Core Insights - The total number of private equity securities funds registered in the market reached 7,907 in the first eight months of this year, a significant increase of 82.19% compared to 4,340 in the same period last year [1] - The monthly trend shows a clear recovery in private equity securities fund registrations since March, with monthly new registrations consistently exceeding 1,000, indicating a rising enthusiasm in the industry [1] Group 1: Market Trends - The growth in private equity securities fund registrations is attributed to four main factors: the steady recovery of the A-share market, strong performance in strategic emerging industries like artificial intelligence, improved information disclosure and operational standards in the private fund industry, and the rapid development of quantitative investment strategies [1] - Stock strategy products have become the mainstay of registrations, with 5,173 stock strategy products registered in the first eight months, accounting for 65.42% of total registrations, marking a 91.31% increase from 2,704 last year [1] Group 2: Strategy Types - There has been stable growth in multi-asset strategies and futures and derivatives strategies, with 1,116 multi-asset strategy products and 841 futures and derivatives strategy products registered, representing 14.11% and 10.64% of total registrations, respectively, and increases of 76.58% and 66.87% from last year [2] - The proportion of quantitative private equity securities funds in the overall registered products has continued to rise, with 3,584 quantitative products registered, making up 45.33% of total registrations, doubling from 1,789 last year [2] Group 3: Institutional Insights - Among the private equity fund managers, 2,154 had registered products in the first eight months, with 1,436 institutions managing under 500 million yuan accounting for 34.02% of total registrations, while 76 institutions managing over 1 billion yuan accounted for 24.48% [2] - The leading private equity institutions include Kuande Private Equity with 118 registered products, focusing on stock quantitative long strategies, followed by Heiyi Asset with 112 products, and Mingyun Investment with 101 products, both also emphasizing stock quantitative long strategies [3]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 8月，A股市场整体单边震荡上行，沪指站上3800点创下近10年新高，单日成交额最高突破3万亿，市场交投持续火爆，部分基金（公募、私募） 净值也随之创出历史新高。 然而，回顾上一轮结构性牛市，沪指由2019年初低点上涨至2021年2月3731.69的高点，却在随后近1年里于高点附近盘整，并自2022年初起震荡 下跌，迎来了将近3年的熊市行情。 其中， 有不少权益类公募基金和股票多头私募基金正是在 2021年高位时成立的，如今沪指早已"越过"2021年高位的3700多点，那些2021年成 立的基金产品至今收益如何？ 私募排排网数据显示， 截至 2025年8月29日，2021年成立的股票多头私募基金共433只，成立至今实现正收益的 404只，占比93.3% ；根据公募排排网数据，截至2025年8月27日， 2021年成立的权益类公募基金且有业绩展示的（剔除ETF）达1644只，成立 以来正收益产品526只，正收益占比仅32%，相较之下私募基金业绩更为强势 。 那么，有哪些股票多头私募基金收益表现更胜一筹呢？为了给予更多有价值的信息，笔者将筛选出 截至 ...

Core Insights - The private equity market has seen significant growth in the number of registered private securities products, with a total of 7,907 products registered as of August 31, marking an 82.19% increase year-on-year [1][3][4] - The stock strategy products dominate the private equity market, with 5,173 products registered, accounting for 65.42% of the total, and showing a 91.31% increase compared to the previous year [4][5] - Quantitative products have also experienced substantial growth, with 3,584 products registered, reflecting a 100.34% year-on-year increase [5] Private Equity Market Trends - The private equity market has maintained a high level of new product issuance, with monthly registrations consistently exceeding 1,100 products from June to August [3] - The demand for diversified asset allocation has led to a notable increase in multi-asset and futures/derivatives strategy products, with 1,116 and 841 products registered respectively, both showing significant growth compared to the previous year [5] - The overall market sentiment has improved due to the steady recovery of the A-share market and the strong performance of sectors like artificial intelligence, which has attracted more investors to private equity products [5] Investor Engagement - There has been a marked increase in private equity firms' engagement in A-share company research, with 1,152 firms participating in 6,053 research activities in August, a 243.34% increase from the previous month [6] - The healthcare and electronics sectors have been the most researched, with 1,095 and 947 research activities respectively, indicating a concentrated interest in these industries [6] - The average position of domestic stock private equity firms has risen to 75.55%, reflecting a positive investment sentiment despite slight fluctuations in larger firms' positions [6]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 编 者按 私募排排网推出 「打卡100家小而美私募」 栏目，聚焦管理规模适中、策略特色鲜明的优质私募基金管理人。通过深度解析其投资方法论、风控体 系及能力圈建设，为投资者提供差异化的视角与洞察。 本 期打 卡 —— 橡木资产 。 私募排排网数据显示，截至7月底，橡木资产旗下产品平均收益为***%， 在20-50亿规模量化私募1-7月收益榜中居第2；位列20-50亿规模私募 1-7月股票策略收益榜Top10。 （ 点此查看收益 ） 截至7月底，在5亿规模以上私募中 ， 橡木资产旗下"橡木望江二号"位列1-7月中证1000指增超额收益榜第1；"橡木永富"位列1-7月中证500指增 超额收益榜第2。 （ 点此查看收益 ） Part.0 1 公司概况 打卡100家小而美私募 杭州橡木私募基金管理有限公司（以下简称"橡木资产"）成立于2018年3月，是中国证券投资基金业协会登记备案的私募基金管理人（登记编 号：P1068698），为符合提供投资建议条件的第三方机构。 目前 ， 橡木资产共13人，核心岗位团队主要成员已在行业从业多年、合作多年，均为成熟在职人 ...

