北京商报讯(记者刘宇阳实习生姚榕琰)1月21日，安徽证监局发布公告表示，经查，马鞍山哲方智能机器人投资管理有限公司(以下简称"马鞍山哲方智能机器 人投资")存在玩忽职守，以超出投资者享有的基金财产份额为投资者提供质押担保；利用基金财产为投资者以外的人牟利，进行利益输送；未按合同约定履 行信披义务，信息披露不真实准确、存在虚假记载；投后管理不尽责；向中基协报送的投资者信息与实际情况不符；未谨慎勤勉履行投资者适当性管理义务 等行为，违反了相关规定。 对于上述行为，安徽证监局决定对马鞍山哲方智能机器人投资采取责令改正的行政监管措施。同时，安徽证监局指出，马鞍山哲方智能机器人投资实际控制 人乔徽、时任法定代表人及总经理李皓、时任投资经理李磊对上述违规行为负有责任，决定对三人分别采取出具警示函的行政监管措施，并记入证券期货市 场诚信档案。 | 蒙 引 | bm56000001/2026-00000756 | | --- | --- | | 发布机构 | | | 称 名 | 关于对马鞍山哲方智能机器人投资管理有限公司采取责令改正措施的 | | 文 름 | 中国证券监督管理委员会安徽监管局行政监管措施决定书〔2026〕24 ...

蓝鲸新闻1月21日讯，近日，安徽证监局发布行政监管措施决定书，剑指马鞍山哲方智能机器人投资管理有限公司。 决定书显示，马鞍山哲方智能机器人投资管理有限公司在从事私募基金业务活动中，存在以下情形：一是玩忽职守，以超出投资者享有的私募 基金财产份额为投资者提供质押担保；二是利用基金财产为投资者以外的人牟取利益进行利益输送，从事损害基金财产和投资者利益的投资活 动；三是未按照基金合同约定向投资者履行信息披露义务，信息披露不真实准确，存在虚假记载；四是投后管理不尽责；五是向中基协报送的 基金投资者信息与实际情况不符；六是未谨慎勤勉履行投资者适当性管理义务。 上述情形违反了《私募投资基金监督管理条例》《私募投资基金监督管理暂行办法》的规定。 对此，安徽证监局决定对马鞍山哲方智能机器人投资管理有限公司采取责令改正的行政监管措施，并记入证券期货市场诚信档案。 本决定书之日起6个月内向有管辖权的人民法院提起诉讼。复议与诉讼 期间，上述监督管理措施不停止执行。 安徽证监局 2026年1月14日 ...

前言 我们在《一文尽览私募基金行业2025年度监管法规政策》一文中，系统介绍了2025年度私募基金行业的重要监管法规政策，本篇则对2025年度私募基金行 业的典型司法判例和相应的裁判观点进行详细梳理，希望该两篇文章能够分别从监管政策和司法实践层面对私募基金业内人士有所助益。 一、 基金募集 （一）适当性义务 1. 基金管理人未履行适当性义务，承担 50% 的赔偿责任 案件：史某与王某等民间委托理财合同纠纷【（2023）沪0115民初125623号】 裁判要旨：在史某受让基金份额后，基金投资失败，法院认定管理人A公司未对史某履行适当性义务，酌定其承担50%的赔偿责任。投资者未尽合理注意 义务，部分责任自负。 主要事实：2017年4月，史某与王某、案涉基金管理人A公司共同签订案涉基金《份额转让协议》，约定史某受让王某持有的案涉基金份额，后史某转账 支付全部款项。此后，案涉基金投资标的B公司因故未上市成功，且因背负巨额债务无法清偿，于2023年9月被法院裁定破产重整，案涉基金持有的B公司 股权转变为相应债权。史某认为A公司未充分向其披露案涉基金的投资性质和基金风险，未对其合格投资者身份进行审查，未对其承担风险能力进 ...

Core Viewpoint - The rise of female fund managers in the private equity sector reflects a significant evolution in investment strategies, talent structures, and decision-making cultures, showcasing their ability to identify overlooked certainties in the market [3][4]. Group 1: Female Fund Managers Overview - As of the end of 2025, there are 197 female private fund managers with performance records on the platform, with the majority (117) from subjective private equity, 38 from quantitative private equity, and 41 from mixed strategies [5]. - Among these, 93 female fund managers are from firms with assets under 500 million, while 40 are from firms with over 2 billion, including 11 from top-tier firms (over 5 billion) [5]. Group 2: Notable Female Fund Managers - Liu Xiaofang from Guangdong Dehui Investment, with 18 years of experience, focuses on deep value investment and emphasizes the importance of fundamental analysis [7]. - Liu Xiaofang's managed products achieved an average return rate of ***% by 2025, ranking her among the top female fund managers [8]. - Li Pei from Banxia Investment is recognized as a pioneer in macro hedging, with her two macro strategy products showing explosive performance in 2025, achieving returns of ***% [9]. Group 3: Performance Rankings - The top ten female fund managers for 2025 have an average return rate exceeding 22%, with the threshold for inclusion being over ***% [10]. - The top three female fund managers for 2025 are Li Jiajia (Haokun Shengfa Asset), He Ruilin (Bopu Technology), and Liu Xiaofang (Guangdong Dehui Investment), with returns of ***% [10][11]. Group 4: Three-Year Performance Rankings - For the three-year performance ending in 2025, the average return rate is 49.95%, with the top three female fund managers being Xu Qionna (Bama Private Equity), He Ruilin (Bopu Technology), and Yang Ping (Shenzhen Shanzhe Private Equity) [14][15]. - Xu Qionna emphasizes a cycle + value investment strategy, achieving an average return of ***% over three years [15]. Group 5: Market Outlook - Liu Xiaofang maintains a cautiously optimistic view for 2026, identifying numerous undervalued sectors and stocks with significant structural opportunities [9]. - Li Jiajia highlights four core sectors for investment opportunities in 2026, including technology breakthroughs, consumption upgrades, cyclical reversals, and policy changes [12][13].

