| 排序 | 公司简称 | 被私募调研次 数 | 5月涨跌幅(%) | | 季度持有 持有流通股数 机构持有流通股 | | 所属方向/板块 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 的机构数 | (万股) | 市值(万元 | | | 1 | 菜绅通灵 | 5 | 67.81 | 6 | 6303.03 | 41284.82 | 饰品 | | 2 | 曼卡龙 | 3 | 45.48 | 9 | 11026.41 | 131986.07 | 谷子经济、饰品 | | 3 | 潮宏基 | 3 | 45.30 | 29 | 44106.18 | 358583.23 | 盲盒经济、饰品 | | ব | | 7 | 44.16 | 3 | 514.83 | 12175.85 | 宠物经济 | | 5 | | 1 | 34.78 | 3 | 5826.66 | 83146.44 | 为泡泡玛特提供 产品设计服务 | | | 烦请扫码 | 1 | 30.36 | 3 | 25492.89 | 354606.15 | 饮料乳品 | | | | 15 ...

Core Viewpoint - The founder of Jingqi Investment, Fan Siqi, announced his resignation as fund manager, leading to the liquidation of the funds he managed, which is expected to be completed by the end of the month. He cited rapid market changes and personal stress as reasons for his departure, while indicating that the current stock market presents better opportunities than holding cash [2][3]. Company Overview - Jingqi Investment was established on March 9, 2015, and completed its registration in August of the same year. The company currently has 17 full-time employees and manages assets between 1 billion to 2 billion yuan [3]. - Fan Siqi is the largest shareholder of the company, with co-founder Tang Jing serving as the compliance and risk control head. The company's name is derived from the founders' names [3]. Fund Performance - As of the end of May, Jingqi Investment has three disclosed products, all employing quantitative stock selection strategies. The products are Jingqi Jicheng No. 5 B class, Jingqi Liao Dong No. 2 B class, and Jingqi Ruike No. 5, with excess returns over the past six months reported as ***%, ***%, and ***% respectively [3][4]. - The average return of the company's products over the past year is ***%, ranking fourth among firms managing between 1 billion to 2 billion yuan [3][8]. Future Plans - The funds undergoing liquidation primarily consist of self-managed products by Fan Siqi, which represent a small portion of the company's total management scale. The company plans to handle the liquidation process appropriately and has recently expanded its product line by hiring several new portfolio managers [2][3]. - Future adjustments to the company's equity structure may occur to increase the equity stakes of other partners and enhance team incentives [2].

Core Viewpoint - In the past six months, private quantitative products have attracted significant investment due to the continued dominance of small-cap growth styles and breakthroughs in AI investment technology [1] Summary by Sections Performance of Quantitative Products - As of the end of May this year, there are 1,640 quantitative products with reported performance, with an average return of 6.95% and a median return of 6.5% over the past six months [1] - Among the core strategies, stock strategy products lead with 914 products, achieving an average return of 8.38% and a median return of 8.18% [1] Company Performance - A total of 179 private companies have at least three quantitative products that meet ranking criteria, with average returns of 7.16% and 7% for the past six months and this year, respectively [3] Top Performing Private Equity Firms - The article categorizes private equity firms based on six asset size groups, highlighting the top 10 performing firms in terms of average returns for each group [5] 100 Billion and Above - In the 100 billion and above category, 28 firms have an average return of ***%, with the top five being Evolutionary Asset, Ningbo Huansheng Quantitative, Xinhong Tianhe, Longqi Technology, and Abama Investment [6][7] 50-100 Billion - In the 50-100 billion category, 18 firms have an average return of ***%, with the top five being Shenzhen Liangdao Investment, Loshu Investment, Qianyan Private Equity, Square and Investment, and Tianxuan Quantitative [11][13] 20-50 Billion - In the 20-50 billion category, 27 firms have an average return of ***%, with the top five being Yunqi Quantitative, Hainan Shengfeng Private Equity, Luxiu Investment, Shengguanda, and Guangzhou Shouzheng Youqi [15][16] 10-20 Billion - In the 10-20 billion category, 26 firms have an average return of ***%, with the top five being Boyi Asset, Anzi Fund, Fox Investment, Leiang Asset, and Oak Asset [19][20] 5-10 Billion - In the 5-10 billion category, 37 firms have an average return of ***%, with the top five being Guangyi Wanda Private Equity, Shanghai Yuanlai Private Equity, Zhongmin Huijin, Wuliang Capital, and Yihe Investment [23][24] 0-5 Billion - In the 0-5 billion category, 43 firms have an average return of ***%, with the top five being Xizong (Shanghai) Private Equity, Tanglong Asset, Guangzhou Tianzhanhan, Tianzhihui Investment, and Huacheng Private Equity [28]

