中国证券投资基金业协会(下称"中基协")最新月报显示，私募基金总规模在2025年11月末历史性地突破 22.09万亿元。不过，深入数据肌理可发现，此次行业规模"新高"并非普惠式地全面扩张，而是呈现出 结构性变化。 不过，在这串标志行业体量的数字背后，还有一场更为复杂和深刻的叙事。根据私募排排网数据统计， 私募机构股票仓位飙升至年内顶峰，头部私募近乎"满弓"运行；但另一面则是对年末行情的研判出现分 歧，以及在此分歧下衍生出的多元甚至矛盾的战术动作。 根据中基协披露的数据，在11月新备案的私募证券产品中，量化策略产品占比显著提升，备案产品共计 565只，占比为44%，较10月环比提升，成为吸纳资金的主力。 从备案的私募机构来看，11月新登记的私募管理人数量仅为14家，注销的则有67家，"进出"之间的巨大 差额持续推动行业出清。 在数量收缩的表象下，是新入局者"成色"的十足。11月新设的证券类私募虽仅有3家，但其核心人物均 拥有从头部券商、公募基金到知名私募的跨界、复合背景。 例如，北京垦禾基金的李昆和杭州青燊基金的关家雄，均任职过多家资管机构。 一名长期观察行业发展的法律合规专家对记者表示："'公奔私'现象从未停 ...

记者丨杨娜娜 编辑丨姜诗蔷 近日，中国证券监督管理委员会浙江监管局披露了对浙江优策投资管理有限公司（以下简 称"优策投资"）及有关责任人员违法违规的处罚决定书。经查， 该公司存在挪用近10亿元基 金财产、11只产品信息造假、报送虚假实控人信息等行为，严重违反私募基金法律法规。 最终，浙江证监局对优策投资罚款2100万元，对3名责任人罚款1425万元，对实际控制人黄巍 采取终身证券市场禁入措施， 罚款总额达3525万元。 同时，基金业协会同步撤销其管理人登 记，相关违法犯罪线索已依法移送公安机关。 优策投资成立于2016年12月，注册于杭州，公司总部位于北京，2017年11月备案登记为私募 证券基金管理人，2025年12月12日被注销。 被注销前，优策投资是一家以FOF投资为主的基 金管理公司， 管理规模超过20亿元 ，其实际控制人显示为李晓晴，焦健为总经理。 2018年11月至2024年，优策投资先后成立并管理优策长实1号，优策长秀1号、2号、3号、长 秀5号，安实1号、优策安实2号、优策长青1号等8只基金产品（以下统称募集层产品）；8只募 集层产品的全部基金财产分别投向优策投资成立并管理的优策长实（曾用名称 ...

进入12月，私募基金经理的年度收益排名也进入了最终冲刺阶段。今年1-11月，所管产品至少有3只符合排名规则的私募基金经理共有570位，今年来收益 均值和中位数分别为29.42%、23.89%。 如果按规模划分，从收益中位数来看，百亿私募基金经理表现较好，达到27.92%；从平均收益来看，规模为5-10亿的基金经理收益较好，达到30.33%。 其中，以股票策略为核心的基金经理共有346位，占比60.7%，他们今年1-11月的收益均值和中位数分别为35.26%、31.1%，跑赢同期沪深300指数17.94% 的涨幅。此外，以多资产策略和期货及衍生品策略为核心的基金经理也较多，分别有82位，65位。 从基金经理所属公司的投资模式来看，主观私募基金经理共有301位，占比过半；此外，量化私募基金经理分别有187位，混合型私募（"主观+量化"）的 基金经理有82位。今年中小盘股整体表现占优，为量化私募的基金经理的发挥提供了有利环境；而AI算力等板块的趋势性行情，也为主观私募基金经理 提供了机会。 100亿以上：陆航夺得季军！宁波幻方量化两位基金经理上榜 在百亿私募中，今年1-11月收益位列10强的基金经理的"上榜门槛"为 ...

