8月7日，上海靖奇投资管理有限公司（下称"靖奇投资"）在公众号上发布一则风险警示公告，这家正处于激烈内斗漩涡的量化私募机构公开指控"靖奇天弓 聚配专享1号私募证券投资基金"在设立及运作过程中，相关行为未经公司法定代表人授权，而托管人招商证券（600999）未能履行基本核查职责，目前已向 中国证监会与中国证券投资基金业协会正式投诉举报。8月8日，靖奇投资再度发布公告，称7月2日公司基本账户发生大额异常转账。 2025年8月7日 关于公司付款及对公账户操作的重要说明 尊敬的合作伙伴、供应商、服务商及全体员工: 我司在此郑重说明:2025年7月2日,公司基本账户发生大额异常资金转移, 响了公司的正常资金安排与对外付款秩序。此事件发生后,我司立即向开户行h 况,并正式申请限制该账户的线上交易权限,以保障公司资产安全。目前,公司 账户的线上操作已被冻结,但线下柜台交易仍可正常办理。 为了保障合作关系和合同履行,公司付款业务目前采用柜台线下转账方式,需E 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。 我作为公司法人及执行董事,已于7月初起,多次以书面形式向其他股东及公· 人员正式提出,携带必要材料 ...

Core Viewpoint - The recent internal conflict within Jingqi Investment has escalated, with allegations of unauthorized use of the company's legal seal and signature, leading to potential legal ramifications for those involved [1][7]. Group 1: Company Allegations and Legal Actions - Jingqi Investment has discovered that individuals have illegally used a forged legal seal and signature without authorization from the legal representative, Fan Siqi, to conduct critical legal actions such as fund establishment and account opening [2][7]. - The company has formally requested the return of the seal through a lawyer's letter and has re-registered the legal seal with the police [2][8]. - Jingqi Investment emphasizes that any documents created using unauthorized seals will not be recognized, and the company will not bear any legal consequences for such actions [2][3]. Group 2: Compliance and Due Diligence - The company has urged all fund custodians, securities firms, and partners to strictly fulfill their due diligence obligations and verify the legality and validity of the authorization documents and seals used in fund establishment and account opening [2][4]. - The company has filed a formal complaint with the China Securities Regulatory Commission and the Asset Management Association of China regarding the alleged negligence of the custodian, China Merchants Securities, in failing to verify the authorization [2][7]. Group 3: Internal Conflict and Management Changes - Fan Siqi, the legal representative, announced his resignation from the fund manager position in June, leading to a conflict over the management and operation of the company [9][10]. - The company is currently facing a split between its partners, with accusations of unauthorized actions and mismanagement being exchanged [9][10]. - The company has stated that all asset management products are operating normally and that the recent conflicts have not materially affected the company's overall operations [9].

Core Viewpoint - The investigation involving a prominent quantitative institution and a leading brokerage firm highlights significant issues related to illegal commission practices in the financial industry, exposing a gray area of interests between quantitative private equity and brokerage firms [2][3][4] Group 1: Incident Overview - A recent investigation has emerged regarding the involvement of a quantitative private equity firm, Huanfang Quantitative, and China Merchants Securities in a commission-related scandal, leading to the transfer of implicated personnel to judicial authorities [2] - The market director of Huanfang Quantitative, Li Cheng, holds considerable influence within the company, particularly in selecting brokerage firms for trading, which may have contributed to the unfolding events [2] - Multiple personnel from China Merchants Securities are implicated, including Gao Xiang, the general manager of the institutional business department, who is under investigation for serious violations of discipline and law [2] Group 2: Details of Violations - Meng Pengfei, the former general manager of the Shenzhen Nanshan East Road branch of China Merchants Securities, engaged in a series of violations from 2018 to 2023, including arranging for relatives to serve as exclusive brokers for Huanfang Quantitative and facilitating the transfer of benefits to Li Cheng [3] - The total amount involved in these violations exceeds one hundred million yuan, indicating the scale of the misconduct [3] - Regulatory frameworks established in 2002 and 2012 explicitly prohibit improper commission practices, yet the actual implementation has seen increasingly covert methods, complicating regulatory oversight [3][4] Group 3: Industry Implications - The case serves as a wake-up call for the financial industry, revealing the long-standing gray interest chains between quantitative private equity firms and brokerage houses [4] - The incident raises concerns about the need for enhanced regulatory measures to ensure market order and prevent similar occurrences in the future, drawing attention from various market participants [4]

