北京商报讯（记者 李海媛）10月10日，江苏证监局发文称，经查，苏州晟德悦凯投资管理有限公司（以下简称"晟德悦凯投资"）委托不具备基金销售业务 资格的单位从事资金募集活动，表明公司在管理私募基金时未能充分履行诚实信用、谨慎勤勉义务。 同时，晟德悦凯投资合规风控负责人参与办理与其职责相冲突的业务，表明公司在管理私募基金时未能充分履行诚实信用、谨慎勤勉义务。另外，晟德悦凯 投资部分私募基金产品合伙协议未约定信息披露方式，以及相关协议约定与中国证券投资基金业协会相关自律管理规定要求不符。上述行为违反了相关规 定。 根据有关规定，江苏证监局决定对晟德悦凯投资采取出具警示函的行政监管措施，并要求其应高度重视，充分吸取教训，加强合规管理，并提交落实情况说 明。 ...

淡水泉投资表示，近期A股的震荡，更多是短期局部上涨过快后，资金与情绪阶段性休整的表现。从流 动性结构看，当前资金流入仍以内资机构和存量投资者为主，外资及个人投资者尚未全面启动。与此同 时，市场整体仍处于"进水"大于"出水"的格局，充裕的流动性不仅是市场稳健运行的基础，也将为行情 的延续提供支撑。 机构建议平衡防御与进攻 丹羿投资认为，当前市场行情的核心驱动力，并非常规的经济周期，而是多重结构性力量共同作用的结 果。全球技术格局正在重构，叠加全球流动性持续宽松，共同推动了这一轮以科技创新为核心的资产重 估。 进入四季度，私募机构对国庆假期后A股市场行情的研判备受关注。 整体来看，私募机构透露出较为积极的信号，对行情的延续性较为乐观。同时，机构提示称，需平衡防 御与进攻，警惕部分科技股的估值压力。 对未来市场相对乐观 复胜资产表示，9月份市场除了科技股之外，其他板块整体回归到区间震荡的走势。这个阶段，可能投 资者对于未来市场会出现犹豫，复胜资产对于后续整体市场表现还是相对乐观。复胜资产表示，更关注 行业层面龙头公司的盈利趋势，目前可以看到一些"反内卷"行业龙头公司已经出现了业绩边际改善的迹 象，诸如工程机械、化工 ...

数据显示，对于节后A股市场走势，七成私募机构持乐观态度，认为市场在节前蓄势之后有望逐步回暖；两成私募机构态 度中性，预计指数震荡但市场结构性机会丰富；仅不到一成私募机构对节后市场表现偏谨慎，担忧长假不确定性与前期涨幅叠 加可能带来市场阶段性调整。 在风格判断上，62.50%的私募机构认为节后市场风格将趋于均衡，科技成长股与价值蓝筹股有望轮番表现；23.08%的私募 机构则继续看好成长风格占优；另有14.42%的私募机构预判市场可能出现"高低切换"，前期滞涨的传统行业与高股息资产或将 迎来表现机会。 本报记者 昌校宇 随着国庆与中秋"双节"假期临近，市场再度面对"持股还是持币过节"的经典议题。私募排排网最新调研数据显示，超六成 私募机构计划重仓乃至满仓（仓位＞70%）过节，传递出对节后市场的积极预期。 具体来看，65.38%的受访私募机构表示将维持七成以上仓位，认为外围市场在长假期间波动有限；另有17.31%的私募机构 选择中等偏重仓位（50%≤仓位≤70%），更看重节后个股的结构性机会；约11.54%的机构选择中等偏轻仓位（30%≤仓位＜ 50%），而轻仓（仓位低于30%）的私募机构仅占5.77%。 深圳市中 ...