导语：凯思博投资（KeywiseCapital）旗下的凯思博企鹅一号，凭借其极致的策略专注度，交出了一份 令市场侧目的成绩单。 作者：烟雨 步入2026年，海外二级市场投资已从"Beta贝塔式追涨"彻底转向"Alpha阿尔法式深耕"。在全球流动性 重构与AI产业化落地的交织下，私募基金的业绩分化达到十年来的巅峰。凯思博投资 （KeywiseCapital）旗下的凯思博企鹅一号，凭借其极致的策略专注度，交出了一份令市场侧目的成绩 单。 一、核心策略：以"AI原力"重构全球配置 凯思博企鹅一号并非传统的全行业覆盖基金。基金的投资目标是结合宏观、微观经济分析和整体市场估 值水平 的变化，通过自下而上的专业研究进行资产配置，在控制风险的同 时追求更高的回报。 凯思博企鹅一号通过收益互换投资于海外市场，包括但 不限于美国、欧盟、日本、香港等。基金通常 会保持50%以上的 净头寸，通过选股来创造收益，并通过仓位控制来管理风险。根据其2026的策略升 级方向，凯思博企鹅一号展现了极强的科技赛道特征，投资于港股互联网、港股新消费、人工智能、 AI算力等方向，具体包含： 腾讯系生态圈（TencentEcosystem）：利用管 ...

2019年，梁文锋在金牛奖的颁奖仪式上，发表了一篇"神预言"的演讲。 七年过去，里面很多对于量化的预测都已成真！ 今天就跟大家展开聊聊，他到底预测了啥~ 以下文章来源于画不多说 ，作者懂私募的灵魂画手 画不多说 . 话不多说，画多说。用最通俗易懂的方式，讲述私募的故事。 预言一：量化将成为 私募基金 中的主流 2025年7月，百亿级量化私募数量达到44家，历史上首次超过百亿主观私募。 相较于4年前主观称霸的天下，私募行业的格局已发生翻天覆地的变化。 除了头部私募中量化占比的提升，从 产品备案数量 来看，量化也是独占鳌头。 预言一成真的背后，并不是偶然，而是由多重因素催化下必然会走向的结果。 因素1：A股天然适合量化发挥 一个扎心的事实：散户撑起A股半边天，他们更容易受市场情绪扰动，追涨杀跌。 而量化交易的核心逻辑，正是精准捕捉这些"非理性交易红利"。 因素2：投资工具日渐成熟 过去的市场中，量化条件不成熟，投资品种和工具匮乏。 而现在，市场上期权、可转债、商品期货等品种陆续增多，给量化策略提供了更多获取收益、管 理风险的方式。 因素3：量化技术的持续发展 近几年计算机技术发展突飞猛进，今年更是进入到AI新纪元 ...

Core Viewpoint - The private equity market is experiencing a significant resurgence at the beginning of 2026, with a notable increase in fundraising activities and the emergence of "explosive" products [1][3]. Fundraising Activities - A series of products from Chengqi Asset raised a total of 1.647 billion yuan, with all channels fully subscribed [2][3]. - Shanghai Fusheng Asset completed a 1 billion yuan fundraising in a single day, indicating a strong return of confidence in active equity strategies [4][5]. Market Dynamics - The number of billion-yuan private equity firms has reached 114, reflecting a slight increase from the end of 2025, with ongoing structural changes within the industry [2][9]. - The fundraising surge is attributed to a positive feedback loop of market recovery, net value restoration, and increased issuance activity [7]. Investor Behavior - The shift in investor structure, with a higher proportion of funds from private banks and institutions, indicates a longer investment duration and lower tolerance for drawdowns [8]. - The ability of private equity managers to deliver excess returns amid rapid scale expansion will be crucial for assessing their long-term investment capabilities [8]. Industry Structure - The quantitative private equity sector remains dominant, with 55 out of 114 billion-yuan firms classified as quantitative, accounting for 48.25% of the total [10]. - The entry of insurance capital into the private equity sector is driven by the search for low-volatility, long-duration investment tools in a low-interest-rate environment [10].