21世纪经济报道记者黄子潇深圳报道 私募行业正在迎来一场属于资管机构的"成人礼"——借道香港出海。 私募排排网数据显示，今年以来截至11月26日，新增10家私募获得香港9号牌照(资产管理)，主观私募与量化私募各占5家。整体来看，持9号 牌私募已增至107家，首次突破百家规模。 从结构上看，主观私募出海时间较早，整体为出海主力，头部机构多数已完成在港布局。而近年来，头部量化私募出海的步伐明显加快。 在出海路径上，大部分私募通过在香港设立子公司，作为9号牌的申请主体。例如2024年11月，深圳市优美利投资管理有限公司(优美利投资) 在香港中环设立了优美利(国际)投资有限公司(优美利国际)，并在今年10月份获批9号牌。 "我们早有筹划，之所以去年设立，是赶了一个美国降息的时点。"优美利投资董事长贺金龙向21世纪经济报道记者表示，在低息环境下，部分 香港的存量客户对稳健资产的配置需求有所提升。公司计划于12月在香港推出首只产品，定位为稳健低波动、具备相对确定收益。 从出海节奏来看，主观私募起步较早，量化私募后发追赶。以毗邻香港的深圳地区私募为例，盈峰资本、东方港湾、乐瑞资产、望正资产等百 亿级主观私募早在2016年左 ...

在落实决策机制方面，连海陆桥严格执行"三重一大"事项集体决策制度，明确党组织前置把关机制与支 委会议事规则，强化程序规范性与风险可控性。党支部书记认真履行第一责任人职责，班子成员落 实"一岗双责"，实现党建与业务工作同步谋划、同步部署、同步考核，为推动公司治理现代化提供制度 支撑和组织保障。 在思想建设与组织引领方面，连海陆桥严格落实"第一议题""三会一课"等制度，打造"红色阵地+学习阵 地"双平台，提升党员政治素养与履职能力。围绕"党建+专业"路径，联合高校推进"党建+金融+审计"共 建，开展投资者教育进社区等活动，推动党建工作与金融普惠、人才培养协同落地。公司还积极参与乡 村振兴实践，增强基层党组织的外部联动能力和社会服务功能。此外，结合《国企改革深化提升行动 (2023—2025年)》，公司探索"党小组+班组+工会小组"三组联建机制，将组织触角延伸至公司管理、投 研、风控等关键业务单元，推动形成覆盖广、执行快、协同强的党建运行网络。 在业务与党建互促方面，连海陆桥将党建引领嵌入投资决策与风控体系建设，基金管理规模稳步增长， 2024年突破21亿元，在江苏省1210家私募基金管理人中位列前15%，远超全省 ...

Core Insights - In November 2025, the Asset Management Association approved the registration of 11 private equity and venture capital fund managers, including 3 state-owned and 8 market-oriented institutions [1] Group 1: Fund Managers Overview - Zhuhai Yuanfeng Ruizhuo Private Fund Management Co., Ltd. was established on April 18, 2025, with a registered capital of 12 million RMB, and is affiliated with CPE Yuanfeng [3] - Suzhou Yuanshuo Venture Capital Management Co., Ltd. was established on August 16, 2024, with a registered capital of 10 million RMB, and is associated with the listed company Huaxing Yuanchuang [3] - Shandong Province Social Private Fund Management Co., Ltd. is a state-controlled private equity investment fund established on February 27, 2024, with a registered capital of 18 million RMB [3] - Zhongzi Huan (Shenzhen) Private Equity Fund Management Co., Ltd. was established on May 21, 2025, with a registered capital of 100 million RMB, controlled by China Resources Environmental Investment Co., Ltd. [3] - Shanghai Linghe Luhui Private Fund Management Co., Ltd. was established on September 11, 2024, with a registered capital of 10 million RMB [3] - Guochuang Yangtze River Delta Private Fund Management (Shanghai) Co., Ltd. is a state-owned institution established on July 21, 2025, with a registered capital of 10 million RMB [3] - Ningbo Zhuji Yunze Private Fund Management Co., Ltd. was established on February 11, 2025, with a registered capital of 10 million RMB [3] - Shanghai Xingqi Future Venture Capital Management Co., Ltd. was established on May 30, 2025, with a registered capital of 10 million RMB [3] - Guangzhou Metro Capital Private Fund Management Co., Ltd. was established on March 4, 2025, with a registered capital of 30 million RMB, controlled by Guangzhou Metro Group [4] - Zhuhai Junli Private Equity Fund Management Co., Ltd. was established on August 20, 2025, with a registered capital of 10 million RMB [4] - Yao Du Private Fund Management (Beijing) Co., Ltd. was established on August 1, 2025, with a registered capital of 10 million RMB [4] Group 2: Registration and Capital Analysis - Among the 11 newly registered fund managers, 9 have a paid-in capital ratio of 100%, while Guangzhou Metro Capital has a paid-in ratio of 33.33%, and Zhongzi Huan (Shenzhen) has the lowest at 15% [9][10] - The average time taken for the registration process was 115 days, with the fastest being Yao Du Capital at 50 days and the slowest being Yuanshuo Venture Capital at 232 days [11] Group 3: Legal Services - A total of 9 law firms were utilized for the registration of the new private fund managers, with Guohua Law Firm and Shanghai Jintiancheng Law Firm serving 2 institutions each [13]

