一、原来联博就是那个AllianceBernstein！ ——偶然的发现，联通了华尔街巨头与中国市场。 博格查数据时经常在海外报告里看到"Alliance"这个名字，看描述好像是一家资产管理巨头，但没深究过。 直到最近研究外资基金，看到"联博"，一查才知道中文"联博"就源自Alliance Capital（联博资本）。 二、探访联博：认识他们的"量化基本面" 最近去上海，我特意去联博办公室交流学习。 顶尖资管公司必有独到之处，才能长期保持领先。 交流中得知，他们专门为中国市场打造了一个策略——量化基本面。 简单说，就是把量化模型的数据处理能力，和基本面研究的深度洞察结合起来选股。 再仔细了解，联博集团（AllianceBernstein, 简称AB）是由华尔街两大传奇——Alliance Capital（联博资本）和Bernstein（伯恩斯坦）合并而来。 2000年，Alliance Capital以35亿美元收购Bernstein，组成了现在的全球资管巨头。 截至2025年9月30日，它在全球管理着8600亿美元（超6万亿人民币）的资产。 还有个冷知识：大名鼎鼎的"木头姐"凯西·伍德，也正是从Allian ...

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 - 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].

2025 年春节过后 ， D eep S eek的横空出世引领出了 A 股市场的科技主线 ， 而后被特朗普来回横跳的 关税政策猝不及防地打乱了节奏 。 关税博弈下 ， 市场到底走到哪一步了 ？ 对此 ， 联博基金副总经理 、 投资总监朱良用 "市场湿度" 这一概念进行了回答 ： "4 月 7 日 ， 我们的 湿度计指标达到了 81%， 是一个阶段性的高点 ； 在此之后 ， 则表现出向均值回归的状态 。 " 经常看到有人用 "温度"来描述市场 ， 而鲜少有人使用 "湿度"来注解投资情绪 。 朱良表示 ， "湿度计"指标源于联博集团的 "量化基本面"研究框架 ， 衡量的是 市场波动中有多大的比例 是由贝塔来解释的 。 可以理解为投资者群体性行为给市场带来了多大的影响 ， 是投资者能够直接体感到 的市场情绪 。 朱良补充道 ， "当贝塔解释市场波动的比例很高时 ， 市场情绪大概率是极悲或极乐 。 2018 年 10 月 ， 贸易战 1 . 0 时期 ， 湿度计指标达到了 83%； 去年 ' 9 . 24 行情 '中 ， 10 月 8 日的湿度指标达到了 87%， 都是阶段性的情绪峰值 —— 对比下来 ， 我们认为 ...

Core Viewpoint - The article discusses the impact of tariff policies on the A-share market and highlights the investment opportunities arising from the current market conditions, particularly through the lens of the "humidity" concept introduced by Zhu Liang, the Deputy General Manager and Investment Director of Lianbo Fund [2][3]. Market Conditions - The "humidity" indicator reached a peak of 81% on April 7, indicating a high level of market sentiment, which has since shown signs of mean reversion [2]. - Historical comparisons show that during previous market turmoil, such as the trade war in October 2018 and the market fluctuations in September 2022, the humidity indicators reached even higher levels, suggesting that the negative impacts of the current tariff events may have largely been priced in [3]. Investment Strategy - Lianbo Fund's new public offering, Lianbo Zhiyuan Mixed Fund, aims to provide an "all-weather" investment solution through a balanced allocation strategy that combines both growth and value stocks [4]. - The fund seeks to minimize volatility by finding a "greatest common divisor" in style switching, ensuring a reasonable allocation between growth and value stocks [6][8]. Stock Selection - The fund emphasizes selecting stocks with "anti-fragile" characteristics, focusing on companies with predictable earnings models and stable cash flows, which are more likely to thrive across different economic cycles [10]. - Zhu Liang stresses the importance of buying high-quality companies during market lows, as valuation is seen as a dynamic expectation rather than a static number [11]. Historical Context - Lianbo's long-term commitment to the Chinese market is highlighted, with a history of over 30 years of investment and research in the region, demonstrating a deep understanding of local market dynamics [12][13]. - The article draws parallels between past market recoveries and the current situation, suggesting that sectors like consumer goods may emerge as leaders once the current turmoil subsides [15][16].