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" ...

Core Viewpoint - The A-share market is experiencing a significant upward trend, with the Shanghai Composite Index reaching a 10-year high, leading to a notable increase in private equity fund allocations [1] Group 1: Private Equity Fund Activity - As of August 15, 2025, the stock private equity position index rose to 74.86%, indicating a strong willingness to increase positions among private equity funds [2][3] - The number of newly registered private equity funds in July reached 1,689, with a total scale of 107.43 billion yuan, marking a nearly four-year high for monthly registrations [2][5] - The large-scale private equity funds (over 10 billion yuan) significantly increased their positions, with their position index climbing to 82.29%, the largest weekly increase of the year [3][4] Group 2: Reasons for Increased Allocations - The increase in private equity allocations is attributed to four main factors: a favorable market environment, optimistic investor sentiment, the emergence of structural opportunities in sectors like AI and healthcare, and the visible profit-making effects from previous market performance [4][12] - The overall sentiment in the market is shifting towards a higher risk appetite, as evidenced by the significant increase in full-position private equity funds, which rose to 61.97% from 37.16% [3][4] Group 3: Monthly Registration Data - In July 2025, the newly registered private equity securities investment funds amounted to 79.28 billion yuan, a 163.8% increase from June [11] - The total new registration scale for private equity funds in July was 107.43 billion yuan, a 114.6% increase compared to June [5][11] Group 4: Market Conditions and Trends - The current market conditions are characterized by ample liquidity, with M2 growth rebounding to 12.5% and significant foreign capital inflows [12] - The market is experiencing a structural divergence, with only 20% of stocks outperforming the index, indicating a concentration of funds in high-growth sectors [12][13]

Core Viewpoint - The article highlights the strong performance of the stock market and private equity funds in July, with significant increases in various indices and a surge in the number of private equity fund registrations, indicating renewed investor confidence [1]. Group 1: Market Performance - In July, the Shanghai Composite Index rose by 3.74%, surpassing 3600 points, while the Shenzhen Component Index increased by 5.20%, and the ChiNext Index saw an 8.14% rise [1]. - The Nanhua Commodity Index experienced a monthly increase of 3.80%, with industrial products up by 4.86% and black products rising by 8.52% [1]. Group 2: Private Equity Fund Trends - July marked a peak in private equity fund registrations, with the number of registered private equity securities funds reaching a 27-month high, primarily focusing on stock strategies, multi-asset strategies, and futures and derivatives strategies [1]. - As of July 2025, there were 4425 private equity products that met ranking criteria, with stock strategies (2737 products), futures and derivatives strategies (617 products), and multi-asset strategies (602 products) making up nearly 90% of the total [1]. Group 3: Performance of Private Equity Strategies - The average returns for various strategies as of July 2025 are as follows: - Stock strategies: 19.04% (year-to-date), 45.10% (1-year), 45.54% (3-year) - Futures and derivatives strategies: 7.45% (year-to-date), 18.01% (1-year), 38.92% (3-year) - Multi-asset strategies: 11.58% (year-to-date), 29.40% (1-year), 41.98% (3-year) - Overall average return for all products: 15.23% (year-to-date), 36.26% (1-year), 42.96% (3-year) [2]. Group 4: Top Private Equity Firms - The top three private equity firms in stock strategies based on year-to-date returns are: - Tongben Investment - Fusheng Asset - Wenbo Investment [3]. - For multi-asset strategies, the leading firms are: - Guoyuan Xinda - Junchen Asset - Yiying Asset [7]. - In the futures and derivatives strategies category, the top firms are: - Shenzhen Liangdao Investment - Hongxi Fund - Junchen Asset [11].

