招商证券股份有限公司 关于格兰康希通信科技（上海）股份有限公司 参与投资私募基金暨关联交易的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）作为格兰 康希通信科技（上海）股份有限公司（以下简称"康希通信"或"公司"）首次 公开发行股票并上市持续督导的保荐机构，根据《证券发行上市保荐业务管理办 法》 《上海证券交易所科创板股票上市规则》 《上海证券交易所上市公司自律监管 指引第 11 号——持续督导》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等相关法律、法规和规范性文件的规定，对康希通信参与投资 私募基金暨关联交易的事项进行了核查，具体情况如下： 一、参与投资私募基金暨关联交易概述 （一）基本情况 为借助专业投资机构的经验和资源，拓宽投资方式和渠道，把握公司所在行 业的投资机会，优化公司投资结构，实现产业协同。公司作为有限合伙人（LP） 参与投资上海海望合纵私募基金合伙企业（有限合伙） （以下简称"海望合纵"）。 公司拟以自有资金出资人民币 3,000.00 万元，出资金额占海望合纵总认缴出 资额的 1.4218%。 本次投资中公司未对其他投资人承诺保底收益或进行退 ...

Group 1 - The core issue involves internal conflicts at Jingqi Investment, with allegations of serious violations by certain internal personnel and external parties, including fraudulent operations related to fund subscriptions and redemptions [1] - The company has identified four products involved in these irregular transactions, including the Lejin Shangfeng No. 1 Private Securities Investment Fund [1] - A formal complaint has been made requesting the revocation of the fund management qualifications of implicated parties, including Shanghai Jingqi Investment Management Co., Ltd. and Shenzhen Lejin Asset Management Co., Ltd. [1] Group 2 - The internal conflict escalated publicly starting June 2023, with founder Fan Siqi announcing his resignation as fund manager and initiating the liquidation of certain products he managed [2] - Fan Siqi claimed that the rapid changes in the market environment caused significant stress, impacting his ability to manage the company effectively [2] - The company clarified that the liquidation only affected a small portion of its total assets under management, asserting no substantial impact on overall operations [2] Group 3 - Tang Jingren accused Fan Siqi of unauthorized actions, including data deletion and improper liquidation, leading to his removal from the company [3] - Fan Siqi has addressed various rumors regarding financial dealings and operational issues, asserting that his actions were necessary and justified [3] - The company is pursuing legal avenues to address the fallout from Fan Siqi's decisions and the subsequent impact on operations [3]

Overview - Tianhai Fusion Defense Equipment Technology Co., Ltd. plans to establish a partnership with several entities to create the Jiujiang Green Smart Ship Port and Shipping Industry Fund, with a registered capital of 100 million yuan, where the company will contribute 9 million yuan, accounting for 9% of the total investment [1][2][20]. Investment Details - The fund will focus on investment opportunities in the maritime economy, particularly in the areas of green, intelligent, integrated, and international development [6][12]. - The fund's operational period is set for ten years, with an investment period of five years and an exit period of three years, which can be extended if necessary [8][12]. Partners and Structure - The fund will have two general partners: Shanghai Yingchang Private Fund Management Co., Ltd. and a yet-to-be-established entity, Guangdong Min Tianhai Venture Capital (Sanya) Co., Ltd. [7][12]. - Other limited partners include Ruichang City Chiwu Industrial Holding Group Co., Ltd. and Zhoushan Yiqiao Asset Management Co., Ltd. [7][12]. Financial Arrangements - The fund will distribute profits based on a tiered structure, with different percentages allocated to partners depending on the level of returns achieved [17][19]. - Limited partners will only be liable for the fund's debts up to their contributed capital, while general partners will bear unlimited joint liability [18][19]. Strategic Goals - The investment aims to leverage the fund's platform and partners' capabilities to expand business in the shipping and port sectors, aligning with the company's strategic development goals [20].