Core Viewpoint - Zhejiang Securities Regulatory Bureau has issued administrative regulatory measures against Zhejiang Qianxun Private Fund Management Co., Ltd. due to multiple abnormal trading activities and non-compliance with investment ratios in private fund operations [1] Group 1 - The decision document indicates that the company managed funds that exhibited multiple instances of abnormal trading [1] - Some funds managed by the company did not adhere to the agreed investment ratios as per the contracts [1] - These actions are in violation of the relevant provisions of the "Interim Measures for the Supervision and Administration of Private Investment Funds" [1] Group 2 - As a consequence of these violations, the Zhejiang Securities Regulatory Bureau has decided to issue a warning letter to Zhejiang Qianxun Private Fund Management Co., Ltd. [1] - The warning will be recorded in the integrity file of the securities and futures market [1]

Core Insights - The article discusses the recent registration of five new private equity and venture capital fund managers in September 2025, highlighting their backgrounds and operational focuses [5][7][9]. Group 1: New Fund Managers - Four private equity and venture capital fund managers and one securities company private fund subsidiary were approved for registration [5]. - The newly registered fund managers include: 1. Guomao Chuangling (Shanghai) Private Fund Management Co., Ltd. 2. Zhongshan Cuiheng Innovation Private Fund Management Co., Ltd. 3. Nanjing Zhanzheng Private Fund Management Co., Ltd. 4. Shengan Xinxing Private Fund Management (Shanghai) Co., Ltd. 5. Lianyungang Zhanzheng Private Fund Management Co., Ltd. [6][7][9]. Group 2: Fund Manager Profiles - Guomao Chuangling is controlled by Xiamen Guomao Holding Group, focusing on supply chain and advanced manufacturing [7]. - Zhongshan Cuiheng aims to leverage its new private fund management license to attract social capital for key industrial chains in Zhongshan [8]. - Nanjing Zhanzheng is initiated by Nanjing Innovation Investment Group, focusing on technology innovation and industrial clusters [8]. - Shengan Xinxing is a subsidiary of Shengan Securities, emphasizing compliance and risk management [9]. - Lianyungang Zhanzheng will manage a special mother fund for the new materials industry, supporting high-performance fibers and advanced inorganic materials [9]. Group 3: Registration and Capital Analysis - The registration process for these fund managers varied, with Lianyungang Zhanzheng taking only 73 days, while Guomao Chuangling took 496 days [16]. - Among the new fund managers, only two had a 100% paid-in capital ratio, while Nanjing Zhanzheng had a low ratio of 30% [14][15]. - The registered capital and paid-in capital for the new fund managers are as follows: - Guomao Chuangling: 20 million RMB, 20 million RMB (100%) - Zhongshan Cuiheng: 30 million RMB, 15 million RMB (50%) - Nanjing Zhanzheng: 120 million RMB, 36 million RMB (30%) - Shengan Xinxing: 100 million RMB, 50 million RMB (50%) - Lianyungang Zhanzheng: 10 million RMB, 10 million RMB (100%) [15]. Group 4: Legal Support - Four law firms were engaged for the registration process of the new fund managers, indicating a structured approach to compliance [18][19].

