integrating logical factors into their quantitative models to enhance stability and control risks [8][9].

Core Viewpoint - The recent approval of new QDII quotas is expected to stimulate the market, allowing fund companies to expand their offerings and potentially ease subscription limits on popular funds [2][8]. QDII Quota Overview - As of June 30, 2025, a total of 191 institutions have been approved for QDII quotas, with a cumulative total of 170.87 billion USD, reflecting an increase of 3.08 billion USD since May [2]. - Securities and fund institutions received the largest share of the new quotas, totaling 2.12 billion USD, accounting for nearly 69% of the new allocations [2]. - Among fund companies, 22 institutions received 50 million USD each, while 12 received 40 million USD, and 9 received 30 million USD [2]. Fund Subscription Limit Changes - Some QDII funds have already begun to relax their subscription limits, with notable increases in the maximum subscription amounts for several funds [10][12]. - For example, the maximum subscription limit for the Baoying Nasdaq 100 Index Fund was raised from 2,000 RMB to 1 million RMB [10]. - Other funds, such as the Bosera S&P Oil & Gas Exploration and Production Index Fund, saw their limits increase significantly as well [10]. New Fund Launches - Institutions like Ruifeng and Caitong Asset Management, which recently received new quotas, are likely to launch new QDII products targeting popular overseas markets [21][22]. - Established companies with ample quotas may also introduce new products to provide investors with more diverse options [22]. Market Dynamics - The issuance of new quotas is expected to lead to swift actions from fund companies, with potential announcements regarding the easing of subscription limits for previously restricted funds [9][23]. - Investors are encouraged to monitor the developments closely, as the market landscape may change rapidly with the new quota allocations [23].

根据Choice数据，6月私募参与调研的A股公司数量达到387家，累计被调研次数则达到1769次。 其中，电子、医药生物、机械设备、计算机四大行业最获私募关注，且累计被调研次数均在200 次以上！ 电子行业作为11月私募调研次数最多的行业，有多达56家上市公司获得调研。医药生物、机械设 备、计算机行业则分别有41家、52家、36家公司被私募调研。此外，基础化工、通信、环保、国 防军工、电力设备等行业也较为私募机构所关注。 | 電子 | 56 | 275 | | --- | --- | --- | | 医药生物 | 41 | 266 | | 机械设备 | 52 | 234 | | 计算机 | 36 | 213 | | 汽车 | 25 | 127 | | 基础化工 | 33 | 104 | | 通信 | 14 | ୧୫ | | 环保 | 10 | ୧3 | | 国防军工 | 1 ટ | 62 | | 电力设备 | 20 | 57 | | 纺织服饰 | 8 | 38 | | 家用电器 | 7 | 3 ર | | 建筑材料 | 5 | 31 | | 衣林牧渔 | 7 | 31 | | | 12 | 29 | | 美容 ...

Core Viewpoint - The article highlights the exceptional investment performance of a private investor, referred to as "Mr. Wang," who has achieved consistent positive returns over a decade, with some funds yielding up to 284.97% [2][4]. Group 1: Investment Performance - Mr. Wang's private fund portfolio has consistently generated positive returns, with the highest single product achieving a floating profit of 284.97% and multiple products yielding between 20% to 50% [2][4]. - The article emphasizes the rarity of such performance in the private fund sector, where over 80,000 products exist, surpassing the total number of A-share listed companies [2]. Group 2: Investment Philosophy - Mr. Wang's investment strategy is based on a methodology of "three parts selection, seven parts management," indicating a strong focus on both choosing the right funds and ongoing management [8]. - He believes in the importance of understanding a fund manager's "circle of competence," which helps in assessing when a manager can generate profits and when they may incur losses [9]. Group 3: Avoiding Pitfalls - The article discusses the "star fund manager paradox," where increased popularity can lead to rapid fund growth, potentially disrupting investment strategies and performance [12]. - Mr. Wang advises against following popular fund managers blindly, as this can lead to poor investment outcomes due to the risks associated with rapid scale expansion [11][17]. Group 4: Communication and Research - Frequent professional communication is highlighted as a key to Mr. Wang's success, allowing him to gain insights and clarity during uncertain times [8]. - The use of rankings and lists from platforms like "Private Equity排排网" aids in identifying potential fund managers and avoiding the pitfalls of chasing after "star" funds [11]. Group 5: Long-term Investment Approach - Mr. Wang emphasizes a long-term investment perspective, suggesting that investors should be patient and allow fund managers the necessary time to navigate market cycles [14]. - He closely monitors fund performance, market conditions, and the fund manager's adherence to their investment style, making adjustments as necessary [14][15].

