Core Viewpoint - The private equity industry is expected to reach a peak in 2025, with the total industry scale surpassing 22 trillion yuan, and several private equity firms achieving over 10 billion yuan in scale, alongside many products reaching historical net value highs [1] Group 1: Performance of Private Equity - Despite fluctuations in the A-share market in November, many private equity firms still reported positive returns, significantly outperforming indices year-to-date [2] - As of November 2025, 73 private equity firms with over 10 billion yuan in assets showed an overall slight decline of 0.27% in November, with 42 firms achieving positive returns, representing 57.53% [3] - Year-to-date, these firms achieved an overall return of 29.44%, with 71 firms reporting positive returns, a rate of 97.26% [3] - Among the firms with positive returns, 7 had returns below 10%, 12 between 10% and 19.99%, 33 between 20% and 39.99%, and 19 exceeded 40% [3] - Quantitative private equity firms performed particularly well, with an average return of 33.28% year-to-date, compared to 24.05% for subjective private equity firms [3] Group 2: Strategies and Market Trends - The market has seen significant structural differentiation and rapid style rotation, with quantitative strategies proving more adaptable in volatile conditions, leading to substantial excess returns [4] - The performance of quantitative strategies has been particularly strong, with many top private equity firms achieving excess returns of up to 30%, especially in small-cap index strategies [5] - For instance, among 57 quantitative private equity products tracking the CSI 1000 index, 30 products exceeded 50% returns, while 9 out of 11 products tracking the CSI 2000 index surpassed 60% returns [6] - The CSI 2000 index has shown a year-to-date increase of 33.49%, outperforming other indices [6] Group 3: Future Outlook - Many private equity firms maintain a positive long-term outlook for the A-share market, citing the confirmation of a profit bottom and the end of three consecutive years of profit decline as foundational for a market recovery [8] - Investment focus areas include high-growth sectors such as artificial intelligence, innovative pharmaceuticals, and machinery, as well as industries with improving supply-demand relationships like transportation and real estate [8] - The appreciation of the RMB against the USD and the gradual stabilization of the domestic real estate market are seen as factors that could enhance the valuation of Chinese assets, potentially leading to a bullish market cycle [8]

Core Viewpoint - The A-share market experienced a high-level fluctuation in November, continuing the trend from October, with all three major indices declining. The Shanghai Composite Index fell by 1.67%, while the Shenzhen Component and ChiNext Index dropped by 2.95% and 4.23%, respectively. Despite this, 2303 private equity products reached historical highs in net value, representing approximately 44.59% of private equity products established for over a year [2][3]. Summary by Category Private Equity Product Types - Among the private equity products, 1199 were non-quantitative and 1104 were quantitative. The majority were stock strategy products, with 1362 products (about 59.14%), followed by multi-asset strategy products (321), futures and derivatives strategy products (302), bond strategy products (233), and combination fund products (85) [2]. Company Scale - The largest number of products came from private equity firms with assets under management below 500 million, totaling 778 products (34%). There were 389 products from firms with over 10 billion in assets [3]. Long-Established Products - Among the private equity products that reached historical highs, 20 were established for over 10 years, with 16 of them achieving an annualized return exceeding 10%. The majority of these long-established products were subjective long positions (12), with macro strategies and CTA products each accounting for 3 [4]. Top Performing Products - The largest product by scale was "Kai Feng Macro Strategy No. 9" managed by Shenzhen Kai Feng Investment, established on July 29, 2015, with a scale of approximately *** billion and an annualized return close to ***% [6][7]. - The top-performing quantitative long products included 515 products, with the highest returns coming from firms like Jin Tong Investment and Jiu Ming Investment [8][9]. - In the subjective long strategy category, 331 products reached historical highs, with top performers from companies like Neng Jing Investment and Qian Tu Investment [11][15]. Futures and Derivatives Strategy - There were 169 products under the futures and derivatives strategy, with the top product being "Yi Zu Qing Gui Li Dong" managed by Yi Zu Investment, achieving significant returns [16][19]. Multi-Asset Strategy - A total of 207 products were categorized under multi-asset strategies, with the top product being "Xi Shi Run Gold Enhanced No. 1A" managed by Xi Shi Run Investment, which also achieved notable returns [20][23].

