Core Insights - The A-share market has shown a trend of steady upward movement this year, with multiple sectors experiencing gains and market confidence gradually recovering [1][2] - Quantitative private equity funds have significantly outperformed subjective private equity funds, with an average return of 18.92% for 36 billion quantitative private equity funds by the end of July [1][2][3] - The number of billion quantitative private equity funds is increasing, with 44 out of 90 billion private equity funds being quantitative, representing nearly 49% of the total [2] Performance Comparison - Among the 42 billion private equity funds with returns exceeding 10%, 32 are quantitative, 9 are subjective, and 1 is mixed [2] - The average return for 16 billion subjective private equity funds is 13.59%, with 93.75% achieving positive returns [3] Reasons for Quantitative Strength - The high volatility of small and medium-cap stocks allows quantitative strategies to capture trading errors effectively [4] - The overall market liquidity is robust, with daily trading volumes consistently above 1 trillion, and significant net inflows from individual investors since October of last year [4] - There are numerous opportunities related to thematic concepts, particularly around artificial intelligence, which are concentrated in small and medium-cap stocks [4] Market Trust in Quantitative Strategies - The effectiveness of quantitative strategies has been recognized, especially in volatile markets, leading to increased allocation from institutional and high-net-worth clients [6] - Improved market liquidity and the growing number of quantitative professionals are strengthening the foundation of the industry [6] - The upward trend in the proportion of quantitative trading is expected to continue, driven by technological advancements and the increasing demand for risk control and stable returns [6]

洞见：集团协同价值发现 中央金融工作会议指出，做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文 章"。浦发银行聚焦科技金融，作为战略主赛道深入推进，持续向关键领域倾斜资源，构建强有力的科 技金融保障体系，强化"大科创"集团化顶层设计，助力新质生产力发展。 在集团战略协同下， 浦银安盛"全球科创家"业务品牌持续深入推进，涵盖高端装备、科技创新、 港股通、全球智能科技等产品线，覆盖A股、港股、美股等科技资产，将投研成果转化为价值发现的配 置方案和服务工具，搭建"硬科技"与资本市场的桥梁，助力科创企业高质量发展，为新质生产力发展注 入强大科创动能。 在科技金融作为金融"五篇大文章"开篇之作的战略引领下，科技创新日益成为构建现代金融体系、 服务国家战略的核心驱动力。浦发银行将科技金融作为"数智化"战略主赛道，打造"浦发科创"亮色品 牌，以高质量金融服务助力中国经济向新向好。在浦发银行集团"数智化"战略引领下，浦银安盛基金近 年来致力于科技领域投资，推出浦银安盛"全球科创家""指数家"等业务品牌，通过指数化投资工具，引 导长期资金精准投向资本市场科技创新主战场。 锚定：科技金融战略主赛道 服务科技型企业， ...

Core Viewpoint - The private equity market in China is experiencing a mixed trend, with some firms closing new subscriptions while others continue to attract significant investments, indicating a disparity in performance among different private equity firms [1][5]. Group 1: Private Equity Firms' Actions - Quantitative private equity firm Ruanfu Investment announced plans to close new subscriptions for its products related to the CSI 500, CSI 1000, and Wind small-cap indices starting July 1, citing strategic business development and investor interest considerations [1][2]. - Another quantitative private equity firm, Kuande Investment, is set to close all channels for new subscriptions on June 30, reflecting a similar trend in the industry [2]. - Subjective private equity firm Ruijun Asset also announced a suspension of new client subscriptions for products managed by its star fund manager, Dong Chengfei, effective June 8 [4]. Group 2: Performance and Market Trends - Ruanfu Investment has seen rapid growth, reaching a management scale of over 70 billion yuan, with an average return of over 27% in the past year [2][4]. - In contrast, the overall private equity market remains uneven, with only a few top-performing firms experiencing significant fundraising success, while many others struggle to attract capital [5][6]. - Quantitative private equity firms are currently outperforming subjective firms in terms of fundraising capabilities, with some popular products selling out quickly upon launch [6]. Group 3: Fundraising Dynamics - The fundraising environment for subjective private equity firms has improved slightly, with some firms like Ruijun Asset and Chongyang Investment managing to raise substantial amounts earlier in the year [4][6]. - However, the overall sentiment in the market indicates that many private equity firms are facing challenges, with some admitting to a "lying flat" approach due to previous underperformance [6].

证券时报记者余世鹏 在人工智能和大模型赋能下，公募主动量化再次成为市场关注焦点。围绕主动量化发展趋势、投研 策略迭代等话题，近日，证券时报记者专访工银瑞信基金指数及量化投资部总经理焦文龙。 焦文龙认为，随着人工智能和大模型兴起，量化策略失效速度会随之加快。量化投资需要用多视角 看待问题，形成更加多元、有效的策略，才能更有效发现某一类资产的系统性问题和投资机会。 "多视角"经验穿透市场迷雾 从2009年入行至今，焦文龙在不同阶段的投研侧重点皆有所不同，2009年到2015年他主要负责的是 量化投资，2018年到2021年主要聚焦资产配置和FOF投资。"通过这些年的积累，我在持续研究资产配 置怎么做、多元资产怎么看，FOF投资中的优秀投资人用什么策略，这些对我们的量化投资很有启发意 义。" 焦文龙从他职业生涯的经历出发，对证券时报记者详细分析了这些年来国内公募量化投资的迭代过 程。"我2009年入行，当时做量化投资主要是把多因子找出来，当时因子也不是很多，大概几十个，汇 总以后再做得分，然后放到优化器里去形成持仓。从2010年至2014年这几年来看，量化投资能持续带来 不错的投资回报。" 但随着人工智能和大模型兴 ...

