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]

凭借扎实的专业能力与稳健的经营策略，信达澳亚在业务领域取得显著成就。根据国泰海通证券最新发 布的榜单，截至2025年6月30日，信达澳亚基金在近七年中展现卓越的长期投资实力：权益类产品收益 率达149.24%，排名全行业2/115；固定收益类产品收益率达39.28%，排名9/103。信达澳亚连续多年获 得权威机构五星评级认可，彰显了穿越市场周期的资产管理能力。(数据来源：国泰海通证券基金公司 权益及固定收益类资产业绩排行榜，计算截止日期：2025.6.30)站在新的发展阶段，信达澳亚将继续加 速推进业务创新与转型升级。一方面深化固收与权益的双轮驱动优势，另一方面前瞻性布局量化投资、 FOF等创新领域，以差异化产品体系应对市场变革。未来，信达澳亚将持续秉承专业精神，在严守合规 底线的同时，以更开放的视野与更扎实的能力，为投资者创造可持续价值，为行业高质量发展注入新动 能。 风险提示：本文相关内容仅供参考，不构成投资建议。市场有风险，投资须谨慎。 信达澳亚始终恪守"规范、诚信、专业、共赢"的核心经营理念，将投资者权益保护贯穿于投资决策与运 营管理的全流程。信达澳亚搭建了稳健、高效的中后台运营体系。在投资策略上，信 ...

Group 1 - Fund managers are actively sharing their real-time investment performance on platforms like Ant Wealth, engaging with investors frequently [1][4] - Yao Jiahong, a fund manager, reported a total investment of over 4.1 million yuan, achieving a cumulative return of 1.0583 million yuan, with significant daily gains [1][2] - Other fund managers, such as Ma Fang and Liang Xing, also showcase their investment strategies and returns, with Ma's cumulative earnings exceeding 600,000 yuan and Liang managing a diverse portfolio [2][3] Group 2 - The performance of quantitative funds has been notably strong, with some achieving returns over 40% this year, and specific funds like Guojin Quantitative Multi-Factor Stock yielding 29.92% year-to-date [5][6] - Market conditions are favorable for quantitative strategies, with daily trading volumes remaining above 1.5 trillion yuan, indicating a healthy market environment [6][7] - The small-cap style is expected to regain an advantage, as recent market adjustments may favor this segment, suggesting strategies like phased investment and profit-taking [7]

Core Viewpoint - The article outlines the agenda for the 2025 Quantitative Salon in Shanghai, focusing on various investment strategies and risk management techniques in the financial sector [1][2]. Group 1: Event Details - The event is scheduled for August 13, 2025, from 13:30 to 17:00 at the Jinling Zijinshan Hotel in Shanghai [1]. - The agenda includes multiple sessions led by experts from Guosen Securities, covering topics such as stock selection strategies, multi-strategy enhancement, and risk models [1][2]. Group 2: Session Summaries - The first session will discuss "Steady Stock Selection Strategies" led by Zhang Xinwei, the Chief Analyst of Financial Engineering at Guosen Securities [1]. - The second session will focus on "Multi-Strategy Enhanced Portfolio from a Heuristic Perspective," also presented by Zhang Xinwei [1]. - The third session will cover "Alpha Information Contained in Intraday Special Moments," presented by Neng Yu, Co-Chief Analyst of Financial Engineering [1]. - The fourth session will address "Comprehensive Guide to Risk Models," led by Zhang Yu, Co-Chief Analyst of Financial Engineering [2]. - The fifth session will explore "Expansion and Enhancement of Alpha Factors in Financial Statements," also by Zhang Yu [4]. - The sixth session will discuss "Contrarian Investment Ability and Performance of Fund Managers," presented by Chen Mengqi, an Analyst at Guosen Securities [4]. - The final session will focus on "Unified Improvement Framework for Selection Factors from the Perspective of Hidden Risks," led by Hu Zhichao, an Analyst at Guosen Securities [4]. Group 3: Participation and Benefits - Participation is limited, and interested attendees must register through a specific process to ensure a good experience [2]. - Attendees who successfully register and attend will receive a copy of the "Selected Research Report of Guosen Financial Engineering Team for 2025" [5].

Core Viewpoint - The A-share market has shown a significant upward trend since the U.S. tariff impact on April 7, with the Shanghai Composite Index reaching above 3600, indicating a favorable environment for subjective investment strategies to outperform the market [1] Group 1: Performance of Subjective vs. Quantitative Funds - As of July 25, 2023, the average return for 1,231 quantitative private equity products was 4.74%, while 2,303 subjective private equity products achieved an average return of 5.74% over the same period [1] - The average return for subjective long-only products from private equity managers with assets over 5 billion reached 11.91%, with 96.30% of products showing positive returns [1][2] Group 2: Top Performing Fund Managers - The top three subjective private equity fund managers for the year include Tong Xun from Tongben Investment, Lu Hang from Fusheng Asset, and Wang Yiping from Evolutionary Asset, with their respective products achieving significant returns [1][3] - Tong Xun manages three products with a total scale of approximately 302 million yuan, while Lu Hang oversees five products totaling about 1.109 billion yuan [3] Group 3: Performance by Fund Size Categories - For funds sized 20-50 billion, the average return was 15.32%, with 91.16% of products showing positive returns, led by Xu Hongbing from Shenzhen Dream Factory Investment [5][6] - In the 10-20 billion category, the average return was 27.08%, with all products achieving positive returns, led by Sun Jie from Nengjing Investment [7][8] - The 5-10 billion category saw an average return of 22.88%, with Liu Xianglong from Fuyuan Capital leading the performance [10][11] - For the smallest category (0-5 billion), the average return was 18.36%, with Yao Yong from Qinxing Fund achieving the highest performance [13][14] Group 4: Investment Strategies and Focus Areas - Tong Xun and Lu Hang have successfully captured the "new consumption" trend, focusing on sectors that are expected to benefit from economic stabilization and differentiation [3][4] - Xu Hongbing emphasizes traditional business logic in investment, while Chen Yu from Shennong Investment focuses on innovative pharmaceuticals, which have seen significant market interest [7][9] - The investment philosophy of Yao Yong from Qinxing Fund is rooted in extensive company research, leveraging over 20 years of experience in the field [15]

