其中，上海君冠私募基金管理有限公司（以下简称上海君冠）管理的1只基金产品的投资者、投资标的 均由第三方安排，资金来源、投资去向主要为第三方同一控制的私募基金管理人旗下的私募基金产品， 公司玩忽职守，不按照规定履职。上海君冠被责令改正，给予警告，并处七十万元罚款；时任公司法定 代表人、总经理钱某华被给予警告，并处二十一万元罚款。 广东钜米私募证券投资基金管理有限公司（以下简称广东钜米），截至2024年10月9日，向中基协报送 的办公地址与公司实际办公地址情况不符，且公司备案1只私募基金产品后将投资管理职责委托第三方 行使，公司未实际履行私募基金管理人投资管理职责。广东钜米被责令改正，给予警告，没收违法所得 207.91万元，并处一百一十万元罚款；时任公司法定代表人、总经理、信息填报负责人付某庆被给予警 告，并处三十三万元罚款；时任公司副总经理陈某蒲被给予警告，并处十八万元罚款。 智通财经记者 | 穆玥 时隔大约20个月以后，证监会对瑞丰达跑路事件的立案调查迎来"终章"。 据证监会官网1月23日披露，近日，证监会对浙江瑞丰达资产管理有限公司（以下简称瑞丰达）及关联 私募机构、实际控制人孙伟等相关责任人员违法违规行 ...

21世纪经济报道记者 崔文静 私募基金监管"零容忍"信号再次释放。 图片来源：中国证监会 重拳直击"瑞丰达案"：穿透监管、立体追责、罚出敬畏 瑞丰达及其实控人孙伟领受的"史上最重罚单"，是本次监管的中心，也最为清晰地勾勒出当前私募监管的"火力"与精度。 1月23日，证监会依法对浙江瑞丰达资产管理有限公司（以下简称"瑞丰达"）及其实控人孙伟，以及五家关联私募机构作出行政 处罚，合计罚没金额超4100万元，瑞丰达实控人被采取终身证券市场禁入措施。 这一罚没规模刷新了私募领域行政处罚纪录，成为"史上最重罚单"。 此次针对瑞丰达等一批私募机构的集中查处，并非专项运动，而是监管部门常态化严厉打击违法违规行为的结果。随着《私募 投资基金监督管理条例》的深入实施，一张涵盖"自律、行政、刑事"的立体追责网络正越织越密，旨在从根本上纠偏行业乱 象，推动私募行业回归"受人之托、代人理财"的本源。 此次集中通报的案例，直指私募基金违规募集、侵占挪用、自融自用、利益输送等触碰监管"红线"的恶劣行为。监管部门不仅 施以重罚，更同步注销管理人登记，并将涉嫌犯罪线索移送公安机关，实现了对违法主体与责任人员的全方位、穿透式惩戒。 在业内人士 ...

上述情形违反了《私募投资基金监督管理暂行办法》的规定。浙江证监局决定对杭州龙蠡投资管理有限公司采取出具警示函的监督管理措施， 并记入证券期货市场诚信档案。 蓝鲸新闻1月20日讯，近日，浙江证监局发布行政监管措施决定书，剑指杭州龙蠡投资管理有限公司。 决定书显示，杭州龙蠡投资管理有限公司在开展私募基金业务中存在以下情形： 一、未按规定向中国证券投资基金业协会进行信息报送； 二、未建立完善的合规风控制度，未做好实际控制人和公司的风险隔离。 上述情形违反了《私募投资基金监督管理暂行办法》第四条第一款和 第二十五条的规定。根据《私募投资基金监督管理暂行办法》第三十 三条的规定,我局决定对你公司采取出具警示函的监督管理措施,并 记入证券期货市场诚信档案。你公司应充分吸取教训，加强相关法律 法规学习,提高规范运作意识,谨慎勤勉履行私募基金管理职责,积 极履行投资者适当性管理和信息披露义务。你公司应当在收到本决定 书之日起7日内向我局提交书面整改报告,杜绝今后再次发生此类违规 行为,切实保护投资者合法权益。 如果对本监督管理措施不服，可以在收到本决定书之日起60日内向中 国证券监督管理委员会提出行政复议申请，也可以在收到本 ...

Group 1 - The Zhejiang Zhezi Science and Technology Innovation Special M&A Equity Investment Fund Partnership has been established with a total contribution of 10.103 billion RMB [1][2] - The executing partner companies are Agricultural Bank of China Capital Management Co., Ltd. and Zhejiang Fuzhe Private Equity Fund Management Co., Ltd. [1][2] - The fund's business scope includes private equity investment, investment management, asset management, and other related activities [1][2] Group 2 - The fund is jointly contributed by Zhejiang Provincial Social Security Science and Technology Innovation Equity Investment Fund Partnership (Limited Partnership), Zhejiang Fuzhe Private Equity Fund Management Co., Ltd., Agricultural Bank of China Capital Management Co., Ltd., and Hangzhou Fuzhe Shanneng Enterprise Management Partnership (Limited Partnership) [1][2]

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 ...