【导读】靖奇投资官微发布声明：存在人员非法使用伪造法人印章 从今年6月至今，知名私募内斗升级。 8月7日下午，靖奇投资官微突然发布《关于非法使用法人印章及合作机构尽职调查义务的声明》（以下简称《声明》）。对此，公司相 关合伙人回应了中国基金报记者。 靖奇投资官微发布声明 在《声明》中，靖奇投资表示，近期，公司发现存在人员未经法定代表人范思奇授权，非法使用伪造法人印章及冒用法人签名，擅自进 行基金设立、清盘、证券账户开立等关键法律行为的情形。此类操作如未经有效授权，相关法律效力及后果需由实际操作者及相关责任 方自行承担。 靖奇投资强调，公司已于今年6月通过律师函形式，正式要求相关人员归还印章，并于6月底向公安机关重新备案法人印章。目前，公司 印章由法人范思奇依法管理，任何他人持有并使用的所谓"公司印章"，均属伪造或非法占有，其行为及所形成文书，公司一律不予承 认，亦不承担任何法律后果。 公司还特别提醒各基金托管机构、证券公司及合作方，应严格履行尽职调查义务，认真核查基金设立、交易账户开立等行为中所使用的 法人授权文件与印章是否合法、有效。 靖奇投资风险控制官唐人靖称，公司公众号于8月6日被人挂失了，找回需要权限 ...

Group 1: Private Equity Market - In July, the number of newly registered private equity securities investment funds increased by nearly 20% compared to June, reaching a two-year monthly high [1] - Nearly 70% of the new registered private equity products were stock strategy funds, totaling 887, which represents a month-on-month growth of 24.58% [1] - Year-to-date, the number of new registered private equity securities investment funds has increased by over 60% compared to the previous year, with a total of 6,759 funds registered by the end of July [1] Group 2: Quantitative Private Equity - The issuance of quantitative private equity products has surged, with July seeing a total of 1,298 registered securities products, an 18% increase month-on-month, marking a 27-month high [2] - The top ten registered funds in July were all from billion-dollar quantitative institutions, indicating a rapid growth in their management scale [2] Group 3: Disney's Financial Performance - Disney's third-quarter revenue exceeded expectations, with a 2.1% increase to $23.7 billion, driven by growth in theme parks and streaming services [3] - The theme park division saw a revenue increase of 13% to $2.52 billion, while streaming services achieved a quarterly profit of $346 million [3] - Traditional entertainment television revenue declined by 28%, and the film studio reported losses amid a broader industry contraction [3] Group 4: Gree Electric's Chip Development - Gree Electric has a chip team of nearly 1,000 people, with over 60% being technical personnel, indicating a strong focus on semiconductor development [9][10] - The company has been involved in the chip sector since 2015, establishing multiple research and development entities for various semiconductor products [10] Group 5: Market Trends - The U.S. stock market saw all three major indices rise, with the Dow Jones up 0.19%, the Nasdaq up 1.21%, and the S&P 500 up 0.73% [11] - Apple announced a significant investment plan in the U.S. to avoid potential tariffs, contributing to a surge in its stock price [11]

