近期，私募界知名投资人林园旗下多只产品业绩波动引发市场广泛关注，部分产品年内收益不仅跑输沪 深300指数，甚至出现亏损。针对市场关切的业绩原因、策略调整等核心问题，南都湾财社记者对林园 进行独家专访，还原其对当前市场与产品管理的核心观点。 据私募排排网数据显示，林园旗下在管产品数量超260只，部分产品业绩分化显著。林园在采访中明确 表态:"不设额外风控措施、不调整现有持仓，将持续坚守长期持有策略，并否认产品存在清盘风险。" 业绩透视 18只披露业绩产品全跑输沪深300 针对"当前市场环境下是否调整组合管理策略、增设风控措施"的问题，林园给出明确答案:"没有额外风 控措施，也不会调整持仓。"在他看来，公司的风险控制核心并非设置止损线、仓位限制等"外部条 款"，而是"把好投资标的入口关"。"我们在买入前会花6-12个月研究公司，从行业空间、竞争壁垒、盈 利稳定性等维度筛选，确保买入的是'能活10年以上、能持续赚钱'的企业，买入后跟着公司成长，这就 是最有效的风控，不需要跟风炒作，也不用应对短期市场波动。" 对于市场关注的"科技股配置"动向，林园透露，旗下部分产品确实配置了科创板股票，但占比极 低。"比如一只2亿- ...

近期，私募界知名投资人林园旗下多只产品业绩波动引发市场广泛关注，部分产品年内收益不仅跑输沪 深300指数，甚至出现亏损。针对市场关切的业绩原因、策略调整等核心问题，南都·湾财社记者对林园 进行独家专访，还原其对当前市场与产品管理的核心观点。 据私募排排网数据显示，林园旗下在管产品数量超260只，部分产品业绩分化显著。林园在采访中明确 表态：不设额外风控措施、不调整现有持仓，将持续坚守长期持有策略，并否认产品存在清盘风险。 业绩透视：18只披露业绩产品全跑输沪深300 公开资料显示，林园自1989年入市，以8000元起步，凭借长期聚焦价值投资、持有贵州茅台等核心标的 积累市场影响力；其创立的深圳市林园投资管理有限责任公司（下称"林园投资"）成立于2006年，目前 管理规模稳定在百亿级，投资方向长期围绕消费、医药展开，产品运作周期以3-5年为主。 私募排排网数据显示，林园投资旗下263只私募基金中，18只有业绩披露的产品里，有部分斩获不错的 收益。截至9月26日，"林园投资218号"今年以来收益8.38%，近一年收益10.05%，近一年收益排名 1420/1839；"林园投资205号"今年以来收益4.64%，近一 ...

业绩透视：18只披露业绩产品全跑输沪深300 公开资料显示，林园自1989年入市，以8000元起步，凭借长期聚焦价值投资、持有贵州茅台等核心标的 积累市场影响力；其创立的深圳市林园投资管理有限责任公司（下称"林园投资"）成立于2006年，目前 管理规模稳定在百亿级，投资方向长期围绕消费、医药展开，产品运作周期以3-5年为主。 私募排排网数据显示，林园投资旗下263只私募基金中，18只有业绩披露的产品里，有部分斩获不错的 收益。截至9月26日，"林园投资218号"今年以来收益8.38%，近一年收益10.05%，近一年收益排名 1420/1839；"林园投资205号"今年以来收益4.64%，近一年收益1.84%，近一年收益排名1530/1839。 值得注意的是，截至9月末，这18只有业绩披露的产品均跑输沪深300指数。即便收益表现较好的"林园 投资218号"，近一年10.05%的收益，仍低于沪深300同期13.25%的涨幅。 更受关注的是，近一年林园旗下多只产品出现亏损。例如"林园投资173号""林园投资21号"等，年内跌 幅近4%。其中，"林园投资173号"自2020年10月成立以来累计亏损23.80%，近一年 ...