Core Viewpoint - Delin Holdings (01709) has announced a placement of 201 million shares at a price of HKD 2.95 per share, which is approximately 11.94% lower than the closing price on August 6, 2023, indicating a strategic move to raise capital for various investments and operational expansions [1] Group 1: Share Placement Details - The share placement represents about 11.96% of the enlarged share capital, with expected net proceeds of approximately HKD 581 million [1] - Additionally, the company will issue 20 million shares to DA Wolf, a company wholly owned by executive director and controlling shareholder Chen Ningdi, at the same price of HKD 2.95 per share, with expected net proceeds of around HKD 58.57 million [1] Group 2: Use of Proceeds - Approximately 30% of the proceeds will be allocated to support strategic acquisitions and/or investments, as well as to expand the RWA tokenization plan [1] - About 15% will be used for the development of Bitcoin mining operations and establishing Bitcoin reserves [1] - Approximately 7% is earmarked for establishing a licensed virtual asset over-the-counter trading and retail network in Hong Kong, along with applying for and upgrading compliance licenses for virtual asset-related businesses in Hong Kong and other jurisdictions [1] - Around 8% will be directed towards further developing the group's digital assets, cryptocurrency, and stablecoin-related business plans [1] - 10% will be invested in the ONE Carmel premium residential project in the United States [1] - Another 10% will be allocated for information technology facilities and system upgrades [1] - 10% will be used to create exchange-traded funds and develop quantitative investment strategies [1] - The remaining 10% will be reserved for replenishing working capital and supporting daily operations [1]

Market Overview - In July, A-shares experienced a strong upward trend, with the Shanghai Composite Index rising by 3.74%, the Shenzhen Component Index by 5.20%, and the ChiNext Index by 8.14% [1] - The total market turnover remained above 1.5 trillion, indicating active trading, while the financing balance climbed to 1.9 trillion by late July, reflecting a positive market sentiment [1] Private Equity Performance - A total of 379 private equity products reached historical highs in July, representing 71.64% of the total number of billion-yuan private equity products with performance data available for nearly one year [1] - Among these, 289 were quantitative products and 90 were non-quantitative, with stock strategy products being the most prevalent, accounting for approximately 83.38% [1] Top Performing Private Equity Firms - 28 billion-yuan private equity firms had all their products reach historical highs in July, with 18 firms having more than three products achieving this milestone [2] - Notable firms include Junzhijian Investment, Rido Investment, and Tianyan Capital, with a significant number of their products achieving new highs [2] Performance Rankings - The average returns for private equity firms from January to July were led by Wobo Investment, Abama Investment, Tianyan Capital, Rido Investment, and Ningbo Huanfang Quantitative [3] - Over the past three years, the top five firms based on average returns were Junzhijian Investment, Rido Investment, Abama Investment, Tianyan Capital, and Maoyuan Quantitative [3] Notable Products - The top products achieving historical highs in the past year included those from Heiyi Asset, Longqi Technology, and Rido Investment, with the threshold for the top 20 products exceeding a certain percentage [7] - The leading product was "Heiyi Wind 2 B Class" from Heiyi Asset, with a recent scale of approximately *** million and nearly ***% return over the past year [9] Long-term Performance - Over the past five years, the top products were from Rido Investment, Fusheng Asset, and Jiukun Investment, with Rido Investment holding three of the top five positions [14] - The champion product was "Rido Qian Niu Value No. 1" from Rido Investment, with a recent scale of approximately *** billion and over ***% return in the past five years [16] Investment Insights - Rido Investment's chairman expressed optimism about the A-share market, suggesting it is in a historical opportunity for value reassessment, particularly favoring the entertainment and financial sectors [17]