Core Viewpoint - The article highlights the rapid development of AI technology, particularly large model technology represented by DeepSeek, and its significant impact on the financial sector, especially in quantitative investment and FOF (Fund of Funds) investment strategies [1]. Group 1: AI Technology and Financial Sector - In 2025, AI technology is experiencing robust growth, leading to widespread applications in the financial sector, particularly in quantitative investment [1]. - Investment institutions are increasingly focusing on AI technology to enhance research and improve asset allocation strategies [1]. Group 2: FOF Investment - FOF funds are gaining attention from investors due to their unique advantages in risk diversification and reducing portfolio correlation [1]. - The integration of AI technology is expected to create new development opportunities for FOF investments, enhancing research efficiency and providing more scientific support for investment decisions [1]. Group 3: Forum Details - The 9th AI & FOF Investment Innovation Development Forum is scheduled for July 18, 2025, in Shanghai, co-hosted by 排排网 and Century Securities, with support from various financial institutions [1][2]. - The forum aims to create a high-end communication platform to discuss the latest trends, opportunities, and challenges in the AI era, featuring prominent speakers and roundtable discussions on FOF and quantitative investment topics [3][4]. Group 4: Networking Opportunities - The forum will include a closed-door communication session for quality private equity funds and capital parties to facilitate deep communication and collaboration [4].

Core Viewpoint - The A-share gaming sector has experienced significant growth, with a daily increase of 4.89% as of June 30, and a cumulative monthly increase of over 14%, while the year-to-date increase exceeds 30% [2] Group 1: Market Dynamics - The release of game licenses has been a major catalyst, with 147 domestic and 11 imported game licenses issued in June, marking a new monthly high since 2022 [3] - The total number of domestic game licenses reached 757 in the first half of 2025, reflecting a growth of over 20% compared to the same period in 2024, indicating a trend of regulatory easing [3] Group 2: Policy Support - Various regions, including Guangdong, Beijing, Zhejiang, and Shanghai, have introduced supportive policies for the gaming industry, enhancing investor confidence [5] - Beijing announced comprehensive support for the gaming and esports industry, planning subsidies for original game development and AIGC technology applications [5] Group 3: Industry Recovery - The domestic gaming market's sales revenue exceeded 1.4 trillion yuan from January to May 2025, with a year-on-year growth of 16.99%, and mobile game sales surpassing 1 trillion yuan [6] - Securities firms have a positive outlook on the gaming sector, citing stable license issuance and improved supply conditions as factors driving growth [6] Group 4: Stock Performance - The top 20 gaming stocks in A-shares have shown strong performance, with an average increase of 15.21% over the past month, and over six stocks rising more than 20% [9] - Giant Network led the list with a remarkable 60.10% increase in the past month, attributed to new game approvals [10] Group 5: Institutional Interest - Several gaming stocks have garnered significant institutional interest, with Perfect World and Shenzhou Taiyue having fund holdings exceeding 10% [11] - Key stocks like Kayi Network have a fund holding ratio of 15.62%, indicating high institutional attention [12] Group 6: Financial Performance - Among the top gaming stocks, four companies reported over 40% revenue growth in Q1, with an average revenue growth of 35.45% [13] - Perfect World achieved a staggering 713.18% increase in net profit year-on-year, showcasing strong business expansion capabilities [14]