文 | 光子盒GZH 来自企业的视角，则更侧重于商业化落地带来的投资逻辑变化。中微达信创始人曾耿华观察到，现在许 多投资人已将关注点放在商业路径、上市时间、赛道等商业要素上，这与早年纯粹关注技术创新有所不 同。 先锋引领，研判未来，量子投资聚焦国家战略与产业长期价值。在当前全球科技竞争日益白热化的背景 下，量子科技作为新一轮科技革命和产业变革的核心驱动力，其战略价值不言而喻。量子投资，绝非短 期炒作，而是关乎国家战略与产业未来的长期价值。 9月23日，一场以"量子投资时代 战略布局与长期价值研判"为主题的圆桌会议召开。会议邀请了来自投 资机构和量子科技企业的多位重量级嘉宾，共同探讨如何评估量子技术的长期价值，以及投资节奏该如 何精准把握。本次圆桌由光子盒创始人顾成建主持，嘉宾包括：华控基金高级合伙人金豫江、君联资本 董事总经理范奇晖、蓝驰创投高级合伙人曹巍，以及两位企业界代表——中微达信创始人曾耿华和未磁 科技联合创始人丁铭。两位企业嘉宾分别代表了量子计算上游的测控系统（中微达信）和量子传感的核 心技术（未磁科技），他们的实战经验为圆桌讨论注入了宝贵的产业视角。 核心议题一：量子投资的"变"与"不变"：逻辑演 ...

Group 1 - The Shenzhen Bantian Artificial Intelligence Venture Capital Fund and Shenzhen Longgang Longxing Venture Capital Fund have signed investment intention agreements, with a total expected scale of 1 billion and 2 billion yuan respectively, and a duration of 10 years [1] - The funds have completed the intention fundraising and are advancing the subsequent legal procedures, marking a new development stage for Nanling Venture Capital [1][2] - The investment strategy focuses on "early, accurate, stable, and hard technology" investments, emphasizing long-term value investment [1][5] Group 2 - The active participation of 12 Shenzhen cooperative companies as LPs is driven by the need for new growth engines beyond traditional property economics and supportive policies from local authorities [2] - The "error tolerance and exemption mechanism" introduced by the Longgang District has alleviated concerns for cooperative companies entering the venture capital industry [2] - Nanling Venture Capital has reserved quality projects, with the new funds targeting hard technology sectors such as artificial intelligence, robotics, semiconductors, high-end manufacturing, and biomedicine [2] Group 3 - Since its establishment, Nanling Venture Capital has adopted a "direct investment + fund" model, achieving a high investment accuracy rate of 90% with two-thirds of its 13 projects being early-stage investments [3] - Notable investments include a 700 million yuan angel investment in a company specializing in low-light imaging technology, which has since significantly increased in valuation [3][4] - The firm has successfully invested in companies that have gone on to achieve significant market positions, such as HuanChuang Technology and HaiChuang Pharmaceuticals, the latter being the first to go public [4] Group 4 - Nanling Venture Capital's investment philosophy is centered on long-term value creation rather than short-term gains, aiming to transform the collective economy of Nanling Village [5] - The company seeks to attract advanced manufacturing and emerging industries to establish a sustainable economic model, balancing roles as both landlord and shareholder [5] - The firm acknowledges the challenges of hard technology investments, including long cycles and high risks, and emphasizes the importance of patience and realistic expectations for returns [5]

