该报告主体内容分为"全球基金行业发展分析"与"全球投资市场专题分析"两大部分，重点关注基金行业 在高质量发展进程中涌现的新思维与新动向，以期为行业提供有益参考，助力中国基金业行稳致远。 本报讯(记者韩昱)2月11日，记者获悉，为洞察全球基金行业动态，剖析发展特征，并评估中国基金业 的金融服务效能，近日清华大学五道口金融学院《清华金融评论》编辑部与资产管理研究中心、财富管 理研究中心、全球母基金研究中心联合发布《2025基金行业发展现状与投资趋势研究报告》。 第二部分"全球投资市场专题分析"聚焦当前金融市场的前沿议题，重点围绕ETF策略与市场生态的协 同、量化投资创新与AI技术融合等方向展开探讨，旨在通过专题分析，揭示新技术、新资产类别对全 球投资格局的深远影响，为行业参与者提供前瞻性视角与决策参考。 第一部分"全球基金行业发展分析"从全球视角出发，系统梳理了美国、欧洲、新加坡、日本等主要基金 市场的发展现状、业务特点与未来趋势，并对中国内地与香港市场的公募、私募基金及投资者行为进行 深入剖析，旨在为读者提供全面、客观的跨市场比较与趋势判断，助力投资者把握全球基金行业动态。 ...

2026年1月28日，清华五道口香港论坛成功召开，本届论坛以" 融汇丝路新动能，共创香江新未来 "为主题。当日下午，主题论坛四" 智驭未来：人 工智能驱动资产管理新范式 "成功举办。 香港资深大律师，中国证监会原首席顾问，香港证监会原主席 梁定 邦 ， 香港理工大学人工智能高等研究院院长，加拿大工程院（CAE）及加拿大 皇家学院（RSC）院士 杨强 ， 清华五道口金融EMBA香港同学会秘书长、高盈科技董事长 吴超 分别作 主旨演讲 。 清华大学五道口金融学院特聘教授，凯丰投资（香港）创始人、CEO兼联席CIO 高滨 ，清华五道口金融EMBA香港同学会秘书长，高盈科技董事 长 吴超 ，中银香港首席经济学家 钟红 ，香港智汇集团创始人及首席经济学家 夏春 出席并参与圆桌对话讨论。清华大学五道口金融学院院长助理 张伟 主持论坛。 图为活动现场 主旨发言 梁定邦 ： 人工智能正重塑资管行业，但未来仍面临关键挑战 梁定邦指出，不同规模与战略的资产管理机构在人工智能的应用上侧重各有不同： 大型资产管理公司依托专有AI平台与海量数据，主导风险分析与合规管理；中小基 金则借助第三方AI工具，结合其深厚的行业经验与洞察以捕捉投 ...

2月2日，百亿级私募启林投资发布公告称，公司创始合伙人沈显兵先生，于2026年2月2日10 时36分与世长辞，享年40岁。 公开资料显示， 启林投资创始人王鸿勇为中国科学技术大学物理学学士。沈显兵也毕业于中 国科学技术大学物理学专业，曾任职于安徽科大讯飞信息科技股份有限公司、上海易炬信息科 技有限公司以及上海顶间通信科技有限公司。 2015年，沈显兵与王鸿勇、董成共同创立启林投资，专注于量化投资领域，成为中科大系量化 私募的代表人物。截至2025年10月，启林投资管理规模达150亿人民币，是国内管理规模领先 的量化私募之一。 SFC 出品丨2 1财经客户端 2 1世纪经济报道 编辑丨张嘉钰 ...

t 21世纪经济报道 公司混合类公募期财 近三月业绩榜单 （投资周期3月以内 | lin 를 | 产品名称 | 管理人 | 净值增 | 最大回撤 | 年化波动 | | --- | --- | --- | --- | --- | --- | | | | | 长率 | | M | | | 雷利兴元年三章 KE谱3 个月最短持有期1号混合 | 兴银理财 12.29% | | 5.77% | 19.63% | | | 不用人的话语 | | | | | | | 阳光橙优步高 | 光大理财 | 10.20% | 5.08% | 12.22% | | | 加坡家居 一 类理财产品 | 汇华理财 7.66% | | 5.37% | 16.44% | | 4 | 银竹混合灵动A股机遇理 财产量 | 最佳理财 | 6.32% | 4.88% | 10.64% | | 5 | 优享增强1号混合类人民 | 平安理财 6.07% | | 2.92% | 4.81% | | | 而净值型圆财产品 | | | | | | 6 | 中自到之不满进取1期 | 信银期刊 | 6.04% | 4.95% | 14.99% | | | 法律人民币主 ...

