Group 1 - The core viewpoint of the articles highlights the resurgence of private equity firms venturing overseas, driven by a recovering market and increasing interest from international investors in the Chinese market [1][2] - Several private equity firms have obtained the Hong Kong Type 9 license, with a total of 87 firms holding this license as of July 21 this year, including 58 subjective and 20 quantitative private equity firms [2] - International investors are showing significant demand for access to the Chinese stock market, prompting private equity firms to develop products tailored to these investors [3] Group 2 - Chinese private equity firms are expanding their global presence to diversify revenue sources and enhance their investment capabilities, with a focus on A-share investments [2][5] - Domestic and foreign brokerages are actively supporting private equity firms in their overseas endeavors, providing services such as license applications, fundraising, and compliance support [4][5] - The integration of overseas trading systems is crucial for quantitative private equity firms, which rely on high-quality market data and efficient trading infrastructure [6] Group 3 - The current environment presents both opportunities and challenges for private equity firms, including the need for international experience and the high operational costs associated with overseas markets [7] - The interest from high-net-worth individuals in China for diversified investments is increasing, while international investors are also keen on the Chinese market, creating a "dual outbound" dynamic [7] - Understanding international investors' needs and clearly articulating investment strategies are essential for private equity firms to succeed in the global market [7]

Core Viewpoint - The article discusses a significant rebate scandal involving Huansheng Quantitative, a leading quantitative private equity firm in China, where a total of 118 million yuan was allegedly misappropriated over six years by the marketing director, Li Cheng [1][3]. Group 1: Scandal Details - Li Cheng is accused of colluding with a brokerage manager to fabricate broker identities, directing trades to a specific brokerage to claim 40% of the commission as performance bonuses, totaling 118 million yuan from 2018 to 2023 [3]. - Over 20 million yuan of the misappropriated funds were traced to Li Cheng, and several individuals involved have been handed over to judicial authorities [3]. Group 2: Company Response - Huansheng Quantitative stated that Li Cheng's actions were personal and not representative of the company's practices, asserting that the company was unaware of any rebate activities [5]. - The company emphasized that all cooperation channels had uniform fee rates and that Li Cheng was not a senior executive but a regular marketing staff member [5]. Group 3: Industry Context - The article explains that "brokerage rebates" typically involve brokers returning a portion of commissions to investors based on trading volume, which can lead to conflicts of interest and corruption [6]. - In the quantitative private equity sector, high-frequency trading can result in substantial commissions, with rebates potentially reaching significant amounts depending on trading volumes [7]. - The article highlights that the minimum commission for brokers can be as low as 0.0085% to 0.01%, with rebates negotiated typically between 0.01% to 0.03% [7]. Group 4: Company Background - Huansheng Quantitative, founded by Liang Wenfeng, is recognized as a top player in China's quantitative investment field, managing two billion-yuan private equity platforms [9]. - The firm reached a scale of 100 billion yuan in 2021 and has recently ventured into the general artificial intelligence sector with the establishment of DeepSeek [9]. - As of June 30, 2023, the average return for 50 billion-yuan private equity firms was 10.93%, with a high percentage achieving positive returns, indicating a favorable market outlook for private equity firms [9].

