Core Points - The article discusses a significant power struggle within a private equity firm, Jingqi Investment, highlighting the conflict between its founders, Fan Siqi and Tang Jingren, which escalated to public accusations and personal attacks [2][3] - The dispute centers around allegations of financial misconduct, including unauthorized withdrawals and mismanagement of funds, leading to a breakdown of trust and collaboration between the founders [4][5] - The article emphasizes the inherent vulnerabilities of quantitative private equity firms, where trust and interpersonal relationships are crucial for success, and how internal conflicts can jeopardize the firm's stability [6][7] Summary by Sections Background of the Conflict - The conflict began with a public accusation from Fan Siqi against Tang Jingren, claiming financial mismanagement and unauthorized actions [2] - The founders had a history of collaboration and mutual support, but the current situation has irreparably damaged their relationship [3] Nature of the Dispute - The dispute involves serious allegations, including the misuse of company funds and unauthorized decisions regarding fund management [4][5] - Tang Jingren's control over critical company assets, such as the company seal and bank accounts, has raised concerns about the potential for further mismanagement [6] Implications for the Industry - The article highlights the fragility of private equity firms, particularly those relying on trust and personal relationships, and how internal conflicts can lead to rapid deterioration of the firm's operations [7][8] - It suggests that the governance structures within private equity firms need to be reevaluated to prevent similar conflicts in the future, emphasizing the importance of clear roles and responsibilities [12][14]

Group 1 - The core issue in the quantitative private equity industry is the increasing trend of talent leaving established firms to start their own ventures, referred to as "private escape" [1][3] - The establishment of Shanghai Huayao Private Fund Management Co., Ltd. by Li Guang, a former key figure at a well-known quantitative private equity firm, highlights this trend [2][3] - The industry is experiencing a rapid expansion, leading to heightened talent mobility, which poses challenges for maintaining team stability within quantitative private equity firms [1][3][4] Group 2 - The competition among quantitative private equity firms is shifting towards talent retention and technological advancement, making it essential for firms to develop effective strategies to keep their top talent [4][5] - Firms are advised to offer compensation packages that significantly exceed industry averages, alongside clear career advancement paths to retain employees [5] - Creating a supportive work environment and providing diverse opportunities for professional growth are critical strategies for reducing turnover rates among employees [5]

近日，华耀私募在中国证券投资基金业协会完成登记，实控人李光背景引发关注。资料显示，其曾在知 名量化私募磐松资产担任重要角色。事实上，此前新登记的私募中，有不少核心人物都与知名私募有 关，尤其是量化私募中，"私奔私"情况频现。 业内人士认为，在近几年量化发展迅猛的背景下，选择自己创业的人士也越来越多，激励机制与利益分 配问题或是许多私募基金经理选择离开老东家，创办新公司的主要原因。 核心员工辞职单干 9月12日，一家名为"上海华耀私募基金管理有限公司"的证券私募在中国证券投资基金业协会完成私募 管理人登记，公司成立于2025年3月，注册资本1000万元人民币。公司现有全职员工5人，管理规模处于 0–5亿元区间，暂无在管基金产品。 华耀私募股权结构为李光持有70%股份，上海诚远投企业管理合伙企业（有限合伙）持有30%股份。穿 透来看，李光持有71%股份，为公司实控人。 实控人李光的背景引发了市场关注。资料显示，自2022年11月至2025年5月，李光一直就职于知名量化 私募磐松资产，其中2022年11月至2025年1月任公司副总经理兼投资总监，2025年1月至2025年5月任公 司基金经理，均属于核心岗位。 企查 ...

Core Viewpoint - The A-share market has experienced strong growth this year, with the Shanghai Composite Index reaching a nearly ten-year high and the ChiNext Index increasing by approximately 45% year-to-date, driven primarily by the new technology sector focused on computing power [1] Group 1: Private Equity Companies - A total of 1,056 new private equity firms have been established in the past five years, with 60 firms having at least three products that meet ranking criteria this year [1] - Among the top 20 private equity firms, 12 are subjective private equity firms, while 4 are quantitative and 4 are mixed [1] - The average management scale of the top 20 private equity firms is less than 5 billion [1] Group 2: Top Private Equity Firms - Beijing Xiyue Private Equity has emerged as the champion, with an average return of ***% across its five products this year [2][4] - The only quantitative private equity firm in the top 10 is Juyuan Balanced Fund, which has an average return of ***% across its three products this year [4] - The top 20 private equity firms have a return threshold of ***% to qualify for the ranking [5] Group 3: Private Equity Products - There are 277 products from new private equity firms with management scales above 5 billion that have shown performance this year [5] - Among the top 20 products, 12 are subjective long products and 5 are quantitative products [5] - The average return threshold for the top 20 products is ***% [5] Group 4: Notable Private Equity Managers - Lu Wentao, chairman and fund manager of Luyuan Private Equity, has indicated a strategic shift towards increasing gold holdings while reducing positions in the military industry [7] - Wu Que, general manager of Pansong Asset, emphasizes the importance of long-term validation of market patterns and continuous model iteration to maintain alpha sustainability [8] - Xue Yuxin, founder of Huannian Private Equity, has extensive experience in quantitative strategies and has led the firm since its establishment in May 2023 [9]