Core Viewpoint - Mackenzie Investments and SEI have launched four new Collective Investment Trusts (CITs) to provide U.S. institutional investors with access to Mackenzie's Global Quantitative Equity strategies, combining advanced data science with human insight to generate alpha while managing risk [1][2][3]. Group 1: New Investment Offerings - The newly launched CITs include the following strategies: Mackenzie Quantitative International Large Cap CIT, Mackenzie Quantitative International Small Cap CIT, Mackenzie Quantitative US Small Cap CIT, and Mackenzie Quantitative Emerging Markets All Cap CIT [7]. - These CITs are designed to streamline access for defined contribution and defined benefit plans to Mackenzie's holistic quantitative investment approach [2]. Group 2: Partnership and Operational Excellence - SEI Trust Company will serve as the trustee for the new CITs, enhancing operational scale and fiduciary capabilities to meet the needs of U.S. institutional investors [3][4]. - The partnership aims to empower institutional investors, allocators, consultants, and recordkeepers with efficient investment options, reflecting a commitment to operational excellence and fiduciary service [4]. Group 3: Company Backgrounds - Mackenzie Investments, a Canadian investment management firm, manages approximately $244 billion (CAD) in assets as of December 31, 2025, and is part of IGM Financial Inc., which has total assets under management and advisement of approximately $310 billion (CAD) [5]. - SEI, a global provider of financial technology and asset management services, manages, advises, or administers approximately $1.8 trillion in assets as of September 30, 2025 [6].

Core Viewpoint - Mackenzie Investments and SEI Trust Company have launched four new Collective Investment Trusts (CITs) to provide U.S. institutional investors with access to Mackenzie's Global Quantitative Equity strategies, combining advanced data science with human insight to generate alpha while managing risk [1][2]. Group 1: Company Overview - Mackenzie Investments is a Canadian investment management firm with approximately $244 billion (CAD) in assets under management as of December 31, 2025, and aims to deliver strong investment performance and innovative portfolio solutions [4]. - SEI is a global provider of financial technology, operations, and asset management services, managing, advising, or administering approximately $1.8 trillion in assets as of September 30, 2025 [5]. Group 2: Collective Investment Trusts Details - The newly launched CITs include the Mackenzie Quantitative International Large Cap CIT, Mackenzie Quantitative International Small Cap CIT, Mackenzie Quantitative US Small Cap CIT, and Mackenzie Quantitative Emerging Markets All Cap CIT [6]. - The CITs are designed to offer defined contribution and defined benefit plans streamlined access to Mackenzie's investment strategies, reinforcing the commitment to U.S. institutional investors [2][3]. Group 3: Trustee and Operational Excellence - SEI Trust Company will serve as the trustee for the CITs, leveraging its 30 years of expertise in the CIT space to provide trustee, accounting, valuation, administrative, and fiduciary services [3]. - The partnership between Mackenzie and SEI aims to enhance operational excellence and fiduciary service, empowering institutional investors with efficient investment options [3].

新华财经上海1月22日电（记者魏雨田）2025年量化私募全行业正收益占比接近100%，与此同时，行业 马太效应显著凸显，规模已成为决定业绩排名的重要变量，行业资源与收益正加速向头部机构集中。最 新统计数据显示，2025年量化私募股票策略全年平均收益超36%，正收益占比近98%，业绩呈现出与规 模相适配的特征。 2025年量化私募行业整体收益与正收益占比均处于高位。据私募排排网数据，全年有业绩展示的244家 量化私募旗下股票策略产品平均收益达36.72%，其中239家实现正收益，正收益占比97.95%，行业几乎 全线飘红。 从各规模梯队的业绩表现来看，头部效应与规模适配特征尤为显著。其中，100亿元以上规模的头部量 化私募表现一骑绝尘，成为行业领军群体。40家百亿级量化私募旗下股票策略全部实现正收益，平均收 益达42.87%，灵均投资、宁波幻方量化、信弘天禾、稳博投资、天演资本等机构位列业绩前十。 50-100亿元规模梯队的23家量化私募表现稳健，旗下股票策略平均收益35.51%，正收益占比95.65%。 20-50亿元规模梯队的28家量化私募实现100%正收益，平均收益达40.73%。10-20亿元规模梯队的 ...