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core View of the Report The report focuses on the performance of the quantitative fund market, summarizing the performance of major indices and quantitative funds in the past week, the overall performance and distribution of different types of public - offering quantitative funds, and the top - performing quantitative funds in the week from August 4th to August 8th, 2025, for investors' reference. During this period, the A - share market rose, and quantitative funds showed good performance [1][2]. 3. Summary by Directory I. Performance of Major Indices and Quantitative Funds in the Past Week - A - shares continued to rise, with the weekly returns of the CSI 300, CSI 500, and CSI 1000 being 2.51%, 1.78%, and 1.23% respectively [3][6]. - Quantitative funds performed well. Active quantitative funds rose 1.88%, market - neutral funds rose 0.29%, and all types of index - enhanced funds recorded positive returns. In terms of excess returns, CSI 300 index - enhanced, CSI 500 index - enhanced, and other index - enhanced funds achieved positive excess returns of 0.20%, 0.04%, and 0.07% respectively, while CSI 1000 index - enhanced funds underperformed the index [4][9]. II. Performance of Different Types of Public - Offering Quantitative Funds - **CSI 300 Index - Enhanced Funds**: The weekly return was 1.44%, the excess return was 0.20%, the maximum drawdown was - 0.15%, and the excess maximum drawdown was - 0.13% [14]. - **CSI 500 Index - Enhanced Funds**: The weekly return was 1.81%, the excess return was 0.04%, the maximum drawdown was - 0.37%, and the excess maximum drawdown was - 0.29% [14]. - **CSI 1000 Index - Enhanced Funds**: The weekly return was 2.36%, the excess return was - 0.15%, the maximum drawdown was - 0.39%, and the excess maximum drawdown was - 0.47% [15]. - **Other Index - Enhanced Funds**: The weekly return was 1.49%, the excess return was 0.07%, the maximum drawdown was - 0.59%, and the excess maximum drawdown was - 0.26% [15]. - **Active Quantitative Funds**: The weekly return was 1.88%, the maximum drawdown was - 0.37%, and the return dispersion was 1.09% [16]. - **Market - Neutral Funds**: The weekly return was 0.29%, the maximum drawdown was - 0.11%, and the return dispersion was 0.45% [16]. III. Performance Distribution of Different Types of Public - Offering Quantitative Funds The report presents the performance trends of different types of public - offering quantitative funds in the past six months, as well as the performance distribution in the past week and the past year. Index - enhanced funds show the performance of excess returns [17]. IV. Top - Performing Public - Offering Quantitative Funds - **CSI 300 Index - Enhanced**: Funds such as Anxin Quantitative Selection CSI 300 Index Enhancement and Zhongou CSI 300 Quantitative Index Enhancement performed well in the past week [30]. - **CSI 500 Index - Enhanced**: Funds like Guotai CSI 500 Index Enhancement and Huian CSI 500 Enhancement had good performance [31]. - **CSI 1000 Index - Enhanced**: Funds including Guolianan CSI 1000 Index Enhancement and Penghua CSI 1000 Enhanced Strategy ETF showed good results [32]. - **Other Index - Enhanced**: Funds such as Great Wall GEM Index Enhancement and Fuguocheng GEM Enhanced Strategy ETF performed well [33]. - **Active Quantitative**: Funds like Changxin National Defense and Military Industry and Huian Quantitative Pioneer had high returns [34]. - **Market - Neutral**: Funds such as Zhongyou Absolute Return Strategy and Southern Absolute Return Strategy performed well [35].

- The weekly performance of public quantitative funds shows that the average excess return of CSI 300 index-enhanced funds was 0.17%, with 82.61% of funds achieving positive excess returns[1][9]. - The monthly performance indicates that the average excess return of CSI 300 index-enhanced funds was 0.32%, with 84.06% of funds achieving positive excess returns[2][9]. - Year-to-date (YTD) performance reveals that the average excess return of CSI 300 index-enhanced funds was 1.03%, with 77.05% of funds achieving positive excess returns[3][9]. - The weekly average excess return of CSI A500 index-enhanced funds was 0.20%, with 73.81% of funds achieving positive excess returns[1][9]. - The monthly average excess return of CSI A500 index-enhanced funds was 0.40%, with 82.93% of funds achieving positive excess returns[2][9]. - YTD performance shows that the average excess return of CSI A500 index-enhanced funds was 3.32%, with 87.50% of funds achieving positive excess returns[3][9]. - The weekly average excess return of CSI 500 index-enhanced funds was 0.01%, with 55.71% of funds achieving positive excess returns[1][9]. - The monthly average excess return of CSI 500 index-enhanced funds was 0.27%, with 81.43% of funds achieving positive excess returns[2][9]. - YTD performance indicates that the average excess return of CSI 500 index-enhanced funds was 2.42%, with 81.82% of funds achieving positive excess returns[3][9]. - The weekly average excess return of CSI 1000 index-enhanced funds was -0.16%, with 39.13% of funds achieving positive excess returns[1][9]. - The monthly average excess return of CSI 1000 index-enhanced funds was 0.05%, with 54.35% of funds achieving positive excess returns[2][9]. - YTD performance shows that the average excess return of CSI 1000 index-enhanced funds was 5.81%, with 95.65% of funds achieving positive excess returns[3][9]. - The weekly average return of active quantitative funds was 1.90%, with 96.13% of funds achieving positive returns[1][9]. - The monthly average return of active quantitative funds was 1.88%, with 94.19% of funds achieving positive returns[2][9]. - YTD performance reveals that the average return of active quantitative funds was 14.99%, with 97.91% of funds achieving positive returns[3][9]. - The weekly average return of market-neutral funds was 0.29%, with 82.61% of funds achieving positive returns[1][9]. - The monthly average return of market-neutral funds was 0.33%, with 82.61% of funds achieving positive returns[2][9]. - YTD performance indicates that the average return of market-neutral funds was 1.38%, with 78.26% of funds achieving positive returns[3][9].

