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 。 ...

Core Viewpoint - The launch of the Huabao Growth Enterprise Board Comprehensive Enhanced Strategy ETF marks a significant move for Huabao Fund, being its first index-enhanced ETF and a rare addition to the market [1][3]. Group 1: ETF Launch and Features - Huabao Fund has officially launched the Huabao Growth Enterprise Board Comprehensive Enhanced Strategy ETF (subscription code: 159292) on August 6, following the achievement of over 100 billion yuan in equity ETF scale in July [1]. - This ETF is the first index-enhanced ETF under Huabao Fund and one of the first in the market to track the Growth Enterprise Board Comprehensive Index [1][3]. - The Shenzhen Stock Exchange has revised the Growth Enterprise Board Comprehensive Index to enhance its investment representation, including mechanisms for monthly removal of risk-warning stocks and negative ESG screening [1]. Group 2: Market Context and Performance - The Growth Enterprise Board Comprehensive Index covers over 1,300 companies with a total market capitalization coverage of 98%, providing a balanced distribution across various market capitalizations and industries [6][8]. - Historically, the Growth Enterprise Board Comprehensive Index has outperformed major indices like the CSI 300 and CSI 500, with a cumulative return of 220.41% since its base date, significantly exceeding the returns of its peers [8]. - As of July 31, 2025, the index's price-to-book ratio stands at 3.77, indicating a relatively low valuation compared to its historical maximum [8]. Group 3: Management and Strategy - The ETF will be managed by Wang Zheng, who has over 11 years of investment management experience, supported by a quantitative investment team that has been developing strategies since 2005 [4][5]. - The management strategy will focus on fundamental factors such as valuation, growth, and profitability quality, as well as technical factors like volume and capital flow, aiming for excess returns while effectively tracking the index [5]. - The ETF's launch is timely, as several key technology sectors within the Growth Enterprise Board are expected to emerge from cyclical lows, presenting growth opportunities for investors [8].

Group 1 - The core viewpoint of the article highlights the rise of enhanced index funds as a new growth driver in the asset management market, driven by the dual trends of passive investment and refined active management [1] - Enhanced index funds combine the low cost and transparency of index funds with the stock selection capabilities of quantitative models, aiming for excess returns while controlling tracking errors [1][2] - As of the end of Q2 this year, 83 new enhanced index funds have been established, setting a historical record, with many products achieving positive excess returns compared to benchmarks [1][2] Group 2 - The total scale of passive index funds in China reached 3.55 trillion yuan, growing by 1.42 trillion yuan in just one year, reflecting strong market demand for index tools [2] - Enhanced index funds are positioned as a bridge between passive allocation and active returns, with annualized excess returns for mainstream products typically ranging from 3% to 8% [2][3] - Huashang Fund has developed a comprehensive product matrix covering both broad-based and technology-focused enhanced index funds to meet diverse investor needs [2][3] Group 3 - Huashang Fund's enhanced index family includes products that cover various market segments, such as the Huashang CSI A500 Enhanced Index Fund, which focuses on mid-cap growth [3] - The newly launched Huashang CSI 300 Enhanced Index Fund aims to complete the product layout, catering to both growth-oriented and conservative investors [3] Group 4 - The core competitiveness of enhanced index funds lies in the quantitative strategies employed, with Huashang Fund's quantitative investment team utilizing over 300 factors for stock selection and risk control [4][5] - The team integrates AI technology to enhance data mining and optimize multiple models, showcasing a robust quantitative framework [4] Group 5 - Huashang Fund employs industry rotation strategies based on valuation, market conditions, and trading factors, alongside style rotation strategies to balance growth and value investments [5] - The team is led by experienced fund managers who combine quantitative insights with active management, ensuring a comprehensive investment approach [5][6] Group 6 - Huashang Fund has consistently ranked among the top in the industry for its active management capabilities, with a 147.27% return for its active equity products over the past seven years, placing it third out of 115 [7] - The fund's proactive approach in both equity and fixed income sectors has earned it high ratings from authoritative institutions, including a 5A rating for its comprehensive management [7] Group 7 - The enhanced index family from Huashang Fund represents an innovative practice within the passive investment trend, extending active management capabilities into the quantitative domain [8] - The fund's products are designed to provide investors with tools that balance risk and return, embodying a philosophy of "quantitative wisdom + active management" [8]

