以下文章来源于画不多说 ，作者懂私募的灵魂画手 话不多说，画多说。用最通俗易懂的方式，讲述私募的故事。 牛市来了，大家总是第一时间去看上证指数有没有创新高。 但其实在牛市里，真正赚大钱的往往不是主板，而是成长性更好的，比如今天我们要讲的——双 创。 在国内还没有股市的时候，企业都是公有制。 需要钱的话，就找国家申请；亏损了，有国家兜底。 改革开放后，国企们陆续转向了股份制。再需要钱，不能全找国家要了，也得自己想办法。 股份制简单理解，就是把企业资产分成多份、等额、可交易的"股票"。 你拿着多少份股票就相当于你拥有了公司多少的资产。 画不多说 . 这些股票可以在市场上流通，谁买都可以。 这样一来，股份制公司想融资借钱，就多了个渠道——发股票。 刚开始的时候，大家买卖股票都是私下交易，市场秩序非常混乱。 为了能规范股票的交易，1990年，上交所和深交所成立了。 这些在上交所和深交所，按照常态标准上市的公司，被官方和股民叫做：主板。 但主板的门槛特别高，尤其是对收益，有极高要求。 不能连续赚钱，赚得不多的，都不能上市 ： 但很尴尬的是，中小板门槛降得不明显，服务对象依然是相对成熟的中型企业，并没有发挥什么 作用。所 ...

据券商中国记者独家获悉，因Tushare核心数据托管机房的代理商与运营商之间发生业务纠纷，导致服 务出现中断，且短期内无法恢复。 事件发生后，Tushare表示，已第一时间组织技术与运维团队，昼夜不停地与相关方进行沟通协调。但 由于问题涉及多方，情况较为复杂，经多方努力仍未能达成有效解决方案。 人民财讯8月18日电，今天，金融数据界的"老大哥"、量化投资的必备工具——Tushare突然断网。 为保障服务的长期稳定与可持续发展，Tushare不得不做出将数据服务整体迁移的决定。鉴于系统规模 较大、数据量庞大，迁移工作预计需要一定周期，在未来一周内，Tushare Pro服务可能暂时无法正常使 用。 责任编辑：凌辰 ...

Core Insights - The article highlights the positive performance of equity funds in the second half of the year, with many fund managers showcasing their personal investment gains, leading to increased investor interest [1][2]. Fund Manager Performance - Over 20 public fund managers have shared their real-time investment data, with most reporting profits; the highest cumulative gain exceeds 1.04 million yuan [1][3]. - Notable fund managers include Yao Jiahong from Guojin Fund, whose total investment amount reached 4.05 million yuan with a cumulative profit of 1.048 million yuan [3][4][5]. - Other fund managers, such as Ma Fang from Guojin Fund, reported a total investment of 1.9422 million yuan with a cumulative profit of 587,000 yuan [5]. Investment Strategies - Fund managers suggest employing a contrarian approach during market adjustments, advocating for strategies like dollar-cost averaging and profit-taking at highs [1][12]. - The innovative drug sector is highlighted as a promising investment area, with expectations of continued growth driven by policy support and market demand [12]. Market Conditions - The article notes that despite some funds still being in a loss position, many have achieved significant gains in the recent market rally [7][9]. - The overall market environment remains favorable for small-cap growth stocks, with ample liquidity present [13].

北京地区百亿量化私募 相比 2024年底扩容3家，分别是微观博易、聚宽投资、北京正定私募 ； 其中 北京正定私募于今年3月份成功跃升百亿阵营，聚宽投资于今年5月份重回百亿，而微观博易 是在6月底-7月初成功破百亿。 从核心策略来看，股票策略量化私募占79家，期货及衍生品策略量化私募占35家，多资产策略量 化私募占25家。从员工人数来看，员工数在20人以上的有24家，员工数居前3的量化私募分别 是：灵均投资（157人）、九坤投资（155人）、因诺资产（110人）。 从成立时间来看，北京地区最先成立的三家量化私募分别是惠隆量化(1995/4/12)、蓝涛投资 (1996/11/29)、中江融新投资(2001/7/9)，均为0-5亿规模私募。 值得关注的是，北京地区近三年均无新成立的量化私募 ， 最近成立的三家量化私募分别为：乐 水私募(2022/12/8)、哲源(海南)私募(2022/9/19)、云程量化(2022/7/6)。 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 私募排排网数据显示，北京地区私募旗下有业绩显示的产品共620只，合计规模为434.30亿元， 上半年收益均值为9.80%，其 ...