Core Insights - Lingjun Investment has undergone a systematic restructuring in risk control, compliance management, corporate governance, and strategy iteration following a crisis [1][2] - The company has developed a cultural framework termed "36 Essentials" and "1+5" to enhance governance and operational efficiency [2] Governance and Management - Following the "2.19 incident," Lingjun Investment optimized its governance structure, leading to a clearer division of responsibilities between its chairman and chief investment officer [2][3] - The management styles of the two core leaders, Cai Meijie and Ma Zhiyu, complement each other, with Cai focusing on pragmatic leadership and Ma emphasizing rationality and rule-based management [3][4] Cultural and Operational Philosophy - Cai emphasizes the importance of entrepreneurial spirit and a proactive mindset in navigating challenges, highlighting the need for continuous vigilance and humility in business operations [5][6] - The company aims to instill a culture of accountability and effective communication to enhance decision-making and operational efficiency [3][6] Risk Control and Compliance - Lingjun Investment has integrated risk control parameters into its trading strategies to ensure compliance and minimize human error [7] - The company has established a dual-layered risk management system that combines strategy and system-level controls to align with regulatory requirements [7] Technological Advancements - The firm has achieved a significant increase in computational power, doubling its capacity and enhancing its ability to process short-term signals [9] - Lingjun Investment's focus on memory-sharing technology has led to a 20-fold improvement in individual computational scheduling capabilities [9] Competitive Edge - The company's competitive advantages lie in its long-term accumulation of systematic capabilities and the ability of top talent to implement cutting-edge technologies effectively [10] - Lingjun Investment differentiates itself through its depth of experience and the practical application of advanced models in investment strategies [10]

【导读】深度访谈：灵均投资危机后的系统性重构 中国基金报记者 任子青 国内量化行业风雨发展十余载，在资本市场改革与科技创新的双重驱动下，既经历了爆发式 增长的黄金期，也面临着行业格局的深度重构。在量化行业发展的大潮中，作为头部量化机 构的代表，灵均投资同样经历了"阵痛期"。在过去一年多的时间里，灵均投资在风控体系、 合规管理、公司治理、策略迭代等方面做了彻底且系统性的重构。 近日，灵均投资两位核心人物——董事长蔡枚杰、首席投资官马志宇共同出面，与中国基金 报记者做了坦诚且深入的交流。 涅槃重生：公司治理实现彻底且系统性重构 2024年2月20日，沪深交易所通报，因灵均投资旗下产品在2月19日开盘短时间内集中下 单，沪深交易所对相关产品证券账户采取限制交易三天的自律措施。 在经历该事件后，灵均投资对公司治理结构进行重大优化，并形成"36要义"和"1+5"工作思 维的企业文化体系。蔡枚杰表示，这套体系的形成，与去年"2·19事件"后公司治理结构的重 大优化直接相关。 过去，灵均投资坚持投研和服务"双引擎"模式，马志宇负责投研，蔡枚杰负责投研之外的所 有事务。但蔡枚杰表示，去年的事件反映出公司在投研、交易等核心环节 ...

靖奇投资股东之间的内斗，正在层层升级。 8月8日上午，量化私募靖奇投资法定代表人（简称"法人"） 范思奇 通过公司微信公众号表示，因之前公司基 本账户发生大额异常资金转移，相关账户的线上操作已被冻结，靖奇投资付款业务目前采用柜台线下转账方 式，需由公司法人及一名股东携带合同原件、付款凭据及相关资料共同前往银行柜台操作。并提醒合作伙伴提 高警惕，切勿接受未经法定程序授权的付款安排。 此前，范思奇与公司另一股东唐靖人产生矛盾，双方争执不下。唐靖人回应券商中国记者采访称，公司法人目 前正在变更过程之中，变更完成后会尽快重新恢复账户的正常使用。公司微信公众号目前由范思奇控制，不代 表公司立场。目前公司经营正常，产品运作正常，"哪怕还有一个客户，我们也会好好服务下去"。 昔日合伙今朝反目 公开信息显示，靖奇投资成立于2015年，专注于量化投资，通过数据挖掘、建模等计算机技术投资二级市 场，建立了多周期、多市场的产品矩阵。 私募排排网 数据显示，截至6月底，靖奇投资目前管理规模在10亿 元至20亿元，近一年超额收益在同类产品中居第7名。 两名创始人中，范思奇任投资经理，主要负责算法交易模型开发，致力于统计建模在中国证券及 ...

