创业板指数周五开盘涨近2%，随后有所回落，但是早盘主要还是红盘震荡为主，说明资金较为活跃。指数继续加速上行，成交维持高位，市场走势极度强 势。周末证监会表示，持续巩固资本市场回稳向好势头，加快推进新一轮资本市场改革开放，显示监管层对目前的行情仍保持积极的态度。午后注意创业板 指数能否在2900点之上稳住。 欧美股市在美联储降息的预期下短暂拉升后，出现了明显的滞涨调整的走势，这里属于是区间震荡，并不是头部特征。然而A股市场依然是指数行情，两市 上涨个股的数量以及量能无法跟上拉升节奏。外资依然有继续增配中国市场空间：1）海外流动性易松难紧，不仅因为货币政策，还有金融监管、发债久期 调整等，美元流动性可能趋势偏松；2）国内基本面预期改善，人民币汇率仍有升值空间。当前外资在港股市场重要性已经有所下降，南向资金在互联互通 标的中成交占比已经超过50%，其未来流入的持续性同样甚至更加值得关注。 骑牛看熊发现近期美联储主席鲍威尔在杰克逊霍尔全球央行年会上表示，美国就业市场面临的下行风险上升，风险的平衡转变可能使得美联储调整政策立场 成为恰当之举。这是鲍威尔迄今为止发出的最强烈的信号，暗示美联储最早将于9 月降息。复盘了过去 ...

Core Viewpoint - The article highlights the strong performance of quantitative long products from billion-level private equity firms in the A-share market since August, with average returns significantly increasing for various strategies [1]. Summary by Category Quantitative Stock Selection Products - As of August 22, 2025, there are 234 quantitative long products under billion-level private equity firms, with an average return of ***% this year [1]. - The top-performing products in the quantitative stock selection category have shown an average return close to ***% [1]. Top 10 Products in the "CSI 1000 Index Enhancement" Category - The article lists the top 10 products in the "CSI 1000 Index Enhancement" category, with the leading product being "Mengxi CSI 1000 Quantitative No. 5 A-Class" managed by Li Ji from Mengxi Investment [4]. - Other notable products include "Qianyan Liuhe No. 6 1000 Enhancement B-Class" and "Mingfa Quantitative Small Cap Enhancement No. 1 B-Class" [4]. Top 10 Products in the "CSI 300 Index Enhancement" Category - The leading product in the "CSI 300 Index Enhancement" category is "Jiu Zhang Huan Fang CSI 300 Quantitative Multi-Strategy No. 1," managed by Xu Jin from Ningbo Huan Fang Quantitative [7]. - Other top products include "Mingxuan Stable Growth No. 2" and "Zhengding CSI 300 Index Enhancement No. 1 B-Class" [7]. Top 10 Products in the "CSI 500 Index Enhancement" Category - The article provides a list of the top products in the "CSI 500 Index Enhancement" category, highlighting the competitive performance of various funds [10]. Top 10 Products in the "Other Index Enhancement" Category - The article also details the top products in the "Other Index Enhancement" category, showcasing the diversity of strategies employed by different private equity firms [14]. Notable Firms and Strategies - Mengxi Investment has established a strong reputation with its quantitative strategies, leveraging a team with significant academic backgrounds in quantitative finance [16]. - Ningbo Huan Fang Quantitative has also gained recognition for its high returns, particularly in the CSI 300 Index Enhancement category [19].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在评价基金产品业绩时，除了考察收益（绝对收益、超额收益）外，夏普比率也是常用的考察指 标 。夏普比率是衡量风险调整后收益的一个指标，可以帮助投资者了解每承担一个单位总风险 （标准差）所获得的超额收益（超过无风险利率的收益）。其计算公式为：夏普比率=（投资组 合的预期收益率或平均收益率-无风险利率）/投资组合收益率的标准差。 从夏普比率的公式不难看出， 夏普比率是同时考察了基金产品的收益率和波动的综合评价指标。 夏普比率越高，说明该基金承担每单位风险能够获得的风险回报也越高。反映在收益率曲线上就 是， 净值稳定增长、回撤很小的，往往夏普比率比较高 。 一般来说，在波动越大的市场，要取得较高的夏普比率的难度越大。夏普比率大于1则代表基金 报酬率高过波动风险，小于1则代表获得的收益小于承担的风险。 以近三年（截至 2025年7月底）来看，在私募排排网有近三年夏普比率显示的私募产品共有2796 只，近三年夏普比率的中位数约为0.58，夏普比率大于1的产品为538只，占比不足20%。 按产品策略（一级策略）来看，股票策略产品最多，有1814只，但夏普比率大 ...

