相比一季度， 基金对通信、银行 2个行业的持股市值均增加了逾400亿元 ，对非银金融、国防军 工2个行业的持股市值则均增加了逾200亿元。 对食品饮料行业的持股市值减少最多，减少超 500 亿元 ；对汽车、电力设备、家用电器、机械设备等4个行业的持股市值减少也均超100亿元。 （持股市值变动受持股数和股价变动的双重影响） | 2 | 电力设备 | 232 | 2553 | 2754 | -201 | | --- | --- | --- | --- | --- | --- | | 3 | 食品饮料 | 72 | 2432 | 2973 | -541 | | 4 | 医药生物 | 301 | 2354 | 2384 | -30 | | 5 | 銀行 | 41 | 2019 | 1617 | 402 | | б | 非银金融 | ୧୦ | 1984 | 1729 | 255 | | 7 | 汽车 | 149 | 1230 | 1464 | -234 | | 8 | 皇每종鹰 | 104 | 1153 | 1125 | 28 | | 9 | 道信 | 74 | 1017 | 614 | 40B | | 10 | 家用 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年上半年，中国市场波动较大，整体呈现震荡上升的趋势。A股三大指数上半年均实现上 涨，其中因小盘股涨势喜人，北证50指数创历史新高。港股三大指数涨幅在20%左右，整体走出 估值修复与流动性驱动的技术性牛市。 板块方面，DeepSeek、机器人、创新药、新消费等多个热门方向轮番接力。在此背景下，多家押 注新机遇的私募业绩表现亮眼，主观私募上半年排名也迎来大洗牌。 接下来，笔者将在六大公司规模组中（100亿以上、50-100亿、20-50亿、10-20亿、5-10亿、0-5 亿），盘点上半年位居10强的主观私募公司。 0 1 100 亿以上：复胜、日斗分夺冠亚！海南希瓦、中欧瑞博位列前 5 在百亿主观私募中，旗下至少有3只产品符合排名规则，且上半年平均收益为正的私募共有9家。 其中， 复胜资产、日斗投资、久期投资、海南希瓦、中欧瑞博 位居前5 。 其中，复胜资产以明显的优势夺冠，旗下 6只产品上半年平均收益为 *** %（ 点此查看收益 ）。 复胜资产 7月6日发表以 《继续 "新消费"》为题的月度策略报告。 他们认为，这一轮新消 费行情核心驱 ...

Core Viewpoint - The A-share rare earth sector has experienced a significant surge, driven by multiple favorable factors, leading to substantial gains in key stocks such as Northern Rare Earth and Huahong Technology [2][4]. Group 1: Favorable Factors for Rare Earth Sector - The first favorable factor is the impressive performance forecast from Northern Rare Earth, expecting a net profit of 0.9 to 0.96 billion yuan for the first half of the year, representing a year-on-year increase of 1882.54% to 2014.71% [2]. - The second factor is the continuous rise in rare earth ore prices, with Northern Rare Earth and Baotou Steel further increasing the transaction prices for the third quarter by 1.5% [4]. - The third factor is the explosive demand from downstream industries such as electric vehicles and consumer electronics, with projections indicating that China's rare earth market could reach 180 billion yuan by 2030, growing at a compound annual growth rate of 11.50% [4]. - The fourth factor relates to the geopolitical context, where rare earth supply has become a key leverage point in the US-China trade tensions, supporting rare earth prices [4]. - The fifth factor is the macroeconomic cycle influenced by the Federal Reserve's interest rate cuts, which may stimulate global economic growth and increase demand for rare earths [4]. Group 2: Performance of Rare Earth Stocks - A total of 15 rare earth stocks have shown an average increase of 25.25% over the past month, with Huahong Technology leading at a 73.00% increase [6][8]. - Notably, Huahong Technology's mid-year profit forecast indicates a year-on-year growth of 3047% to 3721%, attributed to rising rare earth prices and increased production in its magnetic materials business [6][8]. - The trading activity remains high, with an average turnover rate of 40.79% for the listed stocks, indicating strong market interest [6]. Group 3: Fund Holdings in Rare Earth Stocks - Among the rare earth stocks, 13 companies have attracted fund investments, with Guangsheng Youse having the highest fund holding ratio at 8.16%, which increased by 5.74% from the previous quarter [9][10]. - The majority of companies experienced fund reductions in the second quarter, with Hengdian East Magnet and Ningbo Yunsheng seeing the highest decrease [9]. - Guangsheng Youse's performance turnaround is linked to rising rare earth prices and increased sales of rare earth permanent magnets [9].