● 本报记者 刘英杰 日前，"中国银河证券·中国证券报私募行业星耀领航计划"调研团队走进国内知名量化私募机构超量子 基金，与其创始人张晓泉展开深度对话。围绕量化投资的科研创新驱动、私募机构的行业责任以及科技 金融实践等议题，共同探讨在激烈竞争的量化赛道中，如何通过底层科学探索构建长期核心竞争力，并 推动市场健康发展与价值发现。 "星耀领航计划"致力于打造国内最具影响力的科创类私募赋能平台，聚焦挖掘并培育兼具专业投资能力 与合规治理水平的私募管理机构。本次调研旨在推动多元投资理念的行业共享，助力构建科技、资本与 实体经济良性循环的生态体系。 发明量化投资"显微镜" 超量子基金的创立与发展，植根于张晓泉深厚的学术背景与对金融市场底层逻辑的长期思考。从二十多 年前在华夏证券实习时初次尝试用数据方法分析市场，到后来在金融数学与机器学习交叉领域持续探 索，张晓泉坚信，量化投资的未来不仅在于工程优化和算力堆砌，更在于基础科学研究带来的范式革 命。 "与其他机构不同的是，我们投入大量精力进行底层科学研究，致力于发明'显微镜'，而非仅优化'望闻 问切'。"张晓泉在接受中国证券报记者采访时表示。超量子基金将金融数学的严谨逻辑与 ...

【重点关注】 ·全国金融系统工作会议召开要继续着力做好防范化解地方中小金融机构风险等工作 ·顶格重罚！证监会对私募机构优策投资开罚单 ·严格规范销售行为公募基金销售行为规范征求意见 ·前十一个月社会融资规模增量累计为33.39万亿元 【国内要闻】 ·全国金融系统工作会议12月12日在京召开。中共中央政治局委员、中央金融委员会办公室主任何立峰 出席会议并讲话。他强调，金融系统要深入学习贯彻中央经济工作会议精神，准确把握经济工作面临的 形势和主要目标任务，坚定做好金融工作的信心和决心，坚持防风险、强监管、促高质量发展工作主 线，有力有序有效做好2026年金融重点工作。要继续着力做好防范化解地方中小金融机构风险、房地产 企业涉金融风险、地方政府融资平台金融债务风险工作，严控增量、妥处存量、严防"爆雷"，严厉打击 非法金融活动。 ·中国证监会12月12日宣布，对浙江优策投资管理有限公司及有关责任人员违法违规行为作出行政处 罚。浙江证监局对优策投资罚款2100万元，对3名责任人员罚款1425万元，对实际控制人采取终身证券 市场禁入措施。中国证券投资基金业协会同步撤销管理人登记。据介绍，相关处罚力度为顶格处罚，在 私募监 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed severe penalties on Zhejiang Youce Investment Management Co., Ltd. for serious violations of private fund regulations, including misappropriation of fund assets and submission of false information, totaling over 35 million yuan in fines [1][5]. Group 1: Violations and Penalties - Youce Investment was found to have submitted false information regarding its actual controller, with discrepancies noted between the reported and actual controllers from March 2019 to the investigation date [3]. - The company misappropriated fund assets, with 9.55 billion yuan still unreturned as of July 2, 2024, after transferring funds from bank deposits to unauthorized accounts [3][4]. - The CSRC has issued a total penalty of 35 million yuan, including 21 million yuan for Youce Investment and 9 million yuan for its actual controller, Huang Wei, who has also been banned from the securities market for life [4][6]. Group 2: Regulatory Actions and Industry Impact - The CSRC emphasizes a strict crackdown on illegal activities in the private fund sector, aiming to purify the market environment and promote healthy industry development [5][6]. - The recent penalties reflect a significant increase in enforcement actions under the revised Private Fund Regulations, which have raised the cost of violations and enhanced regulatory scrutiny [6]. - Over the past five years, the CSRC has eliminated more than 8,000 illegal and zombie institutions, indicating a trend towards optimizing industry structure and reducing risks [6].

据介绍，相关处罚力度为顶格处罚，在私募监管领域"史上最重"。 来源：证监会发布、新华社 责编：刘珺宇 校对： 冉燕青 私募监管领域迎来一张重大罚单！ 12月12日，证监会发布通告称，近日，证监会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 人员违法违规作出行政处罚。经查，优策投资及实际控制人存在违规挪用基金财产、报送虚假信息等行为，严 重违反私募基金法律法规。浙江证监局对优策投资罚款2100万元，对3名责任人员罚款1425万元，对实际控制 人采取终身证券市场禁入措施。中国证券投资基金业协会同步撤销管理人登记。对于相关违法行为可能涉及的 犯罪问题线索，证券监管部门将坚持应移尽移的工作原则，依法依规移送公安机关。 侵占挪用私募基金财产行为严重损害投资者合法权益，破坏市场秩序。证监会将坚决贯彻落实新"国九条"相关 要求，依法严厉查处私募基金各类违法违规活动，清除"害群之马"，净化市场环境，促进行业规范健康发展。 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com F 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn q ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 | 独角金融 作者 | 谢美浴 昔日百亿私募上海雷根资产管理有限公司（下称"雷根资产"）因兑付危机、涉嫌集资诈骗"暴雷"两年 后，投资者的追索仍在持续，代销机构银河证券（601811.SH）也成为了焦点之一。据《经济参考报》 近日报道，南京62岁的蔡女士，2022年7月通过银河证券将500万元投入"雷根添宝全天候五号二期私募 证券投资基金"（下称"雷根五号基金"），认购该基金440.53万份份额。然而2023年，雷根五号基金管 理人雷根资产兑付危机就全面爆发，并于2024年2月因涉嫌集资诈骗被立案，公司实控人李金龙、李海 龙等高管被采取刑事强制措施；2025年11月，案件在浦东法院开庭。蔡女士的遭遇只是冰山一角。据 《华夏时报》此前报道，一份投资者名单显示，通过银河证券代销购买该私募产品的投资者多达52名， 购买金额总计近一亿元。雷根资产出现兑付风险事件后，部分投资者正通过合法途径主张自身权益。 1 图源：罐头图库上海市海华永泰律师事务所高级合伙人、律师孙宇昊表示，"监管处罚决定书虽然不直 接等同于民事赔偿责任的认定，但在后续的投 ...