Group 1 - The article emphasizes the importance of long-term performance in the capital market, highlighting that strategies need to be continuously learned and iterated to achieve sustained profits [1] - It categorizes private equity products into "long-distance running" types, focusing on those with outstanding performance over the past five years and those established for over ten years, referred to as "double ten funds" [1] - As of July 2025, there are 61 private equity products that have been established for ten years, with 32 of them achieving an annualized return of over 10%, accounting for approximately 52% [2] Group 2 - Among the "double ten funds," 14 products reached historical highs in July 2025, with 25 of them being subjective long/short products [2] - Notable private equity firms such as Evolutionary Assets, Shenzhen Yitong Investment, Tonghe Investment, and Zhongrui Huyin each have two products listed among the top performers [3] - The article provides a detailed table of various private equity products, including their strategies, sizes, and performance metrics, showcasing the diversity in the market [4][5] Group 3 - The subjective long/short product "Xi Wa Xiao Niu No. 1," managed by Liang Hong, was established near the peak of the last bull market and has shown significant returns [5][6] - Liang Hong expresses a preference for core companies that can be compared with international leaders, rather than supply chain stocks [6][7] - The article also discusses the performance of quantitative long/short products, noting that the average annualized return for these products over the past five years is 13.27% [12] Group 4 - The multi-asset strategy products have an average annualized return of 10.84% over the past five years, with several products reaching historical highs in July 2025 [16] - The article highlights the performance of bond strategy products, which have an average annualized return of 11.87% over the past five years, with many products achieving historical highs recently [24] - It concludes with a focus on the performance of futures and derivatives strategy products, which also show strong returns and historical highs [20]

Core Insights - The article highlights the growing popularity and impressive performance of quantitative private equity funds, particularly focusing on Ming Stone Fund, which has established itself as a leading player in the industry since its inception in 2010 [1][2]. Company Overview - Ming Stone Fund was founded in December 2010 and currently employs over 100 staff globally, with more than 80% of the research team holding advanced degrees from prestigious universities [2]. - The founder and general manager, Dr. Yuan Yu, has a strong academic background, having obtained a Ph.D. in Finance from the Wharton School and previously worked at the Federal Reserve Bank of the United States [4][2]. Investment Strategy - The fund has developed a unique Chinese-style three-factor model (CH-3) that adapts the popular Fama-French model to better fit the Chinese market, focusing on market, size, and value factors [12]. - Ming Stone Fund employs a proprietary "Five-Ring Multi-Core" quantitative research system, which includes five key research stages: factor, AI, optimization, risk control, and trading [9][13]. AI Integration - Since 2021, the fund has increasingly integrated AI into its quantitative research processes, establishing the G-Lab AI laboratory to enhance efficiency and adaptability of investment strategies [13][14]. - The fund's approach combines academic research with AI-driven factor selection, ensuring a robust theoretical foundation for its investment strategies [14]. Performance Metrics - Ming Stone Fund's quantitative stock selection product, "Ming Stone Spring 28," ranked third among top private equity quantitative stock selection products in terms of excess returns over the past three years [15]. - The fund attributes its strong performance to its efficient research system, adaptable strategies, and the favorable market environment characterized by increased liquidity and volatility [16]. Risk Management - The fund emphasizes risk control by utilizing a self-developed multi-factor risk control model, which enhances the predictive capability for volatility in high-frequency trading strategies [18].

Group 1 - The core viewpoint of the announcement is that Wuhu Berteli Automotive Safety Systems Co., Ltd. is making a strategic investment in a new venture capital partnership to capitalize on growth opportunities in emerging industries [1][2] - The company is investing a total of RMB 20 million, with a 99% ownership stake in the partnership, while the private fund management company holds a 1% stake [1] - The newly established partnership, named Gongqingcheng Bokin Venture Capital Partnership, will focus on investing in high-growth unlisted companies in sectors such as humanoid robots, automotive intelligence, and new travel technologies [2] Group 2 - The partnership has completed registration with the Asset Management Association of China and has obtained the Private Investment Fund Registration Certificate [2] - The fund manager is Xiamen Zongheng Jinding Private Fund Management Co., Ltd., and the custodian is Bank of Communications Co., Ltd. [2] - The registration date for the fund is August 22, 2025 [2]

Core Insights - The article provides an overview of the new entrants and exits among billion-yuan private equity firms as of July, highlighting changes in investment strategies and company statuses [1] Group 1: Company Changes - Shenzhen Hongchou Investment exited the billion-yuan private equity list, focusing on stock strategies since its establishment in June 1997 [1] - Suijiu Private Equity from Hangzhou also exited, employing a multi-asset strategy since March 2013 [1] - Huyuan Fund from Shanghai exited, utilizing stock strategies since March 2022 [1] - Jiuqi Investment from Shanghai entered the list, focusing on bond strategies since December 2013 [1] - Qianyan Private Equity from Shanghai entered the list, employing quantitative stock strategies since January 2015 [1] - Shanghai Boke Private Equity entered the list, utilizing a multi-asset strategy since July 2022 [1] Group 2: Company Performance - Shenzhen Hongchou Investment reported stable operational conditions since Q1 2025, with asset management scale remaining above 10 billion yuan despite minor fluctuations due to investor activities [1][2] - The company emphasizes a long-term investment philosophy aimed at achieving absolute returns over the medium to long term, refraining from commenting on short-term market phenomena [2]