Core Viewpoint - The private equity industry in China is undergoing a significant cleansing process, transitioning from a phase of rapid growth to a more regulated and mature stage, with a focus on compliance and operational efficiency [1][6][10]. Group 1: Industry Overview - Over 24,171 private fund managers have been deregistered in the past decade, with more than 1,000 deregistrations occurring in 2023 alone, indicating a trend of industry consolidation [3][4][6]. - As of October 2025, there are 19,614 active private fund managers, with a notable decline in numbers since 2015, when the industry saw only 51 deregistrations [3][4][6]. Group 2: Deregistration Waves - The first wave of deregistration began in 2016, driven by the "empty shell" private equity cleanup, which resulted in a dramatic increase in deregistrations from 51 in 2015 to 11,249 in 2016 [6][7]. - The second wave started in 2022, with 2,210 deregistrations, and peaked in 2023 with 2,537, reflecting ongoing pressures from market conditions and regulatory scrutiny [7][10]. Group 3: Regulatory Changes - New regulations implemented on May 1, 2023, have significantly raised the entry barriers for private equity firms, requiring a minimum initial fundraising of 10 million yuan (approximately 1.4 million USD) and maintaining an average asset level of 10 million yuan throughout the year [8][10]. - The regulatory environment has shifted from a one-time cleanup to a continuous process of monitoring and deregistration, targeting non-compliant and inactive firms [11]. Group 4: Survival Strategies - Private equity firms are focusing on three main areas for survival: achieving sustainable performance, securing funding, and maintaining compliance with regulatory standards [12][14]. - The industry is expected to see a continued trend of consolidation, with larger firms gaining market share while smaller firms struggle to survive [13][14].

Core Insights - Xiamen aims to create a top-tier private equity fund business environment, expanding its network to attract industrial projects [1][2] - The city has 320 private equity management institutions managing 2018 funds, with a registered fund scale of nearly 550 billion yuan, leading the province in both institution count and fund size [1] - Xiamen is enhancing its private equity ecosystem by transforming funds from mere capital providers to industry enablers, supporting startups to grow into key industry players [2][3] Group 1: Fund Ecosystem Development - Xiamen has established a "pre-meeting consultation" model to improve fund establishment efficiency, completing processes in three working days, which is a national benchmark [2] - The city has developed 12 fund aggregation zones, including Gu Dishi Fund Town and Jinyuan Fund Gathering Area, providing diverse options and quality services for fund management institutions [2] - Regular investment and financing matchmaking events are held, with over 50 events annually, facilitating efficient connections between funds and projects [3] Group 2: Capital Market Integration - Xiamen is actively promoting the integration of domestic and international capital markets, customizing listing paths for companies and encouraging overseas listings [4] - The city collaborates with major exchanges like the Hong Kong Stock Exchange and Singapore Exchange to provide comprehensive policy consultation and guidance for companies [4] - As of September 2023, Xiamen has 33 overseas listed companies, with five new listings in 2024, including the first A+H listed company from Xiamen [5] Group 3: Support for Cross-Strait Enterprises - Xiamen is enhancing the listing support for Taiwanese enterprises, with revised regulations easing entry conditions for Taiwanese companies into the listing backup pool [5] - The city leverages a capital market service base to provide full-process services for Taiwanese companies seeking to list, including expert guidance and market connections [5] - Xiamen supports high-quality construction of cross-strait equity markets, facilitating specialized Taiwanese enterprises to access the New Third Board through a "green channel" [5] Group 4: Future Development Plans - Xiamen plans to further connect enterprises with capital markets, focusing on listings on the Sci-Tech Innovation Board and North Exchange, as well as overseas exchanges [6] - The city aims to enhance the cultivation of high-quality enterprises, supporting the development of listed companies to drive overall financial sector improvement [6]