Core Viewpoint - The article highlights the strong bullish sentiment among billion-dollar private equity firms, as evidenced by their increasing positions in the market, with a significant rise in their overall investment levels and a notable shift towards full positions in their portfolios [2][4][5]. Group 1: Investment Trends - As of May 30, 2025, the billion-dollar private equity position index reached 80.28%, up from 76.18% at the end of April, indicating a 4.1% increase [2]. - Since the end of 2024, billion-dollar private equity firms have increased their positions by 10.01%, reflecting a growing optimism about future market conditions [2]. - Over 60% of billion-dollar private equity firms are currently fully invested, with only 2.14% maintaining a cash position [5]. Group 2: Reasons for Increased Investment - The continuous increase in positions is attributed to three main factors: positive policy signals, improved market expectations, and the current A-share market being at historically reasonable low valuations, providing a good opportunity for long-term investments [4]. - The structural opportunities in the market, particularly in technology sectors such as AI, semiconductors, and consumer electronics, are seen as favorable for investment [4]. Group 3: Changes in Position Distribution - The proportion of fully invested billion-dollar private equity firms rose from 45.25% at the end of April to 60.96%, marking a 15% increase [7]. - The share of firms with medium positions decreased significantly from 40.03% to 26.07%, indicating a shift towards more aggressive investment strategies [7].

Core Viewpoint - The domestic nuclear fusion sector is experiencing significant advancements, leading to increased market interest and a surge in nuclear power stocks, with companies like Baili Electric and Xuzhou Special Materials seeing substantial price increases. The long-term narrative for nuclear power is being strengthened by both domestic developments and international initiatives, particularly in the U.S. [2][3][4] Market Development Space - As of 2023, nuclear power accounts for less than 5% of China's total electricity generation, significantly lower than the global average, indicating substantial growth potential for the sector. In contrast, countries like France and Russia have much higher percentages of nuclear energy in their energy mix [2][3]. Recent Domestic Developments - On March 28, the "China Fusion Reactor No. 3" achieved a breakthrough by reaching temperatures of "double hundred million degrees," marking a significant milestone in controlled nuclear fusion technology [3]. - The State Council approved the construction of 10 new nuclear power units, expected to drive over 200 billion yuan in investments, continuing a trend of approving more than 10 units annually for four consecutive years [4]. - The BEST project in Hefei commenced construction ahead of schedule, aiming to demonstrate fusion energy generation [4]. - The China National Nuclear Corporation is entering a substantive operational phase, as indicated by new bidding projects on its website [4]. International Developments - On May 23, U.S. President signed executive orders to boost the nuclear energy sector, planning to initiate the construction of 10 large nuclear power plants by 2030 and quadruple nuclear capacity by 2050 [4][5]. Shift Towards Nuclear Energy by Tech Companies - Geopolitical conflicts have heightened the focus on energy security, prompting tech giants like Microsoft, Google, and Amazon to invest in nuclear energy solutions to meet rising energy demands driven by AI and data centers [5][6]. - Meta has signed a 20-year nuclear power purchase agreement with Constellation Energy, while Microsoft plans to restart the Three Mile Island nuclear plant [6][7]. Small Modular Reactors (SMRs) - SMRs are gaining traction as flexible nuclear power solutions for data centers, offering advantages such as modular design and shorter construction times compared to traditional nuclear plants [7][8]. - The "Linglong One" is noted as the world's first commercial modular small reactor, marking a significant development in China's nuclear capabilities [8]. Institutional Investment Trends - In the first quarter, eight nuclear power stocks saw their prices double, indicating strong institutional interest in the sector [10]. - Notably, one company had 5 institutions holding 13.32 million shares, a significant increase from the previous quarter, reflecting a growing confidence in nuclear energy investments [11]. Performance of Nuclear Stocks - Among 271 nuclear-related stocks, only 11 companies reported over 50% year-on-year growth in revenue and net profit in the first quarter, highlighting the potential for strong performance in the sector [13]. - The stock performance of certain companies has been impressive, with some achieving over 100% growth in revenue and net profit [14]. Valuation Insights - A total of 21 nuclear stocks have a price-to-earnings ratio below 20%, indicating potential undervaluation in the market [15]. - One company reported a price-to-earnings ratio of 7.22, placing it in the 7.96th percentile historically, suggesting it may be undervalued compared to its peers [16].

