Group 1 - Over 90% of billion-level private equity funds have achieved positive returns this year, with an average return exceeding 7% as of May 31 [1] - Quantitative private equity funds have shown exceptional performance, with a 100% positive return rate [1] - The average return for 50 billion-level private equity funds in May was 2.73%, with 96% of these funds achieving positive returns [1] Group 2 - The issuance of asset-backed securities (ABS) by insurance asset management companies has exceeded 150 billion yuan, marking a year-on-year growth of over 40% [2] - The ABS covers various asset types, including consumer finance, microloans, and supply chain assets, aligning with the long-term investment needs of insurance funds [2] - The growth of this business is expected to accelerate, providing funding support for real economy development [2] Group 3 - Over 40 trillion yuan of interbank certificates of deposit are set to mature in June, putting pressure on banks' liabilities [3] - Despite short-term disturbances, the liquidity situation remains controllable, with the central bank's actions stabilizing market expectations [3] - The overall liquidity is expected to maintain a "stable yet disturbed" trend [3] Group 4 - The issuance of special bonds for land reserves has surpassed 100 billion yuan this year, reaching 108.35 billion yuan [3] - This increase in bond issuance is aimed at stabilizing the real estate market and optimizing land resource allocation [3] Group 5 - The price of glyphosate has been rising, with the average market price reaching 23,700 yuan per ton, a 2.6% increase from early May [4] - The industry gross profit margin has improved significantly, indicating a positive outlook for leading companies in the glyphosate sector [4] - The demand for glyphosate is expected to grow due to seasonal exports and increasing planting areas of genetically modified crops [4] Group 6 - XPeng Motors' CEO expressed that competition in the automotive industry will become increasingly fierce over the next five years, emphasizing the need for significant R&D investment [4] - The company plans to allocate approximately 4.5 billion yuan for AI-related R&D this year, with total R&D expenses nearing 10 billion yuan [4] - XPeng aims for profitability in the fourth quarter despite high R&D costs, indicating confidence in its financial performance [4] Group 7 - Jinzhongzi Wine has removed "liquor" from its business scope, leading to speculation about a potential diversification into other alcoholic beverages [7] - The company clarified that this change is merely a standardization of expression and does not indicate a shift in its business focus [7] Group 8 - Kingsoft Cloud announced the departure of its CFO, with plans to appoint a new CFO to ensure a smooth transition in financial management [8] - This change may be related to the company's strategic adjustments, although specific reasons have not been disclosed [8] Group 9 - Jia Bi You is undergoing a high-premium acquisition of Ou Yi Biological, with the transaction plan being modified twice, raising concerns about goodwill impairment [9] - The company has issued multiple announcements regarding the acquisition, indicating ongoing scrutiny from regulatory bodies [9]

Core Viewpoint - The founder of Jingqi Investment, Fan Siqi, announced the liquidation of his managed funds due to personal pressures and a loss of passion for the industry, with plans to continue trading independently in the future [1][2]. Company Overview - Jingqi Investment was founded in March 2015 by Fan Siqi and his university classmate Tang Jingren, with Fan focusing on strategy and Tang on resources and channels [2][3]. - The company transitioned from proprietary trading to asset management in 2019, achieving nearly 30 times compound returns over six years during its proprietary phase, equating to an annualized return of approximately 85% [2]. Management Changes - Fan Siqi will step down as the fund manager, and the liquidation process for most of the funds is expected to be completed by the end of the month [1][2]. - The company plans to adjust its equity structure to increase the shareholding of other partners [5]. Company Structure and Performance - Jingqi Investment has 17 full-time employees and manages assets in the range of 1 billion to 2 billion RMB [3][4]. - The registered capital of the company is 11 million RMB, with a paid-in capital of 10 million RMB, indicating a paid-in ratio of 90.909% [4]. Shareholding Information - Fan Siqi holds a 36.36% stake, making him the largest shareholder, while Tang Jingren and Mao Noping each hold 27.27% [4][6].

热点聚焦 107家私募狂买ETF，招商利安新兴亚洲精选ETF份额暴增！ 私募排排网数据显示，截至6月8日，今年来已有107家私募旗下产品现身年内上市的252只ETF前十大持有人，总持有份额 达18.61亿份。 年内买上市ETF数量在10只以上的私募分别是：铸锋资产(21只)、景弘基金(16只)、众壹资产(14只)、上海秉昊私募(10只)、 思勰投资(10只)。 数据显示，在所有年内上市的ETF中，私募持有份额超3000万份的ETF有24只，合计10.66亿份。其中，"招商利安新兴亚洲 精选ETF（QDII）"的持有份额位居第1，达8653.23亿份，占场内总份额比例的8.66%。另外，"大成中证全指自由现金流 ETF"被恒泰融安、上海秉昊私募、上海鹤禧私募、科瑞菲亚4家私募持有，合计持有份额为6800.29万份，占场内总份额比 例的6.26%，位居第2。 明显的泡沫？新消费分歧：百亿私募喊话泡沫明显，公募持续布局，该信谁？ 尽管新消费板块带来了亮眼的收益，但股价接连新高下，市场分歧也来了。"港股三朵金花"两涨一跌：泡泡玛特今天的股 价从新高走向新高；同样是股价飙升的蜜雪冰城新进港股通标的；老铺黄金则失守900 ...