AI基金国联智选红利股票A（005569）披露2025年二季报，第二季度基金利润25.9万元，加权平均基金份额本期利润0.029元。报告期内，基金净值增长率为 3.04%，截至二季度末，基金规模为755.41万元。 该基金属于标准股票型基金。截至7月9日，单位净值为1.015元。基金经理是赵菲和陈薪羽。 基金管理人在二季报中表示，本基金运用量化智能选股模型，考察股票多维度的信息，精选现金股息率高、分红稳定且具备一定成长性的股票组合进行投 资，同时重视对个股盈利能力的筛选以及对拥挤度的控制，通过合理的行业分散和个股分散，力争获取较高的超额收益。 截至7月9日，国联智选红利股票A近三个月复权单位净值增长率为8.46%，位于同类可比基金78/110；近半年复权单位净值增长率为8.90%，位于同类可比基 金59/110；近一年复权单位净值增长率为11.74%，位于同类可比基金79/110；近三年复权单位净值增长率为-36.68%，位于同类可比基金72/78。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情况。图为坐标原点到区间内某时点的净值增长率在同类基金中的分位数。 截至6月30日，基金近三 ...

Group 1 - The core viewpoint of the articles highlights the significant rise of quantitative private equity firms in China, which have outperformed subjective private equity firms in terms of investment returns and number of firms [2][3][4] - As of June 30, 2025, the average return of quantitative private equity firms was 13.54%, while subjective firms averaged only 5.51%, indicating a strong preference for quantitative strategies among high-net-worth individuals [2][4] - The number of quantitative private equity firms has surpassed subjective firms for the first time, with 41 quantitative firms compared to 40 subjective firms, reflecting a shift in investor interest [2][3] Group 2 - The performance of quantitative private equity firms has been robust, with 94.12% of firms reporting positive returns, and some mid-sized firms achieving returns close to 30% [3][4] - The increase in the number of registered quantitative private equity products has surged, with 5,461 new products registered in the first half of 2025, a year-on-year increase of 53.61% [6][7] - The market sentiment appears to be improving, with a focus on technology, consumer sectors, and innovative pharmaceuticals, as firms anticipate a favorable investment environment in the second half of 2025 [8]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年上半年，在AI技术取得突破、市场流动性显著改善、小市值风格走强等因素的影响下，量 化私募赚足眼球的同时，业绩层面也是取得了大丰收。 为了给读者提供更全面的数据，笔者接下来将盘点最新的百亿量化私募全名单，以及六大规模组 （100亿以上、50-100亿、20-50亿、10-20亿、5-10亿、0-5亿）的量化私募2025年上半年收益10 强。 0 1 共 41 家！微观博易、蒙玺投资新晋百亿量化梯队 私募排排网数据显示，截至7月初，百亿量化私募共有41家， 首次超过百亿主观私募（ 40家）， 至此，百亿私募总数增至89家 （还包括7家"主观+量化"私募，以及1家投资模式未披露的私 募）。 其中，微观博易、蒙玺投资为 7月初新晋的百亿量化私募 。 从办公城市来看，位居上海、北京的私募数量较多，分别有19家、10家。从核心策略来看，以股 票策略为核心的百亿量化私募共有34家，占比接近83%。 按员工人数排序，在100人及以上的私募共有8家，分别为 灵均投资、九坤投资、佳期私募、宽 德私募、因诺资产、明汯投资、金锝私募、天演资本 。 数据来源: ...

从成立时间来看，2015年6月之前成立的老牌私募共有25家；2015年6月-2020年6月之间成立的中生代私 募共有14家；2020年6月之后成立的新锐私募有3家。 从办公城市来看，上海地区的私募数量最多，共有20家，占比接近一半。另外，北京、澄迈（海南省直 辖县）、杭州的私募数量也比较多，分别有10家、4家、3家。 融智投资FOF基金经理李春瑜表示，不仅是小盘股成交活跃，今年以来市场整体流动性有所改善，为量 化模型提供了良好的运作环境。而且从策略本身来看，包括指增策略在内的量化选股策略主要驱动因素 是数据，在结构性行情持续演绎、行业机会不断轮动的背景下，量化策略能显现出更强的优势。 在41家百亿量化私募中，员工人数过百的私募共有8家，其中灵均投资、佳期私募、九坤投资的员工人 数超过150人。 从私募排排网获悉，蒙玺投资的管理规模近日跃升至100亿元以上，成为新晋百亿量化私募。 值得注意的是，本周早些时候另一家量化私募微观博易管理规模也成功突破百亿元大关，意味着短短一 周时间，2家量化私募的管理规模成功突破百亿元。当前百亿量化私募的数量已达41家，而当前百亿主 观私募为40家，历史上百亿量化私募数量首次超过百 ...