Core Viewpoint - Berkshire Hathaway has completely divested its stake in BYD, marking the end of a significant investment that yielded a 3890% return since 2008 [2][6][9] Group 1: Investment Details - Berkshire Hathaway began reducing its stake in BYD in August 2022, having initially invested $230 million for 225 million shares at a price of HKD 8 per share [3][5] - By the end of 2023, Berkshire had sold approximately 56% of its holdings, reducing its stake to 3.01% [5][6] - The stock price of BYD peaked at HKD 333 per share in June 2022, translating the initial investment into approximately $9.1 billion [5][6] Group 2: Market Reaction - Following the news of Berkshire's divestment, BYD's stock experienced a decline, with A-shares dropping by 1.01% and Hong Kong shares by 3.35% on September 22, 2023 [7] - BYD's total market capitalization is around 960 billion yuan, with a TTM PE ratio of 22.9, slightly above the A-share automotive industry median of 17.63 [7] Group 3: Company Performance - In 2024, BYD reported revenue of 777.1 billion yuan, a year-on-year increase of 29.02%, and a net profit of 40.25 billion yuan, up 34% [8] - The second quarter of 2024 saw a net profit of 6.36 billion yuan, a decline of 29.87% year-on-year, indicating challenges in maintaining profitability [8] - Analysts express concerns over BYD's aggressive pricing strategy to capture market share, which may pressure revenue and profit margins in the short term [8] Group 4: Future Outlook - BYD is expanding its overseas business, with expectations to sell 900,000 to 1 million vehicles abroad by 2025, surpassing the initial target of 800,000 [8] - The competitive landscape in the electric vehicle sector is intensifying, necessitating BYD to seek broader growth opportunities [9]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - The Chinese PE/VC industry is undergoing a transformation towards long - term value investment, with the accelerated introduction of "patient capital" driven by policies and market changes. The industry is moving from short - term arbitrage to "investing in early - stage, small - scale, and hard - tech" enterprises, and is transitioning to a model of "state - owned capital dominance + industrial synergy" [5][27]. Summary According to the Table of Contents Market Background - **Background**: Policy guidance and market transformation drive the accelerated introduction of "patient capital" in the Chinese PE/VC industry. State - owned long - term funds focus on hard - tech and strategic emerging industries, and institutions like banks, social security funds, and insurance funds increase their equity investment ratios [5]. - **PE/VC and "Patient Capital" Definitions**: PE invests in non - listed enterprises through non - public fundraising and considers exit mechanisms for profit. VC invests in startups and high - growth enterprises. "Patient capital" has a long - term return outlook, high risk tolerance, and focuses on long - term value growth, supporting long - term projects [6]. - **Market Evolution**: The practice of patient capital by Chinese PE/VC institutions started in the 1990s with dollar funds. After 2000, local RMB funds emerged. After 2020, RMB funds became the main force, and after 2023, policies promoted the development of patient capital, emphasizing full - life - cycle support and industrial ecosystem construction [7][9]. Market Status - **Market Scale**: From 2017 to 2024, the total number of PE/VC funds in China increased from 26,199 to 55,416, with a slowdown in growth rate. The proportion of VC funds increased to 45.4% in 2024. The total stock scale increased from 689.88 billion yuan to 1.43469 trillion yuan, and PE funds still accounted for over 75% in 2024 [10]. - **Market Supply and Demand**: - **Supply**: The investors in the Chinese PE/VC market are dominated by state - owned capital, with long - term funds expanding. Government - guided funds, social security funds, insurance funds, and industrial capital play important roles, presenting a diversified support pattern [11]. - **Demand**: The core demanders are hard - tech and specialized, refined, distinctive, and innovative enterprises, with a "early - stage and small - scale investment" trend. Although the overall financing scale decreased by 15.7% year - on - year in 2025, hard - tech sectors are still attractive [12]. Market Competition - **Market Evaluation Dimensions**: The selection of the top ten "patient capital" PE/VC institutions follows a multi - dimensional quantitative evaluation model, with core indicators including the scale of managed funds and the number of IPO exits of invested enterprises in the past two years [14]. - **Market Competition Pattern**: From 2017 to 2024, the number of PE/VC fund managers in China decreased from 13,200 to 12,083. Since 2018, tightened regulatory policies have led to a continuous decline in the number of new PE/VC fund managers [15]. - **Introduction of the Top Ten Institutions**: The top ten institutions include CICC Capital, Hillhouse Capital, Shenzhen Capital Group, Sequoia China, Legend Capital, Tencent Investment, Orient Fortune Capital, Matrix Partners China, IDG Capital, and Fosun Capital. Each has its own investment focus, strategy, and typical investment cases [16][17][18][19][20][21][22][23][24][26]. Development Trends - **Industry Synergy Driven by State - Owned Capital and Policies**: The Chinese PE/VC industry is accelerating the transformation to a "state - owned capital dominance + industrial synergy" model. Government - guided funds strengthen the layout of strategic emerging industries, and industrial capital promotes the transformation from "financial investment" to "strategic investment" [27]. - **Accelerated Introduction of Patient Capital and Long - Term Value Investment Orientation**: With the entry of long - term funds such as banks and insurance into the market, the Chinese PE/VC industry is deepening the "patient capital" era. These funds focus on the long - term value of technology companies, especially in hard - tech fields, and promote the industry to shift from "arbitrage thinking" to "value deep - cultivation" [28].