按核心策略来划分，股票策略私募占 33家，占比超8成； 多资产策略私募占5家，期货及衍生品 策略私募占1家。 按私募的办公城市划分，上海占 18家，接近"半壁江山" ；北京占9家，海南澄 迈占4家。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近年来的 A股市场缺乏指数型行情，盘面以结构性行情为主，市场波动较大。在这样的市场背景 下，量化私募凭借其相对亮眼的业绩逐步发展壮大 。 为了给读者提供一些参考，笔者按照公司规模分类（100亿元以上、50-100亿元、20-50亿元、 10-20亿元、5-10亿元、5亿元以下），分别梳理出了各规模组中近一年收益居前10的量化私募 （旗下有3只以上私募产品在私募排排网有近一年业绩展示） 。 0 1 百亿量化私募增至 39 家！聚宽投资重回百亿！ 百亿量化私募作为量化私募中的头部公司，备受市场关注。据私募排排网数据，截至2025年5月 底， 管理规模超 100亿元的量化私募共有39家，相比上个月新增1家，为来自北京的聚宽投资。 按员工人数来看， 员工人数在 50人以上的百亿量化私募有24家；在100人以上的有7家， 他们分 别是：灵均投资（156人）、佳 ...

以下文章来源于公募排排网 ，作者康波 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 今年以来小盘股指数表现较好，伴随着偏小盘策略的公私募基金表现都还不错，踏空的基金则表现略显平庸。当下小盘股指数与沪深300等 大盘指数的持续背离，已经是近期市场的一个显著特点，所谓站得越高，争议越大，接下来小盘风格的市场应该怎么投，才能一览众山小？ （ 点此看投资小盘风格的基金 ） 复盘20年大小盘轮动情况 当前小盘风格更占优 我们先从近20年的历史数据上来看，相较于单边的趋势性行情，A股市场中大小盘风格的轮动周期更为显著。 在2010年、2013年、2015年与2021年小市值风格明显跑赢大市值风格，市场整体上呈现出小盘股的行情，尤其是在2013-2015年的牛市中， 市值较小的股票表现非常强劲。 不过，2016年至2021年期间，随着公募基金为代表的机构投资者的持续涌入，市场出现以大盘股占优的风格，其中公募基金抱团投资成为主 要驱动因素。 但自2021年至今，由于核心资产回调，市场中的小盘股又开始表现出色，市场的投资者又开始 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 5月，随着关税冲击缓和，A股、港股、美股市场均步入修复行情。从私募市场来看，作为私募行业的领军阵营，百亿私募旗下5月实现正收益的 产品占比91.78%，相比上个月的49.22%大幅上升。那么，截至2025年5月末，百亿私募全名单是否有新的变动呢？ 0 1 聚宽投资重回百亿阵营！员工超百人私募增至 11 家！ 私募排排网数据显示，截至2025年5月底，百亿私募共有87家，整体数量和4月持平。 从名单变化来看，聚宽投资重回百亿，百亿量化私募增至 39家。与此同时，一村投资掉出百亿私募阵营，百亿主观私募减少至40家 。另外，混合型私募（"主观+量化"）共有7家，和上月持平，还有1家 私募未披露投资模式。 从核心策略来看，股票策略为主的私募共有67家，数量最多。从办公城市来看，超过6成的百亿私募聚集在上海（35家）、北京（23家）。 从员工人数来看，87家私募平均人数约为54人。其中， 超 100人的百亿私募再增加2家至11家，这2家私募分别为明汯投资、天演资本 。 员工人数在100人及以上的11家百亿私募分别为： 外贸信托、灵均投资、佳期私募、九坤投资 ...