Group 1 - The hedge fund industry had a strong start in the first half of 2025, with portfolio managers successfully navigating market volatility to achieve stable returns [2] - The average return for hedge funds in the first half of 2025 was 5.1%, which is still lower than the nearly 9% return of a 60/40 investment portfolio [3] - Long-term annualized returns for hedge funds since 2020 reached 9.4%, outperforming the 6.5% return of a 60/40 portfolio [4] Group 2 - Quantitative strategies outperformed in the first half of the year, with significant inflows of capital, while stock long/short strategies benefited from market rebounds in recent months [5][6] - CTA and systematic macro strategies performed poorly, with the average return being negative, highlighting the challenges faced by trend-following strategies in a volatile market [7][8] Group 3 - There was a notable increase in interest from investors to increase their exposure to hedge funds, with a net inflow equivalent to 1.3% of assets under management in the first half of 2025 [9][24] - The demand for active long-term stock investment strategies has risen, while interest in passive long-term strategies has decreased significantly [18][19] Group 4 - The biotechnology sector faced significant challenges, with a drastic decline in investor demand and performance, marking it as the worst-performing sector in the first half of the year [14][15] - The healthcare and biotechnology industries are experiencing a period of turmoil, influenced by regulatory changes and market dynamics, leading to a substantial drop in investor interest [15][16] Group 5 - The TMT sub-industry performed well within stock long/short strategies, achieving an average return of 7.0% in the first half of 2025, driven by the ongoing AI boom [22][23] - Investors are increasingly cautious about geopolitical tensions and their impact on market stability, leading to a preference for traditional macro strategies that can hedge against market risks [12]

Core Viewpoint - The A-share market's strong rebound has significantly boosted investor confidence, leading to explosive growth in the issuance of new private equity products [1][4]. Group 1: Private Equity Product Issuance - In July, the number of registered private equity securities products reached 1,298, a month-on-month increase of 18%, marking a 27-month high [2][3]. - The total number of registered private equity securities products this year has surged over 60% year-on-year, with quantitative strategies performing particularly well and attracting substantial capital inflows [2][4]. - The cumulative number of registered private equity securities products in the first half of the year reached 5,576, with a total registered scale of 184.13 billion yuan [4]. Group 2: Strategy Distribution - Stock strategies dominated the July registrations, accounting for 887 products, or 68.34% of the total, with a month-on-month growth of 24.58% [5][6]. - Multi-asset strategies and futures/derivatives strategies also showed steady growth, with 162 and 125 products registered in July, respectively [9]. Group 3: Market Dynamics - The strong performance of quantitative strategies has led to a rapid increase in management scale for many quantitative private equity firms, with the top ten registered products all belonging to billion-yuan quantitative institutions [2][6]. - The market's rebound and the outstanding performance of quantitative investments have driven significant capital inflows, reflecting a strong demand for asset allocation [4][7].

Core Viewpoint - Derin Holdings (01709) experienced a significant decline of over 7% in its stock price following the announcement of a share placement and capital raising plan [1] Group 1: Share Placement Details - The company announced a placement of 201 million shares, representing approximately 11.96% of the enlarged share capital, at a price of HKD 2.95 per share, which is about 11.94% lower than the closing price of HKD 3.35 on August 6 [1] - The expected net proceeds from this placement are approximately HKD 581 million [1] Group 2: Additional Share Issuance - The company will also issue 20 million shares to DA Wolf, a company wholly owned by executive director and controlling shareholder Chen Ningdi, at the same price of HKD 2.95 per share, with expected net proceeds of about HKD 58.57 million [1] Group 3: Use of Proceeds - Approximately 30% of the net proceeds will be allocated to support strategic acquisitions and/or investments, and to expand the RWA tokenization plan [1] - About 15% will be used for developing Bitcoin mining operations and establishing Bitcoin reserves [1] - Approximately 7% is earmarked for establishing a licensed virtual asset over-the-counter trading and retail network in Hong Kong, as well as applying for and upgrading compliance licenses for virtual asset-related businesses in Hong Kong and other jurisdictions [1] - Around 8% will be used for further development of the group's digital assets, cryptocurrency, and stablecoin-related business plans [1] - About 10% will be invested in the ONE Carmel premium residential project in the United States [1] - Another 10% will be allocated for information technology facilities and system upgrades [1] - Approximately 10% will be used to create exchange-traded funds and develop quantitative investments [1] - The remaining 10% will be used to supplement working capital and support daily operations [1]

Group 1 - Delin Holdings (01709) opened down over 7%, currently down 7.46% at HKD 3.1, with a trading volume of HKD 609 million [1] - The company announced a placement of 201 million shares at HKD 2.95 per share, representing a discount of approximately 11.94% from the closing price of HKD 3.35 on August 6, aiming to raise approximately HKD 581 million [1] - Additionally, the company plans to issue 20 million shares to DA Wolf, wholly owned by executive director and controlling shareholder Chen Ningdi, at the same price of HKD 2.95, expecting to raise about HKD 58.57 million [1] Group 2 - The net proceeds from the fundraising will be allocated as follows: approximately 30% for strategic acquisitions and/or investments, and expansion of the RWA tokenization plan; about 15% for developing Bitcoin mining operations and establishing Bitcoin reserves; around 7% for establishing a licensed virtual asset OTC and retail network in Hong Kong, and applying for compliance licenses in Hong Kong and other jurisdictions [1] - Approximately 8% will be used for further development of the group's digital assets, cryptocurrency, and stablecoin-related business plans; about 10% for investment in the high-quality residential project ONE Carmel in the U.S.; around 10% for investment in IT facilities and system upgrades; approximately 10% for creating exchange-traded funds and developing quantitative investments; and about 10% for supplementing working capital and supporting daily operations [1]