12月11日晚，市场传出一则对量化交易进行整改的消息，涉及交易所要求券商清退客户专属交易设备等 内容，引发广泛关注。据悉，这些措施旨在维护市场公平，减少异常波动，引导量化交易规范发展。对 此，记者采访多家量化私募。多位量化私募人士表示，目前未收到券商的相关通知，该信息缺乏可交叉 验证的权威来源。 业内人士表示，若新规属实，对高频交易可能会有一定影响，尤其是依赖交易速度获取收益的管理人。 T0、打板、低延时套利等策略，对速度要求极致、交易集中，容易受到影响。不过，量化投资不等同 于高频交易。多家头部机构表示，自身不涉及相关策略，不会受到影响。 （文章来源：中国证券报） ...

Group 1: Bond Underwriting Market - CITIC Securities leads the bond underwriting market with a scale of 1.28 trillion yuan, capturing a market share of 6.28% [1] - China International Capital Corporation (CICC) ranks second with an underwriting scale of 1.09 trillion yuan and a market share of 5.37% [1] - The "Guotai Haitong" combination has entered the top three with an underwriting scale exceeding 1 trillion yuan, indicating an increase in industry concentration [1] Group 2: Investment Fund Establishment - Western Securities, in collaboration with Shaanxi State-owned Assets, has established a 2 billion yuan merger and acquisition investment fund focusing on strategic emerging industries [2] - This initiative aims to enhance Western Securities' investment banking capabilities and support regional economic revitalization [2] - The fund is expected to catalyze resource integration in high-end manufacturing and new materials sectors in Shaanxi [2] Group 3: Quantitative Private Equity Trends - Leading quantitative private equity firms are aggressively entering niche markets, particularly in the domestic GPU and innovation sectors [3] - There is a notable trend of launching products focused on technology innovation and AI, reflecting a pursuit of excess returns in volatile markets [3] - Some firms are also diversifying into dividend strategies, indicating a shift in risk preferences among quantitative investors [3] Group 4: Growth of Dividend-themed Funds - The issuance of dividend-themed funds has accelerated in the second half of the year, with the number of new products doubling compared to the first half [4] - A total of 37 new dividend-themed funds have been issued, raising a cumulative scale of 20.44 billion yuan, significantly higher than the previous period [4] - This trend suggests a growing market preference for stable returns, particularly in sectors with consistent dividend payouts [5]

Core Insights - Despite recent fluctuations in the A-share market, many private equity funds have reported positive returns in November, significantly outperforming major indices year-to-date [1][2] - Quantitative private equity funds have shown particularly strong performance, with strategies focused on small and mid-cap stocks leading the way [1][4] Performance Overview - As of November 2025, 73 billion private equity funds reported an overall decline of 0.27%, with 42 funds achieving positive returns, representing 57.53% [2] - Year-to-date, billion private equity funds have achieved an overall return of 29.44%, with 71 funds (97.26%) reporting positive returns; 33 funds are in the 20% to 39.99% range, and 19 funds exceeded 40% [2] - Quantitative funds have an average return of 33.28% year-to-date, while subjective funds average 24.05% [2] Strategy Insights - The most successful strategies this year have been those focused on small and mid-cap indices, with 30 out of 57 products in the CSI 1000 index exceeding 50% returns, and 9 out of 11 products in the CSI 2000 index exceeding 60% [4] - Only 5 out of 45 billion quantitative private equity funds reported returns below 20%, while 14 funds exceeded 40% [4] Market Outlook - Several billion private equity firms maintain a positive long-term outlook for the A-share market, citing a confirmed profit bottom in Q3 and an end to three consecutive years of profit decline [6] - The appreciation of the RMB against the USD and improvements in the domestic real estate market are seen as factors that could enhance the valuation of Chinese assets [6] - The market is expected to transition from a single growth focus to a more balanced approach, with institutions concentrating on high-growth sectors for future momentum [6]