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 上半年A股市场整体表现波澜不惊，主流指数呈现低个位数的小幅上涨趋势。尽管指数收益较低，但A股市场成交规模却显著放大，期间A股总 成交金额达到162.68万亿元，远超去年同期的101万亿元，显示出A股市场活跃度已大幅提升！ 在这样的行情之下，私募管理人的股票策略收益表现如何？经私募排排网统计，上半年符合排名规则（旗下有3只及以上股票策略产品展示业 绩）的私募数量达到303家，旗下产品平均收益为14.04%，整体表现明显强于沪深300、上证指数等市场基准。其中， 50-100亿、10-20亿规模 的私募平均收益表现较好，产品收益均值分别为15.95%及18.36% 。 那么，哪些私募的股票策略收益排名靠前？为方便投资者进行参考，本文将从"旗下有3只及以上股票策略产品展示业绩"的私募中，按照 100亿 以上、50-100亿、20-50亿、10-20亿、5-10亿、0-5亿六个规模维度 ，筛选出上半年股票策略收益排名前十的私募。 0 1 百亿以上：复胜资产夺冠！龙旗科技、稳博投资等入围！ 在100亿以上规模的私募中，股票策略收益排名前10的上榜门槛为 * ...

Core Viewpoint - The article discusses the impact of financial technology on Fund of Funds (FOF) investment, highlighting the evolution through three stages: automation, data-driven decision-making, and AI intelligence [4][6][14] Group 1: Stages of Financial Technology in FOF - The first stage is automation, where data models are established to integrate and process structured data, enhancing efficiency and accuracy in performance tracking [4][6] - The second stage involves shifting from subjective to data-driven decision-making to mitigate cognitive biases in FOF investments, utilizing financial models and data analysis for performance evaluation [6][9] - The third stage is AI intelligence, which is still emerging in the FOF sector, with potential applications in processing unstructured data and managing post-investment analysis [7][14] Group 2: Challenges in FOF Management - Data availability is a significant challenge, as there are over 20,000 existing private equity funds in the market, but no mature data service providers for private fund net values [7][9] - Portfolio construction and adjustment are complex due to the need for flexibility in achieving different risk-return profiles, making rapid adjustments challenging [9][10] - Post-investment management is difficult, especially for larger FOF managers, as it requires high-frequency tracking and risk identification across diverse products [9][13] Group 3: Solutions and Innovations - The company has developed a proprietary private fund database and quantitative analysis modules to enhance fund selection accuracy [10][11] - For portfolio construction, representative return curves for each strategy have been established, along with a backtesting framework to support flexible portfolio adjustments [11][13] - Automated monitoring and alerts for performance deviations have been designed to improve post-investment management precision [13][14] Group 4: Future Outlook - Financial technology is expected to play an increasingly vital role in the FOF sector, potentially becoming a competitive advantage for many institutions [14][15] - Despite the advancements, it is acknowledged that quantitative methods and AI cannot fully replace human roles in the investment process due to inherent limitations [14]

机构认为，"反内卷"成为当前热议的主题，十年前供给收缩带来超额利润的场景有望再一次重演。随着"反内卷"扩散至各行各业，"反内卷"主题 有望持续演绎，成为接下来一段时间的主线。 （ 点此查看相关概念股 ） 0 1 " 反内卷 " 急先锋！光伏行业动作频频！ 近年来，光伏行业产能过剩问题日益突出，中国光伏组件全球市场占有率远超100%，产能扩张速度远超需求增长，致使产品价格暴跌，在"反内 卷"相关政策下，行业正积极自救。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） "反内卷"作为 当下市场关注度最高的方向之一 ， 从 最初的汽车产业链， 到 关注度很高的光伏，以及跟随的钢铁、建材、碳酸锂、快递物流等 ， 最直观的 体现 就是大宗商品价格，多晶硅、碳酸锂、螺纹钢等产品价格都出现明显上涨。 从资本市场表现来看，A股"反内卷"主题行情爆火，钢铁、光伏、建材等板块全面爆发。Choice数据显示，6月20日至7月15日的18个交易日内， 申万一级行业指数中的钢铁、建筑材料、电力设备等行业涨幅均超过8%。 另外就在上周五盘后，工信部总工程师谢少锋在国新办新闻发布会上表示， 钢铁、有色金属、石化、建材等十大 ...

