智通财经8月12日讯，今日共51股涨停，连板股总数19只，22股封板未遂，封板率为70%。继昨日上演"准地天板"后，北纬科技今日再度涨停走出7天6板； 新疆本地股持续活跃，洪通燃气6天5板，新疆交建、北新路桥等晋级3连板；吉视传媒录得4连板，成为市场高度板。板块方面，半导体、港口、CPO、新疆 等板块涨幅居前，PEEK、稀土永磁、军工、锂矿等板块跌幅居前。截至收盘，沪指涨0.5%，深成指涨0.53%，创业板指涨1.24%。沪深两市全天成交额1.88 万亿，较上个交易日放量545亿。 后市展望 指数持续走强，两市成交额逼近2万亿，指数在5日线上方呈现多头形态。两融余额继续上行也符合本轮行情由流动性推升的基本判断，资金关注两融余额时 隔十年再次站上2万亿元，但从两融余额占A股流通市值、两融交易额占A股成交额等指标来看，均处于历史中枢水平，所以短期资金不算亢奋或过热。市场 依旧是以量化为主导的题材轮动行情，可以多留意热点题材的反复轮动，对于资金认可的方向或可多一点耐心。从结构上看，目前依旧处于"权重搭台，题 材唱戏"的强势阶段。 人气及连板股分析 连板股空间依旧受限，市场围绕反包和卡异动推进。 长城军工 尾盘竞价往 ...

Core Insights - The event hosted by LSEG focused on exploring new opportunities in quantitative trading within the foreign exchange, fixed income, and precious metals sectors, emphasizing the integration of AI technologies [1][8] - LSEG views the Chinese market as a core component of its global strategy, significantly increasing its investment in local innovation, particularly in quantitative trading [3] - The financial quantitative innovation competition showcased China's leading practices in AI and quantitative strategy integration, highlighting deep collaboration between LSEG and both domestic and foreign financial institutions [3][8] Group 1 - LSEG's Asia-Pacific Front Office Solutions Director, Arman Sahovic, emphasized the importance of data and solutions in empowering strategy development and risk analysis [1] - The competition attracted 14 major domestic and foreign banks, resulting in over 30 submissions across various asset classes, generating significant interest in the financial industry [8] - The event featured a roundtable discussion where experts shared experiences in strategy design, data application, and AI technology practices, focusing on AI-driven changes in quantitative trading [11] Group 2 - Professor Zhou Hongsong discussed the fundamental principles and development trends of quantitative investment and trading, highlighting the integration of machine learning and deep learning in quantitative processes [5] - LSEG's global client technology director introduced the competition's design, focusing on price prediction as a core capability, and emphasized the support provided by LSEG's data and tools [13] - Future collaboration suggestions included establishing a "data application experimental environment" to enhance interaction and growth between data providers and financial institutions [14]

Core Viewpoint - The quantitative private equity industry is experiencing renewed interest, with trading commission rates and rebate issues becoming focal points [1] Group 1: Trading Commission Rates - The trading commission rates for quantitative private equity firms generally range from 0.01% to 0.015%, with significant variations based on the firm's scale, strategy, and business relationships [1][2] - Larger quantitative firms, due to their high trading frequency and capital scale, often negotiate lower base trading rates, typically between 0.01% and 0.02% [2] - Smaller firms, despite having lower management scales, also engage in high-frequency trading, leading to substantial trading volumes [2] - The commission structure can be viewed as a combination of fixed and variable rates, with the breakeven point for trading commissions generally set around 0.012% [3] Group 2: Cost Implications - A quantitative private equity firm with a scale of 10 billion yuan and an annual turnover rate exceeding 200 times could incur annual trading commission expenses of approximately 200 million yuan, assuming an average commission rate of 0.01% [4] - Recent regulatory changes have significantly increased high-frequency trading costs, compelling firms to reduce trading frequency and turnover rates [4] Group 3: Compliance and Rebate Issues - Commission rebates are explicitly prohibited by regulations, raising compliance concerns within the industry [5] - The return of commissions not only violates regulatory guidelines but also reflects a lack of internal risk control and compliance mechanisms [6] - Various regulations, including the Securities Brokerage Business Management Measures, explicitly forbid the return of commissions or any form of non-compliant incentives to investors [6][7]