靖奇投资股东之间的内斗，正在层层升级。 8月8日上午，量化私募靖奇投资法定代表人（简称"法人"）范思奇通过公司微信公众号表示，因之前公司基本 账户发生大额异常资金转移，相关账户的线上操作已被冻结，靖奇投资付款业务目前采用柜台线下转账方式， 需由公司法人及一名股东携带合同原件、付款凭据及相关资料共同前往银行柜台操作。并提醒合作伙伴提高警 惕，切勿接受未经法定程序授权的付款安排。 此前，范思奇与公司另一股东唐靖人产生矛盾，双方争执不下。唐靖人回应券商中国记者采访称，公司法人目 前正在变更过程之中，变更完成后会尽快重新恢复账户的正常使用。公司微信公众号目前由范思奇控制，不代 表公司立场。目前公司经营正常，产品运作正常，"哪怕还有一个客户，我们也会好好服务下去"。 昔日合伙今朝反目 公开信息显示，靖奇投资成立于2015年，专注于量化投资，通过数据挖掘、建模等计算机技术投资二级市场， 建立了多周期、多市场的产品矩阵。私募排排网数据显示，截至6月底，靖奇投资目前管理规模在10亿元至20 亿元，近一年超额收益在同类产品中居第7名。 两名创始人中，范思奇任投资经理，主要负责算法交易模型开发，致力于统计建模在中国证券及期货市场 ...

Core Insights - The article highlights the performance of quantitative funds in the A-share market, with several funds achieving over 30% returns year-to-date, particularly noting the exceptional performance of the Nuon Multi-Strategy Mixed Fund with a return of 59.59% [2][3] - In response to the strong market performance, many fund managers have implemented purchase limits to manage inflows and protect existing investors, indicating a cautious approach amidst market enthusiasm [3][4] Fund Performance and Limits - As of August 7, several leading quantitative funds have reported significant year-to-date returns, with the top performers including Nuon Multi-Strategy Mixed Fund (59.59%), CITIC Prudential Multi-Strategy A (38.03%), and Guojin Quantitative Multi-Factor A (30.79%) [2][3] - The purchase limits for these funds have been set between 1,000 to 5,000 yuan per day, reflecting a strategy to control fund size and mitigate potential risks associated with large inflows [3][4] Market Dynamics and Strategy - The article discusses the delicate balance between fund size and performance, emphasizing that excessive inflows can lead to increased trading costs and reduced strategy effectiveness, particularly in small-cap stocks [3][4] - Experts suggest that limiting purchases is a common practice among quantitative strategies to prevent capacity issues and protect the interests of existing investors [3][4] Long-term Viability of Quantitative Funds - The long-term performance of quantitative funds is highlighted, with several funds showing substantial growth since inception, such as Morgan Alpha A with a return of 386.88% [5][7] - Despite the current purchase limits, the article suggests that the underlying market conditions remain favorable for quantitative strategies, as active trading and price volatility continue to provide opportunities for capturing mispriced assets [8][9] Investment Strategies and Recommendations - The article outlines various quantitative investment strategies tailored to different risk appetites, including index-enhanced products, quantitative selection strategies, and thematic investments focused on sectors like technology and AI [9][10] - Investors are advised to dynamically rebalance their strategy combinations based on market conditions, with suggested allocations for conservative, balanced, and aggressive investors [10]

我今年很关注两个商业风云人物：王兴兴和梁文锋。 关注久了，发现他们身上都有一种孤持的特质。 王兴兴喜欢一个人吃饭，因为觉得和别人吃饭浪费时间。 他更喜欢自己待着、思考，而不是从与人的沟通中获取能量。 梁文锋毕业后选择了"家里蹲"，一蹲就是六年。 洞见 （ DJ00123987 ） —— 不一样的观点，不一样的故事， 3000 万人订阅的微信大号。点击标题下蓝字 " 洞见 " 关注，我们将为您提供有价值、有意思的 延伸阅读。 作者：洞见ciyu 群体，天然排斥深度思考。 ♬ 点上方播放按钮可收听洞见主播亚楠 朗读音频 这段时间，他自己一个人孤独地深入研究量化投资，积累起巨额财富。 很认同一句话： 对赚钱来说，社交不是一种刚需，孤独才是。 要么庸俗，要么孤独。 一个人如果真正想要赚钱，就得经历孤独的历程。 孤独，是一种沉淀。 秋山利辉是大师级木匠，专为一些高端客户制作家具。 他招收徒弟时，会要求徒弟"禁闭"。 01 一些不必要的社交，没有用的应酬，一律严格禁止。 然后一年养成匠人基本习惯，三年把师傅所传技艺融会贯通，四年跟师傅学习品行。 因此，他培养出的木工大师，个个身价不菲。 其实，赚钱从根本上来说，就是一种修 ...