Core Insights - Despite the ongoing fluctuations in the A-share market since November, the enthusiasm for private equity product registration remains high, with a significant increase in the number of registered products [1][3] Group 1: Private Equity Product Registration - A total of 1,285 private equity securities products were registered in November, marking a 29.28% increase from 994 products in the previous month [1] - The stock strategy continues to dominate, with 849 products registered, accounting for 66.07% of the total [1] - Multi-asset strategies saw 193 products registered, representing 15.02% of the total, while futures and derivatives strategies accounted for 121 products, or 9.42% [1] Group 2: Quantitative Private Equity Products - Quantitative private equity products performed exceptionally well, with 565 products registered in November, making up 43.97% of the total [2] - Within quantitative strategies, stock strategies led with 402 products, while futures and derivatives strategies had 80 products registered [2] - The quantitative long strategy was particularly notable, with 310 products registered, representing 54.87% of quantitative products [2] Group 3: Market Sentiment and Factors - The high registration enthusiasm is driven by optimistic market expectations, as private equity institutions believe equity asset valuations are now reasonable, and economic stabilization is underway [3] - The continuous decline in risk-free interest rates has diminished the appeal of traditional fixed-income products, prompting investors to reallocate assets towards higher-yielding private equity securities [3] - The overall performance of private equity securities products has been strong this year, especially in quantitative strategies, with over 90% of products showing positive returns, boosting confidence among channels and high-net-worth clients [3]

Core Insights - The private securities investment fund market in China has reached a significant milestone, with the total number of funds surpassing 80,000 and the total scale exceeding 7 trillion yuan as of October 2025, marking a substantial increase of over 1 trillion yuan from the previous month [1][4][13] - There is a strong bullish sentiment among private equity funds towards the A-share market, as indicated by a record high in the stock private equity position index [1][8][14] Fund Growth and Market Dynamics - As of October 2025, the total number of private funds in China has increased to 137,905, with a total scale of 22.05 trillion yuan, reflecting a month-on-month increase of 1.31 trillion yuan [4][18] - The growth in private securities investment funds is primarily driven by existing funds rather than new registrations, with only 995 new funds registered in October 2025, contributing 42.92 billion yuan to the total scale [4][19] - The surge in private securities investment funds is attributed to three main factors: the explosive growth of quantitative strategies, a favorable market environment highlighting structural opportunities in A-shares, and supportive policies that simplify registration processes [5][19] Industry Trends and Concentration - The number of private fund managers has decreased to 19,367 as of October 2025, indicating a trend towards quality over quantity in the industry, with a significant number of smaller managers exiting the market [6][20] - The concentration of assets in larger private equity firms is increasing, with the top ten firms capturing a larger share of the market, reflecting a "winner takes all" dynamic [7][20] Investor Sentiment and Positioning - The stock private equity position index reached 82.97% as of November 21, 2025, with a notable increase of 1.84% from the previous week, indicating a strong bullish sentiment among private equity funds [8][21] - The proportion of fully invested private equity funds has risen to 68.99%, while the shares of moderately and low-invested funds have decreased [9][22] - Factors driving the increased positions include positive policy developments, year-end performance considerations, and expectations of economic recovery and structural opportunities [9][22] Performance and Activity Levels - The average return of large private equity funds has been high this year, attracting more institutional investments from banks and insurance funds [5][19] - The number of new registrations for private securities investment funds has surged by 100.76% year-on-year, indicating heightened market activity and interest [12][23] - Private equity firms are increasingly engaging in research activities, with over 1,100 firms participating in investment research in a single month, reflecting a proactive approach to identifying investment opportunities [12][23]

"量化行业未来真正的竞争壁垒不在工具，而在专业。"近日，何荣天在接受中国证券报记者专访时如是 说。 量化行业竞争格局分化 随着算力成本下降、编程工具普及以及数据获取更加便利，量化行业的准入门槛正在降低，策略间的同 质化问题日渐凸显。在何荣天看来："模型可以复制，数据可以购买，但对市场内在逻辑和金融专业的 认知无法快速复制。" 何荣天表示，目前市场上的量化策略大致分为两类。一类是以多因子模型为代表的大众化的量化策略， 目前规模大、参与者众多，已经形成了明显的"红海"格局。在这一领域，模型和因子高度拥挤，策略显 著趋同，导致边际收益正在下降。另一类则是以专业金融认知为底座，通过独立逻辑寻找市场规律和风 格趋势，虽然小众却更具独特性和穿越周期的能力。这二者的差异使得量化行业逐步形成"工具驱 动"与"认知驱动"这两条不同的发展路径。 ● 本报记者 王雪青 在量化行业竞争加剧的当下，如何在"红海"中保持长期竞争力？广州守正用奇私募基金董事长何荣天给 出的答案是：回到金融本质，以长期有效的专业认知，把握真正可持续的AI量化策略。 相比于市面上同质化程度不断加深的多因子模型，这家成立10年、始终在规模发展上保持克制的量化机 ...