Core Insights - The A-share market showed a trend of fluctuating growth in the first half of 2025, with quantitative private equity becoming a prominent investment force, achieving an average return of 8.32% across all private equity securities products, and 10% for stock strategy private equity [1] - Among 1,243 quantitative long strategy products, 93.32% achieved positive returns, with an average return rate of 15.42%, significantly outperforming other sub-strategies [1] - A wave of dividends emerged in the industry, with 558 private equity products distributing dividends, accounting for 14.09% of the total, amounting to 5.655 billion yuan [1] - High income for private equity managers leads to increased tax burdens, prompting them to seek legal and compliant tax optimization strategies [1] Group 1: Investment Performance - The average return for private equity securities products in the first half of 2025 was 8.32% [1] - Stock strategy private equity led with an average return of 10% [1] - Quantitative long strategy products had a remarkable average return of 15.42%, with 93.32% achieving positive returns [1] Group 2: Dividend Distribution - By the end of June 2025, 558 private equity products had distributed dividends, representing 14.09% of the total products with performance data [1] - The total amount of dividends distributed reached 5.655 billion yuan [1] Group 3: Tax Optimization Strategies - High income levels for private equity managers result in significant tax liabilities, including corporate income tax and value-added tax [1] - The need for tax optimization strategies is emphasized due to the high tax burden faced by managers in the quantitative private equity sector [1] Group 4: Risk Management and Insurance - Private equity managers face core risks including compliance, investment, operational, liquidity, reputation, and ethical risks throughout the fundraising, investment, management, and exit processes [3] - Professional liability insurance is deemed essential for private equity managers to mitigate risks associated with investment decisions and internal management [3][4] - The selection of professional liability insurance should focus on coverage that matches core business risks, including management and professional liability [4] Group 5: Employee Benefits and Insurance - The importance of a comprehensive employee benefits and insurance system is highlighted for attracting and retaining top talent in private equity firms [5] - Group accident insurance and employer liability insurance are included in the core benefits to provide comprehensive protection for employees [5] Group 6: Tax-Advantaged Insurance - The organization considers tax-advantaged insurance options, such as supplementary medical insurance, which can be deducted from total wages within 5% to reduce tax burdens [6] - The focus is on balancing tax compliance, employee needs, and cost-effectiveness when selecting insurance products [6] Group 7: Insurance Configuration Recommendations - Recommendations for insurance configurations for different roles within private equity firms include high-end medical insurance, critical illness insurance, and professional liability insurance [10][12][13][15] - Specific insurance products are suggested based on the unique risks associated with investment research, marketing, and operational roles [10][12][13][15]

Group 1 - The core viewpoint indicates that the A-share market is experiencing a significant shift, with a recommendation to moderately reduce positions due to anticipated volatility and risks [3][5]. - The market saw a decline in major indices, with the CSI 300 index down by 1.75%, the Shanghai Composite Index down by 0.94%, and the CSI 500 index down by 1.37% [3]. - The fundamental factors affecting the market include unexpected challenges in the US-China economic relations and a slight decline in China's official PMI data, leading to a cautious outlook for the Chinese economy in the second half of the year [3][5]. Group 2 - Institutional caution is increasing, as indicated by weakening fund flow indicators, suggesting a potential continuation of market adjustments [4][5]. - The recent non-farm payroll data from the US has shown significant weakness over the past three months, reinforcing concerns about the US economic outlook [3][5]. - The recommendation for the main board is to reduce positions to a medium level in response to the market's changing signals, while the small-cap sector should also follow suit due to its high beta characteristics [7]. Group 3 - There is a notable correlation between the market's significant adjustment and the timing of a new product subscription window for a quantitative private equity fund, although the actual impact on the market was limited [8].