Core Viewpoint - In the first half of the year, quantitative private equity funds have outperformed actively managed equity funds, driven by multiple positive factors such as technological iteration, market liquidity, and a strong small-cap style, leading to an increased allocation in investor asset portfolios [1][5]. Performance Highlights - Longqi Technology has excelled in the quantitative private equity sector, ranking 6th with an average return of ***% across its 16 products in the first half of the year [1][10]. - Over the past three years, Longqi Technology has consistently ranked at the top, showcasing its "long-distance running" spirit and cultural ethos [1][5]. Strategy and Innovation - Longqi Technology's strong performance is attributed to three main factors: diversification and adaptability of strategies, long-termism in strategy accumulation, and high collaboration efficiency within the research team [11][12][17]. - The firm employs a multi-factor model with a current structure of 70% price-volume factors, 20% fundamental factors, and 10% alternative factors, allowing for stable excess returns amid market volatility [6][11]. Market Position and Trends - The company has successfully navigated multiple market cycles since its establishment in 2011, earning accolades such as the "Golden Bull Award" for three consecutive years [5][17]. - Longqi Technology emphasizes a long-term investment philosophy, viewing investment as a marathon rather than a sprint, which has contributed to its sustained performance [17][18]. Team and Culture - The company fosters a culture of innovation and collaboration, with a focus on developing talent in quantitative research, particularly in mathematical and statistical fields [21][22]. - Longqi's office environment, located in a serene natural setting, is designed to minimize distractions and enhance focus on research and development [19]. Future Outlook - Longqi Technology plans to continue expanding its product lines, focusing on A-share market quantitative investments, and adapting to market conditions and investor needs [22][24]. - The firm maintains a cautious yet open approach towards AI integration in its strategies, aiming to leverage AI's potential while avoiding overfitting risks [23][24].

Core Viewpoint - The article discusses the recent trend of "overseas investment tax supplementation," emphasizing that this is not a legal term but rather a reflection of strengthened tax compliance and the economic downturn, leading to increased scrutiny and pressure on investors [5][6][8]. Group 1: Background and Drivers - The trend of tax supplementation is driven by the transition from "loose management" to "refined governance" in tax administration, where previous gray areas for tax avoidance are being eliminated [5][6]. - The implementation of the "Golden Tax Phase IV" system and the Common Reporting Standard (CRS) has enhanced the ability of tax authorities to monitor overseas investments, leading to a perception of increased tax burden among companies [5][6][8]. - Economic downturns have intensified compliance cost pressures, as companies face additional expenses related to tax supplementation and penalties, which can threaten their survival [6][8]. Group 2: Tax Compliance and Obligations - Chinese tax residents are obligated to pay taxes on global income, including overseas investments, with the recent focus on capital gains, dividends, and interest from foreign investments [11][12][17]. - The tax rate for capital gains from overseas stock sales is set at 20%, with specific rules for dividends and interest income, requiring additional payments if taxes have already been withheld abroad [11][12][17]. - The tax authorities have begun notifying investors in Hong Kong and U.S. stocks to self-check and supplement taxes for the