Core Insights - The number of billion-level private equity firms has increased to 108 as of October 28, 2025, up from 96 at the end of September 2025, marking an increase of 12 firms [1] - Quantitative private equity firms have emerged as the new main players, with 8 out of the 13 new entrants being quantitative firms [1][2] - The average return for billion-level private equity firms this year is 30.49%, with 98.57% of these firms achieving positive returns [3][4] Group 1: Growth of Billion-Level Private Equity Firms - The number of billion-level private equity firms has risen by 17 compared to the end of 2024, with 31 new entrants and 14 exits [2] - Among the new entrants, 18 are quantitative firms, 9 are subjective firms, and 3 are mixed [2] - Notable new entrants include firms like Xiyue Investment and Square Harmony Investment, while familiar names like Honghu Private Equity and Shanghai New Equation have returned [2] Group 2: Performance Metrics - Quantitative private equity firms have an average return of 33.06%, outperforming subjective firms, which have an average return of 25.92% [4] - Of the 70 billion-level private equity firms with performance data, 69 achieved positive returns, with 35 firms yielding returns between 30% and 49.99% [3][4] - The performance distribution shows that 39 firms have returns exceeding 30%, with the majority being quantitative firms [4]

Group 1 - The company is recruiting interns for positions in Shenzhen, Shanghai, and Beijing, with a requirement for in-person internships lasting at least three months and a minimum of three days per week [1] - The internship offers opportunities for outstanding candidates to secure a permanent position based on performance evaluations [1] Group 2 - Responsibilities include data processing, analysis, and assisting researchers with quantitative investment projects, as well as developing and tracking financial engineering strategy models [2] - Additional tasks will be assigned by the team [2] Group 3 - Basic requirements include being a master's or doctoral student in STEM fields or financial engineering, with strong programming skills in Python and familiarity with SQL databases [3] - Candidates should possess strong self-motivation, responsibility, and excellent analytical, communication, and interpersonal skills [3] Group 4 - Preferred qualifications include solid knowledge of financial markets, experience with research projects, and familiarity with financial terminals like Wind and Bloomberg [4] - Knowledge of machine learning and experience with tools such as PyTorch and Linux are advantageous [4] - Previous internships related to quantitative research are also a plus [4] Group 5 - Interested candidates should submit their resumes in PDF format to the specified email address, following a specific naming convention for the email subject [5] - Resumes not adhering to the naming format will be treated as spam [5] - Qualified candidates will be contacted for written tests and interviews after the resume collection deadline [5]

Core Insights - The median return of private equity firms in Hangzhou for the first three quarters is nearly 29%, with the top 10 firms having a threshold return of over 35% [2] Group 1: Private Equity Firms Overview - There are 47 private equity firms in Hangzhou that meet the statistical criteria of the data provider [2] - Among the top 10 private equity firms, 5 are quantitative, 4 are subjective, and 1 employs a combination of both strategies [2] - In terms of core strategies, 8 firms focus on stock strategies while 2 adopt multi-asset strategies [2] Group 2: Top Private Equity Firms - The top 5 private equity firms in Hangzhou for the first three quarters of 2025 are: Nongfu Private Equity, Haokun Shengfa Asset, Berkshire Investment, Yunqi Quantitative, and Hangzhou Boyan Private Equity [2] - Notable firms in the top 10 include well-known billion-dollar quantitative firms such as Ningbo Huansheng Quantitative and Longqi Technology [2]

Group 1 - The article highlights Fred Piard's expertise in quantitative analysis and investment strategies, focusing on quality dividend stocks and tech innovation companies [1] - Fred Piard has over 30 years of experience in technology and has been investing in data-driven systematic strategies since 2010 [1] - The investing group Quantitative Risk & Value provides market risk indicators, real estate strategies, bond strategies, and income strategies in closed-end funds [1]

Core Viewpoint - Mackenzie Investments has launched the Mackenzie GQE International Equity Fund, providing investors with diversified exposure to international sectors and industries that are less represented in North America [1][2]. Group 1: Fund Overview - The Fund is structured as a mutual fund, complementing the existing Mackenzie GQE International Equity ETF, allowing investors to choose the investment vehicle that best fits their portfolios while maintaining access to diversified exposure to developed markets outside the U.S. [2] - The Fund utilizes the GQE Team's holistic quantitative investment approach, which integrates advanced data science with human insight to generate alpha and manage risk effectively [2]. Group 2: Market Opportunity - The Fund aims to help Canadian investors access significant international growth opportunities, particularly in companies outside of North America [3]. Group 3: Company Background - Mackenzie Investments manages approximately $239 billion in assets as of September 30, 2025, and serves over one million retail and institutional clients [4]. - Founded in 1967, Mackenzie is a global asset manager with offices in multiple cities, including Beijing, Boston, Dublin, Hong Kong, and London, and is part of IGM Financial Inc., which has approximately $302 billion in total assets under management and advisement as of September 30, 2025 [4].

