最近美股"七巨头"又成了市场焦点。美国银行最新调查显示，45%的基金经理认为资金过度集中在这七只股票上。Meta、微软等公司财报亮眼，特斯拉却表 现不佳。表面上看，这似乎又是一个关于市场热点的普通新闻。但毕竟是入行几十年，我看到的却是另一番景象。 二、量化视角下的市场真相 我用了十多年的量化工具告诉我：真正重要的是当下正在发生什么。股价涨跌只是表象，背后的资金行为才是本质。就像"七巨头"的分化表现，表面看是业 绩差异，深层看是机构资金的不同态度。 通过长期积累的交易行为数据，我们可以清晰地看到机构资金的真实动向。比如下面这只近期表现抢眼的股票： 图中橙色柱体反映的是机构资金的活跃程度。这只股票在45个交易日内出现7次涨停，期间有四次明显的调整（图中①、②、③、④位置）。如果只看股价 波动，很多人可能会选择出局。但数据告诉我们：机构资金一直在积极参与。 一、市场表象下的深层逻辑 "七巨头"的强势表现确实引人注目。Meta、微软等公司的强劲财报，尤其是AI相关业务的出色表现，让市场重新燃起热情。美联储降息预期更是火上浇油， CME数据显示9月降息概率高达90.7%。但有趣的是，特斯拉却成为"七巨头"中唯一的例外。 ...

Core Viewpoint - The article discusses the current distribution of market capitalization among major indices in the A-share market, highlighting a significant decline in the proportion of the CSI 300 index compared to other indices, particularly in the context of recent market volatility and liquidity issues [2][3][5]. Market Capitalization Distribution - As of August 8, the CSI 300 index accounts for only 45.75% of the total A-share market capitalization, a notable decrease from previous levels [3][5]. - The distribution of free float market capitalization among major indices is as follows: CSI 300 at 19.82 trillion, CSI 500 at 7.22 trillion, CSI 1000 at 6.77 trillion, CSI 2000 at 5.94 trillion, and the remaining micro-cap stocks at 3.57 trillion [5]. Historical Context and Volatility - The article references significant drops in the CSI 2000 index, including a 12.83% decline in a single day in April and a cumulative drop of 35.86% over 54 trading days from late 2023 to early 2024 [10][11]. - The author suggests that a rapid decline in micro-cap stocks relative to the CSI 300 could occur again, drawing parallels to past market behaviors [13][14]. Investment Strategy and Risk Management - The article emphasizes the importance of maintaining a balanced portfolio that includes both dividend stocks and micro-cap stocks, suggesting that investors should be prepared for potential downturns in micro-cap stocks [19][20]. - It highlights two specific micro-cap funds, the Guotai Junan CSI 1000 Index Fund and the Nuon Multi-Strategy Fund, showcasing their performance and the potential for significant returns following market corrections [22][25]. - The article advocates for a strategic approach to investing in micro-cap stocks, suggesting that while volatility and drawdowns are expected, they can lead to substantial long-term gains if managed correctly [27][29].

"凡战者，以正合，以奇胜。" ——《孙子兵法》 2025年八月未央，上证指数逐步站稳3600点。中国投资者风险偏好也随着多重因素重新提振，对权益资产的关注度不断增强。 从今年前七个月来看，股票型基金发行总份额达2236.07亿份，同比增长211.24%。（注：数据来源Wind，统计截至2025/07/31） 图："9.24"行情以来权益基金发行量显著抬升，并主导了市场发行节奏 注：数据来源Wind，统计区间2024/01/01-2025/07/31 不过，换一个观察视角的话，市场的切变，对于度过了四年债牛的银行系公募基金而言，意味着迎来试炼"综合能力"的一场考验，即： 如何成为全天候、跨市场、多资产，能够满足投资者多样化需求的资产管理行家？ 如何在深厚的固收根基之上，汲取银行系的稳健基因，稳步提升权益动能？ 带着这些问题，"愉见财经"查阅了上半年的国泰海通基金超额收益排行榜，发现多家银行系基金产品凭借各自优势，取得不错的超额收益。 比如中加基金旗下的主动小盘量化产品——中加专精特新量化选股A以35.55%的收益率位列全市场数千只强股混合型基金的第71名，排名同类前2%的分 位（71/4082），且前一百名的榜 ...