Core Viewpoint - The quantitative private equity industry has been thriving this year, with some firms achieving impressive performance and gaining attention in rankings, but a recent tax penalty has exposed serious issues within a prominent firm, Square and Investment, highlighting potential risks in the industry [1][2]. Company Summary - Square and Investment, referred to as a "quasi-100 billion private equity" firm, has been penalized for tax evasion, with its general manager, Lü Jieyong, involved in issuing fraudulent VAT invoices totaling over 14.55 million yuan, resulting in a fine of 1.67 million yuan [2][3]. - The firm has been under scrutiny as it approaches its tenth anniversary in 2025, with its reputation now at risk due to the tax evasion scandal [5][10]. - As of June 2023, Square and Investment managed approximately 7 billion yuan in assets, with a product mix of around 3 billion yuan in index enhancement and 4 billion yuan in market-neutral strategies [5]. Industry Context - The tax penalty serves as a warning to the entire quantitative private equity industry, emphasizing the importance of adhering to legal regulations to maintain trust and credibility [2][10]. - The firm has seen increased interest in its products this year, attributed to strong performance, with one of its index enhancement products achieving double-digit excess returns annually from 2020 to 2024 [6][7]. - The market-neutral strategy of Square and Investment has also performed well, with one product yielding over 20% in the past year, despite challenges faced by the broader market [7][8]. Operational Insights - The tax evasion scheme involved using external companies to issue fraudulent invoices, allowing Square and Investment to evade normal financial oversight and tax reporting [3][4]. - The firm has made tax adjustments for previous years, including supplementary declarations for rental expenses and salaries, leading to significant tax liabilities and penalties [4]. - The recent changes in the core team, including the hiring of a former senior executive from a well-known quantitative firm, have raised expectations for improved governance and performance [8][9].

上周看到一则新闻，让我不禁莞尔。亿万富翁迈克尔·塞勒又出手了，他的公司在一周内豪掷24.6亿美元买入比特币，平均单价高达11.7万美元。这让我想起 十年前刚接触量化投资时的自己——那时我也总在纠结"现在是不是太高了"、"会不会回调"这类问题。直到后来我发现，市场里真正赚钱的人，从来不是靠 猜高低。 | During Period July 28, 2025 to August 3, 2025 | | | | | | As of August 3, 2025 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Aggregate | | | | | Aggregate | | | | | Purchase | | | Average | Aggregate | Purchase | | Aver | | BTC | Price (in billions) | | Purchase | | BTC | Price (in billions) | | Purch | | Acquired (1) | | (2) | | Price (2 ...

Core Viewpoint - Lingjun Investment has undergone significant changes in governance and research systems after the "2·19 incident," aiming to restore its position in the quantitative investment industry and address deep-rooted issues within the company [2][3][5]. Group 1: Incident and Response - The "2·19 incident" involved Lingjun Investment selling 2.567 billion yuan worth of securities in a short time, leading to a three-day trading restriction imposed by the stock exchanges [2]. - Following the incident, the company emphasized the importance of maintaining investor rights and has made substantial efforts in corporate culture management, compliance, and risk control [3][4]. - The company has adopted a new cultural framework called "36 Essentials" and a "1+5" work philosophy to prevent similar issues in the future [3][4]. Group 2: Company Evolution and Challenges - Over its 11-year history, Lingjun Investment has faced numerous challenges, emphasizing the need for continuous self-reflection and improvement to avoid complacency [5][6]. - The company recognizes that the competitive nature of the quantitative investment industry requires constant vigilance and adaptation to maintain its position [6][7]. - Lingjun Investment's leadership believes that true long-term success comes from a culture of high self-expectations and a commitment to continuous improvement [8][10]. Group 3: Strategies for Recovery - The company has identified three key areas for improvement: enhancing team capabilities, establishing robust risk management and compliance systems, and differentiating customer service [10][11]. - Lingjun Investment's recent performance recovery is attributed to a strategic upgrade that balances short, medium, and long-term investment signals [19]. - The firm is committed to a long-term vision that prioritizes compliance and sustainable growth, aiming to create lasting value for clients [20][24]. Group 4: Future Aspirations - Lingjun Investment aspires to be a respected company that demonstrates resilience in the face of challenges, focusing on long-term value creation rather than short-term gains [24][25]. - The company aims to deepen its presence in the Chinese market while gradually expanding its global reach, ensuring its professional capabilities are recognized internationally [24][25]. - The vision includes providing unique value through differentiated services, enhancing client experiences beyond expectations [24][25].

最近的市场，像极了楼下奶茶店新品——中证2000这杯"小微珍珠奶茶"，吸管一插全是料，年内涨22%+"嚼劲"十足，隔壁沪深300那杯"传统珍珠"瞬间不香 了。 更绝的是，有人给这杯奶茶加了量化波霸——指增ETF愣是把收益搅出了新高度，中证2000增强ETF（159552）年内直接涨了43%+，规模暴增31倍，资金 抢购场面堪比杰伦演唱会门票。 这不，午盘又是1500万份额"售罄"，按照基金实时净值差不多2800万。 | | 中证2000增强ETF | | | --- | --- | --- | | | 159552 | ਐ | | | | 10 + | | マキ | 43.36% 120日 | 30.26% | | 2日 | 1.69% 250日 | 101.29% | | 20日 | 7.73% 52周高 | 1.87 | | 60日 | 15.31% 52周低 | 0.92 | | | 实时申购赎回信息 申购 | 陵回 | | 笔数 | 10 | | | 金额 | O | | | 份额 | 1500万 | | 小盘为啥狂欢？ 看看现在的两融余额就知道了：距离2万亿仅一步之遥，巨量的杠杆资金正组团冲向小微盘 ...