Group 1: Macro Insights - The upcoming high-level talks between China and the US in London are expected to yield positive outcomes, similar to the previous meeting in Switzerland, although the brief 90-minute call indicates ongoing cautious exploration [1] - The nature of the China-US trade conflict has fundamentally shifted from direct tariff confrontations to a more complex battle over supply chains, particularly in critical areas like chips and rare earths [1] - The US's heavy reliance on China's rare earth supplies, which account for approximately 70% of global production and 92% of processing market share, creates significant leverage for China in negotiations [1] Group 2: Market Dynamics - The recent decline in the US dollar index below 100 is expected to benefit emerging markets, including A-shares and Hong Kong stocks, providing liquidity support [2] - The market has shown resilience, with a notable recovery following a sharp drop in early April, indicating strong market fundamentals despite recent volatility [2] - A significant rotation of funds has been observed across various sectors, with over 60% of the market experiencing rotation, although the average increase in these sectors has been limited to 6.5% [2][4] Group 3: Quantitative Investment Trends - As of the end of May, there are 40 billion-level quantitative private equity firms, with the top three managing a substantial number of products, indicating a strong trend towards quantitative strategies in the private equity market [3] - The majority of quantitative investments are focused on smaller stocks, leveraging algorithms designed to capitalize on retail and speculative trading behaviors [3] - The upcoming mid-June dividend distributions for quantitative managers may lead to a significant cash-out from smaller stocks, potentially impacting their performance [6] Group 4: Sector Outlook - The technology sector is anticipated to become the next clear market leader, driven by increasing industrial momentum and the ongoing AI boom in North America, despite current price stagnation in A-shares [6]

行业研究 非银行金融 2025 年 06 月 07 日 证 券 研 究 报 告 金融资金面跟踪：量化周报（2025/06/02~2025/06/06） 推荐（维持） 成交量有所提升，基差总体有所收敛 华创证券研究所 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：刘潇伟 邮箱：liuxiaowei@hcyjs.com 执业编号：S0360525020001 上周量化私募总体正超额。上周样本量化私募收益及超额如下：1）300 增强策略周 /月/年初以来平均收益分别为-0.4%/+3%/+1.3%，周/月/年初以来平均超额分别为 +0.6%/+1%/+4.5%；2）500 增强策略周/月/年初以来平均收益分别为+0.7%/+3.5%/+5.6%， 周/月/年初以来平均超额分别为+0.2%/+2.4%/+9.4%；3）A500 增强策略周/月/年初以来平 均收益分别为-0.4%/+3.1%/+8.9%，周/月/年初以来平均超额分别为+0.6%/+1.3%/+12.5%； 4）1000 增强策略周/月/年初以来平均收益分别为 ...

Core Viewpoint - The article discusses the evolution and transformation of the private equity fund industry in China over the past decade, highlighting the shift from a commission-based service model to a comprehensive service ecosystem that includes various financial services for private equity funds [1][2]. Group 1: Development of Private Equity Business - The revision of the Securities Investment Fund Law in 2013 marked the beginning of legal regulation for private equity funds, allowing securities firms to provide comprehensive custody services [2]. - By the end of 2017, the number of private equity fund managers had increased to 20,289, with the total management scale reaching 19.91 trillion yuan, reflecting significant growth in the industry [3]. - The implementation of the Asset Management New Regulations in 2018 led to a more standardized private equity management environment, prompting securities firms to focus on compliance and risk management [4][5]. Group 2: Service Model and Market Competition - Securities firms have enriched their service offerings, developing a comprehensive service system that includes trading, product distribution, and derivative services to capture market share in quantitative private equity [6][8]. - The market has seen a trend towards headquarter consolidation, with leading firms leveraging their unique advantages in various segments, such as comprehensive service capabilities and expertise in derivatives [9]. Group 3: Regulatory Changes and Industry Trends - The introduction of the Private Securities Investment Fund Operation Guidelines in 2024 is expected to enhance data disclosure requirements and improve the collaboration between private equity firms and securities companies [7][10]. - The competition is shifting from a "license dividend" to a "capability competition," with firms needing to strengthen their core competencies to meet evolving private equity demands [10][11]. Group 4: Future Directions and Innovations - There is a growing demand for cross-border investment services among private equity firms, indicating a need for securities companies to enhance their capabilities in this area [11][12]. - The rise of AI and advanced technologies is transforming the service requirements of quantitative private equity funds, necessitating a shift towards comprehensive service offerings beyond traditional trading channels [12].