编 者按 私募排排网数据显示，截至2025年7月底，管理规模在20亿以下的私募管理人有7000余家，占比 超85%，是私募行业数量庞大的中坚力量。私募排排网推出 「打卡100家小而美私募」 栏目，聚 焦管理规模适中、策略特色鲜明的优质私募基金管理人。通过深度解析其投资方法论、风控体系及 能力圈建设，为投资者提供差异化的视角与洞察。本期打卡—— 华年私募 。 | 网 打卡ID 家川丽美仙募 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 7 P Fran | 美元 | | | | | | | | 英年影賞 | | | | | | | | | 私募排排网公众号发布 Q | 公司概况 | | | | | | | | 办公城市 | 投资模式 | 成立时间 | 管理规模 | 10~20亿 | 量化 | 上海 | 2023-05-17 | | 公司简介 | | | | | | | | 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 公 司 概 况 P a r t.0 1 打卡100家小而美私募 上海华年私募证券基金管理 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来，市场风格明显更偏向小微盘股，年内中证2000指数（932000）已涨超25%，微盘股板块（BK1158）涨超65%，中小盘股市场表现抢 眼，以中小盘股为重仓偏好的量化私募产品收益表现较优，叠加AI、量化技术的提升，量化私募机构热度空前。 私募排排网数据显示，符合排名规则的1529只量化产品今年1-7月平均收益为 15.04% ，从私募（三级）策略来看，其他指增产品收益表现最 佳，年内收益均值为28.84%，其中中证2000指增相关产品表现较为突出；其次是中证1000指增产品，今年1-7月收益均值为27.00%，而介于大 盘与中盘之间的中证500指数，其指增产品年内收益均值也达到22.79%，均较沪深300指增产品表现更优。 | 排序 | 私募(三级)策略 | SER CONS STERED S 产品数 | 今年来收益平均值 | 今年来收益最大值 | | --- | --- | --- | --- | --- | | | 其他指增 | 75 | 28.84% | 81.76% | | 2 | 中证1000指增 | 122 | 27.00% ...

Group 1 - The core viewpoint of the articles highlights a significant increase in the registration of private securities products in July, driven by rising investor confidence and a recovering market [1][2] - In July, a total of 1,298 private securities products were registered, marking an 18% month-on-month increase and the highest level in nearly 27 months [1] - Year-to-date, 6,759 private securities products have been registered, representing a year-on-year increase of over 60% [1] Group 2 - Stock strategies continue to dominate the registration of private securities products, accounting for nearly 70% of the total with 887 products registered in July, reflecting a 24.58% month-on-month increase [1] - Multi-asset strategies are gaining traction, with 162 products registered in July, making up 12.48% of the total, as investors seek to diversify amid increasing market volatility [1] - Quantitative private products remain a key segment, with 620 products registered in July, representing 47.77% of the total, and a nearly 20% month-on-month growth [2] Group 3 - Among quantitative products, stock strategies are the primary focus, with 478 stock strategy quantitative products registered in July, accounting for 77.10% of the total quantitative registrations and a 26.79% month-on-month increase [2] - The majority of stock quantitative products are index-enhanced, with 321 such products registered, making up 67.1% of the stock quantitative total [2] - A total of 676 private institutions registered products in July, with 48 institutions managing over 10 billion and 36 managing between 5 billion to 10 billion [2]

Core Viewpoint - The recent disclosure of a commission kickback case involving the top domestic quantitative private equity firm, Huafang Quantitative, has raised significant market attention due to the involvement of its market director, Li Cheng, and the substantial amount of 118 million yuan involved in the case [1][2]. Group 1: Case Details - The case spans six years, from June 2018 to February 2023, and involves key figures such as Meng Pengfei, who was the general manager of the Shen Nan East Road branch of China Merchants Securities during this period [1]. - Meng Pengfei facilitated the arrangement for his relatives to act as exclusive brokers for Huafang Quantitative, allowing them to receive bonuses through their bank accounts [1]. - Out of the total 118 million yuan in performance bonuses, over 20 million yuan went to Li Cheng, 10 million yuan to Liu Huan, and the remaining 80 million yuan was retained by Meng Pengfei [1]. Group 2: Company Response and Internal Structure - Huafang Quantitative has stated that Li Cheng's actions were personal and not representative of the company's practices, asserting that the company was unaware of the commission arrangements made by the brokerage [3][4]. - The company maintains that it offers uniform commission rates across all cooperation channels, which are considered to be at a relatively low level within the industry [3]. - Li Cheng is described as a significant figure within the company, having considerable influence over business decisions, including the selection of brokerage firms for trading [6]. Group 3: Industry Context - Quantitative private equity firms are seen as lucrative clients for brokerage firms due to their high-frequency trading strategies, which can yield substantial profits despite low per-trade returns [2]. - The annual turnover rate for related products can reach as high as 100 to 200 times, contributing to a stable income stream for brokerages from transaction fees [2]. - Huafang Quantitative, founded by Liang Wenfeng, is recognized as a leading institution in China's quantitative investment sector, with significant assets under management [6].