Core Viewpoint - The article discusses the performance of subjective, quantitative, and mixed private equity funds, highlighting that mixed funds have shown competitive returns despite the rising popularity of quantitative funds this year [1]. Summary by Sections Performance Overview - As of August 2025, quantitative private equity funds have 353 firms with 1,277 products, yielding an average return of 20.76% this year. In contrast, mixed private equity funds have 328 firms with 783 products, achieving an average return of 22.17%, outperforming quantitative funds [1][2]. Performance by Fund Size - For funds over 100 billion, quantitative funds have an average return of 28.07%, while mixed funds yield 18.08%. In the 50-100 billion category, quantitative funds return 24.92% compared to 13.83% for mixed funds. In the 20-50 billion range, quantitative funds yield 19.05% against 18.63% for mixed funds. For 10-20 billion, mixed funds return 20.44% while quantitative funds yield 23.50%. In the 5-10 billion category, mixed funds achieve 23.50% compared to 16.51% for quantitative funds. Lastly, in the 0-5 billion category, mixed funds yield 22.82% against 19.40% for quantitative funds [2]. Top Performing Mixed Funds - The article lists the top 10 mixed private equity funds by size, with specific firms highlighted for their performance. For funds over 50 billion, the top three are Xuan Yuan Investment, Shi Feng Asset, and Changdu Kaifeng Investment. For 20-50 billion, the leaders are Lu Xiu Investment, Qi Yuan Asset, and Tong Xiao Investment. In the 10-20 billion category, Shenzhen Zeyuan, Liang Li Private Equity, and Liu Miao Xing (Beijing) Private Equity lead. For 5-10 billion, the top three are Zhong Min Hui Jin, De Yuan Investment, and Hong Qiao Fund. Lastly, in the 0-5 billion category, Jin Ta Ke Asset, Jia Xin Rong Cheng, and Zhe Yun Private Equity are the top performers [3][4][7][11][15][19]. Notable Firms and Strategies - Xuan Yuan Investment, established in 2015, focuses on a dual strategy of subjective and quantitative investments, achieving significant returns through a balanced quantitative strategy that integrates fundamental analysis with quantitative factors [5][6]. Lu Xiu Investment, also established in 2015, specializes in technology growth stocks and quantitative selection strategies, achieving notable returns this year [9]. Shenzhen Zeyuan, founded in 2015, has a strong focus on the North Exchange, leveraging its growth potential for investment [11]. Jin Ta Ke Asset, established in 2017, employs AI technology in its investment strategies, covering various approaches including quantitative hedging and long positions in stocks [19].