Core Insights - The article discusses the emergence of "quasi-billion" private equity firms in China, defined as those managing between 5 billion to 10 billion yuan, highlighting their potential to transition into top-tier institutions in the future [3] Group 1: Overview of Quasi-Billion Private Equity Firms - As of December 2025, there are 122 quasi-billion private equity firms in China, up from 110 in Q3 2025 [3] - Among these firms, 66 are subjective, 35 are quantitative, and 18 employ a combination of both investment strategies [3] - The distribution of core strategies shows that 69 firms focus on stock strategies, 10 on bond strategies, 19 on multi-asset strategies, and 10 on futures and derivatives strategies [3] - The majority of these firms are located in Shanghai (54), followed by Beijing (29) and Shenzhen (16) [3] Group 2: Performance of Quasi-Billion Private Equity Firms - In 2025, the average return for 376 products under quasi-billion private equity firms was 29.44%, with 92.02% of products yielding positive returns [5] - The top ten performing quasi-billion private equity firms in 2025 include 盛麒资产, 云起量化, 喜世润投资, and others [5] Group 3: Top Performing Products - The average return for subjective long-only products was 36.28%, with 喜世润投资's product leading the performance [8] - For quantitative long-only products, the average return was 48.95%, significantly outperforming subjective strategies [11] - The top three products in the quantitative long-only category were from 量魁私募, 上海合骥私募, and 安子基金 [11] Group 4: CTA Strategies - The average return for CTA strategy products was 16.65%, with 会世私募, 宏锡基金, and 洛书投资 leading the performance [14] - The only subjective CTA product listed was 嘉鸿基金's product, which also performed well [16] Group 5: Market Neutral Strategies - The average return for market-neutral products was 8.23%, with 量魁私募 and 念空私募 among the top performers [17] Group 6: Multi-Asset Strategies - The average return for multi-asset strategy products was 17.58%, with 喜世润投资 and 洛书投资 leading the performance [21]

Core Insights - The private equity securities asset management scale in China is expected to exceed 70 trillion yuan by 2025, driven by steady market growth and strategic innovation [1] - The 20th Private Fund Development Forum will be held on January 8, 2026, focusing on AI-enabled investment paradigms and opportunities in the equity market [1] Group 1: Industry Trends - The private equity industry has shown robust vitality over the past year, with the number of billion-yuan private equity firms steadily increasing and significant growth in product registrations [2] - The public quantitative investment sector is experiencing three major trends: rapid growth of quantitative scale compared to active management, the potential of "quantitative fixed income+" to attract funds from the 10 trillion yuan wealth management market, and the combination of active and quantitative strategies [2] Group 2: Investment Opportunities - In 2026, both stocks and gold are expected to continue rising, supported by a moderately loose monetary policy and a potential bull market in A-shares [2] - The CTA strategy is gaining attention as a stabilizing asset in portfolios due to its low correlation with traditional assets, with expectations for good performance in 2026 [3] - The current global environment of interest rate cuts and high volatility in commodity markets makes CTA investments a favorable diversification tool [3] Group 3: Gold as a Safe Asset - Gold is viewed as a safe asset that can provide value preservation and appreciation, especially in the context of rising inflation and de-globalization trends [3]

Core Viewpoint - Quantitative private equity has evolved from being perceived as a cold trading machine to a highly industrialized and sustainable profit-generating system [2][20]. Group 1: Performance and Profitability - The latest allocation results for the Sci-Tech Innovation Board's new stock, Moer Technology, show that Huanshan Quantitative secured 61,300 shares, amounting to approximately 7.0059 million yuan, with an IPO price of 114.28 yuan per share [3][21]. - The stock reached a peak price of 941 yuan per share, leading to a single share floating profit of approximately 826.72 yuan, resulting in a total floating profit of nearly 50.68 million yuan, over 7 times the initial investment [3][21]. - Even with a more conservative median price estimate of 700 yuan per share, the floating profit would still exceed 5 times the initial investment, amounting to approximately 35.90 million yuan [4][22]. Group 2: Advantages of Quantitative Institutions - The advantages of quantitative institutions in the Sci-Tech Innovation Board's new stock subscription are amplified due to the alignment of rules with quantitative systems [6][24]. - Huanshan Quantitative utilized around 160 products for the subscription, while other firms like Jiukun Investment and Ruanfu Investment also deployed a significant number of products, showcasing the scale of participation [6][24]. - The key advantage lies not just in the number of products but in the ability of quantitative institutions to maximize rule efficiency, particularly in account diversification and precise fund allocation [8][26]. Group 3: Company Strategy and Market Position - Huanshan Quantitative has adopted a low-profile approach over the past two years, reducing management scale while maintaining its position among the top private equity firms [9][27]. - The firm has chosen not to compete on scale but has demonstrated a clear upward trend in the net value curve of its representative products this year, outperforming peers in the quantitative sector [12][30]. - The self-operated investment capacity of top quantitative institutions is significant, often enjoying higher strategic priority and flexible risk budgets, which are less affected by external pressures [13][31]. Group 4: Integration of Quantitative Investment and Technology - The combination of quantitative investment and DeepSeek represents a powerful narrative, showcasing both a highly engineered financial system and cutting-edge AI technology [15][33]. - This integration signals a strong capability in the Chinese market to deconstruct and stabilize complex systems, indicating a new expression of strength for Chinese investment institutions on the global stage [17][35]. - The consistent performance of Huanshan Quantitative, where substantial returns appear as a natural outcome of system operations, reflects the industrialization of profit generation in investment [17][35].