最近A股回暖，公募基金发行市场也跟着热闹起来。7月份新发基金147只，创下年内新高，权益类产品占比提升到45%。表面看是市场信心恢复，但作为一 个在资本市场摸爬滚打多年的老手，我更关心的是：这些数字背后，机构们到底在打什么算盘？ 一、历史总是惊人地相似 很多人对"历史会重复"这句话嗤之以鼻，但如果你不是特别纠结于细节的话，投资市场确实存在惊人的相似性。每一轮牛市几乎都伴随着市场情绪极度亢 奋、开户数暴增、社交媒体上财富神话满天飞，最终以崩盘收场。 具体到中国股市，你会发现牛市往往与五年规划周期相关。2009年、2014年、2019年的牛市都处于规划交替期，政策推动与市场情绪形成共振。历史并非没 有重复，只是不以你预想的方式出现罢了。 所以历史当然会重复，关键看你关注的是什么… 比如，新进增猛增时，追高的人往往短期就会别套。原因就是，这种时候机构对于成本特别敏感。 二、好股票的共同基因 价值投资典范巴菲特也很注重控制成本。他在2023年股东信中透露：7年13亿美元买了4亿股可口可乐，折合每股成本3.25美元。而从1988年到1994年的7年 间，可口可乐股价最低35美元。 这就是为什么不要空谈价值投资——即便是 ...

Core Viewpoint - The A-share market has shown a significant upward trend in July, leading to considerable gains for domestic private equity funds with over 100 billion yuan in assets under management, as evidenced by a 5.10% average return for 532 products, with a 93.23% positive return rate [1][2]. Group 1: Changes in Private Equity Landscape - As of the end of July, there are 90 private equity firms managing over 100 billion yuan, an increase from 88 at the end of June, with 4 quantitative firms rising to this level and 3 subjective firms dropping out [1][2]. - The ratio of quantitative to subjective private equity firms has reached 44:39, indicating a shift in the industry dynamics [1][2]. - In just six months, the number of quantitative private equity firms has equaled that of subjective firms, marking a significant turnaround from previous years [2]. Group 2: Performance of Private Equity Firms - For the first seven months of the year, quantitative private equity firms have outperformed subjective ones, with an average return of 21.58% compared to 10.60% for subjective firms [7][8]. - All quantitative private equity firms achieved positive returns in the first seven months, with the top three performers being稳博投资, 阿巴马投资, and 天演资本 [8][9]. - The top quantitative firm, 稳博投资, has a total of 8 products with an average return of ***% for the first seven months [11]. Group 3: Emerging Private Equity Firms - The number of quasi-100 billion private equity firms has increased to 108, with 11 new firms added since June, predominantly in the quantitative category [5][17]. - The top three quasi-100 billion quantitative firms for the first seven months are 天算量化, 鸣熙资产, and 嘉石大岩, showcasing strong performance in the sector [18][20]. Group 4: Subjective Private Equity Performance - The top three subjective private equity firms for the first seven months are 复胜资产, 日斗投资, and 久期投资, indicating a recovery in their performance [12][15]. - 复胜资产 has a total of 6 products with an average return of ***% for the first seven months, benefiting from the surge in new consumption [15][16].

Group 1: Stock Market Overview - The A-share market, Hong Kong stocks, and US stocks all experienced an increase this week, with the A-share index (CSI 300) rising by 1.2% over the past week, 2.2% over the past month, and 4.3% year-to-date [20][21][22] - The performance of various indices includes the CSI 500 rising by 1.8% weekly and the ChiNext index increasing by 0.5% [21][22] Group 2: A-share Style and Crowding Degree - Growth style continues to show low crowding and excess returns, with a weekly excess of -0.9% and a year-to-date excess of 3.0% [26][27] - Small-cap stocks outperformed large-cap stocks with a weekly excess of 0.7% and a year-to-date excess of 7.3% [26][27] - Micro-cap stocks showed a significant outperformance against fund-heavy stocks, with a year-to-date excess return of 46.1% [26][27] Group 3: A-share Valuation and Equity-Debt Ratio - The current PE_TTM of the A-share market is at a historically high percentile of 82%, indicating a marginal upward trend [64] - The CSI 300's valuation is at a high percentile of 69%, while the CSI 500 is at 62%, and the ChiNext is at a low percentile of 17% [64][71] - Sectors with extremely low valuations include consumption (10%) and real estate (11%), while sectors with extremely high valuations include pharmaceuticals (86%) and electronics (81%) [71]