证券类私募基金又有新突破。 中国证券投资基金业协会（以下简称"中基协"）最新发布的数据显示，截至2025年10月末， 存续私募证券投资基金共80214只，存续规模达到7.01万亿元，环比9月暴增超1万亿元。这也 是私募证券投资基金市场 首次突破7万亿元大关。 在规模持续增长的同时， 近期，股票私募逆势加仓，展现出对A股中长期走势的坚定看多情 绪。 私募排排网数据显示，截至2025年11月21日， 股票私募仓位指数达82.97%，在前一周的基础 上大涨1.84%，再次刷新年内新高的同时，创下 近185周新高。 其中，在各规模梯队中， 百亿私募最为乐观，其仓位指数高达89.23%，已连续两周大幅提 升。 1 0月证券类私募基金规模大增1万亿 10月以来，私募基金市场加速扩容。 据中基协统计，截至2025年10月末，存续私募基金共137905只，存续基金规模22.05万亿元； 较2025年9月末的137245只、20.74万亿元分别增加了660只、1.31万亿元。 在本轮扩张中， 私募证券投资基金为最重要的助推器。 截至2025年10月末，存续私募证券投资基金80214只，存续规模7.01万亿元；存续私募股权投 资 ...

证券类私募基金又有新突破。 中国证券投资基金业协会（以下简称"中基协"）最新发布的数据显示，截至2025年10月末，存续私募证 券投资基金共80214只，存续规模达到7.01万亿元，环比9月暴增超1万亿元。这也是私募证券投资基金 市场首次突破7万亿元大关。 在规模持续增长的同时，近期，股票私募逆势加仓，展现出对A股中长期走势的坚定看多情绪。 私募排排网数据显示，截至2025年11月21日，股票私募仓位指数达82.97%，在前一周的基础上大涨 1.84%，再次刷新年内新高的同时，创下近185周新高。 其中，在各规模梯队中，百亿私募最为乐观，其仓位指数高达89.23%，已连续两周大幅提升。 记者丨易妍君 编辑丨姜诗蔷 10月证券类私募基金规模大增1万亿 10月以来，私募基金市场加速扩容。 据中基协统计，截至2025年10月末，存续私募基金共137905只，存续基金规模22.05万亿元；较2025年9 月末的137245只、20.74万亿元分别增加了660只、1.31万亿元。 在本轮扩张中，私募证券投资基金为最重要的助推器。 截至2025年10月末，存续私募证券投资基金80214只，存续规模7.01万亿元；存续私募 ...

证券类私募基金又有新突破。 中国证券投资基金业协会（以下简称"中基协"）最新发布的数据显示，截至2025年10月末，存续私募证 券投资基金共80214只，存续规模达到7.01万亿元，环比9月暴增超1万亿元。这也是私募证券投资基金 市场首次突破7万亿元大关。 在规模持续增长的同时，近期，股票私募逆势加仓，展现出对A股中长期走势的坚定看多情绪。 私募排排网数据显示，截至2025年11月21日，股票私募仓位指数达82.97%，在前一周的基础上大涨 1.84%，再次刷新年内新高的同时，创下近185周新高。 其中，在各规模梯队中，百亿私募最为乐观，其仓位指数高达89.23%，已连续两周大幅提升。 10月证券类私募基金规模大增1万亿 10月以来，私募基金市场加速扩容。 据中基协统计，截至2025年10月末，存续私募基金共137905只，存续基金规模22.05万亿元；较2025年9 月末的137245只、20.74万亿元分别增加了660只、1.31万亿元。 在本轮扩张中，私募证券投资基金为最重要的助推器。 截至2025年10月末，存续私募证券投资基金80214只，存续规模7.01万亿元；存续私募股权投资基金 30018只， ...

