Core Insights - The article discusses the misconception that high returns equate to good investment products, highlighting that many products show net value growth while investors fail to achieve corresponding returns [1] - Behavioral finance research indicates that volatility significantly impacts investor psychology, leading to irrational decision-making such as "buying high and selling low" [1] - The article emphasizes the importance of considering both returns and performance volatility when evaluating investment products [1] Group 1: 1-3 Year Period Performance - The top-performing products in the 1-3 year category include Wopu Asset, Qianyuan Zishi, and Xingran Private Equity, with average returns of 53.62% and dynamic drawdowns below a certain percentage [2][3] - Wopu Asset's product "Wopu Jianling" has an operation duration of 861 days and a dynamic drawdown of less than 4% [3] - Notable products from large private equity firms include "Bolun Xiaoniu No. 7" and "Liangpai CTA No. 7 C Class," both demonstrating strong performance metrics [3][4] Group 2: 3-5 Year Period Performance - In the 3-5 year category, products like "Xumian Qique No. 1" and "Yujin Quantitative Exclusive No. 1" have shown low dynamic drawdowns while achieving impressive returns [6][7] - The article notes that many top products utilize quantitative CTA strategies, which are effective in controlling drawdowns due to their systematic design and risk management [7] Group 3: 5 Years and Above Performance - The 5-year and above category features products from He Yi Investment and Shanghai Liangyu, with "He Yi Shaping No. 2" achieving a dynamic drawdown of less than a certain percentage and high returns [10][11] - "Liangyu Guan Yi Wu Hao" stands out as the "return king" in this category, showcasing exceptional performance over its operational period [11]

Group 1: Core Insights - The article highlights lesser-known investment strategies such as FOF, long-short equity, arbitrage, and options strategies, which have shown promising performance over the past year [1] - It aims to provide investors with a comprehensive overview of these strategies and their recent performance metrics [1] Group 2: FOF Strategy - FOF (Fund of Funds) is designed to invest in other investment funds, helping investors navigate the challenge of selecting from thousands of funds [3] - As of the end of May, there were 111 FOF products with an average one-year return of 18.51%, ranking them in the upper-middle tier among secondary strategies [3] - The recent performance metrics for FOF include average returns of 1.26% over the last month, 6.45% over the last six months, and 14.60% over the last three years [3] Group 3: Long-Short Equity Strategy - The long-short equity strategy has shown a one-year average return of 15.40%, with 65 products reported as of the end of May [6] - This strategy aims to hedge risks and achieve returns in various market conditions, outperforming major indices like the CSI 300 [6] - Notable products in this category include "奇点多元策略1号" from 共青城奇点, which achieved significant returns [6][7] Group 4: Arbitrage Strategy - The arbitrage strategy, which exploits price differences across markets, has 83 products with an average one-year return of 14.06% [9] - Recent performance metrics include average returns of 0.40% over the last month, 3.83% over the last six months, and 20.80% over the last three years [9] - Leading products in this category include "安合融信匠人匠心10号" from 安合融信, which ranks first in returns [10] Group 5: Options Strategy - The options strategy has gained traction in the domestic market, with 93 products reporting an average one-year return of 9.48% [12] - This strategy utilizes options and their combinations to navigate complex market environments [12] - The top-performing product in this category is "汇誉欣欣向荣一号A类份额" from 云南汇誉, which has significantly outperformed others [12][13]

本文 首发于公众号"私募排排网"。 （点击↑↑ 上图查看VIP路演详情 ） 7月1日起，私募排排网将重磅启动史上规模最大、关注度最高的年中私享会—— 「聚焦 V 来，价 值共生」 2025 年中 VIP 路演活动， 邀请超过百家优质私募管理人齐聚，包括 东方港湾、九坤投 资、龙旗科技、明汯投资、聚宽投资、 因诺 资产等 众多百亿私募，共同分享下半年市场展望、 策略思路与投资机会。（ 点此免费领取最新百强私募名单 ） ii terin 总 经 HT VIP会员 量派投资 ← 7月1日 周二 15:30 扫码观看本期路演 *本次活动仅限私募排排网VIP会员参与,可前往APP免费认证 市场有风险,投资需谨慎 私 喜 排 排 网 查排名，买私募，就上私募排排网 #2025-年中交流会 吴树 创 始 人 左右滑动查看路演预告 2025年已悄然过半，全球经济在复杂多变的地缘局势下继续演绎着波动与不确定性。A股市场上 半年整体呈现震荡分化格局：年初Deepseek引爆AI热潮，军工、创新药、新消费、数字货币等热 点板块轮番活跃。结构性行情下，不少私募管理人实现净值创新高，超八成百亿私募的仓位已接 近满仓水平。此外，私募排排 ...

Core Viewpoint - The recent turmoil between Jingqi Investment and its co-founder Fan Siqi has raised questions about the company's internal dynamics and future, following Fan's resignation and subsequent claims of being ousted from the firm [1][8][10]. Group 1: Resignation and Clarification - On June 10, Fan Siqi announced his resignation as the fund manager of Jingqi Investment, stating that most of the funds he managed would enter liquidation by the end of the month due to personal pressures and loss of passion for the industry [1][5]. - Jingqi Investment clarified on June 12 that the liquidation mentioned by Fan only pertained to a small portion of self-managed products and would not affect the overall operations of the company, which continues to function normally [5][6]. Group 2: Shareholder Dynamics - Following the resignation, Fan Siqi accused the other shareholders of orchestrating a "backstab" during a hastily arranged shareholder meeting, which led to his loss of access and communication with employees [8][10]. - Current data shows that Fan Siqi holds approximately 42.73% of Jingqi Investment, making him the largest shareholder, while the other two shareholders, Mao Noping and Tang Jingren, hold about 28.64% each [9]. Group 3: Company Performance and Products - Jingqi Investment currently manages assets between 1 billion to 2 billion yuan, with a total of 112 private equity products registered, of which 49 have been liquidated early and 1 delayed, while 62 are still operational [11]. Group 4: Industry Implications - The public conflict among shareholders could harm the company's reputation, potentially leading to reduced investor confidence and affecting relationships with distribution agencies [12]. - Experts suggest that private equity firms should establish clear ownership structures, responsibilities, and internal controls to prevent similar conflicts in the future [13].