Group 1 - The core viewpoint of the article emphasizes the investment philosophy and performance of Shenzhen Zhong'an Huifu Private Securities Fund Management Co., Ltd, highlighting its macro perspective and focus on beta opportunities driven by asset fundamentals [3][10][11] - Zhong'an Huifu was established in October 2015 and has been operational for nearly 8 years, with its first public product, Lianhua Mountain Macro Hedge No. 3, launched in April 2018, achieving an annualized return of approximately ***% [3][9] - The company aims to optimize resource allocation by ensuring that suitable assets are priced appropriately, which is central to its investment strategy [3][10] Group 2 - The core team consists of 7 members, primarily self-trained post-90s individuals, with Dai Chunping as the key figure, who has 25 years of investment management experience [9][10] - The investment research methodology is characterized by a stable core that continuously iterates, focusing on economic and industrial trends, and ensuring that asset selection aligns with different fundamental conditions [11][12] - The company has received several awards, including the Best Private Fund Product Award and the Most Trusted Private Fund Manager Award, reflecting its recognition in the industry [16][17] Group 3 - The main product, Lianhua Mountain Macro Hedge No. 3, has shown a relatively controlled drawdown while pursuing sharp net value curves, with its performance metrics indicating significant returns since inception [10][13] - The company’s investment strategy is designed to be adaptable to various market conditions, with a focus on minimizing reliance on single market trends [10][11] - The firm emphasizes a strong correlation with diverse asset classes, which contributes to its ability to manage risks effectively [10][11]

刘军 杨奕琳 | 作者 （一）关联方的范围 《备案须知》通过列举方式明确的关联方包括：管理人、投资者、管理人管理的私募投资基金、同一实际控制人下的其他管理人管理的私募投 资基金。 除上述通过列举方式明确的关联方外，《备案须知》还通过兜底方式界定了关联方的外延，即与上述主体有其他重大利害关系的关联方。参照 私募基金的行业实践，我们理解，构成与上述主体有其他重大利害关系的关联方可以包括： 目录 1 关联方及关联交易的范围 基金业协会于2019年12月23日发布的《私募投资基金备案须知》（"《备案须知》"）对私募基金的关联交易定义为：关联交易，是指私募基金 与管理人、投资者、管理人管理的私募投资基金、同一实际控制人下的其他管理人管理的私募投资基金、或者与上述主体有其他重大利害关系 的关联方发生的交易行为。《备案须知》通过列举+兜底的方式界定了私募基金关联交易的范围，包括关联方的范围和关联交易的范围两部分； 但在实践中，对于这两部分，从管理人和投资者的角度，通常存在不同的理解和利益博弈的空间。 《备案须知》将私募基金的关联交易定义为私募基金与关联方发生的交易行为。因此，私募基金与关联方发生的非交易行为，包括但不限于为 ...