Fund Market - In September, the issuance scale of newly established equity funds reached nearly 66 billion yuan, with a total of 141 fund products established, totaling 118.27 billion yuan, making it the second highest monthly issuance this year [1] - The ETF market saw new members join the 10 billion yuan club, indicating a continuous influx of incremental funds into popular ETFs, driven by a strengthening equity market [1] - Over 78% of private equity firms reported their average positions at the highest level of the year, with many firms increasing their investments in technology and innovative pharmaceutical sectors [1] Quantitative Private Equity - As of September 12, less than 20% of quantitative private equity products achieved positive excess returns in August, indicating a significant underperformance compared to subjective private equity [2] - The management scale of quantitative private equity has nearly halved due to two major drawdowns this year, prompting firms to reduce leverage and limit style exposure [2] Floating Rate Bonds - The issuance of floating rate bonds has significantly rebounded, with 97 bonds issued and a total scale of 275.57 billion yuan, marking a year-on-year increase of 123.5% [2] - Policy bank bonds account for over 80% of the issuance, with expectations for the floating rate bond market to normalize and extend towards medium to long-term maturities [2] Banking Sector - A wave of redemptions for "perpetual bonds" is occurring, with banks like China Construction Bank and CITIC Bank announcing full redemptions of bonds issued in 2020, totaling 729.28 billion yuan this year [3] - This redemption trend is part of banks' strategies to optimize capital structures and reduce financing costs amid a declining interest rate environment [3] Aviation Industry - In August, China's civil aviation transportation volume reached a historical high, with a total turnover of 15.18 billion ton-kilometers and passenger transport volume of 75.36 million, reflecting a year-on-year growth of 8%, 3.3%, and 13.3% respectively [4] Pharmaceutical Industry - The 11th batch of national drug centralized procurement will open for bidding on October 21, covering 55 varieties and 162 specifications, with a focus on key areas such as antiviral drugs and innovative treatments for kidney diseases [4] - The new procurement scheme aims to ensure fair pricing and prevent excessively low bids that could disrupt the market [4] Corporate Developments - The chairman of Bosera Fund, Jiang Xiangyang, has stepped down, with Zhang Dong expected to take over, indicating a significant organizational change within the company [5] - The company Xuan Zhong Ecological is planning a change in control, leading to a temporary suspension of its stock trading [6] - Xiangrikui plans to acquire 100% of the high-end semiconductor materials company Xipu Materials, indicating a strategic move to enhance its product offerings [8] US Stock Market - The three major US stock indices closed higher, with the S&P 500 up 0.49% and the Nasdaq up 0.72%, reflecting a strong performance in the technology sector [9] - The trading volume surged on "Triple Witching Day," marking the third-highest record, as small-cap stocks fell from record highs [9] - The ten-year US Treasury yield rose for three consecutive days, reaching a two-week high, while the dollar index also increased [9]

Core Viewpoint - The article discusses the recent recovery of quantitative private equity and raises questions about its sustainability, governance, and role in the capital market, suggesting a need for rational reference for industry regulation and sustainable development [1] Group 1: Performance and Market Trends - In the first half of the year, quantitative strategies showed significant excess returns, with over 40 private equity firms managing over 10 billion yuan, and the average new issuance scale exceeding 3 billion yuan [2][5] - However, by August, the performance of quantitative private equity began to decline, with only 19.9% of index-enhanced private equity products achieving positive excess returns [3][4] - The market style switch and the concentration of funds in small-cap stocks contributed to the negative excess returns observed in quantitative strategies [4][3] Group 2: Industry Adjustments and Strategies - Following the lessons from 2024, quantitative private equity firms are reducing leverage and limiting style exposure to avoid repeating past mistakes [2][7] - Many firms are enhancing their risk management systems, implementing multi-dimensional restrictions to ensure proper risk thresholds and real-time monitoring of market conditions [8] - The industry is increasingly focusing on long-term strategy stability, with a shift towards AI and machine learning to improve the efficiency of alpha factor extraction and optimize trading execution [10][11] Group 3: Future Outlook - The ongoing active trading volume in the market is seen as a crucial support for the current recovery of quantitative private equity, with expectations that liquidity shocks will not reoccur [9] - Firms are diversifying their strategies and assets to enhance portfolio stability, exploring multi-strategy approaches and utilizing derivatives to ensure steady asset appreciation [11] - The competition in the quantitative space is expected to shift from short-term performance to long-term adaptability of strategies, emphasizing patience and thoroughness [11]

Core Viewpoint - The private equity industry has matured, with many firms achieving significant brand recognition and operational success, transitioning from initial establishment to notable growth stages [1][2]. Group 1: Industry Overview - The private equity sector requires talent, technology, and capital, along with investor recognition and performance metrics to thrive [1]. - As of August 2023, there are 77 individuals controlling multiple private equity firms, indicating a trend towards consolidation and diversification within the industry [1]. - The Asset Management Association of China has clarified that multiple private equity firms can be registered under a single controlling entity, subject to certain conditions [1]. Group 2: Notable Private Equity Controllers - Among the 15 individuals controlling firms with assets over 5 billion, three have over 100 billion in assets: Liang Wenfeng, Qiu Guogen, and Qiu Huiming [2][5]. - Liang Wenfeng controls two major quantitative private equity firms, Ningbo Huansheng and Jiu Zhang Asset, focusing on differentiated strategies to meet diverse investor needs [5]. - Qiu Huiming oversees Mingcun Investment and Qianyi Investment, with a strong background in quantitative trading and investment banking [5]. Group 3: Performance Metrics - Wang Yiping manages 15 products with a total scale of approximately 2.1 billion, achieving impressive average returns this year [6]. - Chen Long, controlling three firms, has a combined asset scale of 5.29 billion and has also reported strong performance metrics [14][13]. - The data indicates that many controllers of multiple private equity firms are also actively involved as fund managers, enhancing their firms' performance [6][14]. Group 4: Emerging Trends - The trend of controlling multiple private equity firms is prevalent, with 22 individuals managing firms with assets between 5-50 billion [8]. - Notably, Mao Keji controls four private equity firms, all based in Shanghai, indicating a concentration of management and operational capabilities in specific regions [12][10]. - The industry is witnessing a shift towards quantitative strategies, with firms like Liang Wenfeng's leading the charge in technological advancements [5][22].