Core Insights - QuinStreet Inc. (NASDAQ: QNST) has experienced a decline of approximately 13% in share value over the past year, contrasting with a 21% gain in the S&P 500 index [1] Group 1: Company Performance - The shares of QuinStreet Inc. have lost about 13% of their value in the last year [1] - The S&P 500 index has gained approximately 21% during the same period [1] Group 2: Investment Strategy - The investment approach combines fundamental analysis with momentum research to identify potential investment opportunities [1] - A software tool has been developed to track levels of optimism and pessimism in stock prices, aiming to exploit market disconnects [1] - The focus is on investing in companies that have a higher than average chance of delivering positive surprises in the near future [1]

Core Viewpoint - The article highlights the significant growth in the quantitative private equity sector, with an increase in the number of top-tier firms and their management scale, driven by the popularity of quantitative investment strategies and market trends [1]. Group 1: Growth of Quantitative Private Equity - As of the end of August 2025, the number of top quantitative private equity firms with management scales exceeding 5 billion yuan has risen to 78, marking an approximate 28% increase from January 2025 [1]. - Among these firms, 45 manage over 10 billion yuan, while 33 have management scales between 5 billion and 10 billion yuan [1]. Group 2: Performance of Top Firms - The top quantitative private equity founders, who are also fund managers, have an average return of 28.81% this year, with an average excess return of 11.12% [1]. - The total number of products managed by these founders that meet ranking criteria is 202, with a combined scale of approximately 28.064 billion yuan [1]. Group 3: Notable Founders and Their Strategies - Xie Xiaoyang, founder of Tianyan Capital, has 12 products with a total scale of approximately 2.174 billion yuan, achieving outstanding excess returns [4]. - Liu Xibin, founder of Hongxi Fund, manages 13 products with a total scale of approximately 1.280 billion yuan, focusing on quantitative trend strategies [7]. - The founders of Heiyi Asset, Zhou Yitian and Chen Zehao, have 21 products with a total scale of approximately 2.419 billion yuan, emphasizing risk control and stable returns [10]. Group 4: Emerging Trends and Innovations - Wu Di, founder of Century Frontier, is focusing on AI developments in quantitative strategies, indicating a shift towards building intelligent systems for strategy development [17].

Group 1 - The number of private equity firms with over 10 billion yuan in assets has reached 91 as of August 31, 2025, with Shanghai's Nianjue Private Equity being the latest addition [1] - Among these, 45 are quantitative private equity firms, accounting for 49.45%, while 39 are subjective firms, making up 42.86% [1] - The majority of these firms are concentrated in Shanghai and Beijing, which together account for 70% of the total [1] Group 2 - The average return for 57 private equity firms with performance data is 24.99% year-to-date, with all achieving positive returns [2] - 37 quantitative private equity firms have an average return of 28.07%, with 31 of the 40 firms that exceeded 20% returns being quantitative [2] - Notable firms with strong performance include Fusheng Asset, Stable Investment, and Abama Investment [2] Group 3 - The strong performance of quantitative private equity firms in 2025 is attributed to favorable market conditions, including wide fluctuations in A-shares and a focus on small-cap stocks [3] - Systematic operations of quantitative strategies help mitigate emotional interference, allowing for stable performance amid volatility [3] - Enhanced adaptability of strategies and abundant market liquidity have also contributed to the success of these firms [3]

Core Viewpoint - The article discusses the evolution of China's capital markets, emphasizing the importance of the "dual innovation" sector, which includes the ChiNext and Sci-Tech Innovation Board, as a key area for investment opportunities during a bull market [3][30]. Group 1: Historical Context - Before the stock market, enterprises were state-owned, and funding was solely reliant on government support [5][6]. - The transition to a shareholding system allowed companies to issue stocks for financing, leading to the establishment of stock exchanges in 1990 to regulate trading [8][15]. Group 2: Market Structure - The main board has high entry requirements, particularly regarding profitability, which excludes many potential growth stocks [19][20]. - The establishment of the SME Board in 2004 aimed to support medium-sized enterprises, but it did not significantly lower the entry barriers [23][25]. - The ChiNext was introduced in 2009 to better serve small and medium enterprises, while the Sci-Tech Innovation Board was launched in 2019 to support high-tech companies without the requirement of profitability [26][30]. Group 3: Characteristics of Dual Innovation Sector - The dual innovation sector exhibits three distinct characteristics: 1. High volatility, with a maximum price fluctuation limit of ±20%, compared to the main board's ±10% [34]. 2. High liquidity, as participants in this sector tend to have higher trading activity and capital [36]. 3. Greater imaginative potential, as tech innovation companies have unpredictable futures, leading to more significant valuation variations [38]. Group 4: Investment Opportunities - The unique characteristics of the dual innovation sector make it particularly suitable for quantitative investment strategies [41]. - In the current bull market, quantitative private equity focused on dual innovation has shown remarkable performance [43].

Core Insights - Tushare, a leading financial data provider and essential tool for quantitative investment, experienced a sudden service interruption due to a business dispute between its core data hosting agent and operator [1] - Tushare has mobilized its technical and operations teams to communicate and coordinate with relevant parties, but the complexity of the situation has hindered effective resolution [1] - To ensure long-term stability and sustainable development of its services, Tushare has decided to migrate its data services entirely, which is expected to take some time due to the large scale and volume of data involved [1] - Tushare Pro services may be temporarily unavailable for the next week as a result of this migration process [1]