今年来市场风格呈现出明显的大小盘分化，随着市场情绪的修复和市场活跃度的提升，大盘股表现相对较弱，而小盘股则受益于风险偏好提升、 流动性充沛等，表现尤为突出，量化策略的超额收益显著累积。 私募排排网数据显示，截至2025年5月底，有业绩显示的574只量化指增产品，近1年超额收益均值高达24.48%，其中正超额产品539只，正超额 占比高达93.91%。分三级策略来看，47只其他指增产品表现较为领先，近1年超额均值高达34.74%。（可参考： 最新量化多头超额榜揭晓！今 通、量创投资等领衔！进化论、龙旗、幻方等上榜！ ） 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 半鞅私募基金 ： 今年指数增强产品整体超额收益表现尤为突出，表观上来看，这得益于市场成交活跃度高、股票间的分化程度增加，这种市场 环境为量化管理人提供了丰富的交易机会，从而更容易获取超额收益。 从深层原因来看，则是在 固收类资产收益整体下行的背景下，权益市场因其相对较高的潜在回报和一定的"托底"效应，吸引了更多投资者的目 光，新增资金持续流入。 与此同时，特朗普上任后带来的市场不确定性增加，进一步激发了市场的波动性和交易活跃度。 最 ...

Core Viewpoint - The event highlighted the importance of technology finance as a key driver for high-quality economic development, with the bank committing to deepen its focus on technology finance as part of its digital strategy [1][2] Group 1: Technology Finance Strategy - The bank aims to become the most knowledgeable innovation bank and technology bank, understanding policies, technology, and entrepreneurs' needs [1] - The upgraded technology finance brand is intended to create a comprehensive service model that connects banks and technology companies effectively [1] Group 2: Financial Ecosystem Development - The bank expressed its determination to be not just a provider of funds but also a co-builder of the innovation ecosystem in Jiangxi [2] - The establishment of a technology finance alliance with various partners signifies the creation of a financial ecosystem in Jiangxi that promotes resource sharing and mutual benefits [2] Group 3: Comprehensive Financial Services - The technology finance service system 2.0 focuses on providing full lifecycle and comprehensive financial services tailored to technology enterprises [2] - The bank aims to continuously provide patient, bold, and long-term capital to support technological innovation in Jiangxi [2]

Group 1 - The Shenzhen office market is showing significant structural opportunities amidst ongoing adjustments, driven by positive pricing strategies and strong momentum from emerging industries [1] - In the first half of 2025, the city recorded a net absorption of approximately 180,000 square meters, which is about 55% of the level from the same period last year [1] - Headquarters-based self-use demand has become the cornerstone of the market, contributing over 70% of the net absorption in the first half of the year [1] Group 2 - The technology and internet sectors remain key sources of demand, contributing nearly 20% of the leasing transaction area in the first half of the year [1] - The hard technology sector, including consumer electronics, semiconductors, and integrated circuits, has shown strong performance with multiple large-scale transactions [1] - The rapid rise of cross-border e-commerce and its ecosystem service providers has become a new highlight in the market, with cumulative leasing transactions of approximately 25,000 square meters in the first half of the year [1] Group 3 - The financial sector has demonstrated strong resilience, with multiple securities, insurance, and private equity firms establishing new branches in Shenzhen [2] - The growth of hard technology sectors such as artificial intelligence and smart manufacturing is injecting strong structural growth momentum into the office market [2] - The booming development of big data and artificial intelligence technologies is expected to create new growth prospects for the market [2]

热点聚焦 总规模达20.27万亿元，私募基金连续六个月实现正增长 6月26日，中国证券投资基金业协会发布的数据显示，截至2025年5月末，私募基金行业管理总规模达20.27万亿元，较4月 末的20.22万亿元增加0.05万亿元，环比增长0.25%，连续六个月实现正增长。从结构看，私募股权投资基金以10.98万亿元 规模占据半壁江山，占比为54.2%；私募证券投资基金规模为5.54万亿元，占比为27.3%；创业投资基金规模为3.41万亿 元，占比为16.8%。 从私募管理人变动来看，当月新登记机构仅4家，较4月的16家大幅减少12家。与此同时，注销私募基金管理人63家，净减 少59家管理人，反映出监管持续优化行业生态。从新增备案来看，5月私募基金备案保持稳定增长。数据显示，当月新备案 私募基金1219只，新备案规模为607.26亿元。 沪上量化私募靖奇投资"内讧"曝光 近日，沪上量化私募靖奇投资陷入创始人"内讧"风波。创始人范思奇发文称，自己被一场"精心策划"的股东会踢出公司， 已全权委托律师处理。而另一位创始人唐靖人则回应，范思奇擅自清盘、删除数据，股东会罢免他是在其违规行为之后。 双方各执一词，尚未有定论。 ...

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