| | 有3只及以上所管 | 近1年平 近3年平 近5年平 收益均位于 | | 近1、3、5年 | | | --- | --- | --- | --- | --- | --- | | 私募类型 | 品符合排名规则 的基金经理数 | 均收益 均收益 均收益 | | 前50%的基 | 点比 | | | | | | 金经理数 | | | 头部私募(规模50亿以上) | 39 | 31.76% 39.72% 85.73% | 8 | | 20.51% | | 中型私募(规模10-50亿) | 24 | 38.00% 44.25% 62.16% | 7 | | 29-17-10 | | 小型私募(规模0-10亿) | 58 | 43 55% 42.83% 63.24% | | 14 | 24 14% | | 总计 | 121 | 4211% 70 27% 38.65% | | 29 | DR 97% | 接下来，笔者将分别在头部私募、中型私募、小型私募中，盘点有3只及以上的产品符合排名规则，且近1、3、5年业绩均位居前50%的基金经理。 头部私募：主观私募包揽前3！日斗2位基金经理上榜 在头部私募中，符合排名规则的产品 ...

Group 1 - The core viewpoint of the article emphasizes the importance of timely liquidation of private equity funds and the legal responsibilities faced by fund managers in the event of delayed liquidation [2][22] - The article discusses the legal regulations regarding the liquidation period for partnership-based private equity funds, which must initiate the liquidation process within 15 days of the occurrence of dissolution events, estimating a total liquidation period of approximately 120 days [3][5] - For company-based private equity funds, similar regulations apply, requiring the establishment of a liquidation group within 15 days of dissolution events, although no explicit mandatory liquidation period is defined [4][5] Group 2 - The article outlines the self-regulatory rules from the Asset Management Association of China, which do not specify a clear liquidation period but emphasize the need for fund managers to report liquidation progress within 10 working days if liquidation cannot be completed within three months [6] - Fund contracts may not necessarily include a liquidation period as a mandatory clause, but it is common for contracts to specify a liquidation period of 6-12 months, with possible extensions based on partner decisions [7][8] Group 3 - The reasons for delayed liquidation are categorized into subjective and objective factors, with subjective reasons including intentional delays by fund managers and negligence in fulfilling their duties [9][10][11] - Objective reasons include difficulties in liquidating underlying assets and unclear responsibilities in the fund contracts regarding the liquidation process [12][13] Group 4 - The article discusses the legal responsibilities of fund managers in different scenarios of delayed liquidation, highlighting that legitimate extensions of the liquidation period can protect managers from liability [14][15] - Fund managers who diligently fulfill their obligations may be exempt from liability for losses incurred due to delays caused by external factors [17] - Conversely, fund managers who intentionally delay liquidation may face regulatory penalties, civil liabilities, and potential criminal charges [18][19][20] Group 5 - The conclusion stresses the necessity for clear agreements on liquidation periods in fund contracts to mitigate risks for both fund managers and investors [22] - Fund managers are advised to adhere to legal and contractual obligations during the liquidation process to avoid multiple risks associated with delayed liquidation [23]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 自4月份美国关税冲击后，中国A股市场整体表现强劲，呈现出典型的"慢牛"特征，沪指多次突破并刷新近十年新高，8月20日上证指数最高触及 3767点，继续刷新创2015年以来的新高，"牛市"一词更加深入人心。那么，如果有牛市，如何通过私募基金紧跟布局这轮行情？ 首先，需要明确的一个观点是： 在强劲的牛市（尤其是普涨行情）中，最大的风险不是亏损，而是 "踏空"，即跑输大盘。 一般来说，在牛市环 境下，不同私募策略的表现和"性价比"会存在差异。比如主观多头策略受益于精选个股、集中持仓等优势在普涨行情中极具收益弹性；量化多头 在获取市场上涨的贝塔收益的同时，还能通过量化模型追求稳定的阿尔法收益。 | 私募策略 | 牛市行情下的优势 | 适合投资者 | | --- | --- | --- | | 主观多杀 | 最直接受益于牛市的策略,基金经理通过深度研究与 | 风险承受能力强,追 | | | 精选个股,重仓看好的行业赛道,在普涨行情中有望获 | 求极高回报的激进型 | | | 得极高弹性。 | 投资者 | | 重化多头 | "牛市 Beta + Alpha" ...