Core Viewpoint - The recent policy changes by the China Securities Regulatory Commission (CSRC) aim to simplify and decentralize the process of major asset restructuring for listed companies, which is expected to benefit small and micro-cap stocks significantly [1][2]. Group 1: Impact on Small and Micro-Cap Stocks - The new regulations are favorable for small and micro-cap stocks due to their low market capitalization and simple equity structure, making them ideal candidates for mergers and acquisitions [3]. - The inclusion of high-tech sectors such as semiconductors, AI, and new energy in small and micro-cap stocks aligns with the new rules that promote mergers in the technology industry, potentially leading to significant performance improvements post-acquisition [3][4]. Group 2: Quantitative Investment Strategies - Many quantitative private equity firms are focusing on small and micro-cap stocks, benefiting from a natural beta advantage and the ability to capture excess returns due to the high volatility and emotional trading behavior of retail investors in this segment [6][7]. - Performance data indicates that small and micro-cap indices have outperformed larger indices, with the average excess returns for the 1000 index and quantitative stock selection at 4.67% and 8.67% respectively, compared to 2.31% for the 300 index [7][9]. Group 3: Market Products and Strategies - The market offers a variety of small and micro-cap products, primarily index-tracking, which rely on the alpha capabilities of fund managers [10]. - A notable product, LZFL, distinguishes itself by having the fund manager independently execute all strategies and factor explanations, focusing on quantitative stock selection to uncover opportunities in small and micro-cap stocks [11]. - The fund has adapted its risk management strategies in response to market conditions, enhancing its approach to balance returns and drawdowns while maintaining its investment style [11].

Core Viewpoint - The article discusses the recent market fluctuations, attributing the drop to concentrated selling by certain institutions rather than the actions of the "national team" or political factors [1][2]. Market Dynamics - After 2 PM, there was a notable sell-off in the market, particularly in the CSI 300 ETF, which saw increased trading volume, suggesting institutional selling activity [1]. - The article highlights that the selling pressure was likely due to high positions held by private equity funds, with over 60% of them being fully invested [4]. News Impact - The article mentions that news regarding G7 countries discussing tariffs on low-value Chinese products began to affect the market only after it was reported by mainstream media, indicating a lag in market reaction to news [4]. - The rise of the stock "Sailis" is attributed to the announcement of its humanoid robot demo, which was initially reported earlier but only gained traction after media coverage [6]. Investment Trends - The article discusses the potential for funds to flow into the stock market as deposit rates decline, suggesting a timeline of 1 to 1.5 years for clearer effects [10][12]. - It notes that the dual-track interest rate system in China, influenced by bank wealth management products, complicates the flow of funds between deposits and investments [12][13]. Bond Market Insights - The bond market experienced fluctuations due to poor demand for long-term bonds, with a significant loss reported by Japan's largest life insurance company due to its bond holdings [17][19]. - The article suggests that the current situation in Japan could serve as a cautionary tale regarding long-term interest rate risks [19]. Recommendations - The article concludes with a suggestion for further adjustments in the market to create better opportunities for investment [7][20].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近几年来，A股的轮动速度明显加快，交易难度增大。量化私募通过分散投资和动态调整持仓的优势，快速捕捉市场风格的切换，实现了亮眼的 业绩，规模迅速扩大。今年以来，DeepSeek的成功更是进一步增强了投资者对量化私募的信心。 | 3 | 州天証 | 0-5亿 | 股票 | 广州 | 5 | 旦自似存止级 | | --- | --- | --- | --- | --- | --- | --- | | | 江津 | | | | | 烦请扫码 | | 4 | 全成星金 | 0-5亿 | 股票 | 上海 | 4 | | | 5 | 光亿旺达 私募 | 5-10亿 | 多资产 | 上海 | 3 | | | 6 | 华澄秋墓 | 0-5亿 | 期货及行 生品 | 北京 | 3 | | | 7 | 博弈资产 | 10-20亿 | 股票 | 青岛 | 4 | T | | 8 | 天之卉投 役 | 0-5亿 | 股票 | 深圳 | 4 | 应监管要求 查看私募业绩 | | g | 垒昂资产 | 10-20亿 | 股票 | 上海 | 3 T | 烦请扫码 | | 10 ...

智通财经记者 | 穆玥 近年来，国内量化私募快速发展。据私募排排网数据，截至2025年4月底，管理规模超过50亿元的头部量化私募共有66家，其中百亿量化私募达到38家。 然而，作为国内最早一批突破百亿规模大关的量化私募之一，上海富善投资近年来却不断滑坡，中基协数据显示，目前公司的管理规模仅为5-10亿元。 根据Wind数据，上海富善投资旗下一共备案过214只产品，其中151只已经提前清算，占比70.56%；16只延期清算，占比7.48%；3只投顾协议已终止；2只为 正常清算；有42只正在运行，占比19.63%。同时公司仍在运作的42只产品中，有22只截至2025年第一季度报送的存续规模已经不足1000万元，占比过半。 从100亿+到不足10个亿，上海富善投资这些年到底发生了什么？ 上海富善投资成立于2013年4月，主要从事二级市场投资业务，包含量化CTA、网下打新、上市公司定向增发、海外美元基金等。公司实际控制人林成栋曾 历任上海融泰投资总经理、西部证券资产管理部高级经理，也曾是知名私募朱雀投资的合伙人之一。 A 根据天眼查数据，上海富善投资最初一共有5位创始股东，除了林成栋以外，还包括知名百亿量化私募明汯投 ...