暂停新客申购！私募巨头，最新宣布

Core Viewpoint - Ningquan Asset announced the suspension of new investor subscriptions for all its funds starting October 30, 2025, while existing investors can still make additional subscriptions, indicating a cautious approach amidst market fluctuations [1][4]. Group 1: Company Background - Ningquan Asset was founded by Yang Dong in January 2018, with a registered capital of 20 million yuan. Yang has held significant positions in the financial sector, including General Manager of Xingye Securities and Xingquan Fund Management [3]. - The company has grown to be among the top tier of domestic stock private equity firms, with a management scale exceeding 40 billion yuan [3]. Group 2: Market Context and Performance - The Shanghai Composite Index recently surpassed 4,000 points, coinciding with Ningquan's decision to "seal" its funds, which signals a cautious stance [4]. - In its September report, Ningquan noted that the market was in a continuous upward trend, with significant contributions from sectors like AI-related semiconductors and optical modules, while traditional industries lagged [4]. - Despite the market's rise, Ningquan's net asset value performance lagged due to its conservative investment strategy and focus on traditional sectors [4]. - The firm highlighted that the speed of market warming exceeded its expectations, with visible bubbles in many popular sectors and stocks, yet it maintained that there are still valuable investment opportunities available [4].