在近日举行的"青岛金融中心高质量发展论坛暨第38期全球金融中心指数(GFCI38)发布会"上，中国(深 圳)综合开发研究院副院长刘国宏发布第38期全球金融中心指数，本期青岛GFCI综合排名全球第35位， 评分稳中有升，金融科技排名跃居第24位，显示"科技赋能金融"已成为青岛最具爆发力的赛道。 此外，中国财政科学研究院原院长刘尚希围绕"人民币国际化与财政金融新思维"主题，提出财富管理和 人民币国际化离不开"财政+金融"协同，地方政府应主动发行离岸人民币债券，用足主权信用，为全球 投资者提供安全资产并反哺区域金融中心建设。 深圳海锶私募创业投资基金管理有限公司董事长蓝飞腾提出，青岛可借鉴深圳模式，加强政府引导基 金"投早、投小、投科技"，拉长存续期、提高出资比例，吸引硬科技、高端装备项目落地。国信证券投 行事业部原董事总经理于吉鑫提出推动"上市升级"，政府要高度重视培育专精特新企业上市，形成"苗 圃——育圃——上市"三级梯队，同时提供"订单+资金+政策"赋能与专业机构前置辅导；提议打造"青岛 海洋数字交易中心"，把海洋数据、碳汇、运力等非标资产标准化后证券化。 在论坛研讨环节，围绕青岛金融中心特色化、专业化、差异 ...

每经头条（nbdtoutiao）——"9·24"一周年，A股总市值破116万亿元！四大变革重塑中国资本市场新生 态 （记者 贾运可） 每经AI快讯，九鼎投资（SH 600053，收盘价：17.54元）9月24日晚间发布公告称，公司第十届第九次 董事会会议于2025年9月24日在公司以通讯表决的方式召开。会议审议了《关于公司向中国光大银行股 份有限公司南昌分行申请授信并提供担保的议案》等文件。 2024年1至12月份，九鼎投资的营业收入构成为：房地产占比49.24%，私募投资管理占比47.32%，建筑 施工业务占比2.1%，其他业务占比1.35%。 截至发稿，九鼎投资市值为76亿元。 ...

Core Viewpoint - The article discusses the recent controversy surrounding a private equity fund associated with Chasing Technology, which allegedly requires employees to co-invest with a mechanism linked to employee retention and performance [3][4]. Group 1: Company Developments - Chasing Technology has gained attention for its expansion into the automotive industry, aiming to create a high-performance luxury car, with plans for a factory near Tesla's German facility, which will be 1.2 times larger than Tesla's Berlin factory [7]. - The company also announced the launch of its high-end flagship smartphone, Dreame Space, which reportedly secured over 100 million yuan in overseas orders before its release [7]. - The founder, Yu Hao, has stated that the company is financially stable, with sufficient cash flow and plans for multiple IPOs globally by the end of next year [7]. Group 2: Private Equity Fund Structure - Chasing Technology established the Chasing Robot Industry Venture Capital Fund, which includes a growth-stage strategic fund with a scale of 10 billion yuan, most of which has been raised, and an early-stage incubation fund that recently completed its first round of fundraising [8]. - The growth-stage fund focuses on mature commercial applications in areas such as smart cleaning robots and smart vehicles, while the early-stage fund aims to support startups in strategic planning and management [8]. - The fund's co-investment structure allows employees to invest starting from 10,000 yuan, with no upper limit, and includes provisions for tax responsibilities and handling of employee rights upon departure [4][9].