Company Developments - ByteDance announced it will advance related work according to Chinese laws to ensure TikTok's U.S. operations continue to serve American users [6] - Xiaomi announced a recall of 116,887 units of its SU7 standard electric vehicles, produced between February 6, 2024, and August 30, 2025 [6] - Moore Threads' IPO on the Sci-Tech Innovation Board will be reviewed on September 26, with less than three months from application acceptance to review [6] - Chow Tai Fook confirmed that its "one-price" gold products will see price increases starting in October, with the adjustment range to be announced later [6] - Li Auto signed a five-year comprehensive strategic cooperation agreement with CATL, which will provide various battery systems for Li Auto's entire product line [6] - The State Administration for Market Regulation has initiated an investigation into Chengdu Kuai Gou Technology Co., Ltd. for suspected violations of the E-commerce Law [6] Investment News - The China Securities Regulatory Commission emphasized the need for risk prevention, strong regulation, and high-quality development in the capital market, accelerating a new round of reforms [4] - In 2023, the number of newly established index-enhanced funds reached 129, a 207% increase from the previous year, with a total scale of 72.843 billion yuan [4] - As of September 12, the number of domestic securities investment private equity firms with over 10 billion yuan in assets reached 92, with quantitative private equity firms making up nearly half [4] Macro Economy - The Ministry of Industry and Information Technology, the Ministry of Commerce, and the State Administration for Market Regulation jointly issued a plan to stabilize growth in the light industry for 2025-2026 [2] - The Ministry of Commerce and nine other departments proposed to achieve the "Hundred Cities, Ten Thousand Circles" goal by 2030, promoting the expansion and upgrade of convenient living circles in cities [2] - The People's Bank of China announced adjustments to the 14-day reverse repurchase operations to maintain ample liquidity in the banking system [2] - From January to August, the number of newly established foreign-invested enterprises reached 42,435, a year-on-year increase of 14.8%, while the actual use of foreign capital decreased by 12.7% to 506.58 billion yuan [2][3]

Core Viewpoint - The article discusses the performance of stock strategy products in the context of increased market volatility due to tariffs, policy shifts, and geopolitical conflicts, emphasizing the importance of the Sharpe ratio as a measure of risk-adjusted returns [1][18]. Summary by Sections Overall Market Performance - Over the past three years, the average Sharpe ratio for stock strategy products was 0.69, with an average return of 64.17%. Among 1,723 products, 333 had a Sharpe ratio greater than 1, representing 19.33% of the total [1]. Top Products by Size Categories - **100 Billion and Above**: - The top product was "Junzhijian Junxin" managed by Zhang Youjun and Zhang Yichi, achieving a Sharpe ratio of *** and a return of ***% [4]. - Seven out of ten top products were subjective long strategies, with Junzhijian Investment holding half of the top spots [4]. - **50-100 Billion**: - "Pingfanghe Caiying Balanced No. 1 B Class" from Pingfanghe Investment topped this category with a return of ***% and a Sharpe ratio of *** [6][7]. - Six out of ten products were subjective long strategies, with two products each from Qianhai Bopu Asset and Kaishi Private Equity [6]. - **20-50 Billion**: - "Anzi Geek Multi-Strategy No. 1 A Class" managed by Li Jing was the top performer with a return of ***% and a Sharpe ratio of *** [10]. - Four subjective long and four quantitative long products made the top ten list [10]. - **10-20 Billion**: - "Jilu No. 11" from Jilu Asset achieved the highest return of ***% and a Sharpe ratio of *** [12]. - The top three products were all quantitative long strategies [12]. - **5-10 Billion**: - "Beiheng No. 2" managed by Zhou Yixing led this category with a return of ***% and a Sharpe ratio of *** [14]. - All top eight products were subjective long strategies [13]. - **0-5 Billion**: - The highest entry threshold was noted in this category, with "Saisuo Stable Profit No. 1" leading with a return of ***% and a Sharpe ratio of *** [15][16]. - Seven out of ten products were subjective long strategies [15].