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Core Viewpoint - A governance crisis within the quantitative private equity firm Shanghai Jingqi Investment Management Co., Ltd. has exposed underlying issues in the industry, leading to internal conflicts and regulatory complaints against its custodian, China Merchants Securities [2][4]. Group 1: Company Background - Jingqi Investment was established in 2015, managing assets between 1 billion and 2 billion yuan. The major shareholders include Fan Siqi (36.36%), Tang Jingren, and Mao Noping (27.27% each) [3]. - Fan Siqi serves multiple roles including legal representative, chairman, general manager, and fund manager, while Tang Jingren is the risk control officer [3]. Group 2: Recent Developments - On June 10, 2025, Fan Siqi announced his resignation as fund manager, citing significant stress and loss of passion due to management responsibilities [4]. - Following his resignation, a shareholder meeting led to his abrupt removal from all positions, which he described as a betrayal [4][6]. - On August 7, 2025, Jingqi Investment issued a risk warning, highlighting unauthorized actions by personnel and alleging that China Merchants Securities failed to fulfill its basic verification obligations [2][5]. Group 3: Financial Irregularities - Fan Siqi accused Tang Jingren of mismanaging company funds, including receiving commission income through a company owned by Tang, which was not properly accounted for [8]. - Allegations include using company funds for personal expenses and failing to report certain income, raising concerns about financial governance [8][9]. Group 4: Regulatory Context - The issue of commission rebates has been a longstanding concern in the industry, with regulations prohibiting such practices to maintain fair competition [11]. - Recent investigations into other firms, including allegations against senior personnel at China Merchants Securities, highlight ongoing scrutiny in the sector [10][12].

Group 1 - The article emphasizes the importance of low-position buying strategies in the current market environment, suggesting that high-risk chasing in bullish trends can lead to losses [1] - It mentions that recent developments in the market have shifted towards more low-buying strategies, particularly referencing Mark Minervini's approach [1] Group 2 - The article provides a disclaimer about the limitations of trading formulas, stating that while they can optimize trading strategies, they cannot guarantee profits and should not be seen as predictive tools [2] - It highlights that successful trading requires a comprehensive understanding and experience, rather than solely relying on formulas [2] Group 3 - The article includes a data management section that lists various stock and industry rankings based on specific indicators, such as RSV and SSV [3] - It notes that adjustments to the SSV formula have been made to address previous issues reported by users, ensuring that the updated formula will not affect stock selection negatively [3]

引子 最近美国7月非农就业数据一出，市场顿时炸开了锅。新增岗位远低于预期，失业率上升，更令人不安的是前两个月的数据还被大幅下修。这让我想起了一 个老生常谈的话题：在金融市场里，我们到底该相信什么？是相信那些整天在媒体上高谈阔论的专家，还是相信那些实实在在的交易数据？ 一、专家言论的迷雾 现在的金融市场，最不缺的就是"专家"。今天这个说牛市来了，明天那个喊熊市将至。他们的共同特点是：说对了就大肆宣扬，恨不得把操作截图贴满全 网；说错了就开始云里雾里，用一堆专业术语把简单的事情复杂化。 我见过太多这样的例子。记得2024年二季度时，外资机构一边公开宣称"从不做题材股"，一边却在暗中大举买入重组概念股。要不是后来报表披露，谁能想 到这些"专家"的话里藏着这么多弯弯绕绕？ | 序号 | | ■ 股票代码 | 股票简称 | 现价(元) | 涨跌幅(%) | 区间涨跌幅:前复权(%) ? | 机构持股数量明细(股) 2 | 机构持股比例明细(%) ? | 机构持股市值明细(元)(2) | 持 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