Core Viewpoint - The article discusses the severe penalties imposed on Zhejiang Youce Investment Management Co., Ltd. for serious violations of private fund regulations, including misappropriation of nearly 1 billion yuan in funds and falsification of product information, marking it as one of the heaviest penalties in the private equity industry history [1][2][12]. Group 1: Violations and Penalties - Zhejiang Youce Investment was fined 21 million yuan, and three responsible individuals were fined a total of 14.25 million yuan, with the actual controller Huang Wei receiving a lifetime ban from the securities market [1][12]. - The company misreported the actual controller's information, with Huang Wei being the actual controller since March 2019, but the company continued to report Li Xiaoqing as the controller until the investigation [8][10]. - Youce Investment misappropriated fund assets, transferring 9.55 billion yuan from bank deposits to other accounts without returning the funds [10][11]. Group 2: Fund Structure and Mismanagement - Youce Investment managed over 2 billion yuan in assets and established multiple fund products, with a complex structure involving both fundraising and investment layers [4][10]. - The company provided false information regarding the assets, income, and net value of its funds over a period of more than four years, affecting 11 fund products [11][15]. - The firm mixed its operations with related entities, leading to a lack of clear financial separation and compliance with investor risk assessments [15]. Group 3: Regulatory Response and Industry Implications - The case reflects the increasing regulatory scrutiny in the private equity sector, with the China Securities Regulatory Commission (CSRC) emphasizing the need to eliminate bad actors and promote a healthy market environment [2][12][16]. - The penalties are seen as a significant step in the ongoing efforts to strengthen regulations and reduce risks in the private fund industry, with over 8,000 illegal or zombie institutions cleared in recent years [15][16]. - The regulatory approach combines punishment with education, aiming to guide the industry towards better service for the real economy and national strategies [16].

Core Insights - The annual performance ranking of private fund managers is in its final stages as of December, with 570 managers having at least three qualifying products, achieving average and median returns of 29.42% and 23.89% respectively for the year-to-date [1][2]. Group 1: Performance Overview - Among the 570 fund managers, 346 focus on stock strategies, representing 60.7% of the total, with average and median returns of 35.26% and 31.1%, outperforming the Shanghai and Shenzhen 300 Index by 17.94% [1]. - Fund managers employing multi-asset strategies and futures/derivatives strategies number 82 and 65 respectively [1]. - The median return for managers overseeing funds of 100 billion and above is 27.92%, while those managing funds between 5-10 billion have an average return of 30.33% [2]. Group 2: Manager Profiles - In the 100 billion and above category, the top 10 fund managers include six from quantitative firms, with all having over 10 years of experience, and four exceeding 20 years [3][6]. - Notable managers include Lu Hang from Fusheng Asset, who ranks third and has a 20-year career, expressing optimism about the market and the undervaluation of the RMB [6]. - Two managers from Ningbo Huansheng Quantitative, Xu Jin and Lu Zhengzhe, also made the top 10, with their average returns exceeding ***% [6]. Group 3: Performance by Fund Size - In the 50-100 billion category, the top 10 fund managers predominantly consist of subjective fund managers, with eight out of ten being from this category [8]. - The 20-50 billion category features seven subjective fund managers in the top 10, with the top five all being subjective [12]. - The 10-20 billion category has all managers with over 10 years of experience, with the top five being from subjective firms [16]. Group 4: Emerging Managers - In the 5-10 billion category, the only quantitative manager to make the top 10 is Yan Xuejie, while the majority are subjective managers [19]. - The 0-5 billion category sees nine subjective managers in the top 10, with half having 10-20 years of experience [23].

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 ...

Core Viewpoint - Jiangsu Lianhai Land Bridge Private Equity Fund Management Co., Ltd. has been recognized for its commitment to integrating party leadership into its governance and operational strategies, contributing to high-quality development since its establishment in 2022 [1][2][3] Governance Structure - The company has embedded party building into its core governance processes, revising over 30 regulations related to party building, discipline inspection, compliance, and risk control since 2024, thereby strengthening its organizational foundation [1][2] - A collective decision-making system for major matters is strictly followed, ensuring that party organizations play a crucial role in decision-making processes, enhancing procedural norms and risk management [2] Ideological and Organizational Leadership - The company implements systems like "First Agenda" and "Three Meetings and One Class" to enhance political literacy and professional capabilities among party members, creating dual platforms for learning and political engagement [2] - It actively participates in rural revitalization efforts and collaborates with universities to promote financial education, aligning party work with financial inclusivity and talent development [2] Business and Party Synergy - The fund management scale has steadily increased, surpassing 2.1 billion yuan in 2024, ranking in the top 15% among 1,210 private fund managers in Jiangsu, significantly above the provincial average of 991 million yuan per manager [3] - The company focuses on investments in technology innovation and green transformation, ensuring alignment between investment logic and national strategies, while fostering a robust investment research team through regular training activities [3]

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]