文 | 三思社 来源 | 三思社 编辑 | 杨兰 审核 | 浦电路交易员 "要接受新的地缘政治和宏观经济范式，其核心是现代重商主义……发达国家的重商主义也是对制造业空心化痛苦的防御性反应。随着 全球化造成的不平衡被视为不公，重商主义走向主流……特朗普政府的议程具有现代重商主义的全部特征——美国政府正进行史上最大 规模之一的行政权力扩张来主导经济……国家安全成为产业政策的驱动力" ——桥水基金 8月11日报告《Navigating Through a Time of Extraordinary Change》 在上一篇文章 大宗商品会有新一轮牛市吗? 中，我们从配置转移的角度描绘了未来几个季度商品整体走势的推力，也笼统描述了一下我们 目前所处的周期位置。 而这一篇文章，我们再讲一些美国具体的政策层面和经济层面的动因，和原油期货接近08年低位的净多头仓位。 从政策层面看，目前小部分华府观察家认为，市场把TACO等同于Trump1.0，是低估了本届共和党政府的"再工业化和实施现代重商主 义"的战略决心（至于在中期选举临近的压力下，他能不能做到先另说）； 对特朗普战略决心的忽视，意味着市场也可能战术性的低估了特朗普政 ...

Core Viewpoint - Ding Luming, a prominent analyst at CITIC Securities, announced his departure from the sell-side research role after 16 years to enter the private equity industry, marking a significant career transition [2][4]. Group 1: Career Background - Ding Luming has been with CITIC Securities since 2014, holding various key positions including Executive General Manager of the Research Development Department and Chief Analyst for the Financial Engineering Team [4]. - He is well-known in the industry for creating the "quantitative fundamental" research system and has accurately predicted major market trends and turning points [4]. - Ding has received multiple accolades, including being ranked 1st in the New Fortune Best Analyst awards in 2013 and 1st in the Crystal Ball Best Analyst awards in 2009 and 2013 [4]. Group 2: New Venture - After leaving CITIC Securities, Ding Luming founded Shanghai Ruicheng Private Fund Management Co., Ltd., which was officially registered on July 14, 2025, with a registered capital of 10 million yuan [4][5]. - Ding holds a 51% stake in Shanghai Ruicheng, while the second-largest shareholder is Hainan Ruicheng Enterprise Management Center (Limited Partnership) with a 49% stake [5][6]. - The company is classified as a private securities investment fund manager and is located in Hongkou District, Shanghai [5]. Group 3: Industry Trends - The private equity sector has seen a trend of seasoned analysts transitioning from brokerage firms, with several notable departures from CITIC Securities in 2025 [6]. - Notably, former Chief Strategist Chen Guo also left CITIC Securities earlier in the year to join Dongfang Wealth, highlighting a shift in talent within the industry [6].

Core Insights - Ding Luming, former Chief Analyst of Financial Engineering at CITIC Securities, announced his departure from a 16-year sell-side career to establish Shanghai Ruicheng Private Fund Management Co., aiming to create a Chinese version of "Bridgewater Fund" [1][2][3] Company Overview - Shanghai Ruicheng Private Fund Management Co. was established in April 2025 and completed registration on July 14, 2025 [3] - Ding Luming has a strong academic background with a Master's in Financial Mathematics from Tongji University and has been recognized multiple times as a top analyst [3] Investment Strategy - Ding Luming has developed an innovative "quantitative fundamental" research system, focusing on the Kondratiev wave theory within economic cycles, which he applies to asset allocation and market trend predictions [3] - The strategy emphasizes absolute returns through large asset allocation and timing, fostering long-term investment habits among investors [3] Industry Trends - The private equity sector is experiencing a resurgence, with a significant number of top managers being quantitative private equity firms [4] - As of Q1 2025, the scale of public quantitative equity funds reached 302.588 billion, while by June 2025, there were 39 private quantitative fund managers managing over 10 billion, accounting for nearly half of the total [4] Talent Acquisition - The definition of talent in the quantitative finance sector is evolving, with a shift towards valuing mathematical and computational skills over traditional finance backgrounds [4][5] - A notable trend is the preference for candidates with strong quantitative analysis and programming skills, as opposed to those with purely financial education [5][6]

Core Viewpoint - Ding Luming, the former chief quantitative analyst at CITIC Securities, has transitioned from a sell-side career to establish a private equity fund management company named Shanghai Ruicheng Private Fund Management Co., Ltd. [1][2][8] Company Information - Shanghai Ruicheng Private Fund was established on April 21, 2025, and completed its registration as a private securities investment fund manager on July 14, 2025. The registered capital is 10 million yuan, and the company is located in Hongkou District, Shanghai, with its office in Pudong New District. It currently employs five full-time staff, all of whom hold fund industry qualifications [4][5]. - The major shareholder of Ruicheng Private Fund is Ding Luming, who holds 51% of the shares, while the second shareholder, Hainan Ruicheng Enterprise Management Center (Limited Partnership), holds 49% [6]. Leadership Background - Ding Luming has a master's degree in financial mathematics from Tongji University and is a qualified actuary with 17 years of experience in the securities industry. He previously worked at Haitong Securities and CITIC Securities, where he held various senior positions, including chief analyst and executive general manager [6][7]. - Ding Luming has developed a "quantitative fundamental" research system and has been recognized for his accurate predictions of major market trends and turning points [7]. Strategic Vision - Ding Luming aims to create a professional team to manage the private fund, focusing on absolute returns through large asset allocation and timing strategies. He plans to incorporate mature quantitative strategies into product management [8][9]. - The company aspires to become a Chinese equivalent of Bridgewater Associates, indicating a strong ambition for growth and influence in the private equity sector [9].

Core Viewpoint - The article discusses the transition of Ding Luming, a prominent quantitative analyst from CITIC Securities, to the private equity sector by founding Shanghai Ruicheng Private Fund Management Co., Ltd. [2][11] Company Information - Shanghai Ruicheng Private Fund Management Co., Ltd. was established on April 21, 2025, and completed its registration as a private securities investment fund manager on July 14, 2025. The registered capital is 10 million yuan, and the company is located in Hongkou District, Shanghai [4][6]. - The company currently has 5 full-time employees, all of whom hold fund industry qualifications [5][6]. Ownership Structure - Ding Luming is the major shareholder, holding 51% of the shares, while the second-largest shareholder is Hainan Ruicheng Enterprise Management Center (Limited Partnership), which holds 49% [7][8]. Background of Ding Luming - Ding Luming holds a master's degree in financial mathematics from Tongji University and has 17 years of experience in the securities industry. He previously worked at Haitong Securities and CITIC Securities, where he served as the chief analyst in financial engineering and later as the executive general manager of the research and development department [8][10]. - During his career, he developed a "quantitative fundamental" research system and has been recognized for accurately predicting major trends and turning points in the capital market [10]. Strategic Vision - Ding Luming aims to create a professional team and establish a private fund management company that focuses on absolute returns through large asset allocation and timing strategies, utilizing economic cycle theories such as the Kondratiev wave [12][13]. - He expresses confidence in building a Chinese version of the "Bridgewater Fund" and plans to invest all his energy into this new venture [13].