证券类私募基金又有新突破。 中国证券投资基金业协会（以下简称"中基协"）最新发布的数据显示，截至2025年10月末，存续私募证 券投资基金共80214只，存续规模达到7.01万亿元，环比9月暴增超1万亿元。这也是私募证券投资基金 市场首次突破7万亿元大关。 在本轮扩张中，私募证券投资基金为最重要的助推器。 截至2025年10月末，存续私募证券投资基金80214只，存续规模7.01万亿元；存续私募股权投资基金 30018只，存续规模11.18万亿元；存续创业投资基金26887只，存续规模3.56万亿元。 相较9月末，整个10月，存续私募证券投资基金规模暴增了1.04万亿元，增幅达到17.4%；存续私募股权 投资基金、存续创业投资基金的规模分别环比增长了约1.8%、2.3%。 并且，私募证券投资基金的规模增长主要来自老基金。新备案基金带来的规模增量相对有限。 在规模持续增长的同时，近期，股票私募逆势加仓，展现出对A股中长期走势的坚定看多情绪。 私募排排网数据显示，截至2025年11月21日，股票私募仓位指数达82.97%，在前一周的基础上大涨 1.84%，再次刷新年内新高的同时，创下近185周新高。 其中，在各规 ...

Core Insights - The article highlights the journey of Fusheng Asset over the past decade, emphasizing its growth from a startup to a professional team managing over 10 billion yuan, driven by a philosophy of performance-driven investment and risk management through a "weakness mindset" [4][5][6]. Company Development - Fusheng Asset was established in December 2015 and has grown to a team of nearly 30 professionals, with assets under management increasing from zero to over 10 billion yuan [4]. - The name "Fusheng" signifies "compounding success," reflecting the company's commitment to integrity and performance in investment [4]. - The core investment team, consisting of three key fund managers with an average of 19 years of experience, forms a stable "iron triangle" structure [4]. Investment Philosophy - The company adheres to a clear "performance-driven investment" philosophy, focusing on companies with projected revenue and profit growth exceeding 20% over three years [6][7]. - A distinction is made between growth stocks and value stocks, with a cautious approach to companies in the "gray area" of growth rates between 13% and 18% [7]. - The investment strategy emphasizes the importance of adapting to market conditions and maintaining discipline in position management [5][6]. Challenges and Adaptation - The most significant challenge faced by Fusheng Asset was in the first quarter of 2020, where the company's product net value fell nearly 20%, lagging behind competitors by approximately 40 percentage points [5]. - In response to this crisis, the team refocused on performance-driven investment, successfully identifying high-performing sectors such as new energy and medical protection [5][6]. Future Vision - Looking ahead, the company aims to establish itself as a competitive player in the private equity sector, attracting top talent from public fund backgrounds [8]. - The focus remains on achieving superior and stable performance, with growth in scale being a natural outcome of this commitment [8][9]. - The company emphasizes the principle of "consistency" in its investment approach, aligning the interests of the management team with those of its clients [9]. Conclusion - Fusheng Asset's story illustrates a commitment to long-term compounding success through focused investment strategies, adaptability to market changes, and a principled approach to management [9].