合伙人信息4 ① ♣ ▪E 股权结构 | 序号 | | 合伙人名称 | 出资比例 ⇒ | 认缴出资额(万元 | | --- | --- | --- | --- | --- | | 1 | | 西安西测测试技术股份有限公司 | 49.0476% | 5150 | | | | 西测测试（301306.SZ） 图 | | | | 2 | 汇智 + | 陕西汇智并购股权投资合伙企业(有限合伙) | 49.0476% | 5150 | | | 并购 | 国有企业 私募基金 | | | | 3 | + | 陕西玖注睿新私募基金管理有限公司 | 0.9524% | 100 | | | | 执行事务合伙人 私募基金管理人 | | | | ব | | 陕西投资基金管理有限公司 | 0.9524% | 100 | | | | 国有企业 执行事务合伙人 | | | | | | 私募其余管理人 | | | 企查查APP显示，近日，陕西西测汇金并购股权投资合伙企业（有限合伙）成立，出资额1.05亿元，经营范围包含：以自有资金从事投资活动；创业投资 （限投资未上市企业）；以私募基金从事股权投资、投资管理、资产管理等活动。企查查股权穿透显 ...

经查，深圳泛盈捷资产管理有限公司在从事私募基金业务活动中，存在从事与私募基金管理无关业务的 情形，违反了《关于加强私募投资基金监管的若干规定》（证监会公告〔2020〕71号，以下简称《若干 规定》）第四条以及《私募投资基金监督管理暂行办法》（证监会令第105号，以下简称《私募管理办 法》）第四条第一款的相关规定。 依据《若干规定》第十三条第一款以及《私募管理办法》第三十三条的规定，深圳证监局决定对深圳泛 盈捷资产管理有限公司采取出具警示函的行政监管措施。 8月21日，深圳证监局网站发布关于对深圳泛盈捷资产管理有限公司采取出具警示函措施的决定。 公开资料显示，深圳泛盈捷资产管理有限公司于2007年在深圳注册成立，注册资本为人民币3000万元， 控股股东为泛华财富投资管理（深圳）有限公司。 来源：读创财经 ...

智通财经记者 | 穆玥 近日，A股各大指数接连刷出阶段新高，投资者董小姐却发现，自己持仓的一只知名私募旗下产品净值依然不见起色。 "目前产品整体仍然亏了十几个点，今年以来净值几乎没怎么涨，专业基金经理管理的产品还不如我去年跟风买的两只股票赚得多。"董小姐颇为无奈地对智 通财经表示。 上述情况并非孤例，截至8月21日收盘，上证指数、深证成指和创业板指今年以来的涨幅分别为12.51%、14.45%和21.19%，同花顺全A（沪深京）指数年内 的涨幅更是高达34.71%。 智通财经根据Wind数据统计发现，最近一周内有净值更新的8724只股票策略私募产品中，3330只自年初以来的收益率超过10%，占比不足四成，有497只产 品自年初以来的收益率为负数，其中20只产品年内的亏损率甚至超过了10%。 图：近一周内有净值更新的股票策略私募产品年初以来 的收益分布情况数据来源：Wind、智通财经整理 典型的比如"国民信托稳鑫80号、82号、116号"，根据Wind数据，截至今年8月15日，这三只产品自年初以来的亏损率分别高达68.44%、52.66%和28.06%， 不过以上三只私募产品均未展示所属的管理公司。 在Wind ...

Group 1: Company Overview - Luvi Optoelectronics achieved operating revenue of 544 million yuan in the first half of 2025, representing a year-on-year growth of 37.48%, and a net profit of 106 million yuan, up 29.13% year-on-year [1] - The company is the only domestic enterprise capable of fully supporting different generations of panel production lines in the flat panel display mask segment, with a market share of 25.52% in G11 mask sales, ranking second globally [1] - Luvi has achieved mass production at the 180nm process node in the semiconductor mask segment, with 150nm/130nm process masks validated by customers and in small batch production [1] Group 2: Market Potential - The global semiconductor mask market is expected to reach 8.94 billion USD in 2025, with the domestic market size around 18.7 billion yuan; the global flat panel display mask market is projected to be 2 billion USD [1] - The demand for masks is primarily influenced by downstream product updates, new technology applications, and the exploration of new scenarios [1] Group 3: Technological Capabilities - The company has mastered manufacturing technologies for high-generation halftone masks, high-generation grayscale masks, and PSM phase-shift masks, along with several core process technologies for upstream materials [1] - In the first half of the year, Luvi completed reliability research testing for IC masks and developed mask products for 3D glass covers, while also initiating development projects for G8.6 AMOLED products [1]