period from 2022 to 2024, indicating a proactive approach to tax compliance [11][12][17]. Group 3: Risk of Non-Compliance - The article outlines behaviors that could lead to being classified as "malicious tax evasion," including intentional concealment of overseas income and falsifying transaction records [14][16]. - Taxpayers can avoid penalties by voluntarily declaring and paying owed taxes before receiving a notice from tax authorities, but failure to comply can result in significant fines and back taxes [16][17][18]. - The article emphasizes the importance of maintaining proper documentation and compliance to mitigate risks associated with overseas investments and tax obligations [24][27][30]. Group 4: Future Outlook - The continuation of the tax supplementation trend will depend on the effectiveness of tax education and compliance measures implemented by the government, as well as the enforcement of long-term policies [32]. - As tax compliance becomes a competitive factor for businesses, the article suggests that companies must adapt to a landscape where tax governance is increasingly scrutinized [32].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 7月以来，AI算力概念板块走出了主升浪行情。算力概念股在本周成为成交额榜前10的常客。其 中的光模块、PCB等分支牛股辈出，新易盛、东山精密、胜宏科技、沪电股份、长芯博创等股续 创历史新高。 （ 点此领取AI算力产业链A股核心公司名单 ） 一方面，AI算力产业依然处于高景气周期，大模型的推理需求带来了更大的算力投入预期。AI算 力全球龙头英伟达在近期市值突破4万亿美元，成为里程碑事件，对AI算力板块形成了较大的催 化。 另一方面是，A股的算力概念公司的中报业绩预告普遍超预期，如工业富联、新易盛等在业绩公 告后都是涨停。 综合多家券商的行业研报来看，目前， 我国在 AI算力产业链方面，光模块和PCB环节是我国的 优势产业，很多公司在全球市占率排名居前，并且是英伟达的供应商 。市场反馈来看，创新高的 算力概念股也主要集中在光模块和PCB领域。 （ 点此领取完整名单 ） | 产业链 股票简称 环节 | AI算力相关业务 | 涨跌幅 | | --- | --- | --- | | | 公司是全球光模块龙头厂商之一，是英伟达的CPO光模块供 | | | 新 ...

Core Viewpoint - The A-share market maintained a sideways trend in the first half of 2025, with significant sector differentiation, while private equity securities investment funds in China saw an increase in total scale [2][3]. Group 1: Market Performance - In the first half of 2025, the A-share market showed a slight increase, with the Shanghai Composite Index rising by only 2.76% [2]. - The US stock market exhibited a V-shaped recovery, with both the Nasdaq and S&P 500 indices increasing by over 5% [2]. - The Hong Kong stock market performed relatively strongly, with the Hang Seng Index rising nearly 20% [2]. Group 2: Private Equity Fund Scale - As of June 2025, the total scale of private equity securities investment funds in China reached 5.56 trillion yuan, an increase of approximately 350 billion yuan compared to the end of 2024 [2][3]. - The number of private equity fund managers decreased to 7,761, down by 239 from the end of 2024, while the number of funds decreased to 83,356, down by 4,477 [2]. Group 3: Performance of Private Equity Firms - In the first half of 2025, 328 private equity firms achieved a management scale increase of at least one tier compared to the end of 2024 [3][4]. - Sixteen firms entered or re-entered the 100 billion yuan private equity club, with quantitative firms accounting for nine and subjective firms for six [4]. - Notable firms such as Fusheng Asset and Mengxi Investment reported average returns exceeding ***% in the first half of the year [4][8]. Group 4: Investment Strategies and Locations - By core strategy, 203 firms focused on stock strategies, 48 on multi-asset strategies, 33 on futures and derivatives, and 15 on bond strategies [4]. - Geographically, Shanghai had the highest concentration of firms with 127, followed by Beijing with 50 and Shenzhen with 41 [4]. Group 5: Top Performing Private Equity Firms - The top five private equity firms by performance in the first half of 2025 were Tongben Investment, Luyuan Private Equity, and Chengyao Private Equity, among others [15][20]. - Fusheng Asset, a subjective stock strategy firm, achieved the highest average return in the first half of 2025 [8][15].