Group 1: Central Bank Policies - The People's Bank of China continues to enforce a prohibitive policy against virtual currencies, emphasizing that they do not hold the same legal status as fiat currencies and are considered illegal financial activities [2] - The central bank aims to enhance monitoring capabilities and combat illegal activities related to virtual currencies to protect public assets and maintain financial order [2] Group 2: Economic Indicators - In November, the manufacturing PMI was reported at 49.2%, showing a slight increase of 0.2 percentage points from the previous month, indicating a modest improvement in economic conditions [3] - The non-manufacturing business activity index fell to 49.5%, a decrease of 0.6 percentage points from the previous month, with the construction sector showing a slight increase while the service sector declined [3][4] Group 3: Market Adjustments - Major indices such as CSI 300 and CSI 500 will undergo sample adjustments effective December 12, impacting stocks like Zhongji Xuchuang and Shenghong Technology [5] - A new regulation has been introduced that eliminates the requirement for individuals to register the source of funds when withdrawing over 50,000 yuan, allowing banks to assess risk before questioning clients [6] Group 4: Precious Metals Market - The precious metals market has seen significant price increases, with silver futures and spot prices reaching historic highs, driven by expectations of a Federal Reserve rate cut and tight supply conditions [7] Group 5: Investment Strategies - Citic Securities suggests that a significant change in domestic demand is necessary to unlock market potential, recommending a focus on resource and traditional manufacturing sectors [10] - China Galaxy emphasizes the importance of the upcoming Central Economic Work Conference in determining policy direction for 2026, which could influence market sentiment and investment strategies [17]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stock index futures market rebounded significantly last week, with different industries contributing to the gains of various indices. The trading volume of each variety decreased month - on - month, and the basis weakened. It is recommended to pay attention to the inter - period positive arbitrage opportunities, and the roll - over strategy recommends going long on the near - term contract and short on the far - term contract. The cross - variety arbitrage time - series synthetic strategy's net value remained flat last week, and new signals were given. The daily timing strategy generally made profits last week, but the new signals of the timing model showed a significant increase in the degree of bearishness [3][4][5][6][7]. - In the bond futures market, the IRR of bond futures decreased this week, the basis strengthened, and the inter - period spread fluctuated weakly. Attention can be paid to the positive arbitrage space caused by the slight expansion of the inter - period spread. The daily timing strategy signals were mainly long last week, and the interest rate timing signals predicted an upward trend in interest rates [42][43][44]. - In the commodity market, last week, the commodity market generally had more gains than losses. The momentum and term - structure factors performed well, and the volume - price trend and some value - based factors had the largest increase. There may be a risk of factor return retracement in the short term, but the long - term performance of commodity factors is still optimistic. Different tracking strategies have different performance indicators [57][58]. 3. Summaries According to Relevant Catalogs 3.1 Stock Index Futures 3.1.1 Market Review - The market rebounded significantly last week. Electronics and non - ferrous metals contributed to the main gains of the SSE 50; electronics and communications contributed to the main gains of the CSI 300; electronics and power equipment contributed to the main gains of the CSI 500 and CSI 1000 [3]. - The trading volume of each variety decreased month - on - month, and the basis weakened. IF maintained a shallow discount, while IC and IM maintained a deep discount [4]. 3.1.2 Basis Strategy Recommendation - The basis of each variety weakened. It is expected that the deep discount pattern of IC and IM will continue. It is recommended to pay attention to the inter - period positive arbitrage opportunities, and the roll - over strategy recommends going long on the near - term contract and short on the far - term contract [4]. 3.1.3 Arbitrage Strategy Tracking - In the inter - period arbitrage strategy, the net value of each strategy generally made profits last week. The annualized basis rate, positive arbitrage, and momentum factor made profits of 0.4%, 0.1%, and 0% (6 - times leverage) respectively. The annualized basis rate factor turned to a positive arbitrage signal [5]. - The cross - variety arbitrage time - series synthetic strategy's net value remained flat last week. The new cross - variety signals recommend a 50% position to go long on IF and short on IC, and a 100% position to go long on IM and short on IC [6]. 3.1.4 Timing Strategy Tracking - The daily timing strategy generally made profits last week. The SSE 50, CSI 300, CSI 500, and CSI 1000 had losses of 1.0%, 0.4%, and profits of 1.0%, 0.6% respectively. The new signals of the timing model showed a significant increase in the degree of bearishness, and the model was bearish on the SSE 50, CSI 300, and CSI 500 [7]. 3.2 Bond Futures 3.2.1 Basis and Inter - period Spread - The IRR of bond futures decreased this week, the basis strengthened, and the inter - period spread fluctuated weakly. Attention can be paid to the positive arbitrage space caused by the slight expansion of the inter - period spread [42]. 3.2.2 Unilateral Strategy - The bond futures market fluctuated last week. The daily timing strategy signals were mainly long. The main bullish factors included the basis, intraday volume - price, and high - frequency capital flow, while the main bearish factors included daily technicals and member positions [43]. 3.2.3 Interest Rate Timing Signal - The interest rate timing signals predicted an upward trend in interest rates, with a relatively high proportion of long positions in the production factor and inventory factor [44]. 3.3 Commodity Market 3.3.1 Commodity Factor Performance - Last week, the commodity market generally had more gains than losses. Glass, polysilicon, methanol, and silver had significant increases, while coking coal had a significant decline. The momentum and term - structure factors performed well, and the volume - price trend and some value - based factors had an average increase of more than 0.5%. The warehouse - receipt factors also increased slightly, while other factors decreased slightly. There may be a risk of factor return retracement in the short term, but the long - term performance of commodity factors is still optimistic [57]. 3.3.2 Tracking Strategy Performance - Different tracking strategies have different performance indicators. For example, the CWFT strategy has an annualized return of 9.4%, a Sharpe ratio of 1.62, a Calmar ratio of 1.07, a maximum drawdown of - 8.81%, a recent one - week return of 0.11%, and a year - to - date return of 4.53% [58].