Group 1 - The private equity securities investment fund market in China is experiencing a recovery, with 1,203 funds registered in July, marking a new monthly high for the year [2][4] - Quantitative products remain the main force in the registration of new private equity funds, with several well-known quantitative private equity firms launching new products [2][3] - Some quantitative private equity firms have announced the suspension of fundraising for certain products due to increased market volatility and to focus on existing investors [3][4] Group 2 - The issuance market shows uneven performance, with quantitative private equity firms attracting more capital compared to subjective private equity firms, which are struggling to raise funds [4][5] - The overall market environment is favorable for quantitative strategies, leading to a significant demand for popular quantitative products [5]

Core Insights - Quantitative private equity has shown significant performance differentiation in the market this year, with small and mid-cap strategies outperforming large-cap strategies, reflecting structural changes in the market that deeply impact different investment strategies [1] Group 1: Performance of Quantitative Strategies - As of July 11, the Quantitative 1000 index enhancement strategy has performed the best, with Lingjun Investment leading at a 36.79% year-to-date return, while other institutions like Xinhong Tianhe, Longqi, and Qilin also surpassed the 30% mark [3] - The Quantitative 500 index enhancement strategy also performed well, with Xinhong Tianhe and Abama's related products achieving over 30% year-to-date returns [3] - In contrast, the Quantitative 300 index enhancement strategy lagged, with the highest year-to-date return at only 19.13% [3] - The Quantitative stock selection strategy demonstrated the strongest profitability, with Xiaoyong's strategy leading the market at 46.26% year-to-date return, and other institutions like Ruishengming and Ziwuyou also exceeding 40% [3] Group 2: Market Trends and Structural Changes - The market this year has clearly favored small and mid-cap stocks, providing abundant sources of excess returns for related quantitative strategies [4] - The CSI 1000 index, primarily composed of small and mid-cap stocks, has significantly outperformed the CSI 300 index, benefiting from policies favoring specialized and innovative enterprises [4] - The lower research coverage of small and mid-cap stocks leads to more pricing discrepancies, creating opportunities for quantitative strategies to capture excess returns [4] - Increased market volatility has also created a favorable environment for quantitative strategies, as small and mid-cap stocks typically exhibit higher volatility, allowing strategies to profit from capturing liquidity premiums [4] Group 3: Scale Effects and Strategy Differentiation - Billion-yuan private equity firms exhibit clear scale advantages in index enhancement strategies, dominating the top 20 in both the Quantitative 1000 and 500 index enhancement strategies [5] - Large institutions, with assets under management exceeding 5 billion, achieved an average return of 18.30% in their index enhancement products, with a staggering 99.25% of products generating positive excess returns [5] - Medium-sized private equity firms had an average return of 17.30%, while small firms saw their average return drop to 16.41% [5] - The performance differentiation among quantitative private equity firms is increasingly evident, with over a 15 percentage point difference between the highest and the 20th return in the Quantitative 1000 index enhancement strategy [5]

Group 1 - The core viewpoint of the article highlights a significant reshuffling within the billion-yuan private equity sector, with a notable increase in quantitative private equity firms and a decline in subjective ones [1][6][11] - As of July 23, the number of billion-yuan private equity firms stands at 91, with 16 firms dropping out and 19 new entrants, indicating that nearly 20% of the members are new faces compared to the beginning of the year [1][4] - Among the 91 billion-yuan private equity firms, 42 are quantitative, 40 are subjective, and 8 are a combination of both, reflecting a trend of "quantitative explosion and subjective decline" [1][4] Group 2 - Notable firms that have dropped below the billion-yuan threshold include He Yuan Private Equity and Yi Cun Investment, with the latter recently rebranded as "Shanghai Chengyi Private Equity" [4][5] - The article lists several firms that have successfully crossed the billion-yuan mark this year, including Shanghai Dapu Investment and Rido Investment, among others [4][8] - The performance of some firms, such as He Yuan Private Equity, has been underwhelming, with certain products experiencing cumulative losses exceeding 22% [5][6] Group 3 - The article notes that 12 subjective private equity firms have fallen below the billion-yuan scale this year, while 7 have successfully entered the billion-yuan club, resulting in a net decrease of 5 firms in this category [7][11] - In contrast, the quantitative private equity sector has seen a net increase of 10 firms reaching the billion-yuan scale, with 11 firms raising their management scale to over 100 billion yuan [6][10] - The average return for subjective long-only products in the first half of the year was 11.57%, while quantitative long-only products achieved an average return of 17.54% [11]