Core Viewpoint - The article discusses the increasing prominence of CTA (Commodity Trading Advisor) strategies in the context of global supply chain restructuring, geopolitical conflicts, and energy transitions, highlighting their ability to generate absolute returns in volatile markets [6][11]. Group 1: CTA Strategy Overview - CTA strategies do not rely on overall market uptrends and can seek profit opportunities through long or short positions in futures and options, making them attractive during periods of high market uncertainty [6][11]. - In 2025, commodities are expected to experience significant price movements, particularly in precious metals and agricultural products, providing trend-following opportunities for CTA strategies [6][11]. Group 2: Performance Metrics - As of December 31, 2025, the average annual returns for subjective and quantitative CTA products were 34.55% and 20.21%, respectively, with subjective CTA ranking third overall [6][11]. - The top-performing CTAs for the second half of 2025 included companies like Holding Win Private Fund, Jingying Zhito, and Huacheng Private Fund, with the average return for the top 10 CTAs being notably high [8][12]. Group 3: Performance Rankings - In the second half of 2025, the top 10 private funds had an average return of ***%, with a significant number of funds managing under 5 billion [8][12]. - For the entire year of 2025, Jingying Zhito achieved the highest average return among CTAs, followed by Huacheng Private Fund and Jiaxin Rongcheng [12][13]. Group 4: Long-term Performance - Over the past three years, Xurian Investment led the rankings, with a notable average return, while Huacheng Private Fund consistently ranked among the top three [20][21]. - In the last five years, Huacheng Private Fund has been a top performer, achieving high average returns and demonstrating a strong operational strategy [28][29].

Core Insights - The private equity fund industry in China is experiencing a year of regulatory enhancement and transformation in 2025, characterized by a dual focus on promoting development and strengthening compliance [1] Regulatory Policies and Guidance 1. Technology Innovation Bonds - The People's Bank of China and the China Securities Regulatory Commission (CSRC) issued an announcement on May 6, 2025, supporting the issuance of technology innovation bonds, allowing private equity and venture capital institutions to issue bonds with flexible terms to better match the funding needs of the technology sector [2] - The China Interbank Market Dealers Association released a notice on May 7, 2025, detailing the support for technology innovation bonds, including broadening the range of issuers and optimizing fundraising purposes [3] - The Shanghai, Shenzhen, and Beijing Stock Exchanges published a notice on May 7, 2025, further supporting private equity institutions in raising funds for private equity investment funds [4] 2. State Council and Related Regulations - The State Council issued guidance on March 2, 2025, emphasizing the need for private equity institutions to enhance investment capabilities and broaden direct financing channels, while also optimizing the fundraising, investment, management, and exit systems [5] - On September 8, 2025, the State Council approved a pilot program for market-oriented allocation of factors in certain regions, supporting the construction of regional equity markets [6] - The State Council's guidance on January 2, 2025, aimed at promoting the high-quality development of government investment funds, included measures for risk prevention and professional operation [7] 3. CSRC Regulations - The CSRC issued implementation opinions on February 7, 2025, guiding private equity funds to invest in early-stage, small, long-term, and hard technology projects, while also promoting a healthy cycle of fundraising, investment, management, and exit [8] - On October 27, 2025, the CSRC released opinions on enhancing the protection of small investors in the capital market, focusing on legal protections against misappropriation of private fund assets [9] - The CSRC revised its regulations on the responsibilities of its dispatched agencies on April 18, 2025, emphasizing risk monitoring and collaboration with local governments [10] 4. Joint and Other Department Regulations - A joint policy issued on May 14, 2025, by multiple departments aimed at constructing a technology finance system to support high-level technological self-reliance, included the establishment of a national venture capital guidance fund [11] - The financial support for boosting and expanding consumption was addressed in a joint opinion released on June 19, 2025, which encouraged private equity and venture capital funds to invest in seed and startup enterprises [12] - The July 29, 2025, guidance on supporting new industrialization emphasized the need for long-term capital and the transformation of technological achievements [13] 5. Industry Self-Regulation - The Asset Management Association of China revised its guidelines for private fund management on October 24, 2025, focusing on management changes and simplifying documentation requirements [15] - The association's dynamic reports on September 30, 2025, highlighted issues such as management's ongoing operational capacity and investor contribution capabilities [18][19] 6. Local Policies - Shanghai's government investment fund management measures, issued on September 25, 2025, outlined the establishment, management, and performance evaluation of government investment funds [28] - The measures to promote the development of specialized and innovative small and medium-sized enterprises in Shanghai, released on April 3, 2025, aimed to attract social capital for direct investments [29] - The action plan for promoting high-growth enterprises in Shanghai, published in 2025, set ambitious targets for nurturing unicorn companies and enhancing equity financing support [30]

北京商报讯(记者刘宇阳实习生岳雯艳)1月19日，浙江证监局发布公告表示，经查，杭州锐誉进取私募 基金管理有限公司(以下简称"杭州锐誉进取")在开展私募基金业务中存在将投资管理职责委托他人行使 的行为。 浙江证监局指出，上述情形违反了相关规定，决定对杭州锐誉进取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。 同时，郭川作为公司法定代表人及实际控制人、执行董事、总经理，未勤勉谨慎履行相关职责与义务， 对公司上述问题负有主要责任。浙江证监局决定对郭川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。 ...