Group 1 - The A-share market has shown a strong upward trend, with the Shanghai Composite Index closing at 3771.10 points, up 0.13% on August 21 [1] - Notably, some prominent investors, including a fund manager from Da Cheng Fund and a private equity figure in Shanghai, have missed out on the bull market, sparking discussions among investors [1] - The core product managed by Ren Zesong, a former top public fund manager, has seen its net value decrease by 26% since its inception in 2016, closing at 0.737 yuan as of August 15, 2023 [1][3] Group 2 - Ren Zesong's investment style has been characterized by significant volatility, with a rapid shift from the new energy vehicle sector to artificial intelligence stocks in early 2023, which later faced a downturn [2] - Despite the challenges, Ren Zesong remains optimistic about the AI sector, suggesting it could lead to strong structural market performance [2] - The product "Ji Yuan-Xiang Rui No. 1" experienced a significant drop in net value, falling to 0.648 yuan, a 24.65% decline, before recovering to 0.936 yuan by February 23, 2024 [3] Group 3 - The overall performance of private equity funds has been strong since 2025, with an average annual return of 11.94% for 11,880 private equity securities products, and 86.97% of these products achieving positive returns [5] - Stock strategy products have particularly excelled, with an average return of 14.50%, and the top 5% of these products achieving returns as high as 42.44% [5] Group 4 - Analysts attribute the phenomenon of missing out on the bull market to a lack of timely adjustments in investment strategies, particularly for those heavily invested in single sectors [7] - The current market transition from a "retail market" to an "institutional market" necessitates a deeper understanding of capital market dynamics and trends to avoid missing investment opportunities [7][8] - The ongoing bull market is driven by significant policy changes and a focus on technology, high-end manufacturing, and consumer recovery, indicating a need for investors to adapt their strategies accordingly [8]

（文章来源：第一财经） 上述行为违反了《私募投资基金监督管理暂行办法》(证监会令第105号,以下简称《暂行办法》)第八 条、第二十三条第(四)项之规定。依据《暂行办法》第三十三条之规定，我局决定对北京诺壹资产管理 有限公司采取出具警示函行政监管措施。 证监会北京监管局：经查，发现北京诺壹资产管理有限公司存在以下行为:一、以私募基金形式成立运 作北京飞利信泽渊基金管理中心(有限合伙,以下简称泽渊合伙),泽渊合伙至今未备案。二、将泽渊合伙 部分基金财产挪作他用。 ...

Core Viewpoint - The A-share market has experienced significant fluctuations over the past five years, with a notable decline in risk appetite due to multiple factors such as the Russia-Ukraine conflict, global interest rate hikes, and recurring pandemic issues. However, a recent policy initiative on September 24 has led to a surge in market liquidity and a series of active themes, resulting in major stock indices reaching new highs recently [2]. Group 1: Private Fund Performance - Among private fund managers, only a small portion have successfully navigated the market fluctuations over the past five years, with 121 managers achieving top rankings across 1, 3, and 5-year periods, yielding average returns of 38.65%, 42.11%, and 70.27% respectively [2][3]. - In the top-tier private fund category (over 5 billion), mid-tier (10-50 billion), and small-tier (0-10 billion), 29 managers ranked in the top 50% across all periods, accounting for 23.97% of the total [2][3]. Group 2: Top Managers in Tiered Private Funds - In the top-tier private funds, 8 managers have products that meet ranking criteria and have been in the top 50% for 1, 3, and 5 years, representing 20.51% of the group [4][5]. - All 8 top-tier managers belong to firms with over 10 billion in assets, with subjective private fund managers dominating the top three positions [5][8]. Group 3: Mid-Tier Private Fund Managers - In mid-tier private funds, 7 managers have products that meet ranking criteria and have been in the top 50% for 1, 3, and 5 years, making up 29.17% of this category [9][12]. - The majority of these managers are from firms with 20-50 billion in assets, with subjective private fund managers being the most prevalent [9][12]. Group 4: Small-Tier Private Fund Managers - In small-tier private funds, 14 managers have products that meet ranking criteria and have been in the top 50% for 1, 3, and 5 years, accounting for 24.14% of this group [13][15]. - Most of these managers are from firms with 0-5 billion in assets, with subjective private fund managers dominating the rankings [13][15].