Core Viewpoint - Recent social media posts allege that a private equity fund requires employees to co-invest, linking it to an elimination mechanism, raising questions about compliance and employee treatment [1][2] Group 1: Company Operations and Strategy - Pursuit Technology has gained recognition for its products like vacuum and washing robots, and has recently announced its entry into the automotive sector, aiming to create a high-performance luxury brand [4] - The company has completed its first round of financing for its automotive venture and is in the process of selecting a factory site near Tesla's German facility, with the new factory expected to be 1.2 times larger than Tesla's Berlin factory [4] - Pursuit Technology also launched its first high-end flagship smartphone, Dreame Space, which reportedly secured over 100 million yuan in overseas orders before its release [4] Group 2: Fund Management and Investment Strategy - Pursuit Technology established the Chasing Robot Industry Venture Capital Fund, which includes a growth-stage strategic fund with a scale of 10 billion yuan, most of which has been raised, and an early-stage incubation fund that recently completed its first round of fundraising [5] - The growth-stage strategic fund focuses on mature commercial applications in areas like smart cleaning robots and intelligent vehicles, while the early-stage incubation fund aims to support early projects by providing strategic guidance and management capabilities [5] Group 3: Employee Investment and Compliance - The co-investment rules require a minimum investment of 10,000 yuan with no upper limit, and employees must sign a delegation agreement to participate [1] - Employees can retain their co-investment shares after leaving the company, but without management fee and carry benefits, while the company has the right to buy back employee interests at a lower price [2] - The private equity fund's co-investment system may not necessarily violate compliance regulations, as it can be interpreted as a means to enrich employees, although it carries potential risks [5][6]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 丹羿投资成立于2015年4月，荣获金牛奖、英华奖、金长江奖等业内各大重磅奖项，至今已经历十年牛熊转换，由曾经的公募"明星基金经理"朱 亮创立，目前公司员工19位。公司秉持 "长期视角，早期介入，寻找十年后的茅台 " 的投资理念，聚焦高端制造、消费、科技、医药等几大板 块，潜心耕耘。 私募排排网数据显示，截至8月底，丹羿投资旗下有业绩显示的5只产品，今年来收益均值为 ***% ，位居20-50亿私募第8位。值得关注的是， 基金经理王帅 管理的 "丹羿鹏程1号1期"今年来以 ***% 的翻倍式收益，在 20-50亿私募1-8月主观多头产品中位居第2。（ 点此查看收益 ） [应监管要求，私募产品不能公开展示业绩，文中涉及收益数据用***替代，合格投资者可扫码查看收益数据。] | 排名 | 产品简称 | 公司简称 | 章等经理 | 成立日期 | 产品规模(万元) | 今年来收益 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 歌汝奇点 | 上海歌汝私 블 | 石浩 | 2022/3/3 | | | ...

Core Insights - The article discusses the performance and ranking of subjective private equity funds in China, highlighting their reliance on active management and individual fund manager expertise rather than algorithmic strategies [1][2]. Group 1: Overview of Subjective Private Equity - As of August 2025, there are 5,423 subjective private equity firms, accounting for over 70% of the total in the securities investment category [1]. - In the past year, 294 firms have at least three products displayed on the private equity ranking platform, with 213 of them focusing on stock strategies [1]. Group 2: Performance Rankings - Among the 100 billion yuan and above category, the top three firms by average returns are: Jiuzhi Investment, Fusheng Asset, and Rido Investment, with average returns of ***%, ***%, and ***% respectively [2]. - The average return for the 100 billion yuan category is 32.50%, with a total of 186 products meeting ranking criteria [1][2]. Group 3: Notable Firms and Their Strategies - Rido Investment, established in March 2016, has quickly become a leading firm, achieving significant returns through a customer-centric value investment approach [4][5]. - The top firm in the 50-100 billion yuan category is Tongben Investment, with an average return of ***% [7][10]. Group 4: Performance in Smaller Categories - In the 20-50 billion yuan category, Haokun Shengfa Asset leads with an average return of ***%, while in the 10-20 billion yuan category, Nengjing Investment Holdings tops the list with an average return of ***% [11][15]. - The 5-10 billion yuan category sees Yijiu Private Fund at the top, achieving an average return of ***% [18][20]. Group 5: Emerging Trends and Insights - The article emphasizes the importance of fundamental research and value investment strategies among successful private equity firms, particularly in sectors like consumer goods and technology [10][14]. - The performance of these funds suggests a growing confidence in the Chinese stock market, with expectations of a bullish trend in the near future [5][6].

Group 1 - The article highlights the impact of U.S. tariff policies and geopolitical tensions on the global macroeconomic landscape, leading to increased market risk aversion [2] - China's economic recovery and high financing demand are attracting international hedge funds, creating opportunities for diversified asset allocation [2] - The rapid development of artificial intelligence (AI) is enhancing the performance of tech stocks and driving index growth, positioning AI as a key tool for private equity firms to navigate uncertainty [2] Group 2 - The upcoming Bloomberg Private Equity Investment Strategy Closed-Door Exchange Meeting in Hangzhou will feature industry leaders discussing market trends and challenges [2] - The theme of the Hangzhou event is "AI as a Lever to Unlock Opportunities in the International Derivatives Market," focusing on the dual drivers of quantitative analysis and AI in derivative services and research [2] - The event agenda includes discussions on new trends in the overseas equity derivatives market, dividend forecasting models, and investment strategies in turbulent markets [4]