Core Viewpoint - The market is characterized by rapid rotation among various themes and concepts, particularly in technology growth sectors such as robotics, computing hardware, and AI applications, leading to a "rotation bull market" rather than a broad-based rally [2][6]. Group 1: Market Dynamics - The influx of external funds is significant, with new account openings in July reaching 1.96 million, a year-on-year increase of 71%, and margin financing balances nearing 2 trillion [6]. - Quantitative funds act as "flash main forces," rapidly entering and exiting stocks based on high recognition, which accelerates the pace of theme rotation [6][7]. - News and sentiment dissemination has become instantaneous, allowing funds to switch themes quickly, making it challenging for retail investors to keep up [6][7]. - Despite the Shanghai Composite Index reaching new highs since 2022, the trading volume has not exploded, indicating a dispersed effect of capital rather than a concentrated focus on a single theme [6][7]. Group 2: Common Pitfalls for Retail Investors - Retail investors often make critical mistakes during bull markets, such as chasing high-flying stocks, selling quality holdings prematurely, or spreading their investments too thin across multiple themes [7][8]. - Understanding the core logic of the rotation bull market is essential, as the current environment favors "funds rotating among high-recognition stocks" rather than a synchronized rise and fall [7][8]. Group 3: Investment Strategies - Investors should focus on three main growth sectors: robotics (including robotic dogs and PEEK materials), computing hardware (CPO, liquid cooling, PCB, copper cables), and AI applications (AI e-commerce, industrial software, military AI) [8][9]. - It is advisable to create a candidate list of stocks within each sector, categorizing them into strong trend stocks, high-recognition stocks, and high-elasticity stocks [9][10]. - The strategy of "buying low" on high-recognition stocks at key support levels is recommended, as quantitative funds tend to prioritize these stocks during rotations [10][11]. Group 4: Conclusion and Recommendations - The market's rapid rotation requires investors to lock in on specific sectors, prepare a list of potential stocks, and adopt a patient approach rather than chasing every movement [13][14]. - The emphasis should be on the certainty of pre-positioning rather than the uncertainty of chasing trends, with a reminder that patience is more valuable than enthusiasm in a rotation bull market [13][14].

近日，宁波税务局官网公示的一则文书号为"甬税稽三罚〔2025〕90号"的税务行政普通程序处罚结果显示，平方和投资因收用173份虚开的增值税普通发票 被宁波市税务局第三稽查局合计罚款167.61万元。 根据公示内容，2019-2020年生产经营期间，平方和投资总经理吕某勇为套取账面资金于账外使用，以支付7%开票费的形式收用虚开的增值税普通发票173 份，价税合计约1455.16万元。由于平方和投资已将上述非法取得的发票金额入账计入成本并在税前扣除，导致公司分别少计2019年度和2020年度应纳税所 得额335.64万元和1119.52万元。 | 收用时间 | 公司名称 | 发票数量 | | --- | --- | --- | | 2020年4月=2020年7月 | 上海喻丹信息科技有限单位 | | | 2020年10月 | 河南博信智诚企业管理咨询有限单位 | | | 2019年4月=2020年5月 | 郑州捷尊企业服务有限单位 | 80 | | 2019年12月=2020年9月 | 河南起晟科信息技术有限单位 | | | 2020年12月 | 陕西未普士劳务派遣有限单位 | | 表格：平方和投资收用虚开的增值 ...

Core Viewpoint - The market is characterized by rapid rotation among various themes and sub-sectors, particularly in technology growth areas such as robotics, computing hardware, and AI applications, leading to a "flash show" market dynamic driven by four main factors [1][2]. Group 1: Market Dynamics - There has been a significant influx of external capital, with new account openings in July reaching 1.96 million, a year-on-year increase of 71%, and the number of private equity products hitting a 27-month high, indicating a lack of a dominant market theme [1][2]. - Quantitative funds are acting as a "flash main force," rapidly entering and exiting high-recognition stocks, which accelerates the pace of theme rotation [2]. - The dissemination of news and sentiment has become instantaneous, making it difficult for retail investors to keep up with the rapid changes in market sentiment and stock movements [2]. Group 2: Common Pitfalls for Retail Investors - Retail investors often find themselves losing money in a bull market due to chasing high-flying stocks, selling quality holdings prematurely, or spreading their investments too thin across multiple themes without significant gains [3]. - The core logic of the current market is not about simultaneous rises and falls but rather about capital rotating among high-recognition stocks, which are favored by quantitative funds [3]. Group 3: Strategic Recommendations - Investors should focus on three main growth areas: robotics (including robotic dogs, MIM, and PEEK materials), computing hardware (CPO, liquid cooling, PCB, copper cables), and AI applications (AI e-commerce, industrial software, military AI) [4][5]. - It is advisable to create a candidate list of stocks within each sector, categorizing them into strong trend stocks, high-recognition stocks, and high-elasticity stocks to streamline decision-making during rotations [5][6]. - The strategy should involve buying high-recognition stocks at key support levels during pullbacks, rather than chasing prices, to align with the behavior of quantitative funds [6][7].