Core Viewpoint - The article highlights the growing prominence of quantitative private equity funds, which have outperformed subjective funds in terms of absolute and excess returns, leading to an increase in the number of billion-yuan quantitative private equity firms [2][17]. Group 1: Market Overview - As of July 25, 2025, there are 90 billion-yuan private equity firms, with quantitative firms increasing to 44, while subjective firms decreased to 39, indicating a shift in market dynamics [2][8]. - The distribution of billion-yuan private equity firms is concentrated in major cities, with Shanghai leading at 39 firms, followed by Beijing with 24 and Shenzhen with 6 [8]. Group 2: Firm Changes - Three subjective private equity firms exited the billion-yuan club: Hongchou Investment, Suijiu Investment, and Heyuan Fund, while three new firms entered, including two quantitative firms: Qianyan Private Equity and Shanghai Boke Private Equity [4][5][6]. - The newly established Shanghai Boke Private Equity is noted for its young age, having been founded in July 2022, and aims to provide a comprehensive fund management platform [6][7]. Group 3: Performance Metrics - Among the billion-yuan private equity firms, 42 have shown positive returns this year, with the top three performers being Fusheng Asset, Qukou Investment, and Wenbo Investment [15][21]. - Quantitative private equity firms have significantly outperformed subjective firms this year, with average returns for quantitative firms being higher than those for subjective firms [17][21]. Group 4: Investment Strategies - The majority of billion-yuan private equity firms focus on stock investment strategies, totaling 69 firms, followed by multi-asset strategies with 12 firms and bond strategies with 6 firms [9][19]. - Wenbo Investment, established in 2014, utilizes a unique quantitative investment model that analyzes economic data to develop various investment strategies [19].

一、八月魔咒再现：历史数据敲响警钟 最近美股市场的一则消息让我陷入深思。标普500指数从4月低点反弹29%，纳斯达克更是大涨40%，但市场正面临多重压力。作为一个深耕量化领域多年的 投资者，我深知历史数据的警示意义。 《股票交易者年鉴》显示，1950年以来8月回报率在全年排名第11位，大选后年份平均下跌1.2%。这让我想起去年8月那波8%的跌幅。技术面上，标普500已 经跌破20日均线，这个被交易员视为短期趋势关键的技术指标。BTIG首席分析师预测可能回落至6100点，跌幅约5%。 但更让我在意的是，这些分析背后隐藏着一个更深层的问题：为什么我们总是后知后觉？为什么每次大跌前，总有机构能提前离场？ 二、专家观点迷雾：数据才是明灯 实际上，市场走势无非涨跌横三种。一两千字的分析文章，连后市怎么走都说不清楚，这不是读者的理解能力问题，而是作者根本不想让你看懂。模糊的表 达让涨跌都能自圆其说，再扯些晦涩难懂的技术术语，故作高深。 在这个信息爆炸的时代，各类股市专家如雨后春笋般涌现。今天看多明天看空，观点变化比天气还快。我见过太多这样的"专家"：看对了就大吹特擂，附上 所谓"大赚"的操作截图；看错了就开始写得云里雾里 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图订阅专栏 ） 在2025上半年北京地区量化榜中，信弘天禾上半年以***%的收益夺冠 （ 点此看收益 ） 。 基金经理张华和章毅管理的"信弘征程2号B类 份额"上半年收益为***%，表现较为突出。 在2025半年度中证500指增产品榜中， 信弘天禾的"信弘中证500指数增强2号A类份额"，以***%的超额收益排名第一 ，上半年绝对收益 则为***%。 （ 点此看收益 ） 下面，就让我们一起深入了解信弘天禾。 （ 左右滑动下方图片看更多榜单 ） 编者按 在财富管理的大航海时代，私募基金以其灵活的策略、专业的团队和追求绝对收益的目标，吸引了越来越多高净值投资者的目光。然而，这个 行业也因其信息较少、不对称等特性，蒙上了一层神秘的面纱。策略如何运作？团队水平如何？短、中、长期业绩表现如何？风险控制究竟如 何……这些问题，往往是投资者在做出决策时，最难穿透的"迷雾"。正是基于此，私募排排网隆重推出 "深度 揭秘100家 私募" 栏目。为投资 者拨开云雾，提供真正有价值的深度洞察。 第三期我们将揭秘 百亿量化私募信弘天禾 ，信弘天禾在2025上半年的榜单中勇夺多个第一 。 ...