Core Viewpoint - The performance of large private equity firms in the A-share market has been outstanding in the first half of 2025, with an average return of 10.93% among the top 50 firms, and 94% of them achieving positive returns [1][3]. Group 1: Overall Performance - As of June 30, 2025, the average return for 50 large private equity firms was 10.93%, with 47 firms achieving positive returns, representing over 90% [3]. - Among the 47 firms with positive returns, 20 had returns below 10%, 21 had returns between 10% and 19.99%, and 6 firms achieved returns of 20% or more [3]. Group 2: Strategy Performance - The average return for 14 large subjective private equity firms was 5.51% in the first half of 2025 [4]. - Notable firms like Shenzhen Rido Investment and Shanghai Harmony Huiyi Asset Management performed well under subjective strategies, emphasizing the importance of fundamental analysis and long-term holdings [5]. Group 3: Quantitative Private Equity - The performance of large quantitative private equity firms was particularly impressive, with an average return of 13.72% among 32 firms, all of which reported profits [7]. - The success of quantitative firms is attributed to their strategy models aligning well with the current market trends, particularly the small-cap growth style [7][8]. - The number of large quantitative private equity firms increased to 39, with over 2,300 new products registered in the first half of 2025 [8][9]. Group 4: Market Outlook - Large private equity firms are optimistic about the market in the second half of 2025, citing opportunities in Chinese assets due to global capital rebalancing [11]. - Firms like Xing Shi Investment expect A-shares to benefit from a combination of emotional and fundamental recovery, supported by ample liquidity and reasonable valuations [11]. - Emerging growth opportunities are anticipated to expand beyond new consumption and innovative pharmaceuticals into technology and cyclical industries, with a focus on AI, semiconductor equipment, and high-end manufacturing [12].

Core Viewpoint - The article highlights a bullish trend in both equity and bond markets in Q2 2025, driven by increased market liquidity and favorable government policies encouraging long-term investments. The performance of various fund categories, particularly technology and QDII equity funds, has been notably strong, with significant returns over the past three years. Fund Performance Section 1.1 Fund Classification Rankings - The top-performing ordinary equity funds over the past three years include: - Jin Ying Technology Innovation A with a return of 75.05% and a maximum drawdown of -38.68% [3] - Jia Shi Hu Rong Selected A with a return of 64.08% and a maximum drawdown of -38.79% [3] - Jing Shun Chang Cheng Hu Gang Shen Selected A with a return of 57.71% and a maximum drawdown of -14.73% [3] 1.2 Mixed Equity Fund Rankings - The leading mixed equity funds include: - Hua Xia North Exchange Innovation with a return of 175.64% and a maximum drawdown of -30.93% [5] - Hui Tian Fu North Exchange Innovation with a return of 111.39% and a maximum drawdown of -27.37% [5] - Wan Jia North Exchange Wisdom Selection with a return of 94.03% and a maximum drawdown of -28.03% [5] 1.3 QDII Equity Fund Rankings - The top QDII equity funds are: - Yi Fang Da Biao Pu Information Technology A with a return of 119.55% and a maximum drawdown of -25.54% [19] - Hua Xia Nasdaq 100 ETF with a return of 108.00% and a maximum drawdown of -22.41% [19] - Hua An Germany (DAX) ETF with a return of 106.74% and a maximum drawdown of -14.76% [19] 1.4 Performance of Bond Funds - The performance of bond funds shows: - The Wan De Short-term Pure Bond Fund Index and the Wan De Medium-term Pure Bond Fund Index increased by 0.64% and 0.95%, respectively, reaching new highs [1] - The top-performing mixed bond funds include Hua Xia Pan Tai A with a return of 30.18% and a maximum drawdown of -7.64% [7] 1.5 Investment Trends - The article notes that the ETF has become a preferred tool for asset allocation, with many products frequently appearing on performance lists, indicating their investment value [1]