业内人士指出，近年来财通资管在公司综合实力、资产管理能力等方面的跃升，主要得益于其在股债 等多资产投研领域的多年积淀。投资研究方面，财通资管已组建起超百人的投研团队，覆盖权益、固 收、指数量化、FOF、衍生品、海外投资等领域；在投研体系建设中，强调厚植长期价值投资的土 壤，持续强化"投研一体化"平台建设，推动研究成果向投资实战能力高效转化。 在资管行业高质量发展的新阶段，财通资管表示，将始终以投资者利益为先，夯实"一主两翼"的多元 化发展格局，全面提升综合金融服务能力，不断提升投资者的获得感，致力于成为投资者的"安心伙 伴"。 数据来源： Wind，财通资管。特别声明：投资有风险，选择需谨慎。本公司承诺以诚实信用、勤勉尽责的原则管理 和运用资管产品和基金产品资产，但不保证一定盈利，也不保证最低收益。投资者投资本公司旗下产品前请仔细阅读 产品合同、产品说明书及风险揭示书等法律文件。产品的过往业绩并不预示其未来表现，本公司管理的产品的业绩并 不构成未来产品业绩表现的保证。本资料所载的内容及信息仅供参考，不构成任何投资建议或承诺，亦不构成任何法 律文件。2025年9月评选/《中国基金报》发布，评奖结果为评奖机构基于 ...

Core Insights - The "2025 China Capital Market Development Forum" highlighted the achievements of financial institutions, with Caitong Asset Management winning four awards, including "Outstanding Securities Asset Management Demonstration Institution" for three consecutive years [1] - The forum aimed to enhance the capital market's service to the real economy, promote technological innovation, and lead industrial transformation, featuring nearly a thousand representatives from regulatory, industrial, and investment sectors [1] Company Achievements - Caitong Asset Management's products recognized include two asset management plans in equity and fixed income categories, showcasing the company's diversified asset management capabilities [2] - The equity asset management plan has won the "Outstanding Securities Asset Management Demonstration Case (Five-Year Equity)" for two consecutive times, indicating sustained performance resilience [2] - The fixed income asset management plan received the "Outstanding Securities Asset Management Demonstration Case (Three-Year Fixed Income+)," reflecting the company's achievements in the "multi-strategy fixed income" sector [2] Investment Strategy and Research - Caitong Asset Management has built a research team of over 100 professionals covering various fields, including equity, fixed income, quantitative indices, FOF, derivatives, and overseas investments [2] - The company emphasizes long-term value investment and has developed an integrated research and investment platform to efficiently convert research outcomes into practical investment capabilities [2] Future Outlook - Caitong Asset Management aims to prioritize investor interests and strengthen its diversified development framework, enhancing comprehensive financial service capabilities to improve investor satisfaction [2]

Core Viewpoint - The article emphasizes the importance of active management and deep research in asset management, highlighting Morgan Asset Management's commitment to these principles over the past two decades, which has led to sustained performance and investor trust [1][2]. Group 1: Active Management and Investment Culture - Morgan Asset Management has built a strong investment culture and a stable research team, focusing on long-term value rather than short-term gains, which has resulted in consistent performance [1][2]. - The firm has achieved the highest inflow of active management funds globally in 2024, reflecting its successful strategy and investor confidence [1]. Group 2: Research and Team Experience - As of Q2 2023, the average tenure of Morgan's global equity fund managers is approximately 20 years, with many analysts having over 15 years of experience [2]. - The research team has covered around 4,700 companies and conducted nearly 11,000 on-site visits and communications in the past year, providing unique market insights for investment decisions [2]. Group 3: Long-Term Performance - Morgan Asset Management's active equity investment team has maintained a long-term investment culture, focusing on steady growth and avoiding short-term market volatility [3]. - As of August 2025, the annualized return for the company's active equity investment over the past 20 years is 13.03%, ranking in the top 10 of the industry [3]. Group 4: Performance of "Double Ten" Funds - The "Double Ten" funds, which have been established for over 10 years, have shown resilience through various market cycles, achieving annualized returns of over 10% [3][10]. - Specific funds like Morgan Emerging Power Fund and Morgan Core Growth Fund have demonstrated strong performance, with annualized returns of 15.75% and over 11%, respectively [5][7][8]. Group 5: Global Perspective and Research Advantage - Morgan Asset Management has established a robust talent development mechanism, with nearly 70% of its equity fund managers being internally promoted from research roles [11]. - The firm leverages its global platform to access extensive research information, integrating global insights with local market knowledge for informed investment decisions [11]. Group 6: Future Outlook - The recent regulatory push for high-quality development in public funds aligns with Morgan's long-term investment philosophy, suggesting a favorable environment for sustained growth [12]. - Morgan Asset Management aims to continue blending global perspectives with local insights to pursue sustainable value for investors amid China's economic transformation [12].