近期，东北证券股份有限公司(以下简称"东北证券")、国盛证券有限责任公司(以下简称"国盛证券")等 多家券商相继落地恒生i2证券高净值T0服务方案。方案深度融合恒生算法总线技术优势，并结合券商业 务特色定制化部署，实现对多算法、多终端的平台化管理。这不仅显著提升智能交易能力与客户体验， 更精准满足高净值投资者多样化、个性化及多端同步的智能交易需求，助力券商构建差异化竞争力。 本报讯(记者矫月)2025年，证券智能交易工具加速普及，超20家券商密集上线App端T0算法服务。这一 曾专属于专业机构的量化工具，正伴随券商金融科技能力升级，向更广泛客群开放。 T0算法是一种日内回转交易工具，旨在帮助投资者精准抓取日内波动价差，降低持仓成本、增厚收 益。随着这项服务快速铺开，行业竞争焦点正从"有无"转向"优劣"，技术稳定性、策略多样性、用户体 验成为关键要素。 上述券商通过恒生i2证券T0算法服务方案，拓展了特色服务，显著提升了高净值客户交易服务能力与市 场竞争力。该方案集智能分析、高效执行与实时风控于一体，以四个"统一"赋能券商构建多场景下的数 字化服务能力。 目前，恒生电子（600570）股份有限公司(以下简称"恒 ...

Core Viewpoint - The A-share market has seen a revitalization through various themes such as artificial intelligence, robotics, innovative pharmaceuticals, and new consumption, leading to new opportunities for stock strategy private equity products [2] Summary by Categories Stock Strategy Products Performance - As of July 25, there are 2,758 stock strategy products with nearly one year of performance data, averaging a return of 49.04% and a dynamic drawdown of 13.23% [2][3] - Among the four secondary strategies, quantitative long and subjective long products have the highest average returns of 65.01% and 48.24%, respectively [2][3] - Quantitative long products exhibit a lower dynamic drawdown of 10.99% compared to subjective long products at 15.06% [2][3] - The stock market neutral products have the lowest dynamic drawdown at 5.54%, primarily due to their use of shorting to hedge beta risk [2] Top Performing Products - In the quantitative long category, the top three products are managed by Shengguanda, Hainan Shengfeng, and Liangchuang Investment [4][5] - Among 674 quantitative long products, 368 have a dynamic drawdown below the average of 10.99%, accounting for 54.6% [4] - The top products in the quantitative long category are primarily from private equity firms with assets under management between 20-50 billion [4] Subjective Long Products - In the subjective long category, 1,098 out of 1,810 products have a dynamic drawdown below the average of 15.06%, representing 60.66% [10] - The top three products are managed by Qinxing Fund, Beiheng Fund, and Youbo Capital [10][12] Stock Market Neutral Products - In the stock market neutral category, 136 out of 208 products have a dynamic drawdown below the average of 5.54%, which is 65.38% [15] - The top three products are managed by Jiaji Fund, Saisuo Fund, and Liangkui Private Equity [15][17] Stock Long-Short Products - In the stock long-short category, 36 out of 66 products have a dynamic drawdown below the average of 10.47%, accounting for 54.55% [18] - The top three products are managed by Yihua Yinghe Fund, Shengquan Hengyuan, and Beijing Jintai Fund [18][20]

Core Viewpoint - The recent significant decline in the net value of multiple products under Honghu Investment has led to a wave of investor redemptions, contrasting sharply with the company's previous year of outstanding performance, where annual returns approached 90% [1][2] Group 1: Performance Overview - In the past week (July 28 to August 1), several products from Honghu Investment experienced substantial declines, with specific products showing weekly drawdowns of 6.61%, 6.6%, and 6.57% respectively [2] - The company had previously achieved a remarkable performance in 2024, with its flagship product generating an annual return of 88.23%, ranking second among 886 fund managers [6][7] Group 2: Investment Strategy and Market Conditions - Honghu Investment attributed the recent negative returns to a mismatch between medium-term fundamental signals and short-term market price signals, leading to significant portfolio drawdowns [4][5] - The company noted that the "anti-involution" expectations began to impact the commodity supply chain in mid-July, prompting adjustments in their investment strategy [4] - Despite the recent downturn, the company maintains a diversified asset allocation strategy, with bond assets contributing over 1% positive returns, while equities and commodities faced declines [5] Group 3: Future Outlook - Looking ahead to 2025, the company plans to focus on the commodity market, anticipating increased volatility in precious metals that have performed well over the past three years [1][7] - The company has indicated that it will continue to monitor the dynamics of supply and demand in the commodity sector, particularly in light of potential policy changes affecting production limits [4][5]