Core Viewpoint - The stock performance of ZTE Corporation has attracted significant market attention, particularly following a recent report from a brokerage firm that recommended the stock as a major buy, highlighting its potential in AI and network business [4][6]. Group 1: Stock Performance - On August 21, ZTE's A-shares surged, hitting the daily limit within two minutes of opening, while H-shares rose over 14% before experiencing a pullback, closing with a 6.56% increase and a market capitalization of 203.6 billion yuan [1]. - The stock has seen a notable increase of over 20% in A-shares this week and more than 4% last week [5]. Group 2: Analyst Recommendations - A report from Zheshang Securities, authored by a senior analyst, rated ZTE with a "major recommendation" and a 3A rating, suggesting that the market has undervalued the company's advancements in AI and network business [4]. - The report indicates that domestic manufacturers are accelerating their deployment of super nodes, with ZTE positioned to benefit significantly from this trend [4]. Group 3: Recent Contracts and Developments - ZTE secured over 50% of a major contract from China Mobile for AI computing devices, amounting to approximately 8.85 billion yuan, with ZTE winning the largest share of the contract [5]. - There were reports of ByteDance developing an AI phone with ZTE as the ODM, but ByteDance has denied these claims, stating there are no plans for a proprietary phone product [5]. Group 4: Financial Performance and Market Sentiment - ZTE's Q1 2025 report showed revenue growth of 7.82% year-on-year to 32.968 billion yuan, but net profit declined by 10.50% to 2.453 billion yuan, raising concerns about the sustainability of its growth [6][7]. - The company is transitioning from traditional communication equipment to AI and computing solutions, but faces challenges such as rising material costs and pressure on profit margins [7]. - Analysts have expressed skepticism about ZTE's ability to convert its AI business into substantial profit growth, which may affect investor confidence [7].

Market Overview - The market experienced a slight decline with the three major indices falling marginally, while the total trading volume in the Shanghai and Shenzhen markets reached 2.59 trillion yuan, a decrease of 175.8 billion yuan from the previous trading day, marking the fifth consecutive day of trading volume exceeding 2 trillion yuan [1] - Despite the overall market decline, over 2900 stocks rose, indicating a mixed performance among individual stocks [1] Sector Performance - The AI hardware sector remained strong, with Industrial Fulian hitting the daily limit and reaching a new historical high [1] - The robotics sector saw significant gains in the afternoon, with stocks like Top Group hitting the daily limit [2] - Huawei-related stocks surged, with Chengmai Technology and Sichuan Changhong hitting the daily limit, following the announcement of over 10 million devices running the HarmonyOS [2] - The military industry sector underwent adjustments, with Fenghuo Electronics dropping over 5% [1] Key Developments - The HarmonyOS ecosystem has surpassed a critical milestone with over 10 million terminal devices, and more than 30,000 applications are currently in development or updating, indicating a positive cycle for the operating system [2] - The robotics sector is expanding beyond PEEK materials, with potential investment opportunities in motors, sensors, and dexterous hands [3] - The white wine sector rebounded, with stocks like Jiu Gui Jiu hitting the daily limit, supported by government initiatives to stimulate consumption [3] Individual Stock Highlights - Industrial Fulian continued its strong performance, hitting the daily limit, while other hardware stocks like New Yisheng and Zhongji Xuchuang reached historical highs [5] - The liquid cooling sector faced corrections, with stocks like Chunzong Technology and Dayuan Pump Industry hitting the daily limit down [5] - The market is witnessing a divergence in high-profile stocks, with significant fluctuations in chip stocks and CRO leader WuXi AppTec dropping over 6% [5] Future Market Outlook - The market is expected to continue its upward trend, with a focus on identifying core stocks during corrections in popular sectors [7] - The government reported a slight increase in public budget revenue for the first seven months of the year, with a 0.1% year-on-year growth [7] - The securities transaction stamp duty saw a significant increase of 62.5% year-on-year, indicating a robust trading environment [7]