Core Viewpoint - A new private equity fund focused on the specialty beverage industry has been established in Jilin Province with a total investment of 300 million yuan [1] Group 1: Fund Establishment - The Jilin Specialty Beverage Industry Private Equity Fund Partnership (Limited Partnership) has been formed with a capital contribution of 300 million yuan [1] - The fund's operational scope includes engaging in investment activities using its own funds [1] Group 2: Investors - The fund is co-funded by Jilin Yadong State-owned Capital Investment Co., Ltd. and Quan Yang Quan (stock code: 600189) among others [1]

Core Viewpoint - The article highlights the performance and strategies of Liang Chuang Investment, a private equity fund management company that focuses on quantitative investment, showcasing its strong returns and innovative investment strategies [3][5][7]. Company Overview - Liang Chuang Investment was established in March 2016 and obtained its private fund management license in July of the same year, with a license code of P1032081 [5]. - As of July 2025, the company manages assets totaling 1.6 billion yuan [5]. - The firm specializes in quantitative investment, utilizing a combination of mathematics, statistics, finance, and computer science to create investment strategies [7]. Development History - The company initially focused on stock arbitrage strategies and later expanded to options arbitrage and quantitative CTA strategies [5]. - In 2021, it launched a quantitative stock selection strategy, and by 2023, it introduced an all-weather strategy using AI models [5]. Investment Philosophy & Representative Strategies - Liang Chuang Investment employs algorithmic trading and covers various asset classes, including stocks, futures, options, and bonds, with a focus on compliance and risk management [13]. - The firm has developed its own database, factor library, and trading systems, integrating AI technology into its investment processes [13][19]. Core Team - The company has a total of 22 employees, with 16 in the investment research team, showcasing a strong and stable team with expertise from prestigious universities [8][16]. - The team members have backgrounds in finance and technology, enhancing their ability to develop effective investment strategies [16]. Core Advantages - The firm emphasizes continuous investment in technology and has established an AI team to support its quantitative investment efforts [17]. - Liang Chuang Investment operates in a compliant manner, having no penalty records, and maintains a robust risk control system [18]. Future Development Plans - The company aims to reach a management scale of 2 billion yuan by 2025 and plans to expand to 2-5 billion yuan in the next 2-3 years [21]. - Liang Chuang Investment will continue to optimize existing strategies and develop new ones, focusing on technology innovation and risk management [21].

Core Viewpoint - The article discusses the evolution of a leading private equity firm, Xiangju Capital, which has transitioned from primarily active management to a multi-strategy hedge fund that integrates subjective and quantitative approaches, marking a new phase of development driven by both strategies [2][10]. Group 1: Investment Strategy - Xiangju Capital has developed a multi-asset absolute return strategy based on asset allocation principles, which aims for steady, low-volatility returns, comparable to "fixed income+" products [2][5]. - The strategy utilizes various quantitative sub-strategies to achieve its goals, focusing on maintaining a consistent return while minimizing risk [5][9]. - The firm emphasizes the importance of long-term asset allocation and the combination of subjective and quantitative strategies to enhance decision-making and risk management [10][8]. Group 2: Market Outlook - The general manager of Xiangju Capital, Liang Hui, believes that the recent rise in the equity market reflects the long-term positive outlook of the Chinese economy, with expectations for a slow bull market [11][12]. - Key investment areas identified include AI computing power, consumer sectors, and companies with strong global competitiveness [13][12]. - The firm has adapted its investment methodology to include a broader range of strategies, focusing on both growth and dividend strategies to optimize portfolio performance [12][13]. Group 3: Performance and Demand - The "fixed income+" products have seen significant performance this year, with some funds reporting net value increases exceeding 30%, driven by a low-interest-rate environment and a demand for absolute returns [4]. - The total market size of "fixed income+" funds has reached 1.9 trillion yuan, reflecting a growth of approximately 250 billion yuan since the beginning of the year, indicating a 15% increase [4]. - There is a growing demand for low-risk, absolute return products, which Xiangju Capital aims to fulfill through its innovative strategies and risk management practices [6][9].

Group 1 - The core viewpoint of the articles highlights the ongoing reshuffling in the private equity fund industry, with a significant number of fund managers voluntarily deregistering due to increased regulatory pressures and operational costs [1][2][3] - In August alone, 93 private fund managers deregistered, with 67% of these being voluntary deregistrations, indicating a trend towards "survival of the fittest" in the industry [2] - The deregistration of "Shiwangqijia" reflects a broader trend where the number of deregistered private fund managers has exceeded 1,000 annually since 2019, with a record high of 2,537 in 2023 [1][2] Group 2 - The introduction of new regulations, such as the "Private Investment Fund Registration and Filing Measures," has clarified the development direction of the private equity fund industry, promoting a more standardized operational environment [3] - Enhanced regulatory requirements for private fund managers, including capital and management experience, are expected to reduce industry irregularities and boost investor confidence, thereby attracting more long-term capital [3] - The shift towards a more regulated environment is anticipated to improve risk management, compliance awareness, and professional capabilities among private fund managers, ultimately enhancing the industry's image and stability [3]