Core Viewpoint - The private equity securities industry in China is experiencing a significant growth trend, with a 45.03% increase in the number of registered products compared to the same period last year, driven by multiple factors including market recovery and regulatory improvements [2][3]. Group 1: Industry Growth - As of May 31, 2025, a total of 4,361 private equity securities products have been registered, marking a monthly increase of 870 products in May alone, which represents a year-on-year growth of 77.19% [2][3]. - The recovery of the A-share market, supported by favorable technology innovation policies and expectations of industrial upgrades, has led to a significant increase in market risk appetite and investor sentiment [3]. Group 2: Regulatory Environment - The continuous optimization of the regulatory environment, including improvements in compliance systems and transparency in information disclosure, has provided a more stable and predictable development environment for market participants, boosting investor confidence [3]. Group 3: Product Performance - The performance of private equity securities products has been impressive, particularly in quantitative products, which have demonstrated significant excess return capabilities, attracting more capital [3]. Group 4: Strategy Distribution - Stock strategies dominate the market, with 2,749 stock strategy products accounting for 63.04% of the total registered products, indicating their core asset allocation status [4]. - Multi-asset strategies and futures/derivatives strategies follow, with 646 and 510 products respectively, showing a growing demand for diversified asset allocation [4]. Group 5: Quantitative Products - Since the beginning of 2025, a total of 1,930 quantitative private equity products have been registered, representing 44.26% of the total market, highlighting the importance of quantitative strategies in the private equity sector [6]. - Within quantitative products, stock strategies are predominant, with 1,339 products registered, making up 69.38% of the total quantitative products [6]. Group 6: Active Institutions - A total of 1,558 private equity institutions have registered products this year, with 1,177 institutions managing between 0-10 billion, 259 managing between 10-50 billion, and 122 managing over 50 billion [9]. - Among the institutions, 190 have been particularly active, registering at least five products, with 66 institutions registering at least ten products [9]. Group 7: Leading Firms - The top quantitative private equity firms include Heiwing Asset and Kuande Private Equity, with 87 and 79 products registered respectively, leading the market in terms of product registration [9][12].

Core Viewpoint - The article emphasizes that the China Securities 1000 Index Enhanced Products (referred to as "指增产品") are a popular choice for investors due to their dual return logic of index beta (β) and excess alpha (α) [2] Group 1: Characteristics of the China Securities 1000 Index - The China Securities 1000 Index consists of 1000 stocks that are smaller in size and have good liquidity, excluding stocks from the CSI 300 and CSI 500 [4] - The index covers all 31 first-level industries, with the top ten stocks accounting for only about 3.75%, effectively diversifying industry risk and enhancing anti-risk capabilities [4] - The index's component stocks are primarily small and medium-sized companies, particularly in technology, which are expected to benefit from China's transition to high-quality economic development [4][5] Group 2: Growth Potential and Elasticity - As of June 4, 2025, the index includes 147 national-level specialized "little giant" enterprises, a higher proportion than the CSI 300 and CSI 500 [5] - The top five industries by weight in the index are Electronics (14.67%), Pharmaceuticals (10.61%), Computers (8.14%), Power Equipment (8.03%), and Machinery (6.34%), collectively accounting for nearly 48% [5] - The historical maximum increase of the China Securities 1000 Index reached 342% during the rapid development of the smartphone and "Internet+" industries from 2013 to 2015, significantly outperforming other indices [7] Group 3: Performance and Valuation - Since its base date on December 31, 2004, the annualized growth rate of the China Securities 1000 Index has reached 9.57%, with a maximum increase of 2143%, indicating strong explosive potential during market rallies [8] - As of June 4, 2025, the price-to-earnings ratio (TTM) of the index is 26.16, positioned at approximately the 45th percentile historically, suggesting a relatively reasonable valuation and a good entry point for investors [8] Group 4: Performance of Enhanced Products - As of the end of May 2025, private equity products based on the China Securities 1000 Index have significantly outperformed the index across various time frames, highlighting their attractiveness for asset allocation [11] - The average returns of private equity China Securities 1000 Index Enhanced Products for 2025 year-to-date, the last six months, the last year, the last three years, and the last five years have all shown substantial outperformance compared to the index [12] Group 5: Top Performing Products - The article lists the top 20 private equity products based on excess returns over the past three years, indicating strong performance from several large private equity firms [13]